Document:

Exhibit 10.1

 

EXECUTION VERSION

 

 

INDENTURE

 

by and between

 

Golub
Capital BDC CLO 4 LLC,

Issuer

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

Trustee
and Collateral Agent

 

Dated as of August 26, 2020

 

 

    

    

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I Definitions	2
	Section 1.1	Definitions	2
	Section 1.2	Usage of Terms	76
	Section 1.3	Assumptions as to Assets	77
	 	 	 
	ARTICLE II The Notes	80
	Section 2.1	Forms Generally	80
	Section 2.2	Forms of Notes	81
	Section 2.3	Authorized Amount; Stated Maturity; Denominations	84
	Section 2.4	Execution, Authentication, Delivery and Dating	85
	Section 2.5	Registration, Registration of Transfer and Exchange	86
	Section 2.6	Mutilated, Defaced, Destroyed, Lost or Stolen Note	100
	Section 2.7	Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved	101
	Section 2.8	Persons Deemed Owners	104
	Section 2.9	Cancellation	104
	Section 2.10	DTC Ceases to be Depository	104
	Section 2.11	Non-Permitted Holders	105
	Section 2.12	Treatment and Tax Certification	107
	Section 2.13	Additional Issuance	110
	Section 2.14	Funding of the Unfunded Class	112
	 	 	 
	ARTICLE III Conditions Precedent	113
	Section 3.1	Conditions to Issuance of Debt on Closing Date	113
	Section 3.2	Conditions to Additional Issuance	117
	Section 3.3	Custodianship; Delivery of Collateral Obligations and Eligible Investments	119
	 	 	 
	ARTICLE IV Satisfaction And Discharge	119
	Section 4.1	Satisfaction and Discharge of Indenture	119
	Section 4.2	Application of Trust Money	121
	Section 4.3	Repayment of Monies Held by Paying Agent	121
	Section 4.4	Liquidation of Assets	121
	 	 	 
	ARTICLE V Remedies	122
	Section 5.1	Events of Default	122
	Section 5.2	Acceleration of Maturity; Rescission and Annulment	124
	Section 5.3	Collection of Indebtedness and Suits for Enforcement by Collateral Agent	125
	Section 5.4	Remedies	127
	Section 5.5	Optional Preservation of Assets	129
	Section 5.6	Trustee and Collateral Agent May Enforce Claims Without Possession of Debt	131
	Section 5.7	Application of Money Collected	131
	Section 5.8	Limitation on Suits	131

 

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Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 5.9	Unconditional Rights of Holders of Secured Debt to Receive Principal and Interest	132
	Section 5.10	Restoration of Rights and Remedies	132
	Section 5.11	Rights and Remedies Cumulative	133
	Section 5.12	Delay or Omission Not Waiver	133
	Section 5.13	Control by Supermajority of Controlling Class	133
	Section 5.14	Waiver of Past Defaults	133
	Section 5.15	Undertaking for Costs	134
	Section 5.16	Waiver of Stay or Extension Laws	134
	Section 5.17	Sale of Assets	135
	Section 5.18	Action on the Debt	135
	 	 	 
	ARTICLE VI The Trustee AND THE COLLATERAL AGENT	136
	Section 6.1	Certain Duties and Responsibilities of the Trustee	136
	Section 6.2	Notice of Event of Default by Trustee	138
	Section 6.3	Certain Rights of Trustee	138
	Section 6.4	Trustee Not Responsible for Recitals or Issuance of Debt	142
	Section 6.5	Trustee May Hold Debt	142
	Section 6.6	Money Held in Trust	143
	Section 6.7	Compensation and Reimbursement of Trustee	143
	Section 6.8	Corporate Trustee Required; Eligibility	144
	Section 6.9	Trustee Resignation and Removal; Appointment of Successor Trustee	144
	Section 6.10	Acceptance of Appointment by Successor Trustee	146
	Section 6.11	Merger, Conversion, Consolidation or Succession to Business of Trustee	146
	Section 6.12	Co-Trustees	146
	Section 6.13	Certain Duties of Trustee Related to Delayed Payment of Proceeds	148
	Section 6.14	Authenticating Agents	148
	Section 6.15	Withholding	149
	Section 6.16	Collateral Agent as Representative for Holders of Secured Debt only; Collateral Agent as Agent for each other Secured Party and the Holders of the Subordinated Notes	149
	Section 6.17	Representations and Warranties of the Bank	149
	Section 6.18	Certain Duties and Responsibilities of Collateral Agent	150
	Section 6.19	Collateral Agent’s knowledge of an Event of Default	153
	Section 6.20	Certain Rights of Collateral Agent	153
	Section 6.21	Collateral Agent Not Responsible for Recitals or Issuance of Debt	158
	Section 6.22	Collateral Agent May Hold Debt	158
	Section 6.23	Money Held in Trust by the Collateral Agent	158
	Section 6.24	Compensation and Reimbursement of the Collateral Agent	158
	Section 6.25	Corporate Collateral Agent Required; Eligibility	160

 

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Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 6.26	Resignation and Removal of the Collateral Agent; Appointment of Successor Collateral Agent	160
	Section 6.27	Acceptance of Appointment by Successor Collateral Agent	162
	Section 6.28	Merger, Conversion, Consolidation or Succession to Business of Collateral Agent	162
	Section 6.29	Certain Duties of Collateral Agent Related to Delayed Payment of Proceeds	162
	 	 	 
	ARTICLE VII Covenants	163
	Section 7.1	Payment of Principal and Interest	163
	Section 7.2	Maintenance of Office or Agency	163
	Section 7.3	Money for Debt Payments to be Held in Trust	164
	Section 7.4	Existence of Issuer	166
	Section 7.5	Protection of Assets	166
	Section 7.6	Opinions as to Assets	167
	Section 7.7	Performance of Obligations	168
	Section 7.8	Negative Covenants	168
	Section 7.9	Statement as to Compliance	170
	Section 7.10	Issuer May Consolidate, etc., Only on Certain Terms	170
	Section 7.11	Successor Substituted	172
	Section 7.12	No Other Business	172
	Section 7.13	[Reserved]	172
	Section 7.14	Annual Rating Review	172
	Section 7.15	Reporting	172
	Section 7.16	Calculation Agent	173
	Section 7.17	Certain Tax Matters	173
	Section 7.18	Effective Date; Purchase of Additional Collateral Obligations	179
	Section 7.19	Representations Relating to Security Interests in the Assets	182
	 	 	 
	ARTICLE VIII Supplemental Indentures	184
	Section 8.1	Supplemental Indentures Without Consent of Holders of Debt	184
	Section 8.2	Supplemental Indentures With Consent of Holders of Debt	189
	Section 8.3	Execution of Supplemental Indentures	190
	Section 8.4	Effect of Supplemental Indentures	193
	Section 8.5	Reference in Notes to Supplemental Indentures	193
	Section 8.6	Hedge Agreements	193
	 	 	 
	ARTICLE IX Redemption Of Notes	194
	Section 9.1	Mandatory Redemption	194
	Section 9.2	Optional Redemption	194
	Section 9.3	Tax Redemption	198
	Section 9.4	Redemption Procedures	199
	Section 9.5	Debt Payable on Redemption Date	201
	Section 9.6	Special Redemption	201
	Section 9.7	Issuer Purchases and Repayments of Secured Notes	202

 

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Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 9.8	Optional Re-Pricing	204
	Section 9.9	Clean-Up Call Redemption	206
	 	 	 
	ARTICLE X Accounts, Accountings And Releases	208
	Section 10.1	Collection of Money	208
	Section 10.2	Collection Account	208
	Section 10.3	Transaction Accounts	211
	Section 10.4	The Revolver Funding Account	213
	Section 10.5	Ownership of the Accounts	214
	Section 10.6	Reinvestment of Funds in Accounts; Reports by Collateral Agent	215
	Section 10.7	Accountings	216
	Section 10.8	Release of Assets	224
	Section 10.9	Reports by Independent Accountants	225
	Section 10.10	Reports to the Rating Agency and Additional Recipients	226
	Section 10.11	Procedures Relating to the Establishment of Accounts Controlled by the Collateral Agent	227
	Section 10.12	Section 3(c)(7) Procedures	227
	Section 10.13	No Further Reporting Following the Redemption of the Secured Debt	230
	 	 	 
	ARTICLE XI Application Of Monies	231
	Section 11.1	Disbursements of Monies from Payment Account	231
	 	 	 
	ARTICLE XII SALE OF COLLATERAL OBLIGATIONS; PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS	237
	Section 12.1	Sales of Collateral Obligations	237
	Section 12.2	Purchase of Additional Collateral Obligations	245
	Section 12.3	Conditions Applicable to All Sale and Purchase Transactions	241
	 	 	 
	ARTICLE XIII Holders’ Relations	244
	Section 13.1	Subordination	245
	Section 13.2	Standard of Conduct	245
	 	 	 
	ARTICLE XIV MISCELLANEOUS	246
	 	 
	Section 14.1	Form of Documents Delivered to Trustee and Collateral Agent	246
	Section 14.2	Acts of Holders	247
	Section 14.3	Notices, etc., to the Trustee, the Collateral Agent, the Issuer, the Collateral Manager, the Initial Purchaser, the Collateral Administrator, the Paying Agent and the Rating Agency	248
	Section 14.4	Notices to Holders; Waiver	250
	Section 14.5	Effect of Headings and Table of Contents	251
	Section 14.6	Successors and Assigns	251
	Section 14.7	Severability	251
	Section 14.8	Benefits of Indenture	251
	Section 14.9	Legal Holidays	251

 

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Table
of Contents

(continued)

  

	 	 	Page
	 	 	 
	Section 14.10	Governing Law	251
	Section 14.11	Submission to Jurisdiction	252
	Section 14.12	Waiver of Jury Trial	252
	Section 14.13	Counterparts	252
	Section 14.14	Acts of Issuer	252
	Section 14.15	Confidential Information	253
	Section 14.16	Proceedings	254
	Section 14.17	Communications with Rating Agencies	255
	Section 14.18	Notices to S&P; Rule 17g-5 Procedures	255
	 	 	 
	ARTICLE XV Assignment Of Certain Agreements	257
	Section 15.1	Assignment of Collateral Management Agreement	257

 

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Schedules and Exhibits

 

	Schedule 1	List of Collateral Obligations
	Schedule 2	S&P Industry Classifications 
	Schedule 3	Moody’s Rating Definitions
	Schedule 4	S&P Recovery Rate Tables
	Schedule 5	Diversity Score Calculation
	Schedule 6	S&P Region Diversity Table

 

	Exhibit A	Forms of Notes
	A-1	Form of Global Secured Note
	A-2	Form of Rule 144A Global Subordinated Note
	A-3	Form of Certificated Secured Note
	A-4	Form of Certificated Subordinated Note
	A-5	Form of Confirmation of Registration of Uncertificated
    Secured Note

 

	Exhibit B	Forms of Transfer and Exchange Certificates
	B-1	Form
    of Transferor Certificate for Transfer of Rule 144A Global Secured Note or Certificated Secured Note to Regulation S Global
    Secured Note
	B-2	Form
    of Purchaser Representation Letter for Certificated Secured Notes
	B-3	Form
    of Transferor Certificate for Transfer of Regulation S Global Secured Note or Certificated Secured Note to Rule 144A Global
    Secured Note
	B-4	Form
    of Purchaser Representation Letter for Certificated Subordinated Notes
	B-5	Form
    of Class C and Subordinated Note ERISA Certificate
	B-6	Form
    of Transferee Certificate of Rule 144A Global Secured Note
	B-7	Form
    of Transferee Certificate of Temporary Regulation S Global Secured Note or Regulation S Global Secured Note
	B-8	Form
    of Transferor Certificate for Transfer of Certificated Subordinated Note to Rule 144A Global Subordinated Note
	B-9	Form
    of Transferee Certificate of Rule 144A Global Subordinated Note
	B-10	Form
    of Purchaser Representation Letter for Uncertificated Secured Note
	 	 
	Exhibit C	Form
    of Beneficial Ownership Certificate
	Exhibit D	Form
    of NRSRO Certification
	Exhibit E	Form
    of Notice of Contribution
	Exhibit F	Form
    of Assignment (Sale) Agreement
	Exhibit G	Form
    of Request for Issuance of Uncertificated Secured Note

 

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INDENTURE, dated
as of August 26, 2020, between GOLUB CAPITAL BDC CLO 4 LLC, a limited liability company formed under the laws of the State
of Delaware (the “Issuer”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as trustee (herein, together with its
permitted successors and assigns in the trusts hereunder, the “Trustee”) and as collateral agent (herein, together
with its permitted successors and assigns in such capacity, the “Collateral Agent”).

 

PRELIMINARY
STATEMENT

 

The Issuer is duly
authorized to execute and deliver this Indenture to provide for the Notes issuable as provided herein and the Class A-1-L
Loans incurred pursuant to the Class A-1-L Credit Agreement, dated as of the Closing Date, among the Issuer, as borrower,
the Collateral Agent, the Loan Agent and the lenders party thereto from time to time (the “Credit Agreement”).
The Issuer is entering into this Indenture, and the Trustee is accepting the trusts created hereby, and the Collateral Agent is
accepting the agreements established hereby, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged.

 

All things necessary
to make this Indenture a valid agreement of the Issuer in accordance with the agreement’s terms have been done.

 

GRANTING
CLAUSES

 

The Issuer hereby Grants
to the Collateral Agent, for the benefit and security of the Holders of the Secured Debt, the Trustee, the Collateral Manager,
the Collateral Agent, the Loan Agent and the Collateral Administrator (collectively, the “Secured Parties”),
all of its right, title and interest in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising
any and all accounts, chattel paper, deposit accounts, financial assets, general intangibles, instruments, investment property,
letter-of-credit rights, documents, goods and supporting obligations and other assets in which the Issuer has an interest and specifically
including: (a) the Collateral Obligations (listed, as of the Closing Date, in Schedule 1 to this Indenture) which
the Issuer causes to be delivered to the Collateral Agent (directly or through an intermediary or bailee) herewith and all
payments thereon or with respect thereto, and all Collateral Obligations which are delivered to the Collateral Agent in the future
pursuant to the terms hereof and all payments thereon or with respect thereto, (b) each of the Accounts, and in each case
any Eligible Investments purchased with funds on deposit in any of the Accounts, and all income from the investment of funds therein,
(c) the Collateral Management Agreement as set forth in Article XV hereof, the Credit Agreement, the Securities
Account Control Agreement, the Master Loan Sale Agreements and the Collateral Administration Agreement, (d) all Cash or Money
delivered to the Trustee (or its bailee) from any source for the benefit of the Secured Parties or the Issuer, (e) any
Equity Securities received by the Issuer; it being understood that Equity Securities may not be purchased by the Issuer but it
is possible that the Issuer may receive an Equity Security in connection with an insolvency, bankruptcy, reorganization, debt restructuring
or workout in such case that would be considered “received in lieu of debts previously contracted with respect to the Collateral
Obligation” under the Volcker Rule, (f) all accounts, chattel paper, deposit accounts, financial assets, general intangibles,
payment intangibles, instruments, investment property, letter-of-credit rights, securities, money, documents, goods, commercial
tort claims and securities entitlements, and other supporting obligations (as such terms are defined in the UCC), (g) any
other property otherwise delivered to the Collateral Agent by or on behalf of the Issuer (whether or not constituting Collateral
Obligations, Equity Securities or Eligible Investments); and (h) all proceeds (as defined in the UCC) and products with
respect to the foregoing; provided that such Grants shall not include any Margin Stock held by the Issuer (the assets referred
to in (a) through (h), excluding any Margin Stock held by the Issuer, are collectively referred to as the “Assets”).

 

    

    

    

 

The above Grant is
made in trust to secure the Secured Debt, the Issuer’s other obligations to the Secured Parties under this Indenture, the
other Transaction Documents, and certain other amounts payable by the Issuer as described herein. Except as set forth in the Priority
of Payments and Article XIII of this Indenture, the Secured Debt is secured by the Grant equally and ratably without
prejudice, priority or distinction between any Secured Debt and any other Secured Debt by reason of difference in time of issuance
or otherwise. The Grant is made to secure, in accordance with the priorities set forth in the Priority of Payments and Article XIII
of this Indenture, (i) the payment of all amounts due on the Secured Debt in accordance with their terms, (ii) the payment
of all other sums (other than in respect of the Subordinated Notes) payable under this Indenture, (iii) the payment of
amounts owing by the Issuer under the Collateral Management Agreement, the Credit Agreement, the Collateral Administration Agreement
and the Master Loan Sale Agreements and (iv) compliance with the provisions of this Indenture, all as provided herein (collectively,
the “Secured Obligations”). The foregoing Grant shall, for the purpose of determining the property subject to
the lien of this Indenture, be deemed to include any securities and any investments granted to the Trustee or the Collateral Agent
by or on behalf of the Issuer, whether or not such securities or investments satisfy the criteria set forth in the definitions
of “Collateral Obligation” or “Eligible Investments”, as the case may be.

 

The Collateral Agent
acknowledges such Grant, the Trustee accepts the trusts hereunder in accordance with the provisions hereof, and the Collateral
Agent and the Trustee each agrees to perform their respective duties herein in accordance with the terms hereof.

 

ARTICLE I

 

Definitions

 

Section 1.1         Definitions.
Except as otherwise specified herein or as the context may otherwise require, the following terms have the respective meanings
set forth below for all purposes of this Indenture, and the definitions of such terms are equally applicable both to the singular
and plural forms of such terms and to the masculine, feminine and neuter genders of such terms. The word “including”
shall mean “including without limitation.” All references herein to designated “Articles”, “Sections”,
“sub-sections” and other subdivisions are to the designated articles, sections, sub-sections and other subdivisions
of this Indenture. The words “herein”, “hereof”, “hereunder” and other words of similar import
refer to this Indenture as a whole and not to any particular article, section, sub-section or other subdivision.

 

“1940 Act”:
The United States Investment Company Act of 1940, as amended from time to time.

 

“ABL Facility”:
A lending facility pursuant to which the loans thereunder are secured by a perfected, first priority security interest in accounts
receivable, inventory, machinery, equipment, real estate, oil and gas reserves, vessels or periodic revenues, where such collateral
security consists of assets generated or acquired by the related Obligor in its business.

 

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“Accountants’
Effective Date AUP Reports”: The meaning specified in Section 7.18(c)(iii).

 

“Accountants’
Effective Date Comparison AUP Report”: The meaning specified in Section 7.18(c)(iii).

 

“Accountants’
Effective Date Recalculation AUP Report”: The meaning specified in Section 7.18(c)(iii).

 

“Accountants’
Report”: An agreed upon procedures report of the firm or firms appointed by the Issuer pursuant to Section 10.9(a).

 

“Accounts”:
(i) The Payment Account, (ii) the Collection Account, (iii) the Ramp-Up Account, (iv) the Revolver Funding
Account, (v) the Expense Reserve Account, (vi) the Custodial Account, (vii) the Supplemental Reserve Account and
(viii) the Interest Reserve Account.

 

“Accredited
Investor” or “AI”: The meaning set forth in Rule 501(a) under the Securities Act.

 

“Act”
and “Act of the Holders”: The meanings specified in Section 14.2.

 

“Additional
Debt”: Any Debt issued pursuant to Section 2.13.

 

“Additional
Debt Closing Date”: The closing date for the issuance of any Additional Debt pursuant to Section 2.13 as
set forth in an indenture supplemental to this Indenture pursuant to Section 8.1(a)(xii).

 

“Adjusted
Class Break-even Default Rate”: With respect to the Class A-2 Notes (or, if the Class A-2 Notes are no
longer Outstanding, the most senior Class of Secured Debt Outstanding), The rate equal to (a)(i) the Class Break-even
Default Rate multiplied by (ii)(x) the Target Initial Par Amount divided by (y) the Collateral Principal Amount, plus
redemptions to the senior most Class during the Reinvestment Period (but not including any such redemption from Refinancing
Proceeds), plus the S&P Collateral Value of all Defaulted Obligations plus (b)(i)(x) the Collateral Principal Amount,
plus redemptions to the senior most Class during the Reinvestment Period (but not including any such redemption from Refinancing
Proceeds) plus the S&P Collateral Value of all Defaulted Obligations minus (y) the Target Initial Par Amount, divided
by (ii)(x) the Collateral Principal Amount, plus redemptions to the senior most Class during the Reinvestment Period
(but not including any such redemption from Refinancing Proceeds), plus the S&P Collateral Value of all Defaulted Obligations
multiplied by (y) 1 minus the Weighted Average S&P Recovery Rate.

 

“Adjusted
Collateral Principal Amount”: As of any date of determination, (a) the Aggregate Principal Balance of the Collateral
Obligations (other than Defaulted Obligations, Deferring Obligations (except Permitted Deferrable Obligations), Discount Obligations
(to the extent set forth in clause (d) below) and Long-Dated Obligations); plus (b) without duplication, the amounts
on deposit in any Account (including Eligible Investments therein but excluding the Revolver Funding Account and the Supplemental
Reserve Account) representing Principal Proceeds; plus (c) the aggregate, for each Defaulted Obligation and Deferring
Obligation (other than Permitted Deferrable Obligations), of the Defaulted Obligation Balance of such Defaulted Obligation or Deferring
Obligation; plus (d) the aggregate, for such portion of a Discount Obligation that does not fall into the Excess CCC
Adjustment Amount, of the purchase price, excluding accrued interest, expressed as a percentage of par and multiplied by
the outstanding principal balance thereof, for such Discount Obligation; minus (e) the Excess CCC Adjustment Amount;
plus (f) the aggregate, for each Long-Dated Obligation, of the Long-Dated Obligation Amount of such Long-Dated Obligation;
provided that, with respect to any Collateral Obligation that satisfies more than one of the definitions of Defaulted Obligation,
Deferring Obligation (except Permitted Deferrable Obligations), Discount Obligation (to the extent set forth in clause (d) above)
or Long-Dated Obligation, such Collateral Obligation shall, for the purposes of this definition, be treated as belonging to the
category of Collateral Obligations which results in the lowest Adjusted Collateral Principal Amount on any date of determination.

 

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“Administrative
Expense Cap”: An amount equal on any Payment Date (when taken together with any Administrative Expenses in the order
of priority contained in the definition thereof paid during the period since the preceding Payment Date or in the case of
the first Payment Date, the period since the Closing Date), to the sum of (a) 0.02% per annum (prorated for the related
Interest Accrual Period on the basis of a 360-day year and the actual number of days elapsed) of the Fee Basis Amount at the
beginning of the Collection Period relating to such Payment Date and (b) U.S.$200,000 per annum (prorated for the related
Interest Accrual Period on the basis of a 360-day year consisting of twelve 30-day months); provided that (1) in respect
of any Payment Date after the third Payment Date, if the aggregate amount of Administrative Expenses paid pursuant to Sections
11.1(a)(i)(A), 11.1(a)(ii)(A) and 11.1(a)(iii)(A) (including any excess applied in accordance with
this proviso) on the three immediately preceding Payment Dates and during the related Collection Periods is less than the
stated Administrative Expense Cap (without regard to any excess applied in accordance with this proviso) in the aggregate
for such three preceding Payment Dates, then the excess may be applied to the Administrative Expense Cap with respect to the then-current
Payment Date; and (2) in respect of the third Payment Date, such excess amount shall be calculated based on the Payment Dates
preceding such Payment Date.

 

“Administrative
Expenses”: The fees, expenses (including indemnities) and other amounts due or accrued with respect to any Payment
Date (including, with respect to any Payment Date, any such amounts that were due and not paid on any prior Payment Date in accordance
with the Priority of Payments) and payable in the following order by the Issuer: first, to the Trustee, the Loan Agent and
the Collateral Agent for their respective fees and expenses in each of their capacities hereto pursuant to Sections 6.7
and 6.24 and the other provisions of this Indenture and the Credit Agreement, as applicable, second, to the Collateral
Administrator pursuant to the Collateral Administration Agreement and the Bank in any of its other capacities under the Transaction
Documents, third, on a pro rata basis, the following amounts (excluding indemnities) to the following parties: (i) the
Independent accountants, agents (other than the Collateral Manager) and counsel of the Issuer for fees and expenses; (ii) the
Rating Agency for fees and expenses (including any annual fee, amendment fees and surveillance fees) in connection with any rating
of the Secured Debt or in connection with the rating of (or provision of credit estimates in respect of) any Collateral Obligations;
(iii) the Collateral Manager under this Indenture and the Collateral Management Agreement, including without limitation reasonable
expenses of the Collateral Manager (including fees for its accountants, agents and counsel) incurred in connection with the
purchase or sale of any Collateral Obligations, any other expenses incurred in connection with the Collateral Obligations and any
other amounts payable pursuant to the Collateral Management Agreement but excluding the Aggregate Collateral Management Fee; (iv) the
Independent Manager for any fees or expenses due under the management agreement between the Issuer and Independent Manager; and
(v) any other Person in respect of any other fees or expenses permitted under this Indenture and the documents delivered pursuant
to or in connection with this Indenture (including without limitation the payment of all legal and other fees and expenses incurred
in connection with the purchase or sale of any Collateral Obligations and any other expenses incurred in connection with the Collateral
Obligations), the Credit Agreement and the Debt, including but not limited to, amounts owed to the Issuer pursuant to Section 7.1
and any amounts due in respect of the listing of the Secured Debt on any stock exchange or trading system; and fourth, on
a pro rata basis, indemnities payable to any Person pursuant to any Transaction Document; provided that (x) amounts
due in respect of actions taken on or before the Closing Date shall not be payable as Administrative Expenses but shall be payable
only from the Expense Reserve Account pursuant to this Indenture and (y) for the avoidance of doubt, amounts that are expressly
payable to any Person under the Priority of Payments in respect of an amount that is stated to be payable as an amount other than
as Administrative Expenses (including, without limitation, interest and principal in respect of the Debt) shall not constitute
Administrative Expenses.

 

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“Affected
Class”: Any Class of Secured Debt that, as a result of the occurrence of a Tax Event described in the definition
of “Tax Redemption” has not received 100% of the aggregate amount of principal and interest that would otherwise be
due and payable to such Class on any Payment Date.

 

“Affiliate”:
With respect to a Person, (i) any other Person who, directly or indirectly, is in control of, or controlled by, or is under
common control with, such Person or (ii) any other Person who is a director, Officer, employee or general partner (a) of
such Person, (b) of any subsidiary or parent company of such Person or (c) of any Person described in clause (i) above.
For the purposes of this definition, “control” of a Person shall mean the power, direct or indirect, (x) to vote
more than 50% of the securities having ordinary voting power for the election of directors of such Person or (y) to direct
or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

“Agent Members”:
Members of, or participants in, DTC, Euroclear or Clearstream.

 

“Aggregate
Collateral Management Fee”: All accrued and unpaid Collateral Management Fees, Current Deferred Management Fees, Cumulative
Deferred Management Fees and Collateral Management Fee Shortfall Amounts (including accrued interest) due and payable to the Collateral
Manager.

 

“Aggregate
Coupon”: As of any Measurement Date, the sum of the products obtained by multiplying, in the case of each Fixed
Rate Obligation (other than a Defaulted Obligation or Deferrable Obligation (other than a Permitted Deferrable Obligation)) (including,
for any Permitted Deferrable Obligation, only the required current cash interest required by the Underlying Instruments thereon),
(i) the stated coupon on such Collateral Obligation expressed as a percentage and (ii) the outstanding principal balance
of such Collateral Obligation; provided that the stated coupon of a Step-Up Obligation will be the then-current coupon.

 

    -5-

    

    

 

“Aggregate
Funded Spread”: As of any Measurement Date, the sum of: (a) in the case of each Floating Rate Obligation (excluding
the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation) that bears interest at
a spread over a London interbank offered rate based index, (i) the stated interest rate spread on such Collateral Obligation
above such index as of the immediately preceding Interest Determination Date multiplied by (ii) the outstanding principal
balance of such Collateral Obligation; provided that the interest rate spread with respect to any Step-Up Obligation will
be the then-current interest rate spread; and (b) in the case of each Floating Rate Obligation (excluding the unfunded portion
of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation) that bears interest at a spread over an index
other than a London interbank offered rate based index, (i) the excess of the sum of such spread and such index over LIBOR
as of the immediately preceding Interest Determination Date (which spread or excess may be expressed as a negative percentage)
multiplied by (ii) the outstanding principal balance of each such Collateral Obligation; provided that the interest
rate spread with respect to any Step-Up Obligation will be the then-current interest rate spread.

 

For purposes of calculating
the Aggregate Funded Spread, (i) such calculation shall exclude any Deferring Obligation until the obligor thereof has resumed
the payment of cash interest in cash, (ii) with respect to any LIBOR Floor Obligation, the stated interest rate spread on
such Collateral Obligation over the applicable index shall be deemed to be equal to the sum of (x) the stated interest rate
spread over the applicable index and (y) the excess, if any, of the specified “floor” rate relating to such Collateral
Obligation over LIBOR as in effect for the current Interest Accrual Period (or portion thereof, in the case of the first Interest
Accrual Period) and (iii) the stated interest rate of a Collateral Obligation will be excluded from such calculation to the
extent the Issuer or the Collateral Manager has actual knowledge that such payment of interest will not be made by the obligor
thereof during the applicable period.

 

“Aggregate
Outstanding Amount”: With respect to any of the Debt as of any date, the aggregate unpaid principal amount of such Debt
Outstanding on such date; provided that (i) in the case of Debt of the Unfunded Class, except as otherwise explicitly
set forth in this Indenture, such aggregate unpaid principal amount will be: (x) prior to the Unfunded Class Funding,
zero (except that, solely for purpose of issuance and transfers of the Notes of the Unfunded Class prior to the Unfunded Class Funding,
the Aggregate Outstanding Amount thereof shall be deemed to be the notional amount thereof), and (y) immediately following
the Unfunded Class Funding, the Funded Amount, and (z) from and after the Unfunded Class Funding, the aggregate
unpaid principal amount of the Class C Notes Outstanding.

 

“Aggregate
Principal Balance”: When used with respect to all or a portion of the Collateral Obligations or the Assets, the sum of
the Principal Balances of all or of such portion of the Collateral Obligations or Assets, respectively.

 

    -6-

    

    

 

“Aggregate
Risk Adjusted Par Amount”: The amount specified below for the applicable Interest Accrual Period, listed sequentially,
starting with the Interest Accrual Period commencing on the Closing Date:

 

	
        Interest
        Accrual

 Period
	 	
        Aggregate
        Risk Adjusted

 Par Amount ($)

	1	 	300,000,000 
	2	 	299,185,000
	3	 	298,741,209
	4	 	298,283,139
	5	 	297,825,772
	6	 	297,369,105
	7	 	296,928,008
	8	 	296,472,718
	9	 	296,018,127
	10	 	295,564,232
	11	 	295,125,812
	12	 	294,673,286
	13	 	294,221,453
	14	 	293,770,314
	15	 	293,329,658
	16	 	292,879,886
	17	 	292,430,804
	18	 	291,982,410
	19	 	291,549,303
	20	 	291,102,260
	21	 	290,655,904
	22	 	290,210,231
	23	 	289,779,753
	24	 	289,335,424
	25	 	288,891,776
	26	 	288,448,809
	27	 	288,020,943
	28	 	287,579,311
	29	 	287,138,356
	30	 	286,698,077
	31	 	286,268,030
	32	 	285,829,086
	33	 	285,390,814
	34	 	284,953,215
	35	 	284,530,535
	36	 	284,094,254
	37	 	283,658,643
	38	 	283,223,700
	39	 	282,803,585
	40	 	282,369,953
	41	 	281,936,985
	42	 	281,504,682
	43	 	281,087,117
	44	 	280,656,116
	45	 	280,225,777
	46	 	279,796,098
	47	 	279,376,403
	48	 	278,948,026
	49	 	278,520,306

 

    -7-

    

    

 

“Aggregate
Unfunded Spread”: As of any Measurement Date, the sum of the products obtained by multiplying (i) for each
Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation (other than Defaulted Obligations), the related commitment
fee rate then in effect as of such date and (ii) the undrawn commitments of each such Delayed Drawdown Collateral Obligation
and Revolving Collateral Obligation as of such date.

 

“Alternative
Method”: The meaning specified in Section 7.17(l).

 

“Alternative
Rate”: The meaning specified in the definition of “LIBOR”.

 

“Applicable
Law”: The meaning specified in Section 6.3(aa).

 

“ARRC”:
The Alternative Reference Rates Committee.

 

“Asset-backed
Commercial Paper”: Commercial paper or other short-term obligations of a program that primarily issues externally rated
commercial paper backed by assets or exposures held in a bankruptcy-remote, special purpose entity.

 

“Assets”:
The meaning assigned in the Granting Clause hereof.

 

“Assigned
Moody’s Rating”: The meaning specified in Schedule 3 hereto.

 

“Assumed Reinvestment
Rate”: LIBOR (as determined on the most recent Interest Determination Date relating to an Interest Accrual Period beginning
on a Payment Date or the Closing Date) minus 0.25% per annum; provided that the Assumed Reinvestment
Rate shall not be less than 0.00%.

 

“Authenticating
Agent”: With respect to the Notes or a Class of the Notes, the Person designated by the Trustee to authenticate
such Notes on behalf of the Trustee pursuant to Section 6.14 hereof.

 

“Average Life”:
The meaning specified in the definition of “Weighted Average Life”.

 

“Balance”:
On any date, with respect to Cash or Eligible Investments in any account, the aggregate of the (i) current balance of Cash,
demand deposits, time deposits, certificates of deposit and federal funds; (ii) principal amount of interest-bearing corporate
and government securities, money market accounts and repurchase obligations; and (iii) purchase price (but not greater than
the face amount) of non-interest-bearing government and corporate securities and commercial paper.

 

    -8-

    

    

 

“Bank”:
Deutsche Bank Trust Company Americas, in its individual capacity and not as Trustee, Collateral Agent or Loan Agent or any successor
thereto.

 

“Bank Officer”:
When used with respect to the Trustee, the Collateral Agent, the Loan Agent or the Collateral Administrator, any officer within
the Corporate Trust Office (or any successor group of the Bank) including any vice president, assistant vice president or
officer of the Trustee, the Collateral Agent or the Loan Agent, as applicable, customarily performing functions similar to those
performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred
at the Corporate Trust Office because of such Person’s knowledge of and familiarity with the particular subject and, in each
case, having direct responsibility for the administration of this transaction.

 

“Bankruptcy
Code”: The federal Bankruptcy Code, Title 11 of the United States Code, as amended from time to time.

 

“Bankruptcy
Law”: The Bankruptcy Code, as amended from time to time, and any bankruptcy, insolvency, winding up, reorganization or
similar law enacted under the laws of any other applicable jurisdiction.

 

“BDC”:
Golub Capital BDC, Inc., a Delaware corporation.

 

“Beneficial
Ownership Certificate”: The meaning specified in Section 14.2(e).

 

“Benefit Plan
Investor”: An employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the fiduciary
responsibility provisions of Title I of ERISA, a plan to which Section 4975 of the Code applies or an entity whose underlying
assets include “plan assets” by reason of such an employee benefit plan’s or a plan’s investment in such
entity.

 

“Base Rate
Modifier”: A modifier determined by the Collateral Manager applied to a reference rate to the extent necessary to cause
such rate to be comparable to three-month Libor, which may include an addition to or subtraction from such unadjusted rate.

 

“Benchmark
Replacement Date”: The earlier to occur of the following events with respect to LIBOR, as determined by the Collateral
Manager: (i) in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the
later of (x) the date of the public statement or publication of information referenced therein and (y) the date on which
the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR; (ii) in the case of clause (c) of the
definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced
therein; or (iii) in the case of clause (d) or (e) of the definition of “Benchmark Transition Event,”
the date on which the Collateral Manager has notified the Collateral Agent and the Calculation Agent that a “Benchmark Replacement
Date” has occurred.

 

“Benchmark
Transition Event”: The occurrence of one or more of the following events with respect to LIBOR, as determined by the
Collateral Manager: (a) public statement or publication of information by or on behalf of the administrator of LIBOR announcing
that such administrator has ceased or will cease to provide LIBOR, permanently or indefinitely, provided that, at the time of such
statement or publication, there is no successor administrator that will continue to provide LIBOR; (b) a public statement
or publication of information by the regulatory supervisor for the administrator of LIBOR, the Relevant Governmental Body, an insolvency
official with jurisdiction over the administrator for LIBOR, a resolution authority with jurisdiction over the administrator for
LIBOR or a court or an entity with similar insolvency or resolution authority over the administrator for LIBOR, which states that
the administrator of LIBOR has ceased or will cease to provide LIBOR permanently or indefinitely, provided that, at the time of
such statement or publication, there is no successor administrator that will continue to provide LIBOR; (c) a public statement
or publication of information by the regulatory supervisor for the administrator of LIBOR announcing that LIBOR is no longer representative;
(d) (x) the aggregate principal balance of Floating Rate Obligations included in the Assets (on a trade date basis) that
are utilizing a benchmark rate that is not LIBOR or has had a benchmark transition event (however denominated) occur divided by
(y) the aggregate principal balance of all Floating Rate Collateral Obligations included in the Assets (on a trade date basis)
is greater than 50%; or (e) the Collateral Manager reasonably determines that LIBOR is likely to cease to exist or be reported
on the Reuters Screen.  If one year has passed since the occurrence of a Benchmark Transition Event and its related Benchmark
Replacement Date and the Collateral Manager has not determined an Alternative Rate in accordance with the definition of “LIBOR”,
then the Alternative Rate with respect to the Secured Notes shall be the rate (including any applicable spread adjustments thereto)
that is consistent with the reference rate most commonly being used in the quarterly pay Floating Rate Obligations included in
the Assets; provided that the Collateral Manager may following the implementation of such rate select a different Alternative
Rate in accordance with the definition of “LIBOR”.

 

    -9-

    

    

 

“Bond”:
A debt security that is issued by a corporation, limited liability company, partnership or trust. For purposes of the definition
of “Collateral Obligation”, no debt security shall be considered a Bond on or after the Permitted Securities Date.

 

“Bridge Loan”:
Any loan or other obligation that (x) is incurred in connection with a merger, acquisition, consolidation, or sale of all
or substantially all of the assets of a Person or similar transaction and (y) by its terms, is required to be repaid within
one year of the incurrence thereof with proceeds from additional borrowings or other refinancings (it being understood that any
such loan or debt security that has a nominal maturity date of one year or less from the incurrence thereof but has a term-out
or other provision whereby (automatically or at the sole option of the obligor thereof) the maturity of the indebtedness thereunder
may be extended to a later date is not a Bridge Loan).

 

“Broadly Syndicated
Loan”: A Loan (a) that is part of a credit facility with a Facility Size on the date of origination thereof at least
equal to U.S.$250,000,000 and (b) as to which, on the date of origination thereof, (i) Moody’s has either (x) assigned
a corporate family rating on an Obligor thereon or (y) assigned to such credit facility a monitored publicly available rating
or (ii) S&P has either (x) assigned an issuer credit rating to the issuer thereof or (y) assigned to such credit
facility a monitored publicly available rating.

 

“Business
Day”: Any day other than (i) a Saturday or a Sunday or (ii) a day on which commercial banks are authorized
or required by applicable law, regulation or executive order to close in New York, New York or in the city in which the Corporate
Trust Office of the Trustee is located or, for any final payment of principal, in the relevant place of presentation.

 

    -10-

    

    

 

“Calculation
Agent”: The meaning specified in Section 7.16(a).

 

“Cash”:
Such funds denominated in currency of the United States of America as at the time shall be legal tender for payment of all public
and private debts, including funds standing to the credit of an Account.

 

“CCC Collateral
Obligation”: A Collateral Obligation (other than a Defaulted Obligation or a Deferring Obligation) with an S&P Rating
of “CCC+” or lower.

 

“CCC Excess”:
An amount equal to the excess of the Principal Balance of all CCC Collateral Obligations over an amount equal to 25.0% of the Collateral
Principal Amount as of such date of determination; provided that, in determining which of the CCC Collateral Obligations
shall be included in the CCC Excess, the CCC Collateral Obligations with the lowest Market Value (expressed as a percentage of
the outstanding principal balance of such Collateral Obligations as of such date of determination) shall be deemed to constitute
such CCC Excess.

 

“Certificate
of Authentication”: The meaning specified in Section 2.1.

 

“Certificated
Note”: The meaning specified in Section 2.2(b)(iv).

 

“Certificated
Secured Note”: The meaning specified in Section 2.2(b)(iii).

 

“Certificated
Security”: The meaning specified in Section 8-102(a)(4) of the UCC.

 

“Certificated
Subordinated Note”: The meaning specified in Section 2.2(b)(iv).

 

“CFR”:
The meaning specified in Schedule 3 hereto.

 

“Class”:
In the case of the (x) Secured Debt, all of the Secured Debt having the same Interest Rate, Stated Maturity and class designation
and (y) Subordinated Notes, all of the Subordinated Notes. With respect to any exercise of voting rights, any Pari Passu Classes
of Notes that are entitled to vote on a matter will vote together as a single Class, except that each Pari Passu Class (A) will
be treated as a separate Class for purposes of a Refinancing or a Re-Pricing and (B) will be treated as a separate Class,
and will vote separately, in connection with any proposed supplemental indenture that affects any Pari Passu Class in a materially
different manner.

 

“Class A-1
Debt”: Collectively, the Class A-1-L Loans and the Class A-1 Notes.

 

“Class A-1
Notes”: The Class A-1 Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3.

 

“Class A-1-L
Lender”: Each lender party to the Credit Agreement

 

“Class A-1-L
Loan Account”: The meaning specified in the Credit Agreement.

 

“Class A-1-L
Loans”: The Class A-1-L Senior Secured Floating Rate Loans incurred pursuant to the Credit Agreement.

 

    -11-

    

    

 

“Class A-2
Notes”: The Class A-2 Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3.

 

“Class A/B
Coverage Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied with respect to
the Class A-1 Debt, the Class A-2 Notes and the Class B Notes.

 

“Class B
Notes”: The Class B Senior Secured Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3.

 

“Class Break-even
Default Rate”: With respect to the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding, the
most senior Class of Secured Debt Outstanding):

 

		(i)	during any S&P CDO Formula Election Period, the rate equal to (a) C0 plus (b) the
product of (x) C1 and (y) the Weighted Average Floating Spread plus (c) the product of (x) C2 and (y) the
Weighted Average S&P Recovery Rate, where C0, C1 and C2 shall be provided to the Collateral Manager by S&P upon request.
C0, C1 and C2 shall not change unless S&P provides an updated S&P CDO Monitor input file at the request of the Collateral
Manager following the Closing Date; or

 

		(ii)	during any S&P CDO Monitor Election Period, the maximum percentage of defaults, at any time,
that the Current Portfolio or the Proposed Portfolio, as applicable, can sustain, determined through application of the S&P
CDO Monitor, which, after giving effect to S&P’s assumptions on recoveries, defaults and timing and to the Priority of
Payments, will result in sufficient funds remaining for the payment of such Class or Classes of Notes in full. After any S&P
CDO Monitor Election Date, S&P will provide the Collateral Manager with the Class Break-even Default Rates for each S&P
CDO Monitor input file based upon the Weighted Average Floating Spread and the Weighted Average S&P Recovery Rate to be associated
with such S&P CDO Monitor input file as selected by the Collateral Manager from Section 2 of Schedule 4 or any
other Weighted Average Floating Spread and Weighted Average S&P Recovery Rate selected by the Collateral Manager from time
to time.

 

“Class C
Coverage Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied with respect to
the Class C Notes.

 

“Class C
Notes”: The Class C Secured Deferrable Floating Rate Notes issued pursuant to this Indenture and having the characteristics
specified in Section 2.3.

 

“Class C
Par Subordination Condition”: A condition that will be satisfied if the Funded Amount does not exceed an amount equal
to (i) (A) (x) 1 minus (y) the Par Subordination Requirement multiplied by (B) the Adjusted Collateral
Principal Amount minus (ii) the Aggregate Outstanding Amount of the Class A-1-L Loans, the Class A-1 Notes, the
Class A-2 Notes and the Class B Notes.

 

“Class C
Required Overcollateralization Ratio”: The percentage specified in the row entitled “Class C Required Overcollateralization
Ratio” in the table below that corresponds to the Adjusted Collateral Principal Amount specified in the row entitled “Adjusted
Collateral Principal Amount” in the table below that is equal to the actual Adjusted Collateral Principal Amount calculated
immediately following the Unfunded Class Funding.

 

    -12-

    

    

 

	Adjusted Collateral Principal Amount	 	greater than or

 equal to

 $300,000,000	 	 	greater than or 

equal to

 $298,053,000

 but less than

 $300,000,000	 	 	greater than or 

equal to

 $296,163,000

 but less than 

$298,053,000	 	 	greater than or 

equal to

 $294,273,000

 but less than

 $296,163,000	 	 	greater than or 

equal to 

$292,383,000

 but less than

 $294,273,000	 
	Class C Required Overcollateralization Ratio	 	 	126.6	%	 	 	127.6	%	 	 	128.6	%	 	 	129.6	%	 	 	130.6	%

 

“Class Default
Differential”: With respect to the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding, the
most senior Class of Secured Debt Outstanding), the rate calculated by subtracting the Class Scenario Default Rate at
such time for such Class of Notes from (x) during any S&P CDO Formula Election Period, the Adjusted Class Break-even
Default Rate or (y) during any S&P CDO Monitor Election Period, the Class Break-even Default Rate, in each case,
for such Class of Notes at such time.

 

“Class Scenario
Default Rate”: With respect to the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding, the
most senior Class of Secured Debt Outstanding then rated by S&P):

 

		(i)	during any S&P CDO Formula Election Period, the rate at such time equal to (a) 0.247621
plus (b) the quotient of (x) the S&P Weighted Average Rating Factor divided by (y) 9162.65 minus (c) the
quotient of (x) the Default Rate Dispersion divided by (y) 16757.2 minus (d) the quotient of (x) the
Obligor Diversity Measure divided by (y) 7677.8 minus (e) the quotient of (x) the Industry Diversity
Measure divided by (y) 2177.56 minus (f) the quotient of (x) the Regional Diversity Measure divided
by (y) 34.0948 plus (g) the quotient of (x) the S&P Weighted Average Life divided by (y) 27.3896;
or

 

		(ii)	during any S&P CDO Monitor Election Period, an estimate of the cumulative default rate for
the Current Portfolio or the Proposed Portfolio, as applicable, consistent with S&P’s Initial Rating of such Class of
Debt, determined by the Collateral Manager (which determination shall be made solely by application of the S&P CDO Monitor
at such time).

 

“Clean-Up
Call Purchase Price”: The meaning specified in Section 9.9(b).

 

“Clean-Up
Call Redemption”: The meaning specified in Section 9.9(a).

 

“Clearing
Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

 

“Clearing
Corporation”: (i) Clearstream, (ii) DTC, (iii) Euroclear and (iv) any entity included within the
meaning of “clearing corporation” under Section 8-102(a)(5) of the UCC.

 

    -13-

    

    

 

 

“Clearing
Corporation Security”: Securities which are in the custody of or maintained on the books of a Clearing Corporation or
a nominee subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly
endorsed to or registered in the name of the Clearing Corporation or such nominee.

 

“Clearstream”:
Clearstream Banking, société anonyme, a corporation organized under the laws of the Duchy of Luxembourg (formerly
known as Cedelbank, société anonyme).

 

“Closing Date”:
August 26, 2020.

 

“Closing Date
Master Loan Sale Agreement”: An agreement, dated as of the Closing Date, among the BDC, as seller, the Collateral Manager,
as closing date seller, the Issuer, as buyer, and GCIC Funding LLC, as warehouse borrower.

 

“Closing Date
Participation Condition”: A condition satisfied as of any date of determination if all Closing Date Participation Interests
have been elevated to assignments on or prior to such date.

 

“Closing Date
Participation Interests”: Participation arrangements entered into by the Issuer with the BDC and/or one or more of its
subsidiaries to provide for participation interests in certain Collateral Obligations (whose title is held by the BDC or a subsidiary
thereof) prior to being elevated to a full assignment.

 

“Code”:
The United States Internal Revenue Code of 1986, as amended.

 

“Collateral
Administration Agreement”: An agreement dated as of the Closing Date among the Issuer, the Collateral Manager and the
Collateral Administrator, as amended from time to time in accordance with the terms thereof.

 

“Collateral
Administrator”: Deutsche Bank Trust Company Americas, in its capacity as collateral administrator under the Collateral
Administration Agreement, and any successor thereto.

 

“Collateral
Agent”: The meaning set forth in the first sentence of this Indenture and any successor thereto.

 

“Collateral
Interest Amount”: As of any date of determination, without duplication, the aggregate amount of Interest Proceeds that
has been received or that is expected to be received (other than Interest Proceeds (i) expected to be received from Defaulted
Obligations and Deferring Obligations, but including Interest Proceeds actually received from Defaulted Obligations and Deferring
Obligations or (ii) designated as such pursuant to clauses (ix) or (x) of the definition of “Interest Proceeds”),
in each case during the Collection Period in which such date of determination occurs (or after such Collection Period but on or
prior to the related Payment Date if such Interest Proceeds would be treated as Interest Proceeds with respect to such Collection
Period).

 

“Collateral
Management Agreement”: The agreement dated as of the Closing Date, between the Issuer and the Collateral Manager relating
to the management of the Collateral Obligations and the other Assets by the Collateral Manager on behalf of the Issuer, as amended
from time to time in accordance with the terms thereof.

 

    -14-

     

    

 

“Collateral
Management Fee”: The fee payable to the Collateral Manager in arrears on each Payment Date (prorated for the related
Interest Accrual Period) pursuant to Section 8(a) of the Collateral Management Agreement and Section 11.1
of this Indenture, in an amount equal to 0.35% per annum (calculated on the basis of the actual number of days in the applicable
Collection Period divided by 360) of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment
Date.

 

“Collateral
Management Fee Shortfall Amount”: To the extent the Collateral Management Fee is not paid on a Payment Date due to insufficient
Interest Proceeds or Principal Proceeds (and such fee was not voluntarily deferred or waived by the Collateral Manager), the Collateral
Management Fee due on such Payment Date (or the unpaid portion thereof, as applicable). Such amount is automatically deferred for
payment on the succeeding Payment Date, with interest at the rate specified in the Collateral Management Agreement, as certified
to the Trustee by the Collateral Manager (with a copy to the Collateral Administrator), in accordance with the Priority of Payments.

 

“Collateral
Manager”: GC Advisors LLC, a Delaware limited liability company, until a successor Person shall have become the Collateral
Manager pursuant to the provisions of the Collateral Management Agreement, and thereafter “Collateral Manager” shall
mean such successor Person.

 

“Collateral
Manager Debt”: Any Debt owned by the Collateral Manager, an Affiliate thereof, or any account, fund, client or portfolio
established and controlled by the Collateral Manager or an Affiliate thereof or for which the Collateral Manager or an Affiliate
thereof acts as the investment adviser or with respect to which the Collateral Manager or an Affiliate thereof exercises discretionary
control.

 

“Collateral
Manager Standard”: The standard of care applicable to the Collateral Manager set forth in the Collateral Management Agreement.

 

“Collateral
Obligation”: A Senior Secured Loan (including, but not limited to, interests in Broadly Syndicated Loans and Middle Market
Loans acquired by way of a purchase or assignment), or a Participation Interest therein, or a Second Lien Loan, or a Participation
Interest therein, or a Permitted Non-Loan Asset, that as of the date of purchase by the Issuer:

 

(i)            is
not a letter of credit or, prior to the Permitted Securities Date, a Bond;

 

(ii)           is
not (A) an Equity Security or (B) by its terms convertible into or exchangeable for an Equity Security;

 

(iii)          is
not a Synthetic Security;

 

(iv)          is
U.S. Dollar denominated and is neither convertible by the issuer thereof into, nor payable in, any other currency;

 

(v)           is
not (A) a Defaulted Obligation or (B) a Credit Risk Obligation;

 

(vi)          is
not a lease (including a finance lease);

 

    -15-

     

    

 

(vii)         provides
for a fixed amount of principal payable in Cash on scheduled payment dates and/or at maturity and does not by its terms provide
for earlier amortization or prepayment at a price of less than par;

 

(viii)        does
not constitute Margin Stock;

 

(ix)           has
payments that do not and will not subject the Issuer to withholding tax or other similar tax (except for withholding or other similar
taxes on commitment fees or similar fees or fees that by their nature are commitment fees or similar fees) unless the related obligor
is required to make “gross-up” payments that ensure that the net amount actually received by the Issuer (after payment
of all such taxes) will equal the full amount that the Issuer would have received had no such taxes been imposed;

 

(x)            has
an S&P Rating;

 

(xi)           is
not a debt obligation whose repayment is subject to substantial non-credit related risk as determined by the Collateral Manager;

 

(xii)          except
for Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations, is not an obligation pursuant to which any future
advances or payments to the borrower or the Obligor thereof may be required to be made by the Issuer; provided that the
Issuer may be required, as a lender under the Underlying Instruments, to make customary protective advances or provide customary
indemnities to the agent of the Collateral Obligation (for which the Issuer may receive a Participation Interest or other right
of repayment);

 

(xiii)         does
not have an “f”, “p”, “pi”, “sf” or “t” subscript assigned by S&P
or an “sf” subscript assigned by Moody’s;

 

(xiv)         is
not a repurchase obligation, an Unsecured Loan, a Bridge Loan, a Commercial Real Estate Loan, a Structured Finance Obligation or
a Step-Down Obligation;

 

(xv)          will
not require the Issuer or the pool of Assets to be registered as an investment company under the 1940 Act;

 

(xvi)         is
not the subject of an Offer of exchange, or tender by its issuer, for cash, securities or any other type of consideration other
than a Permitted Offer;

 

(xvii)        has
an S&P Rating of at least “CCC-”;

 

(xviii)       either
(A) does not mature after the earliest Stated Maturity of the Secured Debt or (B) is a Permitted Maturity Obligation;

 

(xix)          other
than in the case of a Fixed Rate Obligation, accrues interest at a floating rate determined by reference to (a) the Dollar
prime rate, federal funds rate or LIBOR or (b) a similar interbank offered rate, commercial deposit rate or any other index;

 

    -16-

     

    

 

(xx)           is
Registered;

 

(xxi)          does
not pay interest less frequently than annually;

 

(xxii)         is
not an interest in a grantor trust;

 

(xxiii)        is
issued by a Non-Emerging Market Obligor;

 

(xxiv)        if
it is a Participation Interest, the Third Party Credit Exposure Limits are satisfied with respect to the acquisition thereof;

 

(xxv)         is
not an obligation of a Portfolio Company;

 

(xxvi)        is
not a commodity forward contract; and

 

(xxvii)       does
not include or support a letter of credit;

 

provided that, notwithstanding anything
contained herein to the contrary, any Permitted Collateral Obligation received in exchange for a Collateral Obligation pursuant
to the terms of this Indenture shall be deemed a “Collateral Obligation”; provided further that, if any such
obligation is a security, the Issuer may acquire such obligation only if it would be considered “received in lieu of debts
previously contracted with respect to the Collateral Obligation” under the Volcker Rule.

 

“Collateral
Principal Amount”: As of any date of determination, the sum of (a) the aggregate outstanding principal balance of
the Collateral Obligations (other than Defaulted Obligations, except as otherwise expressly set forth herein) and (b) without
duplication, the amounts on deposit in any Account (including Eligible Investments therein but excluding the Revolver Funding Account)
representing Principal Proceeds.

 

“Collateral
Quality Tests”: A test satisfied on any date of determination on or after the Effective Date if, in the aggregate, the
Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation on or after the Effective Date,
proposed to be owned) by the Issuer satisfy each of the tests set forth below (or, if a test is not satisfied as of such date,
the degree of compliance with such test is maintained or improved after giving effect to the investment), calculated in each case
as required by Section 1.3 herein:

 

(i)            the
Minimum Floating Spread Test;

 

(ii)           the
Minimum Weighted Average Coupon Test;

 

(iii)          the
S&P CDO Monitor Test;

 

(iv)          at
any time during the S&P CDO Monitor Election Period, the Minimum Weighted Average S&P Recovery Rate Test; and

 

(v)           the
Weighted Average Life Test.

 

“Collection
Account”: The trust account established pursuant to Section 10.2 which consists of the Principal Collection
Subaccount and the Interest Collection Subaccount.

 

    -17-

     

    

 

“Collection
Period”: (i) With respect to the first Payment Date, the period commencing on the Closing Date and ending at the
close of business on the tenth Business Day prior to the first Payment Date; and (ii) with respect to any other Payment Date,
the period commencing on the day immediately following the prior Collection Period and ending (a) in the case of the final
Collection Period preceding the latest Stated Maturity of any Class of Debt, on the day of such Stated Maturity, (b) in
the case of the final Collection Period preceding an Optional Redemption, Tax Redemption or Clean-Up Call Redemption in whole of
the Debt, on the Redemption Date and (c) in any other case, at the close of business on the tenth Business Day prior to the
Payment Date; provided that, with respect to any Payment Date after the date on which no Secured Debt is deemed or considered
Outstanding, “Collection Period” shall mean the period commencing on the third Business Day prior to the preceding
Payment Date (or in the case of the first Payment Date following the date in which the Secured Debt is no longer Outstanding, commencing
on the day immediately following the prior Collection Period) and ending on (but excluding) the third Business Day prior to such
Payment Date.

 

“Commercial
Real Estate Loan”: Any Loan for which the underlying collateral consists primarily of real property owned by the obligor
and is evidenced by a note or other evidence of indebtedness.

 

“Commodity
Exchange Act”: The United States Commodity Exchange Act of 1936, as amended.

 

“common equity”:
Any security that by its terms does not provide for periodic payments of interest at a stated coupon rate and repayment of principal
at a stated maturity.

 

“Concentration
Limitations”: Limitations satisfied on any date of determination on or after the Effective Date and during the Reinvestment
Period if, in the aggregate, the Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation,
proposed to be owned) by the Issuer comply with all of the requirements set forth below (or in relation to a proposed purchase
on or after the Effective Date, if not in compliance, the relevant requirements must be maintained or improved after giving effect
to such purchase), calculated in each case as required by Section 1.3 herein:

 

(i)            not
less than 92.5% of the Collateral Principal Amount may consist of Senior Secured Loans, Cash and Eligible Investments;

 

(ii)           not
more than 5.0% of the Collateral Principal Amount may consist of Second Lien Loans;

 

(iii)          not
more than 2.5% of the Collateral Principal Amount may consist of obligations issued by a single Obligor and its Affiliates, except
that, Collateral Obligations issued by up to eight Obligors and their respective Affiliates may each constitute up to 3.0% of the
Collateral Principal Amount;

 

(iv)          not
more than 1.5% of the Collateral Principal Amount may consist of Second Lien Loans issued by a single Obligor and its Affiliates;

 

    -18-

     

    

 

(v)           not
more than 25.0% of the Collateral Principal Amount may consist of CCC Collateral Obligations;

 

(vi)          not
more than 7.5% of the Collateral Principal Amount may consist of Fixed Rate Obligations;

 

(vii)         not
more than 5.0% of the Collateral Principal Amount may consist of Current Pay Obligations;

 

(viii)        not
more than 5.0% of the Collateral Principal Amount may consist of DIP Collateral Obligations;

 

(ix)           not
more than 15.0% of the Collateral Principal Amount may consist, in the aggregate, of unfunded commitments under Delayed Drawdown
Collateral Obligations and unfunded and funded commitments under Revolving Collateral Obligations;

 

(x)            (a) not
more than 5.0% of the Collateral Principal Amount may consist of Participation Interests and (b) the Third Party Credit Exposure
Limits may not be exceeded with respect to any such Participation Interest;

 

(xi)           not
more than 10.0% of the Collateral Principal Amount may have an S&P Rating derived from a Moody’s Rating as set forth
in clause (iii)(a) of the definition of the term “S&P Rating”;

 

(xii)          (a) all
of the Collateral Obligations must be issued by Non-Emerging Market Obligors; and (b) no more than the percentage listed below
of the Collateral Principal Amount may be issued by Obligors Domiciled in the country or countries set forth opposite such percentage:

 

	% Limit	 	Country or Countries
	20.0%	 	All countries (in the aggregate) other than the United States;
	 	 	 
	15.0%	 	Canada;
	 	 	 
	5.0%	 	all countries (in the aggregate) other than the United States, Canada and the United Kingdom;
	 	 	 
	2.5%	 	any individual Group I Country;
	 	 	 
	2.0%	 	all Group II Countries in the aggregate;
	 	 	 
	2.0%	 	any individual Group II Country;
	 	 	 
	1.5%	 	all Group III Countries in the aggregate, except that up to 5.0% of the Collateral Principal Amount, collectively with all Collateral Obligations issued by Obligors Domiciled in Group III Countries, may be issued by Obligors Domiciled in Luxembourg;
	 	 	 
	0.0%	 	Greece, Italy, Portugal and Spain in the aggregate; and 
	 	 	 
	1.0%	 	any individual country other than the United States, the United Kingdom, Canada, the Netherlands, any Group I Country, any Group II Country or any Group III Country;

 

    -19-

     

    

 

(xiii)        not
more than 12.0% of the Collateral Principal Amount may consist of Collateral Obligations that are issued by Obligors that belong
to any single S&P Industry Classification, except that (x) the largest S&P Industry Classification may represent up
to 20.0% of the Collateral Principal Amount; (y) the second-largest S&P Industry Classification may represent up to 17.0%
of the Collateral Principal Amount and (z) the third-largest S&P Industry Classification may represent up to 15.0% of
the Collateral Principal Amount;

 

(xiv)        not
more than 5.0% of the Collateral Principal Amount may consist of Collateral Obligations that pay interest less frequently than
quarterly;

 

(xv)         not
more than 10.0% of the Collateral Principal Amount may consist of Collateral Obligations that are Discount Obligations;

 

(xvi)        not
more than 5.0% of the Collateral Principal Amount may consist of Collateral Obligations that are Deferrable Obligations;

 

(xvii)       not
more than 5.0% of the Collateral Principal Amount may consist of Collateral Obligations that are Permitted Maturity Obligations;

 

(xviii)      not
more than (x) 25.0% of the Collateral Principal Amount may consist of Cov-Lite Loans and (y) 12.5% of the Collateral
Principal Amount may consist of Cov-Lite Loans with respect to which the related Obligor had an EBITDA (calculated in accordance
with the related Underlying Instruments) of less than $50,000,000 at the time of acquisition;

 

(xix)         not
more than 10.0% of the Collateral Principal Amount may consist of Collateral Obligations issued by Obligors with a most recently
calculated EBITDA (calculated in accordance with the related Underlying Instruments) of less than $10,000,000; and

 

(xx)          not
more than 7.5% of the Collateral Principal Amount may consist of Collateral Obligations that are Permitted Non-Loan Assets.

 

    -20-

     

    

 

Notwithstanding
the foregoing, the Collateral Manager may on behalf of the Issuer request an exception (an “Exception”) to the
limitations set forth in the Concentration Limitations (which Exception may be an increase in the percentage of the Collateral
Principal Amount permitted in any of clauses (i) through (xx) above or the elimination of any of the restrictions set
forth in clauses (i) through (xx) in its entirety) by submitting a written
request therefor to the Controlling Class and the Subordinated Notes. If the Collateral Manager, the Trustee and the Issuer
have received the written consent of a Majority of the Subordinated Notes and a Majority of the Controlling Class to an Exception,
the Collateral Manager and the Issuer will be permitted to utilize the limitations contained in such Exception when measuring satisfaction,
maintenance or improvement of the Concentration Limitations with the terms of such Exception and notice of such Exception will
be provided by the Issuer, or the Collateral Manager on its behalf, to the Rating Agency; provided that prior to the utilization
of the limitations contained in any Exception to clause (vi), (vii), (xiv) or (xvi) above, the S&P Rating Condition
must be satisfied. Notice of such Exception will be included in the Monthly Report next succeeding the date on which such Exception
becomes effective.

 

“Confidential
Information”: The meaning specified in Section 14.15(b).

 

“Confirmation
of Registration”: The meaning specified in Section 2.2(b)(vi).

 

“Contribution”:
The meaning specified in Section 11.1(e).

 

“Contributor”:
The meaning specified in Section 11.1(e).

 

“Controlling
Class”: The Class A-1 Debt so long as any Class A-1 Debt is Outstanding; then the Class A-2 Notes so long
as any Class A-2 Notes are Outstanding; then the Class B Notes so long as any Class B Notes are Outstanding; then
the Class C Notes so long as any Class C Notes are Outstanding; and then the Subordinated Notes.

 

“Controlling
Person”: A Person (other than a Benefit Plan Investor) who has discretionary authority or control with respect to
the assets of an entity or any Person who provides investment advice for a fee (direct or indirect) with respect to such assets
or an affiliate of any such Person. For this purpose, an “affiliate” of a Person includes any Person, directly or indirectly,
through one or more intermediaries, controlling, controlled by, or under common control with the Person. “Control,”
with respect to a Person other than an individual, means the power to exercise a controlling influence over the management or policies
of such Person, and “Controlling” shall have the meaning correlative to the foregoing.

 

“Conversion
Date”: The meaning specified in Section 2.5(r)(i).

 

“Conversion
Option”: The option of a Converting Lender to convert all or a portion of its Class A-1-L Loans into an equivalent
principal amount of Class A-1 Notes pursuant to the Credit Agreement and this Indenture.

 

“Converting
Lender”: A Class A-1-L Lender that exercises a Conversion Option.

 

    -21-

     

    

 

“Corporate
Trust Office”: The designated corporate trust office of the Trustee, currently located at (i) for purposes of surrender,
transfer or exchange of any Note, Deutsche Bank Trust Company Americas, c/o DB Services Americas, Inc., 5022 Gate Parkway,
Suite 200, Jacksonville, Florida 32256, Attn: Transfer Unit, and (ii) for all other purposes, Deutsche Bank Trust Company
Americas, c/o Deutsch Bank National Trust Company, 1761 East St. Andrew Place, Santa Ana, California 92705-4934, Attention: Structured
Credit Services – GOLUB CAPITAL BDC CLO 4, telephone number (714) 247-6000, facsimile number (714) 656-2568, or such other
address as the Trustee may designate from time to time by notice to the Holders, the Collateral Manager and the Issuer, or the
principal corporate trust office of any successor Trustee.

 

“Coverage
Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied to each specified Class or
Classes of Secured Debt.

 

“Covered Audit
Adjustment”: The meaning specified in Section 7.17(l).

 

“Cov-Lite
Loan”: A Collateral Obligation, the Underlying Instruments for which do not (i) contain any financial covenants
or (ii) require the borrower thereunder to comply with any Maintenance Covenant (regardless of whether compliance with one
or more Incurrence Covenants is otherwise required by such Underlying Instruments); provided that for all purposes other
than the determination of the S&P Recovery Rate for such Collateral Obligation, a Collateral Obligation described in clause
(i) or (ii) above which either contains a cross-default or cross-acceleration provision to, or is pari passu with,
another loan of the underlying obligor which contains both an Incurrence Covenant and a Maintenance Covenant will be deemed not
to be a Cov-Lite Loan.

 

“Credit Agreement”:
The meaning set forth in the Preliminary Statement.

 

“Credit Improved
Obligation”: Any Collateral Obligation that in the Collateral Manager’s commercially reasonable business judgment
has significantly improved in credit quality from the condition of its credit at the time of purchase which judgment may (but need
not) be based on one or more of the following facts:

 

(i)            it
has a market price that is greater than the price that is warranted by its terms and credit characteristics, or improved in credit
quality since its acquisition by the Issuer;

 

(ii)           the
issuer of such Collateral Obligation has shown improved financial results since the published financial reports first produced
after it was purchased by the Issuer;

 

(iii)          the
obligor of such Collateral Obligation since the date on which such Collateral Obligation was purchased by the Issuer has raised
significant equity capital or has raised other capital that has improved the liquidity or credit standing of such obligor; or

 

(iv)          with
respect to which one or more of the following criteria applies:

 

(A)           such
Collateral Obligation has been upgraded or put on a watch list for possible upgrade by the Rating Agency since the date on which
such Collateral Obligation was acquired by the Issuer;

 

    -22-

     

    

 

(B)            if
such Collateral Obligation is a loan, the Sale Proceeds (excluding Sale Proceeds that constitute Interest Proceeds) of such loan
would be at least 101% of its purchase price;

 

(C)            if
such Collateral Obligation is a loan, the price of such loan has changed during the period from the date on which it was acquired
by the Issuer to the proposed sale date by a percentage either at least 0.25% more positive, or 0.25% less negative, as the case
may be, than the percentage change in the average price of the applicable Eligible Loan Index over the same period;

 

(D)           if
such Collateral Obligation is a loan, the spread over the applicable reference rate for such Collateral Obligation has been decreased
in accordance with the underlying Collateral Obligation since the date of acquisition by (1) 0.25% or more (in the case of
a loan with a spread (prior to such decrease) less than or equal to 2.00%), (2) 0.375% or more (in the case of a loan with
a spread (prior to such decrease) greater than 2.00% but less than or equal to 4.00%) or (3) 0.50% or more (in the case of
a loan with a spread (prior to such decrease) greater than 4.00%) due, in each case, to an improvement in the related borrower’s
financial ratios or financial results;

 

(E)            with
respect to fixed rate Collateral Obligations, there has been a decrease in the difference between its yield compared to the yield
on the relevant United States Treasury security of more than 7.5% since the date of purchase; or

 

(F)            it
has a projected cash flow interest coverage ratio (earnings before interest and taxes divided by cash interest expense as
estimated by the Collateral Manager) of the underlying borrower or other obligor of such Collateral Obligation that is expected
to be more than 1.15 times the current year’s projected cash flow interest coverage ratio.

 

“Credit Risk
Obligation”: Any Collateral Obligation:

 

(a)           that
in the Collateral Manager’s commercially reasonable business judgment has a significant risk of declining in credit quality
or market value which judgment may (but need not) be based on one or more of the following facts:

 

(i)           such
Collateral Obligation has been downgraded or put on a watch list for possible downgrade by the Rating Agency since the date on
which such Collateral Obligation was acquired by the Issuer;

 

(ii)          if
such Collateral Obligation is a loan, the price of such loan has changed during the period from the date on which it was acquired
by the Issuer to the proposed sale date by a percentage either at least 0.25% more negative, or at least 0.25% less positive, as
the case may be, than the percentage change in the average price of an Eligible Loan Index;

 

    -23-

     

    

 

(iii)         if
such Collateral Obligation is a loan, the Market Value of such Collateral Obligation has decreased by at least 1.00% of the price
paid by the Issuer for such Collateral Obligation;

 

(iv)         if
such Collateral Obligation is a loan, the spread over the applicable reference rate for such Collateral Obligation has been increased
in accordance with the underlying Collateral Obligation since the date of acquisition by (1) 0.25% or more (in the case of
a loan with a spread (prior to such increase) less than or equal to 2.00%), (2) 0.375% or more (in the case of a loan with
a spread (prior to such increase) greater than 2.00% but less than or equal to 4.00%) or (3) 0.50% or more (in the case of
a loan with a spread (prior to such increase) greater than 4.00%) due, in each case, to a deterioration in the related borrower’s
financial ratios or financial results;

 

(v)          such
Collateral Obligation has a projected cash flow interest coverage ratio (earnings before interest and taxes divided by cash
interest expense as estimated by the Collateral Manager) of the underlying borrower or other obligor of such Collateral Obligation
of less than 1.00 or that is expected to be less than 0.85 times the current year’s projected cash flow interest coverage
ratio;

 

(vi)         with
respect to a fixed rate Collateral Obligation, there has been an increase since the date of purchase of more than 7.5% in the difference
between the yield on such Collateral Obligation and the yield on the relevant United States Treasury security;

 

(vii)        the
expected recovery rate of such Collateral Obligation has decreased since the date on which such Collateral Obligation was acquired
by the Issuer; or

 

(b)           with
respect to which a Majority of the Controlling Class consents to treat such Collateral Obligation as a Credit Risk Obligation.

 

“Cumulative
Deferred Management Fee”: All or a portion of the previously deferred Collateral Management Fees or Collateral Management
Fee Shortfall Amounts (including accrued interest prior to the Payment Date on which the payment of such Collateral Management
Fee Shortfall Amount was deferred by the Collateral Manager), which may be declared due and payable by the Collateral Manager on
any Payment Date (with written notice to the Collateral Agent and the Collateral Administrator).

 

“Current Deferred
Management Fee”: With respect to a Payment Date, all or a portion of the Collateral Management Fees or Collateral Management
Fee Shortfall Amounts (including accrued interest), due and owing to the Collateral Manager the payment of which is voluntarily
deferred (for payment on a subsequent Payment Date), without interest, by the Collateral Manager (with written notice to the Collateral
Agent and the Collateral Administrator).

 

    -24-

     

    

 

“Current Pay
Obligation”: Any Collateral Obligation (other than a DIP Collateral Obligation) that would otherwise be treated as a
Defaulted Obligation but as to which no payments are due and payable that are unpaid and with respect to which the Collateral Manager
has certified to the Trustee (with a copy to the Collateral Administrator) in writing that it believes, in its reasonable business
judgment, that (a) the Obligor or issuer of such Collateral Obligation is current on all interest payments, principal payments
and other amounts due and payable thereunder and will continue to make scheduled payments of interest thereon and will pay the
principal thereof and all other amounts due and payable thereunder by maturity or as otherwise contractually due, (b) if the
Obligor or issuer is subject to a bankruptcy proceeding, it has been the subject of an order of a bankruptcy court that permits
it to make the scheduled payments on such Collateral Obligation and all interest payments, principal payments and other amounts
due and payable thereunder have been paid in Cash when due and (c) either (i) the Collateral Obligation has a Market
Value of at least 80% of its par value (Market Value being determined, solely for the purposes of this clause (c)(i), without taking
into consideration clause (iii) of the definition of the term “Market Value”) or (ii) the Obligor of such
Collateral Obligation has made an S&P Distressed Exchange Offer and the Collateral Obligation is already held by the Issuer
and is subject to the S&P Distressed Exchange Offer or ranks equal to or higher in priority than the obligation subject to
the S&P Distressed Exchange Offer.

 

“Current Portfolio”:
At any time, the portfolio of Collateral Obligations, Cash and Eligible Investments representing Principal Proceeds (determined
in accordance with Section 1.3 to the extent applicable), then held by the Issuer.

 

“Custodial
Account”: The custodial account established pursuant to Section 10.3(b).

 

“Custodian”:
The meaning specified in the first sentence of Section 3.3(a) with respect to items of collateral referred to
therein, and each entity with which an Account is maintained, as the context may require, each of which shall be a Securities Intermediary.

 

“Cut-Off Date”:
Each date on or after the Closing Date on which a Collateral Obligation is transferred to the Issuer.

 

“Debt”:
Collectively, the Secured Debt and the Subordinated Notes.

 

“Debt Interest
Amount”: With respect to any Class of Secured Debt and any Payment Date, the amount of interest for the related
Interest Accrual Period payable in respect of each U.S.$100,000 of outstanding principal amount of such Class of Secured Debt.

 

“Debt Payment
Sequence”: The application, in accordance with the Priority of Payments, of Interest Proceeds or Principal Proceeds,
as applicable, in the following order:

 

(i)            to
the payment of principal of the Class A-1-L Loans and the Class A-1 Notes, allocated pro rata in proportion to
their respective Aggregate Outstanding Amounts, until the Class A-1 Debt has been paid in full;

 

(ii)           to
the payment of principal of the Class A-2 Notes, until the Class A-2 Notes have been paid in full;

 

(iii)          to
the payment of principal of the Class B Notes, until the Class B Notes have been paid in full;

 

    -25-

     

    

 

(iv)          to
the payment of (1) first, any accrued and unpaid interest (excluding Deferred Interest but including interest on Deferred
Interest) on the Class C Notes and (2) second, to the payment of any Deferred Interest on the Class C Notes,
in each case, until such amounts have been paid in full; and

 

(v)           to
the payment of principal on the Class C Notes, until the Class C Notes have been paid in full.

 

“Default”:
Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

 

“Default Rate
Dispersion”: As of any date of determination, the number obtained by (a) summing the products for each Collateral
Obligation (other than Defaulted Obligations) of (i) the absolute value of (x) the S&P Rating Factor of such Collateral
Obligation minus (y) the S&P Weighted Average Rating Factor multiplied by (ii) the outstanding principal balance
at such time of such Collateral Obligation and (b) dividing such sum by the aggregate outstanding principal balance on such
date of all Collateral Obligations (other than Defaulted Obligations).

 

“Defaulted
Obligation”: Any Collateral Obligation included in the Assets as to which:

 

(a)           a
default as to the payment of principal and/or interest has occurred and is continuing with respect to such Collateral Obligation
(without regard to any grace period applicable thereto, or waiver thereof, after the passage of five Business Days or seven calendar
days, whichever is greater, but in no case beyond the passage of any grace period applicable thereto);

 

(b)           a
default known to the Collateral Manager as to the payment of principal and/or interest has occurred and is continuing on another
debt obligation of the same Obligor or issuer which is senior or pari passu in right of payment to such Collateral Obligation
(in the case of a default that in the Collateral Manager’s judgment, as certified to the Collateral Agent and the Collateral
Administrator in writing, is not due to credit-related causes) after the passage of five Business Days or seven calendar days,
whichever is greater, but in no case beyond the passage of any grace period applicable thereto; provided that both the Collateral
Obligation and such other debt obligation are full recourse obligations of the applicable Obligor or issuer or secured by the same
collateral;

 

(c)           the
Obligor, issuer or others have instituted proceedings to have the Obligor or issuer adjudicated as bankrupt or insolvent or placed
into receivership and such proceedings have not been stayed or dismissed or such Obligor or issuer has filed for protection under
Chapter 11 of the Bankruptcy Code;

 

(d)           such
Collateral Obligation has an S&P Rating of “SD” or “CC” or lower or had such rating before such rating
was withdrawn;

 

(e)           such
Collateral Obligation is junior or pari passu in right of payment as to the payment of principal and/or interest to another
debt obligation of the same Obligor that has an S&P Rating of “SD” or “CC” or lower or had such rating
before such rating was withdrawn; provided that both the Collateral Obligation and such other debt obligation are full recourse
obligations of the applicable Obligor or secured by the same collateral;

 

    -26-

     

    

 

(f)            the
Collateral Manager has received notice or a Responsible Officer thereof has actual knowledge that a default has occurred under
the Underlying Instruments and any applicable grace period has expired and the holders of such Collateral Obligation have accelerated
the repayment of the Collateral Obligation (but only until such acceleration has been rescinded) in the manner provided in
the Underlying Instruments;

 

(g)           the
Collateral Manager has in its reasonable commercial judgment otherwise declared such debt obligation to be a “Defaulted Obligation”
and such declaration remains in effect;

 

(h)           such
Collateral Obligation is a Participation Interest with respect to which the Selling Institution has defaulted in any respect in
the performance of any of its payment obligations under the Participation Interest; or

 

(i)            such
Collateral Obligation is a Participation Interest in a Loan that would, if such Loan were a Collateral Obligation, constitute a
“Defaulted Obligation” or with respect to which the Selling Institution has an S&P Rating of “SD” or
“CC” or lower or had such rating before such rating was withdrawn;

 

provided that (x) a Collateral
Obligation shall not constitute a Defaulted Obligation pursuant to clauses (b) through (e) above if such Collateral Obligation
(or, in the case of a Participation Interest, the underlying Loan) is a Current Pay Obligation (provided that the Aggregate
Principal Balance of Current Pay Obligations exceeding 5% of the Collateral Principal Amount will be treated as Defaulted Obligations)
and (y) a Collateral Obligation shall not constitute a Defaulted Obligation pursuant to any of clauses (b), (c), (d), (e) and
(i) above if such Collateral Obligation (or, in the case of a Participation Interest, the underlying Loan) is a DIP Collateral
Obligation (other than a DIP Collateral Obligation that has an S&P Rating of “SD” or “CC” or lower).

 

Notwithstanding anything
in this Indenture to the contrary, the Collateral Manager shall give the Collateral Agent and the Collateral Administrator prompt
written notice should any Collateral Obligation become a Defaulted Obligation.

 

“Defaulted
Obligation Balance”: For any Defaulted Obligation or Deferring Obligation, the S&P Collateral Value of such Defaulted
Obligation or Deferring Obligation.

 

“Deferrable
Obligation”: A Collateral Obligation that by its terms permits the deferral or capitalization of payment of accrued,
unpaid interest; provided that, for all purposes other than clause (xvi) of the Concentration Limitations, the foregoing
shall include any Permitted Deferrable Obligation.

 

“Deferred
Interest”: With respect to the Class C Notes, the meaning specified in Section 2.7(a).

 

    -27-

     

    

 

“Deferring
Obligation”: A Deferrable Obligation that is paying an amount of cash interest that is less than LIBOR as of such date
of determination and that is currently deferring the payment of the cash interest due thereon and (i) with respect to Collateral
Obligations that have an S&P Rating of at least “BBB-,” has been so deferring the payment of cash interest due
thereon for twelve consecutive months or has deferred payments of interest in an amount equal to two periodic payments, and (ii) with
respect to Collateral Obligations that have an S&P Rating of “BB+” or below, has been so deferring the payment
of interest for six consecutive months or deferred payments of interest in an amount equal to one periodic interest payment, which
deferred capitalized interest has not, as of the date of determination, been paid in Cash.

 

“Delayed Drawdown
Collateral Obligation”: A Collateral Obligation that (a) requires the Issuer to make one or more future advances
to the borrower under the Underlying Instruments relating thereto, (b) specifies a maximum amount that can be borrowed on
one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the borrower
thereunder; but any such Collateral Obligation will be a Delayed Drawdown Collateral Obligation only until all commitments by the
Issuer to make advances to the borrower expire or are terminated or are reduced to zero.

 

“Deliver”
or “Delivered” or “Delivery”: The taking of the following steps:

 

(i)            in
the case of each Certificated Security (other than a Clearing Corporation Security), Instrument and Participation Interest
in which the underlying loan is represented by an Instrument,

 

		(a)	causing the delivery of such Certificated Security or Instrument to the Custodian by registering
the same in the name of the Custodian or its affiliated nominee or by endorsing the same to the Custodian or in blank;

 

		(b)	causing the Custodian to indicate continuously on its books and records that such Certificated
Security or Instrument is credited to the applicable Account; and

 

		(c)	causing the Custodian to maintain continuous possession of such Certificated Security or Instrument;

 

(ii)           in
the case of each Uncertificated Security (other than a Clearing Corporation Security),

 

		(a)	causing such Uncertificated Security to be continuously registered on the books of the issuer thereof
to the Custodian; and

 

		(b)	causing the Custodian to indicate continuously on its books and records that such Uncertificated
Security is credited to the applicable Account;

 

(iii)          in
the case of each Clearing Corporation Security,

 

		(a)	causing the relevant Clearing Corporation to credit such Clearing Corporation Security to the securities
account of the Custodian, and

 

    -28-

     

    

 

		(b)	causing the Custodian to indicate continuously on its books and records that such Clearing Corporation
Security is credited to the applicable Account;

 

(iv)          in
the case of each security issued or guaranteed by the United States of America or agency or instrumentality thereof and that is
maintained in book-entry records of a Federal Reserve Bank (“FRB”) (each such security, a “Government
Security”),

 

		(a)	causing the creation of a Security Entitlement to such Government Security by the credit of such
Government Security to the securities account of the Custodian at such FRB, and

 

		(b)	causing the Custodian to indicate continuously on its books and records that such Government Security
is credited to the applicable Account;

 

(v)          in
the case of each Security Entitlement not governed by clauses (i) through (iv) above,

 

		(a)	causing a Securities Intermediary (x) to indicate on its books and records that the underlying
Financial Asset has been credited to the Custodian’s securities account, (y) to receive a Financial Asset from a Securities
Intermediary or acquire the underlying Financial Asset for a Securities Intermediary, and in either case, accepting it for credit
to the Custodian’s securities account or (z) to become obligated under other law, regulation or rule to credit
the underlying Financial Asset to a Securities Intermediary’s securities account,

 

		(b)	causing such Securities Intermediary to make entries on its books and records continuously identifying
such Security Entitlement as belonging to the Custodian and continuously indicating on its books and records that such Security
Entitlement is credited to the Custodian’s securities account, and

 

		(c)	causing the Custodian to indicate continuously on its books and records that such Security Entitlement
(or all rights and property of the Custodian representing such Security Entitlement) is credited to the applicable Account;

 

(vi)          in
the case of Cash or Money,

 

		(a)	causing the delivery of such Cash or Money to the Collateral Agent for credit to the applicable
Account or to the Custodian,

 

		(b)	if delivered to the Custodian, causing the Custodian to treat such Cash or Money as a Financial
Asset maintained by such Custodian for credit to the applicable Account in accordance with the provisions of Article 8 of
the UCC or causing the Custodian to deposit such Cash or Money to a deposit account over which the Custodian has control (within
the meaning of Section 9-104 of the UCC), and

 

    -29-

     

    

 

		(c)	causing the Custodian to indicate continuously on its books and records that such Cash or Money
is credited to the applicable Account; and

 

(vii)         in
the case of each general intangible (including any Participation Interest in which neither the Participation Interest nor the underlying
loan is represented by an Instrument),

 

		(a)	causing the filing of a Financing Statement in the office of the Secretary of State of the State
of Delaware.

 

In addition, the Collateral
Manager on behalf of the Issuer will obtain any and all consents required by the Underlying Instruments relating to any general
intangibles for the transfer of ownership and/or pledge hereunder (except to the extent that the requirement for such consent is
rendered ineffective under Section 9-406 of the UCC).

 

“Delivery
Certificate”: An Officer’s certificate of the Collateral Manager to the effect that immediately before the Delivery
of the Collateral Obligations:

 

(A)         the
information with respect to each Collateral Obligation in the Schedule of Collateral Obligations is true and correct and such schedule
is complete with respect to each such Collateral Obligation;

 

(B)          each
Collateral Obligation in the Schedule of Collateral Obligations satisfies the requirements of the definition of “Collateral
Obligation”; and

 

(C)          the
Issuer purchased or entered into each Collateral Obligation in the Schedule of Collateral Obligations in compliance with Section 12.2.

 

“Designated
Maturity”: With respect to the Secured Debt and each Interest Determination Date, three months; provided that,
(i) with respect to the period (x) from and including the Closing Date to but excluding the First Interest Determination
End Date, the Designated Maturity shall be 2.4 months and (y) from and including the First Interest Determination End Date
to but excluding the first Payment Date, the Designated Maturity shall be three months and (ii) in connection with any Refinancing
upon a redemption of the Secured Debt in whole, but not in part, solely with respect to the first Interest Accrual Period following
the related Redemption Date, the Designated Maturity of the replacement securities issued in connection with such Refinancing will
be determined by the Collateral Manager in connection with such Refinancing; provided that in connection with the adoption
of an Alternative Rate the Collateral Manager shall specify in writing to the Calculation Agent the timing and frequency of determining
such Alternative Rate, including, without limitation, determination dates and any lookback and/or suspension period (as applicable),
that the Collateral Manager determines may be appropriate to reflect the adoption of such Alternative Rate in a manner substantially
consistent with market practice.

 

    -30-

     

    

 

“Designated
Principal Proceeds”: The meaning set forth in Section 10.2(h).

 

“Designated
Unused Proceeds”: The meaning set forth in Section 10.3(c).

 

“Determination
Date”: The last day of each Collection Period and, for the purposes of determining whether Interest Proceeds and Principal
Proceeds can be transferred to the Payment Account and applied pursuant to the Priority of Payments in connection with a Redemption
Distribution Date, the Business Day preceding such Redemption Distribution Date.

 

“DIP Collateral
Obligation”: A loan made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having the priority
allowed by either Section 364(c) or 364(d) of the Bankruptcy Code and fully secured by senior liens.

 

“Discount
Obligation”: In the case of any Collateral Obligation forming part of the Assets that was purchased (as determined without
averaging prices of purchases on different dates) for less than (a) 85% of its outstanding principal balance, if such Collateral
Obligation has an S&P Rating lower than “B-”, or (b) 80% of its outstanding principal balance, if such Collateral
Obligation has an S&P Rating of “B-” or higher; provided that (x) such Collateral Obligation shall
cease to be a Discount Obligation at such time as the Market Value (expressed as a percentage of the par amount of such Collateral
Obligation) determined for such Collateral Obligation on each day during any period of 30 consecutive days since the acquisition
by the Issuer of such Collateral Obligation equals or exceeds 90% on each such day; (y) any Collateral Obligation that would
otherwise be considered a Discount Obligation, but that is purchased in accordance with the Investment Criteria with the proceeds
of a sale of a Collateral Obligation that was not a Discount Obligation at the time of its purchase will not be considered to be
a Discount Obligation, so long as such purchased Collateral Obligation (A) is purchased or committed to be purchased within
ten Business Days of such sale and (B) is purchased at a purchase price (expressed as a percentage of the par amount of such
Collateral Obligation) not less than 65% of its outstanding principal balance; and (z) clause (y) above in this proviso
shall not apply to any such Collateral Obligation at any time on or after the acquisition by the Issuer of such Collateral Obligation
if, as determined at the time of such acquisition, such application would result in (A) more than 5% of the Collateral Principal
Amount consisting of Collateral Obligations to which such clause (y) has been applied (or more than 2.5% of the Collateral
Principal Amount consisting of Collateral Obligations to which such clause (y) has been applied if the purchase price of the
Collateral Obligation is less than 75% of the outstanding principal balance thereof) or (B) the Aggregate Principal Balance
of all Collateral Obligations to which such clause (y) has been applied since the Closing Date being more than 10% of the
Reinvestment Target Par Balance.

 

“Distribution
Compliance Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which
Notes are first offered to Persons other than the initial Holders and any other distributor (as such term is defined in Regulation
S) of the Notes and (b) the Closing Date.

 

“Distribution
Report”: The meaning specified in Section 10.7(b).

 

“Dollar”
or “U.S.$”: A dollar or other equivalent unit in such coin or currency of the United States of America as at
the time shall be legal tender for all debts, public and private.

 

    -31-

     

    

 

“Domicile”
or “Domiciled”: With respect to any Obligor with respect to, or issuer of, a Collateral Obligation:

 

(a)            its
country of organization;

 

(b)            if
it is organized in a Tax Jurisdiction, each of such jurisdiction and the country in which, in the Collateral Manager’s good
faith estimate, a substantial portion of its operations are located or from which a substantial portion of its revenue is derived,
in each case directly or through subsidiaries (which shall be any jurisdiction and country known at the time of designation by
the Collateral Manager to be the source of the majority of revenues, if any, of such Obligor or issuer); or

 

(c)            if
its payment obligations in respect of such Collateral Obligation are guaranteed by a person or entity that is organized in the
United States or Canada, then the United States or Canada.

 

“DTC”:
The Depository Trust Company, its nominees, and their respective successors.

 

“Due Date”:
Each date on which any payment is due on an Asset in accordance with its terms.

 

“E.U. Retained
Interest”: The net economic interest the E.U. Retention Provider will retain in the securitization pursuant to the terms
of the E.U. Risk Retention Letter, being in an amount of not less than 5% in the form specified in paragraph (d) of Article 6(3) of
the Securitization Regulation, as such regulation is in effect as of the Closing Date, by way of holding, subject to the provisions
of the E.U. Risk Retention Letter, a 100% ownership interest in the Retention Provider, and causing the Retention Provider to hold
the minimum principal amount of Subordinated Notes required by the E.U. Securitization Laws, as of the Closing Date, being an amount
equal to 5% of the nominal value of the Collateral Obligations (the “Retained Amount”).

 

“E.U. Retention
Deficiency”: The failure of the E.U. Retention Provider to hold the E.U. Retained Interest at the relevant measurement
time.

 

“E.U. Retention
Provider”: Golub Capital BDC, Inc., in its capacity as the E.U. Retention Provider indirectly through the Retention
Provider holding the E.U. Retained Interest.

 

“E.U. Risk
Retention Letter”: The letter relating to the retention of net economic interest by the E.U. Retention Provider, and
addressed to the Issuer and the Trustee.

 

“E.U. Securitization
Laws”: Regulation (EU) 2017/2402 of December 12, 2017 (the “Securitization Regulation”), together
with any final guidance and technical standards published in relation thereto and the guidelines published in relation to the preceding
risk retention legislation by the European Supervisory Authorities which continue to apply to the provisions of the Securitization
Regulation as of the Closing Date.

 

“Effective
Date”: The earlier to occur of (i) December 18, 2020 and (ii) the first date on which the Collateral Manager
certifies to the Trustee, the Collateral Agent and the Collateral Administrator that the Target Initial Par Condition has been
satisfied.

 

    -32-

     

    

 

“Effective
Date Certificate”: The meaning specified in Section 7.18(c)(iv).

 

“Effective
Date Condition”: The meaning specified in Section 7.18(c).

 

“Effective
Date Interest Deposit Restriction”: The meaning specified in Section 10.3(c).

 

“Effective
Date Report”: The meaning specified in Section 7.18(c)(ii).

 

“Eligible
Investment Required Ratings”: Such obligation or security has a short-term credit rating of at least “A-1”
from S&P and, in the case of any obligation or security with a maturity of greater than 60 days, a long-term credit rating
of at least “AA-” by S&P.

 

“Eligible
Investments”: Either (a) Cash or (b) any Dollar investment that is a “cash equivalent” for purposes
of the loan securitization exclusion under the Volcker Rule and at the time it is Delivered (directly or through an intermediary
or bailee), is one or more of the following obligations or securities:

 

(i)            direct
Registered obligations of, and Registered obligations the timely payment of principal and interest on which is fully and expressly
guaranteed by, the United States of America or any agency or instrumentality of the United States of America the obligations of
which are expressly backed by the full faith and credit of the United States of America and which obligations of such agency or
instrumentality satisfy the Eligible Investment Required Ratings;

 

(ii)            demand
and time deposits in, certificates of deposit of, bank deposit products of, trust accounts with, bankers’ acceptances issued
by, or federal funds sold by any depository institution or trust company incorporated under the laws of the United States of America
or any state thereof and subject to supervision and examination by federal and/or state banking authorities, in each case payable
within 183 days after issuance, so long as the commercial paper and/or the debt obligations of such depository institution or trust
company at the time of such investment or contractual commitment providing for such investment have the Eligible Investment
Required Ratings;

 

(iii)            commercial
paper or other short-term obligations (other than Asset-backed Commercial Paper and extendible commercial paper) with the Eligible
Investment Required Ratings and that either bear interest or are sold at a discount from the face amount thereof and have a maturity
of not more than 183 days from their date of issuance; and

 

(iv)            registered
money market funds that have, at all times, a credit rating of “AAAm” by S&P;

 

provided that (1) Eligible
Investments purchased with funds in the Collection Account shall be held until maturity except as otherwise specifically provided
herein and shall include only such obligations, other than those referred to in clause (iv) above, as mature (or are putable
at par to the issuer thereof) no later than the earlier of (a) 60 days from the date of purchase and (b) the Business
Day prior to the next Payment Date unless such Eligible Investments are issued by the Bank in its capacity as a banking institution,
in which event such Eligible Investments may mature on such Payment Date; and (2) none of the foregoing obligations shall
constitute Eligible Investments if (a) such obligation has an “f,” “p,” “pi,” “t”
or “sf” subscript assigned to the rating by S&P, (b) all, or substantially all, of the remaining amounts payable
thereunder consist of interest and not principal payments, (c) payments with respect to such obligations or proceeds of disposition
are subject to withholding taxes by any jurisdiction unless the payor is required to make “gross-up” payments that
cover the full amount of any such withholding tax on an after-tax basis, (d) such obligation is secured by real property,
(e) such obligation is purchased at a price greater than 100% of the principal or face amount thereof, (f) such obligation
is subject of a tender offer, voluntary redemption, exchange offer, conversion or other similar action, (g) in the Collateral
Manager’s judgment, such obligation is subject to material non-credit related risks, (h) such obligation is a Structured
Finance Obligation or (i) such obligation is represented by a certificate of interest in a grantor trust. Eligible Investments
may include, without limitation, those investments issued by or made with the Bank or for which the Bank or the Collateral Agent
or an Affiliate of the Bank or the Collateral Agent act as offeror, is the obligor or depository institution, or provides services
and receives compensation.

 

    -33-

     

    

 

“Eligible Loan Index”:
With respect to each Collateral Obligation that is a Senior Secured Loan or a Second Lien Loan, one of the following indices as
selected by the Collateral Manager in writing delivered to the Collateral Agent and to the Collateral Administrator upon acquisition
of such Collateral Obligation: CS Leveraged Loan Index (formerly CSFB Leveraged Loan Index), the Deutsche Bank Leveraged Loan
Index, the Goldman Sachs/Loan Pricing Corporation Liquid Leveraged Loan Index, the Banc of America Securities Leveraged Loan Index,
the S&P/LSTA Leveraged Loan Indices or any other loan index for which the S&P Rating Condition has been obtained.

 

“Enforcement
Event”: The meaning specified in Section 11.1(a)(iii).

 

“Equity Security”:
Any security (other than any security received in connection with a restructuring or insolvency (other than common equity and Specified
Equity Securities purchased by the Issuer)) that at the time of acquisition, conversion or exchange is not eligible for purchase
by the Issuer as a Collateral Obligation and is not an Eligible Investment. The Issuer may only acquire Equity Securities that
in the commercially reasonable judgment of the Collateral Manager (not to be called into question as a result of subsequent events),
would be considered “received in lieu of debts previously contracted” with respect to the Collateral Obligation under
the Volcker Rule.

 

“ERISA”:
The United States Employee Retirement Income Security Act of 1974, as amended.

 

“Euroclear”:
Euroclear Bank S.A./N.V.

 

“European
Supervisory Authorities”: Collectively, the European Banking Authority (including any successor or replacement organization
thereto), the European Securities and Markets Authority (including any successor or replacement organization thereto) and the European
Insurance and Occupational Pensions Authority (including any successor or replacement organization thereto).

 

    -34-

     

    

 

“Event of
Default”: The meaning specified in Section 5.1.

 

“Excel Default
Model Input File”: The meaning specified in Section 7.18(c)(i).

 

“Excess CCC
Adjustment Amount”: As of any date of determination, an amount equal to the excess, if any, of (a) the Aggregate
Principal Balance of all Collateral Obligations included in the CCC Excess, over (b) the sum of the Market Values of
all Collateral Obligations included in the CCC Excess; provided that (i) any Long-Dated Obligation shall be included
in clause (a) at its value in the Long-Dated Obligation Amount and (ii) for purposes of this definition, the Market Value
of each Long-Dated Obligation shall not exceed its value in the Long-Dated Obligation Amount.

 

“Excess Par
Amount”: An amount, as of any Determination Date, equal to the greater of (a) zero and (b) (i) the Collateral
Principal Amount less (ii) the Reinvestment Target Par Balance.

 

“Excess Weighted
Average Coupon”: A percentage equal as of any date of determination to a number obtained by multiplying (a) the
excess, if any, of the Weighted Average Coupon over the Minimum Weighted Average Coupon by (b) the number obtained
by dividing the aggregate outstanding principal balance of all Fixed Rate Obligations by the aggregate outstanding
principal balance of all Floating Rate Obligations.

 

“Excess Weighted
Average Floating Spread”: A percentage equal as of any date of determination to a number obtained by multiplying
(a) the excess, if any, of the Weighted Average Floating Spread over the Minimum Floating Spread by (b) the number
obtained by dividing the aggregate outstanding principal balance of all Floating Rate Obligations by the aggregate
outstanding principal balance of all Fixed Rate Obligations.

 

“Exchange
Act”: The United States Securities Exchange Act of 1934, as amended.

 

“Exercise
Notice”: The meaning specified in Section 9.8.

 

“Expense Reserve
Account”: The trust account established pursuant to Section 10.3(d).

 

“Facility
Size”: With respect to any credit facility on any date of determination, the maximum aggregate principal amount of indebtedness
for borrowed money that is or, in accordance with commitments to extend additional credit, may become outstanding under the term
loan agreement, revolving loan agreement or other similar credit agreement that governs such credit facility; provided that,
for this purpose, such aggregate principal amount shall include deposits and reimbursement obligations arising from drawings pursuant
to letters of credit and other similar instruments.

 

“Failed Optional
Redemption”: Any announced Optional Redemption (i) with respect to which notice of redemption has been given pursuant
to Section 9.4, (ii) such notice is no longer capable of being withdrawn pursuant to Section 9.4(c),
and (iii) the Issuer has insufficient funds to pay the Redemption Prices due and payable on the Secured Debt in respect of
such announced Optional Redemption on the related Redemption Date in accordance with the Priority of Payments.

 

    -35-

     

    

 

“Fallback
Rate”: The reference rate (which may include a Base Rate Modifier and, if applicable, the methodology for calculating
such reference rate) determined by the Collateral Manager based on (1) a quarterly rate acknowledged as a standard replacement
in the leveraged loan market for Libor by the Loan Syndications and Trading Association® or (2) if 50% or more of the
Assets are quarterly pay Floating Rate Obligations, the rate that is consistent with the reference rate most commonly being used
in (x) the quarterly pay Floating Rate Obligations included in the Assets or (y) the floating quarterly rate securities
issued in the new issue collateralized loan obligation market in the prior month that bear interest based on a reference rate other
than Libor; provided, that if at any time when the Fallback Rate is effective the Collateral Manager notifies the Issuer,
the Trustee (who shall forward such notice to the Holders) and the Calculation Agent that any Alternative Rate can be determined
by the Collateral Manager, then the Fallback Rate shall be replaced with such Alternative Rate commencing with the Interest Accrual
Period immediately succeeding the Interest Accrual Period during which the Collateral Manager provides such notification.

 

“Fee Basis
Amount”: As of any date of determination, the sum of (a) the Collateral Principal Amount, (b) the aggregate
outstanding principal balance of all Defaulted Obligations and (c) the aggregate amount of all Principal Financed Accrued
Interest.

 

“Financial
Asset”: The meaning specified in Section 8-102(a)(9) of the UCC.

 

“Financing
Statements”: The meaning specified in Section 9-102(a)(39) of the UCC.

 

“First Interest
Determination End Date”: November 5, 2020.

 

“First-Lien
Last-Out Loan”: A Collateral Obligation that is a Senior Secured Loan that, prior to an event of default under the applicable
Underlying Instruments, is entitled to receive payments pari passu with other senior secured loans of the same Obligor,
but following an event of default under the applicable Underlying Instruments, such Collateral Obligation becomes fully subordinated
to other senior secured loans of the same Obligor and is not entitled to any payments until such other senior secured loans are
paid in full.

 

“Fixed Rate
Debt”: Any Debt issued or incurred under this Indenture or the Credit Agreement, as applicable, that bears a fixed rate
of interest.

 

“Fixed Rate
Obligation”: Any Collateral Obligation that bears a fixed rate of interest.

 

“Floating
Rate Debt”: All of the Secured Debt other than any Fixed Rate Debt.

 

“Floating
Rate Obligation”: Any Collateral Obligation that bears a floating rate of interest.

 

“FRB”:
The meaning specified in the definition of the terms “Deliver”, “Delivered” or “Delivery”.

 

“Funded Amount”:
The aggregate principal amount of the Class C Notes funded in the Unfunded Class Funding (as distinct from the funding
price thereof expressed as a percentage of such principal amount), as specified in the Unfunded Class Funding Notice and adjusted
to reflect the failure of any Holder of Debt of the Unfunded Class to fund its pro rata share of the Unfunded Class.

 

    -36-

     

    

 

“Funding Date”:
The date of the Unfunded Class Funding, which date shall only occur during the Reinvestment Period.

 

“Funding Date
Payment”: With respect to the proceeds of the Unfunded Class Funding, the payment to the holders of the Subordinated
Notes of any portion of such proceeds designated for application as a “Funding Date Payment” in the Unfunded Class Funding
Notice.

 

“GAAP”:
The meaning specified in Section 6.3(j).

 

“Global Note”:
The Global Secured Notes and the Rule 144A Global Subordinated Notes.

 

“Global Secured
Note”: Any Regulation S Global Secured Note or Rule 144A Global Secured Note.

 

“Government
Security”: The meaning specified in the definition of the terms “Deliver”, “Delivered” or “Delivery”.

 

“Grant”
or “Granted”: To grant, bargain, sell, convey, assign, transfer, mortgage, pledge, create and grant a security
interest in and right of setoff against, deposit, set over and confirm. A Grant of the Assets, or of any other instrument, shall
include all rights, powers and options (but none of the obligations) of the granting party thereunder, including, the immediate
continuing right to claim for, collect, receive and receipt for principal and interest payments in respect of the Assets, and all
other Monies payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to
exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and receive
anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto.

 

“Group I Country”:
The Netherlands, Australia, Japan, Singapore and New Zealand (and any other additional countries as may be determined by the Collateral
Manager in its sole discretion which may be based on publicly available published criteria from Moody’s from time to time).

 

“Group II
Country”: Germany, Ireland, Sweden and Switzerland (and any other additional countries as may be determined by the
Collateral Manager in its sole discretion which may be based on publicly available published criteria from Moody’s from time
to time).

 

“Group III
Country”: Austria, Belgium, Denmark, Finland, France, Luxembourg and Norway (and any other additional countries as may
be determined by the Collateral Manager in its sole discretion which may be based on publicly available published criteria from
Moody’s from time to time).

 

“Holder”:
With respect to any Note, the Person whose name appears on the Register as the registered holder of such Note and with respect
to any Class A-1-L Loan, the related Class A-1-L Lender recorded in the “register” (as defined in the Credit
Agreement).

 

    -37-

     

    

 

“Incurrence
Covenant”: A covenant by any borrower to comply with one or more financial covenants only upon the occurrence of certain
actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

 

“Indenture”:
This instrument as originally executed and, if from time to time supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended.

 

“Independent”:
As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any
member thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire any
material direct or any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii) is
not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, manager, director or Person
performing similar functions. “Independent” when used with respect to any accountant may include an accountant who
audits the books of such Person if in addition to satisfying the criteria set forth above, the accountant is independent with respect
to such Person within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified Public
Accountants. For purposes of this definition, no manager or director of any Person will fail to be Independent solely because such
Person acts as an independent manager or independent director thereof or of any such Person’s Affiliates.

 

Whenever any Independent
Person’s opinion or certificate is to be furnished to the Trustee or the Collateral Agent, such opinion or certificate shall
state that the signer has read this definition and that the signer is Independent within the meaning hereof.

 

Any pricing service,
certified public accountant or legal counsel that is required to be Independent of another Person under this Indenture must satisfy
the criteria above with respect to the Issuer, the Collateral Manager and their Affiliates.

 

“Independent
Manager”: A natural person who, (A) for the five-year period prior to his or her appointment as Independent Manager,
has not been, and during the continuation of his or her service as Independent Manager is not: (i) an employee, director,
stockholder, member, manager, partner or officer or direct or indirect legal or beneficial owner (or a Person who controls, whether
directly, indirectly, or otherwise any of the foregoing) of the Issuer, the member of the Issuer or any of their respective Affiliates
(other than his or her service as a special member or an independent manager of the Issuer or other Affiliates that are structured
to be “bankruptcy remote”); (ii) a customer, consultant, creditor, contractor or supplier (or a Person who controls,
whether directly, indirectly, or otherwise any of the foregoing) of the Issuer, the member of the Issuer or any of their respective
Affiliates (other than his or her service as a special member or an independent manager of the Issuer); (iii) affiliated with
a tax-exempt entity that receives significant contributions from the member of the Issuer or any of its Affiliates; or (iv) any
member of the immediate family of a person described in clause (i), (ii) or (iii) above (other than with respect to clause
(i), (ii) or (iii) relating to his or her service as (y) an Independent Manager of the Issuer or (z) an independent
manager of any Affiliate of the Issuer which is a bankruptcy remote limited purpose entity), and (B) has, (i) prior experience
as an Independent Manager for a corporation or limited liability company whose charter documents required the unanimous consent
of all Independent Managers thereof before such corporation or limited liability company could consent to the institution of bankruptcy
or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating
to bankruptcy and (ii) at least three years of employment experience with one or more entities that provide, in the ordinary
course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance
instruments, agreements or securities.

 

    -38-

     

    

 

“Index Maturity”:
With respect to any Class of Secured Debt, the period indicated with respect to such Class in Section 2.3.

 

“Industry
Diversity Measure”: As of any date of determination, the number obtained by dividing (a) 1 by (b) the sum of
the squares of the quotients, for each S&P Industry Classification, obtained by dividing (i) the aggregate outstanding
principal balance at such time of all Collateral Obligations (other than Defaulted Obligations) issued by Obligors that belong
to such S&P Industry Classification by (ii) the aggregate outstanding principal balance at such time of all Collateral
Obligations (other than Defaulted Obligations).

 

“Information”:
S&P’s “Credit Estimate Information Requirements” dated April 2011 and any other available information
S&P reasonably requests in order to produce a credit estimate for a particular asset.

 

“Information
Agent”: The Collateral Administrator.

 

“Initial Purchaser”:
Wells Fargo Securities, LLC, in its capacity as initial purchaser of the Secured Notes under the Purchase Agreement.

 

“Initial Rating”:
With respect to the Secured Debt, the rating or ratings, if any, indicated in Section 2.3.

 

“Institutional
Accredited Investor”: An Accredited Investor identified in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act.

 

“Instrument”:
The meaning specified in Section 9-102(a)(47) of the UCC.

 

“Interest
Accrual Period”: (i) With respect to the initial Payment Date (or, in the case of a Re-Priced Class or a Class that
is subject to Refinancing or Debt issued in connection with an additional issuance, the first Payment Date following the Re-Pricing
Date, the Refinancing or the date of such additional issuance, respectively), the period from and including the Closing Date (or,
in the case of (x) a Refinancing, the date of issuance of the replacement notes or debt obligations and (y) a Re-Pricing,
the Re-Pricing Date) to but excluding such Payment Date; and (ii) with respect to each succeeding Payment Date, the period
from and including the immediately preceding Payment Date to but excluding the following Payment Date (or, in the case of a Class that
is being redeemed on a Partial Redemption Date, to but excluding such Partial Redemption Date) until the principal of the Secured
Debt is paid or made available for payment; provided that if any Unfunded Class Funding occurs on a date that is not
a Payment Date, the initial Interest Accrual Period with respect to the funded Class C Notes shall be the period from and
including the applicable Funding Date to but excluding the next succeeding Payment Date.

 

“Interest
Collection Subaccount”: The meaning specified in Section 10.2(a).

 

    -39-

     

    

 

“Interest
Coverage Ratio”: For any designated Class or Classes of Secured Debt, as of any date of determination, the percentage
derived from the following equation: (A – B) / C, where:

 

A = The Collateral Interest Amount
as of such date of determination;

 

B = Amounts payable (or expected
as of the date of determination to be payable) on the following Payment Date as set forth in clauses (A) and (B) in
Section 11.1(a)(i); and

 

C = Interest due and payable
on the Secured Debt of such Class or Classes and each Class of Secured Debt that ranks senior to or pari passu with
such Class or Classes (excluding Deferred Interest but including any interest on Deferred Interest with respect to the Class C
Notes) on such Payment Date.

 

“Interest
Coverage Test”: The test that is satisfied with respect to any Class or Classes of Secured Debt as of any date of
determination on, or subsequent to, the Determination Date occurring immediately prior to the second Payment Date, if (i) the
Interest Coverage Ratio for such Class or Classes on such date is at least equal to the Required Interest Coverage Ratio for
such Class or Classes or (ii) such Class or Classes of Secured Debt are no longer outstanding.

 

“Interest
Determination Date”: (a) With respect to the first Interest Accrual Period (x) for the period from and including
the Closing Date to but excluding the First Interest Determination End Date, the second London Banking Day preceding the Closing
Date and (y) for the period from and including the First Interest Determination End Date to but excluding the first Payment
Date, the second London Banking Day preceding the First Interest Determination End Date, (b) with respect to each Interest
Accrual Period thereafter, the second London Banking Day preceding the first day of each Interest Accrual Period and (c) any
Interest Accrual Period in which the Interest Rate is not LIBOR, as determined at the time of the relevant Benchmark Transition
Event and its related Benchmark Replacement Date; provided that, in connection with any Refinancing upon a redemption of
the Secured Debt in whole, but not in part, solely with respect to the first Interest Accrual Period following the related Redemption
Date, the Interest Determination Date for the replacement securities issued in connection with such Refinancing will be determined
by the Collateral Manager in connection with such Refinancing.

 

“Interest
Proceeds”: With respect to any Collection Period or Determination Date, without duplication, the sum of:

 

(i)           all
payments of interest and delayed compensation (representing compensation for delayed settlement) received in Cash by the Issuer
during the related Collection Period on the Collateral Obligations and Eligible Investments, including the accrued interest received
in connection with a sale thereof during the related Collection Period, less any such amount that represents Principal Financed
Accrued Interest;

 

(ii)          all
principal and interest payments received by the Issuer during the related Collection Period on Eligible Investments purchased with
Interest Proceeds;

 

(iii)         all
amendment and waiver fees, late payment fees and other fees received by the Issuer during the related Collection Period, except
for those in connection with (a) the lengthening of the maturity of the related Collateral Obligation if after such a lengthening,
the Weighted Average Life Test is not satisfied or (b) except with respect to call premiums or prepayment fees, the reduction
of the par amount of the related Collateral Obligation, in each case, as determined by the Collateral Manager with notice to the
Collateral Agent and the Collateral Administrator;

 

    -40-

     

    

 

(iv)         commitment
fees and other similar fees received by the Issuer during such Collection Period in respect of Revolving Collateral Obligations
and Delayed Drawdown Collateral Obligations;

 

(v)          any
amounts deposited in the Expense Reserve Account as Interest Proceeds pursuant to Section 3.1(xi)(B);

 

(vi)         any
Trading Gains realized (and not previously distributed) in respect of any Collateral Obligation so long as the Retention Basis
Amount is greater than or equal to 100% of the Reinvestment Target Par Balance as of such Determination Date (and after giving
effect to any designation as Interest Proceeds pursuant to this clause (vi)) and to the extent that the deposit of such amounts
into the Principal Collection Subaccount as Principal Proceeds would, in the sole determination of the Collateral Manager, cause
(or would be likely to cause) an E.U. Retention Deficiency (it being understood that the amount of Trading Gains which are not
deposited into the Interest Collection Subaccount as Interest Proceeds pursuant to this clause (vi) will constitute Principal
Proceeds); provided that Trading Gains shall not, at any time, be classified as Interest Proceeds unless, after giving effect
to such designation, the aggregate sum of all Trading Gains designated as Interest Proceeds pursuant to this clause (vi), measured
cumulatively from the Closing Date, does not exceed 1.0% of the Reinvestment Target Par Balance;

 

(vii)        any
Designated Principal Proceeds and any Designated Unused Proceeds;

 

(viii)       any
Principal Proceeds designated by the Collateral Manager (with notice to the Collateral Administrator) as Interest Proceeds in connection
with any Refinancing pursuant to which the Class A-1 Debt is being refinanced or is no longer outstanding, up to the Excess
Par Amount for payment on the Redemption Date of a Refinancing; provided that prior to any such designation pursuant to
this clause (viii) in connection with a Refinancing in part whereby one or more Classes of Secured Debt is not being refinanced,
the S&P Rating Condition must be satisfied;

 

(ix)         any
Contributions made to the Issuer which are designated as Interest Proceeds as permitted by this Indenture;

 

(x)          net
proceeds from the issuance of additional Subordinated Notes that have been designated as Interest Proceeds by the Collateral Manager
with the consent of a Majority of the Subordinated Notes;

 

(xi)         any
amounts deposited in the Interest Reserve Account as Interest Proceeds; and

 

(xii)        the
proceeds received in connection with the Unfunded Class Funding that are designated as Interest Proceeds, if any, in the Unfunded
Class Funding Notice;

 

    -41-

     

    

 

provided that any amounts received
in respect of any Defaulted Obligation will constitute Principal Proceeds (and not Interest Proceeds) until the aggregate of all
collections in respect of such Defaulted Obligation since it became a Defaulted Obligation equals the outstanding principal balance
of such Collateral Obligation at the time it became a Defaulted Obligation; provided further that any amounts received in
respect of any Equity Security shall constitute Principal Proceeds (and not Interest Proceeds); provided further that capitalized
interest shall not constitute Interest Proceeds. Notwithstanding the foregoing, the Collateral Manager may designate in its discretion
(to be exercised on or before the related Determination Date), on any date after the first Payment Date, that any portion of Interest
Proceeds in a Collection Period be deemed to be Principal Proceeds so long as the Collateral Manager believes that such designation
will not result in an Event of Default pursuant to clause (a) of the definition thereof on the next succeeding Payment Date.
For the avoidance of doubt, under no circumstances will Interest Proceeds include any Margin Stock held by the Issuer or any interest
earned thereon.

 

“Interest
Rate”: With respect to each Class of Secured Debt, the per annum stated interest rate payable on such Class with
respect to each Interest Accrual Period equal to the rate specified in Section 2.3 or, in the case of the Debt of the
Unfunded Class, such lower rated specified in the Unfunded Class Funding Notice.

 

“Interest
Reserve Account”: The account established pursuant to Section 10.3(f).

 

“Interest
Reserve Amount”: U.S.$500,000.

 

“Interpolated
Screen Rate”: The rate which results from interpolating on a linear basis between (a) the applicable Screen Rate
for the longest period (for which that Screen Rate is available or can be obtained) which is less than the Designated Maturity
and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available or can be obtained) which
exceeds the Designated Maturity.

 

“Intervening
Event”: With respect to any Trading Plan, the prepayment of any Collateral Obligation included in such Trading Plan or
any change in any characteristic of any Collateral Obligation (or the obligor thereof) relevant to any Investment Criteria, in
each case to the extent beyond the Issuer’s or the Collateral Manager’s control, so long as no other Collateral Obligation
(or the obligor thereof) included in such Trading Plan had any change in any characteristic relevant to any Investment Criteria
since the first day of the related Trading Plan Period.

 

“Investment
Advisers Act”: The Investment Advisers Act of 1940, as amended.

 

“Investment
Criteria”: The criteria specified in Section 12.2(a).

 

“Investment
Criteria Adjusted Balance”: With respect to each Collateral Obligation, the outstanding principal balance of such Collateral
Obligation; provided that the Investment Criteria Adjusted Balance of any:

 

		(i)	Deferring Obligation will be the S&P Collateral Value of such Deferring Obligation;

 

		(ii)	Defaulted Obligation will be the S&P Collateral Value of such Defaulted Obligation;

 

    -42-

     

    

 

		(iii)	Discount Obligation, will be the product of the (x) purchase price (expressed as a percentage
of par) and (y) the principal balance of such Collateral Obligation;

 

		(iv)	Long-Dated Obligation will equal its applicable Long-Dated Obligation Amount; and

 

		(v)	Collateral Obligation included in the CCC Excess will be the Market Value of such Collateral Obligation;

 

provided further that the Investment
Criteria Adjusted Balance for any Collateral Obligation that satisfies more than one of the definitions of Deferring Obligation,
Defaulted Obligation, Long-Dated Obligation or Discount Obligation and/or is included in the CCC Excess will be the lowest amount
determined pursuant to clauses (i) – (v) above.

 

“IRS”:
The U.S. Internal Revenue Service.

 

“Issuer”:
The Person named as such on the first page of this Indenture until a successor Person shall have become the Issuer pursuant
to the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person.

 

“Issuer Order”
and “Issuer Request”: A written order or request (which may be a standing order or request) dated and signed
in the name of the Issuer or by a Responsible Officer of the Issuer or the Issuer or by the Collateral Manager by a Responsible
Officer thereof, on behalf of the Issuer. An order or request provided in a facsimile, email or other electronic communication
by a Responsible Officer of the Issuer or the Issuer or by a Responsible Officer of the Collateral Manager on behalf of the Issuer
shall constitute an Issuer Order, in each case except to the extent the Trustee or the Collateral Agent, as applicable, requests
otherwise.

 

“Issuer’s
Website”: The internet website of the Issuer, initially located at www.structuredfn.com, access to which is limited to
S&P and NRSRO’s that have provided an NRSRO Certification.

 

“Junior Class”:
With respect to a particular Class of Debt, each Class of Debt that is subordinated to such Class, as indicated in Section 2.3.

 

“Knowledgeable
Employee”: The meaning set forth in Rule 3c-5(a)(4) promulgated under the 1940 Act.

 

“Libor”:
The London interbank offered rate.

 

    -43-

     

    

 

“LIBOR”:
With respect to the Secured Debt for (i) the period from and including the Closing Date to but excluding the First Interest
Determination End Date, (ii) the period from and including the First Interest Determination End Date to the first Payment
Date and (iii) any subsequent Interest Accrual Period, the greater of (a) 0.0% and (b) (I) the rate appearing
on the Reuters Screen (the “Screen Rate”) for deposits with a term of the Designated Maturity, (II) if
the rate referred to in clause (I) is temporarily or permanently unavailable or cannot be obtained from the Reuters Screen
for such Designated Maturity, the Interpolated Screen Rate or (III) if such rate cannot be determined under clauses (I) or
(II), LIBOR shall be determined on the basis of the rates at which deposits in U.S. Dollars are offered by four major banks in
the London market selected by the Calculation Agent after consultation with the Collateral Manager (the “Reference Banks”)
at approximately 11:00 a.m., London time, on the Interest Determination Date to prime banks in the London interbank market for
a period approximately equal to such Interest Accrual Period and an amount approximately equal to the aggregate outstanding principal
amount of the applicable Secured Debt. The Calculation Agent will request the principal London office of each Reference Bank to
provide a quotation of its rate. If at least two such quotations are provided, LIBOR shall be the arithmetic mean of such quotations
(rounded upward to the next higher 1/100 of a percent). If fewer than two quotations are provided as requested, LIBOR with respect
to such Interest Accrual Period will be the arithmetic mean of the rates quoted by three major banks in New York, New York selected
by the Calculation Agent after consultation with the Collateral Manager at approximately 11:00 a.m., New York Time, on such Interest
Determination Date for loans in U.S. Dollars to leading European banks for a term approximately equal to such Interest Accrual
Period (or, in the case of the period from and including the Closing Date to but excluding the First Interest Determination End
Date, or the period from and including the First Interest Determination End Date to but excluding the first Payment Date, the related
portion thereof) and an amount approximately equal to the aggregate outstanding principal amount of the Secured Debt. If the Calculation
Agent is required but is unable to determine a rate in accordance with at least one of the procedures described above, LIBOR will
be LIBOR as determined on the previous Interest Determination Date. “LIBOR,” when used with respect to a Collateral
Obligation, means the “libor” rate determined in accordance with the terms of such Collateral Obligation. Notwithstanding
anything in the foregoing, if at any time while any Secured Debt is outstanding a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to LIBOR, the Collateral Manager (on behalf of the Issuer) may select (with notice
to the Trustee (who shall forward such Notice to the Holders), the Calculation Agent and the Collateral Administrator) an alternative
rate, including any applicable spread adjustments thereto (the “Alternative Rate”) that in its commercially
reasonable judgment is consistent with the successor for LIBOR, which is, as certified to the Issuer and the Trustee, (x) proposed
or recommended by the LSTA or ARRC as the successor for LIBOR with respect to loans or (y) expected to be used in the quarterly
pay Floating Rate Obligations included in the Assets or the new issue collateralized loan obligation market and all references
herein to “LIBOR” will mean such Alternative Rate selected by the Collateral Manager. If at any time while any Secured
Debt is Outstanding, LIBOR ceases to exist or be reported and the Collateral Manager has not determined an Alternative Rate in
accordance with the foregoing, at the direction of the Collateral Manager (by notice to the Issuer, the Trustee (who shall forward
such Notice to the Holders) and the Calculation Agent) and without a supplemental indenture, the Alternative Rate with respect
to the Secured Debt shall be the Fallback Rate. Notwithstanding anything herein, LIBOR (including any Alternative Rate or Fallback
Rate) with respect to the Secured Debt shall in no event be calculated below 0.0%.

 

“LIBOR Floor
Obligation”: As of any date of determination, a Floating Rate Obligation (a) the interest in respect of which is
paid based on a London interbank offered rate and (b) that provides that such London interbank offered rate is (in effect)
calculated as the greater of (i) a specified “floor” rate per annum and (ii) the London interbank
offered rate for the applicable interest period for such Collateral Obligation.

 

“Lien”:
Any grant of a security interest in, mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever,
including, without limitation, any conditional sale or other title retention agreement, and any financing lease having substantially
the same economic effect as any of the foregoing (including any UCC financing statement or any similar instrument filed against
a Person’s assets or properties).

 

    -44-

     

    

 

“Loan”:
Any obligation for the payment or repayment of borrowed money that is documented by a term loan agreement, revolving loan agreement
or other similar credit agreement.

 

“Loan Agent”:
Deutsche Bank Trust Company Americas, in its capacity as loan agent, unless and until a successor Person shall have become the
loan agent pursuant to the provisions of the Credit Agreement, and thereafter, the “Loan Agent” shall mean such successor
person.

 

“London Banking
Day”: A day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency
deposits) in London, England.

 

“Long-Dated
Obligation”: Any Collateral Obligation (or portion thereof) with a maturity later than the earliest Stated Maturity of
the Secured Debt (including, for the avoidance of doubt, any Permitted Maturity Obligation).

 

“Long-Dated
Obligation Amount”: As of any date of determination, for each Long-Dated Obligation, an amount equal to the product of
the Principal Balance of such Long-Dated Obligation multiplied by 70%.

 

“LSE”:
The “loan securitization” exclusion from the definition of “covered fund” provided for in the final regulations
adopted under the Volcker Rule on December 10, 2013 (as such final regulations may be amended from time to time).

 

“LSTA”:
The Loan Syndications and Trading Association®, together with any successor organization.

 

“Maintenance
Covenant”: A covenant by any borrower to comply with one or more financial covenants during each reporting period, whether
or not such borrower has taken any specified action and includes a covenant that applies only when the related Loan is funded,
regardless of whether such covenant is only applicable until or after the expiration of a certain period of time after the initial
issuance of such loan.

 

“Majority”:
With respect to any Class or Classes of Debt, the Holders of more than 50% of the Aggregate Outstanding Amount of the Debt
of such Class or Classes, as applicable.

 

“Margin Stock”:
“Margin Stock” as defined under Regulation U issued by the Board of Governors of the Federal Reserve System, including
any debt security which is by its terms convertible into “Margin Stock.”

 

“Market Value”:
With respect to any loans or other assets, the amount (determined by the Collateral Manager) equal to the product of the Principal
Balance thereof and the price (expressed as a percentage of par) determined in the following manner:

 

    -45-

     

    

 

(i)          the
bid price determined by the Loan Pricing Corporation, LoanX Inc., Markit Group Limited or any other nationally recognized pricing
service subscribed to by the Collateral Manager; or

 

(ii)          if
the price described in clause (i) is not available or the Collateral Manager determines in accordance with the Collateral
Manager Standard that such price does not reflect the value of such asset;

 

(A)           the
average of the bid prices determined by three broker-dealers active in the trading of such asset that are Independent (without
giving effect to the last sentence in the definition thereof) from each other and the Issuer and the Collateral Manager;

 

(B)            if
only two such bids can be obtained, the lower of the bid prices of such two bids; or

 

(C)            if
only one such bid can be obtained, and such bid was obtained from a Qualified Broker/Dealer, such bid; or

 

(iii)        if
a value cannot be obtained by the Collateral Manager exercising reasonable efforts pursuant to the means contemplated by clauses
(i) or (ii), the value determined as the bid side market value of such Collateral Obligation as reasonably determined by the
Collateral Manager (so long as the Collateral Manager is a Registered Investment Adviser, or has applied to be a Registered Investment
Adviser) consistent with the Collateral Manager Standard and certified by the Collateral Manager to the Collateral Agent; or

 

(iv)        if
the Market Value of an asset is not determined in accordance with clause (i), (ii) or (iii) above, then such Market Value
shall be deemed to be zero until such determination is made in accordance with clause (i), (ii) or (iii) above.

 

“Master Loan
Sale Agreements”: Collectively, the Closing Date Master Loan Sale Agreement and the Retention Provider Master Loan Sale
Agreement.

 

“Material
Covenant Default”: A default by an Obligor with respect to any Collateral Obligation, and subject to any grace periods
contained in the related Underlying Instruments, that gives rise to the right of the lender(s) thereunder to accelerate the
principal of such Collateral Obligation.

 

“Maturity”:
With respect to any Debt, the date on which the unpaid principal of such Debt becomes due and payable as therein or herein provided,
whether at the related Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

 

“Maturity
Amendment”: An amendment (other than in connection with an insolvency, bankruptcy, reorganization, debt restructuring
or workout of the Obligor thereof) to the Underlying Instruments governing a Collateral Obligation that extends the stated maturity
of such Collateral Obligation. For the avoidance of doubt, an amendment that would extend the stated maturity date of any tranche
of the credit facility of which a Collateral Obligation is part, but would not extend the stated maturity date of the Collateral
Obligation held by the Issuer, does not constitute a Maturity Amendment.

 

    -46-

     

    

 

“Measurement
Date”: (i) Any day on which a purchase of a Collateral Obligation occurs, (ii) any Determination Date, (iii) the
date as of which the information in any Monthly Report is calculated, (iv) with five Business Days’ prior written notice,
any Business Day requested by the Rating Agency and (v) the Effective Date.

 

“Merging Entity”:
The meaning specified in Section 7.10.

 

“Middle Market
Loan”: Any Loan other than a Broadly Syndicated Loan.

 

“Minimum Floating
Spread”: The applicable percentage set forth in the definition of “S&P CDO Monitor” upon the option chosen
by the Collateral Manager in accordance with Section 2 of Schedule 4.

 

“Minimum Floating
Spread Test”: The test that is satisfied on any date of determination if the Weighted Average Floating Spread plus
the Excess Weighted Average Coupon equals or exceeds the Minimum Floating Spread.

 

“Minimum Weighted
Average Coupon”: If any of the Collateral Obligations are Fixed Rate Obligations, 7.00%.

 

“Minimum Weighted
Average Coupon Test”: The test that is satisfied on any date of determination as of which the Collateral Obligations
include any Fixed Rate Obligations if the Weighted Average Coupon plus the Excess Weighted Average Floating Spread equals
or exceeds the Minimum Weighted Average Coupon.

 

“Minimum Weighted
Average S&P Recovery Rate Test”: The test that is satisfied on any date of determination, during any S&P CDO
Monitor Election Period if the Weighted Average S&P Recovery Rate for the Class A-2 Notes (or, if the Class A-2 Notes
are no longer Outstanding, the most senior Class of Secured Notes Outstanding) equals or exceeds the Weighted Average S&P
Recovery Rate for such Class selected by the Collateral Manager in connection with the S&P CDO Monitor.

 

“Money”:
The meaning specified in Section 1-201(24) of the UCC.

 

“Monthly Report”:
The meaning specified in Section 10.7(a).

 

“Monthly Report
Determination Date”: The meaning specified in Section 10.7(a).

 

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

 

“Moody’s
Default Probability Rating”: With respect to any Collateral Obligation, the rating determined pursuant to Schedule 3
hereto (or such other schedule provided by Moody’s to the Issuer, the Trustee, the Collateral Administrator and the Collateral
Manager).

 

    -47-

     

    

 

“Moody’s
Derived Rating”: With respect to any Collateral Obligation whose Moody’s Rating or Moody’s Default Probability
Rating cannot otherwise be determined pursuant to the definitions thereof, the rating determined for such Collateral Obligation
as set forth in Schedule 3 hereto (or such other schedule provided by Moody’s to the Issuer, the Trustee, the
Collateral Administrator and the Collateral Manager).

 

“Moody’s
Rating”: With respect to any Collateral Obligation, the rating determined pursuant to Schedule 3 hereto (or
such other schedule provided by Moody’s to the Issuer, the Trustee, the Collateral Administrator and the Collateral Manager).

 

“Net Exposure
Amount”: As of the applicable Cut-Off Date, with respect to any Collateral Obligation which is a Revolving Collateral
Obligation or Delayed Drawdown Collateral Obligation, the lesser of (i) the aggregate amount of the then unfunded funding
obligations thereunder and (ii) the amount necessary to cause, on the applicable Cut-Off Date with respect to such Collateral
Obligation, the amount of funds on deposit in the Revolver Funding Account to be at least equal to the sum of the unfunded funding
obligations under all Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations then included in the Assets.

 

“Net Purchased
Loan Balance”: As of any date of determination, an amount equal to (a) the sum of (i) the Aggregate Principal
Balance of all Collateral Obligations conveyed by the E.U. Retention Provider to the Issuer prior to such date, calculated as of
the respective Cut-Off Dates of such Collateral Obligations, and (ii) the Aggregate Principal Balance of all Collateral Obligations
acquired by the Issuer other than from the E.U. Retention Provider prior to such date minus (b) the Aggregate Principal
Balance of all Collateral Obligations sold to or repurchased or substituted by, or otherwise transferred to, the E.U. Retention
Provider prior to such date.

 

“Non-Call
Period”: (i) With respect to each Class of Secured Debt other than the Unfunded Class, the period from the
Closing Date to August 26, 2021 and (ii) with respect to the Unfunded Class, the Unfunded Class Non-Call Period
(if any).

 

“Non-Emerging
Market Obligor”: An Obligor that is Domiciled in (a) the United States of America, (b) any country that has
a foreign currency government bond rating of at least “Aa3” by Moody’s and a foreign currency issuer credit rating
of at least “AA-” by S&P or (c) a Tax Jurisdiction.

 

“Non-Permitted
ERISA Holder”: The meaning specified in Section 2.11(d).

 

“Non-Permitted
Holder”: The meaning specified in Section 2.11(b).

 

“Non-U.S.
Beneficial Ownership Certification”: The meaning specified in Section 2.2(b)(i).

 

“Notes”:
Collectively, the Secured Notes and the Subordinated Notes authorized by, and authenticated and delivered under, this Indenture
(as specified in Section 2.4) or any supplemental indenture (and including any Additional Notes issued hereunder pursuant
to Section 2.13).

 

“NRSRO”:
A nationally recognized statistical rating organization registered with the SEC under the Exchange Act.

 

    -48-

     

    

 

“NRSRO Certification”:
A certification substantially in the form of Exhibit D executed by a NRSRO in favor of the Issuer that states that
such NRSRO has provided the Issuer with the appropriate certifications under Exchange Act Rule 17g-5(e) and that such
NRSRO has access to the Issuer’s Website.

 

“Obligor”:
With respect to any Collateral Obligation, any Person or Persons obligated to make payments pursuant to or with respect to such
Collateral Obligation, including any guarantor thereof, but excluding, in each case, any such Person that is an obligor or guarantor
that is in addition to the primary obligors or guarantors with respect to the assets, cash flows or credit on which the related
Collateral Obligation is principally underwritten.

 

“Obligor Diversity
Measure”: As of any date of determination, the number obtained by dividing (a) 1 by (b) the sum of the squares
of the quotients, for each Obligor, obtained by dividing (i) the aggregate outstanding principal balance at such time of all
Collateral Obligations (other than Defaulted Obligations) issued by such Obligor by (ii) the aggregate outstanding principal
balance at such time of all Collateral Obligations (other than Defaulted Obligations).

 

“Offer”:
The meaning specified in Section 10.8(c).

 

“Offering”:
The offering of any Debt pursuant to the relevant Offering Circular.

 

“Offering
Circular”: Each offering circular relating to the offer and sale of the Debt, including any supplements thereto.

 

“Officer”:
(a) With respect to the Issuer and any limited liability company, any managing member or manager thereof or any person to
whom the rights and powers of management thereof are delegated in accordance with the limited liability company agreement of such
limited liability company and (b) with respect to the Collateral Manager, any manager of the Collateral Manager or any duly
authorized officer of the Collateral Manager (as indicated on an incumbency certificate delivered to the Trustee) with direct responsibility
for the administration of the Collateral Management Agreement and this Indenture and also, with respect to a particular matter,
any other duly authorized officer of the Collateral Manager to whom such matter is referred because of such officer’s knowledge
of and familiarity with the particular subject.

 

“Opinion of
Counsel”: A written opinion addressed to the Trustee, the Collateral Agent and the Loan Agent and, if required by the
terms hereof, the Rating Agency, in form and substance reasonably satisfactory to the Trustee, the Collateral Agent and the Loan
Agent (and, if so addressed, the Rating Agency) of an attorney admitted to practice, or a nationally or internationally recognized
and reputable law firm one or more of the partners of which are admitted to practice, before the highest court of any State of
the United States or the District of Columbia, which attorney or law firm, as the case may be, may, except as otherwise expressly
provided herein, be counsel for the Issuer, and which attorney or law firm, as the case may be, shall be reasonably satisfactory
to the Trustee, the Collateral Agent and the Loan Agent. Whenever an Opinion of Counsel is required hereunder, such Opinion of
Counsel may rely on opinions of other counsel who are so admitted and so satisfactory, which opinions of other counsel shall accompany
such Opinion of Counsel and shall be addressed to the Trustee, the Collateral Agent and the Loan Agent (and, if required by the
terms hereof, the Rating Agency) or shall state that the Trustee, the Collateral Agent and the Loan Agent (and, if required by
the terms hereof, the Rating Agency) shall be entitled to rely thereon.

 

    -49-

     

    

 

“Optional
Redemption”: A redemption of the Debt in accordance with Section 9.2.

 

“Other Plan
Law”: Any state, local, federal, non-U.S. or other laws or regulations that are substantially similar to the prohibited
transaction provisions of Section 406 of ERISA or Section 4975 of the Code.

 

“Outstanding”:
With respect to (a) the Class A-1-L Loans, any of the Class A-1-L Loans incurred under the Credit Agreement that
have not been repaid in full and (b) the Notes or the Notes of any specified Class, as of any date of determination, all of
the Notes or all of the Notes of such Class, as the case may be, theretofore authenticated and delivered under this Indenture,
except:

 

(i)           Notes
theretofore canceled by the Registrar or delivered to the Registrar for cancellation in accordance with the terms of Section 2.9
(including, without limitation and for the avoidance of doubt, pursuant to Section 9.7);

 

(ii)          Notes
or portions thereof for whose payment or redemption funds in the necessary amount have been theretofore irrevocably deposited with
the Trustee or any Paying Agent in trust for the Holders of such Notes pursuant to Section 4.1(a)(ii); provided
that if such Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture
or provision therefor satisfactory to the Trustee has been made;

 

(iii)         Notes
in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, unless proof
satisfactory to the Trustee is presented that any such Notes are held by a “protected purchaser” (within the meaning
of Section 8-303 of the UCC); and

 

(iv)         Notes
alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided in Section 2.6;

 

provided that in determining whether
the Holders of the requisite Aggregate Outstanding Amount of any Class of Notes have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, (a) Notes owned by the Issuer or (only in the case of a vote on (i) the
removal of the Collateral Manager for “cause” and (ii) the waiver of any event constituting “cause”,
in each case, unless all Debt of such Class is Collateral Manager Debt) Collateral Manager Debt shall be disregarded and deemed
not to be Outstanding, except that (x) in determining whether the Trustee and the Collateral Agent shall be protected in relying
upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Bank Officer of the Trustee
actually knows, based solely on transfer certificates received pursuant to the terms of Section 2.5, to be so owned
shall be so disregarded and (y) if all Debt of such Class is Collateral Manager Debt, Collateral Manager Debt shall not
be so disregarded and (b) Debt so owned that have been pledged in good faith shall be regarded as Outstanding if the pledgee
establishes to the reasonable satisfaction of the Trustee or the Collateral Agent the pledgee’s right so to act with respect
to such Debt and that the pledgee is not one of the Persons specified above.

 

    -50-

     

    

 

“Overcollateralization
Ratio”: With respect to any specified Class or Classes of Secured Debt as of any date of determination, the percentage
derived from: (i) the Adjusted Collateral Principal Amount on such date divided by (ii) the Aggregate Outstanding
Amount on such date of the Secured Debt of such Class or Classes (including, in the case of the Class C Notes, any accrued
Deferred Interest that remains unpaid), each Priority Class of Secured Debt and each Pari Passu Class of Secured Debt.

 

“Overcollateralization
Ratio Test”: The test that is satisfied with respect to any designated Class or Classes of Secured Debt as of each
Determination Date occurring on or after the Effective Date if (i) the Overcollateralization Ratio for such Class or
Classes on such date is at least equal to the Required Overcollateralization Ratio for such Class or Classes or (ii) such
Class or Classes of Secured Debt is no longer Outstanding.

 

“Par Subordination
Requirement”: 26%.

 

“Pari Passu
Class”: With respect to any specified Class of Debt, each Class of Debt that ranks pari passu to such
Class, as indicated in Section 2.3.

 

“Partial Redemption
Date”: Any date on which a Refinancing of one or more but not all Classes of Secured Debt occurs.

 

“Partial Refinancing
Interest Proceeds”: In connection with a Refinancing in part by Class of one or more Classes of Secured Debt, with
respect to each such Class, Interest Proceeds up to the amount of accrued and unpaid interest on such Class, but only to the
extent that such Interest Proceeds would be available under the Priority of Payments to pay accrued and unpaid interest on such
Class on the date of a Refinancing of such Class (or, in the case of a Refinancing occurring on a date other than a Payment
Date (without giving effect to clause (ii) of the definition thereof), only to the extent that the Collateral Manager determines
that such Interest Proceeds would be available under the Priority of Payments to pay accrued and unpaid interest on such Class on
the next Payment Date, taking into account Scheduled Distributions on the Assets that are expected to be received prior to the
next Determination Date).

 

“Participation
Interest”: An undivided 100% participation interest in a loan that, at the time of acquisition, or the Issuer’s
commitment to acquire the same, satisfies each of the following criteria: (i) such participation would constitute a Collateral
Obligation were it acquired directly, (ii) the seller of the participation is the lender on the loan, (iii) the aggregate
participation in the loan does not exceed the principal amount or commitment of such loan, (iv) such participation does not
grant, in the aggregate, to the participant in such participation a greater interest than the seller holds in the loan or commitment
that is the subject of the participation, (v) the entire purchase price for such participation is paid in full (without the
benefit of financing from the Selling Institution or its affiliates) at the time of its acquisition (or, in the case of a participation
in a Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, at the time of the funding of such loan), (vi) the
participation provides the participant all of the economic benefit and risk of the whole or part of the loan or commitment that
is the subject of the loan participation, and (vii) such participation is documented under a Loan Syndications and Trading
Association, Loan Market Association or similar agreement standard for loan participation transactions among institutional market
participants; provided that, any Closing Date Participation Interest shall be deemed to (a) be a Collateral Obligation
for all purposes hereunder (provided that the related Senior Secured Loan or Second Lien Loan in which such Closing Date Participation
Interest is granted satisfies the definition of Collateral Obligation) and (b) not be a Participation Interest until the 90th
day following the Closing Date if such Closing Date Participation Interest has not been elevated by such day. For the avoidance
of doubt a Participation Interest shall not include a sub-participation interest in any loan.

 

    -51-

     

    

 

“Partner”:
The meaning specified in Section 7.17(a).

 

“Partnership
Interest”: The meaning specified in Section 7.17(a).

 

“Partnership
Representative”: The meaning specified in Section 7.17(l).

 

“Partnership
Tax Audit Rules”: The meaning specified in Section 7.17(l).

 

“Paying Agent”:
Any Person authorized by the Issuer to pay the principal of or interest on any Debt on behalf of the Issuer as specified in Section 7.2.

 

“Payment Account”:
The payment account of the Trustee established pursuant to Section 10.3(a).

 

“Payment Date”:
(i) Each of the 5th day of February, May, August and November of each year (or, if such day is not a Business Day,
the next succeeding Business Day), commencing in February 2021, except that the final Payment Date (subject to any earlier
redemption or payment of the Debt) shall be the latest Stated Maturity, (ii) each Redemption Date (other than a Redemption
Date in connection with a Failed Optional Redemption or a Redemption Date in connection with a redemption of Secured Debt in part
by Class) and a Re-Pricing Date and (iii) after the date on which no Secured Debt is deemed or considered Outstanding, any
Business Day that the Collateral Manager shall designate as a “Payment Date” pursuant to Section 11.1(f).

 

“PBGC”:
The United States Pension Benefit Guaranty Corporation.

 

“Permitted
Collateral Obligation”: A debt obligation that (a) has an S&P Rating, (b) is not a Defaulted Obligation,
(c) provides for a fixed amount of principal payable in Cash on scheduled payment dates and/or at maturity and does not by
its terms provide for earlier amortization or prepayment at a price of less than par and (d) if it is a security (other than
any security received in connection with a restructuring or insolvency), at the time of acquisition, conversion or exchange, it
is eligible for purchase by the Issuer as a Collateral Obligation or is an Eligible Investment.

 

“Permitted
Deferrable Obligation”: Any Deferrable Obligation that (or the Underlying Instruments of which) carries a current cash
pay interest rate of not less than (a) in the case of a Floating Rate Obligation, LIBOR plus 1.00% per annum
or (b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term
equal to five years.

 

“Permitted
Liens”: With respect to the Assets: (i) security interests, liens and other encumbrances created pursuant to the
Transaction Documents, (ii) with respect to agented Collateral Obligations, security interests, liens and other encumbrances
in favor of the lead agent, the collateral agent or the paying agent on behalf of all holders of indebtedness of such Obligor under
the related facility, (iii) with respect to any Equity Security, any security interests, liens and other encumbrances granted
on such Equity Security to secure indebtedness of the related Obligor and/or any security interests, liens and other rights or
encumbrances granted under any governing documents or other agreement between or among or binding upon the Issuer as the holder
of equity in such Obligor and (iv) security interests, liens and other encumbrances, if any, which have priority over first
priority perfected security interests in the Collateral Obligations or any portion thereof under the UCC or any other applicable
law.

 

    -52-

     

    

 

“Permitted
Maturity Obligation”: A Loan that at both the time of initial acquisition by the Issuer and as of the most recent Measurement
Date matures after the earliest Stated Maturity (but no later than two years following such Stated Maturity) of the Secured Debt.

 

“Permitted
Non-Loan Assets”: Senior Secured Bonds and Senior Secured Notes; provided that, prior to the Permitted Securities
Date, Permitted Non-Loan Assets are not eligible for purchase by the Issuer; provided further that any security that is
“received in lieu of debts previously contracted” (or similar standard) shall not be classified as a “Permitted
Non-Loan Asset”.

 

“Permitted
Offer”: An Offer (i) pursuant to the terms of which the offeror offers to acquire a debt obligation (including a
Collateral Obligation) in exchange for consideration consisting solely of Cash in an amount equal to or greater than the full face
amount of such debt obligation plus any accrued and unpaid interest and (ii) as to which the Collateral Manager has
determined in its reasonable commercial judgment that the offeror has sufficient access to financing to consummate the Offer.

 

“Permitted
Securities Date”: October 1, 2020.

 

“Permitted
Use”: With respect to any amount on deposit in the Supplemental Reserve Account, any of the following uses: (i) the
transfer of the applicable portion of such amount to the Collection Account for application as Principal Proceeds; provided
that amounts designated as Principal Proceeds pursuant to this clause (i) shall not be redesignated as Interest Proceeds;
(ii) the repurchase or prepayment of Secured Debt of any Class through a tender offer, in the open market, or in a private
negotiated transaction (in each case, subject to applicable law and the provisions of Section 9.7); (iii) the
purchase of one or more Specified Equity Securities; (iv) after the Non-Call Period, to pay expenses or other amounts due
in connection with an Optional Redemption and (v) any other application or purpose not specifically prohibited by this Indenture.

 

“Person”:
An individual, corporation (including a business trust), partnership, limited liability company, joint venture, association, joint
stock company, statutory trust, trust (including any beneficiary thereof), unincorporated association or government or any agency
or political subdivision thereof.

 

“Portfolio
Company”: Any company that at the time the Loan is acquired by the Issuer is controlled by the Collateral Manager, an
Affiliate thereof, or an account, fund, client or portfolio established and controlled by the Collateral Manager or an Affiliate
thereof.

 

    -53-

     

    

 

 

“Post-Reinvestment
Period Settlement Obligation”: The meaning specified in Section 12.2(a).

 

“Principal
Balance”: Subject to Section 1.3, with respect to (a) any Asset other than a Revolving Collateral Obligation
or Delayed Drawdown Collateral Obligation, as of any date of determination, the outstanding principal amount of such Asset (excluding
any capitalized interest) and (b) any Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, as of
any date of determination, the outstanding principal amount of such Revolving Collateral Obligation or Delayed Drawdown Collateral
Obligation (excluding any capitalized interest), plus (except as expressly set forth herein) any undrawn commitments
that have not been irrevocably reduced or withdrawn with respect to such Revolving Collateral Obligation or Delayed Drawdown Collateral
Obligation; provided that for all purposes the Principal Balance of any Equity Security or interest only strip shall be
deemed to be zero; provided further that solely for purposes of the definition of Adjusted Collateral Principal Amount,
the Principal Balance of any Zero Coupon Bond shall be the accreted value of such Zero Coupon Bond.

 

“Principal
Collection Subaccount”: The meaning specified in Section 10.2(a).

 

“Principal
Financed Accrued Interest”: The amount of Principal Proceeds, if any, applied towards the purchase of accrued interest
on a Collateral Obligation.

 

“Principal
Proceeds”: With respect to any Collection Period or Determination Date, all amounts received by the Issuer during the
related Collection Period that do not constitute Interest Proceeds and any other amounts that have been designated as Principal
Proceeds pursuant to the terms of this Indenture. For the avoidance of doubt, Principal Proceeds shall not include any Margin Stock
held by the Issuer.

 

“Priority
Category”: With respect to any Collateral Obligation, the applicable category listed in the table under the heading “Priority
Category” in Section 1(b) of Schedule 4.

 

“Priority
Class”: With respect to any specified Class of Debt, each Class of Debt that ranks senior to such Class, as
indicated in Section 2.3.

 

“Priority
of Payments”: The meaning specified in Section 11.1(a).

 

“Proceeding”:
Any suit in equity, action at law or other judicial or administrative proceeding.

 

“Proposed
Portfolio”: The portfolio of Collateral Obligations and Eligible Investments resulting from the proposed purchase, sale,
maturity or other disposition of a Collateral Obligation or a proposed reinvestment in an additional Collateral Obligation, as
the case may be.

 

“Prospectus
Regulation”: European Union Regulation 2017/1129/EU, including any relevant implementing measure in a Relevant Member
State.

 

“Purchase
Agreement”: The note purchase agreement, dated as of August 7, 2020, among the Issuer, the BDC and the Initial Purchaser,
as amended from time to time in accordance with the terms thereof.

 

    -54-

     

    

 

“QIB/QP”:
Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Notes is both a Qualified Institutional
Buyer and a Qualified Purchaser.

 

“Qualified
Broker/Dealer”: Any of Bank of America/Merrill Lynch; The Bank of Montreal; The Bank of New York Mellon; Barclays Bank
plc; BNP Paribas; Broadpoint Securities; Calyon; Citibank, N.A.; Credit Agricole S.A.; Canadian Imperial Bank of Commerce; Credit
Suisse; Deutsche Bank AG; Dresdner Bank AG; GE Capital; Goldman Sachs & Co.; Guggenheim Securities LLC; HSBC Bank; Imperial
Capital LLC; Jefferies & Company, Inc.; JPMorgan Chase Bank, N.A.; Key Bank National Association; Lloyds TSB Bank;
Madison Capital; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley & Co.; Natixis; NewStar Financial, Inc.;
Northern Trust Company; Royal Bank of Canada; The Royal Bank of Scotland plc; Société Générale; SunTrust
Bank, Inc.; The Toronto-Dominion Bank; UBS AG; U.S. Bank National Association; and Wells Fargo Bank, National Association,
and any successor or successors to each of the foregoing.

 

“Qualified
Institutional Buyer”: The meaning specified in Rule 144A under the Securities Act.

 

“Qualified
Purchaser”: The meaning specified in Section 2(a)(51) of the 1940 Act and Rule 2a51-1, 2a51-2 or 2a51-3
under the 1940 Act.

 

“Ramp-Up Account”:
The trust account established pursuant to Section 10.3(c).

 

“Rating Agency”:
S&P or, with respect to Assets generally, if at any time S&P ceases to provide rating services with respect to debt obligations,
any other nationally recognized investment rating agency selected by the Issuer (or the Collateral Manager on behalf of the Issuer).

 

“Record Date”:
With respect to any applicable Payment Date, Redemption Date, Redemption Distribution Date or Re-Pricing Date, (i) with respect
to the Global Secured Notes and the Rule 144A Global Subordinated Notes, the date one day prior to such Payment Date, Redemption
Date, Redemption Distribution Date or Re-Pricing Date, as applicable, and (ii) with respect to the Class A-1-L Loans,
the Certificated Secured Notes and the Certificated Subordinated Notes, the last day of the month immediately preceding such Payment
Date, Redemption Date, Redemption Distribution Date or Re-Pricing Date, as applicable (whether or not a Business Day) (or, after
the date on which no Secured Debt is deemed or considered Outstanding, the third Business Day preceding such Payment Date).

 

“Redemption
Date”: Any Business Day specified for a redemption of Debt pursuant to Article IX (other than a mandatory
redemption pursuant to Section 9.1) or prepayment of the Class A-1-L Loans pursuant to the Credit Agreement.

 

“Redemption
Distribution Date”: The meaning set forth in Section 9.2(j).

 

“Redemption
Distribution Direction”: The meaning set forth in Section 10.7(j).

 

“Redemption
Price”: (a) For the Secured Debt of each class to be redeemed, (x) 100% of the Aggregate Outstanding Amount
of such Secured Debt, plus (y) accrued and unpaid interest thereon (including any defaulted interest and any accrued
and unpaid interest thereon and any Deferred Interest and any accrued and unpaid interest thereon) to but excluding the Redemption
Date or Re-Pricing Date, as applicable, and (b) for each Subordinated Note, (x) if such Subordinated Note is being redeemed
in connection with a liquidation of Assets, its proportional share (based on the outstanding principal amount of such Subordinated
Note) of the amount of the proceeds of the Assets remaining after giving effect to the Optional Redemption, Tax Redemption or Clean-Up
Call Redemption of the Secured Debt in whole or after all of the Secured Debt has been repaid in full and payment in full of (and/or
creation of a reserve for) all expenses (including all Aggregate Collateral Management Fees and Administrative Expenses) of the
Issuer or (y) if such Subordinated Note is being redeemed upon the occurrence of a Refinancing of all of the Secured Debt,
the applicable Subordinated Note Redemption Price; provided that, in connection with any Re-Pricing, Tax Redemption, Optional
Redemption or Clean-Up Call Redemption of the Secured Debt in whole, holders of 100% of the Aggregate Outstanding Amount of any
Class of Secured Debt may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the holders
of such Class of Secured Debt, and such price shall be the “Redemption Price”.

 

    -55-

     

    

 

“Reference
Banks”: The meaning specified in the definition of “LIBOR”.

 

“Refinancing”:
A loan or an issuance of replacement securities, whose terms in each case will be negotiated by the Collateral Manager on behalf
of the Issuer, from one or more financial institutions or purchasers to refinance the Debt in connection with an Optional Redemption.

 

“Refinancing
Proceeds”: The Cash proceeds from a Refinancing.

 

“Refinancing
Rate Condition”: With respect to any Refinancing in part by Class of one or more Classes of Secured Debt, a condition
that is satisfied for the related Debt that is to be refinanced by the related replacement obligations when: (x) the obligations
providing the Refinancing shall have the same or lower spread over LIBOR as the Class or Classes of Secured Debt subject to
such Refinancing (measured as of the date of such Refinancing) or (y) the weighted average spread over LIBOR of the replacement
obligations does not exceed the weighted average spread over LIBOR of the Secured Debt subject to such Refinancing; provided
that a Class of Floating Rate Debt may be refinanced with a Class of Fixed Rate Debt and a Class of Fixed Rate Debt
may be refinanced with a Class of Floating Rate Debt if, in the Collateral Manager’s reasonable business judgment, the
interest payable on the replacement obligations providing the Refinancing is anticipated to be lower than the interest that would
have been payable in respect of the Class or Classes being redeemed (determined on a weighted average basis over the expected
life of such Class or Classes) if such Refinancing had not occurred; provided further that, in the case of a Refinancing
of the Class A-1 Debt, the Class A-2 Notes and/or the Class B Notes, the S&P Rating Condition shall be satisfied
with respect to each Class of Secured Debt that remains Outstanding and is not subject to such Refinancing if the obligations
providing the Refinancing with respect to the Class A-1 Debt, the Class A-2 Notes and/or the Class B Notes have
a higher spread over LIBOR than the corresponding Class or Classes of Secured Debt subject to such Refinancing, as applicable.

 

“Regional
Diversity Measure”: As of any date of determination, the number obtained by dividing (a) 1 by (b) the sum of
the squares of the quotients, for each S&P region classification, obtained by dividing (i) the aggregate outstanding principal
balance at such time of all Collateral Obligations (other than Defaulted Obligations) issued by Obligors that belong to such S&P
region classification by (ii) the aggregate outstanding principal balance at such time of all Collateral Obligations (other
than Defaulted Obligations).

 

    -56-

     

    

 

“Register”
and “Registrar”: The respective meanings specified in Section 2.5(a).

 

“Registered”:
In registered form for U.S. federal income tax purposes (or in registered or bearer form if not a “registration-required
obligation” as defined in Section 163(f)(2)(A) of the Code).

 

“Registered
Investment Adviser”: A Person duly registered as an investment adviser in accordance with and pursuant to Section 203
of the Investment Advisers Act.

 

“Regulation S”:
Regulation S, as amended, under the Securities Act.

 

“Regulation
S Global Secured Note”: The meaning specified in Section 2.2(b)(i).

 

“Reinvestment
Balance Criteria”: Criteria that shall be satisfied if, excluding Collateral Obligations being sold but including, without
duplication, the Collateral Obligations being purchased and the anticipated cash proceeds, if any, of such sale that are not applied
to the purchase of such additional Collateral Obligations, either (1) the Investment Criteria Adjusted Balance is maintained
or increased, (2) the Collateral Principal Amount is greater than or equal to the Reinvestment Target Par Balance or (3) the
Aggregate Principal Balance of the Collateral Obligations and Eligible Investments constituting Principal Proceeds is maintained
or increased.

 

“Reinvestment
Period”: The period from and including the Closing Date to and including the earliest of (i) the Payment Date in
November 2022, (ii) the date of the acceleration of the maturity of any Class of Secured Debt pursuant to Section 5.2
and (iii) (A) an Optional Redemption in whole from Sale Proceeds and/or Contributions of Cash pursuant to Section 9.2(a) and
(B) a redemption in whole of the Subordinated Notes pursuant to Section 9.2(c), in each case, in connection with
which all Assets are sold.

 

“Reinvestment
Target Par Balance”: (x) For all purposes other than as set forth in clause (y), the Aggregate Risk Adjusted Par
Amount plus the Aggregate Outstanding Amount of any Additional Debt issued pursuant to Sections 2.13 and 3.2
and the Credit Agreement, or, if greater, the aggregate amount of Principal Proceeds that result from the issuance of such Additional
Debt and (y) for the purposes of determining compliance with Section 12.2(a)(ii) and Section 12.2(a)(iv),
the Reinvestment Balance Criteria, the calculation of the Weighted Average Life Test and the limitations set forth in the definitions
of Discount Obligation and Interest Proceeds and the criteria for the exercise of warrants in Section 10.2(d), as of
any date of determination, the Target Initial Par Amount plus the Aggregate Outstanding Amount of any Additional Debt issued
under and in accordance with this Indenture, or, if greater, the aggregate amount of Principal Proceeds that result from the issuance
of such Additional Debt minus, in the case of each of clause (x) and clause (y), the amount of any reduction in the
Aggregate Outstanding Amount of the Debt through the payment of Principal Proceeds (it being understood that no funding of the
Unfunded Class at an amount that is less than the maximum notional amount of the Unfunded Class shall constitute a reduction
in the Aggregate Outstanding Amount of the Notes for purposes of this definition).

 

    -57-

     

    

 

“Relevant
Member State”: Each member state of the European Economic Area which has implemented the Prospectus Regulation.

 

“Re-Priced
Class”: The meaning specified in Section 9.8.

 

“Re-Pricing”:
The meaning specified in Section 9.8.

 

“Re-Pricing
Date”: The meaning specified in Section 9.8.

 

“Re-Pricing
Intermediary”: The meaning specified in Section 9.8.

 

“Re-Pricing
Rate”: The meaning specified in Section 9.8(a).

 

“Required
Interest Coverage Ratio”: (a) For the Class A-1 Debt, the Class A-2 Notes and the Class B Notes (in
aggregate and not separately by Class), 120.0% and (b) for the Class C Notes, 110.0%.

 

“Required
Overcollateralization Ratio”: (a) For the Class A-1 Debt, the Class A-2 Notes and the Class B Notes
(in aggregate and not separately by Class), 148.7% and (b) for the Class C Notes, the Class C Required Overcollateralization
Ratio.

 

“Resolution”:
With respect to the Issuer, a resolution of the board of directors of the designated manager of the Issuer.

 

“Responsible
Officer”: With respect to any Person, any duly authorized director, officer or manager of such Person with direct responsibility
for the administration of the applicable agreement and also, with respect to a particular matter, any other duly authorized director,
officer or manager of such Person to whom such matter is referred because of such director’s, officer’s or manager’s
knowledge of and familiarity with the particular subject. Each party may receive and accept a certification of the authority of
any other party (which may contain contact information including an email address) as conclusive evidence of the authority of any
Person to act, and such certification may be considered as in full force and effect until receipt by such other party of written
notice to the contrary.

 

“Restricted
Notes”: (i) The Class C Notes, unless and until the Issuer has obtained written advice from Dechert LLP or
an opinion of tax counsel of nationally recognized standing in the United States experienced in such matters that the Class C
Notes will be characterized as indebtedness for U.S. federal income tax purposes, and (ii) the Subordinated Notes.

 

“Restricted
Trading Period”: Each day during which, both: (i) S&P’s rating of the Class A-1 Debt is one or more
subcategories below its initial rating thereof or has been withdrawn (unless it has been reinstated) and (ii) after giving
effect to the applicable sale and reinvestment in Collateral Obligations, the sum of the Aggregate Principal Balance of all Collateral
Obligations (excluding the Collateral Obligations being sold) and all Eligible Investments constituting Principal Proceeds (including,
without duplication, the net proceeds of any such sale) is less than the Reinvestment Target Par Balance; provided however
that a Majority of the Controlling Class may elect to waive the Restricted Trading Period, which waiver will remain in effect
until the earlier of (A) revocation of such waiver by a Majority of the Controlling Class and (B) further downgrade
or withdrawal of the rating of the Class A-1 Debt; provided, further that for purposes of determining clauses (i) and
(ii) above, to the extent any such Class of Secured Debt is on credit watch by S&P with positive implication at the
time of such determination, then such rating will be treated as being one rating subcategory above its rating on such day.

 

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“Retained
Amount”: The meaning specified in the definition of “E.U. Retained Interest”.

 

“Retention
Basis Amount”: On any date of determination, an amount equal to the Collateral Principal Amount on such date with the
following adjustments: (i) Defaulted Obligations shall be included in the Collateral Principal Amount and the principal balances
thereof shall be deemed equal to their respective outstanding principal amounts and (ii) any Equity Security owned by the
Issuer shall be included in the Collateral Principal Amount with a principal balance determined as follows: (a) in the case
of a debt obligation or other debt security, the principal amount outstanding of such obligation or security, (b) in the case
of an equity security received upon a “debt for equity swap” in relation to a restructuring or other similar event,
the principal amount outstanding of the debt which was swapped for the equity security and (c) in the case of any other equity
security, the nominal value thereof as determined by the Collateral Manager.

 

“Retention
Provider”: Golub Capital BDC CLO 4 Depositor LLC, in its capacity as U.S. Retention Provider and the entity that will
hold the Retained Amount.

 

“Retention
Provider Master Loan Sale Agreement”: An agreement, dated as of the Closing Date, among the BDC, as seller, the Retention
Provider, as intermediate seller, and the Issuer, as buyer.

 

“Reuters Screen”:
Reuters Page LIBOR01 (or such other page that may replace that page on such service for the purpose of displaying
comparable rates) as reported by Bloomberg Financial Markets Commodities News as of 11:00 a.m., London time, on the Interest Determination
Date.

 

“Revolver
Funding Account”: The account established pursuant to Section 10.4.

 

“Revolving
Collateral Obligation”: Any Collateral Obligation (other than a Delayed Drawdown Collateral Obligation) that is
a loan (including, without limitation, revolving loans, including funded and unfunded portions of revolving credit lines, unfunded
commitments under specific facilities and other similar loans and investments) that by its terms may require one or more future
advances to be made to the borrower by the Issuer; provided that any such Collateral Obligation will be a Revolving Collateral
Obligation only until all commitments to make advances to the borrower expire or are terminated or irrevocably reduced to zero.

 

“Risk Retention
Issuance”: An additional issuance of Debt directed by the Collateral Manager in connection with a Refinancing or a Re-Pricing
and for purpose of compliance with the U.S. Risk Retention Rules.

 

“Rule 144A”:
Rule 144A, as amended, under the Securities Act.

 

“Rule 144A
Global Secured Note”: The meaning specified in Section 2.2(b)(ii).

 

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“Rule 144A
Global Subordinated Note”: The meaning specified in Section 2.2(b)(ii).

 

“Rule 144A
Information”: The meaning specified in Section 7.15.

 

“Rule 17g-5”:
Rule 17g-5 under the Exchange Act.

 

“S&P”:
S&P Global Ratings, an S&P Global Ratings Inc. business, and any successor or successors thereto.

 

“S&P CDO
Formula Election Date”: The date designated by the Collateral Manager upon at least five Business Days’ prior written
notice to S&P, the Collateral Agent and the Collateral Administrator as the date on which the Issuer will cease to utilize
the S&P CDO Monitor in determining compliance with the S&P CDO Monitor Test.

 

“S&P CDO
Formula Election Period”: (i) The period from the Effective Date until the occurrence of an S&P CDO Monitor
Election Date and (ii) thereafter, any date on and after an S&P CDO Formula Election Date. Only one S&P CDO Formula
Election Date may occur following the Closing Date.

 

“S&P CDO
Monitor”: The dynamic, analytical computer model developed by S&P used to calculate the default frequency in terms
of the amount of debt assumed to default as a percentage of the original principal amount of the Collateral Obligations consistent
with a specified benchmark rating level based upon certain assumptions (including the applicable Weighted Average S&P Recovery
Rate) and S&P’s proprietary corporate default studies, as may be amended by S&P from time to time upon notice to
the Issuer, the Collateral Agent, the Collateral Manager and the Collateral Administrator. The model is available at https://www.sp.sfproducttools.com/sfdist/login.ex.
Each S&P CDO Monitor will be chosen by the Collateral Manager and associated with either (x) a Weighted Average S&P
Recovery Rate and a Weighted Average Floating Spread from Section 2 of Schedule 4 or (y) a Weighted Average S&P
Recovery Rate and a Weighted Average Floating Spread confirmed by S&P, provided, that as of any date of determination
the Weighted Average S&P Recovery Rate for the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding,
the most senior Class of Secured Debt Outstanding) equals or exceeds the Weighted Average S&P Recovery Rate for such Class chosen
by the Collateral Manager and the Weighted Average Floating Spread equals or exceeds the Weighted Average Floating Spread chosen
by the Collateral Manager.

 

“S&P CDO
Monitor Benchmarks”: The S&P Weighted Average Rating Factor, the Default Rate Dispersion, the Obligor Diversity Measure,
the Industry Diversity Measure, the Regional Diversity Measure and the S&P Weighted Average Life.

 

“S&P CDO
Monitor Election Date”: The meaning specified in Section 7.18(f).

 

“S&P CDO
Monitor Election Period”: Any date on and after an S&P CDO Monitor Election Date so long as no S&P CDO Formula
Election Date has occurred since such S&P CDO Monitor Election Date.

 

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“S&P CDO
Monitor Non-Model Adjustments”: For purposes of determining compliance with the S&P CDO Monitor Test in connection
with the Effective Date Report, (a) the Aggregate Funded Spread will be calculated without giving effect to clause (ii) in
the second paragraph thereof and each LIBOR Floor Obligation will be assumed to bear interest at a rate equal to the stated interest
rate spread over the LIBOR-based index for such Collateral Obligation and (b) any Principal Proceeds that may be designated
by the Collateral Manager as Interest Proceeds will be excluded from the Collateral Principal Amount in the calculation of the
Adjusted Class Break-even Default Rate.

 

“S&P CDO
Monitor Test”: The test that is satisfied on any date of determination on and after the Effective Date (and, during any
S&P CDO Monitor Election Period, following receipt by the Collateral Manager of the Class Break-even Default Rates for
each S&P CDO Monitor input file (in accordance with the definition of “Class Break-even Default Rate”))
if, after giving effect to the sale of a Collateral Obligation or the purchase of a Collateral Obligation, the Class Default
Differential of the Proposed Portfolio with respect to the Class A-2 Notes (or, if the Class A-2 Notes are no longer
Outstanding, the most senior Class of Secured Debt Outstanding) is positive. The S&P CDO Monitor Test will be considered
to be improved if each Class Default Differential of the Proposed Portfolio with respect to the Class A-2 Notes (or,
if the Class A-2 Notes are no longer Outstanding, the most senior Class of Secured Debt Outstanding) is greater than
the corresponding Class Default Differential of the Current Portfolio.

 

“S&P Collateral
Value”: With respect to any Defaulted Obligation or Deferring Obligation, the lesser of (i) the S&P Recovery
Amount of such Defaulted Obligation or Deferring Obligation, as of the relevant Measurement Date and (ii) the Market Value
of such Defaulted Obligation or Deferring Obligation as of the relevant Measurement Date.

 

“S&P Distressed
Exchange Offer”: An offer by the issuer of a Collateral Obligation to exchange one or more of its outstanding debt obligations
for a different debt obligation or to repurchase one or more of its outstanding debt obligations for cash, or any combination thereof;
provided that, an offer by such issuer to exchange unregistered debt obligations for registered debt obligations shall not
be considered an S&P Distressed Exchange Offer.

 

“S&P Equivalent
Diversity Score”: A single number that indicates collateral concentration in terms of both issuer and industry concentration,
calculated as set forth in Schedule 5 hereto.

 

“S&P Equivalent
Weighted Average Rating Factor”: The number determined by summing the products obtained by multiplying
the Principal Balance of each Collateral Obligation by its S&P Equivalent Rating Factor, dividing such sum by
the Aggregate Principal Balance of all such Collateral Obligations and then rounding the result up to the nearest
whole number.

 

“S&P Industry
Classification”: The S&P Industry Classifications set forth in Schedule 2 hereto, which industry classifications
may be updated at the option of the Collateral Manager if S&P publishes revised industry classifications.

 

“S&P Rating”:
With respect to any Collateral Obligation, as of any date of determination, the rating determined in accordance with the following
methodology:

 

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		(i)	(a) if there is an issuer credit rating of the issuer of such
Collateral Obligation by S&P as published by S&P, or the guarantor which unconditionally and irrevocably guarantees such
Collateral Obligation pursuant to a form of guaranty that complies with the then-current S&P criteria, then the S&P Rating
shall be such rating (regardless of whether there is a published rating by S&P on the Collateral Obligations of such issuer
held by the Issuer; provided that private ratings (that is, ratings provided at the request of the Obligor) may be used
for purposes of this definition if the related Obligor has consented to the disclosure thereof and a copy of such consent has been
provided to S&P) or (b) if there is no issuer credit rating of the issuer by S&P but (1) there is a senior secured
rating on any obligation or security of the issuer, then the S&P Rating of such Collateral Obligation shall be one sub-category
below such rating; (2) if clause (1) above does not apply, but there is a senior unsecured rating on any obligation or
security of the issuer, the S&P Rating of such Collateral Obligation shall equal such rating; and (3) if neither clause
(1) nor clause (2) above applies, but there is a subordinated rating on any obligation or security of the issuer, then
the S&P Rating of such Collateral Obligation shall be one sub-category above such rating;

 

		(ii)	with respect to any Collateral Obligation that is a DIP Collateral
Obligation, (a) the S&P Rating thereof shall be the credit rating assigned to such issue by S&P, or if such DIP Collateral
Obligation was assigned a point-in-time rating by S&P that was withdrawn, such withdrawn rating may be used for 12 months after
the assignment of such rating, and (b) the Collateral Manager (on behalf of the Issuer) will notify S&P if the Collateral
Manager has actual knowledge of the occurrence of any material amendment or event with respect to such Collateral Obligation that
would, in the reasonable business judgment of the Collateral Manager, have a material adverse impact on the credit quality of such
Collateral Obligation, including any amortization modifications, extensions of maturity, reductions of principal amount owed, or
non-payment of timely interest or principal due;

 

		(iii)	if there is not a rating by S&P on the issuer or on an obligation
of the issuer, then the S&P Rating may be determined pursuant to clauses (a) through (c) below:

 

		(a)	if an obligation of the issuer is publicly rated by Moody’s, then the S&P Rating will
be determined in accordance with the methodologies for establishing the Moody’s Rating set forth above except that the S&P
Rating of such obligation will be (1) one sub-category below the S&P equivalent of the Moody’s Rating if such Moody’s
Rating is “Baa3” or higher and (2) two sub-categories below the S&P equivalent of the Moody’s Rating
if such Moody’s Rating is “Ba1” or lower;

 

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		(b)	the S&P Rating may be based on a credit estimate provided by S&P, and in connection therewith,
the Issuer, the Collateral Manager on behalf of the Issuer or the issuer of such Collateral Obligation shall, prior to or within
30 days after the acquisition of such Collateral Obligation, apply (and concurrently submit all available Information in respect
of such application) to S&P for a credit estimate which shall be its S&P Rating; provided that until the receipt
from S&P of such estimate, such Collateral Obligation shall have an S&P Rating as determined by the Collateral Manager
in its sole discretion if the Collateral Manager certifies to the Collateral Agent that it believes that such S&P Rating determined
by the Collateral Manager is commercially reasonable and will be at least equal to such rating; provided further that, if
such Information is not submitted within such 30-day period, then, pending receipt from S&P of such estimate, the Collateral
Obligation shall have (1) the S&P Rating as determined by the Collateral Manager for a period of up to 90 days after the
acquisition of such Collateral Obligation and (2) an S&P Rating of “CCC-” following such 90-day period; unless,
during such 90-day period, the Collateral Manager has requested the extension of such period and S&P, in its sole discretion,
has granted such request; provided further that, if the Collateral Obligation has had a public rating by S&P that S&P
has withdrawn or suspended within six months prior to the date of such application for a credit estimate in respect of such Collateral
Obligation, the S&P Rating in respect thereof shall be “CCC-” pending receipt from S&P of such estimate, and
S&P may elect not to provide such estimate until a period of six months (or such other period as provided in S&P’s
then-current criteria) have elapsed after the withdrawal or suspension of the public rating; provided further that with
respect to any Collateral Obligation for which S&P has provided a credit estimate, the Collateral Manager (on behalf of the
Issuer) will request that S&P confirm or update such estimate annually (and pending receipt of such confirmation or new estimate,
the Collateral Obligation will have the prior estimate); provided further that such credit estimate shall expire 12 months
after the acquisition of such Collateral Obligation, following which such Collateral Obligation shall have an S&P Rating of
“CCC-” unless, during such 12-month period, the Issuer applies for renewal thereof in accordance with Section 7.14(b) (and
concurrently submits all available Information in respect of such renewal), in which case such credit estimate shall continue to
be the S&P Rating of such Collateral Obligation until S&P has confirmed or revised such credit estimate, upon which such
confirmed or revised credit estimate shall be the S&P Rating of such Collateral Obligation; provided further that such
confirmed or revised credit estimate shall expire on the next succeeding 12-month anniversary of the date of the acquisition of
such Collateral Obligation and (when renewed annually in accordance with Section 7.14(b)) on each 12-month anniversary
thereafter; provided further that the Issuer will submit all available Information in respect of such Collateral Obligation
to S&P notwithstanding that the Issuer is not applying to S&P for a confirmed or updated credit estimate; provided further
that the Issuer will promptly notify S&P of any material events affecting any such Collateral Obligation if the Collateral
Manager reasonably determines that such notice is required in accordance with S&P’s publication on credit estimates titled
“What Are Credit Estimates And How Do They Differ From Ratings?” dated April 2011 (as the same may be amended
or updated from time to time); or

 

		(c)	with respect to a Collateral Obligation that is not a Defaulted Obligation, the S&P Rating
of such Collateral Obligation will at the election of the Issuer (at the direction of the Collateral Manager) be “CCC-;”
provided that (i) neither the issuer of such Collateral Obligation nor any of its Affiliates are subject to any bankruptcy
or reorganization proceedings and (ii) the issuer has not defaulted on any payment obligation in respect of any debt security
or other obligation of the issuer at any time within the two year period ending on such date of determination, all such debt securities
and other obligations of the issuer that are pari passu with or senior to the Collateral Obligation are current and the
Collateral Manager reasonably expects them to remain current; provided that the Issuer will submit all available Information
in respect of such Collateral Obligation to S&P as if the Issuer were applying to S&P for a credit estimate; provided
further that the Issuer will promptly notify S&P of any material events affecting any such Collateral Obligation if the
Collateral Manager reasonably determines that such notice is required in accordance with S&P’s publication on credit
estimates titled “What Are Credit Estimates And How Do They Differ From Ratings?” dated April 2011 (as
the same may be amended or updated from time to time); or

 

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		(iv)	(a) with respect to a DIP Collateral Obligation that has no
issue rating by S&P, the S&P Rating of such DIP Collateral Obligation will be, at the election of the Issuer (at the direction
of the Collateral Manager), “CCC-” or the S&P Rating determined pursuant to clause (iii)(b) above; provided
that the Collateral Manager will provide Information with respect to such DIP Collateral Obligation to S&P, if available and
(b) with respect to a Current Pay Obligation, the S&P Rating of such Current Pay Obligation will be, at the election of
the Issuer (at the direction of the Collateral Manager), “CCC” or the S&P Rating determined pursuant to clause
(iii)(b) above; provided that, in the case of each of clauses (a) and (b), the Collateral Manager may not determine
such S&P Rating pursuant to clause (iii)(b)(1) above;

 

provided that
for purposes of the determination of the S&P Rating, (x) if the applicable rating assigned by S&P to an obligor or
its obligations is on “credit watch positive” by S&P, such rating will be treated as being one sub-category above
such assigned rating and (y) if the applicable rating assigned by S&P to an obligor or its obligations is on “credit
watch negative” by S&P, such rating will be treated as being one sub-category below such assigned rating; provided
further that, for purposes of the determination of the S&P Rating, if (x) the issuer or Obligor of any Collateral
Obligation was a debtor under Chapter 11, during which time such issuer, Obligor or Selling Institution, as applicable, or any
of its obligations (including any Collateral Obligation) either had an S&P rating of “SD” or “CC” or
lower from S&P or had an S&P rating that was withdrawn by S&P and (y) such issuer, Obligor or Selling Institution,
as applicable, is no longer a debtor under Chapter 11, then, notwithstanding the fact that such issuer, Obligor or Selling Institution,
as applicable, or any of its obligations (including any Collateral Obligation) continues to have an S&P rating of “SD”
or “CC” or lower from S&P (or, in the case of any withdrawal, continues to have no S&P rating), the S&P
Rating for any such obligation (including any Collateral Obligation), issuer, Obligor or Selling Institution, as applicable, shall
be deemed to be “CCC-”, so long as S&P has not taken any rating action with respect thereto since the date on which
the issuer, Obligor or Selling Institution, as applicable, ceased to be a debtor under Chapter 11; provided further that,
(i) if any issuer, Obligor or Selling Institution, as applicable, has not exited the applicable bankruptcy proceeding and
(ii) the applicable rating assigned by S&P to such issuer, Obligor or Selling Institution, as applicable, or any of its
obligations (including any Collateral Obligation) has been withdrawn, then the S&P Rating for such issuer, Obligor or Selling
Institution, as applicable, or any of its obligations (including any Collateral Obligation) shall be deemed to be such withdrawn
S&P rating, so long as S&P has not taken any rating action with respect thereto since the date on which such S&P rating
was withdrawn. For all purposes hereunder, a Collateral Obligation will not be deemed to have an “SD” rating if the
sole cause of such rating is related to the deferral of interest or principal payments thereunder and such Collateral Obligation
is a Current Pay Obligation.

 

“S&P Rating
Condition”: With respect to any action taken or to be taken by or on behalf of the Issuer, a condition that is satisfied
if S&P has confirmed in writing (including by means of electronic message, facsimile transmission, press release or posting
to its internet website) to the Issuer, the Trustee, the Collateral Administrator and the Collateral Manager (unless in the form
of a press release or posted to its internet website that does not require the Issuer and the Collateral Agent to be identified
as addressees) that no immediate withdrawal or reduction with respect to its then-current rating by S&P of any Class of
Secured Debt will occur as a result of such action; provided that such rating condition shall be deemed inapplicable with
respect to such event or circumstance if (i) S&P has given notice to the effect that it will no longer review events or
circumstances of the type requiring satisfaction of the S&P Rating Condition for purposes of evaluating whether to confirm
the then-current ratings (or initial ratings) of obligations rated by S&P; or (ii) S&P has communicated to the Issuer,
the Collateral Manager or the Collateral Agent (or their counsel) that it will not review such event or circumstance for purposes
of evaluating whether to confirm the then-current ratings (or Initial Ratings) of the Debt. In the event that S&P no longer
rates any Class of Debt, the S&P Rating Condition shall not apply to such Class.

 

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“S&P Equivalent
Rating Factor”: With respect to each Collateral Obligation, the number set forth in the table below opposite the S&P
Rating for such Collateral Obligation:

 

	S&P Rating	 	S&P Equivalent Rating 

Factor
	AAA	 	1
	AA+	 	10
	AA	 	20
	AA-	 	40
	A+	 	70
	A	 	120
	A-	 	180
	BBB+	 	260
	BBB	 	360
	BBB-	 	610
	BB+	 	940
	BB	 	1,350
	BB-	 	1,766
	B+	 	2,220
	B	 	2,720
	B-	 	3,490
	CCC+	 	4,770
	CCC	 	6,500
	CCC-	 	8,070
	CC+ or lower	 	10,000

 

“S&P Rating
Factor”: With respect to each Collateral Obligation, the number set forth in the table below opposite the S&P Rating
for such Collateral Obligation:

 

	S&P Rating	 	S&P Rating Factor
	AAA	 	13.51
	AA+	 	26.75
	AA	 	46.36
	AA-	 	63.90
	A+	 	99.50
	A	 	146.35
	A-	 	199.83
	BBB+	 	271.01
	BBB	 	361.17
	BBB-	 	540.42
	BB+	 	784.92
	BB	 	1233.63
	BB-	 	1565.44
	B+	 	1982.00
	B	 	2859.50
	B-	 	3610.11
	CCC+	 	4641.40
	CCC	 	5293.00
	CCC-	 	5751.10
	CC or lower	 	10000.00
	SD	 	10000.00
	D	 	10000.00

 

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“S&P Recovery
Amount”: With respect to any Collateral Obligation, an amount equal to:

 

(a)  the applicable
S&P Recovery Rate; multiplied by

 

(b)  the Principal
Balance of such Collateral Obligation.

 

“S&P Recovery
Rate”: With respect to a Collateral Obligation, the recovery rate set forth in Section 1 of Schedule 4 using
the Initial Rating of the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding, the most senior Class of
Secured Debt Outstanding) at the time of determination.

 

“S&P Recovery
Rating”: With respect to a Collateral Obligation for which an S&P Recovery Rate is being determined, the “Recovery
Rating” assigned by S&P to such Collateral Obligation based upon the tables set forth in Schedule 4 hereto.

 

“S&P Weighted
Average Life”: As of any date of determination with respect to all Collateral Obligations other than Defaulted Obligations,
the number of years following such date obtained by dividing (a) the sum of the products of (i) the number of
years (rounded to the nearest one-hundredth thereof) from such date of determination to the stated maturity of each such Collateral
Obligation multiplied by (ii) the outstanding principal balance of such Collateral Obligation by (b) the aggregate
remaining principal balance at such time of all Collateral Obligations other than Defaulted Obligations.

 

“S&P Weighted
Average Rating Factor”: The number determined by:

 

(a)  summing the
products of (i) the Principal Balance of each Collateral Obligation (excluding Defaulted Obligations and Equity Securities)
multiplied by (ii) the S&P Rating Factor of such Collateral Obligation and

 

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(b)  dividing
such sum by the Principal Balance of all such Collateral Obligations.

 

“Sale”:
The meaning specified in Section 5.17(a).

 

“Sale Proceeds”:
All proceeds (excluding accrued interest, if any) received with respect to Assets as a result of sales of such Assets in accordance
with Article XII less any reasonable expenses incurred by the Collateral Manager, the Collateral Administrator,
the Collateral Agent or the Trustee (other than amounts payable as Administrative Expenses) in connection with such sales.
Sale Proceeds will include Principal Financed Accrued Interest received in respect of such sale.

 

“Schedule of
Collateral Obligations”: The schedule of Collateral Obligations attached as Schedule 1 hereto, which schedule
shall include the issuer, Principal Balance, coupon/spread, the stated maturity, the S&P Rating (unless such rating is based
on a credit estimate or is a private or confidential rating from the Rating Agency) and the S&P Industry Classification for
each Collateral Obligation and the percentage of the aggregate commitment under each Revolving Collateral Obligation and Delayed
Drawdown Collateral Obligation that is funded, as amended from time to time (without the consent of or any action on the part of
any Person) to reflect the release of Collateral Obligations pursuant to Article X hereof, the inclusion of additional
Collateral Obligations pursuant to Section 7.18 hereof and the inclusion of additional Collateral Obligations
as provided in Section 12.2 hereof.

 

“Scheduled
Distribution”: With respect to any Collateral Obligation, each payment of principal and/or interest scheduled to be made
by the related Obligor under the terms of such Collateral Obligation (determined in accordance with the assumptions specified in
Section 1.3 hereof) after the related Cut-Off Date, as adjusted pursuant to the terms of the related Underlying Instruments.

 

“Screen Rate”:
The meaning specified in the definition of “LIBOR”.

 

“Second Lien
Loan”: Any assignment of or Participation Interest in a Loan that: (a) is not (and cannot by its terms become) subordinate
in right of payment to any other obligation of the Obligor of the Loan but which is subordinated (with respect to liquidation preferences
with respect to pledged collateral but subject to exceptions for customary permitted liens) to a Senior Secured Loan of the obligor;
and (b) is secured by a valid second-priority perfected security interest or lien in, to or on specified collateral securing
the Obligor’s obligations under the Second Lien Loan the value of which is adequate (in the commercially reasonable judgment
of the Collateral Manager) to repay the Loan in accordance with its terms and to repay all other Loans of equal or higher seniority
secured by a lien or security interest in the same collateral.

 

“Section 13
Banking Entity”: An entity that (i) is defined as a “banking entity” under the Volcker Rule regulations
(Section __.2(c)), (ii) provides written certification that it is a “banking entity” under the Volcker Rule regulations
(Section __.2(c)) thereof to the Issuer and the Trustee (which, in connection with a supplemental indenture pursuant to this
Indenture, shall be provided within 7 days of notice of such supplemental indenture) upon which the Trustee, the Loan Agent and
the Issuer may conclusively rely, and (iii) identifies the Class or Classes of Debt held by such entity and the outstanding
principal amount thereof. Any holder that does not provide such certification in connection with a supplemental indenture will
be deemed for purposes of such supplemental indenture not to be a Section 13 Banking Entity. If no entity provides such certification,
then no Section 13 Banking Entities will be deemed to exist for purposes of any required consent or action under this Indenture.
Any beneficial owner of an interest in a Global Note which has provided a written certification as described above as to its status
as a Section 13 Banking Entity shall provide prompt written notice to the Issuer, the Collateral Manager and the Trustee of
any transfer of such interests.

 

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“Secured Debt”:
The Class A-1-L Loans and the Secured Notes.

 

“Secured Notes”:
The Class A-1 Notes, the Class A-2 Notes, the Class B Notes and the Class C Notes.

 

“Secured Obligations”:
The meaning specified in the Granting Clauses.

 

“Secured Parties”:
The meaning specified in the Granting Clauses.

 

“Securities
Account Control Agreement”: The Securities Account Control Agreement dated as of the Closing Date between the Issuer,
the Collateral Agent and Deutsche Bank Trust Company Americas, as custodian.

 

“Securities
Act”: The United States Securities Act of 1933, as amended.

 

“Securities
Intermediary”: The meaning specified in Section 8-102(a)(14) of the UCC.

 

“Securitization
Regulation”: The meaning specified in the definition of “E.U. Securitization Laws”.

 

“Security
Entitlement”: The meaning specified in Section 8-102(a)(17) of the UCC.

 

“Selling Institution”:
The entity obligated to make payments to the Issuer under the terms of a Participation Interest.

 

“Senior Secured
Bond”: A debt security (that is not a loan) that is (a) issued by a corporation, limited liability company, partnership
or trust and (b) secured by a valid first priority perfected security interest on specified collateral (other than with respect
to liquidation, trade claims, capitalized leases or similar obligations).

 

“Senior Secured
Debt Instrument”: The meaning specified in Schedule 4 hereto.

 

“Senior Secured
Loan”: Any assignment of or Participation Interest in a Loan that: (a) is not (and cannot by its terms become) subordinate
in right of payment to any other obligation of the Obligor of the Loan (other than with respect to liquidation, trade claims, capitalized
leases or similar obligations); (b) is secured by a valid first-priority perfected security interest or lien in, to or on
specified collateral securing the Obligor’s obligations under the Loan; and (c) the value of the collateral securing
the Loan at the time of purchase together with other attributes of the Obligor (including, without limitation, its general financial
condition, ability to generate cash flow available for debt service and other demands for that cash flow) is adequate (in
the commercially reasonable judgment of the Collateral Manager) to repay the Loan in accordance with its terms and to repay
all other Loans of equal seniority secured by a first lien or security interest in the same collateral.

 

    -68-

     

    

 

“Senior Secured
Note”: Any assignment of or Participation Interest in or other interest in a senior secured note issued pursuant to an
indenture or equivalent document by a corporation, partnership, limited liability company, trust or other Person, bearing interest
at a floating rate and that is secured by a pledge of collateral and has a senior pre-petition priority (including pari passu with
other obligations of the Obligor, but subject to customary permitted liens, such as, but not limited to, any tax liens, liquidation,
trade claims, capitalized leases or similar obligations) in any bankruptcy, reorganization, arrangement, insolvency, moratorium
or liquidation proceedings.

 

“Senior Syndicated
Secured Loan”: A Senior Secured Loan with a total loan-to-value of not greater than 75% that in the case of an event
of default under the applicable Underlying Instrument, the lenders thereunder will be paid after one or more Syndicated Tranches.
For the avoidance of doubt, a Senior Syndicated Secured Loan is not a First-Lien Last-Out Loan.

 

“Similar Law”:
Any federal, state, local, non-U.S. or other law or regulation that could cause the underlying assets of the Issuer to be treated
as assets of the investor in any Debt (or any interest therein) by virtue of its interest and thereby subject the Issuer or the
Collateral Manager (or other Persons responsible for the investment and operation of the Issuer’s assets) to Other Plan Law.

 

“Special Redemption”:
The meaning specified in Section 9.6.

 

“Special Redemption
Amount”: The meaning specified in Section 9.6.

 

“Special Redemption
Date”: The meaning specified in Section 9.6.

 

“Specified
Equity Securities”: The securities or interests resulting from the exercise of an option, warrant, right of conversion,
pre-emptive right, rights offering, credit bid or similar right in connection with the workout or restructuring of a Collateral
Obligation or an equity security or interest received in connection with the workout or restructuring of a Collateral Obligation,
in each case to the extent such security or interest does not constitute Margin Stock and that in the reasonable judgment of the
Collateral Manager would be considered “received in lieu of debt previously contracted” with respect to the Collateral
Obligations under the Volcker Rule.

 

“Specified
Obligor Information”: The meaning specified in Section 14.15(b).

 

“STAMP”:
The meaning specified in Section 2.5.

 

“Standby Directed
Investment”: JPM USD Liquidity LVNAV Institutional (dist.) (103813712) or such other Eligible Investment designated by
the Issuer (or the Collateral Manager on behalf of the Issuer) by written notice to the Trustee.

 

“Stated Maturity”:
With respect to (i) the Secured Debt, November 5, 2032 and (ii) the Subordinated Notes, August 26, 2120.

 

    -69-

     

    

 

“Step-Down
Obligation”: An obligation or security which by the terms of the related Underlying Instruments provides for a decrease
in the per annum interest rate on such obligation or security (other than by reason of any change in the applicable index
or benchmark rate used to determine such interest rate) or in the spread over the applicable index or benchmark rate, solely as
a function of the passage of time; provided that an obligation or security providing for payment of a constant rate of interest
at all times after the date of acquisition by the Issuer shall not constitute a Step-Down Obligation.

 

“Step-Up Obligation”:
An obligation or security which by the terms of the related Underlying Instruments provides for an increase in the per annum
interest rate on such obligation or security, or in the spread over the applicable index or benchmark rate, solely as a function
of the passage of time; provided that an obligation or security providing for payment of a constant rate of interest at
all times after the date of acquisition by the Issuer shall not constitute a Step-Up Obligation.

 

“Structured
Finance Obligation”: Any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing
ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed
securities; provided that any ABL Facility and loans directly to financial service companies, factoring businesses, health
care providers and other genuine operating businesses do not constitute Structured Finance Obligations.

 

“Subordinated
Note Purchase Agreement”: Each of the agreements to be entered into between the Issuer and the Retention Provider and
between the Issuer and GC Advisors LLC, each as amended from time to time in accordance with the terms thereof.

 

“Subordinated
Note Redemption Price”: The price for such Subordinated Note, as determined by the Collateral Manager on or about the
date of a Refinancing, equal to the following: (a) amounts on deposit in the Principal Collection Subaccount, the Interest
Collection Subaccount and the Revolver Funding Account immediately prior to such Refinancing plus (b) an amount equal
to the sum of the products of (x) the average of the “bid” and “ask” price for each Collateral Obligation
held by the Issuer (as determined in the sole discretion of the Collateral Manager) and (y) the principal balance of each
such Collateral Obligation (excluding solely for purposes of this definition the unfunded commitments under any Revolving Collateral
Obligation or Delayed Drawdown Collateral Obligation) plus (c) an amount equal to the sum of the products of (x) the
average of the “bid” and “ask” price of each Revolving Collateral Obligation and Delayed Drawdown Collateral
Obligation minus 100% and (y) the unfunded commitments under each Revolving Collateral Obligation and Delayed Drawdown
Collateral Obligation plus (d) an amount equal to the accrued interest on the Collateral Obligations (other than Defaulted
Obligations) held by the Issuer immediately prior to such Refinancing plus (e) the sum of the “fair market values”
(as determined in the sole discretion of the Collateral Manager) of each Asset not included in clauses (a) through (d) above
minus (f) the Redemption Prices of the Secured Notes minus (g) any fees and expenses incurred in connection
with such Refinancing and the associated supplemental indenture that are allocable to the redemption of the applicable Debt as
determined by the Collateral Manager.

 

    -70-

     

    

 

“Subordinated
Notes”: The subordinated notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3.

 

“Successor
Entity”: The meaning specified in Section 7.10(a).

 

“Supermajority”:
With respect to any Class of Debt, the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of the Debt of such
Class.

 

“Supplemental
Reserve Account”: The trust account established pursuant to Section 10.3(e).

 

“Syndicated
Tranche”: With respect to any loan, a senior secured facility incurred by the Obligor of such loan that is prior in right
of payment to such loan (a) so long as the outstanding principal balance and unfunded commitments of such facility does not
exceed 25% of the sum of (x) the outstanding principal balance of the loan, plus (y) the outstanding principal
balance and unfunded commitments of such revolving facility, plus (z) the outstanding principal balance of any other
debt for borrowed money incurred by such Obligor that is pari passu with such loan and (b) which (i) have a leverage
ratio of not greater than 1.5x or (ii) have a loan-to-value of not greater than 17.5%.

 

“Synthetic
Security”: A security or swap transaction, other than a Participation Interest, that has payments associated with either
payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation.

 

“Target Initial
Par Amount”: U.S.$300,000,000.

 

“Target Initial
Par Condition”: A condition satisfied (I) as of the Effective Date or (II) with respect to any Designated Unused
Proceeds or Designated Principal Proceeds after the Effective Date and on or prior to the Determination Date related to the second
Payment Date, on the date of such designation if the Aggregate Principal Balance of Collateral Obligations (i) that are held
by the Issuer and (ii) of which the Issuer has committed to purchase on such date, together with (a) any unreceived Principal
Financed Accrued Interest, (b) the amount of any proceeds of prepayments, maturities or redemptions of Collateral Obligations
purchased by the Issuer prior to such date (other than any such proceeds that have been reinvested, or committed to be reinvested,
in Collateral Obligations by the Issuer on the Effective Date) and (c) without duplication of clause (a) or (b) above,
amounts designated as Principal Proceeds and transferred to the Collection Account (other than any such amounts that have been
reinvested or committed to be reinvested in Collateral Obligations, by the Issuer on the Effective Date), will equal or exceed
the Target Initial Par Amount; provided that for purposes of this definition, any Defaulted Obligation shall be treated
as having a principal balance equal to its S&P Collateral Value.

 

“Tax”:
Any tax, levy, impost, duty, charge, assessment, deduction, withholding, or fee of any nature (including interest, penalties and
additions thereto) imposed by any governmental taxing authority.

 

    -71-

     

    

 

“Tax Event”:
An event that occurs if either (i) (x) one or more Collateral Obligations that were not subject to withholding tax when
the Issuer committed to purchase them have become subject to withholding tax or the rate of withholding has increased on one or
more Collateral Obligations that were subject to withholding tax when the Issuer committed to purchase them and (y) in any
Collection Period, the aggregate of the payments subject to withholding tax on new withholding tax obligations and the increase
in payments subject to withholding tax on increased rate withholding tax obligations, in each case to the extent not “grossed-up”
(on an after-tax basis) by the related obligor, represent 5% or more of the aggregate amount of Interest Proceeds that have been
received or that is expected to be received for such Collection Period; or (ii) taxes, fees, assessments, or other similar
charges are imposed on the Issuer in an aggregate amount in any twelve-month period in excess of U.S.$2,000,000, other than any
deduction or withholding for or on account of any tax with respect to any payment owing in respect of any obligation that at the
time of acquisition, conversion, or exchange does not satisfy the requirements of a Collateral Obligation.

 

Notwithstanding anything
in this Indenture, the Collateral Manager shall give the Trustee prompt written notice of the occurrence of a Tax Event upon its
discovery thereof. Until the Trustee receives written notice from the Collateral Manager or otherwise, the Trustee shall not be
deemed to have notice or knowledge to the contrary.

 

“Tax Jurisdiction”:
A sovereign jurisdiction that is commonly used as the place of organization of special purpose vehicles (including, by way of example,
the Cayman Islands, Ireland, Bermuda, Curaçao, St. Maarten and the Channel Islands).

 

“Third Party
Credit Exposure”: As of any date of determination, the sum (without duplication) of the outstanding Principal Balance
of each Collateral Obligation that consists of a Participation Interest.

 

“Third Party
Credit Exposure Limits”: Limits that shall be satisfied if the Third Party Credit Exposure with counterparties having
the ratings below from S&P do not exceed the percentage of the Collateral Principal Amount specified below:

 

	S&P’s credit rating of
 Selling Institution	 	Aggregate
 Percentage
 Limit	 	 	Individual
 Percentage
 Limit	 
	AAA	 	 	20	%	 	 	20	%
	AA+	 	 	10	%	 	 	10	%
	AA	 	 	10	%	 	 	10	%
	AA-	 	 	10	%	 	 	10	%
	A+	 	 	5	%	 	 	5	%
	A	 	 	5	%	 	 	5	%
	A- or below	 	 	0	%	 	 	0	%

 

provided that a Selling Institution
having an S&P credit rating of “A” must also have a short-term S&P rating of “A-1” otherwise its
“Aggregate Percentage Limit” and “Individual Percentage Limit” (each as shown above) shall be 0%.

 

“Tax Matters
Partner”: The meaning specified in Section 7.17(k).

 

“Tax Redemption”:
The meaning specified in Section 9.3(a).

 

    -72-

     

    

 

“Temporary
Regulation S Global Secured Note”: The meaning specified in Section 2.2(b)(i).

 

“Trading Gains”:
In respect of any Collateral Obligation which is repaid, prepaid, redeemed or sold, any excess of (a) the Principal Proceeds
and Sale Proceeds received in respect thereof over (b) the greater of (1) the principal balance thereof (where for such
purpose “principal balance” shall be determined as set out in the definition of Retention Basis Amount) and (2) an
amount equal to the purchase price thereof (expressed as a percentage of par) multiplied by the principal balance (where
for such purpose “principal balance” shall be determined as set out in the definition of Retention Basis Amount), in
each case net of (i) any expenses incurred in connection with any repayment, prepayment, redemption or sale thereof, and (ii) in
the case of a sale of such Collateral Obligation, any interest accrued but not paid thereon which has not been capitalized as principal
and included in the sale price thereof.

 

“Trading Plan”:
The meaning specified in Section 12.2(b).

 

“Trading Plan
Period”: The meaning specified in Section 12.2(b).

 

“Transaction
Documents”: This Indenture, the Collateral Management Agreement, the Collateral Administration Agreement, the Credit
Agreement, the Securities Account Control Agreement, the Subordinated Note Purchase Agreements, the Purchase Agreement and the
Master Loan Sale Agreements.

 

“Transfer
Agent”: The Person or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the transfer
of Debt.

 

“Transfer
Deposit Amount”: On any date of determination with respect to any Collateral Obligation, an amount equal to the sum of
the outstanding principal balance of such Collateral Obligation, together with accrued interest thereon through such date of determination,
and in connection with any Collateral Obligation which is a Revolving Collateral Obligation or a Delayed Drawdown Collateral Obligation,
an amount equal to the Net Exposure Amount thereof as of the applicable Cut-Off Date.

 

“Treasury
Regulations”: The United States Department of Treasury regulations promulgated under the Code.

 

“Trustee”:
The meaning specified in the first sentence of this Indenture.

 

“UCC”:
The Uniform Commercial Code as in effect in the State of New York or, if different, the political subdivision of the United States
that governs the perfection of the relevant security interest, as amended from time to time.

 

“Uncertificated
Secured Note”: The meaning specified in Section 2.2(b)(vi).

 

“Uncertificated
Security”: The meaning specified in Section 8-102(a)(18) of the UCC.

 

“Underlying
Instruments”: The loan agreement, credit agreement or other customary agreement pursuant to which an Asset has been created
or issued and each other agreement that governs the terms of or secures the obligations represented by such Asset or of which the
holders of such Asset are the beneficiaries.

 

    -73-

     

    

 

 

“Unfunded
Class”: The Class C Notes until the occurrence of the Funding Date.

 

“Unfunded
Class Funding”: The one-time funding by the holders of the Unfunded Class of an amount not to exceed the notional
amount of the Unfunded Class specified in the table set forth in Section 2.3 by payment by such holders or their
nominee to the Issuer, by wire transfer, in immediately available funds according to the payment instructions set forth in the
Unfunded Class Funding Notice and in accordance with the terms of this Indenture.

 

“Unfunded
Class Funding Notice”: The meaning specified in Section 2.14(c).

 

“Unfunded
Class Non-Call Period”: Such non-call period, if any, established for the Unfunded Class as set forth in the
Unfunded Class Funding Notice delivered in accordance with the terms of this Indenture. For the avoidance of doubt, if no
Unfunded Class Non-Call Period is in effect, the Unfunded Class may be redeemed or re-priced as if the Unfunded Class Non-Call
Period had ended.

 

“United States
Tax Person”: A “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“Unregistered
Securities”: The meaning specified in Section 5.17(c).

 

“Unsaleable
Asset”: (a) Any Defaulted Obligation (during the continuation of an Event of Default only), Equity Security, obligation
received in connection with a tender offer, voluntary redemption, exchange offer, conversion, restructuring or plan of reorganization
with respect to the Obligor, or other exchange or any other security or debt obligation that is part of the Assets, in respect
of which the Issuer has not received a payment in Cash during the preceding 12 months or (b) any asset, claim or other property
identified in a certificate of the Collateral Manager as having a Market Value of less than U.S.$1,000, in each case with respect
to which the Collateral Manager certifies to the Collateral Agent that (x) it has made commercially reasonable efforts to
dispose of such Collateral Obligation for at least 90 days and (y) in its commercially reasonable judgment such Collateral
Obligation is not expected to be saleable for the foreseeable future.

 

“Unsecured
Loan”: A senior unsecured Loan obligation of any Person which is not (and by its terms is not permitted to become) subordinate
in right of payment to any other debt for borrowed money incurred by the obligor under such Loan.

 

“U.S. Person”
and “U.S. person”: The meanings specified in Regulation S.

 

“U.S. Retention
Interest”: The “eligible horizontal residual interest” offset, transferred and allocated to the U.S. Retention
Provider by the Collateral Manager (as the “sponsor” for purposes of the U.S. Risk Retention Rules).

 

“U.S. Retention
Provider”: On the Closing Date, Golub Capital BDC CLO 4 Depositor LLC, and thereafter any successor, assignee or transferee
thereof or any Person permitted under the U.S. Risk Retention Rules to hold the U.S. Retention Interest.

 

    -74-

     

    

 

“U.S. Risk
Retention Rules”: The federal interagency credit risk retention rules, codified at 17 C.F.R. part 246.

 

“Volcker
Rule”: Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations
thereunder.

 

“Weighted
Average Coupon”: As of any Measurement Date, the number obtained by dividing:

 

(a)            the
amount equal to the Aggregate Coupon; by

 

(b)            an
amount equal to the aggregate outstanding principal balance of all Fixed Rate Obligations as of such Measurement Date.

 

“Weighted
Average Floating Spread”: As of any Measurement Date, the number obtained by dividing: (a) the amount equal
to (A) the Aggregate Funded Spread plus (B) the Aggregate Unfunded Spread by (b) an amount equal
to the aggregate outstanding principal balance of all Floating Rate Obligations as of such Measurement Date.

 

“Weighted
Average Life”: On any date of determination with respect to any Collateral Obligation (other than any Defaulted Obligation),
the number obtained by (a) summing the products obtained by multiplying (i) the Average Life at such time
of each such Collateral Obligation by (ii) the outstanding principal balance of such Collateral Obligation and (b) dividing
such sum by the aggregate outstanding principal balance at such time of all Collateral Obligations (excluding any Defaulted
Obligation); provided, that when determining the Weighted Average Life of the Collateral Obligations for the Weighted Average
Life Test the Issuer and the Collateral Manager shall only take into account that portion of the aggregate outstanding principal
balance that is equal to or less than the product of (1) the Reinvestment Target Par Balance and (2) 100.25% (using
the Collateral Obligations that will result in the shortest Weighted Average Life) and the outstanding aggregate principal balance
of all other Collateral Obligations may be excluded from the calculation thereof.

 

For the purposes of
the foregoing, the “Average Life” is, on any date of determination with respect to any Collateral Obligation,
the quotient obtained by dividing (i) the sum of the products of (a) the number of years (rounded to the
nearest one hundredth thereof) from such date of determination to the respective dates of each successive Scheduled Distribution
of principal of such Collateral Obligation and (b) the respective amounts of principal of such Scheduled Distributions by
(ii) the sum of all successive Scheduled Distributions of principal on such Collateral Obligation.

 

“Weighted
Average Life Test”: A test satisfied on any date of determination if the Weighted Average Life of the Collateral Obligations
as of such date is less than or equal to the value in the column entitled “Weighted Average Life Value” in the table
below corresponding to the immediately preceding Payment Date (or, prior to the first Payment Date, the Closing Date):

 

    -75-

     

    

 

	Weighted
    Average Life Value
	Closing Date	 	8.00
	February 5, 2021	 	7.56
	May 5, 2021	 	7.31
	August 5, 2021	 	7.06
	November 5, 2021	 	6.81
	February 5, 2022	 	6.56
	May 5, 2022	 	6.31
	August 5, 2022	 	6.06
	November 5, 2022	 	5.81
	February 5, 2023	 	5.56
	May 5, 2023	 	5.31
	August 5, 2023	 	5.06
	November 5, 2023	 	4.81
	February 5, 2024	 	4.56
	May 5, 2024	 	4.31
	August 5, 2024	 	4.06
	November 5, 2024	 	3.81
	February 5, 2025	 	3.56
	May 5, 2025	 	3.31
	August 5, 2025	 	3.06
	November 5, 2025	 	2.81
	February 5, 2026	 	2.56
	May 5, 2026	 	2.31
	August 5, 2026	 	2.06
	November 5, 2026	 	1.81
	February 5, 2027	 	1.56
	May 5, 2027	 	1.31
	August 5, 2027	 	1.06
	November 5, 2027	 	0.81
	February 5, 2028	 	0.56
	May 5, 2028	 	0.31
	August 5, 2028	 	0.06
	November 5, 2028 (and thereafter)	 	0.00

 

“Weighted
Average S&P Recovery Rate”: As of any date of determination, the number, expressed as a percentage and determined
separately for each Class of Secured Debt, obtained by summing the products obtained by multiplying the Principal
Balance of each Collateral Obligation by its corresponding S&P Recovery Rate, dividing such sum by the Aggregate Principal
Balance of all Collateral Obligations, and rounding to the nearest tenth of a percent.

 

“Zero Coupon
Bond”: Any debt security that by its terms (a) does not bear interest for all or part of the remaining period that
it is outstanding, (b) provides for periodic payments of interest in cash less frequently than semi-annually or (c) pays
interest only at its stated maturity.

 

Section 1.2             Usage
of Terms. With respect to all terms in this Indenture, the singular includes the plural and the plural the singular;
words importing any gender include the other genders; references to “writing” include printing, typing, lithography
and other means of reproducing words in a visible form; references to agreements and other contractual instruments include all
amendments, modifications and supplements thereto or any changes therein entered into in accordance with their respective terms
and not prohibited by this Indenture; references to Persons include their permitted successors and assigns; and the term “including”
means “including without limitation.”

 

    -76-

     

    

 

For the avoidance
of doubt, unless expressly stated otherwise, references herein to (i) the “redemption” of Debt shall be understood
to refer, in the case of the Class A-1-L Loans, to the repayment of the Class A-1-L Loans by the Issuer pursuant to
the Credit Agreement, (ii) references to the “issuance” of Debt or to the “execution,” “authentication”
and/or “delivery” of Debt shall be understood to refer, in the case of the Class A-1-L Loans, to the incurrence
of the Class A-1-L Loans by the Issuer pursuant to the Credit Agreement and this Indenture and (iii) in all instances
where any notice is to be delivered to the Loan Agent, there shall be an implied duty that such notice be promptly delivered or
made available by the Loan Agent to the Class A-1-L Lenders.

 

Section 1.3            Assumptions
as to Assets. In connection with all calculations required to be made pursuant to this Indenture with respect to Scheduled
Distributions on any Asset, or any payments on any other assets included in the Assets, with respect to the sale of and reinvestment
in Collateral Obligations, and with respect to the income that can be earned on Scheduled Distributions on such Assets and on
any other amounts that may be received for deposit in the Collection Account, the provisions set forth in this Section 1.3
shall be applied. The provisions of this Section 1.3 shall be applicable to any determination or calculation that
is covered by this Section 1.3, whether or not reference is specifically made to Section 1.3, unless some
other method of calculation or determination is expressly specified in the particular provision.

 

(a)           All
calculations with respect to Scheduled Distributions on the Assets securing the Debt shall be made on the basis of information
as to the terms of each such Asset and upon reports of payments, if any, received on such Asset that are furnished by or on behalf
of the issuer of such Asset and, to the extent they are not manifestly in error, such information or reports may be conclusively
relied upon in making such calculations.

 

(b)           For
purposes of calculating the Coverage Tests, except as otherwise specified in the Coverage Tests, such calculations will not include
scheduled interest and principal payments on Defaulted Obligations unless or until such payments are actually made.

 

(c)           For
each Collection Period and as of any date of determination, the Scheduled Distribution on any Asset (including Current Pay Obligations
and DIP Collateral Obligations but excluding Defaulted Obligations, which, except as otherwise provided herein, shall be assumed
to have a Scheduled Distribution of zero, except to the extent any payments have actually been received) shall be the sum
of (i) the total amount of payments and collections to be received during such Collection Period in respect of such Asset
(including the proceeds of the sale of such Asset received and, in the case of sales which have not yet settled, to be received
during the Collection Period and not reinvested in additional Collateral Obligations or Eligible Investments or retained in the
Collection Account for subsequent reinvestment pursuant to Section 12.2) that, if received as scheduled, will
be available in the Collection Account at the end of the Collection Period and (ii) any such amounts received by the Issuer
in prior Collection Periods that were not disbursed on a previous Payment Date.

 

    -77-

     

    

 

(d)           Each
Scheduled Distribution receivable with respect to a Collateral Obligation shall be assumed to be received on the applicable Due
Date, and each such Scheduled Distribution shall be assumed to be immediately deposited in the Collection Account to earn interest
at the Assumed Reinvestment Rate. All such funds shall be assumed to continue to earn interest until the date on which they are
required to be available in the Collection Account for application, in accordance with the terms hereof, to payments of principal
of or interest on the Debt or other amounts payable pursuant to this Indenture. For purposes of the applicable determinations
required by Section 10.7(b)(v), Article XII and the definition of “Interest Coverage Ratio”,
the expected interest on the Secured Debt and Floating Rate Obligations will be calculated using the then current interest rates
applicable thereto.

 

(e)           References
in Section 11.1(a) to calculations and determinations made on a “pro forma basis” or to the
extent such Class of Notes is the “Controlling Class” shall mean such calculations and determinations after giving
effect to all payments, in accordance with the Priority of Payments described herein, that precede (in priority of payment) or
include the clause in which such calculation is made.

 

(f)            For
purposes of calculating all Concentration Limitations, in both the numerator and the denominator of any component of the Concentration
Limitations, Defaulted Obligations will be treated as having a Principal Balance equal to the Defaulted Obligation Balance.

 

(g)           If
a Collateral Obligation included in the Assets would be deemed a Current Pay Obligation but for the applicable percentage limitation
in the proviso to clause (x) of the proviso to the definition of “Defaulted Obligation”, then the Current Pay
Obligations with the lowest Market Value (expressed as a percentage of the outstanding principal balance of such Current Pay Obligations
as of the date of determination) shall be deemed Defaulted Obligations. Each such Defaulted Obligation will be treated as
a Defaulted Obligation for all purposes until such time as the Aggregate Principal Balance of Current Pay Obligations would not
exceed, on a pro forma basis including such Defaulted Obligation, the applicable percentage of the Collateral Principal
Amount.

 

(h)           Except
where expressly referenced herein for inclusion in such calculations, Defaulted Obligations will not be included in the calculation
of the Collateral Quality Tests, the S&P Equivalent Weighted Average Rating Factor or the S&P Equivalent Diversity Score.

 

(i)            For
purposes of calculating compliance with the Investment Criteria, upon the direction of the Collateral Manager by notice to the
Collateral Agent and the Collateral Administrator, any Eligible Investment representing Principal Proceeds received upon the sale
or other disposition of a Collateral Obligation shall be deemed to have the characteristics of such Collateral Obligation as of
the date of such sale or other disposition until reinvested in an additional Collateral Obligation. Such calculations shall be
based upon the principal amount of such Collateral Obligation, except in the case of Defaulted Obligations and Credit Risk Obligations,
in which case the calculations will be based upon the Principal Proceeds received on the disposition or sale of such Defaulted
Obligation or Credit Risk Obligation.

 

    -78-

     

    

 

(j)            For
purposes of calculating compliance with each of the Concentration Limitations all calculations will be rounded to the nearest
0.1%. All other calculations, unless otherwise set forth herein or the context otherwise requires, shall be rounded to
the nearest ten-thousandth if expressed as a percentage, and to the nearest one-hundredth if expressed otherwise.

 

(k)           Except
as expressly set forth in this Indenture, the “principal balance” and “outstanding principal balance”
of a Revolving Collateral Obligation or a Delayed Drawdown Collateral Obligation shall include all unfunded commitments that have
not been irrevocably reduced or withdrawn.

 

(l)            Notwithstanding
any other provision of this Indenture to the contrary, all monetary calculations under this Indenture and the Credit Agreement
shall be in Dollars.

 

(m)          Any
reference herein to an amount of the Trustee’s, the Collateral Agent’s, the Loan Agent’s or the Collateral Administrator’s
fees calculated with respect to a period at a per annum rate shall be computed on the basis of the actual number of days
in the applicable Interest Accrual Period divided by 360 and shall be based on the aggregate face amount of the Assets.

 

(n)           To
the extent of any ambiguity in the interpretation of any definition or term contained herein or in the Credit Agreement or to
the extent more than one methodology can be used to make any of the determinations or calculations set forth herein, the Collateral
Manager may direct the Collateral Administrator or the Collateral Administrator may request direction from the Collateral Manager,
as to the interpretation and/or methodology to be used, and the Collateral Administrator shall follow such direction, and together
with the Trustee, the Collateral Agent and the Loan Agent shall be entitled to conclusively rely thereon without any responsibility
or liability therefor.

 

(o)           For
purposes of calculating the Collateral Quality Tests, DIP Collateral Obligations will be treated as having an S&P Recovery
Rate equal to the S&P Recovery Rate for Senior Secured Loans.

 

(p)           For
purposes of calculating compliance with any tests under this Indenture, the trade date (and not the settlement date) with respect
to any acquisition or disposition of a Collateral Obligation or Eligible Investment shall be used to determine whether and when
such acquisition or disposition has occurred.

 

(q)           For
all purposes where expressly used in this Indenture, the “principal balance” and “outstanding principal balance”
shall exclude capitalized interest, if any.

 

(r)            For
the purposes of the definition of Collateral Obligation, the reference to the “purchase” of an obligation shall include
the purchase of an obligation with cash, the receipt of an obligation by the Issuer in connection with a Contribution and the
receipt of a new obligation in connection with the redemption and re-issuance of an obligation in a cashless roll where the redemption
proceeds with respect to the Collateral Obligation being redeemed are “rolled” into the new obligation.

 

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(s)           For
purposes of calculating the Sale Proceeds of a Collateral Obligation in sale transactions, Sale Proceeds will include any Principal
Financed Accrued Interest received in respect of such sale.

 

(t)           Any
direction or Issuer Order required hereunder relating to the purchase, acquisition, sale, disposition or other transfer of Assets
may be in the form of a trade ticket, confirmation of trade, instruction to post or to commit to the trade or similar instrument
or document or other written instruction (including by email or other electronic communication) from the Collateral Manager on
which the Trustee, the Collateral Agent and Collateral Administrator may rely.

 

(u)           To
the fullest extent permitted by applicable law and notwithstanding anything to the contrary contained in this Indenture, whenever
herein the Collateral Manager is permitted or required to make a decision in its “sole discretion,” “reasonable
discretion” or “discretion” or under a grant of similar authority or latitude, the Collateral Manager shall
be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or
obligation to give any consideration to any interest of or factors affecting the Issuer, Holders or any other Person. The intent
of granting authority to act in its “discretion” to the Collateral Manager is that no other express consent of another
party is required to be obtained by the Collateral Manager when acting pursuant to such grant of authority under this Indenture;
provided that any action taken pursuant to such grant of discretion is consistent with the legal, contractual and fiduciary duties
owed by the Collateral Manager.

 

(v)           Notwithstanding
anything herein to the contrary, a debt obligation or security may be acquired by the Issuer without regard as to whether it is
“received in lieu of debts previously contracted” (or any similar standard) on or after the Permitted Securities Date.

 

(w)          Notwithstanding
anything herein to the contrary, after the Permitted Securities Date, the Collateral Manager may, in its sole discretion, instruct
the Issuer not to comply with the LSE.

 

ARTICLE II

 

The
Notes

 

Section 2.1            Forms
Generally. The Notes and the Trustee’s or Authenticating Agent’s certificate of authentication thereon
(the “Certificate of Authentication”) shall be in substantially the forms required by this Article, with
such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon, as may be consistent
herewith, determined by the Responsible Officers of the Issuer executing such Notes as evidenced by their execution of such Notes.
Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face
of the Note.

 

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Section 2.2            Forms
of Notes. (a) The forms of the Notes, including the forms of Certificated Secured Notes, Certificated Subordinated
Notes, Temporary Regulation S Global Secured Notes, Regulation S Global Secured Notes, Rule 144A Global Secured Notes
and Rule 144A Global Subordinated Notes, shall be as set forth in the applicable part of Exhibit A hereto.

 

(b)           Secured
Notes and Subordinated Notes.

 

(i)            The
Notes of each Class of Secured Notes (other than Class C Notes issued on the Closing Date) sold to Qualified Purchasers
that are not U.S. persons in offshore transactions (as defined in Regulation S) in reliance on Regulation S shall each be
issued initially in the form of one temporary global Secured Note per Class in definitive, fully registered form without
interest coupons substantially in the applicable form attached as Exhibit A-1 hereto (each, a “Temporary
Regulation S Global Secured Note”), which shall be deposited on the Closing Date on behalf of the purchasers of such
Notes represented thereby with the Trustee, at its applicable Corporate Trust Office, as custodian for, and registered in the
name of a nominee of, DTC for the account of designated agents holding on behalf of Euroclear and/or Clearstream. Prior to the
end of the Distribution Compliance Period, beneficial interests in each Temporary Regulation S Global Secured Note may be held
only through Euroclear or Clearstream. After the expiration of the Distribution Compliance Period, beneficial interests in a Temporary
Regulation S Global Secured Note shall be exchanged for an interest in one permanent global note per Class in definitive,
fully registered form without interest coupons substantially in the applicable form attached as Exhibit A-1 hereto
(each, a “Regulation S Global Secured Note”), and shall be deposited on behalf of the subscribers for such
Notes represented thereby with the Trustee as custodian for, and registered in the name of a nominee of, DTC for the respective
accounts of Euroclear and Clearstream, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided. During
the Distribution Compliance Period, distributions due in respect of a beneficial interest in a Temporary Regulation S Global Secured
Note shall only be made upon delivery to the Trustee by Euroclear or Clearstream, as applicable, of a certificate (a “Non-U.S.
Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream, as applicable, has received a certificate
substantially in the Form of Exhibit B-7 hereto. After the expiration of the Distribution Compliance Period,
distributions due in respect of any beneficial interests in a Temporary Regulation S Global Secured Note shall not be made to
the holders of such beneficial interests unless exchange for a beneficial interest in the Regulation S Global Secured Note is
improperly withheld or refused.

 

    -81-

     

    

 

(ii)           The
Notes of each Class (other than the Class C Notes issued on the Closing Date) sold to Persons that are QIB/QPs shall
each be issued initially in the form of one permanent global Secured Note per Class in definitive, fully registered form
without interest coupons substantially in the applicable form attached as Exhibit A-1 hereto, in the case of the Secured
Notes (each, a “Rule 144A Global Secured Note”) and in the form of one permanent global Subordinated Note
in definitive, fully registered form without interest coupons substantially in the applicable form attached as Exhibit A-2
hereto, in the case of the Subordinated Notes (each, a “Rule 144A Global Subordinated Note”) and shall
be deposited on behalf of the subscribers for such Notes represented thereby with the Trustee as custodian for, and registered
in the name of Cede & Co., a nominee of, DTC, duly executed by the Issuer and authenticated by the Trustee as hereinafter
provided.

 

(iii)          The
Secured Notes (other than the Class C Notes issued on the Closing Date) sold to persons that, at the time of the acquisition,
purported acquisition or proposed acquisition of any such Secured Note, are Institutional Accredited Investors (that are not Qualified
Institutional Buyers) and Qualified Purchasers (or a corporation, partnership, limited liability company or other entity (other
than a trust), each shareholder, partner, member or other equity owner of which is a Qualified Purchaser) shall be issued in the
form of definitive, fully registered notes without coupons substantially in the applicable form attached as Exhibit A-3
hereto (a “Certificated Secured Note”) which shall be registered in the name of the beneficial owner
or a nominee thereof, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided.

 

(iv)          The
Subordinated Notes sold to U.S. Persons that are Accredited Investors (that are not Qualified Institutional Buyers) and either
Qualified Purchasers, Knowledgeable Employees with respect to the Issuer, Collateral Manager, or a corporation, partnership, limited
liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is either
a Qualified Purchaser or a Knowledgeable Employee with respect to the Issuer or the Collateral Manager and shall be issued
in the form of definitive, fully registered notes without coupons substantially in the form attached as Exhibit A-4
hereto (each, a “Certificated Subordinated Note” and, together with the Certificated Secured Notes, “Certificated
Notes”) which shall be registered in the name of the beneficial owner or a nominee thereof, duly executed by the
Issuer and authenticated by the Trustee as hereinafter provided.

 

(v)           The
aggregate principal amount of the Regulation S Global Secured Notes, the Rule 144A Global Secured Notes and the Rule 144A
Global Subordinated Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee or
DTC or its nominee, as the case may be, as hereinafter provided.

 

(vi)          The
Class C Notes shall be issued to (i) non-U.S. persons in offshore transactions in reliance on Regulation S under the
Securities Act that are Qualified Purchasers or (ii) Persons that are both (x) Qualified Institutional Buyers or (y) Institutional
Accredited Investors and, in the case of (x) and (y) above, (a) Qualified Purchasers or (b) any corporation,
partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity
owner of which is a Qualified Purchaser, in each case in uncertificated, fully registered form (each, an “Uncertificated
Secured Note”), evidenced by entry in the Register, which shall be registered in the name of the beneficial owner or
a nominee thereof (other than in the name of a Clearing Agency or its nominee). The Trustee shall provide to the beneficial owner,
promptly after the registration of the Uncertificated Secured Note in the Register by the Registrar, a confirmation of registration
substantially in the form of Exhibit A-5 hereto (each, a “Confirmation of Registration”).

 

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(vii)         Except
as otherwise expressly provided herein:

 

(A)            Uncertificated
Secured Notes registered in the name of a Person shall be considered “held” by such Person for all purposes under
this Indenture.

 

(B)            With
respect to any Uncertificated Secured Note, (x) references herein to authentication and delivery of a Note shall be deemed
to refer to creation of an entry for such Note in the Register and registration of such Note in the name of the owner, (y) references
herein to cancellation of a Note shall be deemed to refer to deregistration of such Note and (z) references herein to the
date of authentication of a Note shall refer to the date of registration of such Note in the Register in the name of the owner
thereof.

 

(C)            References
to execution of Notes by the Issuer, to surrender of Notes and to presentment of Notes shall be deemed not to refer to Uncertificated
Secured Notes.

 

(D)            Section 2.6
shall not apply to any Uncertificated Delayed Draw Notes.

 

(E)            The
Register shall be conclusive evidence of the ownership of an Uncertificated Secured Note.

 

(c)           Book
Entry Provisions. This Section 2.2(c) shall apply only to Global Secured Notes deposited with or on behalf
of DTC.

 

The provisions of
the “Operating Procedures of the Euroclear System” of Euroclear and the “Terms and Conditions Governing Use
of Participants” of Clearstream, respectively, will be applicable to the Global Secured Notes and the Rule 144A Global
Subordinated Notes insofar as interests in such Global Secured Notes and Rule 144A Global Subordinated Notes are held by
the Agent Members of Euroclear or Clearstream, as the case may be.

 

Agent Members and
owners of beneficial interests in Global Notes shall have no rights under this Indenture with respect to any Global Secured Notes
or Rule 144A Global Subordinated Notes held on their behalf by the Trustee, as custodian for DTC, and DTC may be treated
by the Issuer, the Trustee, and any agent of the Issuer or the Trustee as the absolute owner of such Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee, or any agent of the Issuer or the Trustee
from giving effect to any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its
Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Note.

 

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Section 2.3            Authorized
Amount; Stated Maturity; Denominations. The aggregate principal amount of Secured Debt and Subordinated Notes that
may be authenticated and delivered under this Indenture and incurred pursuant to the Credit Agreement is limited to U.S.$330,355,000
aggregate principal amount of Debt (except for (i) Debt authenticated and delivered upon registration of transfer of, or
in exchange for, or in lieu of, other Debt pursuant to Section 2.5, Section 2.6 or Section 8.5 of
this Indenture or (ii) Additional Debt issued in accordance with Sections 2.13 and 3.2).

 

Such Debt shall be
divided into the Classes, having the designations, original principal amounts and other characteristics as follows:

 

Debt

 

	Class

    Designation	 	A-1-L	 	A-12	 	A-2	 	B	 	C3	 	Subordinated
	Original
    Principal Amount	 	 U.S.$	20,000,000	 	 U.S.$	137,500,000	 	 U.S.$	10,500,000	 	 U.S.$	21,000,000	 	 U.S.$	33,000,000	 	 U.S.$	108,355,000
	Stated
    Maturity	 	 	November 5,
    2032	 	 	November 5,
    2032	 	 	November 5,
    2032	 	 	November 5,
    2032	 	 	November 5,
    2032	 	 	August 26,
    2120
	Interest
    Rate1	 	 	LIBOR
    + 2.35%	 	 	LIBOR
    + 2.35%	 	 	LIBOR
    + 2.75%	 	 	LIBOR
    + 3.20%	 	 	LIBOR
    + 3.65%4	 	 	N/A
	Fixed
    Rate Note	 	 	No	 	 	No	 	 	No	 	 	No	 	 	No	 	 	N/A
	Floating
    Rate Note	 	 	Yes	 	 	Yes	 	 	Yes	 	 	Yes	 	 	Yes	 	 	N/A
	Initial
    S&P Rating	 	 	“AAA(sf)”	 	 	“AAA(sf)”	 	 	“AAA(sf)”	 	 	“AA(sf)”	 	 	“A(sf)”	 	 	N/A
	Priority
    Classes	 	 	None	 	 	None	 	 	A-1-L,
    A-1	 	 	A-1-L,
    A-1, A-2	 	 	A-1-L,
    A-1, A-2, B	 	 	A-1-L,
    A-1, A-2, B, C
	Pari
    Passu Classes	 	 	A-1	 	 	A-1-L	 	 	None	 	 	None	 	 	None	 	 	None
	Junior
    Classes	 	 	A-2,
    B, C,
 Subordinated	 	 	A-2,
    B, C,
 Subordinated	 	 	B,
    C, 
 Subordinated	 	 	C,

    Subordinated	 	 	Subordinated	 	 	None
	Interest
    Deferrable	 	 	No	 	 	No	 	 	No	 	 	No	 	 	Yes	 	 	N/A

 

 

		1	The spread over LIBOR for each Class of
                                         Secured Notes (other than the Class A-1 Debt) is subject to reduction pursuant to
                                         Section 9.8.

 

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		2	To account for the Conversion Option
                                         available to the Class A-1-L Lenders, the Class A-1 Notes issued in the form
                                         of Global Secured Notes shall be issued in an amount of up to $157,500,000.

		3	On the Closing Date, the Issuer will
                                         issue the Unfunded Class (the Class C Notes) to the initial holder(s) thereof.
                                         The initial principal amount of the Class C Notes set forth in the table above is
                                         a notional amount representing the maximum principal amount of such Unfunded Class and
                                         is undrawn on and as of the Closing Date. On the Funding Date, the principal amount of
                                         the Class C Notes will be set forth in the Unfunded Class Funding Notice in
                                         an amount not to exceed the initial principal amount set forth in the table above. The
                                         Class C Notes will not be “Outstanding” on the Closing Date, and except
                                         for purposes of transfers of Notes prior to the Funding Date (if any) will have an initial
                                         Aggregate Outstanding Amount of zero until such time as the applicable Funding Date (if
                                         any) occurs pursuant to Section 2.14.

		4	The spread for the Class C Notes
                                         will be set in connection with the Funding Date (if any); provided that the spread
                                         will not be greater than the spread specified above.

 

The Secured Debt (other
than the Class C Notes) shall be issued in minimum denominations of U.S.$250,000 and integral multiples of U.S.$1.00 in excess
thereof. The Class C Notes will be issued in Minimum Denominations of U.S.$500,000 and integral multiples of U.S.$1.00 in
excess thereof. The Subordinated Notes shall be issued in minimum denominations of U.S.$4,950,000 and integral multiples of U.S.$1.00
in excess thereof. Notes shall only be transferred or resold in compliance with the terms of this Indenture.

 

Section 2.4            Execution,
Authentication, Delivery and Dating. The Notes shall be executed on behalf of the Issuer by one of its respective Officers.
The signature of such Officer on the Notes may be manual or facsimile.

 

Notes bearing the
manual or facsimile signatures of individuals who were at the time of execution the Officers of the Issuer shall bind the Issuer
notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Notes or did not hold such offices at the date of issuance of such Notes.

 

At any time and from
time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Trustee
or the Authenticating Agent for authentication and the Trustee or the Authenticating Agent, upon Issuer Order (which shall be
deemed to be provided upon delivery of such executed Notes), shall authenticate and deliver such Notes as provided herein and
not otherwise.

 

Each Note authenticated
and delivered by the Trustee or the Authenticating Agent upon Issuer Order on the Closing Date shall be dated as of the Closing
Date. All other Notes that are authenticated after the Closing Date for any other purpose under this Indenture shall be dated
the date of their authentication.

 

Notes issued upon
transfer, exchange or replacement of other Notes shall be issued in authorized denominations reflecting the original aggregate
principal amount of the Notes so transferred, exchanged or replaced, but shall represent only the current outstanding principal
amount of the Notes so transferred, exchanged or replaced. If any Note is divided into more than one Note in accordance with this
Article II, the original principal amount of such Note shall be proportionately divided among the Notes delivered
in exchange therefor and shall be deemed to be the original aggregate principal amount of such subsequently issued Notes.

 

No Note shall be entitled
to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a Certificate
of Authentication, substantially in the form provided for herein, executed by the Trustee or by the Authenticating Agent by the
manual signature of one of their authorized signatories, and such certificate upon any Note shall be conclusive evidence, and
the only evidence, that such Note has been duly authenticated and delivered hereunder.

 

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Section 2.5            Registration,
Registration of Transfer and Exchange. (a) The Issuer shall cause the Notes to be Registered and shall cause to
be kept a register (the “Register”) at the office of the Trustee in which, subject to such reasonable
regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes.
The Trustee is hereby initially appointed registrar (the “Registrar”) for the purpose of registering Notes
and transfers of such Notes with respect to the Register maintained in the United States as herein provided. Upon any resignation
or removal of the Registrar, the Issuer shall promptly appoint a successor or, in the absence of such appointment, assume the
duties of Registrar.

 

If a Person other
than the Trustee is appointed by the Issuer as Registrar, the Issuer will give the Trustee prompt written notice of the appointment
of a Registrar and of the location, and any change in the location, of the Register, and the Trustee shall have the right to inspect
the Register at all reasonable times and to obtain copies thereof and the Trustee shall have the right to rely upon a certificate
executed on behalf of the Registrar by an Officer thereof as to the names and addresses of the Holders of the Notes and the principal
or face amounts and numbers of such Notes. Upon written request at any time the Registrar shall provide to the Issuer, the Collateral
Manager, the Initial Purchaser or any Holder a current list of Holders as reflected in the Register.

 

Subject to this Section 2.5,
upon surrender for registration of transfer of any Notes at the office or agency of the Issuer to be maintained as provided in
Section 7.2, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of any authorized denomination and of a like aggregate principal or face amount.
At any time, the Issuer, the Collateral Manager or the Initial Purchaser may request a list of Holders from the Trustee.

 

In addition, the Issuer,
the Trustee and the Collateral Manager shall be entitled to rely conclusively upon any certificate of ownership provided to the
Trustee by a beneficial owner of a Note (including a Beneficial Ownership Certificate) and/or other forms of reasonable evidence
of such ownership as to the names and addresses of such beneficial owner and the Classes, principal amounts and CUSIP numbers
of Notes beneficially owned thereby. At any time, upon request of the Issuer, the Collateral Manager or the Initial Purchaser,
the Trustee shall provide such requesting Person a copy of each Beneficial Ownership Certificate that the Trustee has received;
provided, however, the Trustee shall have no obligation or duty to verify information with respect to such Beneficial Ownership
Certificate and shall only be required to retain copies of such documents presented to it.

 

At the option of the
Holder, Notes may be exchanged for Notes of like terms, in any authorized denominations and of like aggregate principal amount,
upon surrender of the Notes to be exchanged at such office or agency. Whenever any Note is surrendered for exchange, the Issuer
shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive.

 

All Notes issued and
authenticated upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing
the same debt (to the extent they evidence debt), and entitled to the same benefits under this Indenture as the Debt surrendered
upon such registration of transfer or exchange.

 

    -86-

     

    

 

Every Note presented
or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer
in a form reasonably satisfactory to the Registrar, duly executed by the Holder thereof or such Holder’s attorney duly authorized
in writing with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Securities Transfer Agents 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 Exchange Act.

 

No service charge
shall be made to a Holder for any registration of transfer or exchange of Notes, but the Trustee may require payment of a sum
sufficient to cover any transfer, tax or other governmental charge payable in connection therewith. The Registrar or the Trustee
shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signatures of the transferor
and transferee.

 

(b)            No
Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or transfer
is exempt from the registration requirements of the Securities Act, is exempt from the registration requirements under applicable
state securities laws and will not cause the Issuer to become subject to the requirement that it register as an investment company
under the 1940 Act.

 

(c)            No
transfer of any Subordinated Note (or any interest therein) will be effective if after giving effect to such transfer 25% or more
of the Aggregate Outstanding Amount of the Subordinated Notes would be held by Persons who have represented that they are Benefit
Plan Investors. For purposes of these calculations and all other calculations required by this sub-section, (A) any Notes
of the Issuer held by a Person (other than a Benefit Plan Investor) who is a Controlling Person, the Trustee, the Collateral Manager,
the Retention Provider, the Initial Purchaser or any of their respective affiliates (other than those interests held by a Benefit
Plan Investor) shall be disregarded and not treated as Outstanding and (B) an “affiliate” of a Person shall include
any Person, directly or indirectly through one or more intermediaries, controlling, controlled by or under common control with
the Person, and “control” with respect to a Person other than an individual shall mean the power to exercise a controlling
influence over the management or policies of such Person. The Trustee shall be entitled to rely exclusively upon the information
set forth in the face of the transfer certificates received pursuant to the terms of this Section 2.5 and only Notes
that a Bank Officer of the Trustee actually knows to be so held shall be so disregarded. In addition, no Rule 144A Global
Subordinated Notes (other than Rule 144A Global Subordinated Notes (x) purchased from the Issuer as part of the initial
offering on the Closing Date or (y) transferred to accounts managed by the Collateral Manager or its affiliates (other than
any Benefit Plan Investor) following the Closing Date with the consent of the Issuer and the Collateral Manager) may be held by
or transferred to a Benefit Plan Investor or Controlling Person and each beneficial owner of an interest in a Rule 144A Global
Subordinated Note acquiring its interest in the Subordinated Notes in the initial offering on the Closing Date shall provide to
the Issuer a written certification in the form of Exhibit B-5 attached hereto.

 

    -87-

     

    

 

(d)            Each
subsequent transferee of a Note, by acceptance of such Note or an interest in such Note, shall be deemed to have agreed to comply
with Section 2.12.

 

(e)            Notwithstanding
anything contained herein to the contrary, neither the Trustee nor the Collateral Agent shall be responsible for ascertaining
whether any transfer complies with, or for otherwise monitoring or determining compliance with, the registration provisions of
or any exemptions from the Securities Act, applicable state securities laws or the applicable laws of any other jurisdiction,
ERISA, the Code, the 1940 Act, or the terms hereof; provided that if a certificate is specifically required by the terms
of this Section 2.5 to be provided to the Trustee by a prospective transferor or transferee, the Trustee shall be
under a duty to receive and examine the same to determine whether or not the certificate substantially conforms on its face to
the applicable requirements of this Indenture and shall promptly notify the party delivering the same and the Issuer if such certificate
does not comply with such terms.

 

(f)            Transfers
of Uncertificated Secured Notes shall only be made in accordance with Section 2.2(b) and this Section 2.5(f).

 

(i)            Transfer
of Uncertificated Secured Notes. If a Holder of an Uncertificated Secured Note wishes at any time to, or is required to, transfer
such security, such Uncertificated Secured Note may be transferred upon receipt by the Registrar of (A) a request for issuance
of an Uncertificated Secured Note, substantially in the form of Exhibit G; (B) a representation letter substantially
in the form of Exhibit B-10 executed by the transferee, which representation letter shall be forwarded to the Issuer
and the Collateral Manager; and (C) written consent to such transfer from each of the Collateral Manager and the Issuer.
The Registrar shall record the transfer in the Register in accordance with Section 2.5(a), and the Trustee shall deliver
a Confirmation of Registration to the transferee or transferees.

 

(ii)            Exchange
of Notes of the Unfunded Class.

 

(A)            Upon
the Unfunded Class Funding by a Holder of an Uncertificated Secured Note, (x) such Unfunded Class Funding shall,
in accordance with terms of Section 2.14 and subject to the requirements of this Section 2.5(f)(ii), be
evidenced by a Class C Note having a principal amount equal to the Funded Amount, which Class C Note may be a Certificated
Secured Note or, provided that such Holder is eligible to hold a beneficial interest therein, a Global Secured Note, as requested
by the Holder of such Uncertificated Secured Note (and, if in the form of a Global Secured Note, upon receipt of a request to
approve an increase in the principal amount thereof pursuant to the applicable DTC procedures) and (y) the Registrar shall
reduce the remaining unfunded notional amount of such Holder’s Uncertificated Secured Notes by an amount equal to the Funded
Amount.

 

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(B)            Upon
receipt of (i) written instructions from such Holder, in the form of Exhibit G, setting forth the CUSIP and/or
ISIN numbers of each Class C Note so funded, the Funded Amount and the form of Secured Note to evidence such Unfunded Class Funding
and (ii) if such Secured Note is to be issued in global form, (x) instructions given in accordance with Euroclear, Clearstream
or DTC’s procedures, as the case may be, from an Agent Member to instruct DTC to cause to be credited a beneficial interest
in the applicable global note in an amount equal to such Unfunded Class Funding, and (y) a written order given in accordance
with DTC’s procedures containing information regarding the participant’s account at DTC and/or Euroclear or Clearstream
to be credited with such increase, the Registrar shall (1) in the case of a Certificated Secured Note, notify the Issuer,
who shall execute the Certificated Secured Note, and the Trustee shall authenticate and deliver such Certificated Secured Note
registered in the name specified in the written instructions received pursuant to clause (i) above, in the principal amounts
designated by the applicable Holder and in an Authorized Denomination, (2) in the case of a Global Secured Note, confirm
the instructions at DTC to increase the principal amount of the applicable Global Secured Note by Funded Amount, and to credit
or cause to be credited to the securities account of the Person specified in such instructions a beneficial interest in such Global
Secured Note equal to the amount specified in the written instructions received pursuant to clause (i) above and (3) deliver
a Confirmation of Registration to the Holder reflecting the remaining notional amount of the Holder’s Uncertificated Secured
Note as reduced by an amount equal to Funded Amount; provided that such Holder must deliver the certificates or representation
letters that would be required pursuant to Section 2.5 from a transferee or exchanging holder of the applicable Class of
Secured Notes.

 

(iii)            No
Uncertificated Secured Notes may be transferred without the prior written consent of the Collateral Manager and the Issuer and
any transfer without such consent will be void ab initio.

 

(g)            Transfers
of Global Secured Notes shall only be made in accordance with Section 2.2(b) and this Section 2.5(g).

 

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(i)            Rule 144A
Global Secured Note to Temporary Regulation S Global Secured Note or Regulation S Global Secured Note. If a holder of a beneficial
interest in a Rule 144A Global Secured Note deposited with DTC wishes at any time to exchange its interest in such Rule 144A
Global Secured Note for, during the Distribution Compliance Period, an interest in a corresponding Temporary Regulation S Global
Secured Note, or after the Distribution Compliance Period, to transfer its interest in such Rule 144A Global Secured Note
to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Secured Note,
such holder (provided that such holder or, in the case of a transfer, the transferee is a Qualified Purchaser that is not
a U.S. person and is acquiring such interest in an offshore transaction (as defined in Regulation S)) may, subject to the immediately
succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of, such
interest for an equivalent beneficial interest in the corresponding Temporary Regulation S Global Secured Note or Regulation S
Global Secured Note, as applicable. Upon receipt by the Registrar of (A) instructions given in accordance with DTC’s
procedures from an Agent Member directing the Registrar to credit or cause to be credited a beneficial interest in the corresponding
Temporary Regulation S Global Secured Note or Regulation S Global Secured Note, as applicable, but not less than the minimum denomination
applicable to such holder’s Notes, in an amount equal to the beneficial interest in the Rule 144A Global Secured Note
to be exchanged or transferred, (B) a written order given in accordance with DTC’s procedures containing information
regarding the participant account of DTC and the Euroclear or Clearstream account to be credited with such increase, (C) a
certificate in the form of Exhibit B-1 attached hereto given by the holder of such beneficial interest stating that
the exchange or transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global
Secured Notes, including that the holder or the transferee, as applicable, is a Qualified Purchaser that is not a U.S. person,
and is acquiring such interest in an offshore transaction pursuant to and in accordance with Regulation S and (D) a
written certification in the form of Exhibit B-7 attached hereto given by the transferee in respect of such beneficial
interest stating, among other things, that such transferee is a Qualified Purchaser that is not a U.S. person purchasing such
beneficial interest in an offshore transaction pursuant to Regulation S, then the Registrar shall approve the instructions
at DTC to reduce the principal amount of the Rule 144A Global Secured Note and to increase the principal amount of the Temporary
Regulation S Global Secured Note or the Regulation S Global Secured Note, as applicable, by the aggregate principal amount of
the beneficial interest in the Rule 144A Global Secured Note to be exchanged or transferred, and to credit or cause to be
credited to the securities account of the Agent Member specified in such instructions a beneficial interest in the corresponding
Temporary Regulation S Global Secured Note or Regulation S Global Secured Note, as applicable, equal to the reduction in the principal
amount of the Rule 144A Global Secured Note.

 

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(ii)            Temporary
Regulation S Global Secured Note or Regulation S Global Secured Note to Rule 144A Global Secured Note. If a holder of
a beneficial interest in, during the Distribution Compliance Period, a Temporary Regulation S Global Secured Note or, after the
Distribution Compliance Period, a Regulation S Global Secured Note, as applicable, deposited with DTC wishes at any time to exchange
its interest in such Temporary Regulation S Global Secured Note or Regulation S Global Secured Note, as applicable, for an interest
in the corresponding Rule 144A Global Secured Note or to transfer its interest in such Temporary Regulation S Global Secured
Note or such Regulation S Global Secured Note, as applicable, to a Person who wishes to take delivery thereof in the form of an
interest in the corresponding Rule 144A Global Secured Note, such holder may, subject to the immediately succeeding sentence
and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the
exchange or transfer of, such interest for an equivalent beneficial interest in the corresponding Rule 144A Global Secured
Note. Upon receipt by the Registrar of (A) instructions from Euroclear, Clearstream and/or DTC, as the case may be, directing
the Registrar to cause to be credited a beneficial interest in the corresponding Rule 144A Global Secured Note in an amount
equal to the beneficial interest in such Temporary Regulation S Global Secured Note or such Regulation S Global Secured Note,
as applicable, but not less than the minimum denomination applicable to such holder’s Notes to be exchanged or transferred,
such instructions to contain information regarding the participant account with DTC to be credited with such increase, (B) a
certificate in the form of Exhibit B-3 attached hereto given by the holder of such beneficial interest and stating,
among other things, that, in the case of a transfer, the Person transferring such interest in such Temporary Regulation S Global
Secured Note or such Regulation S Global Secured Note, as applicable, reasonably believes that the Person acquiring such interest
in a Rule 144A Global Secured Note is a Qualified Purchaser and a Qualified Institutional Buyer, is obtaining such beneficial
interest in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of
any state of the United States or any other jurisdiction and (C) a written certification in the form of Exhibit B-6
attached hereto given by the transferee in respect of such beneficial interest stating, among other things, that such transferee
is a Qualified Institutional Buyer and a Qualified Purchaser, then the Registrar will approve the instructions at DTC to reduce,
or cause to be reduced, the Temporary Regulation S Global Secured Note or the Regulation S Global Secured Note, as applicable,
by the aggregate principal amount of the beneficial interest in the Temporary Regulation S Global Secured Note or the Regulation
S Global Secured Note, as applicable, to be transferred or exchanged and the Registrar shall instruct DTC, concurrently with such
reduction, to credit or cause to be credited to the securities account of the Agent Member specified in such instructions a beneficial
interest in the corresponding Rule 144A Global Secured Note equal to the reduction in the principal amount of the Temporary
Regulation S Global Secured Note or the Regulation S Global Secured Note, as applicable.

 

(iii)            Global
Secured Note to Certificated Secured Note. Subject to Section 2.10(a), if a holder of a beneficial interest in
a Global Secured Note (other than a Temporary Regulation S Global Secured Note) deposited with DTC wishes at any time to transfer
its interest in such Global Secured Note to a Person who wishes to take delivery thereof in the form of a corresponding Certificated
Secured Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear,
Clearstream and/or DTC, as the case may be, transfer, or cause the transfer of, such interest for a Certificated Secured Note.
Upon receipt by the Registrar of (A) certificates substantially in the form of Exhibit B-2 attached hereto executed
by the transferee and (B) appropriate instructions from DTC, if required, the Registrar will approve the instructions at
DTC to reduce, or cause to be reduced, the Global Secured Note by the aggregate principal amount of the beneficial interest in
the Global Secured Note to be transferred, record the transfer in the Register in accordance with Section 2.5(a) and
upon execution by the Issuer and authentication and delivery by the Trustee, deliver one or more corresponding Certificated Secured
Notes, registered in the names specified in the instructions described in clause (B) above, in principal amounts designated
by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in such
Global Secured Note transferred by the transferor), and in authorized denominations.

 

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(iv)            Temporary
Regulation S Global Secured Note to Regulation S Global Secured Note. Interests in a Temporary Regulation S Global Secured
Note may be exchanged after the Distribution Compliance Period for interests in a Regulation S Global Secured Note. Until so exchanged
in full and except as provided therein, the Temporary Regulation S Global Secured Note, and the Notes evidenced thereby, shall
in all respects be entitled to the same benefits under this Indenture as the Regulation S Global Secured Note and Rule 144A
Global Secured Note authenticated and delivered hereunder.

 

(v)            Distribution
Compliance Period. Prior to the termination of the Distribution Compliance Period with respect to the issuance of the Notes,
transfers of interests in the Temporary Regulation S Global Secured Notes to U.S. persons (as defined in Regulation S) shall be
limited to transfers made pursuant to the provisions of clause (ii) above. The Trustee shall be entitled to assume that the
Distribution Compliance Period ends on the 40th day following the Closing Date, except to the extent notified to the contrary
by the Issuer or the Collateral Manager on the Issuer’s behalf.

 

(h)           Transfers
of Certificated Secured Notes shall only be made in accordance with Section 2.2(b) and this Section 2.5(h).

 

(i)            Certificated
Secured Notes to Global Secured Notes. If a holder of a Certificated Secured Note wishes at any time to transfer such Certificated
Secured Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a corresponding Global Secured
Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream
and/or DTC, as the case may be, exchange or transfer, or cause the exchange or transfer of, such Certificated Secured Note for
a beneficial interest in a corresponding Global Secured Note. Upon receipt by the Registrar of (A) a Holder’s Certificated
Secured Note properly endorsed for assignment to the transferee, (B) a certificate substantially in the form of Exhibit B-1
or Exhibit B-3 (as applicable) attached hereto executed by the transferor and a certificate substantially in the
form of Exhibit B-6 or B-7 (as applicable) attached hereto executed by the transferee, (C) instructions
given in accordance with Euroclear, Clearstream or DTC’s procedures, as the case may be, from an Agent Member to instruct
DTC to cause to be credited a beneficial interest in the applicable Global Secured Notes in an amount equal to the Certificated
Secured Notes to be transferred or exchanged, and (D) a written order given in accordance with DTC’s procedures containing
information regarding the Agent Member’s account at DTC and/or Euroclear or Clearstream to be credited with such increase,
the Registrar shall cancel such Certificated Secured Note in accordance with Section 2.9, record the transfer in the
Register in accordance with Section 2.5(a) and approve the instructions at DTC, concurrently with such cancellation,
to credit or cause to be credited to the securities account of the Agent Member specified in such instructions a beneficial interest
in the corresponding Global Secured Note equal to the principal amount of the Certificated Secured Note transferred or exchanged.

 

 

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(ii)            Certificated
Secured Notes to Certificated Secured Notes. Upon receipt by the Registrar of (A) a Holder’s Certificated Secured
Note properly endorsed for assignment to the transferee, and (B) certificates substantially in the form of Exhibit B-2
attached hereto executed by the transferee, the Registrar shall cancel such Certificated Secured Note in accordance with Section 2.9,
record the transfer in the Register in accordance with Section 2.5(a) and upon execution by the Issuer and authentication
and delivery by the Trustee, deliver one or more Certificated Secured Notes bearing the same designation as the Certificated Secured
Note endorsed for transfer, registered in the names specified in the assignment described in clause (A) above, in principal
amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of
the Certificated Secured Note surrendered by the transferor), and in authorized denominations.

 

(i)            Transfers
and exchanges of Subordinated Notes shall only be made in accordance with Section 2.2(b) and this Section 2.5(i).

 

(i)            Certificated
Subordinated Note to Certificated Subordinated Note. Upon receipt by the Registrar of (A) a Holder’s Certificated
Subordinated Note properly endorsed for assignment to the transferee, and (B) certificates in the form of Exhibits B-4
and B-5 attached hereto given by the transferee of such Certificated Subordinated Note, the Registrar shall cancel
such Certificated Subordinated Note in accordance with Section 2.9, record the transfer in the Register in accordance
with Section 2.5(a) and upon execution by the Issuer and authentication and delivery by the Trustee, deliver
one or more Certificated Subordinated Notes bearing the same designation as the Certificated Subordinated Note endorsed for transfer,
registered in the names specified in the assignment described in clause (A) above, in principal amounts designated by the
transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the Certificated Subordinated
Note surrendered by the transferor), and in authorized denominations.

 

(ii)            Rule 144A
Global Subordinated Note to Certificated Subordinated Note. Subject to Section 2.10(a), if a holder of a beneficial
interest in a Rule 144A Global Subordinated Note deposited with DTC wishes at any time to transfer its interest in such Rule 144A
Global Subordinated Note to a Person who wishes to take delivery thereof in the form of a corresponding Certificated Subordinated
Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream
and/or DTC, as the case may be, transfer, or cause the transfer of, such interest for a Certificated Subordinated Note. Upon receipt
by the Registrar of (A) certificates substantially in the form of Exhibits B-4 and B-5 attached hereto executed
by the transferee and (B) appropriate instructions from DTC, if required, the Registrar will approve the instructions at
DTC to reduce, or cause to be reduced, the Rule 144A Global Subordinated Note by the aggregate principal amount of the beneficial
interest in the Rule 144A Global Subordinated Note to be transferred, record the transfer in the Register in accordance with
Section 2.5(a) and upon execution by the Issuer and authentication and delivery by the Trustee, deliver one or
more corresponding Certificated Subordinated Notes, registered in the names specified in the instructions described in clause
(B) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal to the
aggregate principal amount of the interest in such Rule 144A Global Subordinated Note transferred by the transferor), and
in authorized denominations.

 

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(iii)          Certificated
Subordinated Notes to Rule 144A Global Subordinated Notes. If a holder of a Certificated Subordinated Note wishes at any
time to transfer such Certificated Subordinated Note to a Person who wishes to take delivery thereof in the form of a beneficial
interest in a corresponding Rule 144A Global Subordinated Note, such holder may, subject to the immediately succeeding sentence
and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the
exchange or transfer of, such Certificated Subordinated Note for a beneficial interest in a corresponding Rule 144A Global
Subordinated Note. Upon receipt by the Registrar of (A) a Holder’s Certificated Subordinated Note properly endorsed
for assignment to the transferee, (B) a certificate substantially in the form of Exhibit B-8 attached hereto executed
by the transferor and a certificate substantially in the form of Exhibit B-9 attached hereto executed by the transferee,
(C) instructions given in accordance with Euroclear, Clearstream or DTC’s procedures, as the case may be, from an Agent
Member to instruct DTC to cause to be credited a beneficial interest in the applicable Rule 144A Global Subordinated Note
in an amount equal to the Certificated Subordinated Notes to be transferred or exchanged, and (D) a written order given in
accordance with DTC’s procedures containing information regarding the Agent Member’s account at DTC and/or Euroclear
or Clearstream to be credited with such increase, the Registrar shall cancel such Certificated Subordinated Note in accordance
with Section 2.9, record the transfer in the Register in accordance with Section 2.5(a) and approve
the instructions at DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account of the
Agent Member specified in such instructions a beneficial interest in the corresponding Rule 144A Global Subordinated Note
equal to the principal amount of the Certificated Subordinated Note transferred or exchanged.

 

(j)            If
Notes are issued upon the transfer, exchange or replacement of Notes bearing the applicable legends set forth in the applicable
part of Exhibit A hereto, and if a request is made to remove such applicable legend on such Notes, the Notes so issued
shall bear such applicable legend, or such applicable legend shall not be removed, as the case may be, unless there is delivered
to the Trustee and the Issuer such satisfactory evidence, which may include an Opinion of Counsel acceptable to them, as may be
reasonably required by the Issuer (and which shall by its terms permit reliance by the Trustee), to the effect that neither such
applicable legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with
the provisions of the Securities Act, the 1940 Act, ERISA or the Code. Upon provision of such satisfactory evidence, the Trustee
or its Authenticating Agent, at the written direction of the Issuer shall, after due execution by the Issuer authenticate and deliver
Notes that do not bear such applicable legend.

 

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(k)           Each
Person who becomes a beneficial owner of Notes represented by an interest in a Global Secured Note or a Rule 144A Global Subordinated
Note will be deemed to have represented and agreed as follows:

 

(i)            In
connection with the purchase of such Notes: (A) none of the Issuer, the Collateral Manager, the Initial Purchaser, the Trustee,
the Collateral Agent, the Loan Agent, the Collateral Administrator, the Retention Provider or any of their respective Affiliates
is acting as a fiduciary or financial or investment adviser for such beneficial owner; (B) such beneficial owner is not relying
(for purposes of making any investment decision or otherwise) upon any advice, counsel or representations (whether written
or oral) of the Issuer, the Collateral Manager, the Trustee, the Collateral Agent, the Loan Agent, the Collateral Administrator,
the Initial Purchaser, the Retention Provider or any of their respective Affiliates other than any statements in the final Offering
Circular for such Notes, and such beneficial owner has read and understands such final Offering Circular; (C) such beneficial
owner has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent
it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction
pursuant to this Indenture) based upon its own judgment and upon any advice from such advisors as it has deemed necessary
and not upon any view expressed by the Issuer, the Collateral Manager, the Trustee, the Collateral Agent, the Loan Agent the Collateral
Administrator, the Initial Purchaser, the Retention Provider or any of their respective Affiliates; (D) such beneficial owner
is either (1) (in the case of a beneficial owner of an interest in a Rule 144A Global Secured Note or a Rule 144A
Global Subordinated Note)  both (a) a “qualified institutional buyer” (as defined under Rule 144A under
the Securities Act) that is not a broker-dealer which owns and invests on a discretionary basis less than U.S.$25,000,000 in securities
of issuers that are not affiliated persons of the dealer and is not a plan referred to in paragraph (a)(1)(d) or (a)(1)(e) of
Rule 144A under the Securities Act or a trust fund referred to in paragraph (a)(1)(f) of Rule 144A under the Securities
Act that holds the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries of the plan
and (b) a Qualified Purchaser for purposes of Section 3(c)(7) of the 1940 Act (or a corporation, partnership, limited
liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a Qualified
Purchaser) or (2) (in the case of a beneficial owner of an interest in a Regulation S Global Secured Note) a Qualified Purchaser
that is not a “U.S. person” as defined in Regulation S and is acquiring the Notes in an offshore transaction (as
defined in Regulation S) in reliance on the exemption from registration provided by Regulation S; (E) such beneficial
owner is acquiring its interest in such Notes for its own account; (F) such beneficial owner was not formed for the purpose
of investing in such Notes; (G) such beneficial owner understands that the Issuer may receive a list of participants holding
interests in the Notes from one or more book-entry depositories; (H) such beneficial owner will hold and transfer at least
the minimum denomination of such Notes; (I) such beneficial owner is a sophisticated investor and is purchasing the Notes
with a full understanding of all of the terms, conditions and risks thereof, and is capable of and willing to assume those risks;
and (J) such beneficial owner will provide notice of the relevant transfer restrictions to subsequent transferees.

 

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(ii)           With
respect to the Secured Notes, (A) if such Person is, or is acting on behalf of, a Benefit Plan Investor, its acquisition,
holding and disposition of such interest do not and will not constitute or result in a non-exempt prohibited transaction under
Section 406 of ERISA or Section 4975 of the Code, and (B) if such Person is, or is acting on behalf of, a governmental,
church, non-U.S. or other plan which is subject to any Other Plan Law, such Person’s acquisition, holding and disposition
of such Note will not constitute or result in a non-exempt violation of any such Other Plan Law.

 

(iii)          With
respect to a Rule 144A Global Class C Note or Rule 144A Global Subordinated Note or any interest therein (1) if
it is a purchaser of Rule 144A Global Class C Note or Rule 144A Global Subordinated Notes from the Issuer as part
of the initial offering on the Closing Date, it will be required to represent and warrant (a) whether or not for so long as
it holds such Notes or interest therein it is or will be, or is or will be acting on behalf of, a Benefit Plan Investor, (b) for
so long as it holds such Notes or interest therein it is or will be a Controlling Person and (c) (i) if it is, or is
acting on behalf of, a Benefit Plan Investor, that its acquisition, holding and disposition of such Notes will not constitute or
result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or (ii) if
it is, or is acting on behalf of, a governmental, church, non-U.S. or other plan, (x) it is not, and for so long as it holds
such Notes or interest therein will not be, subject to Similar Law and (y) its acquisition, holding and disposition of such
Notes does not and will not constitute or result in a non-exempt violation of any Other Plan Law, (2) if it is a purchaser
or subsequent transferee, as applicable, of an interest in a Rule 144A Global Class C Note or Rule 144A Global Subordinated
Note transferred to accounts managed by the Collateral Manager or its affiliates following the Closing Date with the consent of
the Issuer and the Collateral Manager, it will be required to represent and warrant in writing to the Trustee that (a) it
is not, and for so long as it holds an interest in such Notes or interest therein will not be, a Benefit Plan Investor or acting
on behalf of a Benefit Plan Investor, (b) whether or not it is, for so long as it holds such Notes or interest therein or
will be, a Controlling Person, (c) if it is, or is acting on behalf of, a governmental, church, non-U.S. or other plan, (x) it
will not, and for so long as it holds such Notes or interest therein will not be, subject to Similar Law and (y) its acquisition,
holding and disposition of such Class C Notes or Rule 144A Global Subordinated Notes does not and will not constitute
or result in a non-exempt violation of any Other Plan Law, and (3) each purchaser or subsequent transferee, as applicable,
of an interest in a Rule 144A Global Class C Note or Rule 144A Global Subordinated Note other than from the Issuer
as part of the initial offering on the Closing Date and other than as specified in clause (2) above, on each day from the
date on which such beneficial owner acquires its interest in such Notes through and including the date on which such beneficial
owner disposes of its interest in such Notes, will be deemed to have represented and agreed that (a) it is not, and is not
acting on behalf of, and for so long as it holds such Notes or interest therein will not be and will not be acting on behalf of,
a Benefit Plan Investor and it is not and will not be a Controlling Person and (b) if it is, or is acting on behalf of, a
governmental, church, non-U.S. or other plan, (x) it is not, and for so long as it holds such Notes or interest therein will
not be, subject to Similar Law and (y) its acquisition, holding and disposition of such Class C or Subordinated Notes
will not constitute or result in a non-exempt violation of any Other Plan Law.

 

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(iv)          Such
beneficial owner understands that such Notes are being offered only in a transaction not involving any public offering in the United
States within the meaning of the Securities Act, such Notes have not been and will not be registered under the Securities Act,
and, if in the future such beneficial owner decides to offer, resell, pledge or otherwise transfer such Notes, such Notes may be
offered, resold, pledged or otherwise transferred only in accordance with the provisions of this Indenture and the legend on such
Notes. Such beneficial owner acknowledges that no representation has been made as to the availability of any exemption under the
Securities Act or any state securities laws for resale of such Notes. Such beneficial owner understands that the Issuer has not
been registered under the 1940 Act and is exempt from registration as such by virtue of Section 3(c)(7) of the 1940 Act.

 

(v)           Such
beneficial owner is aware that, except as otherwise provided herein, any Secured Notes being sold to it in reliance on Regulation S
will be represented by one or more Regulation S Global Secured Notes and that beneficial interests therein may be held only through
DTC for the respective accounts of Euroclear or Clearstream.

 

(vi)          Such
beneficial owner will provide notice to each Person to whom it proposes to transfer any interest in the Secured Notes of the transfer
restrictions and representations set forth in this Section 2.5, including the Exhibits referenced herein.

 

(vii)         Such
beneficial owner is obtaining such beneficial interest in compliance with certain restrictions imposed during the Distribution
Compliance Period.

 

(viii)        Such
beneficial owner consents on behalf of itself to the Issuer’s acquisition of the initial Collateral Obligations.

 

(ix)          Such
beneficial owner represents, acknowledges and agrees to the transfer restrictions set forth in Section 2.12.

 

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(l)            Each
Person who becomes an owner of a Certificated Secured Note will be required to make the representations and agreements set forth
in Exhibit B-2. Each Person who purchases an interest in a Rule 144A Global Subordinated Note directly from the
Issuer as part of the initial offering on the Closing Date will be required to make the representations and agreements set forth
in Exhibit B-5. Each account managed by the Collateral Manager or its affiliates who is transferred a beneficial interest
in a Global Subordinated Note following the Closing Date with the consent of the Issuer and the Collateral Manager will be required
to make the representations and agreements set forth in Exhibit B-5. Each Person who becomes an owner of a Certificated
Subordinated Note (including a transfer of an interest in a Rule 144A Global Subordinated Note to a transferee acquiring a
Subordinated Note in certificated form) will be required to make the representations and agreements set forth in Exhibit B-4
and Exhibit B-5. Each Person who becomes an owner of an Uncertificated Secured Note will be required to make the representations
and agreements set forth in Exhibit B-10 (or, in the case of Uncertificated Secured Notes purchased as part of the
Offering, as may be otherwise expressly agreed in writing between the Issuer and such Person).

 

(m)           Any
purported transfer of a Note not in accordance with this Section 2.5 shall be null and void and shall not be given
effect for any purpose whatsoever.

 

(n)           To
the extent required by the Issuer, as determined by the Issuer or the Collateral Manager on behalf of the Issuer, the Issuer may,
upon written notice to the Trustee, the Collateral Agent and the Loan Agent impose additional transfer restrictions on the Notes
to comply with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act of 2001 and other similar laws or regulations, including, without limitation, requiring each transferee of a Note to make representations
to the Issuer in connection with such compliance.

 

(o)           The
Registrar, the Trustee and the Issuer shall be entitled to conclusively rely on the information set forth on the face of any transferor
and transferee certificate delivered pursuant to this Section 2.5 and shall be able to presume conclusively the continuing
accuracy thereof, in each case without further inquiry or investigation. Notwithstanding anything in this Indenture to the contrary,
the Trustee shall not be required to obtain any certificate specifically required by the terms of this Section 2.5
if the Trustee is not notified of or in a position to know of any transfer requiring such a certificate to be presented by the
proposed transferor or transferee.

 

(p)           For
the avoidance of doubt, notwithstanding anything in this Indenture to the contrary, the Initial Purchaser may hold a position in
a Regulation S Global Secured Note prior to the distribution of the applicable Secured Notes represented by such position.

 

(q)           Neither
the Trustee nor the Registrar shall be liable for any delay in the delivery of directions from the depository and may conclusively
rely on, and shall be fully protected in relying on, such direction as to the names of the beneficial owners in whose names such
Certificated Notes shall be registered or as to delivery instructions for such Certificated Notes.

 

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(r)           Conversion
of Class A-1-L Loans

 

(i)            Notwithstanding
anything herein to the contrary and in accordance with the procedures set forth in Section 3.7 of the Credit Agreement, upon
written notice from a Converting Lender to the Trustee, the Collateral Agent, the Loan Agent, the Rating Agency and the Issuer,
provided in accordance with the Credit Agreement, such Converting Lender may elect any Payment Date (such Payment Date, the “Conversion
Date”) upon which all or a portion of the Aggregate Outstanding Amount of the Class A-1-L Loans held by such Converting
Lender shall be converted into Class A-1 Notes of an equal Aggregate Outstanding Amount in accordance with the terms hereof
and the terms of the Credit Agreement; provided that (x) the Conversion Date shall be no earlier than the fifth Business
Day following the date such notice is delivered (or such later date as may be reasonably agreed to by such Converting Lender, the
Collateral Agent, the Loan Agent and the Trustee) and (y) the Conversion Date may only occur on a Payment Date.

 

(ii)           On
each Conversion Date, (A) the Aggregate Outstanding Amount of the Class A-1 Notes shall be increased by the current Aggregate
Outstanding Amount of the Class A-1-L Loans so converted and (B) the Class A-1-L Loans so converted shall cease
to be Outstanding and shall be deemed to have been repaid in full for all purposes hereunder and under the Credit Agreement. Class A-1
Notes may not be converted into Class A-1-L Loans.

 

(iii)          The
Issuer, the Collateral Manager and the Converting Lender agree to provide reasonable assistance to the Trustee, the Collateral
Agent and the Loan Agent in connection with such conversion, including, but not limited to, providing applicable instructions to
DTC, the Trustee, the Collateral Agent, the Loan Agent and the Note or Loan Registrar, as applicable.

 

(iv)          Each
Class A-1-L Lender may elect, in its sole discretion, to exercise the Conversion Option concurrently with an assignment of
all or a portion of its Class A-1-L Loans (an “Assignment/Conversion”) such that the effective date of
the assignment occurs on the related Conversion Date and the assignee receives Class A-1 Notes (or interest therein) in lieu
of the portion of Class A-1-L Loans being assigned. Any assignment made in connection with an Assignment/Conversion shall
meet the requirements for an assignment set forth in Section 3.7 of the Credit Agreement. Any Class A-1-L Lender electing
to make an Assignment/Conversion shall deliver to the Trustee, the Collateral Agent, the Loan Agent and the Issuer at least five
Business Days prior to the Conversion Date, (w) an executed Assignment Agreement (as defined in the Credit Agreement), (x) a
completed notice substantially in the form of Exhibit C to the Credit Agreement, (y) the assignment fee required under
the Credit Agreement and (z) a written certification from the assignee substantially in the form of Exhibit B-6
or Exhibit B-7, as applicable.

 

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Section 2.6            Mutilated,
Defaced, Destroyed, Lost or Stolen Note. If (a) any mutilated or defaced Note is surrendered to a Transfer Agent, or
if there shall be delivered to the Issuer, the Trustee and the relevant Transfer Agent evidence to their reasonable satisfaction
of the destruction, loss or theft of any Note, and (b) there is delivered to the Issuer, the Trustee and such Transfer Agent
such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Issuer,
the Trustee or such Transfer Agent that such Note has been acquired by a protected purchaser, the Issuer shall execute and, upon
Issuer Order, the Trustee shall authenticate and deliver to the Holder, in lieu of any such mutilated, defaced, destroyed, lost
or stolen Note, a new Note, of like tenor (including the same date of issuance) and equal principal or face amount, registered
in the same manner, dated the date of its authentication, bearing interest from the date to which interest has been paid on the
mutilated, defaced, destroyed, lost or stolen Note and bearing a number not contemporaneously outstanding.

 

If, after delivery
of such new Note, a protected purchaser of the predecessor Note presents for payment, transfer or exchange such predecessor Note,
the Issuer, the Transfer Agent and the Trustee shall be entitled to recover such new Note from the Person to whom it was delivered
or any Person taking therefrom, and shall be entitled to recover upon the security or indemnity provided therefor to the extent
of any loss, damage, cost or expense incurred by the Issuer, the Trustee and the Transfer Agent in connection therewith.

 

In case any such mutilated,
defaced, destroyed, lost or stolen Note has become due and payable, the Issuer in its discretion may, instead of issuing a new
Note pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall be surrendered.

 

Upon the issuance of
any new Note under this Section 2.6, the Issuer may require the payment by the Holder thereof of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and
expenses of the Trustee) connected therewith.

 

Every new Note issued
pursuant to this Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note shall constitute an
original additional contractual obligation of the Issuer and such new Note shall be entitled, subject to the second paragraph of
this Section 2.6, to all the benefits of this Indenture equally and proportionately with any and all other Notes of
the same Class duly issued hereunder.

 

The provisions of this
Section 2.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect
to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes.

 

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Section 2.7             Payment
of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved. (a) The Secured Debt of each
Class shall accrue interest during each Interest Accrual Period at the applicable Interest Rate and such interest will be
payable in arrears on each Payment Date on the Aggregate Outstanding Amount (and, with respect to the Class C Notes, any
Deferred Interest thereon, as applicable, as described below) thereof on the first day of the related Interest Accrual Period
(after giving effect to payments of principal thereof on such date), except as otherwise set forth below; provided that,
for the avoidance of doubt, with respect to any payment of interest on a Redemption Date, such interest shall be determined in
accordance with the calculation above solely for the period from, and including, the first day of such Interest Accrual Period
through, but excluding, such Redemption Date; provided further that, with respect to any Interest Accrual Period during
which a Re-Pricing has occurred, the applicable Interest Rate of any Re-Priced Class shall reflect the applicable Re-Pricing
Rate from and including, the applicable Re-Pricing Date. Payment of interest on each Class of Secured Debt (and payments
of available Interest Proceeds to the Holders of the Subordinated Notes) will be subordinated to the payment of interest on each
related Priority Class as provided in Section 11.1. So long as any Priority Class is Outstanding with respect
to the Class C Notes, any payment of interest due on the Class C Notes which is not available to be paid in accordance
with the Priority of Payments on any Payment Date (“Deferred Interest”) shall not be considered “due
and payable” for the purposes of Section 5.1(a) (and the failure to pay such interest shall not be an Event
of Default) until the earliest of (i) the Payment Date on which funds are available to pay such Deferred Interest in accordance
with the Priority of Payments, (ii) the Redemption Date or the Re-Pricing Date, as applicable, with respect to the Class C
Notes and (iii) the Stated Maturity of the Class C Notes. Deferred Interest on the Class C Notes shall be payable
on the first Payment Date on which funds are available to be used for such purpose in accordance with the Priority of Payments,
but in any event no later than the earlier of the Payment Date (i) which is the Redemption Date or Re-Pricing Date, as applicable,
with respect to the Class C Notes and (ii) which is the Stated Maturity of the Class C Notes. Regardless of whether
any Priority Class is Outstanding with respect to the Class C Notes, to the extent that funds are not available on any
Payment Date (other than the Redemption Date or the Re-Pricing Date with respect to, or Stated Maturity of, the Class C Notes)
to pay previously accrued Deferred Interest, such previously accrued Deferred Interest will not be due and payable on such Payment
Date and any failure to pay such previously accrued Deferred Interest on such Payment Date will not be an Event of Default. Interest
will cease to accrue on each Secured Note, or in the case of a partial repayment, on such repaid part, from the date of repayment.
To the extent lawful and enforceable, interest on any interest that is not paid when due on any Class A-1 Debt, or if no
Class A-1 Debt is Outstanding, any Class A-2 Notes, or if no Class A-1 Debt or Class A-2 Notes are Outstanding,
any Class B Notes, or if no Class A-1 Debt, Class A-2 Notes or Class B Notes are Outstanding, any Class C
Notes, shall accrue at the Interest Rate for such Class until paid as provided herein.

 

(b)           The
principal of Secured Debt of each Class matures at par and is due and payable on the date of the Stated Maturity for such
Class, unless such principal has been previously repaid or unless the unpaid principal of such Secured Note becomes due and payable
at an earlier date by declaration of acceleration, call for redemption or otherwise. Notwithstanding the foregoing, the payment
of principal of each Class of Secured Debt (and payments of Principal Proceeds to the Holders of the Subordinated Notes) may
only occur in accordance with the Priority of Payments. Payments of principal on any Class of Secured Debt, and distributions
of Principal Proceeds to Holders of Subordinated Notes, which are not paid, in accordance with the Priority of Payments, on any
Payment Date (other than the Payment Date which is the Stated Maturity of such Class of Notes or any Redemption Date or Re-Pricing
Date, as applicable), because of insufficient funds therefor shall not be considered “due and payable” for purposes
of Section 5.1(a) until the Payment Date on which such principal may be paid in accordance with the Priority of
Payments or all Priority Classes with respect to such Class have been paid in full.

 

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(c)            Principal
payments on the Debt will be made in accordance with the Priority of Payments and Article IX.

 

(d)           The
Paying Agent shall require the previous delivery of properly completed and signed applicable tax certifications (generally, in
the case of U.S. federal income tax, an IRS Form W-9 (or applicable successor form) in the case of a United States Tax Person
or the appropriate IRS Form W-8 (or applicable successor form) in the case of a Person that is not a United States Tax Person)
or other certification acceptable to it to enable the Issuer, the Trustee, the Collateral Agent and any Paying Agent to determine
their duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from
payments in respect of such Debt or the Holder or beneficial owner of such Debt under any present or future law or regulation of
the United States, any other jurisdiction or any political subdivision thereof or taxing authority therein or to comply with any
reporting or other requirements under any such law or regulation and to determine if payments by the Issuer are subject to withholding.
The Issuer shall not be obligated to pay any additional amounts to the Holders or beneficial owners of the Debt as a result of
deduction or withholding for or on account of any present or future taxes, duties, assessments or governmental charges with respect
to the Debt. Nothing herein shall be construed to obligate the Paying Agent or the Collateral Agent to determine the duties or
liabilities of the Issuer or any other paying agent with respect to any tax certification or withholding requirements, or any tax
certification or withholding requirements of any jurisdiction, political subdivision or taxing authority outside the United States.

 

(e)            Payments
in respect of interest on and principal of Secured Debt and any payment with respect to any Subordinated Note shall be made by
the Collateral Agent in Dollars (i) to DTC or its nominee with respect to a Global Secured Note or Rule 144A Global
Subordinated Note, (ii) to the Holder or its nominee with respect to a Certificated Note, by wire transfer, as directed by
the Holder and (iii) to the Loan Agent, for distribution to the Class A-1-L Lenders, in the case of the Class A-1-L
Loans, in immediately available funds to a Dollar account maintained by DTC or its nominee with respect to a Global Secured Note
or a Rule 144A Global Subordinated Note, and to the Holder or its nominee with respect to a Certificated Note, and to the
Loan Agent with respect to a Class A-1-L Loan; provided that in the case of a Certificated Note or Class A-1-L
Loan (1) the Holder thereof shall have provided written wiring instructions to the Trustee, the Collateral Agent and (in
the case of the Class A-1-L Loans) the Loan Agent on or before the related Record Date and (2) if appropriate instructions
for any such wire transfer are not received by the related Record Date, then such payment shall be made by check drawn on a U.S.
bank mailed to the address of the Holder specified in the Register. Upon final payment due on the Maturity of (x) a Note,
the Holder thereof shall present and surrender such Note at the Corporate Trust Office of the Trustee or at the office of any
Paying Agent and (y) the Class A-1-L Loans, the Holder thereof shall present and surrender the lender note (if any)
representing such Class A-1-L Loan to the Corporate Trust Office of the Loan Agent in accordance with the Credit Agreement,
in each case, on or prior to such Stated Maturity; provided that if the Trustee, the Collateral Agent, the Loan Agent and
the Issuer shall have been furnished such security or indemnity as may be required by them to save each of them harmless and an
undertaking thereafter to surrender such certificate, then, in the absence of notice to the Issuer, the Collateral Agent or the
Trustee that the applicable Note has been acquired by a protected purchaser, such final payment shall be made without presentation
or surrender. Neither the Issuer, the Trustee, the Collateral Manager, the Collateral Agent nor any Paying Agent will have any
responsibility or liability for any aspects of the records (or for maintaining, supervising or reviewing such records) maintained
by DTC, Euroclear, Clearstream or any of the Agent Members relating to or for payments made thereby on account of beneficial interests
in a Global Secured Note or Rule 144A Global Subordinated Note. In the case where any final payment of principal and interest
is to be made on any Secured Debt (other than on the Stated Maturity thereof) or any final payment is to be made on any Subordinated
Note (other than on the Stated Maturity thereof), the Trustee, the Collateral Agent or the Loan Agent (as applicable) in the name
and at the expense of the Issuer shall prior to the date on which such payment is to be made, mail (by first class mail, postage
prepaid) to the Persons entitled thereto at their addresses appearing on the Register a notice which shall specify the date
on which such payment will be made, the amount of such payment per U.S.$1,000 original principal amount of Secured Debt, original
principal amount of Subordinated Notes and the place where such Debt may be presented and surrendered for such payment.

 

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(f)            Payments
of principal to Holders of the Secured Debt of each Class shall be made in the proportion that the Aggregate Outstanding Amount
of the Secured Debt of such Class registered in the name of each such Holder on the applicable Record Date bears to the Aggregate
Outstanding Amount of all Secured Debt of such Class on such Record Date. Payments to the Holders of the Subordinated Notes
from Interest Proceeds and Principal Proceeds shall be made in the proportion that the Aggregate Outstanding Amount of the Subordinated
Notes registered in the name of each such Holder on the applicable Record Date bears to the Aggregate Outstanding Amount of all
Subordinated Notes on such Record Date.

 

(g)           Interest
accrued with respect to the Secured Debt shall be calculated on the basis of the actual number of days elapsed in the applicable
Interest Accrual Period divided by 360.

 

(h)            All
reductions in the principal amount of a Note (or one or more predecessor Notes) or Class A-1-l Loan effected by payments
of installments of principal made on any Payment Date, Redemption Date or Re-Pricing Date, as applicable, shall be binding upon
all future Holders of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof, whether or not such payment is noted on such Note.

 

(i)            Notwithstanding
any other provision of this Indenture or the Credit Agreement, the obligations of the Issuer under the Notes, the Class A-1-L
Loans and this Indenture are limited recourse obligations of the Issuer, payable solely from the Assets and following realization
of the Assets, and application of the proceeds thereof in accordance with this Indenture or the Credit Agreement, all obligations
of and any claims against the Issuer hereunder or in connection herewith after such realization shall be extinguished and shall
not thereafter revive. No recourse shall be had against any officer, director, manager, partner, member, employee, shareholder,
authorized Person or incorporator of the Issuer, the Collateral Manager, the Retention Provider or their respective Affiliates,
successors or assigns for any amounts payable under the Debt or this Indenture or the Credit Agreement. It is understood that the
foregoing provisions of this paragraph (i) shall not (i) prevent recourse to the Assets for the sums due or to become
due under any security, instrument or agreement which is part of the Assets or (ii) constitute a waiver, release or discharge
of any indebtedness or obligation evidenced by the Debt or secured by this Indenture until such Assets have been realized. It is
further understood that the foregoing provisions of this paragraph (i) shall not limit the right of any Person to name the
Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under the Notes or this Indenture or the Credit
Agreement, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if
obtained) enforced against any such Person or entity. The Subordinated Notes are not secured hereunder.

 

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(j)            Subject
to the foregoing provisions of this Section 2.7, each Note delivered under this Indenture and upon registration of
transfer of or in exchange for or in lieu of any other Note shall carry the rights to unpaid interest and principal (or other applicable
amount) that were carried by such other Note.

 

Section 2.8             Persons
Deemed Owners. The Issuer, the Trustee, the Collateral Agent, and any agent of the Issuer, the Trustee or the Collateral
Agent shall treat as the owner of the Debt the Person in whose name such Debt is registered on the Register on the applicable
Record Date for the purpose of receiving payments of principal of and interest on such Debt and on any other date for all other
purposes whatsoever (whether or not such Debt is overdue), and none of the Issuer, the Trustee, the Collateral Agent or any agent
of the Issuer, the Trustee, the Collateral Agent or the Loan Agent shall be affected by notice to the contrary.

 

Section 2.9             Cancellation.
All Notes surrendered for payment, cancellation pursuant to Section 9.7, registration of transfer, exchange or redemption,
or deemed lost or stolen, shall be promptly canceled by the Trustee and may not be reissued or resold. No Note may be surrendered
(including any surrender in connection with any abandonment, gift, donation or other cause or event) except for payment as provided
herein, for cancellation pursuant to Section 9.7 or for registration of transfer, exchange or redemption in accordance
with Article IX hereof (in the case of a Special Redemption or a mandatory redemption, only to the extent that such
Special Redemption or mandatory redemption results in payment in full of the applicable Class of Notes), or for replacement
in connection with any Note deemed lost or stolen. Any Notes surrendered for cancellation as permitted by this Section 2.9 shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee. No Notes shall be authenticated in
lieu of or in exchange for any Notes canceled as provided in this Section 2.9, except as expressly permitted by this
Indenture. All canceled Notes held by the Trustee shall be destroyed or held by the Trustee in accordance with its standard retention
policy unless the Issuer shall direct by an Issuer Order received prior to destruction that they be returned to it.

 

Section 2.10           DTC
Ceases to be Depository. (a) A Global Secured Note or Rule 144A Global Subordinated Note deposited with DTC
pursuant to Section 2.2 shall be transferred in the form of a corresponding Certificated Note to the beneficial
owners thereof only if (A) such transfer complies with Section 2.5 of this Indenture and (B) either
(x) (i) DTC notifies the Issuer that it is unwilling or unable to continue as depository for such Global Secured Note
or Rule 144A Global Subordinated Note or (ii) DTC ceases to be a Clearing Agency registered under the Exchange Act and,
in each case, a successor depository is not appointed by the Issuer within 90 days after such event or (y) an Event of Default
has occurred and is continuing and such transfer is requested by any beneficial owner of an interest in such Global Secured Note
or Rule 144A Global Subordinated Note.

 

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(b)            Any
Global Secured Note or Rule 144A Global Subordinated Note that is transferable in the form of a corresponding Certificated
Note to the beneficial owner thereof pursuant to this Section 2.10 shall be surrendered by DTC to the Corporate Trust
Office to be so transferred, in whole or from time to time in part, without charge, and the Issuer shall execute and the Trustee
shall authenticate and deliver, upon such transfer of each portion of such Global Secured Note or Rule 144A Global Subordinated
Note, an equal aggregate principal amount of definitive physical certificates (pursuant to the instructions of DTC) in authorized
denominations. Any Certificated Note delivered in exchange for an interest in a Global Secured Note or Rule 144A Global Subordinated
Note shall, except as otherwise provided by Section 2.5, bear the legends set forth in the applicable Exhibit A
and shall be subject to the transfer restrictions referred to in such legends.

 

(c)           Subject
to the provisions of paragraph (b) of this Section 2.10, the Holder of a Global Secured Note or Rule 144A
Global Subordinated Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold
interests through Agent Members, to take any action which such Holder is entitled to take under this Indenture or the Notes.

 

(d)           In
the event of the occurrence of any of the events specified in clause (B) of sub-section (a) of this Section 2.10,
the Issuer will promptly make available to the Trustee a reasonable supply of Certificated Notes.

 

If Certificated Notes
are not so issued by the Issuer to such beneficial owners of interests in Global Secured Notes or Rule 144A Global Subordinated
Notes as required by sub-section (a) of this Section 2.10, the Issuer expressly acknowledges that the beneficial
owners shall be entitled to pursue any remedy that the Holders of a Global Secured Note or Rule 144A Global Subordinated Note
would be entitled to pursue in accordance with Article V of this Indenture (but only to the extent of such beneficial
owner’s interest in the Global Secured Note or Rule 144A Global Subordinated Note) as if corresponding Certificated
Notes had been issued; provided that the Trustee shall be entitled to rely upon any certificate of ownership provided by
such beneficial owners (including a certificate in the form of Exhibit C) and/or other forms of reasonable evidence
of such ownership.

 

Neither the Trustee
nor the Registrar shall be liable for any delay in the delivery of directions from the depository and may conclusively rely on,
and shall be fully protected in relying on, such direction as to the names of the beneficial owners in whose names such Certificated
Notes shall be registered or as to delivery instructions for such Certificated Notes.

 

Section 2.11           Non-Permitted
Holders. (a) Notwithstanding anything to the contrary elsewhere herein, (x) any transfer of a beneficial interest
in any Secured Debt to a U.S. person that is not a QIB/QP (other than a U.S. person that is an Institutional Accredited Investor
and is also a Qualified Purchaser (or a corporation, partnership, limited liability company or other entity (other than a trust),
each shareholder, partner, member or other equity owner of which is a Qualified Purchaser) and (y) any transfer of a beneficial
interest in any Subordinated Note to a U.S. person that is not (A) a Qualified Institutional Buyer or an Accredited Investor
and (B) a Qualified Purchaser, a Knowledgeable Employee with respect to the Issuer, Collateral Manager or a corporation,
partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or other equity
owner of which is either a Qualified Purchaser or a Knowledgeable Employee with respect to the Issuer or Collateral Manager shall
be null and void and any such purported transfer of which the Issuer, the Trustee, the Collateral Agent or the Loan Agent shall
have notice may be disregarded by the Issuer, the Trustee, the Collateral Agent and the Loan Agent for all purposes.

 

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(b)           If
(x) any U.S. person that is not a QIB/QP (other than a U.S. person that is an Institutional Accredited Investor and is also
a Qualified Purchaser (or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder,
partner, member or other equity owner of which is a Qualified Purchaser) shall become the beneficial owner of an interest in any
Secured Debt or (y) any U.S. person that is not both (i) a Qualified Institutional Buyer or an Accredited Investor and
also (ii) a Knowledgeable Employee with respect to the Issuer or the Collateral Manager or a corporation, partnership, limited
liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is either
a Qualified Purchaser or a Knowledgeable Employee with respect to the Issuer or Collateral Manager shall become the beneficial
owner of an interest in any Subordinated Note (any such Person a “Non-Permitted Holder”), the acquisition of
Debt by such holder shall be null and void ab initio. The Issuer (or the Collateral Manager on behalf of the Issuer) shall,
promptly after discovery that such person is a Non-Permitted Holder by the Issuer or the Trustee or upon notice to the Issuer from
the Trustee (if a Bank Officer of the Trustee obtains actual knowledge), send notice to such Non-Permitted Holder demanding that
such Non-Permitted Holder transfer its interest in the Debt held by such Person to a Person that is not a Non-Permitted Holder
within 30 days after the date of such notice. If such Non-Permitted Holder fails to so transfer such Debt, the Issuer or the
Collateral Manager acting for the Issuer shall have the right, without further notice to the Non-Permitted Holder, to sell such
Debt or interest in such Debt to a purchaser selected by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer
may choose. The Issuer, or the Collateral Manager acting on behalf of the Issuer, may select the purchaser by soliciting one or
more bids from one or more brokers or other market professionals that regularly deal in securities similar to the Debt and sell
such Debt to the highest such bidder; provided that the Collateral Manager, its Affiliates and accounts, funds, clients
or portfolios established and controlled by the Collateral Manager shall be entitled to bid in any such sale. However, the Issuer
or the Collateral Manager may select a purchaser by any other means determined by it in its sole discretion. The Holder of any
Debt, the Non-Permitted Holder and each other Person in the chain of title from the Holder to the Non-Permitted Holder, by its
acceptance of an interest in the Debt agrees to cooperate with the Issuer, the Collateral Manager and the Trustee to effect such
transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted
to the Non-Permitted Holder. The terms and conditions of any sale under this sub-section shall be determined in the sole discretion
of the Issuer, and none of the Issuer, the Trustee or the Collateral Manager shall be liable to any Person having an interest in
the Debt sold as a result of any such sale or the exercise of such discretion.

 

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(c)            Notwithstanding
anything to the contrary elsewhere herein, any transfer of a beneficial interest in any Subordinated Note to a Person who has made
an ERISA-related representation required by Section 2.5(c) that is subsequently shown to be false or misleading
shall be null and void and any such purported transfer of which the Issuer or the Trustee shall have notice may be disregarded
by the Issuer and the Trustee for all purposes.

 

(d)            If
any Person shall become the beneficial owner of an interest in any Debt who has made or is deemed to have made a prohibited transaction,
Benefit Plan Investor, Controlling Person, Similar Law or Other Plan Law representation required by Section 2.5 that
is subsequently shown to be false or misleading or whose beneficial ownership otherwise causes Benefit Plan Investors to hold 25%
or more of the value of the Class C Notes or Subordinated Notes (any such Person a “Non-Permitted ERISA Holder”),
the Issuer shall, promptly after discovery that such Person is a Non-Permitted ERISA Holder by the Issuer or upon notice to the
Issuer from the Trustee (if a Bank Officer of the Trustee obtains actual knowledge), send notice to such Non-Permitted ERISA Holder
demanding that such Non-Permitted ERISA Holder transfer its interest in the Debt to a Person that is not a Non-Permitted ERISA
Holder within 10 days after the date of such notice. If such Non-Permitted ERISA Holder fails to so transfer its interest in such
Debt, the Issuer shall have the right, without further notice to the Non-Permitted ERISA Holder, to sell such Non-Permitted ERISA
Holder’s interest in such Debt to a purchaser selected by the Issuer that is not a Non-Permitted ERISA Holder on such terms
as the Issuer may choose. The Issuer may select the purchaser by soliciting one or more bids from one or more brokers or other
market professionals that regularly deal in securities similar to the Debt and selling such Debt to the highest such bidder. However,
the Issuer may select a purchaser by any other means determined by the Issuer in its sole discretion. The Holder of the Debt, the
Non-Permitted ERISA Holder and each other Person in the chain of title from the Holder to the Non-Permitted ERISA Holder, by its
acceptance of an interest in the Debt, agrees to cooperate with the Issuer and the Trustee to effect such transfers. The proceeds
of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted
ERISA Holder. The terms and conditions of any sale under this sub-section shall be determined in the sole discretion of the
Issuer, and none of the Issuer, the Trustee, the Collateral Agent, the Loan Agent or the Collateral Manager shall be liable to
any Person having an interest in the Debt sold as a result of any such sale or the exercise of such discretion.

 

Section 2.12           Treatment
and Tax Certification. (a) Each Holder (including, for purposes of this Section 2.12, any beneficial
owner of an interest in Debt) of Secured Debt agrees to treat the Secured Debt as indebtedness for U.S. federal, state and local
income and franchise tax purposes, except as otherwise required by law.

 

(b)           Each
Holder of a Subordinated Note agrees to treat the Subordinated Notes as equity for U.S. federal, state and local income and franchise
tax purposes.

 

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(c)           Each
Holder of a Note agrees and understands that the failure to provide the Issuer, the Collateral Agent and the Trustee (and any of
their agents) with the properly completed and signed tax certifications (generally, in the case of U.S. federal income tax, an
IRS Form W-9 (or applicable successor form) in the case of a person that is a United States Tax Person or the appropriate
IRS Form W-8 (or applicable successor form) in the case of a person that is not a United States Tax Person) may result in
withholding from payments in respect of such Note, including U.S. federal withholding or back-up withholding.

 

(d)           Each
Holder of a Subordinated Note represents and warrants that it is a United States Tax Person, agrees to provide the Issuer and the
Trustee (and any of their agents) with a correct, complete and properly executed IRS Form W-9 (or applicable successor form),
and acknowledges that if it fails to provide the Issuer and the Trustee (and any of their agents) with the properly completed and
signed tax certifications specified above, the acquisition of its interest in such Note shall be void ab initio.

 

(e)            Each
Holder of a Note agrees to provide the Issuer and any relevant intermediary with any information or documentation that is required
under FATCA or that the Issuer or relevant intermediary deems appropriate to enable the Issuer or relevant intermediary to determine
their duties and liabilities with respect to any taxes they may be required to withhold pursuant to FATCA in respect of such Note
or the Holder of such Note. In addition, each purchaser and subsequent transferee of such Notes (or any interest therein) understands
and acknowledges that the Issuer has the right under this Indenture to withhold on any Holder of a Note that fails to comply with
FATCA.

 

(f)            Each
Holder of a Secured Note that is not a United States Tax Person represents that either (a) it is not (i) a bank (or an
entity affiliated with a bank) extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or
business (within the meaning of Section 881(c)(3)(A) of the Code), (ii) a “10 percent shareholder” with
respect to the Issuer within the meaning of Section 871(h)(3) or Section 881(c)(3)(D) of the Code, or (iii) a
“controlled foreign corporation” that is related to the Issuer within the meaning of Section 881(c)(3)(C) of
the Code; (b) it is a person that is eligible for benefits under an income tax treaty with the United States that eliminates
U.S. federal income taxation of U.S. source interest not attributable to a permanent establishment in the United States; or (c) it
has provided an IRS Form W-8ECI representing that all payments received or to be received by it on the Notes are effectively
connected with the conduct of a trade or business in the United States.

 

(g)           Each
Holder of a Restricted Note represents, acknowledges and agrees that:

 

(i)            such
Note may not be acquired or owned by any person that is classified for U.S. federal income tax purposes as a partnership, Subchapter
S corporation or grantor trust unless (i) (a) except in the case of the Retention Provider, none of the direct or indirect
beneficial owners of any interest in such person have or ever will have more than 40% of the value of its interest in such person
attributable to the aggregate interest of such person in the combined value of the Restricted Notes (and any other interest treated
as equity in the Issuer for U.S. federal income tax purposes), and (b) it is not and will not be a principal purpose of the
arrangement involving the investment of such person in any Restricted Notes and any other equity interests of the Issuer to permit
any partnership to satisfy the 100 partner limitation of Treasury Regulations Section 1.7704-1(h)(1)(ii) or
(ii) such person obtains written advice of Dechert LLP or an opinion of nationally recognized U.S. tax counsel reasonably
acceptable to the Issuer that such transfer will not cause the Issuer to be treated as a publicly traded partnership taxable as
a corporation;

 

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(ii)           it
will not participate in the creation or other transfer of any financial instrument or contract the value of which is determined
in whole or in part by reference to the Issuer (including the amount of distributions by the Issuer, the value of the Issuer’s
assets, or the results of the Issuer’s operations) or the Restricted Notes;

 

(iii)           it
will not acquire, or sell, transfer, assign, participate, pledge or otherwise dispose of the Restricted Note or cause the Restricted
Note to be marketed, (i) on or through an “established securities market” within the meaning of Section 7704(b)(1) of
the Code and Treasury Regulations Section 1.7704-1(b), including without limitation,
an interdealer quotation system that regularly disseminates firm buy or sell quotations or (ii) if such acquisition, sale,
transfer, assignment, participation, pledge or other disposition would cause the combined number of holders of the Restricted Notes
and any other equity interests in the Issuer to be more than 90; and

 

(iv)          it
acknowledges and agrees that any sale, transfer, assignment, participation, pledge, or other disposition of the Restricted Note
that would violate any of the three preceding paragraphs above or otherwise cause the Issuer to be unable to rely on the “private
placement” safe harbor of Treasury Regulations Section 1.7704-1(h) will
be void and of no force or effect, and it will not transfer any interest in the Restricted Note to any person that does not agree
to be bound by the three preceding paragraphs above or by this paragraph.

 

(h)           Each
Holder of a Secured Note that is not a United States Tax Person represents and acknowledges that it is not and will not become
a member of an “expanded group” (within the meaning of the regulations issued under Section 385 of the Code) that
includes a domestic corporation (as determined for U.S. federal income tax purposes) if either (i) the Issuer is an entity
disregarded as separate from such domestic corporation for U.S. federal income tax purposes or (ii) the Issuer is a “controlled
partnership” (within the meaning of the regulations) with respect to such expanded group or an entity disregarded as separate
from such controlled partnership for U.S. federal income tax purposes.

 

(i)            Each
Holder of a Subordinated Note acknowledges and agrees that, for so long as the Issuer is classified as a partnership for U.S. federal
income tax purposes, it shall not acquire any Subordinated Notes (or any other interest treated as equity in the Issuer for U.S.
federal income tax purposes) if such transfer would result in the Issuer being treated as a disregarded entity for U.S. federal
income tax purposes.

 

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(j)            Each
Holder of a Subordinated Note acknowledges and agrees that, for so long as the Issuer is disregarded as separate from it for U.S.
federal income tax purposes, a Note may not be transferred by it (except to a person that is disregarded as separate from such
Holder for U.S. federal income tax purposes), unless it has received written advice of Dechert LLP or an opinion of nationally
recognized U.S. tax counsel reasonably acceptable to the Issuer that such transfer will not result in the Issuer becoming classified
as an association taxable as a corporation or as a publicly traded partnership taxable as a corporation for U.S. federal income
tax purposes and will not cause the Issuer to be subject to U.S. federal income tax on a net basis.

 

(k)            Each
Holder of a Subordinated Note acknowledges and agrees that, it shall not transfer any Secured Note (except to a Person that is
disregarded as separate from it for U.S. federal income tax purposes) if at any time prior to such transfer the Issuer was disregarded
as separate from such Holder for U.S. federal income tax purposes, unless it shall have received written advice of Dechert LLP
or an opinion of tax counsel of nationally recognized standing in the United States experienced in such matters that, immediately
following such transfer, such Note and other outstanding Notes of the same Class (other than any Notes that it holds immediately
after such transfer) will be fungible for U.S. federal income tax purposes.

 

(l)            Each
Holder of a Restricted Note agrees to deliver to the transferee, with a copy to the Trustee, prior to the transfer of such Note,
a properly completed certificate, in a form reasonably acceptable to the transferee and the Trustee, stating, under penalty of
perjury, the transferor’s United States taxpayer identification number and that the transferor is not a foreign person within
the meaning of Section 1446(f)(2) of the Code (such certificate, a “Non-Foreign Status Certificate”).
Each Holder of a Restricted Note acknowledges that the failure to provide a Non-Foreign Status Certificate to the transferee may
result in withholding on the amount realized on its disposition of such Note.

 

(m)            Each
Holder of a Note agrees that it will indemnify the Issuer, the Trustee, the Collateral Agent, and their respective agents from
any and all damages, cost and expenses (including any amount of taxes, fees, interest, additions to tax, or penalties) resulting
from the failure by it to comply with its obligations under the Note. It acknowledges that the indemnification will continue with
respect to any period during which it held such Note, notwithstanding it ceasing to be a Holder of the Note.

 

Section 2.13           Additional
Issuance. (a) At any time within the Reinvestment Period, the Issuer may, pursuant to a supplemental indenture
in accordance with Section 8.1 hereof, issue Additional Debt of each Class (on a pro rata basis with respect
to each Class of Debt that is subordinate to the Class A-1 Debt, except, that a larger proportion of Subordinated Notes
may be issued) and use the proceeds to purchase additional Collateral Obligations or as otherwise permitted under this Indenture
(including Permitted Uses); provided that the following conditions are met:

 

(i)            the
Collateral Manager and the Retention Provider each consents to such issuance and such issuance is consented to by a Supermajority
of the Subordinated Notes;

 

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(ii)           the
aggregate principal amount of Additional Debt of any Class issued in all additional issuances shall not exceed 100% of the
respective original outstanding principal amount of the Debt of such Class;

 

(iii)          the
terms of the Debt issued must be identical to the respective terms of previously issued Debt of the applicable Class (except
that the interest due on additional Secured Debt will accrue from the issue date of such additional Secured Debt and that the spread
over LIBOR and prices of such Debt may be lower (but not higher) than those of the initial Debt of that Class) and such additional
issuance shall not be considered a Refinancing hereunder;

 

(iv)          the
net proceeds of the issuance of any additional Subordinated Notes shall be deposited in the Supplemental Reserve Account and employed
in connection with any Permitted Use; provided that this subclause (iv) shall only apply if such additional Subordinated
Notes are the only Debt included in such additional issuance;

 

(v)           unless
only additional Subordinated Notes are being issued, the S&P Rating Condition shall have been satisfied;

 

(vi)          the
proceeds of any Additional Debt (net of fees and expenses incurred in connection with such issuance) shall be treated as Principal
Proceeds, used to purchase additional Collateral Obligations or as another Permitted Use;

 

(vii)         to
the extent such issuance would be of additional Secured Notes (other than in connection with a Risk Retention Issuance), the prior
written consent of a Majority of the Controlling Class has been obtained;

 

(viii)        the
Overcollateralization Ratio with respect to each Class of Debt shall not be reduced after giving effect to such issuance;

 

(ix)          written
advice from Dechert LLP or an opinion of tax counsel of nationally recognized standing in the United States experienced in such
matters will be delivered to the Issuer (with a copy to the Trustee), in form and substance satisfactory to the Collateral Manager,
to the effect that (1) such additional issuance will not result in the Issuer being treated as a publicly traded partnership
taxable as a corporation for U.S. federal income tax purposes or otherwise subject to U.S. federal income tax on a net basis and
(2) any additional Secured Notes (other than Restricted Notes) will be characterized as indebtedness for U.S. federal income
tax purposes; provided, however, that the opinion described in this clause (2) will not be required with
respect to any additional Secured Debt that bear a different CUSIP number (or equivalent identifier) from the Secured Notes of
the same Class that are outstanding at the time of the additional issuance;

 

(x)            such
issuance is accomplished in a manner that allows the independent accountants of the Issuer to accurately provide the tax information
relating to original issue discount that this Indenture requires to be provided to the Holders of Secured Debt (including the Additional
Debt); and

 

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(xi)           an
Officer’s certificate of the Issuer shall be delivered to the Trustee stating that the conditions of this Section 2.13(a) have
been satisfied.

 

(b)           The
terms and conditions of the Additional Debt of each Class issued pursuant to this Section 2.13 shall be identical
to those of the initial Debt of that Class (except that the interest due on the Additional Debt that is Secured Debt shall
accrue from the issue date of such Additional Debt and the interest rate and price of such Additional Debt may be lower (but not
higher) than those of the initial Debt of that Class). Interest on the Additional Debt that is Secured Debt shall be payable commencing
on the first Payment Date following the issue date of such Additional Debt (if issued prior to the applicable Record Date). The
Additional Debt shall rank pari passu in all respects with the initial Debt of that Class.

 

(c)            Except
with respect to a Risk Retention Issuance, any Additional Debt of each Class issued pursuant to this Section 2.13
shall, to the extent reasonably practicable, be offered first to Holders of that Class in such amounts as are necessary to
preserve their pro rata holdings of Debt of such Class.

 

(d)           In
addition, Additional Debt may be issued in connection with any Refinancing of the Secured Debt in whole without regard to the restrictions
in this Section 2.13.

 

(e)           The
Issuer may not issue additional Class C Notes unless the Unfunded Class Funding has occurred.

 

(f)            For
the avoidance of doubt, at any time the Holders of the Subordinated Notes may make additional capital contributions to the Issuer.

 

Section 2.14          Funding
of the Unfunded Class.

 

(a)           The
Unfunded Class will be issued on the Closing Date with an initial principal amount and Aggregate Outstanding Amount of zero;
provided that solely for purposes of issuance and transfers of the Class C Notes prior to the Unfunded Class Funding,
the Aggregate Outstanding Amount of the Class C Notes will be deemed to be the notional amount thereof. The Unfunded Class Funding
(if any) will be evidenced by an increase in the Aggregate Outstanding Amount of the Class C Notes in an amount equal to such
Unfunded Class Funding as specified in the definition of “Aggregate Outstanding Amount”.

 

(b)           The
Issuer, acting at the direction of a Majority of the Subordinated Notes and with the consent of the Collateral Manager, will be
permitted to request the Unfunded Class Funding; provided that, the Unfunded Class Funding may not occur unless
(a) the Class C Par Subordination Condition will be satisfied immediately following the Unfunded Class Funding and
(b) the Overcollateralization Ratio Test will be satisfied with respect to the Class C Notes immediately following the
Unfunded Class Funding; provided, further, that the Unfunded Class Funding may occur only once.

 

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(c)            The
Unfunded Class Funding will be effected by the Issuer providing written notice (at the direction of the Collateral Manager)
(an “Unfunded Class Funding Notice”) to the Trustee (who shall forward a copy of such notice to the Holders),
the Collateral Administrator, the Calculation Agent and the Rating Agency at least five Business Days prior to the proposed Funding
Date. The terms of the Unfunded Class Funding Notice shall have been approved by a Majority of the Subordinated Notes with
the consent of the Collateral Manager. The Unfunded Class Funding Notice shall specify (i) the principal amount of the
Unfunded Class to be funded (which shall be an amount equal to or less than the initial principal amount of the Unfunded Class,
(ii) the spread over LIBOR of the Unfunded Class (which shall be a spread equal to or less than the respective spread
specified in the table set forth in Section 2.3, (iii) the proposed Funding Date, (iv) the applicable Unfunded
Class Non-Call Period (if any), (v) the amount of proceeds of the Funded Amount that shall constitute Interest Proceeds
(if any), Principal Proceeds (if any) or a Funding Date Payment and (vi) information regarding the appropriate participant
account with DTC to be credited. If a Funding Date Payment is directed to be made, the Trustee shall disburse the Funding Date
Payment pro rata to the holders of the Subordinated Notes as soon as reasonably practicable, and in no event later than five Business
Days after the applicable Funding Date. An Unfunded Class Funding shall be effective on the Funding Date specified in the
applicable Funding Notice. With respect to any Unfunded Class Funding requested hereunder, all holder(s) of the Unfunded
Class (or their nominee(s)) shall fund their pro rata portion of the Funded Amount, by wire transfer of immediately available
funds on the applicable Funding Date as specified in the Unfunded Class Funding Notice. Any holder that does not fund its
pro rata portion of the Funded Amount shall have no rights to any of the principal or interest on any Class C Notes that are
funded. The failure of any such holder(s) or their nominee(s) on the Funding Date to fund their respective pro rata portion
of the Funded Amount shall not constitute an Event of Default or an Unfunded Class Funding, and the Unfunded Class Funding
shall be automatically reduced by any such amount not funded within 10 Business Days following the Funding Date.

 

(d)            For
the avoidance of doubt, the Unfunded Class Funding shall not be deemed to be an additional issuance of Notes.

 

ARTICLE III

 

Conditions
Precedent

 

Section 3.1            Conditions
to Issuance of Debt on Closing Date. The Debt to be issued on the Closing Date (other than the Uncertificated Secured
Notes) may be executed by the Issuer and delivered to the Trustee (solely in the case of the Notes) for authentication and thereupon
the same shall be authenticated and delivered by the Trustee, and the Uncertificated Secured Notes to be issued on the Closing
Date may be registered in the names of the respective Holders thereof and a Confirmation of Registration shall be delivered by
the Trustee to each such Holder, in each case upon Issuer Order and upon receipt by the Trustee, the Collateral Agent and the
Loan Agent of the following:

 

(i)            Officers’
Certificate of the Issuer Regarding Corporate Matters. An Officer’s certificate of the Issuer (A) evidencing the
authorization by Resolution of the execution and delivery of this Indenture, the Collateral Management Agreement, the Collateral
Administration Agreement, the Master Loan Sale Agreements and related transaction documents and in each case the execution, authentication
and delivery of the Debt applied for by it and specifying the Stated Maturity, principal amount and Interest Rate of each Class of
Secured Debt to be authenticated and delivered and the Stated Maturity and principal amount of Subordinated Notes to be authenticated
and delivered and (B) certifying that (1) the attached copy of the Resolution is a true and complete copy thereof, (2) such
Resolutions have not been rescinded and are in full force and effect on and as of the Closing Date and (3) the Officers authorized
to execute and deliver such documents hold the offices and have the signatures indicated thereon.

 

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(ii)            Governmental
Approvals. From the Issuer either (A) a certificate of the Issuer or other official document evidencing the approval or
consent of any governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion of Counsel
of the Issuer that no other approval or consent of any governmental body is required for the valid issuance of the Debt or (B) an
Opinion of Counsel of the Issuer that no such approval or consent of any governmental body is required for the valid issuance of
such Debt except as has been given.

 

(iii)           U.S.
Counsel Opinions. Opinions of (A) Dechert LLP, special U.S. counsel to the Issuer, the Collateral Manager, the Retention
Provider and Special U.S. Tax Counsel to the Issuer, (B) Clark Hill PLC, Delaware counsel to the Issuer and (C) Nixon
Peabody LLP, counsel to the Trustee, Collateral Agent, Loan Agent and Collateral Administrator, each dated the Closing Date.

 

(iv)           Officers’
Certificate of the Issuer Regarding Indenture. An Officer’s certificate of the Issuer stating that, to the best of the
signing Officer’s knowledge, the Issuer is not in default under this Indenture and that the issuance, incurrence or borrowing,
as the case may be, of the Debt applied for by it will not result in a default or a breach of any of the terms, conditions or provisions
of, or constitute a default under, its organizational documents, any indenture or other agreement or instrument to which it is
a party or by which it is bound, or any order of any court or administrative agency entered in any Proceeding to which it is a
party or by which it may be bound or to which it may be subject; that all conditions precedent provided herein relating to the
authentication and delivery of the Debt applied for by it have been complied with; and that all expenses due or accrued with respect
to the Offering of such Debt or relating to actions taken on or in connection with the Closing Date have been paid or reserves
therefor have been made. The Officer’s certificate of the Issuer shall also state that, to the best of the signing Officer’s
knowledge, all of the Issuer’s representations and warranties contained herein are true and correct as of the Closing Date.

 

(v)            Transaction
Documents. An executed counterpart of each Transaction Document.

 

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(vi)           Certificate
of the Collateral Manager. An Officer’s certificate of the Collateral Manager, dated as of the Closing Date, to the effect
that immediately before the Delivery of the Collateral Obligations on the Closing Date:

 

(A)            the
information with respect to each Collateral Obligation in the Schedule of Collateral Obligations is true and correct and such schedule
is complete with respect to each such Collateral Obligation;

 

(B)             each
Collateral Obligation in the Schedule of Collateral Obligations satisfies the requirements of the definition of “Collateral
Obligation”;

 

(C)             the
Issuer purchased or entered into each Collateral Obligation in the Schedule of Collateral Obligations in compliance with Section 12.2;
and

 

(D)             the
Aggregate Principal Balance of the Collateral Obligations which the Issuer has purchased, acquired, entered into binding commitments
to purchase, or identified for purchase on or prior to the Closing Date is at least U.S.$249,000,000.

 

(vii)          Grant
of Collateral Obligations. The Grant pursuant to the Granting Clauses of this Indenture of all of the Issuer’s right,
title and interest in and to the Collateral Obligations pledged to the Collateral Agent for inclusion in the Assets on the Closing
Date shall be effective, and Delivery of such Collateral Obligations (including each promissory note and all other Underlying Instruments
related thereto to the extent received by the Issuer) as contemplated by Section 3.3 shall have been effected.

 

(viii)         Certificate
of the Issuer Regarding Assets. An Officer’s certificate of the Issuer, dated as of the Closing Date, to the effect that:

 

(A)            in
the case of each Collateral Obligation pledged to the Collateral Agent for inclusion in the Assets, on the Closing Date and immediately
prior to the Delivery thereof (or immediately after Delivery thereof, in the case of clause (VI)(ii) below) on the Closing
Date;

 

(I)            the
Issuer is the owner of such Collateral Obligation free and clear of any liens, claims or encumbrances of any nature whatsoever
except for (i) those which are being released on the Closing Date; (ii) those Granted pursuant to this Indenture and
(iii) any other Permitted Liens;

 

(II)           the
Issuer has acquired its ownership in such Collateral Obligation in good faith without notice of any adverse claim, except as described
in clause (I) above;

 

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(III)          the
Issuer has not assigned, pledged or otherwise encumbered any interest in such Collateral Obligation (or, if any such interest
has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture;

 

(IV)          the
Issuer has full right to Grant a security interest in and assign and pledge such Collateral Obligation to the Collateral Agent;

 

(V)           based
on the certificate of the Collateral Manager delivered pursuant to Section 3.1(vi), the information set forth with
respect to such Collateral Obligation in the Schedule of Collateral Obligations is true and correct;

 

(VI)          (i) based
on the certificate of the Collateral Manager delivered pursuant to Section 3.1(vi), each Collateral Obligation included
in the Assets satisfies the requirements of the definition of “Collateral Obligation” and (ii) the requirements
of Section 3.1(vii) have been satisfied;

 

(VII)         upon
the Grant by the Issuer, the Collateral Agent has a first priority perfected security interest in the Collateral Obligations and
other Assets, except as permitted by this Indenture; and

 

(B)            based
on the certificate of the Collateral Manager delivered pursuant to Section 3.1(vi), the Aggregate Principal Balance
of the Collateral Obligations which the Issuer has purchased, acquired, entered into binding commitments to purchase, or identified
for purchase on or prior to the Closing Date is at least U.S.$ 249,000,000.

 

(ix)            Rating
Letter. An Officer’s certificate of the Issuer to the effect that attached thereto is a true and correct copy of a letter
from the Rating Agency and confirming that each Class of Debt has been assigned the applicable Initial Rating and that such
ratings are in effect on the Closing Date.

 

(x)            Accounts.
Evidence of the establishment of each of the Accounts.

 

(xi)            Issuer
Order for Deposit of Funds into Accounts. (A) An Issuer Order signed in the name of the Issuer by a Responsible Officer
of the Issuer, dated as of the Closing Date, authorizing the deposit of U.S.$48,424,921.17 from the proceeds of the issuance of
the Debt into the Ramp-Up Account for use pursuant to Section 10.3(c), (B) an Issuer Order signed in the name
of the Issuer by a Responsible Officer of the Issuer, dated as of the Closing Date, authorizing the deposit of U.S.$1,100,000 from
the proceeds of the issuance of the Debt into the Expense Reserve Account as Interest Proceeds for use pursuant to Section 10.3(d) and
(C) an Issuer Order signed in the name of the Issuer by a Responsible Officer of the Issuer, dated as of the Closing Date,
authorizing the deposit of the Interest Reserve Amount from the proceeds of the issuance of the Debt into the Interest Reserve
Account as Interest Proceeds for use pursuant to Section 10.3(f).

 

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(xii)           Other
Documents. Such other documents as the Trustee may reasonably require; provided that nothing in this clause (xii) shall
imply or impose a duty on the part of the Trustee to require any other documents.

 

In addition, upon the
execution and delivery of this Indenture and the issuance of the Notes, the Collateral Agent is authorized and directed to release
from the lien of this Indenture the amount from the proceeds of the issuance of the Notes designated by the Issuer to pay the aggregate
purchase price owing under the Master Loan Sale Agreements.

 

Section 3.2         Conditions
to Additional Issuance. Additional Debt to be issued on an Additional Debt Closing Date pursuant to Section 2.13
may be executed by the Issuer and delivered to the Trustee (solely in the case of additional Notes) for authentication and
thereupon the same shall be authenticated and delivered to the Issuer by the Trustee upon Issuer Order (setting forth registration,
delivery and authentication instructions) and upon receipt by the Trustee, the Collateral Agent and the Loan Agent of the following:

 

(i)            Officers’
Certificates of the Issuer Regarding Corporate Matters. An Officer’s certificate of the Issuer (A) evidencing the
authorization by Resolution of the execution and delivery of a supplemental indenture pursuant to Section 8.1(a)(xii) and
the execution, authentication and delivery of the Additional Debt applied for by it, and specifying the Stated Maturity, the principal
amount and Interest Rate of each Class of such Additional Debt that is Secured Debt and the Stated Maturity and principal
amount of the Subordinated Notes to be authenticated and delivered and (B) certifying that (1) the attached copy of such
Resolution is a true and complete copy thereof, (2) such Resolutions have not been rescinded and are in full force and effect
on and as of the Additional Debt Closing Date and (3) the Officers authorized to execute and deliver such documents hold the
offices and have the signatures indicated thereon.

 

(ii)            Governmental
Approvals. From the Issuer either (A) a certificate of the Issuer or other official document evidencing the due authorization,
approval or consent of any governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion
of Counsel of the Issuer to the effect that no other authorization, approval or consent of any governmental body is required for
the valid issuance of such Additional Debt or (B) an Opinion of Counsel of the Issuer to the effect that no such authorization,
approval or consent of any governmental body is required for the valid issuance of such Additional Debt except as have been given
(provided that the opinion delivered pursuant to Section 3.2(iii) may satisfy the requirement).

 

(iii)            U.S.
Counsel Opinions. Opinions of Dechert LLP, special U.S. counsel to the Issuer or other counsel reasonably acceptable to the
Trustee, dated as of the Additional Debt Closing Date, in form and substance satisfactory to the Issuer and the Trustee. An opinion
of Special Tax Counsel or tax counsel of nationally recognized standing in the United States experienced in such matters delivered
pursuant to Section 2.13(a)(ix).

 

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(iv)           Officers’
Certificates of Issuer Regarding Indenture. An Officer’s certificate of the Issuer stating that the Issuer is not in
default under this Indenture and that the issuance of the Additional Debt applied for by it shall not result in a default or a
breach of any of the terms, conditions or provisions of, or constitute a default under, its organizational documents, any indenture
or other agreement or instrument to which it is a party or by which it is bound, or any order of any court or administrative agency
entered in any Proceeding to which it is a party or by which it may be bound or to which it may be subject; that all conditions
precedent provided in this Indenture and the supplemental indenture pursuant to Section 8.1(a)(xii) relating to
the authentication and delivery of the Additional Debt applied for have been complied with and that the authentication and delivery
of the Additional Debt is authorized or permitted under this Indenture and the supplemental indenture entered into in connection
with such Additional Debt; and that all expenses due or accrued with respect to the offering of the Additional Debt or relating
to actions taken on or in connection with the Additional Debt Closing Date have been paid or reserved. The Officer’s certificate
of the Issuer shall also state that all of its representations and warranties contained herein are true and correct as of the Additional
Debt Closing Date.

 

(v)            Accountants’
Report. An Accountants’ Report in form and content satisfactory to the Issuer (A) if applicable, comparing the issuer,
Principal Balance, coupon/spread, Stated Maturity and country of Domicile with respect to each Collateral Obligation pledged in
connection with the issuance of such Additional Debt and the information provided by the Issuer with respect to every other asset
included in the Assets, by reference to such sources as shall be specified therein, if additional Assets are pledged directly in
accordance with such Additional Debt issuance and (B) specifying the procedures undertaken by them to review data and computations
relating to the foregoing statement; provided that if only additional Subordinated Notes are being issued, no such Accountants’
Report shall be required.

 

(vi)            S&P
Rating Condition. Unless only additional Subordinated Notes are being issued, evidence that the S&P Rating Condition has
been satisfied with respect to such issuance of Additional Notes.

 

(vii)          Other
Documents. Such other documents as the Trustee may reasonably require; provided that nothing in this clause (vi) shall
imply or impose a duty on the Trustee to so require any other documents.

 

Prior to any Additional
Debt Closing Date, the Trustee shall provide to the Holders notice of such issuance of Additional Debt as soon as reasonably practicable
but in no case less than fifteen (15) days prior to the Additional Debt Closing Date; provided that the Trustee shall receive
such notice at least five (5) Business Days prior to the 15th day prior to such Additional Debt Closing Date. On or prior
to any Additional Debt Closing Date, the Trustee shall provide to the Holders copies of any supplemental indentures executed as
part of such issuance pursuant to the requirements of Section 8.1.

 

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Section 3.3         Custodianship;
Delivery of Collateral Obligations and Eligible Investments. (a) The Collateral Manager, on behalf of the Issuer,
shall deliver or cause to be delivered to a custodian appointed by the Issuer, which shall be a Securities Intermediary (the “Custodian”)
or the Collateral Agent, as applicable, all Assets in accordance with the definition of “Deliver.” The Custodian appointed
hereby shall act as custodian for the Issuer and as custodian, agent and bailee for the Collateral Agent on behalf of the Secured
Parties for purposes of perfecting the Collateral Agent’s security interest in those Assets in which a security interest
is perfected by Delivery of the related Assets to the Custodian. Initially, the Custodian shall be the Collateral Agent. Any successor
custodian shall be a state or national bank or trust company that (i) has (A) capital and surplus of at least U.S.$200,000,000
and (B) a credit risk assessment or senior unsecured rating of at least “BBB+” by S&P and (ii) is a
Securities Intermediary. Subject to the limited right to relocate Assets as provided in Section 7.5(b), the Collateral
Agent or the Custodian, as applicable, shall hold (i) all Collateral Obligations, Eligible Investments, Cash and other investments
purchased in accordance with this Indenture and (ii) any other property of the Issuer otherwise Delivered to the Collateral
Agent or the Custodian, as applicable, by or on behalf of the Issuer, in the relevant Account established and maintained pursuant
to Article X; as to which in each case the Collateral Agent shall have entered into the Securities Account Control
Agreement with the Custodian providing, inter alia, that the establishment and maintenance of such Account will be governed by
a law of a jurisdiction satisfactory to the Issuer and the Collateral Agent.

 

(b)        Each
time that the Collateral Manager on behalf of the Issuer directs or causes the acquisition of any Collateral Obligation, Eligible
Investment or other investment, the Collateral Manager (on behalf of the Issuer) shall, if the Collateral Obligation, Eligible
Investment or other investment is required to be, but has not already been, transferred to the relevant Account, cause the Collateral
Obligation, Eligible Investment or other investment to be Delivered to the Custodian to be held in the Custodial Account (or in
the case of any such investment that is not a Collateral Obligation, in the Account in which the funds used to purchase the investment
are held in accordance with Article X) for the benefit of the Collateral Agent in accordance with this Indenture.
The security interest of the Collateral Agent in the funds or other property used in connection with the acquisition shall, immediately
and without further action on the part of the Collateral Agent, be released. The security interest of the Collateral Agent shall
nevertheless come into existence and continue in the Collateral Obligation, Eligible Investment or other investment so acquired,
including all interests of the Issuer in to any contracts related to and proceeds of such Collateral Obligation, Eligible Investment
or other investment.

 

ARTICLE IV

 

Satisfaction
And Discharge

 

Section 4.1         Satisfaction
and Discharge of Indenture. This Indenture shall be discharged and shall cease to be of further effect except as to
(i) rights of registration of transfer and exchange, (ii) substitution of mutilated, defaced, destroyed, lost or stolen
Notes or Class A-1-L Loans, (iii) rights of Holders to receive payments of principal thereof and interest thereon, (iv) the
rights and immunities of the Trustee and the Collateral Agent hereunder and the obligations set forth in Section 4.2,
(v) the rights, obligations and immunities of the Collateral Manager hereunder and under the Collateral Management Agreement,
(vi) the rights and immunities of the Collateral Administrator under the Collateral Administration Agreement and (vii) the
rights of Holders as beneficiaries hereof with respect to the property deposited with the Collateral Agent and payable to all
or any of them (and the Collateral Agent, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture) when:

 

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(a)           either:

 

(i)            (x) all
Notes theretofore authenticated and delivered to Holders (other than (A) Notes which have been mutilated, defaced, destroyed,
lost or stolen and which have been replaced or paid as provided in Section 2.6 and (B) Notes for whose payment
Money has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer or discharged from such trust, as
provided in Section 7.3) have been delivered to the Trustee for cancellation and (y) the Class A-1-L Loans
have been repaid in full in accordance with the terms of the Credit Agreement (other than the Class A-1-L Loans for whose
payment Money has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer or discharged from such trust,
as provided in Section 7.3 or Section 5.3 of the Credit Agreement); or

 

(ii)            all
Notes not theretofore delivered to the Trustee for cancellation and all Class A-1-L Loans not prepaid in full in accordance
with the Credit Agreement (A) have become due and payable, or (B) will become due and payable at their Stated Maturity
within one year, or (C) are to be called for redemption pursuant to Article IX (and, in the case of the Class A-1-L
Loans, prepaid in accordance with the Credit Agreement) under an arrangement satisfactory to the Trustee, the Collateral Agent
and the Loan Agent for the giving of notice of redemption by the Issuer pursuant to Section 9.4 and the Issuer
has irrevocably deposited or caused to be deposited with the Collateral Agent, in trust for such purpose, Cash or non-callable
direct obligations of the United States of America; provided that the obligations are entitled to the full faith and credit
of the United States of America or are debt obligations which are rated “AAA” by Fitch, in an amount sufficient, as
recalculated in an Accountants’ Report by a firm of Independent certified public accountants which are nationally recognized,
to pay and discharge the entire indebtedness on such Debt not theretofore delivered to the Trustee for cancellation, for principal
and interest to the date of such deposit (in the case of Debt which has become due and payable), or to their Stated Maturity or
Redemption Date, as the case may be, and shall have Granted to the Collateral Agent a valid perfected security interest in such
Eligible Investment that is of first priority and free of any adverse claim, as applicable, and shall have furnished an Opinion
of Counsel with respect thereto; provided that this sub-section (ii) shall not apply if an election to act in accordance
with the provisions of Section 5.5(a) shall have been made and not rescinded, it being understood that the requirements
of this clause (a) may be satisfied as set forth in Section 5.7.

 

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(b)        the
Issuer has paid or caused to be paid all other sums then due and payable hereunder and under the Credit Agreement (including, without
limitation, any amounts then due and payable pursuant to the Collateral Administration Agreement and the Collateral Management
Agreement, in each case, without regard to the Administrative Expense Cap) by the Issuer and no other amounts are scheduled
to be due and payable by the Issuer, it being understood that the requirements of this clause (b) may be satisfied as set
forth in Section 5.7; and

 

(c)        the
Issuer has delivered to the Trustee and Collateral Agent Officers’ certificates and an Opinion of Counsel, each stating that
all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with;

 

Notwithstanding the
satisfaction and discharge of this Indenture, the rights and obligations of the Issuer, the Trustee, the Collateral Agent, the
Loan Agent, the Collateral Manager and, if applicable, the Holders, as the case may be, under Sections 2.7, 4.2,
5.4(d), 5.9, 5.18, 6.1, 6.3, 6.6, 6.7, 7.1, 7.3, 13.1, 14.10,
14.11, 14.12 and 14.17 shall survive.

 

Section 4.2         Application
of Trust Money. All Cash and obligations deposited with the Collateral Agent pursuant to Section 4.1 shall
be held in trust and applied by it in accordance with the provisions of the Debt and this Indenture, including, without limitation,
the Priority of Payments, to the payment of principal and interest (or other amounts with respect to the Subordinated Notes),
either directly or through any Paying Agent, as the Collateral Agent may determine; and such Cash and obligations shall be held
in a segregated account identified as being held in trust for the benefit of the Secured Parties.

 

Section 4.3         Repayment
of Monies Held by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to
the Debt, all Monies then held by any Paying Agent other than the Collateral Agent under the provisions of this Indenture shall,
upon demand of the Issuer, be paid to the Collateral Agent to be held and applied pursuant to Section 7.3 hereof
and in accordance with the Priority of Payments and thereupon such Paying Agent shall be released from all further liability with
respect to such Monies.

 

Section 4.4         Liquidation
of Assets. (a) In the event of the liquidation of the Assets as specified in accordance with Article V
and the net proceeds from such liquidation and all available Cash has been used for the payment of (or establishment of a
reserve for) all Administrative Expenses (in the same manner and order of priority in the definition thereof), Aggregate Collateral
Management Fees and interest and principal on the Secured Debt so that the Secured Debt has been redeemed and paid in full, the
Subordinated Notes will become the Controlling Class and the holders of the Subordinated Notes will have all rights of the
holders of the Controlling Class under this Indenture. In addition, the holders of the Subordinated Notes, as the holders
of the Controlling Class, would be able to cause the satisfaction and discharge of this Indenture.

 

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(b) 
To the extent the Assets are liquidated as specified in Article V in herein in any way and the net proceeds from such
liquidation and all available Cash has been used for the payment of (or establishment of a reserve for) all Administrative Expenses
(in the same manner and order of priority in the definition thereof), Aggregate Collateral Management Fees and interest and principal
on the Secured Debt so that the Secured Debt has been redeemed and paid in full, any excess amounts shall be paid on the Subordinated
Notes pursuant to Section 11.1(a) and if such amounts are insufficient to pay the Subordinated Notes in full or
there are no excess amounts to pay on the Subordinated Notes, the Subordinated Notes shall be deemed to be redeemed and paid in
full, unless such Subordinated Notes were previously redeemed or repaid prior thereto as otherwise described herein.

 

ARTICLE V

 

Remedies

 

Section 5.1         Events
of Default. “Event of Default”, wherever used herein, means any one of the following events (whatever
the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(a)        a
default in the payment, when due and payable, of (i) any interest on any Class A-1 Debt, any Class A-2 Note or
any Class B Note or, if there is no Class A-1 Debt Outstanding or there are no Class A-2 Notes Outstanding or Class B
Notes Outstanding, any interest on any Secured Debt in the Class then comprising the Controlling Class and, in each
case, the continuation of any such default, for five Business Days after a Bank Officer of the Trustee or Bank Officer of the
Collateral Agent has actual knowledge or receives written notice from any holder of Debt of such payment default or (ii) any
principal of, or interest or Deferred Interest on, or any Redemption Price in respect of, any Secured Debt at its Stated Maturity
or any Redemption Date; provided that the failure to effect any Optional Redemption which is withdrawn by the Issuer in
accordance with this Indenture or with respect to which any Refinancing fails to occur shall not constitute an Event of Default
and provided further that, solely with respect to clause (i) above, in the case of a failure to disburse funds due
to an administrative error or omission by the Collateral Manager, Trustee, Collateral Agent, Loan Agent, Collateral Administrator
or any Paying Agent, such failure continues for seven Business Days after a Bank Officer of the Collateral Agent receives
written notice or has actual knowledge of such administrative error or omission; provided further, that, in the case of
a default in the payment of any interest on any Debt on any Redemption Date thereof where (A) such default is due solely
to a delayed or failed settlement of any asset sale by the Issuer (or the Collateral Manager on the Issuer’s behalf), (B) the
Issuer (or the Collateral Manager on the Issuer’s behalf) had entered into a binding agreement of sale for such asset prior
to the applicable Redemption Date and (C) the Issuer (or the Collateral Manager on the Issuer’s behalf) has used commercially
reasonable efforts to cause such settlement to occur prior to the Redemption Date, then such default will not be an Event of Default
unless such failure continues for 60 calendar days after such Redemption Date;

 

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(b)        the
failure on any Payment Date to disburse amounts available in the Payment Account in excess of U.S.$100,000 in accordance with the
Priority of Payments and continuation of such failure for a period of ten Business Days or, in the case of a failure to disburse
due to an administrative error or omission by the Trustee, the Collateral Agent, the Collateral Administrator or any Paying Agent,
such failure continues for five Business Days after a Bank Officer of the Collateral Agent receives written notice or has
actual knowledge of such administrative error or omission;

 

(c)        the
Issuer or the Assets become an investment company required to be registered under the 1940 Act and such requirement has not been
eliminated after a period of 45 days;

 

(d)        except
as otherwise provided in this Section 5.1, a material breach of any other covenant of the Issuer herein or in the
Credit Agreement (other than any failure to satisfy any of the Concentration Limitations, Collateral Quality Tests or Coverage
Tests, or other covenants or agreements for which a specific remedy has been provided hereunder or any failure to satisfy the
requirements of Section 7.18), or the failure of any material representation or warranty of the Issuer made herein
or in the Credit Agreement or in any certificate or other writing delivered pursuant hereto or in connection herewith to be correct
in each case in all material respects when the same shall have been made which breach or failure has a material adverse effect
on the Holders of the Debt, and the continuation of such breach or failure for a period of 45 days after notice to the Issuer
and the Collateral Manager by the Trustee, the Collateral Agent or the Loan Agent (at the direction of a Supermajority of the
Controlling Class) or to the Issuer the Collateral Manager and the Collateral Agent by the Holders of at least a Supermajority
of the Controlling Class in each case, by registered or certified mail or overnight delivery service, specifying such breach
or failure and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; provided
that the delivery of a certificate or other report which corrects any inaccuracy contained in a previous report or certification
shall be deemed to cure such inaccuracy as of the date of delivery of such updated report or certificate and any and all inaccuracies
arising from continuation of such initial inaccurate report or certificate and the sale or other disposition of any asset that
did not at the time of its acquisition satisfy clause (a) of the Investment Criteria shall cure any breach or failure arising
therefrom as of the date of such failure;

 

(e)        the
entry of a decree or order by a court having competent jurisdiction adjudging the Issuer as bankrupt or insolvent, or approving
as properly filed a petition seeking reorganization, arrangement, adjustment or composition of the Issuer under the applicable
Bankruptcy Law or any other applicable law, or appointing a receiver, liquidator, assignee, or sequestrator (or other similar official) of
the Issuer or of any substantial part of its property, respectively, or ordering the winding up or liquidation of its affairs,
respectively, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days;

 

(f)         the
institution by the Issuer of Proceedings to have the Issuer adjudicated as bankrupt or insolvent, or the consent of the Issuer
to the institution of bankruptcy or insolvency Proceedings against the Issuer, or the filing by the Issuer of a petition or answer
or consent seeking reorganization or relief under the applicable Bankruptcy Law or any other similar applicable law, or the consent
by the Issuer to the filing of any such petition or to the appointment in a Proceeding of a receiver, liquidator, assignee, trustee
or sequestrator (or other similar official) of the Issuer or of any substantial part of its property, respectively, or the
making by the Issuer of an assignment for the benefit of creditors, or the admission by the Issuer in writing of its inability
to pay its debts generally as they become due, or the taking of any action by the Issuer in furtherance of any such action; or

 

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(g)        on
any Measurement Date as of which the Class A-1 Debt is Outstanding, failure of the percentage equivalent of a fraction, (i) the
numerator of which is equal to (1) the Collateral Principal Amount plus (2) the aggregate Market Value of all
Defaulted Obligations on such date and (ii) the denominator of which is equal to the Aggregate Outstanding Amount of the Class A-1
Debt, to equal or exceed 102.5%.

 

Upon a Responsible
Officer’s (or a Bank Officer’s, in the case of the Trustee or the Collateral Agent) obtaining knowledge of the occurrence
of an Event of Default, each of (i) the Issuer, (ii) the Trustee, (iii) the Collateral Agent and (iv) the Collateral
Manager shall notify each other. Upon the occurrence of an Event of Default known to a Bank Officer of the Collateral Agent, the
Collateral Agent shall promptly (and in no event later than three Business Days thereafter) notify the Holders (as their names
appear on the Register), each Paying Agent and the Rating Agency (unless such Event of Default has been waived as provided in Section 5.14).

 

Section 5.2         Acceleration
of Maturity; Rescission and Annulment. (a) If an Event of Default occurs and is continuing (other than an Event
of Default specified in Section 5.1(e) or (f)), the Collateral Agent may, and shall, upon the written
direction of a Supermajority of the Controlling Class, by notice to the Issuer and the Rating Agency, declare the principal of
all the Secured Debt to be immediately due and payable, and upon any such declaration such principal, together with all accrued
and unpaid interest thereon, and other amounts payable hereunder, shall become immediately due and payable. If an Event of Default
specified in Section 5.1(e) or (f) occurs, all unpaid principal, together with all accrued and unpaid
interest thereon, of all the Secured Debt, and other amounts payable thereunder and hereunder, shall automatically become due
and payable without any declaration or other act on the part of the Collateral Agent or any Holder.

 

(b)        At
any time after such a declaration of acceleration of maturity has been made and before a judgment or decree for payment of the
Money due has been obtained by the Collateral Agent as hereinafter provided in this Article V, a Majority of the Controlling
Class by written notice to the Issuer, the Collateral Agent, the Loan Agent and the Trustee, may rescind and annul such declaration
and its consequences if:

 

(i)             The
Issuer has paid or deposited with the Collateral Agent a sum sufficient to pay:

 

(A)            all
unpaid installments of interest and principal then due on the Secured Debt (other than any principal amounts due to the occurrence
of an acceleration);

 

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(B)            to
the extent that the payment of such interest is lawful, interest upon any Deferred Interest at the applicable Interest Rate; and

 

(C)            all
unpaid taxes and Administrative Expenses of the Issuer and other sums paid or advanced by the Trustee or the Collateral Agent hereunder,
by the Loan Agent under the Credit Agreement or by the Collateral Administrator under the Collateral Administration Agreement or
hereunder, accrued and unpaid Aggregate Collateral Management Fees then due and owing and any other amounts then payable by the
Issuer hereunder prior to such Administrative Expenses and such Aggregate Collateral Management Fees.

 

(ii)            It
has been determined that all Events of Default, other than the nonpayment of the interest on or principal of the Secured Debt that
has become due solely by such acceleration, have:

 

(A)            been
cured; and

 

(I)            in
the case of an Event of Default specified in Section 5.1(a) due to failure to pay interest on the Class A-1
Debt, the Class A-2 Notes or the Class B Notes or in the case of an Event of Default specified in Section 5.1(g),
the Holders of at least a Majority of the Class A-1 Debt, by written notice to the Collateral Agent, has agreed with such
determination (which agreement shall not be unreasonably withheld); provided that no Class of Secured Debt (other than
the Class A-1 Debt) shall have any rights pursuant to this subclause (I), regardless of whether any such Class subsequently
becomes the Controlling Class; or

 

(II)            in
the case of any other Event of Default, the Holders of at least a Majority of each Class of Secured Debt (voting separately
by Class), in each case, by written notice to the Collateral Agent, has agreed with such determination (which agreement shall not
be unreasonably withheld); or

 

(B)            been
waived as provided in Section 5.14.

 

No such rescission
shall affect any subsequent Default or impair any right consequent thereon. The Collateral Agent shall promptly give written notice
of any such rescission to the Rating Agency.

 

(c)            Notwithstanding
anything in this Section 5.2 to the contrary, the Secured Notes will not be subject to acceleration by the Collateral
Agent solely as a result of the failure to pay any amount due on the Secured Notes that are not of the Controlling Class other
than any failure to pay interest due on the Class B Notes.

 

Section 5.3         Collection
of Indebtedness and Suits for Enforcement by Collateral Agent. The Issuer covenants that if a default shall occur in
respect of the payment of any principal of or interest when due and payable on any Secured Debt, the Issuer will, upon demand
of the Collateral Agent, pay to the Collateral Agent, for the benefit of the Holder of such Secured Debt, the whole amount, if
any, then due and payable on such Secured Debt for principal and interest with interest upon the overdue principal and, to the
extent that payments of such interest shall be legally enforceable, upon overdue installments of interest, at the applicable Interest
Rate, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Collateral Agent and its agents and counsel.

 

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If the Issuer fails
to pay such amounts forthwith upon such demand, the Collateral Agent, in its own name and as trustee of an express trust, may,
and shall, subject to the terms of this Indenture (including Section 6.3(e) and 6.20(e)) upon direction
of a Majority of the Controlling Class, institute a Proceeding for the collection of the sums so due and unpaid, may prosecute
such Proceeding to judgment or final decree, and may enforce the same against the Issuer or any other obligor upon the Secured
Debt and collect the Monies adjudged or decreed to be payable in the manner provided by law out of the Assets.

 

If an Event of Default
occurs and is continuing, the Collateral Agent may in its discretion, and shall, subject to the terms of this Indenture (including
Section 6.3(e) and 6.20(e)) upon written direction of the Supermajority of the Controlling Class, proceed
to protect and enforce its rights and the rights of the Secured Parties by such appropriate Proceedings as the Collateral Agent
shall deem most effectual (if no such direction is received by the Collateral Agent) or as the Collateral Agent may be directed
by the Majority of the Controlling Class, to protect and enforce any such rights, whether for the specific enforcement of any covenant
or agreement herein or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable
right vested in the Collateral Agent by this Indenture or by law.

 

In case there shall
be pending Proceedings relative to the Issuer or any other obligor upon the Secured Debt under the applicable Bankruptcy Law or
any other applicable bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its respective
property or such other obligor or its property, or in case of any other comparable Proceedings relative to the Issuer or other
obligor upon the Secured Debt, or the creditors or property of the Issuer or such other obligor, the Collateral Agent, regardless
of whether the principal of any Secured Debt shall then be due and payable as therein expressed or by declaration or otherwise
and regardless of whether the Collateral Agent shall have made any demand pursuant to the provisions of this Section 5.3,
shall be entitled and empowered, by intervention in such Proceedings or otherwise:

 

(a)        to
file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Secured Debt
upon direction by a Majority of the Controlling Class and to file such other papers or documents as may be necessary or advisable
in order to have the claims of the Collateral Agent (including any claim for reasonable compensation to the Collateral Agent and
each predecessor Collateral Agent, and their respective agents, attorneys and counsel, and for reimbursement of all reasonable
expenses and liabilities incurred, and all advances made, by the Collateral Agent and each predecessor Collateral Agent, except
as a result of negligence or bad faith) and of the Holders of the Secured Debt allowed in any Proceedings relative to the
Issuer or to the creditors or property of the Issuer;

 

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(b)        unless
prohibited by applicable law and regulations, to vote on behalf of the Holders of the Secured Debt upon the direction of a Majority
of the Controlling Class, in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other
bankruptcy or insolvency Proceedings or Person performing similar functions in comparable Proceedings; and

 

(c)        to
collect and receive any Monies or other property payable to or deliverable on any such claims, and to distribute all amounts received
with respect to the claims of the Holders and of the Collateral Agent on their behalf; and any trustee, receiver or liquidator,
custodian or other similar official is hereby authorized by each of the Holders of the Secured Debt to make payments to the Collateral
Agent, and, if the Collateral Agent shall consent to the making of payments directly to the Holders of the Secured Debt to pay
to the Collateral Agent such amounts as shall be sufficient to cover reasonable compensation to the Collateral Agent, each predecessor
Collateral Agent and their respective agents, attorneys and counsel, and all other reasonable expenses and liabilities incurred,
and all advances made, by the Collateral Agent and each predecessor Collateral Agent except as a result of negligence or bad faith.

 

Nothing herein contained
shall be deemed to authorize the Collateral Agent to authorize or consent to or vote for or accept or adopt on behalf of any Holder
of Secured Debt, any plan of reorganization, arrangement, adjustment or composition affecting the Secured Debt or any Holder thereof,
or to authorize the Collateral Agent to vote in respect of the claim of any Holder of Secured Debt, as applicable, in any such
Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.

 

In any Proceedings
brought by the Collateral Agent on behalf of the Holders of the Secured Debt (and any such Proceedings involving the interpretation
of any provision of this Indenture to which the Collateral Agent shall be a party), the Collateral Agent shall be held to represent
all the Holders of the Secured Debt.

 

Notwithstanding anything
in this Section 5.3 to the contrary, the Collateral Agent may not sell or liquidate the Assets or institute Proceedings
in furtherance thereof pursuant to this Section 5.3 except according to the provisions specified in Section 5.5(a).

 

Section 5.4         Remedies.
(a) If an Event of Default has occurred and is continuing, and the Secured Debt has been declared due and payable and such
declaration and its consequences have not been rescinded and annulled, the Issuer agrees that the Collateral Agent may, and shall,
subject to the terms of this Indenture (including Section 6.3(e) and 6.20(e)), upon written direction of a Supermajority
of the Controlling Class, to the extent permitted by applicable law, exercise one or more of the following rights, privileges
and remedies:

 

(i)            institute
Proceedings for the collection of all amounts then payable on the Secured Debt or otherwise payable under this Indenture or the
Credit Agreement, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Assets any Monies adjudged
due;

 

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(ii)            sell
or cause the sale of all or a portion of the Assets or rights or interests therein, at one or more public or private sales called
and conducted in any manner permitted by law and in accordance with Section 5.17 hereof; provided that
the Collateral Agent shall promptly give written notice of any such sale of Assets to the Rating Agency;

 

(iii)            institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture and/or the Credit Agreement with respect
to the Assets;

 

(iv)            exercise
any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies
of the Collateral Agent and the Holders of the Secured Debt hereunder (including exercising all rights of the Collateral Agent
under the Securities Account Control Agreement); and

 

(v)            exercise
any other rights and remedies that may be available at law or in equity;

 

provided that the Collateral Agent
may not sell or liquidate the Assets or institute Proceedings in furtherance thereof pursuant to this Section 5.4 except
according to the provisions of Section 5.5(a).

 

The Collateral Agent
may, but need not, obtain and rely upon an opinion of an Independent investment banking firm of national reputation (the cost of
which shall be payable as an Administrative Expense) in structuring and distributing securities similar to the Secured Debt,
which may be the Initial Purchaser, as to the feasibility of any action proposed to be taken in accordance with this Section 5.4
and as to the sufficiency of the proceeds and other amounts receivable with respect to the Assets to make the required payments
of principal of and interest on the Secured Debt which opinion shall be conclusive evidence as to such feasibility or sufficiency.

 

(b)        If
an Event of Default as described in Section 5.1(d) hereof shall have occurred and be continuing the Collateral
Agent may, and at the direction of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Controlling Class shall,
subject to the terms of this Indenture (including Section 6.3(e) and 6.20(e)), institute a Proceeding solely
to compel performance of the covenant or agreement or to cure the representation or warranty, the breach of which gave rise to
the Event of Default under Section 5.1(d), and enforce any equitable decree or order arising from such Proceeding.

 

(c)        Upon
any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings, any Secured Party may bid for
and purchase the Assets or any part thereof and, upon compliance with the terms of sale, may hold, retain, possess or dispose of
such property in its or their own absolute right without accountability.

 

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Upon any sale, whether
made under the power of sale hereby given or by virtue of judicial Proceedings, the receipt of the Collateral Agent, or of the
Officer making a sale under judicial Proceedings, shall be a sufficient discharge to the purchaser or purchasers at any sale for
its or their purchase Money, and such purchaser or purchasers shall not be obliged to see to the application thereof.

 

Any such sale, whether
under any power of sale hereby given or by virtue of judicial Proceedings, shall bind the Issuer, the Trustee, the Collateral Agent,
the Loan Agent and the Holders of the Debt, shall operate to divest all right, title and interest whatsoever, either at law or
in equity, of each of them in and to the property sold, and shall be a perpetual bar, both at law and in equity, against each of
them and their successors and assigns, and against any and all Persons claiming through or under them.

 

(d)       Notwithstanding
any other provision of this Indenture, none of the Issuer, the Trustee, the Collateral Agent, the Loan Agent, the Secured Parties
or the Holders may, prior to the date which is one year and one day (or if longer, any applicable preference period and one day) after
the payment in full of all Debt, institute against, or join any other Person in instituting against, the Issuer any bankruptcy,
reorganization, arrangement, insolvency, moratorium or liquidation Proceedings, or other Proceedings under U.S. federal or state
bankruptcy or similar laws. Nothing in this Section 5.4 shall preclude, or be deemed to stop, the Trustee, the
Collateral Agent or the Loan Agent (i) from taking any action prior to the expiration of the aforementioned period in (A) any
case or Proceeding voluntarily filed or commenced by the Issuer or (B) any involuntary insolvency Proceeding filed or commenced
by a Person other than the Trustee, the Collateral Agent or the Loan Agent or (ii) from commencing against the Issuer or any
of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation
Proceeding.

 

Section 5.5         Optional
Preservation of Assets. (a) Notwithstanding anything to the contrary herein (but subject to the right of the Collateral
Manager to direct the Collateral Agent to sell Collateral Obligations or Equity Securities in strict compliance with Section 12.1),
if an Event of Default shall have occurred and be continuing, the Collateral Agent shall retain the Assets securing the Secured
Debt intact, collect and cause the collection of the proceeds thereof and make and apply all payments and deposits and maintain
all accounts in respect of the Assets and the Debt in accordance with the Priority of Payments and the provisions of Article X,
Article XII and Article XIII unless:

 

(i)              the
Collateral Agent, pursuant to Section 5.5(c), determines that the anticipated proceeds of a sale or liquidation of
the Assets (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full
the amounts then due (or, in the case of interest, accrued) and unpaid on the Secured Debt for principal and interest (including
accrued and unpaid Deferred Interest) and all other amounts payable prior to payment of principal on such Secured Debt (including
amounts due and owing as Administrative Expenses (without regard to the Administrative Expense Cap) and any due and unpaid Aggregate
Collateral Management Fees) and a Supermajority of the Controlling Class agrees with such determination;

 

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(ii)             in
the case of an Event of Default specified in Section 5.1(a) due to failure to pay interest on the Class A-1
Debt, the Holders of at least a Supermajority of the Class A-1 Debt (so long as the Class A-1 Debt is Outstanding) direct
the sale and liquidation of the Assets (without regard to whether another Event of Default has occurred prior, contemporaneously
or subsequent to such Event of Default); provided that no Class of Secured Debt (other than the Class A-1 Debt)
shall have any rights to direct the sale and liquidation of the Assets pursuant to this clause (ii), regardless of whether any
such Class subsequently becomes the Controlling Class;

 

(iii)            in
the case of an Event of Default specified in Section 5.1(e), (f) or (g) of the definition of
such term, the Holders of at least a Supermajority of the Class A-1 Debt direct the sale and liquidation of the Assets (without
regard to whether another Event of Default has occurred prior, contemporaneously or subsequent to such Event of Default); provided
that no Class of Secured Debt (other than the Class A-1 Debt) will have any rights to direct the sale and liquidation
of the Assets pursuant to the provisions of this Indenture as described in this clause (iii), regardless of whether any such Class becomes
the Controlling Class; or

 

(iv)            in
the case of each other Event of Default, the Holders of at least a Supermajority of each Class of Secured Debt (in each case,
voting separately by Class) direct the sale and liquidation of the Assets.

 

So long as such Event
of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at any time when
the conditions specified in clause (i), (ii), (iii) or (iv) exist. In the event that a liquidation of the Assets is effected
pursuant to clause (i), (ii), (iii) or (iv) above, the Collateral Agent shall use reasonable efforts to notify S&P.

 

(b)       Nothing
contained in Section 5.5(a) shall be construed to require the Collateral Agent to sell the Assets securing the
Secured Debt if the conditions set forth in clause (i), (ii), (iii) or (iv) of Section 5.5(a) are not
satisfied. Nothing contained in Section 5.5(a) shall be construed to require the Collateral Agent to preserve
the Assets securing the Debt if prohibited by applicable law.

 

(c)        In
determining whether the condition specified in Section 5.5(a)(i)  exists, the Collateral Agent shall use reasonable
efforts to obtain, with the cooperation of the Collateral Manager, bid prices with respect to each Asset from two nationally recognized
dealers (as specified by the Collateral Manager in writing) at the time making a market in such Assets and shall compute the
anticipated proceeds of sale or liquidation on the basis of the lower of such bid prices for each such Asset. In the event that
the Collateral Agent, with the cooperation of the Collateral Manager, is only able to obtain bid prices with respect to each Asset
from one nationally recognized dealer at the time making a market in such Assets, the Collateral Agent shall compute the anticipated
proceeds of the sale or liquidation on the basis of such one bid price for each such Asset. In addition, for the purposes of determining
issues relating to the execution of a sale or liquidation of the Assets and the execution of a sale or other liquidation thereof
in connection with a determination whether the condition specified in Section 5.5(a)(i) exists, the Collateral
Agent may retain and conclusively rely on an opinion of an Independent investment banking firm of national reputation (the cost
of which shall be payable as an Administrative Expense).

 

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(d)       The
Collateral Agent shall deliver to the Trustee (which notice the Trustee shall forward to the Holders), the Loan Agent and the Collateral
Manager a report stating the results of any determination required pursuant to Section 5.5(a)(i) no later than
10 days after such determination is made. The Collateral Agent shall make the determinations required by Section 5.5(a)(i) within
30 days after an Event of Default and at the request of a Supermajority of the Controlling Class at any time during which
the Collateral Agent retains the Assets pursuant to Section 5.5(a)(i).

 

(e)        Prior
to the sale of any Assets in connection with Section 5.5(a), the Collateral Agent shall offer the Collateral Manager
or an Affiliate thereof the right to purchase such Asset at a price equal to the highest bid price received by the Collateral Agent
in accordance with Section 5.5(c) (or if only one bid price is received, such bid price). The Collateral Manager
or an Affiliate thereof shall have the right to bid on any Assets sold in any sale pursuant to this Section 5.5.

 

Section 5.6         Trustee
and Collateral Agent May Enforce Claims Without Possession of Debt. All rights of action and claims under this
Indenture or under any of the Secured Debt may be prosecuted and enforced by the Trustee or the Collateral Agent without the possession
of any of the Secured Debt or the production thereof in any trial or other Proceeding relating thereto, and any such action or
Proceeding instituted by the Trustee or the Collateral Agent shall be brought in its own name as trustee of an express trust,
and any recovery of judgment shall be applied as set forth in Section 5.7 hereof.

 

Section 5.7         Application
of Money Collected. Any Money collected by the Collateral Agent (after payment of costs of collection, liquidation
and enforcement) with respect to the Debt pursuant to this Article V and any Money that may then be held or thereafter
received by the Collateral Agent with respect to the Debt hereunder shall be applied, subject to Section 13.1 and
in accordance with the provisions of Section 11.1(a)(iii), at the date or dates fixed by the Collateral Agent. Upon
the final distribution of all proceeds of any liquidation effected hereunder, the provisions of Section 4.1(a) and
(b) shall be deemed satisfied for the purposes of discharging this Indenture pursuant to Article IV. Furthermore,
upon such liquidation and final distribution, the Subordinated Notes shall be deemed to be redeemed and paid in full, even if
amounts paid pursuant to Section 11.1(a) are insufficient to pay the Subordinated Notes in full as set forth
in Section 4.4(b).

 

Section 5.8         Limitation
on Suits. No Holder of any Debt shall have any right to institute any Proceedings, judicial or otherwise, with respect
to this Indenture or the Credit Agreement, or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless:

 

(a)        such
Holder has previously given to the Collateral Agent written notice of an Event of Default;

 

(b)        the
Holders of not less than 25% of the then Aggregate Outstanding Amount of the Debt of the Controlling Class shall have made
written request to the Collateral Agent to institute Proceedings in respect of such Event of Default in its own name as Collateral
Agent hereunder and such Holder or Holders have provided the Collateral Agent indemnity reasonably satisfactory to the Collateral
Agent against the costs, expenses (including reasonable attorneys’ fees and expenses) and liabilities to be incurred
in compliance with such request;

 

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(c)        the
Collateral Agent, for 30 days after its receipt of such notice, request and provision of such indemnity, has failed to institute
any such Proceeding; and

 

(d)        no
direction inconsistent with such written request has been given to the Collateral Agent during such 30-day period by a Majority
of the Controlling Class; it being understood and intended that no one or more Holders of Debt shall have any right in any manner
whatever by virtue of, or by availing itself of, any provision of this Indenture or the Credit Agreement to affect, disturb or
prejudice the rights of any other Holders of Debt of the same Class or to obtain or to seek to obtain priority or preference
over any other Holders of the Debt of the same Class or to enforce any right under this Indenture or the Credit Agreement,
except in the manner herein provided and for the equal and ratable benefit of all the Holders of Debt of the same Class subject
to and in accordance with Section 13.1 and the Priority of Payments.

 

In the event the Collateral
Agent shall receive conflicting or inconsistent requests and indemnity pursuant to this Section 5.8 from two or more
groups of Holders of the Controlling Class, each representing less than a Majority of the Controlling Class, the Collateral Agent
shall act in accordance with the request specified by the group of Holders with the greatest percentage of the Aggregate Outstanding
Amount of the Controlling Class, notwithstanding any other provisions of this Indenture or the Credit Agreement. If all such groups
represent the same percentage, the Collateral Agent, in its sole discretion, may determine what action, if any, shall be taken.

 

Section 5.9         Unconditional
Rights of Holders of Secured Debt to Receive Principal and Interest. Subject to Section 2.7(i), but notwithstanding
any other provision of this Indenture or the Credit Agreement, the Holder of any Secured Debt shall have the right, which is absolute
and unconditional, to receive payment of the principal of and interest on such Secured Debt, as such principal, interest and other
amounts become due and payable in accordance with the Priority of Payments and Section 13.1, as the case may be, and,
subject to the provisions of Section 5.8, to institute proceedings for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Holder. Holders of Secured Debt ranking junior to Debt still Outstanding
shall have no right to institute Proceedings or, except as otherwise expressly set forth in Section 5.8(b), to request
the Collateral Agent to institute proceedings for the enforcement of any such payment until such time as no Secured Debt ranking
senior to such Secured Debt remains Outstanding, which right shall be subject to the provisions of Section 5.8, and
shall not be impaired without the consent of any such Holder.

 

Section 5.10       Restoration
of Rights and Remedies. If the Collateral Agent or any Holder has instituted any Proceeding to enforce any right or
remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason, or has been determined adversely
to the Collateral Agent or to such Holder, then and in every such case the Issuer, the Collateral Agent and the Holder shall,
subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Collateral Agent and the Holder shall continue as though no such Proceeding had been
instituted.

 

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Section 5.11       Rights
and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Collateral Agent or to the Holders
is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other appropriate right or remedy.

 

Section 5.12       Delay
or Omission Not Waiver. No delay or omission of the Collateral Agent or any Holder of Secured Debt to exercise any
right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event
of Default or an acquiescence therein or of a subsequent Event of Default. Every right and remedy given by this Article V
or by law to the Collateral Agent or to the Holders of the Secured Debt may be exercised from time to time, and as often as
may be deemed expedient, by the Collateral Agent or by the Holders of the Secured Debt.

 

Section 5.13       Control
by Supermajority of Controlling Class. A Supermajority of the Controlling Class shall have the right following
the occurrence, and during the continuance, of an Event of Default to cause the institution of and direct the time, method and
place of conducting any Proceeding for any remedy available to the Collateral Agent or exercising any trust or power conferred
upon the Collateral Agent under this Indenture; provided that:

 

(a)        such
direction shall not conflict with any rule of law or with any express provision of this Indenture;

 

(b)        the
Collateral Agent may take any other action deemed proper by the Collateral Agent that is not inconsistent with such direction;
provided that subject to Section 6.18, the Collateral Agent need not take any action that it determines might
involve it in liability or expense (unless the Collateral Agent has received the indemnity as set forth in (c) below);

 

(c)        the
Collateral Agent shall have been provided with an indemnity reasonably satisfactory to it; and

 

(d)        notwithstanding
the foregoing, any direction to the Collateral Agent to undertake a Sale of the Assets shall be by the Holders of Debt representing
the requisite percentage of the Aggregate Outstanding Amount of Debt specified in Section 5.4 and/or Section 5.5.

 

Section 5.14       Waiver
of Past Defaults. Prior to the time a judgment or decree for payment of the Money due has been obtained by the Collateral
Agent, as provided in this Article V, a Majority of the Controlling Class may on behalf of the Holders of all
the Debt waive any past Default or Event of Default and its consequences, except a Default:

 

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(a)            in
the payment of the principal of any Secured Debt (which may be waived only with the consent of the Holder of such Secured Debt);

 

(b)           in
the payment of interest on any Secured Debt (which may be waived only with the consent of the Holder of such Secured Debt);

 

(c)           in
respect of a covenant or provision hereof that under Section 8.2 cannot be modified or amended without the waiver
or consent of the Holder of any Outstanding Debt materially and adversely affected thereby (which may be waived only with the consent
of each such Holder); or

 

(d)           in
respect of a representation contained in Section 7.19 (which may be waived only by a Majority of the Controlling
Class if the S&P Rating Condition is satisfied).

 

In the case of any
such waiver, the Issuer, the Trustee, the Collateral Agent and the Holders of the Notes shall be restored to their former positions
and rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereto. The Collateral Agent shall promptly give written notice of any such waiver to the Rating Agency, the Collateral Manager
and each Holder. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed
to have been cured, for every purpose of this Indenture.

 

Section 5.15
          Undertaking
for Costs. All parties to this Indenture agree, and each Holder of any Debt by such Holder’s acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or
remedy under this Indenture, or in any suit against the Collateral Agent for any action taken, or omitted by it as Collateral
Agent, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this
Section 5.15 shall not apply to any suit instituted by the Collateral Agent, to any suit instituted by any Holder,
or group of Holders, holding in the aggregate more than 10% of the Aggregate Outstanding Amount of the Controlling Class, or to
any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Debt on or after the
applicable Stated Maturity (or, in the case of redemption, on or after the applicable Redemption Date).

 

Section 5.16
         Waiver of Stay
or Extension Laws. The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any
valuation, appraisement, redemption or marshalling law or rights, in each case wherever enacted, now or at any time hereafter
in force, which may affect the covenants set forth in, the performance of, or any remedies under this Indenture; and the Issuer
(to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law or rights, and
covenant that it will not hinder, delay or impede the execution of any power herein granted to the Collateral Agent, but will
suffer and permit the execution of every such power as though no such law had been enacted or rights created.

 

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Section 5.17
          Sale of Assets.
(a) The power to effect any sale (a “Sale”) of any portion of the Assets pursuant to Sections
5.4 and 5.5 shall not be exhausted by any one or more Sales as to any portion of such Assets remaining unsold, but
shall continue unimpaired (subject to Section 5.5(e) in the case of sales pursuant to Section 5.5)
until the entire Assets shall have been sold or all amounts secured by the Assets shall have been paid. The Collateral Agent may
upon notice to the Holders, and shall, upon direction of a Majority of the Controlling Class, from time to time postpone any Sale
by public announcement made at the time and place of such Sale. The Collateral Agent hereby expressly waives its rights to any
amount fixed by law as compensation for any Sale; provided that each of the Trustee, the Collateral Agent and the Loan
Agent shall be authorized to deduct the reasonable costs, charges and expenses incurred by it in connection with such Sale from
the proceeds thereof notwithstanding the provisions of Section 6.7 and 6.24 or other applicable terms hereof.

 

(b)           The
Collateral Agent may bid for and acquire any portion of the Assets in connection with a public Sale thereof, and may pay all or
part of the purchase price by crediting against amounts owing on the Secured Debt in the case of the Assets or other amounts secured
by the Assets, all or part of the net proceeds of such Sale after deducting the reasonable costs, charges and expenses incurred
by the Trustee, the Collateral Agent and the Loan Agent in connection with such Sale notwithstanding the provisions of Section 6.7 and
6.24 hereof or other applicable terms hereof. The Secured Debt need not be produced in order to complete any such Sale,
or in order for the net proceeds of such Sale to be credited against amounts owing on the Debt. The Collateral Agent may hold,
lease, operate, manage or otherwise deal with any property so acquired in any manner permitted by law in accordance with this Indenture.

 

(c)            If
any portion of the Assets consists of securities issued without registration under the Securities Act (“Unregistered Securities”),
the Collateral Agent may seek an Opinion of Counsel, or, if no such Opinion of Counsel can be obtained and with the consent of
a Majority of the Controlling Class, seek a no action position from the Securities and Exchange Commission or any other relevant
federal or State regulatory authorities, regarding the legality of a public or private Sale of such Unregistered Securities.

 

(d)           The
Collateral Agent shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of
the Assets in connection with a Sale thereof, without recourse, representation or warranty. In addition, the Collateral Agent is
hereby irrevocably appointed the agent and attorney in fact of the Issuer to transfer and convey its interest in any portion of
the Assets in connection with a Sale thereof, and to take all action necessary to effect such Sale. No purchaser or transferee
at such a sale shall be bound to ascertain the Collateral Agent’s authority, to inquire into the satisfaction of any conditions
precedent or see to the application of any Monies.

 

Section 5.18
          Action on the
Debt. The Collateral Agent’s right to seek and recover judgment on the Debt or under this Indenture or the Credit
Agreement shall not be affected by the seeking or obtaining of or application for any other relief under or with respect to this
Indenture or the Credit Agreement. Neither the lien of this Indenture nor any rights or remedies of the Collateral Agent or the
Holders shall be impaired by the recovery of any judgment by the Collateral Agent against the Issuer or by the levy of any execution
under such judgment upon any portion of the Assets or upon any of the assets of the Issuer.

 

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ARTICLE VI

 

The
Trustee AND THE COLLATERAL AGENT

 

Section 6.1           Certain
Duties and Responsibilities of the Trustee

 

. (a) Except during the continuance
of an Event of Default known to the Trustee:

 

(i)            the
Trustee undertakes to perform such duties and only such duties as are specifically set forth herein, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and

 

(ii)           in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; provided that in the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
substantially conform on their face to the requirements of this Indenture and shall promptly, but in any event within three Business
Days in the case of an Officer’s certificate furnished by the Collateral Manager, notify the party delivering the same if
such certificate or opinion does not conform. If a corrected form shall not have been delivered to the Trustee within 15 days after
such notice from the Trustee, the Trustee shall so notify the Holders and the Loan Agent.

 

(b)         In
case an Event of Default known to the Trustee has occurred and is continuing, the Trustee shall, prior to the receipt of directions,
if any, from a Majority of the Controlling Class, or such other percentage or Class as permitted by this Indenture, exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent
Person would exercise or use under the circumstances in the conduct of such Person’s own affairs.

 

(c)         No
provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that:

 

(i)            this
sub-section shall not be construed to limit the effect of sub-section (a) of this Section 6.1;

 

(ii)           the
Trustee shall not be liable for any error of judgment made in good faith by a Bank Officer, unless it shall be proven that the
Trustee was negligent in ascertaining the pertinent facts;

 

(iii)          the
Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the
direction of the Issuer or the Collateral Manager in accordance with this Indenture and/or a Majority (or such other percentage
as may be required by the terms hereof) of the Controlling Class (or other Class if required or permitted by the
terms hereof), relating to the time, method and place of conducting any Proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture;

 

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(iv)          no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial or other
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder,
if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory to it against
such risk or liability is not reasonably assured to it unless such risk or liability relates to the performance of its ordinary
incidental services, including mailing of notices under this Indenture; and

 

(v)           in
no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage (including lost profits) even
if the Trustee has been advised of the likelihood of such losses or damages and regardless of such action.

 

(d)         For
all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Default or Event of Default
described in Sections 5.1(c), (d), (e), or (f) unless a Bank Officer assigned to and working in
the Corporate Trust Office has actual knowledge thereof or unless written notice of any event which is in fact such an Event of
Default or Default is received by the Trustee at the Corporate Trust Office, and such notice references the Debt generally, the
Issuer, the Assets or this Indenture. For purposes of determining the Trustee’s responsibility and liability hereunder, whenever
reference is made herein to such an Event of Default or a Default, such reference shall be construed to refer only to such an Event
of Default or Default of which the Trustee is deemed to have notice as described in this Section 6.1.

 

(e)          Upon
the Trustee receiving written notice from the Collateral Manager that an event constituting “Cause” as defined in the
Collateral Management Agreement has occurred, the Trustee shall, not later than three Business Days thereafter, forward such notice
to the Holders (as their names appear in the Register).

 

(f)          Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section 6.1.

 

(g)         The
Trustee is hereby directed to accept and acknowledge the E.U. Risk Retention Letter; provided, that the Trustee shall have no obligation
to monitor any party’s compliance with its obligations under the E.U. Risk Retention Letter or any obligations with respect
to the U.S. Risk Retention Rules.

 

(h)         The
Trustee shall have no duty to monitor or verify (i) whether any Holder (or beneficial owner) is a Section 13 Banking
Entity or (ii) whether the Closing Date Participation Condition or Controlling Class Condition is satisfied.

 

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(i)          The
Trustee shall have no obligation to appoint or monitor any Partnership Representative or Tax Matters Partner, or otherwise perform
the duties of any such Person.

 

Section 6.2
          Notice
of Event of Default by Trustee. Promptly (and in no event later than three Business Days) after the occurrence
of any Event of Default actually known to a Bank Officer of the Trustee or after any declaration of acceleration has been made
or delivered to the Trustee pursuant to Section 5.2, the Trustee shall give notice to the Collateral Agent, the Loan
Agent (for delivery to the Class A-1-L Lenders), the Collateral Manager and all Holders, as their names and addresses appear
on the Register, notice of all Event of Defaults hereunder known to the Trustee, unless such Default shall have been cured or
waived.

 

Section 6.3
          Certain
Rights of Trustee. Except as otherwise provided in Section 6.1:

 

(a)          the
Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document believed by
it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)         any
request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order, as the
case may be;

 

(c)         whenever
in the administration of this Indenture the Trustee shall (i) deem it desirable that a matter be proved or established prior
to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, rely upon an Officer’s certificate or Issuer Order or (ii) be required to determine
the value of any Assets or funds hereunder or the cash flows projected to be received therefrom, the Trustee may, in the absence
of bad faith on its part, rely on reports of nationally recognized accountants (which may or may not be the Independent accountants
appointed by the Issuer pursuant to Section 10.9), investment bankers or other Persons qualified to provide the information
required to make such determination, including nationally recognized dealers in Assets of the type being valued, securities quotation
services, loan pricing services and loan valuation agents;

 

(d)         as
a condition to the taking or omitting of any action by it hereunder, the Trustee may consult with counsel and the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted
by it hereunder in good faith and in reliance thereon;

 

(e)          the
Trustee shall be under no obligation to exercise, enforce or to honor any of the rights or powers vested in it by this Indenture
at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have provided to the Trustee
security or indemnity reasonably satisfactory to it against the costs, expenses (including reasonable attorneys’ fees and
expenses) and liabilities which might reasonably be incurred by it in compliance with such request or direction;

 

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(f)          the
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document, but the Trustee, in its
discretion, may, and upon the written direction of a Majority of the Controlling Class or of the Rating Agency shall (subject
to the right hereunder to be indemnified to its reasonable satisfaction for associated expense and liability), make such further
inquiry or investigation into such facts or matters as it may see fit or as it shall be directed, and the Trustee shall be entitled,
on reasonable prior notice to the Issuer and the Collateral Manager, to examine the books and records relating to the Debt and
the Assets, personally or by agent or attorney, during the Issuer’s or the Collateral Manager’s normal business hours;
provided that the Trustee shall, and shall cause its agents to, hold in confidence all such information, except (i) to
the extent disclosure may be required by law or by any regulatory, administrative, judicial or governmental authority and (ii) to
the extent that the Trustee, in its sole discretion, may determine that such disclosure is consistent with its obligations hereunder;
provided further that the Trustee may disclose on a confidential basis any such information to its agents, attorneys and
auditors in connection with the performance of its responsibilities hereunder;

 

(g)         the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys; provided that the Trustee shall not be responsible for any misconduct or negligence on the part of any agent
appointed or attorney appointed, with due care by it hereunder;

 

(h)         the
Trustee shall not be liable for any action it takes or omits to take in good faith that it reasonably believes to be authorized
or within its rights or powers hereunder, including actions or omissions to act at the direction of the Collateral Manager;

 

(i)          nothing
herein shall be construed to impose an obligation on the part of the Trustee to monitor, recalculate, evaluate or verify or independently
determine the accuracy of any report, certificate or information received from the Issuer or Collateral Manager (unless and except
to the extent otherwise expressly set forth herein);

 

(j)          to
the extent any defined term hereunder, or any calculation required to be made or determined by the Trustee hereunder, is dependent
upon or defined by reference to generally accepted accounting principles (as in effect in the United States) (“GAAP”),
the Trustee shall be entitled to request and receive (and rely upon) instruction from the Issuer or the accountants identified
in the Accountants’ Report (and in the absence of its receipt of timely instruction therefrom, shall be entitled to obtain
from an Independent accountant at the expense of the Issuer) as to the application of GAAP in such connection, in any instance;

 

(k)         the
Trustee shall not be liable for the actions or omissions of, or any inaccuracies in the records of, the Collateral Manager, the
Issuer, any Paying Agent (other than the Trustee), DTC, Euroclear, Clearstream, or any other clearing agency or depository and
without limiting the foregoing, the Trustee shall not be under any obligation to monitor, evaluate or verify compliance by the
Collateral Manager with the terms hereof or of the Collateral Management Agreement, or to verify or independently determine the
accuracy of information received by the Trustee from the Collateral Manager (or from any selling institution, agent bank, trustee
or similar source) with respect to the Assets;

 

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(l)          notwithstanding
any term hereof (or any term of the UCC that might otherwise be construed to be applicable to a “securities intermediary”
as defined in the UCC) to the contrary, none of the Trustee, the Custodian or the Securities Intermediary shall be under a
duty or obligation in connection with the acquisition or Grant by the Issuer to the Collateral Agent of any item constituting the
Assets, or to evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Issuer in connection
with its Grant or otherwise, or in that regard to examine any Underlying Instrument, in each case, in order to determine compliance
with applicable requirements of and restrictions on transfer in respect of such Assets;

 

(m)        in
the event the Bank is also acting in the capacity of Paying Agent, Registrar, Transfer Agent, Custodian, Calculation Agent, Collateral
Agent, Loan Agent or Securities Intermediary, the rights, protections, benefits, immunities and indemnities afforded to the Trustee
pursuant to this Article VI shall also be afforded to the Bank acting in such capacities; provided that such
rights, protections, benefits, immunities and indemnities shall be in addition to any rights, protections, benefits, immunities
and indemnities provided in the Securities Account Control Agreement or any other documents to which the Bank in such capacity
is a party;

 

(n)         any
permissive right of the Trustee to take or refrain from taking actions enumerated herein shall not be construed as a duty;

 

(o)         to
the extent permitted by applicable law, the Trustee shall not be required to give any bond or surety in respect of the execution
of this Indenture or otherwise;

 

(p)         the
Trustee shall not be deemed to have notice or knowledge of any matter unless a Bank Officer has actual knowledge thereof or unless
written notice thereof is received by the Trustee at the Corporate Trust Office and such notice references the Debt generally,
the Issuer or this Indenture. Whenever reference is made herein to a Default or an Event of Default such reference shall, insofar
as determining any liability on the part of the Trustee is concerned, be construed to refer only to a Default or an Event of Default
of which the Trustee is deemed to have knowledge in accordance with this paragraph;

 

(q)         the
Trustee shall not be responsible for delays or failures in performance resulting from circumstances beyond its control (such circumstances
include but are not limited to acts of God, strikes, lockouts, riots, epidemics or pandemics, government mandated closures, acts
of war, loss or malfunctions of utilities, computer (hardware or software) or communications services);

 

(r)          to
help fight the funding of terrorism and money laundering activities, the Trustee will obtain, verify, and record information that
identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee will ask for
the name, address, tax identification number and other information that will allow the Trustee to identify the individual or entity
who is establishing the relationship or opening the account. The Trustee may also ask for formation documents such as articles
of incorporation, an offering memorandum, or other identifying documents to be provided;

 

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(s)         to
the extent not inconsistent herewith, the rights, protections, immunities and indemnities afforded to the Trustee pursuant to this
Indenture also shall be afforded to the Bank in each of its capacities under the Transaction Documents and also to the Collateral
Administrator; provided that, with respect to the Collateral Administrator, such rights, protections, immunities and indemnities
shall be in addition to any rights, protections, immunities and indemnities provided in the Collateral Administration Agreement;

 

(t)          in
making or disposing of any investment permitted by this Indenture, the Trustee is authorized to deal with itself (in its individual
capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis, whether it or such Affiliate
is acting as a subagent of the Trustee or for any third party or dealing as principal for its own account. If otherwise qualified,
obligations of the Bank or any of its Affiliates shall qualify as Eligible Investments hereunder;

 

(u)         the
Trustee or its Affiliates are permitted to receive additional compensation that could be deemed to be in the Trustee’s economic
self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or subcustodian
with respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions in certain Eligible Investments
and (iii) effecting transactions in certain Eligible Investments. Such compensation is not payable or reimbursable under Section 6.7
of this Indenture;

 

(v)         the
Trustee shall have no duty (i) to see to any recording, filing, or depositing of this Indenture or any supplemental indenture
or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording,
filing or depositing or to any rerecording, refiling or redepositing of any thereof or (ii) to maintain any insurance;

 

(w)         unless
the Trustee receives written notice of an error or omission related to financial information or disbursements provided to Holders
within 90 days of Holders’ receipt of the same, the Trustee shall have no liability in connection with such and, absent direction
by the requisite percentage of Holders entitled to direct the Trustee, no further obligations in connection thereof;

 

(x)          None
of the Collateral Administrator, the Trustee, the Calculation Agent or the Collateral Agent
shall have any liability or responsibility for (i) the monitoring or determination of the unavailability of the cessation
of LIBOR, (ii) the determination (other than, in the case of the Calculation Agent, the calculation of such rate once such
applicable rate has been selected and adopted pursuant to this Indenture), selection or verification of an Alternative Rate, a
Fallback Rate, or an alternative base rate (including, without limitation, whether any such rate is an Alternative Rate or a Fallback
Rate or whether a Benchmark Replacement Date or a Benchmark Transition Event has occurred, or any other conditions to the designation
of such rate have been satisfied), (iii) the determination or selection of any Base Rae Modifier or any other modifier hereto,
or (iv) the determination or selection of any methodology or conventions for the calculation of an Alternative Rate (which,
for example, may include operational, administrative or technical parameters for compounding such Alternative Rate). The Collateral
Administrator, the Trustee, the Calculation Agent and the Collateral Agent shall be entitled to rely upon the Collateral Manager’s
designation of any such rate and shall have no liability for any failure or delay in performing its duties hereunder as a result
of the unavailability of a reference rate as described herein. None of the Collateral Administrator,
the Trustee, the Calculation Agent or the Collateral Agent shall have any liability for any failure or delay in performing its
duties hereunder or under the other Transaction Documents as a result of the unavailability of a “LIBOR” rate as described
in the definition thereof, or as a result of the Collateral Manager’s failure or delay in selecting or designating a non-Libor
reference rate or timely proposing an Alternative Rate, Fallback Rate or other alternative base rate, or otherwise;

 

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(y)          Neither
the Trustee nor the Collateral Agent will be under any obligation to (i) confirm or verify whether the conditions to the Delivery
of the Assets have been satisfied or to determine whether or not a Collateral Obligation is eligible for purchase hereunder or
meets the criteria in the definition thereof or (ii) evaluate the sufficiency of the documents or instruments delivered to
the Trustee by or on behalf of the Issuer in connection with the Grant by the Issuer to the Collateral Agent of any item constituting
the Assets or otherwise, or in that regard to examine any Underlying Instruments, in order to determine compliance with the applicable
requirements of and restrictions on transfer of a Collateral Obligation;

 

(z)          the
Trustee shall have no obligation to determine the E.U. Retained Interest or verify or monitor whether an E.U. Retention Deficiency
has occurred or whether the E.U. Securitization Laws or the U.S. Risk Retention Rules have been or will be complied with;
and

 

(aa)        in
order to comply with the laws, rules, regulations, and executive orders in effect from time to time applicable to banking institutions,
including, without limitation, those relating to the funding of terrorist activities and money laundering including Section 326
of the USA PATRIOT Act of the United States (“Applicable Law”), the Trustee is required to obtain, verify, record,
and update certain information relating to individuals and entities which maintain a business relationship with the Trustee. Accordingly,
each of the parties agrees to provide to the Trustee upon its request from time to time such identifying information and documentation
as may be available for such party in order to enable the Trustee to comply with Applicable Law.

 

Section 6.4
          Trustee
Not Responsible for Recitals or Issuance of Debt. The recitals contained herein and in the Debt, other than the Certificate
of Authentication thereon, shall be taken as the statements of the Issuer; and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representation as to the validity or sufficiency of this Indenture (except as may be made with
respect to the validity of the Trustee’s obligations hereunder), the Assets or the Debt. The Trustee shall not be accountable
for the use or application by the Issuer of the Debt or the proceeds thereof or any Money paid to the Issuer pursuant to the provisions
hereof.

 

Section 6.5
          Trustee
May Hold Debt. The Trustee, the Loan Agent, any Paying Agent, Registrar or any other agent of the Issuer, in its
individual or any other capacity, may become the owner or pledgee of Debt and may otherwise deal with the Issuer or any of its
Affiliates with the same rights it would have if it were not Trustee, Paying Agent, Registrar or such other agent.

 

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Section 6.6
          Money
Held in Trust. Money held by the Trustee hereunder shall be held in trust to the extent required herein. The Trustee
shall be under no liability for interest on any Money received by it hereunder except to the extent of income or other gain on
investments which are deposits in or certificates of deposit of the Bank in its commercial capacity and income or other gain actually
received by the Trustee on Eligible Investments.

 

Section 6.7
          Compensation
and Reimbursement of Trustee. (a) The Issuer agrees:

 

(i)            to
pay the Trustee on each Payment Date reasonable compensation, as set forth in a separate fee schedule, for all services rendered
by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of
an express trust);

 

(ii)           except
as otherwise expressly provided herein, to reimburse the Trustee in a timely manner upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture or other Transaction
Document (including, without limitation, securities transaction charges and the reasonable compensation and expenses and disbursements
of its agents and legal counsel and of any accounting firm or investment banking firm employed by the Trustee pursuant to Section 5.4,
5.5, 6.3(c) or 10.7, except any such expense, disbursement or advance as may be attributable to its negligence,
willful misconduct or bad faith) but with respect to securities transaction charges, only to the extent any such charges have
not been waived during a Collection Period due to the Trustee’s receipt of a payment from a financial institution with respect
to certain Eligible Investments, as specified by the Collateral Manager;

 

(iii)          to
indemnify the Trustee and its Officers, directors, employees and agents for, and to hold them harmless against, any loss, liability
or expense (including reasonable attorneys’ fees and expenses) incurred without negligence, willful misconduct or bad faith
on their part, arising out of or in connection with the acceptance or administration of this trust or the performance of its duties
hereunder, including the costs and expenses of defending themselves (including reasonable attorney’s fees and costs) against
any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder and under any
other agreement or instrument related hereto; and

 

(iv)         to
pay the Trustee reasonable additional compensation together with its expenses (including reasonable counsel fees) for any
collection or enforcement action taken pursuant to Section 6.13 or Article V, respectively.

 

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(b)         The
Trustee shall receive amounts pursuant to this Section 6.7 and any other amounts payable to it under this Indenture
or in any of the Transaction Documents to which the Trustee is a party only as provided in Sections 11.1(a)(i), (ii) and
(iii) but only to the extent that funds are available for the payment thereof. Subject to Section 6.9,
the Trustee shall continue to serve as Trustee under this Indenture notwithstanding the fact that the Trustee shall not have received
amounts due it hereunder; provided that nothing herein shall impair or affect the Trustee’s rights under Section 6.9.
No direction by the Holders shall affect the right of the Trustee to collect amounts owed to it under this Indenture. If, on any
date when a fee or an expense shall be payable to the Trustee pursuant to this Indenture, insufficient funds are available for
the payment thereof, any portion of a fee or an expense not so paid shall be deferred and payable on such later date on which a
fee or an expense shall be payable and sufficient funds are available therefor.

 

(c)         The
Trustee hereby agrees not to cause the filing against the Issuer or any of its subsidiaries, of a petition in bankruptcy for the
non-payment to the Trustee of any amounts provided by this Section 6.7 until at least one year and one day, or, if
longer, the applicable preference period then in effect and one day, after the payment in full of all Debt issued under this Indenture
and incurred under the Credit Agreement.

 

(d)         The
Issuer’s payment obligations to the Trustee under this Section 6.7 shall be secured by the lien of this Indenture
payable in accordance with the Priority of Payments, and shall survive the discharge of this Indenture and the resignation or removal
of the Trustee. When the Trustee incurs expenses after the occurrence of a Default or an Event of Default under Section 5.1(e) or
Section 5.1(f), the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any
other applicable federal or state bankruptcy, insolvency or similar law.

 

Section 6.8
          Corporate
Trustee Required; Eligibility. There shall at all times be a Trustee hereunder which shall be an Independent organization
or entity organized and doing business under the laws of the United States of America or of any state thereof, authorized under
such laws to exercise corporate trust powers, having a combined capital and surplus of at least U.S.$200,000,000, subject to supervision
or examination by federal or state authority, having a long-term credit rating of at least “BBB-” by S&P or a
short-term credit rating of at least “A2” by S&P and having an office within the United States. If the Trustee
is downgraded by S&P below S&P’s minimum rating provided in this Section 6.8, the Trustee may obtain, at its
own expense, a confirmation from S&P that S&P’s then-current rating of the Secured Notes will not be downgraded
or withdrawn by reason of its downgrade of the Trustee’s rating and upon receipt of such confirmation the Trustee shall
be deemed to be eligible for purposes of this Section 6.8 until a further downgrade. If such organization or entity publishes
reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority,
then for the purposes of this Section 6.8, the combined capital and surplus of such organization or entity shall be
deemed to be its combined capital and surplus as set forth in its most recent published report of condition. If at any time the
Trustee shall cease to be eligible in accordance with the provisions of this Section 6.8, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article VI.

 

Section 6.9
         Trustee Resignation
and Removal; Appointment of Successor Trustee. (a) No resignation or removal of the Trustee and no appointment
of a successor Trustee pursuant to this Article VI shall become effective until the acceptance of appointment by the
successor Trustee under Section 6.10.

 

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(b)         Subject
to Section 6.9(a), the Trustee may resign at any time by giving not less than 30 days’ written notice thereof
to the Issuer, the Collateral Manager, the Holders of the Debt and the Rating Agency. Upon receiving such notice of resignation,
the Issuer shall promptly appoint a successor trustee or trustees satisfying the requirements of Section 6.8 by
written instrument, in duplicate, executed by a Responsible Officer of the Issuer, one copy of which shall be delivered to the
Trustee so resigning and one copy to the successor Trustee or Trustees, together with a copy to each Holder and the Collateral
Manager; provided that such successor Trustee shall be appointed only upon the written consent of a Majority of the Secured
Debt of each Class or, at any time when an Event of Default shall have occurred and be continuing or when a successor Trustee
has been appointed pursuant to Section 6.9(e), by an Act of a Majority of the Controlling Class. If no successor Trustee
shall have been appointed and an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within
30 days after the giving of such notice of resignation, the resigning Trustee or any Holder, on behalf of itself and all others
similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee satisfying the
requirements of Section 6.8.

 

(c)          The
Trustee may be removed at any time upon 30 days written notice by an Act of a Majority of each Class of Debt, voting separately,
or, at any time when an Event of Default shall have occurred and be continuing by an Act of a Majority of the Controlling Class,
delivered to the Trustee and to the Issuer.

 

(d)          If
at any time:

 

(i)            the
Trustee shall cease to be eligible under Section 6.8 and shall fail to resign after written request therefor by
the Issuer or by any Holder; or

 

(ii)           the
Trustee shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of the Trustee
or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation;

 

then, in any such case (subject
to Section 6.9(a)), (A) the Issuer, by Issuer Order, may remove the Trustee, or (B) subject to Section 5.15,
any Holder may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor Trustee.

 

(e)          If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Trustee for
any reason (other than resignation), the Issuer, by Issuer Order, shall promptly appoint a successor Trustee. If the Issuer shall
fail to appoint a successor Trustee within 30 days after such resignation, removal or incapability or the occurrence of such vacancy,
a successor Trustee may be appointed by a Majority of the Controlling Class by written instrument delivered to the Issuer
and the retiring Trustee. The successor Trustee so appointed shall, forthwith upon its acceptance of such appointment, become the
successor Trustee and supersede any successor Trustee proposed by the Issuer. If no successor Trustee shall have been so appointed
by the Issuer or a Majority of the Controlling Class and shall have accepted appointment in the manner hereinafter provided,
subject to Section 5.15, the Trustee or any Holder may, on behalf of itself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee.

 

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(f)          The
Issuer shall give prompt notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee
by providing written notice of such event to the Collateral Manager, to the Rating Agency, to the Collateral Agent, to the Loan
Agent and to the Holders of the Debt as their names and addresses appear in the Register. Each notice shall include the name of
the successor Trustee and the address of its Corporate Trust Office. If the Issuer fails to provide such notice within ten days
after acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be given at the expense
of the Issuer. If the Bank shall resign or be removed as Trustee, the Bank shall also resign or be removed as Custodian, Paying
Agent, Calculation Agent, Collateral Administrator, Collateral Agent, Loan Agent, Registrar and any other capacity in which the
Bank is then acting pursuant to this Indenture or any other Transaction Document.

 

Section 6.10
       Acceptance
of Appointment by Successor Trustee. Every successor Trustee appointed hereunder shall meet the requirements of Section 6.8
and shall execute, acknowledge and deliver to the Issuer, the Collateral Agent, the Loan Agent and the retiring Trustee an
instrument accepting such appointment. Upon delivery of the required instruments, the resignation or removal of the retiring Trustee
shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts, duties and obligations of the retiring Trustee; but, on request of the Issuer or a Majority of any Class of
Secured Debt or the successor Trustee, such retiring Trustee shall, upon payment of its charges then unpaid, execute and deliver
an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly
assign, transfer and deliver to such successor Trustee all property and Money held by such retiring Trustee hereunder. Upon request
of any such successor Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts.

 

Section 6.11
        Merger, Conversion,
Consolidation or Succession to Business of Trustee. Any organization or entity into which the Trustee may be merged
or converted or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust
business of the Trustee, shall be the successor of the Trustee hereunder; provided that such organization or entity shall
be otherwise qualified and eligible under this Article VI, without the execution or filing of any paper or any further
act on the part of any of the parties hereto. In case any of the Debt has been authenticated, but not delivered, by the Trustee
then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication
and deliver the Debt so authenticated with the same effect as if such successor Trustee had itself authenticated such Debt.

 

Section 6.12
        Co-Trustees.
At any time or times, the Issuer and the Trustee shall have power to appoint one or more Persons to act as co-trustee (subject
to written notice to the Rating Agency), jointly with the Trustee, of all or any part of the Assets, with the power to file such
proofs of claim and take such other actions pursuant to Section 5.6 herein and to make such claims and enforce
such rights of action on behalf of the Holders, as such Holders themselves may have the right to do, subject to the other provisions
of this Section 6.12.

 

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The Issuer shall join
with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper to appoint a
co-trustee. If the Issuer does not join in such appointment within 15 days after the receipt by it of a request to do so, the Trustee
shall have the power to make such appointment.

 

Should any written
instrument from the Issuer be required by any co-trustee so appointed, more fully confirming to such co-trustee such property,
title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the Issuer. The
Issuer agrees to pay, to the extent funds are available therefor under Section 11.1(a)(i)(A), for any reasonable fees
and expenses in connection with such appointment.

 

Every co-trustee shall,
to the extent permitted by law, but to such extent only, be appointed subject to the following terms:

 

(a)          the
Debt shall be authenticated and delivered and all rights, powers, duties and obligations hereunder in respect of the custody of
securities, Cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall
be exercised solely by the Trustee;

 

(b)     
   the rights, powers, duties and obligations hereby conferred or imposed
upon the Trustee in respect of any property covered by the appointment of a co-trustee shall be conferred or imposed upon and
exercised or performed by the Trustee or by the Trustee and such co-trustee jointly as shall be provided in the instrument
appointing such co-trustee;

 

(c)          the
Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Issuer evidenced by an Issuer Order,
may accept the resignation of or remove any co-trustee appointed under this Section 6.12, and in case an Event of Default
has occurred and is continuing, the Trustee shall have the power to accept the resignation of, or remove, any such co-trustee without
the concurrence of the Issuer. A successor to any co-trustee so resigned or removed may be appointed in the manner provided in
this Section 6.12;

 

(d)          no
co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee hereunder;

 

(e)          the
Trustee shall not be liable by reason of any act or omission of a co-trustee; and

 

(f)           any
Act of the Holders delivered to the Trustee shall be deemed to have been delivered to each co-trustee.

 

The Issuer shall notify
the Rating Agency of the appointment of a co-trustee hereunder.

 

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Section 6.13
        Certain
Duties of Trustee Related to Delayed Payment of Proceeds. If the Trustee shall not have received a payment with respect
to any Asset on its Due Date, (a) the Trustee shall promptly notify the Issuer and the Collateral Manager in writing or electronically
and (b) unless within three Business Days (or the end of the applicable grace period for such payment, if any) after
such notice (x) such payment shall have been received by the Trustee or (y) the Issuer, in its absolute discretion (but
only to the extent permitted by Section 10.2(a)), shall have made provision for such payment satisfactory to the Trustee
in accordance with Section 10.2(a), the Trustee shall, not later than the Business Day immediately following the last
day of such period and in any case upon request by the Collateral Manager, request the issuer of such Asset, the trustee under
the related Underlying Instrument or a paying agent designated by either of them, as the case may be, to make such payment not
later than three Business Days after the date of such request. If such payment is not made within such time period, the Trustee,
subject to the provisions of clause (iv) of Section 6.1(c), shall take such reasonable action as the Collateral
Manager shall direct. Any such action shall be without prejudice to any right to claim a Default or Event of Default under this
Indenture. If the Issuer or the Collateral Manager requests a release of an Asset and/or delivers an additional Collateral Obligation
in connection with any such action under the Collateral Management Agreement or under this Indenture, such release shall be subject
to Section 10.8 and Article XII of this Indenture, as the case may be. Notwithstanding any other
provision hereof, the Trustee shall deliver to the Issuer or its designee any payment with respect to any Asset or any additional
Collateral Obligation received after the Due Date thereof to the extent the Issuer previously made provisions for such payment
satisfactory to the Trustee in accordance with this Section 6.13 and such payment shall not be deemed part of the
Assets.

 

Section 6.14
        Authenticating
Agents. Upon the request of the Issuer, the Trustee shall, and if the Trustee so chooses the Trustee may, appoint one
or more Authenticating Agents with power to act on its behalf and subject to its direction in the authentication of Notes in connection
with issuance, transfers and exchanges under Sections 2.4, 2.5, 2.6 and 8.5, as fully to all
intents and purposes as though each such Authenticating Agent had been expressly authorized by such Sections to authenticate such
Notes. For all purposes of this Indenture, the authentication of Notes by an Authenticating Agent pursuant to this Section 6.14
shall be deemed to be the authentication of Notes by the Trustee.

 

Any Person into which
any Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger,
consolidation or conversion to which any Authenticating Agent shall be a party, or any Person succeeding to the corporate trust
business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the execution or filing
of any further act on the part of the parties hereto or such Authenticating Agent or such successor Person.

 

Any Authenticating
Agent may at any time resign by giving written notice of resignation to the Trustee and the Issuer. The Trustee may at any time
terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating Agent and the Issuer.
Upon receiving such notice of resignation or upon such a termination, the Trustee shall, upon the written request of the Issuer,
promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to the Issuer.

 

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Unless the Authenticating
Agent is also the same entity as the Trustee, the Issuer agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services, and reimbursement for its reasonable expenses relating thereto as an Administrative Expense. The
provisions of Sections 2.8, 6.4 and 6.5 shall be applicable to any Authenticating Agent.

 

Section 6.15
        Withholding.
The Collateral Agent is hereby authorized and directed to retain from amounts otherwise distributable to any Holder sufficient
funds for the payment of any such tax that is legally owed or required to be withheld by the Issuer (but such authorization shall
not prevent the Collateral Agent from contesting any such tax in appropriate Proceedings and withholding payment of such tax,
if permitted by law, pending the outcome of such Proceedings) or may be withheld because of a failure by a Holder to provide any
required information and to timely remit such amounts to the appropriate taxing authority. The amount of any withholding tax imposed
with respect to any Debt shall be treated as Cash distributed to the relevant Holder at the time it is withheld by the Collateral
Agent. If there is a reasonable possibility that withholding is required by applicable law with respect to a distribution, the
Paying Agent or the Collateral Agent may, in its sole discretion, withhold such amounts in accordance with this Section 6.15.
If any Holder or beneficial owner wishes to apply for a refund of any such withholding tax, the Collateral Agent shall reasonably
cooperate with such Person in providing readily available information so long as such Person agrees to reimburse the Collateral
Agent for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation on the part of the Collateral Agent to
determine the amount of any tax or withholding obligation on the part of the Issuer or in respect of the Notes.

 

Section 6.16
        Collateral
Agent as Representative for Holders of Secured Debt only; Collateral Agent as Agent for each other Secured Party and the Holders
of the Subordinated Notes. With respect to the security interest created hereunder, the delivery of any item of Asset
to the Collateral Agent is to the Collateral Agent as representative of the Holders of the Secured Notes and agent for each other
Secured Party and the Holders of the Subordinated Notes. In furtherance of the foregoing, the possession by the Collateral Agent
of any Asset, and the endorsement to or registration in the name of the Collateral Agent of any Asset (including without limitation
as entitlement holder of the Custodial Account) are all undertaken by the Collateral Agent in its capacity as representative
of the Holders of the Secured Notes, and agent for each other Secured Party and the Holders of the Subordinated Notes.

 

Section 6.17
        Representations
and Warranties of the Bank. The Bank hereby represents and warrants as follows:

 

(a)          Organization.
The Bank has been duly organized and is validly existing as a banking corporation formed under the laws of the State of New York
and has the power to conduct its business and affairs as a trustee, collateral agent, paying agent, registrar, transfer agent,
custodian, calculation agent and securities intermediary.

 

(b)         Authorization;
Binding Obligations. The Bank has the corporate power and authority to perform the duties and obligations of Trustee, Collateral
Agent, Loan Agent, Paying Agent, Registrar, Transfer Agent, Custodian, Calculation Agent, Collateral Administrator and Securities
Intermediary under this Indenture. The Bank has taken all necessary corporate action to authorize the execution, delivery and performance
of this Indenture and the Credit Agreement, and all of the documents required to be executed by the Bank pursuant hereto. This
Indenture and the Credit Agreement have been duly authorized, executed and delivered by the Bank and constitute the legal, valid
and binding obligation of the Bank enforceable in accordance with their terms subject, as to enforcement, (i) to the effect
of bankruptcy, insolvency or similar laws affecting generally the enforcement of creditors’ rights as such laws would apply
in the event of any bankruptcy, receivership, insolvency or similar event applicable to the Bank and (ii) to general equitable
principles (whether enforcement is considered in a proceeding at law or in equity).

 

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(c)          Eligibility.
The Bank is eligible under Section 6.8 to serve as Trustee hereunder.

 

(d)          No
Conflict. Neither the execution, delivery and performance of this Indenture or the Credit Agreement, nor the consummation of
the transactions contemplated by this Indenture or the Credit Agreement, is prohibited by, or requires the Bank to obtain
any consent, authorization, approval or registration under, any law, statute, rule, regulation, judgment, order, writ, injunction
or decree that is binding upon the Bank.

 

Section 6.18         Certain
Duties and Responsibilities of Collateral Agent.

 

(a) The Collateral Agent undertakes
to perform such duties and only such duties as are specifically set forth in this Indenture and the Credit Agreement, and no implied
covenants or obligations shall be read into this Indenture against the Collateral Agent. The Collateral Agent may conclusively
rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, note or other paper or document believed by it to be genuine and to
have been signed or presented by the proper party or parties. In the absence of bad faith on its part, the Collateral Agent may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or
opinions furnished to the Collateral Agent and conforming to the requirements of this Indenture; provided that in the case
of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Collateral
Agent, the Collateral Agent shall be under a duty to examine the same to determine whether or not they substantially conform on
their face to the requirements of this Indenture and shall promptly, but in any event within three Business Days in the case of
an Officer’s certificate furnished by the Collateral Manager, notify the party delivering the same if such certificate or
opinion does not conform. If a corrected form shall not have been delivered to the Collateral Agent within 15 days after such notice
from the Collateral Agent, the Collateral Agent shall so notify the Holders, the Trustee, the Collateral Agent and the Loan Agent.

 

(b)         No
provision of this Indenture shall be construed to relieve the Collateral Agent from liability for its own grossly negligent action,
its own grossly negligent failure to act, or its own willful misconduct, except that:

 

(i)            this
subsection shall not be construed to limit the effect of subsection (i) of this Section 6.18;

 

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(ii)           the
Collateral Agent shall not be liable for any error of judgment made in good faith by a Bank Officer, unless it shall be proven
that the Collateral Agent was grossly negligent in ascertaining the pertinent facts;

 

(iii)          the
Collateral Agent shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Issuer or the Collateral Manager in accordance with this Indenture and/or a Majority (or such other percentage
or Class as may be required by the terms hereof) of the Controlling Class (or other Class if required or permitted
by the terms hereof), relating to the time, method and place of conducting any Proceeding for any remedy available to the Collateral
Agent, or exercising any trust or power conferred upon the Collateral Agent, under this Indenture;

 

(iv)          no
provision of this Indenture or the Credit Agreement shall require the Collateral Agent to expend or risk its own funds or otherwise
incur any financial liability in the performance of any of its duties hereunder or under the Credit Agreement, or in the exercise
of any of its rights or powers contemplated hereunder or under the Credit Agreement, if it shall have reasonable grounds for believing
that repayment of such funds or indemnity satisfactory to it against such risk or liability is not reasonably assured to it unless
such risk or liability relates to the performance of its ordinary incidental services, including mailing of notices under Article V
under this Indenture; and

 

(v)           in
no event shall the Collateral Agent be liable for special, indirect, punitive or consequential loss or damage (including lost profits)
even if the Collateral Agent has been advised of the likelihood of such damages and regardless of such action.

 

(c)          For
all purposes under this Indenture and the Credit Agreement, the Collateral Agent shall not be deemed to have notice or knowledge
of any Default or Event of Default described in Sections 5.1(c), (d), (e), (f) or (g) unless
a Bank Officer of the Collateral Agent assigned to and working in the Corporate Trust Office has actual knowledge thereof or unless
written notice of any event which is in fact such an Event of Default or Default is received by the Collateral Agent at the Corporate
Trust Office, and such notice references the Debt generally, the Issuer, the Assets or this Indenture. For purposes of determining
the Collateral Agent’s responsibility and liability hereunder, whenever reference is made in this Indenture to such an Event
of Default or a Default, such reference shall be construed to refer only to such an Event of Default or Default of which the Collateral
Agent is deemed to have notice as described in this Section 6.18.

 

(d)         Whether
or not therein expressly so provided, every provision of this Indenture and the Credit Agreement relating to the conduct or affecting
the liability of or affording protection to the Collateral Agent shall be subject to the provisions of this Section 6.18.

 

(e)          In
addition to its other obligations set forth herein, the Collateral Agent shall provide any information actually in its possession
and readily available to it by reason of acting as Collateral Agent hereunder to the Collateral Manager related to the Assets or
the Debt, promptly after the Collateral Manager’s reasonable request therefor; provided that, the Collateral Agent
shall not be obligated to provide any information that it may be restricted from doing so by legal, regulatory or contractual reasons,
or attorney-client privilege. The Collateral Agent shall have no liability for such disclosure or, subject to its duties herein,
the accuracy thereof.

 

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(f)          The
Collateral Agent shall, upon reasonable (but no less than three Business Days’) prior written notice to the Collateral Agent,
permit any representative of a Holder, during the Collateral Agent’s normal business hours, to examine all books of account,
records, reports and other papers of the Collateral Agent (other than items protected by attorney-client privilege or information
contained in documents received from Independent accountants subject to restrictions on disclosure pursuant to an engagement letter
entered into in accordance with Section 10.8) relating to the Debt, to make copies and extracts therefrom (the reasonable
out-of-pocket expenses incurred in making any such copies or extracts to be reimbursed to the Collateral Agent by such Holder)
and to discuss the Collateral Agent’s actions, as such actions relate to the Collateral Agent’s duties with respect
to the Debt, with the Collateral Agent’s Officers and employees responsible for carrying out the Collateral Agent’s
duties with respect to the Debt. The Collateral Agent shall have no liability for such disclosure or, subject to its duties herein,
the accuracy thereof.

 

(g)         The
Collateral Agent is hereby authorized and directed to execute and deliver the Credit Agreement.

 

(h)         The
Collateral Agent shall have no duty to monitor or verify whether any Holder (or beneficial owner) is a Section 13 Banking
Entity.

 

(i)           The
Collateral Agent shall have no obligation to appoint or monitor any Partnership Representative, Partner, Partnership Interest or
Tax Matters Partner, or otherwise perform the duties (including the maintenance of capital accounts) of any such Person.

 

(j)           The
Collateral Agent shall have no (i) responsibility or liability for the monitoring or determination of the unavailability or
the cessation of LIBOR, the selection or designation of a non-Libor reference rate (including an Alternative Rate or any alternative
reference rate proposed in connection with a supplemental indenture pursuant to Section 8.1(xxx), (xxxii), or otherwise, or
whether the conditions for the selection of such rate have been satisfied), as a successor or replacement reference rate to LIBOR,
shall have no obligation to determine or select any methodology or conventions for the calculation of an Alternative Rate (which,
for example, may include operational, administrative or technical parameters for compounding such Alternative Rate) and shall be
entitled to rely upon any selection or designation of such a rate (and any modifier) and the methodology or conventions for the
calculation of such Alternative Rate as specified by the Collateral Manager and (ii) liability for any failure or delay in
performing its duties hereunder or under the other Transaction Documents as a result of the unavailability of a “LIBOR”
rate as described in the definition thereof, or as a result of the Collateral Manager’s failure or delay in selecting or
designating a non-Libor reference rate or timely proposing a supplemental indenture pursuant to Section 8.1(xxx), (xxxii),
or otherwise.

 

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Section 6.19
       Collateral
Agent’s knowledge of an Event of Default. Notwithstanding anything to the contrary contained herein, (i) until
so notified or until a Responsible Officer of the Collateral Agent obtains actual knowledge that a Collateral Obligation has become
a Defaulted Obligation, the Collateral Agent shall not be deemed to have any notice or knowledge that a Collateral Obligation
has become a Defaulted Obligation and (ii) the Collateral Agent shall not be responsible for determining or overseeing compliance
with the definition of “Eligible Investments”.

 

Section 6.20
       Certain Rights
of Collateral Agent. Except as otherwise provided in Section 6.18:

 

(a)          the
Collateral Agent may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document believed by
it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)         any
request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order, as the
case may be;

 

(c)         whenever
in the administration of this Indenture or the Credit Agreement the Collateral Agent shall (i) deem it desirable that a matter
be proved or established prior to taking, suffering or omitting any action hereunder, the Collateral Agent (unless other evidence
be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s certificate or Issuer
Order, or (ii) be required to determine the value of any Assets or funds hereunder or the cash flows projected to be received
therefrom, the Collateral Agent may, in the absence of bad faith on its part, rely on reports of nationally recognized accountants
(which may or may not be the Independent accountants appointed by the Issuer pursuant to Section 10.9), investment
bankers or other Persons qualified to provide the information required to make such determination, including nationally recognized
dealers in securities of the type being valued, securities quotation services, loan pricing services and loan valuation agents;

 

(d)         as
a condition to the taking or omitting of any action by it hereunder or under the Credit Agreement, the Collateral Agent may consult
with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in
respect of any action taken or omitted by it hereunder in good faith and in reliance thereon;

 

(e)          the
Collateral Agent shall be under no obligation to exercise, enforce or to honor any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have provided
to the Collateral Agent security or indemnity reasonably satisfactory to it against the costs, expenses (including reasonable attorneys’
fees and expenses) and liabilities which might reasonably be incurred by it in compliance with such request or direction;

 

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(f)            the
Collateral Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document, but the Collateral
Agent, in its discretion, may, and upon the written direction of a Majority of the Controlling Class shall (subject to the
right hereunder to be indemnified to its reasonable satisfaction for associated expense and liability), make such further inquiry
or investigation into such facts or matters as it may see fit or as it shall be directed, and the Collateral Agent shall be entitled,
on reasonable prior notice to the Issuer and the Collateral Manager, to examine the books and records relating to the Debt and
the Assets, personally or by agent or attorney, during the Issuer’s or the Collateral Manager’s normal business hours;
provided that, the Collateral Agent shall, and shall cause its agents to, hold in confidence all such information, except
(i) to the extent disclosure may be required by law or by any regulatory, administrative, judicial or governmental authority
and (ii) to the extent that the Collateral Agent, in its sole discretion, may determine that such disclosure is consistent
with its obligations hereunder; provided, further, that the Collateral Agent may disclose on a confidential basis any such
information to its agents, attorneys and auditors in connection with the performance of its responsibilities hereunder;

 

(g)           the
Collateral Agent may execute any of the trusts or powers hereunder or perform any duties hereunder or under the Credit Agreement
either directly or by or through agents or attorneys; provided that, the Collateral Agent shall not be responsible for
any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;

 

(h)           the
Collateral Agent shall not be liable for any action it takes or omits to take in good faith that it reasonably believes to be
authorized or within its rights or powers hereunder, including actions or omissions to act at the direction of the Collateral
Manager;

 

(i)            nothing
herein shall be construed to impose an obligation on the part of the Collateral Agent to monitor, recalculate, evaluate, verify
or independently determine the accuracy of any report, certificate or information received from the Issuer or Collateral Manager
(unless and except to the extent otherwise expressly set forth herein);

 

(j)            to
the extent any defined term hereunder, or any calculation required to be made or determined by the Collateral Agent hereunder,
is dependent upon or defined by reference to generally accepted accounting principles (as in effect in the United States) (“GAAP”),
the Collateral Agent shall be entitled to request and receive (and conclusively rely upon) instruction from the Issuer or the
accountants, which may or may not be the Independent accountants appointed by the Issuer pursuant to Section 10.8,
(and in the absence of its receipt of timely instruction therefrom, shall be entitled to obtain from an Independent accountant
at the expense of the Issuer) as to the application of GAAP in such connection, in any instance;

 

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(k)           to
the extent permitted by applicable law, the Collateral Agent shall not be required to give any bond or surety in respect of the
execution of this Indenture or otherwise;

 

(l)            the
Collateral Agent shall not be deemed to have notice or knowledge of any matter unless a Bank Officer has actual knowledge thereof
or unless written notice thereof is received by the Collateral Agent at the Corporate Trust Office and such notice references
the Debt generally, the Issuer or this Indenture; whenever reference is made herein to a Default or an Event of Default such reference
shall, insofar as determining any liability on the part of the Collateral Agent is concerned, be construed to refer only to a
Default or an Event of Default of which the Collateral Agent is deemed to have knowledge in accordance with this paragraph;

 

(m)           the
permissive rights of the Collateral Agent to take or refrain from taking any actions enumerated in this Indenture or under the
Credit Agreement shall not be construed as a duty;

 

(n)           the
Collateral Agent shall not be responsible for delays or failures in performance resulting from acts beyond its control and shall
not be responsible or liable for any inaccuracies in the records of the Collateral Manager, any Clearing Agency, Euroclear, Clearstream
or any other intermediary (other than the Bank in its individual or other capacities hereunder), or for the actions or omissions
of any such Person hereunder (including compliance with the procedures relating to compliance with Rule 17g-5 in accordance
with and to the extent set forth in Section 14.18) or under any document executed in connection herewith;

 

(o)           unless
the Collateral Agent receives written notice of an error or omission related to financial information or disbursements provided
to Holders within 90 days of Holders’ receipt of the same, the Collateral Agent shall have no liability in connection with
such and, absent direction by the requisite percentage of Holders entitled to direct the Collateral Agent, no further obligations
in connection therewith;

 

(p)           the
Collateral Agent or its Affiliates are permitted to receive additional compensation that could be deemed to be in the Collateral
Agent’s economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent,
custodian or sub-custodian with respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions
in certain Eligible Investments and (iii) effecting transactions in certain Eligible Investments. Such compensation is not
payable or reimbursable under Section 6.24;

 

(q)           in
order to comply with applicable law, the Collateral Agent is required to obtain, verify and record certain information relating
to individuals and entities which maintain a business relationship with the Collateral Agent. Accordingly, each of the parties
agrees to provide to the Collateral Agent upon its request from time to time such identifying information and documentation as
may be available for such party or its agents in order to enable the Collateral Agent to comply with applicable law. In accordance
with the U.S. Unlawful Internet Gambling Act, the Issuer may not use the Accounts or other Bank facilities in the United States
to process “restricted transactions” as such term is defined in U.S. 31 CFR Section 132.2(y). Therefore, neither
the Issuer nor any person who has an ownership interest in or control over the Accounts may use it to process or facilitate payments
for prohibited internet gambling transactions;

 

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(r)            the
Collateral Agent shall not be liable for the actions or omissions of the Collateral Manager, the Issuer, any Paying Agent (other
than the Collateral Agent), DTC, Euroclear, Clearstream, or any other clearing agency or depository, or any Authenticating Agent
(other than the Trustee) and without limiting the foregoing, the Collateral Agent shall not be under any obligation to monitor,
evaluate or verify compliance by the Collateral Manager with the terms hereof or the Collateral Management Agreement, or to verify
or independently determine the accuracy of information received by it from the Collateral Manager (or from any selling institution,
agent bank, trustee or similar source) with respect to the Assets;

 

(s)            notwithstanding
any term hereof (or any term of the UCC that might otherwise be construed to be applicable to a “securities intermediary”
as defined in the UCC) to the contrary, the Collateral Agent shall not be under a duty or obligation in connection with the acquisition
or Grant by the Issuer to the Collateral Agent of any item constituting the Assets, or to evaluate the sufficiency of the documents
or instruments delivered to it by or on behalf of the Issuer in connection with its Grant or otherwise, or in that regard to examine
any Underlying Instrument, in each case, in order to determine compliance with applicable requirements of and restrictions on
transfer in respect of such Assets;

 

(t)            the
Collateral Agent shall have no obligation to determine, verify or monitor whether an E.U. Retention Deficiency has occurred or
whether the E.U. Retention Requirement Laws, the U.S. Risk Retention Rules or the risk retention regulations of any other
jurisdiction have been or will be complied with;

 

(u)           the
Collateral Agent shall be entitled to conclusively rely on the Collateral Manager with respect to whether or not a Collateral
Obligation meets the criteria specified in the definition thereof and for the characterization, classification, designation or
categorization of each Collateral Obligation;

 

(v)           in
the event the Bank is also acting in the capacity of Paying Agent, Registrar, Transfer Agent, Custodian, Calculation Agent, Loan
Agent, Trustee or Securities Intermediary, the rights, protections, benefits, immunities and indemnities afforded to the Collateral
Agent pursuant to this Article VI shall also be afforded to the Bank acting in such capacities; provided that such
rights, protections, benefits, immunities and indemnities are in addition to such rights, protections, benefits, immunities and
indemnities otherwise provided;

 

(w)           in
making or disposing of any investment permitted by this Indenture, the Collateral Agent is authorized to deal with itself (in
its individual capacity) or with any one or more of its Affiliates, in each case on an arm’s length basis, whether it or
such Affiliate is acting as a subagent of the Collateral Agent or for any third person or dealing as principal for its own account.
If otherwise qualified, obligations of the Bank or any of its Affiliates shall qualify as Eligible Investments hereunder;

 

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(x)            the
Collateral Agent shall have no duty (i) to see to any recording, filing, or depositing of this Indenture or any supplemental
indenture or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of
any such recording, filing or depositing or to any rerecording, refiling or redepositing of any thereof or (ii) to maintain
any insurance;

 

(y)           the
Collateral Administrator shall have the same rights, privileges and indemnities afforded to the Collateral Agent in Sections
6.20, 6.21 and 6.22; provided that, such rights, immunities and indemnities shall be in addition to,
and not in limitation of, any rights, immunities and indemnities provided in the Collateral Administration Agreement;

 

(z)            the
Collateral Agent will be under no obligation to (i) confirm or verify whether the conditions to the Delivery of the Assets
have been satisfied or to determine whether or not a Collateral Obligation is eligible for purchase hereunder or meets the criteria
in the definition thereof or whether the conditions for an exchange transaction Section 12.2(g) have been satisfied
or (ii) evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Issuer in connection
with the Grant by the Issuer to the Collateral Agent of any item constituting an Asset or otherwise, or in that regard to examine
any Underlying Instruments, in order to determine compliance with applicable requirements of and restrictions on transfer of an
Asset and neither the Collateral Agent nor the Collateral Administrator shall have any obligation to determine: (i) if a
Collateral Obligation meets the criteria specified in the definition of “Collateral Obligation,” or the eligibility
restrictions herein or (ii) whether a Tax Event has occurred;

 

(aa)         notwithstanding
anything to the contrary herein, any and all email communications (both text and attachments) by or from the Collateral Agent
that the Collateral Agent deems to contain confidential, proprietary, and/or sensitive information may be encrypted. The recipient
of the encrypted email communication will be required to complete a registration process. Instructions on how to register and/or
retrieve an encrypted message will be included in the first secure email sent by the Collateral Agent to such recipient;

 

(bb)         if
within 80 calendar days of delivery of financial information or disbursements (which delivery may be via posting to the Collateral
Agent’s website) the Bank receives written notice of an error or omission related thereto and within ten calendar days of
the Bank’s receipt of such notice the Collateral Manager and Issuer confirm such error or omission, the Bank agrees to use
reasonable efforts to correct such error or omission and such use of reasonable efforts shall be the only obligation of the Bank
in connection therewith. The Bank shall not be required to take any action beyond such period and shall have no responsibility
for the same. In no event shall the Bank be obligated to take any action at any time at the request or direction of any Person
unless such Person shall have offered to the Bank indemnity reasonably satisfactory to it; and

 

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(cc)         in
order to comply with the laws, rules, regulations, and executive orders in effect from time to time applicable to banking institutions,
including, without limitation, those relating to the funding of terrorist activities and money laundering including Applicable
Law, the Collateral Agent is required to obtain, verify, record, and update certain information relating to individuals and entities
which maintain a business relationship with the Collateral Agent. Accordingly, each of the parties agrees to provide to the Collateral
Agent upon its request from time to time such identifying information and documentation as may be available for such party in
order to enable the Collateral Agent to comply with Applicable Law.

 

Section 6.21          Collateral
Agent Not Responsible for Recitals or Issuance of Debt. The recitals contained herein and in the Debt, other than the
Certificate of Authentication thereon, shall be taken as the statements of the Issuer; and the Collateral Agent assumes no responsibility
for their correctness. The Collateral Agent makes no representation as to the validity or sufficiency of this Indenture (except
as may be made with respect to the validity of the Collateral Agent’s obligations hereunder), the Credit Agreement, the
Assets or the Debt. The Collateral Agent shall not be accountable for the use or application by the Issuer of the Debt or the
proceeds thereof or any Money paid to the Issuer pursuant to the provisions hereof.

 

Section 6.22          Collateral
Agent May Hold Debt. The Collateral Agent, any Paying Agent, Registrar or any other agent of the Issuer, in its
individual or any other capacity, may become the owner or pledgee of Debt and may otherwise deal with the Issuer or any of its
Affiliates with the same rights it would have if it were not Collateral Agent, Paying Agent, Registrar or such other agent.

 

Section 6.23          Money
Held in Trust by the Collateral Agent. Money held by the Collateral Agent hereunder shall be held in trust to the extent
required herein. The Collateral Agent shall be under no liability for interest on any Money received by it hereunder, except in
its capacity as the Bank to the extent of income or other gain on investments which are deposits in or certificates of deposit
of the Bank in its commercial capacity and income or other gain actually received by the Collateral Agent on Eligible Investments.

 

Section 6.24          Compensation
and Reimbursement of the Collateral Agent. (a) The Issuer agrees:

 

(i)            to
pay the Collateral Agent on each Payment Date reasonable compensation as set forth in a separate fee schedule dated on or before
the Closing Date between the Collateral Agent and the Issuer for all services rendered by it hereunder;

 

(ii)           except
as otherwise expressly provided herein, to reimburse the Collateral Agent in a timely manner upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Collateral Agent in accordance with any provision of this Indenture
or other Transaction Document (including, without limitation, expenses in connection with securities transaction charges and the
reasonable compensation and expenses and disbursements of its agents and legal counsel and of any accounting firm or investment
banking firm employed by the Collateral Agent pursuant to Sections 5.4, 5.5, 6.20(c), 10.7 or any
other term of this Indenture, except any such expense, disbursement or advance as may be attributable to its gross negligence,
willful misconduct or bad faith) but with respect to securities transaction charges, only to the extent any such charges have
not been waived during a Collection Period due to the Collateral Agent’s receipt of a payment from a financial institution
with respect to certain Eligible Investments, as specified by the Collateral Manager in writing;

 

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(iii)          to
indemnify the Collateral Agent and its officers, directors, employees and agents for, and to hold them harmless against, any loss,
liability or expense (including reasonable attorneys’ fees and expenses) incurred without gross negligence, willful misconduct
or bad faith on their part, and arising out of or in connection with the acceptance or administration of, or the performance of
its duties under, this Indenture and the transactions contemplated thereby, including the costs and expenses of defending themselves
(including reasonable attorney’s fees and costs) against any claim or liability in connection with the exercise or performance
of any of their powers or duties hereunder and under any other transaction document related hereto; and

 

(iv)          to
pay the Collateral Agent reasonable additional compensation together with its expenses (including reasonable counsel fees) for
any collection action taken pursuant to Section 6.30 or the exercise or enforcement of remedies pursuant to Article V.

 

(b)           The
Collateral Agent shall receive amounts pursuant to this Section 6.24 and any other amounts payable to it under this
Indenture or in any of the Transaction Documents to which the Collateral Agent is a party in accordance with the Priority of Payments
but only to the extent that funds are available for the payment thereof. Subject to Section 6.26, the Collateral Agent
shall continue to serve as Collateral Agent under this Indenture notwithstanding the fact that the Collateral Agent shall not
have received amounts due it hereunder; provided that, nothing herein shall impair or affect the Collateral Agent’s
rights under Section 6.26. No direction by the Holders shall affect the right of the Collateral Agent to collect amounts
owed to it under this Indenture. If on any date when a fee or expense shall be payable to the Collateral Agent pursuant to this
Indenture insufficient funds are available for the payment thereof, any portion of a fee or expense not so paid shall be deferred
and payable on such later date on which a fee or expense shall be payable and sufficient funds are available therefor. The Issuer’s
obligations under this Section 6.24 shall survive the termination of this Indenture and the resignation or removal
of the Collateral Agent pursuant to Section 6.26.

 

(c)           The
Collateral Agent hereby agrees not to cause the filing against the Issuer or any of its subsidiaries of a petition in bankruptcy
for the non-payment to the Collateral Agent of any amounts provided by this Section 6.24 until at least one year and
one day, or if longer the applicable preference period then in effect and one day, after the payment in full of all Debt issued
under this Indenture or incurred under the Credit Agreement. The Issuer’s payment obligations to the Trustee under this
Section 6.24 shall be secured by the lien of this Indenture payable in accordance with the Priority of Payments, and
shall survive the discharge of this Indenture and the resignation or removal of the Trustee. When the Trustee incurs expenses
after the occurrence of a Default or an Event of Default under Section 5.1(e) or Section 5.1(f),
the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or
state bankruptcy, insolvency or similar law.

 

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(d)           To
the extent that the entity acting as Collateral Agent is acting as Registrar, Calculation Agent, Paying Agent, Authenticating
Agent, Securities Intermediary or Custodian, the rights, privileges, immunities and indemnities set forth in this Article VI
shall also apply to it acting in each such capacity.

 

Section 6.25          Corporate
Collateral Agent Required; Eligibility. There shall at all times be a Collateral Agent hereunder which shall be an
organization or entity organized and doing business under the laws of the United States of America or of any state thereof, authorized
under such laws to exercise corporate trust powers, having a combined capital and surplus of at least U.S.$200,000,000, subject
to supervision or examination by federal or state authority, having a counterparty risk assessment of at least “BBB+”
by S&P and having an office within the United States. If such organization or entity publishes reports of condition at least
annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of
this Section 6.25, the combined capital and surplus of such organization or entity shall be deemed to be its combined
capital and surplus as set forth in its most recent published report of condition. If at any time the Collateral Agent shall cease
to be eligible in accordance with the provisions of this Section 6.25, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article VI.

 

Section 6.26          Resignation
and Removal of the Collateral Agent; Appointment of Successor Collateral Agent.

 

(a)            No
resignation or removal of the Collateral Agent and no appointment of a successor Collateral Agent pursuant to this Article VI
shall become effective until the acceptance of appointment by the successor Collateral Agent under Section 6.27.

 

(b)            The
Collateral Agent may resign at any time by giving written notice thereof to the Issuer, the Collateral Manager, the Trustee, the
Loan Agent, the Holders of the Debt and each Rating Agency not less than 30 days prior to such resignation. Upon receiving such
notice of resignation, the Issuer shall promptly appoint a successor collateral agent or collateral agents satisfying the requirements
of Section 6.25 by written instrument, in duplicate, executed by a Responsible Officer of the Issuer, one copy of
which shall be delivered to the Collateral Agent so resigning and one copy to the successor collateral agent or collateral agents,
together with a copy to each Holder and the Collateral Manager; provided that, the Issuer shall provide prior written notice to
the Rating Agency of any such appointment; provided, further, that the Issuer shall not appoint such successor collateral agent
or collateral agents without the consent of a Majority of the Secured Debt of each Class (or, at any time when an Event of
Default shall have occurred and be continuing or when a successor Collateral Agent has been appointed pursuant to Section 6.26(e),
by an Act of a Majority of the Controlling Class). If no successor Collateral Agent shall have been appointed and an instrument
of acceptance by a successor Collateral Agent shall not have been delivered to the Collateral Agent within 30 days after the giving
of such notice of resignation, the resigning Collateral Agent or any Holder, on behalf of himself and all others similarly situated,
may petition any court of competent jurisdiction for the appointment of a successor Collateral Agent satisfying the requirements
of Section 6.25.

 

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(c)            The
Collateral Agent may be removed at any time upon 30 days’ written notice by Act of a Majority of each Class of Debt
voting separately or, at any time when an Event of Default shall have occurred and be continuing, by an Act of a Majority of the
Controlling Class, delivered to the Collateral Agent, the Trustee, the Loan Agent and to the Issuer.

 

(d)            If
at any time:

 

(i)            the
Collateral Agent shall cease to be eligible under Section 6.25 and shall fail to resign after written request therefor
by the Issuer or any Holder; or

 

(ii)           the
Collateral Agent shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of
the Collateral Agent or of its property shall be appointed or any public officer shall take charge or control of the Collateral
Agent or of its property or affairs for the purpose of rehabilitation, conservation or liquidation;

 

then, in any such case (subject to Section 6.26(i)),
(A) the Issuer, by Issuer Order, may remove the Collateral Agent, or (B) subject to Section 5.15, any Holder
may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the
Collateral Agent and the appointment of a successor Collateral Agent.

 

(e)            If
the Collateral Agent shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the
Collateral Agent for any reason (other than resignation), the Issuer, by Issuer Order, shall promptly appoint a successor Collateral
Agent. If the Issuer shall fail to appoint a successor Collateral Agent within 30 days after such resignation, removal or incapability
or the occurrence of such vacancy, a successor Collateral Agent may be appointed by a Majority of the Controlling Class by
written instrument delivered to the Issuer and the retiring Collateral Agent. The successor Collateral Agent so appointed shall,
forthwith upon its acceptance of such appointment, become the successor Collateral Agent and supersede any successor Collateral
Agent proposed by the Issuer. If no successor Collateral Agent shall have been so appointed by the Issuer or a Majority of the
Controlling Class and shall have accepted appointment in the manner hereinafter provided, subject to Section 5.15,
the retiring Collateral Agent may, or any Holder may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the appointment of a successor Collateral Agent.

 

(f)            The
Issuer shall give prompt notice of each resignation and each removal of the Collateral Agent and each appointment of a successor
Collateral Agent by providing written notice of such event to the Collateral Manager, the Trustee, the Loan Agent, to the Holders
of the Debt as their names and addresses appear in the Register and to the Rating Agency. Each notice shall include the name of
the successor Collateral Agent and the address of its Corporate Trust Office. If the Issuer fails to provide such notice within
10 days after acceptance of appointment by the successor Collateral Agent, the successor Collateral Agent shall cause such notice
to be given at the expense of the Issuer.

 

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(g)           Any
resignation or removal of the Collateral Agent under this Section 6.26 shall be an effective resignation or removal
of the Bank in all capacities under this Indenture.

 

Section 6.27          Acceptance
of Appointment by Successor Collateral Agent. Every successor Collateral Agent appointed hereunder shall meet the requirements
of Section 6.25 and shall execute, acknowledge and deliver to the Issuer and the retiring Collateral Agent an instrument
accepting such appointment. Upon delivery of the required instruments, the resignation or removal of the retiring Collateral Agent
shall become effective and such successor Collateral Agent, without any further act, deed or conveyance, shall become vested with
all the rights, powers, trusts, duties and obligations of the retiring Collateral Agent; but, on request of the Issuer or a Majority
of any Class of Secured Debt or the successor Collateral Agent, such retiring Collateral Agent shall, upon payment of its
charges then unpaid, execute and deliver an instrument transferring to such successor Collateral Agent all the rights, powers
and trusts of the retiring Collateral Agent, and shall duly assign, transfer and deliver to such successor Collateral Agent all
property and Money held by such retiring Collateral Agent hereunder. Upon request of any such successor Collateral Agent, the
Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Collateral
Agent all such rights, powers and trusts.

 

Section 6.28          Merger,
Conversion, Consolidation or Succession to Business of Collateral Agent. Any organization or entity into which the
Collateral Agent may be merged or converted or with which it may be consolidated, or any organization or entity resulting from
any merger, conversion or consolidation to which the Collateral Agent shall be a party, or any organization or entity succeeding
to all or substantially all of the corporate trust business of the Collateral Agent, shall be the successor of the Collateral
Agent hereunder; provided that, such organization or entity shall be otherwise qualified and eligible under this Article VI,
without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any of the Debt
has been authenticated, but not delivered, by the Collateral Agent then in office, any successor by merger, conversion or consolidation
to such authenticating Collateral Agent may adopt such authentication and deliver the Debt so authenticated with the same effect
as if such successor Collateral Agent had itself authenticated such Debt.

 

Section 6.29          Certain
Duties of Collateral Agent Related to Delayed Payment of Proceeds. In the event that in any month the Collateral Agent
receives notice from the Collateral Manager or the Collateral Administrator that a payment has not been received with respect
to any Asset on its Due Date, (a) the Collateral Agent shall promptly notify the Issuer, the Trustee and the Collateral Manager
in writing or electronically and (b) unless within three Business Days (or the end of the applicable grace period for such
payment, if longer) after such notice such payment shall have been received by the Collateral Agent, or the Issuer, in its absolute
discretion (but only to the extent permitted by Section 10.2(a)), shall have made provision for such payment satisfactory
to the Collateral Agent in accordance with Section 10.2(a), the Collateral Agent shall request the issuer of such
Asset, the trustee under the related Underlying Instrument or paying agent designated by either of them, as the case may be, to
make such payment as soon as practicable after such request but in no event later than three Business Days after the date of such
request. In the event that such payment is not made within such time period, the Collateral Agent, subject to the provisions of
clause (iv) of Section 6.18(c), shall take such reasonable action as the Collateral Manager shall direct in writing.
Any such action shall be without prejudice to any right to claim a Default or Event of Default under this Indenture. In the event
that the Issuer or the Collateral Manager requests a release of an Asset and/or delivers an additional Collateral Obligation in
connection with any such action under the Collateral Management Agreement or under this Indenture, such release and/or substitution
shall be subject to Section 10.7 and Article XII of this Indenture, as the case may be. Notwithstanding
any other provision hereof, the Collateral Agent shall deliver to the Issuer or its designee any payment with respect to any Asset
or any additional Collateral Obligation received after the Due Date thereof to the extent the Issuer previously made provisions
for such payment satisfactory to the Collateral Agent in accordance with this Section 6.30 and such payment shall
not be deemed part of the Assets.

 

 

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ARTICLE VII

 

Covenants

 

Section 7.1            Payment
of Principal and Interest. The Issuer will duly and punctually pay the principal of and interest on the Secured Debt,
in accordance with the terms of such Debt and this Indenture and the Credit Agreement pursuant to the Priority of Payments. The
Issuer will, to the extent funds are available pursuant to the Priority of Payments, duly and punctually pay all required distributions
on the Subordinated Notes, in accordance with the Subordinated Notes and this Indenture.

 

Amounts properly withheld
under the Code or other applicable law by any Person from a payment under any Debt shall be considered as having been paid by
the Issuer to the relevant Holder for all purposes of this Indenture.

 

Section 7.2            Maintenance
of Office or Agency. The Issuer hereby appoints the Collateral Agent as a Paying Agent for payments on the Debt, and
appoints the Trustee as Transfer Agent at its applicable Corporate Trust Office as the Issuer’s agent where Notes may be
surrendered for registration of transfer or exchange. The Issuer hereby appoints C T Corporation System, 28 Liberty Street, New
York, NY 10005, as its agent upon whom process or demands may be served in any action arising out of or based on this Indenture
or the transactions contemplated hereby.

 

The Issuer may at
any time and from time to time vary or terminate the appointment of any such agent or appoint any additional agents for any or
all of such purposes; provided that (x) the Issuer will maintain in the Borough of Manhattan, the City of New York,
an office or agency where notices and demands to or upon the Issuer in respect of the Debt and this Indenture may be served and,
subject to any laws or regulations applicable thereto, an office or agency outside of the United States where Debt may be presented
for payment; and (y) no paying agent shall be appointed in a jurisdiction which subjects payments on the Debt to withholding
tax solely as a result of such Paying Agent’s activities. The Issuer shall at all times maintain a duplicate copy of the
Register at the Corporate Trust Office of the Trustee or the Corporate Trust Office of the Loan Agent, as applicable. The Issuer
shall give prompt written notice to the Trustee, the Collateral Agent, the Loan Agent, the Rating Agency and the Holders of the
appointment or termination of any such agent and of the location and any change in the location of any such office or agency.

 

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If at any time the
Issuer shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New York, or outside
the United States, or shall fail to furnish the Trustee with the address thereof, presentations and surrenders may be made (subject
to the limitations described in the preceding paragraph) at, notices and demands may be served on the Issuer, and Debt may
be presented and surrendered for payment to the appropriate Paying Agent at its main office, and the Issuer hereby appoints the
same as its agent to receive such respective presentations, surrenders, notices and demands.

 

Section 7.3            Money
for Debt Payments to be Held in Trust. All payments of amounts due and payable with respect to any Debt that is to
be made from amounts withdrawn from the Payment Account shall be made on behalf of the Issuer by the Collateral Agent or a Paying
Agent with respect to payments on the Debt.

 

When the Issuer shall
have a Paying Agent that is not also the Registrar, it shall furnish, or cause the Registrar to furnish, no later than the fifth
calendar day after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably request, of the names
and addresses of the Holders and of the certificate numbers of individual Notes held by each such Holder.

 

Whenever the Issuer
shall have a Paying Agent other than the Collateral Agent, it shall, on or before the Business Day next preceding each Payment
Date and any Redemption Date, as the case may be, direct the Collateral Agent to deposit on such Payment Date or such Redemption
Date, as the case may be, with such Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due
(to the extent funds are then available for such purpose in the Payment Account), such sum to be held in trust for the benefit
of the Persons entitled thereto and (unless such Paying Agent is the Collateral Agent) the Issuer shall promptly notify the
Collateral Agent of its action or failure so to act. Any Monies deposited with a Paying Agent (other than the Collateral Agent) in
excess of an amount sufficient to pay the amounts then becoming due on the Debt with respect to which such deposit was made shall
be paid over by such Paying Agent to the Collateral Agent for application in accordance with Article XI.

 

The initial Paying
Agent shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be appointed by Issuer
Order with written notice thereof to the Trustee; provided that so long as the Debt of any Class is rated by the Rating
Agency, with respect to any additional or successor Paying Agent, either (i) such Paying Agent has a long-term debt rating
of “A+” or higher by S&P or a short-term debt rating of “A-1” by S&P or (ii) the S&P
Rating Condition is satisfied. If such successor Paying Agent ceases to have a long-term debt rating of “A+” or higher
by S&P or a short-term debt rating of “A-1” by S&P, the Issuer shall promptly remove such Paying Agent and
appoint a successor Paying Agent. The Issuer shall not appoint any Paying Agent that is not, at the time of such appointment,
a depository institution or trust company subject to supervision and examination by federal and/or state and/or national banking
authorities. The Issuer shall cause each Paying Agent other than the Trustee to execute and deliver to the Collateral Agent an
instrument in which such Paying Agent shall agree with the Collateral Agent and if the Trustee acts as Paying Agent, it hereby
so agrees, subject to the provisions of this Section 7.3, that such Paying Agent will:

 

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(a)            allocate
all sums received for payment to the Holders of Debt and the Issuer for which it acts as Paying Agent on each Payment Date and
any Redemption Date among such Holders in the proportion specified in the applicable Distribution Report to the extent permitted
by applicable law;

 

(b)           hold
all sums held by it for the payment of amounts due with respect to the Debt and otherwise to the Issuer in trust for the benefit
of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and
pay such sums to such Persons as herein provided;

 

(c)            if
such Paying Agent is not the Collateral Agent, immediately resign as a Paying Agent and forthwith pay to the Collateral Agent
all sums held by it in trust for the payment of Notes and otherwise to the Issuer if at any time it ceases to meet the standards
set forth above required to be met by a Paying Agent at the time of its appointment;

 

(d)            if
such Paying Agent is not the Collateral Agent, immediately give the Collateral Agent notice of any default by the Issuer in the
making of any payment required to be made; and

 

(e)            if
such Paying Agent is not the Collateral Agent, during the continuance of any such default, upon the written request of the Collateral
Agent, forthwith pay to the Collateral Agent all sums so held in trust by such Paying Agent.

 

The Issuer may at
any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer
Order direct any Paying Agent to pay, to the Collateral Agent all sums held in trust by the Issuer or such Paying Agent, such
sums to be held by the Collateral Agent upon the same trusts as those upon which such sums were held by the Issuer or such Paying
Agent; and, upon such payment by any Paying Agent to the Collateral Agent, such Paying Agent shall be released from all further
liability with respect to such Money.

 

Except as otherwise
required by applicable law, any Money deposited with the Trustee or any Paying Agent in trust for any payment on any Debt and
remaining unclaimed for two years after such amount has become due and payable shall be paid to the Issuer on Issuer Order; and
the Holder of such Debt shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of such amounts
(but only to the extent of the amounts so paid to the Issuer) and all liability of the Trustee or such Paying Agent with
respect to such trust Money shall thereupon cease. The Trustee or such Paying Agent, before being required to make any such release
of payment, may, but shall not be required to, adopt and employ, at the expense of the Issuer any reasonable means of notification
of such release of payment, including, but not limited to, mailing notice of such release to Holders whose Debt have been called
but have not been surrendered for redemption or whose right to or interest in Monies due and payable but not claimed is determinable
from the records of any Paying Agent, at the last address of record of each such Holder.

 

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Section 7.4            Existence
of Issuer. (a) The Issuer shall, to the maximum extent permitted by applicable law, maintain in full force and
effect its existence and rights as a limited liability company organized under the laws of the State of Delaware and shall obtain
and preserve its qualification to do business as a limited liability company in each jurisdiction in which such qualifications
are or shall be necessary to protect the validity and enforceability of this Indenture the Credit Agreement, the Debt, or any
of the Assets; provided that the Issuer shall be entitled to change its jurisdiction of formation from the State of Delaware
to any other jurisdiction reasonably selected by the Issuer so long as (i) the Issuer has received a legal opinion (upon
which the Trustee, the Collateral Agent and the Loan Agent may conclusively rely) to the effect that such change is not disadvantageous
in any material respect to the Holders, (ii) written notice of such change shall have been given to the Collateral Agent
by the Issuer, which notice shall be promptly forwarded by the Collateral Agent to the Holders, the Collateral Manager and the
Rating Agency and (iii) on or prior to the 15th Business Day following receipt of such notice the Collateral Agent shall
not have received written notice from a Majority of the Controlling Class objecting to such change.

 

(b)           The
Issuer (i) shall ensure that all limited liability company or other formalities regarding its existence (including, if required,
holding regular meetings of its manager(s) and member(s), or other similar, meetings) are followed and (ii) shall not
have any employees (other than its managers to the extent they are employees). The Issuer shall not take any action, or conduct
its affairs in a manner, that is likely to result in its separate existence being ignored or in its assets and liabilities being
substantively consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. Without limiting
the foregoing, (A) the Issuer shall not have any subsidiaries; and (B) (x) the Issuer shall not (1) except
as contemplated by the Offering Circular, the Collateral Management Agreement or the Issuer’s limited liability company
agreement, engage in any transaction with any member that would constitute a conflict of interest or (2) make distributions
other than in accordance with the terms of this Indenture and the Issuer’s limited liability company agreement and (y) the
Issuer shall (1) maintain books and records separate from any other Person, (2) maintain its accounts separate from
those of any other Person, (3) not commingle its assets with those of any other Person, (4) conduct its own business
in its own name, (5) maintain separate financial statements, (6) pay its own liabilities out of its own funds, (7) maintain
an arm’s length relationship with its Affiliates, (8) use separate stationery, invoices and checks, (9) hold itself
out as a separate Person, (10) correct any known misunderstanding regarding its separate identity and (11) have at least
one manager that is Independent of the Collateral Manager.

 

Section 7.5            Protection
of Assets. (a) The Collateral Manager on behalf of the Issuer will cause the taking of such action within the
Collateral Manager’s control as is reasonably necessary in order to maintain the perfection and priority of the security
interest of the Collateral Agent in the Assets; provided that the Collateral Manager shall be entitled to rely on any Opinion
of Counsel delivered pursuant to Section 7.6 and any opinion delivered on the Closing Date to determine what actions
are reasonably necessary, and shall be fully protected in so relying on such an Opinion of Counsel, unless the Collateral Manager
has actual knowledge that the procedures described in any such Opinion of Counsel are no longer adequate to maintain such perfection
and priority. The Issuer shall from time to time execute and deliver all such supplements and amendments hereto and file or authorize
the filing of all such Financing Statements, continuation statements, instruments of further assurance and other instruments,
and shall take such other action as may be necessary or advisable or desirable to secure the rights and remedies of the Holders
of the Secured Debt hereunder and to:

 

(i)            Grant
more effectively all or any portion of the Assets;

 

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(ii)           maintain,
preserve and perfect any Grant made or to be made by this Indenture including, without limitation, the first priority nature of
the lien or carry out more effectively the purposes hereof;

 

(iii)          perfect,
publish notice of or protect the validity of any Grant made or to be made by this Indenture (including, without limitation, any
and all actions necessary or desirable as a result of changes in law or regulations);

 

(iv)          enforce
any of the Assets or other instruments or property included in the Assets;

 

(v)           preserve
and defend title to the Assets and the rights therein of the Collateral Agent and the Holders of the Secured Debt in the Assets
against the claims of all Persons and parties; or

 

(vi)          pay
or cause to be paid any and all taxes levied or assessed upon all or any part of the Assets.

 

The Issuer hereby designates
the Collateral Agent as its agent and attorney in fact to prepare and file and hereby authorizes the filing of any Financing Statement,
continuation statement and all other instruments, and take all other actions, required pursuant to this Section 7.5.
Such designation shall not impose upon the Collateral Agent, or release or diminish, the Issuer’s and the Collateral Manager’s
obligations under this Section 7.5. The Issuer further authorizes and shall cause the Issuer’s counsel to file
without the Issuer’s signature a Financing Statement that names the Issuer as debtor and the Collateral Agent, on behalf
of the Secured Parties, as secured party and that describes “all personal property of the Debtor now owned or hereafter
acquired”, other than any Margin Stock held by the Issuer, as the Assets in which the Collateral Agent has a Grant.

 

(b)           The
Collateral Agent shall not, except in accordance with Section 5.5 or Section 10.8(a), (b) and
(c), as applicable, permit the removal of any portion of the Assets or transfer any such Assets from the Account to which
it is credited, or cause or permit any change in the Delivery made pursuant to Section 3.3 with respect to any
Assets, if, after giving effect thereto, the jurisdiction governing the perfection of the Collateral Agent’s security interest
in such Assets is different from the jurisdiction governing the perfection at the time of delivery of the most recent Opinion
of Counsel pursuant to Section 7.6 (or, if no Opinion of Counsel has yet been delivered pursuant to Section 7.6,
the Opinion of Counsel delivered at the Closing Date) unless the Collateral Agent shall have received an Opinion of Counsel
to the effect that the lien and security interest created by this Indenture with respect to such property and the priority thereof
will continue to be maintained after giving effect to such action or actions.

 

Section 7.6            Opinions
as to Assets. Within the six-month period preceding the fifth anniversary of the Closing Date (and every five years
thereafter), the Issuer shall furnish to the Trustee an Opinion of Counsel stating that in the opinion of such counsel as of the
date of such opinion under the Delaware UCC, the UCC financing statement(s) filed in connection with the lien and security
interests created by this Indenture are effective and that no further action (other than as specified in such opinion) is required
to maintain the continued effectiveness of such lien over the next five years.

 

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Section 7.7            Performance
of Obligations. (a) The Issuer shall not take any action, and will use its best efforts not to permit any action
to be taken by others, that would release any Person from any of such Person’s covenants or obligations under any instrument
included in the Assets, except in the case of enforcement action taken with respect to any Defaulted Obligation in accordance
with the provisions hereof and actions by the Collateral Manager under the Collateral Management Agreement and in conformity therewith
or with this Indenture, as applicable, or as otherwise required hereby or deemed necessary or advisable by the Collateral Manager
in accordance with the Collateral Management Agreement.

 

(b)  The Issuer
shall notify S&P within 10 Business Days after it has received notice from any Holder or the Issuer of any material breach
of any Transaction Document, following any applicable cure period for such breach.

 

Section 7.8            Negative
Covenants. (a) The Issuer will not, from and after the Closing Date:

 

(i)            sell,
transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise encumber (or permit such to occur or
suffer such to exist), any part of the Assets, except as expressly permitted by this Indenture and the Collateral Management Agreement;

 

(ii)           claim
any credit on, make any deduction from, or dispute the enforceability of payment of the principal or interest payable (or any
other amount) in respect of the Debt (other than amounts withheld or deducted in accordance with the Code or any applicable
laws of any other applicable jurisdiction);

 

(iii)          (A) incur
or assume or guarantee any indebtedness, other than the Debt, this Indenture, the Credit Agreement and the transactions contemplated
hereby or (B)(1) issue any additional class of Debt except in accordance with Sections 2.13 and 3.2 or
(2) issue any additional limited liability company interests, except in accordance with the Issuer’s limited liability
company agreement, other than in connection with a Refinancing;

 

(iv)          (A) permit
the validity or effectiveness of this Indenture, the Credit Agreement or any Grant hereunder to be impaired, or permit the lien
of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from
any covenants or obligations with respect to this Indenture, the Credit Agreement or the Debt except as may be permitted hereby
or by the Collateral Management Agreement, (B) except as permitted by this Indenture, permit any lien, charge, adverse claim,
security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or
otherwise arise upon or burden any part of the Assets, any interest therein or the proceeds thereof, or (C) except as permitted
by this Indenture, take any action that would permit the lien of this Indenture not to constitute a valid first priority security
interest in the Assets;

 

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(v)           amend
the Collateral Management Agreement except pursuant to the terms thereof and Article XV of this Indenture;

 

(vi)          dissolve
or liquidate in whole or in part, except as permitted hereunder or required by applicable law;

 

(vii)         pay
any distributions other than in accordance with the Priority of Payments;

 

(viii)        permit
the formation of any subsidiaries;

 

(ix)           conduct
business under any name other than its own;

 

(x)            have
any employees (other than its managers to the extent they are employees);

 

(xi)            sell,
transfer, exchange or otherwise dispose of Assets, or enter into an agreement or commitment to do so or enter into or engage in
any business with respect to any part of the Assets, except as expressly permitted by both this Indenture and the Collateral Management
Agreement;

 

(xii)          fail
to maintain an Independent Manager under the Issuer’s limited liability company agreement;

 

(xiii)         amend
the Credit Agreement except pursuant to the terms thereof and Article VIII hereof; and

 

(xiv)        elect,
or take any other action, to be treated as an association taxable as a corporation for U.S. federal income tax purposes.

 

(b)           The
Issuer shall not be party to any agreements without including customary “non-petition” and “limited recourse”
provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party), except for any agreements
related to the purchase and sale of any Assets which contain customary (as determined by the Collateral Manager in its sole discretion) purchase
or sale terms or which are documented using customary (as determined by the Collateral Manager in its sole discretion) loan
trading documentation.

 

(c)            Notwithstanding
anything contained herein to the contrary, the Issuer may not acquire any of the Secured Debt; provided that this Section 7.8(c) shall
not be deemed to limit an optional or mandatory redemption pursuant to the terms of this Indenture or the purchase of Secured
Debt pursuant to Section 9.7 hereof.

 

(d)           The
Issuer shall not acquire or hold any Collateral Obligation or Eligible Investment that is a debt obligation in bearer form unless
the Collateral Obligation or Eligible Investment is not required to be in registered form under Section 163(f)(2)(A) of
the Code.

 

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Section 7.9            Statement
as to Compliance. On or before December 31 in each calendar year commencing in 2021, or immediately if there has
been a Default under this Indenture and prior to the issuance of any Additional Debt pursuant to Section 2.13, the
Issuer shall deliver to the Trustee and the Collateral Agent (to be forwarded by the Collateral Agent to the Collateral Manager,
the Loan Agent, the Collateral Administrator, each Holder making a written request therefor and the Rating Agency) an Officer’s
certificate of the Issuer that, having made reasonable inquiries of the Collateral Manager, and to the best of the knowledge,
information and belief of the Issuer, there did not exist, as at a date not more than five days prior to the date of the certificate,
nor had there existed at any time prior thereto since the date of the last certificate (if any), any Default hereunder or, if
such Default did then exist or had existed, specifying the same and the nature and status thereof, including actions undertaken
to remedy the same, and that the Issuer has complied with all of its obligations under this Indenture or, if such is not the case,
specifying those obligations with which it has not complied.

 

Section 7.10           Issuer
May Consolidate, etc., Only on Certain Terms. The Issuer (the “Merging Entity”) shall
not consolidate or merge with or into any other Person or transfer or convey all or substantially all of its assets to any Person,
unless permitted by United States and Delaware law and unless:

 

(a)            the
Merging Entity shall be the surviving entity, or the Person (if other than the Merging Entity) formed by such consolidation
or into which the Merging Entity is merged or to which all or substantially all of the assets of the Merging Entity are transferred
(the “Successor Entity”) (A) if the Merging Entity is the Issuer, shall be a company organized and
existing under the laws of the State of Delaware or such other jurisdiction approved by a Majority of the Controlling Class; provided
that no such approval shall be required in connection with any such transaction undertaken solely to effect a change in the
jurisdiction of formation pursuant to Section 7.4, and (B) shall expressly assume, by an indenture supplemental
hereto and an omnibus assumption agreement, executed and delivered to the Trustee, the Collateral Agent, the Loan Agent, each
Holder, the Collateral Manager and the Collateral Administrator, the due and punctual payment of the principal of and interest
on all Secured Debt, the payments of the Subordinated Notes and the performance and observance of every covenant of this Indenture
and of each other Transaction Document on its part to be performed or observed, all as provided herein or therein, as applicable;

 

(b)           the
Rating Agency shall have been notified in writing of such consolidation or merger and the Trustee, the Collateral Agent and the
Loan Agent shall have received written confirmation from the Rating Agency that its then-current ratings issued with respect to
the Secured Debt then rated by the Rating Agency will not be reduced or withdrawn as a result of the consummation of such transaction;

 

(c)            if
the Merging Entity is not the Successor Entity, the Successor Entity shall have agreed with the Trustee, the Collateral Agent
and the Loan Agent (i) to observe the same legal requirements for the recognition of such formed or surviving entity as a
legal entity separate and apart from any of its Affiliates as are applicable to the Merging Entity with respect to its Affiliates
and (ii) not to consolidate or merge with or into any other Person or transfer or convey the Assets or all or substantially
all of its assets to any other Person except in accordance with the provisions of this Section 7.10;

 

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(d)            if
the Merging Entity is not the Successor Entity, the Successor Entity shall have delivered to the Trustee, the Collateral Agent
, the Loan Agent and the Rating Agency an Officer’s certificate and an Opinion of Counsel each stating that such Person
is duly organized, validly existing and in good standing in the jurisdiction in which such Person is organized; that such Person
has sufficient power and authority to assume the obligations set forth in sub-section (a) above and to execute and deliver
an indenture supplemental hereto for the purpose of assuming such obligations; that such Person has duly authorized the execution,
delivery and performance of a supplemental indenture hereto for the purpose of assuming such obligations and that such supplemental
indenture is a valid, legal and binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy,
reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general
principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); if the Merging
Entity is the Issuer, that, immediately following the event which causes such Successor Entity to become the successor to the
Issuer, (i) such Successor Entity has title, free and clear of any lien, security interest or charge, other than the lien
and security interest of this Indenture and any other Permitted Liens, to the Assets securing all of the Secured Debt and (ii) the
Collateral Agent continues to have a valid perfected first priority security interest in the Assets securing all of the Secured
Debt; and in each case as to such other matters as the Collateral Agent or any Holder may reasonably require; provided that
nothing in this clause shall imply or impose a duty on the Collateral Agent to require such other documents;

 

(e)            immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(f)            the
Merging Entity shall have notified the Rating Agency of such consolidation, merger, transfer or conveyance and shall have delivered
to the Trustee, the Collateral Agent and each Holder an Officer’s certificate and an Opinion of Counsel each stating that
such consolidation, merger, transfer or conveyance and such supplemental indenture comply with this Article VII and
that all conditions precedent in this Article VII relating to such transaction have been complied with;

 

(g)            the
Merging Entity shall have delivered to the Trustee, the Collateral Agent and the Loan Agent an Opinion of Counsel stating that
after giving effect to such transaction, the Issuer (or, if applicable, the Successor Entity) (i) will not be required to
register as an investment company under the 1940 Act and (ii) will not be treated as an association or a publicly traded
partnership, in each case, that is taxable as a corporation for U.S. federal income tax purposes or otherwise subject to U.S.
federal income tax on a net basis;

 

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(h)           after
giving effect to such transaction, the outstanding stock of the Merging Entity (or, if applicable, the Successor Entity) will
not be beneficially owned within the meaning of the 1940 Act by any U.S. Person; and

 

(i)            the
fees, costs and expenses of the Trustee and the Collateral Agent (including any reasonable legal fees and expenses) associated
with the matters addressed in this Section 7.10 shall have been paid by the Merging Entity (or, if applicable, the
Successor Entity) or otherwise provided for to the satisfaction of the Trustee and the Collateral Agent.

 

Section 7.11          Successor
Substituted. Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the assets
of the Issuer in accordance with Section 7.10 in which the Merging Entity is not the surviving entity, the Successor
Entity shall succeed to, and be substituted for, and may exercise every right and power of, the Merging Entity under this Indenture
with the same effect as if such Person had been named as the Issuer herein. In the event of any such consolidation, merger, transfer
or conveyance, the Person named as the “Issuer” in the first paragraph of this Indenture or any successor which shall
theretofore have become such in the manner prescribed in this Article VII may be dissolved, wound up and liquidated
at any time thereafter, and such Person thereafter shall be released from its liabilities as obligor and maker on all the Debt
and from its obligations under this Indenture and the other Transaction Documents to which it is a party.

 

Section 7.12          No
Other Business. The Issuer shall not have any employees (other than its managers to the extent they are employees)
and shall not engage in any business or activity other than issuing, selling, paying and redeeming the Debt and any Additional
Debt issued pursuant to this Indenture, borrowing the Class A-1-L Loans pursuant to the Credit Agreement and acquiring, holding,
selling, exchanging, redeeming and pledging, solely for its own account, the Assets and other incidental activities thereto, including
entering into the Transaction Documents to which it is a party.

 

Section 7.13          [Reserved].

 

Section 7.14          Annual
Rating Review. (a) So long as any of the Secured Debt of any Class remains Outstanding, on or before December 31
in each year commending in 2021, the Issuer shall obtain and pay for an annual review of the rating of each such Class of
Secured Debt from the Rating Agency. The Issuer shall promptly notify the Trustee and the Loan Agent and the Collateral Manager
in writing (and the Trustee and the Loan Agent, as applicable shall promptly provide the Holders with a copy of such notice) if
at any time the then-current rating of any such Class of Secured Debt has been, or is known will be, changed or withdrawn.

 

(b)           The
Issuer shall obtain and pay for an annual review of any middle market loan that has an S&P Rating derived as set forth in
clause (iii)(b) of the definition of the term “S&P Rating”.

 

Section 7.15          Reporting.
At any time when the Issuer is not subject to Section 13 or 15(d) of the Exchange Act and are not exempt from reporting
pursuant to Rule 12g3 - 2(b) under the Exchange Act, upon the request of a Holder or beneficial owner of Debt, the Issuer
shall promptly furnish or cause to be furnished Rule 144A Information to such Holder or beneficial owner, to a prospective
purchaser of such Debt designated by such Holder or beneficial owner, or to the Collateral Agent for delivery upon an Issuer Order
to such Holder or beneficial owner or a prospective purchaser designated by such Holder or beneficial owner, as the case may be,
in order to permit compliance by such Holder or beneficial owner with Rule 144A under the Securities Act in connection with
the resale of such Debt. “Rule 144A Information” shall be such information as is specified pursuant to Rule 144A(d)(4) under
the Securities Act (or any successor provision thereto).

 

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Section 7.16          Calculation
Agent. (a) The Issuer hereby agrees that for so long as any Secured Debt remains Outstanding there will at all
times be an agent appointed (which does not control or is not controlled or under common control with the Issuer or its Affiliates
or the Collateral Manager or its Affiliates) to calculate LIBOR in respect of each Interest Accrual Period (or portion thereof)
in accordance with the terms hereof (the “Calculation Agent”). The Issuer hereby appoints the Collateral Administrator
as Calculation Agent. The Calculation Agent may be removed by the Issuer or the Collateral Manager, on behalf of the Issuer, at
any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Issuer or the Collateral Manager,
on behalf of the Issuer, in respect of any Interest Accrual Period, the Issuer or the Collateral Manager, on behalf of the Issuer,
will promptly appoint a replacement Calculation Agent which does not control or is not controlled by or under common control with
the Issuer or its Affiliates or the Collateral Manager or its Affiliates. The Calculation Agent may not resign its duties or be
removed without a successor having been duly appointed.

 

(b)           The
Calculation Agent shall be required to agree (and the Collateral Administrator as Calculation Agent does hereby agree) that,
as soon as possible after 11:00 a.m. London time on each Interest Determination Date, but in no event later than 11:00 a.m. New
York time on the London Banking Day immediately following each Interest Determination Date, the Calculation Agent will calculate
the Interest Rate applicable to each Class of Secured Debt during the related Interest Accrual Period (or portion thereof)
and the Debt Interest Amount (in each case, rounded to the nearest cent, with half a cent being rounded upward)
payable on the related Payment Date in respect of such Class of Secured Debt in respect of the related Interest Accrual Period.
At such time, the Calculation Agent will communicate such rates and amounts to the Issuer, the Trustee, the Collateral Agent,
the Loan Agent, each Paying Agent, the Collateral Manager, Euroclear and Clearstream. The Calculation Agent will also specify
to the Issuer the quotations upon which the foregoing rates and amounts are based, and in any event the Calculation Agent shall
notify the Issuer before 5:00 p.m. (New York time) on every Interest Determination Date if it has not determined
and is not in the process of determining any such Interest Rate or Debt Interest Amount together with its reasons therefor. The
Calculation Agent’s determination of the foregoing rates and amounts for any Interest Accrual Period (or portion thereof)
will (in the absence of manifest error) be final and binding upon all parties.

 

Section 7.17          Certain
Tax Matters. (a) For so long as the Subordinated Notes and any other interest that is treated as equity in the
Issuer is held by a single owner for U.S. federal income tax purposes, the Issuer shall treat itself as disregarded as separate
from such owner for such purposes, and in all other situations the Issuer shall treat itself as a partnership (other than a publicly
traded partnership), and each Holder or beneficial owner of a Subordinated Note (or any interest therein) or any other interest
that is treated as equity in the Issuer for U.S. federal income tax purposes (each such Note or interest, a “Partnership
Interest”, and each such Holder or beneficial owner, a “Partner”) shall not take or permit any action
that is inconsistent with such treatment. Sections 7.17(i), (j), (k) and (l) will apply
only for so long as the Issuer is treated as a partnership for U.S. federal income tax purposes.

 

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(b)           The
Issuer shall treat (i) the Secured Debt as indebtedness of the Issuer for U.S. federal, state and local income and franchise
tax purposes, except as otherwise required by law and (ii) the Subordinated Notes as equity in the Issuer for U.S. federal,
state and local income and franchise tax purposes.

 

(c)           The
Issuer shall file, or cause to be filed, any tax returns, including information tax returns, required by any governmental authority,
and the Paying Agent shall be authorized to file any information tax returns as required by any governmental authority.

 

(d)           If
the Issuer has purchased an interest and the Issuer is aware that such interest is a “reportable transaction” within
the meaning of Section 6011 of the Code, and a Holder of a Subordinated Note (or any other Note that is required to be treated
as equity for U.S. federal income tax purposes) requests in writing information about any such transactions in which the Issuer
is an investor, the Issuer shall provide, or cause its Independent accountants to provide, such information it has reasonably
available that is required to be obtained by such Holder under the Code as soon as practicable after such request.

 

(e)            Notwithstanding
anything herein to the contrary, the Collateral Manager, the Issuer, the Trustee, the Collateral Agent, the Loan Agent, the Collateral
Administrator, the Initial Purchaser, the Retention Provider, the Holders and beneficial owners of the Debt and each employee,
representative or other agent of those Persons, may disclose to any and all Persons, without limitation of any kind, the U.S.
tax treatment and tax structure of the transactions contemplated by this Indenture and all materials of any kind, including opinions
or other tax analyses, that are provided to those Persons. This authorization to disclose the U.S. tax treatment and tax structure
does not permit disclosure of information identifying the Collateral Manager, the Issuer, the Trustee, the Collateral Administrator,
the Initial Purchaser, each Retention Provider or any other party to the transactions contemplated by this Indenture, the Offering
or the pricing (except to the extent such information is relevant to U.S. tax structure or tax treatment of such transactions).

 

(f)            Upon
the Issuer’s receipt of a request of a Holder of Secured Debt or written request of a Person certifying that it is an owner
of a beneficial interest in a Secured Note (including, in each case, Holders and beneficial owners of any Additional Debt issued
hereunder) for the information described in Treasury Regulations Section 1.1275-3(b)(1)(i) that is applicable to such
Note, the Issuer will cause its Independent certified public accountants to provide promptly to the Trustee and such requesting
Holder or owner of a beneficial interest in such a Note all of such information. Any additional issuance of Debt shall be accomplished
in a manner that will allow the Independent certified public accountants of the Issuer to accurately calculate original issue
discount income to holders of the Additional Debt. Upon request by the Independent accountants, the Trustee shall provide to the
Independent accountants information reasonably available to it as reasonably requested by the Independent accountants to comply
with this Section 7.17, including information contained in the Register.

 

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(g)           If
required to prevent the withholding and imposition of United States income tax on payments made to the Issuer, the Issuer shall
deliver or cause to be delivered an IRS Form W-9 or applicable successor form certifying as to the United States Tax Person
status of the Issuer (or, if applicable, the United States Tax Person status of the person from whom the Issuer is disregarded
as separate for U.S. federal income tax purposes) to the issuer or obligor of or counterparty with respect to an Asset at the
time such Asset is purchased or entered into by the Issuer and thereafter prior to the obsolescence or expiration of such form.

 

(h)           [Reserved.]

 

(i)            If
so requested by a Majority of the Subordinated Notes, and if such Holders agree to reimburse the Issuer for all costs associated
with such election, the Issuer is authorized to make (or hire accountants to make) an election under Section 754 of the Code.

 

(j)            (i)             The
Tax Matters Partner shall establish and maintain or cause to be established and maintained on the books and records of the Issuer
an individual capital account for each Partner in accordance with Section 704(b) of the Code and Treasury Regulations
Section 1.704-1(b)(2)(iv).

 

(ii)            For
capital account purposes, all items of income, gain, loss and deduction shall be allocated among the Partners in a manner such
that, if the Issuer were dissolved, its affairs wound up, its assets sold for their respective “book values” (within
the meaning of Treasury Regulations Section 1.704-1(b)(2)(iv)) and its liabilities satisfied in full (except that nonrecourse
liabilities with respect to an asset shall be satisfied only to the extent that such nonrecourse liabilities do not exceed the
book value of such asset) and its assets distributed to the Partners in accordance with their respective capital account balances
immediately after making such allocation, such distributions would, as nearly as possible, be equal to the distributions that
would be made pursuant to the provisions of this Indenture. Any special allocations provided for in Section 7.17(j)(iv)-(vii) shall
be taken into account for capital account purposes. For U.S. federal, state and local income tax purposes, items of income, gain,
loss, deduction and credit shall be allocated to the Partners in accordance with the allocations of the corresponding items for
capital account purposes under this Section 7.17(j), except that items with respect to which there is a difference between
tax and book basis will be allocated in accordance with Section 704(c) of the Code and Treasury Regulations Section 1.704-1(b)(4)(i).

 

(iii)           The
provisions of this Section 7.17(j) relating to the maintenance of capital accounts are intended to comply with
Treasury Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such regulations.
The Tax Matters Partner shall be authorized to make appropriate amendments to the allocations of items pursuant to this Section 7.17(j) if
necessary in order to comply with Section 704 of the Code or the appropriate provisions of Treasury Regulations.

 

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(iv)           Notwithstanding
any other provision set forth in this Section 7.17(j), no item of deduction or loss shall be allocated to a Partner
to the extent the allocation would cause a negative balance in the Partner’s capital account (after taking into account
the adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and
(6)) that exceeds the amount that such Partner would be required to reimburse the Issuer pursuant to this Indenture or under applicable
law. In the event some but not all of the Partners would have such excess capital account deficits as a consequence of such an
allocation of loss or deduction, the limitation set forth in this Section 7.17(j)(iv) shall be applied on a Partner
by Partner basis so as to allocate the maximum permissible deduction or loss to each such Partner under Treasury Regulations Section 1.704-1(b)(2)(ii)(d).
In the event any loss or deduction is specially allocated to a Partner pursuant to either of the two preceding sentences, an equal
amount of income of the Issuer shall be specially allocated to such Partner prior to any allocation pursuant to Section 7.17(j)(ii).

 

(v)            In
the event any Partner unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulations Sections
1.704-1(b)(2)(ii)(d)(4), (5) and (6), items of Issuer income and gain shall be specially allocated to such Partner in an
amount and manner sufficient to eliminate as quickly as possible any deficit balance in its capital account in excess of that
permitted under Section 7.17(j)(iv) created by such adjustments, allocations or distributions. Any special allocations
of items of income or gain pursuant to this Section 7.17(j)(v) shall be taken into account in computing subsequent
allocations pursuant to this Section 7.17(j)(v) so that the net amount of any items so allocated and all other
items allocated to each Partner pursuant to this Section 7.17(j)(v) shall, to the extent possible, be equal to
the net amount that would have been allocated to each such Partner pursuant to the provisions of this Section 7.17(j) if
such unexpected adjustments, allocations or distributions had not occurred.

 

(vi)           In
the event the Issuer incurs any nonrecourse liabilities, income and gain shall be allocated in accordance with the “minimum
gain chargeback” provisions of Treasury Regulations Sections 1.704-1(b)(4)(iv) and 1.704-2.

 

(vii)          The
capital accounts of the Partners shall be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f) to
reflect the fair market value of Issuer property whenever a Partnership Interest is relinquished to the Issuer, whenever an additional
Person becomes a Partner as permitted under this Indenture, upon any termination of the Issuer within the meaning of Section 708
of the Code, and when the Issuer is liquidated as permitted under this Indenture, and shall be adjusted in accordance with Treasury
Regulations Section 1.704-1(b)(2)(iv)(e) in the case of a distribution of any property (other than cash).

 

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(k)           The
Retention Provider will be the initial “partnership representative” (as defined in Section 6223 of the Code,
after amendment by P.L. 114-74) (the “Tax Matters Partner”) and may designate the Tax Matters Partner from
time to time from among any willing Holder of Subordinated Notes (including itself and any of its Affiliates) with respect to
any taxable year of the Issuer during which the Retention Provider or any of its Affiliates holds or has held any Subordinated
Notes (and if such designee is not eligible under the Code to be the Tax Matters Partner, it shall be the agent and attorney-in-fact
of the Tax Matters Partner); provided, that during any other period or if the Retention Provider declines to so designate
a Tax Matters Partner, the Issuer (after consultation with the Collateral Manager) shall designate the Tax Matters Partner from
among any Holder of Subordinated Notes (excluding the Retention Provider and its Affiliates) (and if such designee is not eligible
under the Code to be the Tax Matters Partner, it shall be the agent and attorney-in-fact of the Tax Matters Partner). The Tax
Matters Partner (or, if applicable, its agent and attorney-in- fact) shall sign the Issuer’s tax returns and is authorized
to make tax elections on behalf of the Issuer in its reasonable discretion, to determine the amount and characterization of any
allocations or tax items described in this Section 7.17 in its reasonable discretion, and to take all actions and
do such things as required or as it shall deem appropriate under the Code, at the Issuer’s sole expense, including representing
the Issuer before taxing authorities and courts in tax matters affecting the Issuer and the Partners. Any action taken by the
Tax Matters Partner in connection with audits of the Issuer under the Code will, to the extent permitted by law, be binding upon
the Partners. Each such Partner agrees that it will treat any Issuer item on such Partner’s income tax returns consistently
with the treatment of the item on the Issuer’s tax return and that such Partner will not independently act with respect
to tax audits or tax litigation affecting the Issuer, unless previously authorized to do so in writing by the Tax Matters Partner
(or, if applicable, its agent and attorney-in-fact), which authorization may be withheld in the complete discretion of the Tax
Matters Partner (or, if applicable, its agent and attorney-in fact). The Issuer will, to the fullest extent permitted by law,
reimburse and indemnify the Tax Matters Partner and any agent and attorney-in-fact of such Tax Matters Partner in connection with
any expenses reasonably incurred in connection with its performance of its duties as or on behalf of the Tax Matters Partner.
For the avoidance of doubt, any indemnity or reimbursement provided pursuant to the immediately foregoing sentence shall be treated
as an Administrative Expense pursuant to the definition thereof.

 

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(l)            The
Tax Matters Partner shall be the “partnership representative” for purposes of Section 6223 of the Code, as amended
by the Bipartisan Budget Act of 2015 (the “Partnership Representative”) (or, if not eligible to be the Partnership
Representative, as agent-in-fact of the Partnership Representative). If the IRS, in connection with an audit governed by the tax
audit rules that apply to partnerships that are contemplated by the Bipartisan Budget Act of 2015 (the “Partnership
Tax Audit Rules”), proposes an adjustment greater than $25,000 in the amount of any item of income, gain, loss, deduction
or credit of the Issuer, or any Partner’s distributive share thereof, and such adjustment results in an “imputed underpayment”
as described in Section 6225(b) of the Code, as amended by the Bipartisan Budget Act of 2015, together with any guidance
issued thereunder or successor provisions (a “Covered Audit Adjustment”), the Partnership Representative will
use commercially reasonable efforts (taking into account whether the Partnership Representative has received any needed information
on a timely basis from the Partners), to apply the alternative method provided by Section 6226 of the Code, as amended by
the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions (the “Alternative
Method”). In the event the proposed adjustment is equal to or less than $25,000, the Partnership Representative may
in its sole discretion elect to have the Issuer pay such adjustment. To the extent that the Partnership Representative does not
(or is unable to) elect the Alternative Method with respect to a Covered Audit Adjustment and such Covered Audit Adjustment is
material as to the Issuer (determined in the Partnership Representative’s sole discretion), the Partnership Representative
shall use commercially reasonable efforts to (i) to the extent not economically or administratively burdensome or onerous,
make reasonable modifications available under Sections 6225(c)(3), (4) and (5) of the Code, as amended by the Bipartisan
Budget Act of 2015, together with any guidance issued thereunder or successor provisions, to the extent that such modifications
are available (taking into account whether the Partnership Representative has received any needed information on a timely basis
from the Partners) and would reduce any taxes payable by the Issuer with respect to the Covered Audit Adjustment, and (ii) if
reasonably requested by a Partner, provide to such Partner available information allowing such Partner to file an amended U.S.
federal income tax return, as described in Section 6225(c)(2) of the Code, as amended by the Bipartisan Budget Act of
2015, together with any guidance issued thereunder or successor provisions, to the extent that such amended return and payment
of any related U.S. federal income taxes would reduce any taxes payable by the Issuer with respect to the Covered Audit Adjustment
(after taking into account any modifications described in clause (i)). Similar procedures shall be followed in connection with
any state or local income tax audit governed by the Partnership Tax Audit Rules. Any U.S. federal income taxes (and any related
interest and penalties) paid by the Issuer (or any diminution in distributable proceeds resulting from an adjustment under Partnership
Tax Audit Rules) may be allocated in the reasonable discretion of the Partnership Representative to those Partners to whom such
amounts are specifically attributable (whether as a result of their status, actions, inactions or otherwise), as determined in
the reasonable discretion of the Partnership Representative. The Partnership Representative shall not elect or cause any election
to be made to apply the Partnership Tax Audit Rules to the Issuer prior to the generally applicable effective date of such
legislation, unless the Partnership Representative, in good faith, reasonably determines that such an election would be in the
best interests of the Issuer and all Holders of the Debt. Each Partner hereby agrees to take any and all actions, and to furnish
any and all information, requested by the Partnership Representative to permit the Issuer to minimize any tax liability that would
otherwise be imposed on the Issuer under Section 6225 of the Code, or any successor provision, including (if requested by
the Partnership Representative) by (i) filing amended tax returns to take into account any adjustment to the amount of any
item of income, gain, loss, deduction, or credit of the Partner, or of any Person’s distributive share thereof, and (ii) providing
the Issuer with any information necessary for the Issuer to (x) establish the amount of any tax liability resulting from
any such adjustment and (y) elect (in accordance with Section 6226 of the Code, or any successor provision) for each
Partner to take any such adjustment into account directly. Each Partner acknowledges and agrees that it will be liable for all
taxes and related interest, additional amounts and penalties and other liabilities including reasonable administrative costs resulting
from or otherwise attributable to the Partner’s allocable share (determined with respect to the applicable adjustment period)
of the tax items affected by any applicable audit adjustment.

 

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Section 7.18     Effective
Date; Purchase of Additional Collateral Obligations

 

. (a) The Issuer will use commercially
reasonable efforts to purchase, on or before the Effective Date, Collateral Obligations (i) such that the Target Initial
Par Condition is satisfied and (ii) that satisfy, as of the Effective Date, the Concentration Limitations, the Collateral
Quality Tests and the Coverage Tests.

 

(b)            During
the period from the Closing Date to and including the Effective Date, the Issuer will use the following funds to purchase additional
Collateral Obligations in the following order: (i) to pay for the principal portion of any Collateral Obligation, first,
any amounts on deposit in the Ramp-Up Account, and second, any Principal Proceeds on deposit in the Collection Account
and (ii) to pay for accrued interest on any such Collateral Obligation, first, any amounts on deposit in the Ramp-Up
Account and second, any Principal Proceeds on deposit in the Collection Account. In addition, the Issuer will use commercially
reasonable efforts to acquire such Collateral Obligations that will satisfy, on the Effective Date, the Concentration Limitations,
the Collateral Quality Tests and each Overcollateralization Ratio Test.

 

(c)            Within
30 calendar days after the Effective Date (but in any event, prior to the Determination Date relating to the first Payment Date),
the Issuer shall provide, or (at the Issuer’s expense) cause the Collateral Manager to provide, the following documents:

 

(i)            to
the Rating Agency (via email to CDOEffectiveDatePortfolios@spglobal.com), a report identifying Collateral Obligations and a Microsoft
Excel file (“Excel Default Model Input File”) that provides all of the inputs required to determine whether
the S&P CDO Monitor Test has been satisfied and the Collateral Manager shall provide a Microsoft Excel file including, at
a minimum, the following data with respect to each Collateral Obligation: LoanX identification number, CUSIP number (if any),
name of Obligor, coupon, spread (if applicable), LIBOR floor (if any), legal final maturity date, average life, outstanding principal
balance, Principal Balance, identification as a Cov-Lite Loan or otherwise, identification as a First-Lien Last-Out Loan or otherwise,
settlement date, the purchase price with respect to any Collateral Obligation the purchase of which has not settled, S&P Industry
Classification and S&P Recovery Rate, and requesting that S&P reaffirm its Initial Ratings of the Secured Debt;

 

(ii)            to
the Collateral Agent and the Rating Agency (via email to CDOEffectiveDatePortfolios@spglobal.com) a report, prepared by the Collateral
Administrator (the “Effective Date Report”), (A) setting forth the issuer, principal balance, coupon/spread,
Stated Maturity, S&P Rating and country of Domicile with respect to each Collateral Obligation as of the Effective Date and
(B) calculating as of the Effective Date the level of compliance with, or satisfaction or non-satisfaction of (1) each
Overcollateralization Ratio Test, (2) the Collateral Quality Tests (excluding the S&P CDO Monitor Test), (3) the
Concentration Limitations and (4) the Target Initial Par Condition;

 

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(iii)            to
the Collateral Agent and the Collateral Manager, (A) an Accountants’ Report comparing, as of the Effective Date, the
issuer, Principal Balance, coupon/spread, stated maturity, S&P Rating and country of Domicile with respect to each Collateral
Obligation by reference to such sources as shall be specified therein (such report, the “Accountants’ Effective
Date Comparison AUP Report”) and (B) an Accountants’ Report performing agreed upon procedures as of the Effective
Date including recalculating and comparing the following items in the Effective Date Report: (1) each Overcollateralization
Ratio Test, the Collateral Quality Tests (excluding the S&P CDO Monitor Test) and the Concentration Limitations, and (2) whether
the Target Initial Par Condition is satisfied (such report, the “Accountants’ Effective Date Recalculation AUP
Report” and together with the Accountants’ Effective Date Comparison AUP Report, the “Accountants’
Effective Date AUP Reports”), with both Accountants’ Effective Date AUP Reports containing a statement specifying
the procedures undertaken by them to review data and computations relating to such Accountants’ Effective Date AUP Reports;
and

 

(iv)            to
the Collateral Agent and the Rating Agency (via email to CDOEffectiveDatePortfolios@spglobal.com) an Officer’s certificate
of the Issuer (the “Effective Date Certificate”) certifying as to the level of compliance with, or satisfaction
or non-satisfaction of, (1) each Overcollateralization Ratio Test, (2) the Collateral Quality Tests (excluding the S&P
CDO Monitor Test), (3) the Concentration Limitations, and (4) the Target Initial Par Condition, in each case, as of
the Effective Date.

 

If (v) the Issuer or the Collateral
Manager, as the case may be, provides the foregoing Accountants’ Effective Date AUP Reports to the Collateral Agent with
the results of the items set forth in subclause (iii)(B) above, and such results do not indicate any failure of any such
tested item, (w) the Issuer delivers the Effective Date Certificate to the Collateral Agent and the Rating Agency and causes
the Collateral Administrator to make available to the Rating Agency (i) a report identifying the Collateral Obligations and
(ii) the Effective Date Report, and such Effective Date Certificate and Effective Date Report indicates satisfaction of the
S&P CDO Monitor Test as of the Effective Date, (x) the Collateral Manager certifies to S&P (which may be in the form
of an e-mail) that as of the Effective Date the S&P CDO Monitor Test is satisfied (testing as though an S&P CDO Formula
Election Period were in effect and taking into account the S&P CDO Monitor Non-Model Adjustments), (y) the Collateral
Manager provides to S&P an electronic copy of the Current Portfolio used to generate the passing test result and (z) the
Collateral Manager certifies that the Closing Date Participation Condition is satisfied, a written confirmation from S&P of
its Initial Ratings of the Secured Notes shall be deemed to have been provided (the “Effective Date Condition”).
For the avoidance of doubt, the Effective Date Certificate and the Effective Date Report shall not include or refer to the Accountants’
Effective Date AUP Reports. In accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and unedited
form which includes the Accountants’ Effective Date Comparison AUP Report as an attachment, will be provided by the Independent
accountants to the Issuer and Information Agent who will post such Form 15-E on the Issuer’s Website. Copies of the
Accountants’ Effective Date Recalculation AUP Report or any other agreed upon procedures report provided by the Independent
accountants to the Issuer will not be provided to any other party including the Rating Agency or posted on the Issuer’s
Website (other than as provided in any access letter between such Person and the accountants).

 

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(d)            If,
by the Determination Date relating to the first Payment Date (unless the Effective Date Condition is satisfied) S&P has not
provided written confirmation of its Initial Ratings of the Secured Debt, then the Collateral Manager, on behalf of the Issuer,
shall instruct the Collateral Agent in writing to transfer amounts from the Interest Collection Subaccount to the Principal Collection
Subaccount (and with such funds the Issuer shall purchase additional Collateral Obligations) in an amount sufficient to obtain
from S&P a confirmation of its Initial Ratings of the Secured Debt (provided that the amount of such transfer would
not result in default in the payment of interest with respect to the Class A-1 Debt, the Class A-2 Notes or the Class B
Notes); provided that, in the alternative, the Collateral Manager on behalf of the Issuer may take such other action, including
but not limited to, a Special Redemption and/or transferring amounts from the Interest Collection Subaccount to the Principal
Collection Subaccount as Principal Proceeds (for use in a Special Redemption), sufficient to obtain from S&P a confirmation
of its Initial Ratings of the Secured Debt.

 

(e)            The
failure of the Issuer to satisfy the requirements of this Section 7.18 will not constitute an Event of Default
unless such failure constitutes an Event of Default under Section 5.1(d) hereof and the Issuer, or the Collateral
Manager acting on behalf of the Issuer, has acted in bad faith. Of the proceeds of the issuance of the Debt which are not applied
to pay for the purchase of Collateral Obligations acquired by the Issuer on the Closing Date an amount equal to U.S.$48,424,921.17
will be deposited in the Ramp-Up Account on the Closing Date. At the direction of the Issuer (or the Collateral Manager on behalf
of the Issuer), the Collateral Agent shall apply amounts held in the Ramp-Up Account to purchase additional Collateral Obligations
from the Closing Date to and including the Effective Date as described in clause (b) above. If on the Effective Date, any
amounts on deposit in the Ramp-Up Account have not been applied to purchase Collateral Obligations, such amounts shall be applied
as described in Section 10.3(c).

 

(f)            Weighted
Average S&P Recovery Rate. The Collateral Manager may, at any time after the Closing Date upon at least 5 Business Days’
prior written notice to S&P, the Trustee, the Collateral Agent and the Collateral Administrator, elect to utilize the S&P
CDO Monitor in determining compliance with the S&P CDO Monitor Test (the effective date specified by the Collateral Manager
for such election, the “S&P CDO Monitor Election Date”). On or prior to the later of (x) the S&P
CDO Monitor Election Date and (y) the Effective Date, the Collateral Manager shall elect the Weighted Average S&P Recovery
Rate that shall apply on and after such date to the Collateral Obligations for purposes of determining compliance with the Minimum
Weighted Average S&P Recovery Rate Test, and the Collateral Manager will so notify the Trustee and the Collateral Administrator.
Thereafter, at any time during any S&P CDO Monitor Election Period on written notice to the Trustee, the Collateral Administrator
and S&P, the Collateral Manager may elect a different Weighted Average S&P Recovery Rate to apply to the Collateral Obligations;
provided, that if (i) the Collateral Obligations are currently in compliance with the Weighted Average S&P Recovery
Rate case then applicable to the Collateral Obligations but the Collateral Obligations would not be in compliance with the Weighted
Average S&P Recovery Rate case to which the Collateral Manager desires to change, then such changed case shall not apply or
(ii) the Collateral Obligations are not currently in compliance with the Weighted Average S&P Recovery Rate case then
applicable to the Collateral Obligations and would not be in compliance with any other Weighted Average S&P Recovery Rate
case, the Weighted Average S&P Recovery Rate to apply to the Collateral Obligations shall be the lowest Weighted Average S&P
Recovery Rate in Section 2 of Schedule 4. If the Collateral Manager does not notify the Trustee, the Collateral Agent
and the Collateral Administrator that it will alter the Weighted Average S&P Recovery Rate in the manner set forth above,
the Weighted Average S&P Recovery Rate chosen as of the S&P CDO Monitor Election Date or the Effective Date, as applicable,
shall continue to apply.

 

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Section 7.19          Representations
Relating to Security Interests in the Assets. (a) The Issuer hereby represents and warrants that, as of the Closing
Date (which representations and warranties shall survive the execution of this Indenture and be deemed to be repeated on each
date on which an Asset is Granted to the Collateral Agent hereunder):

 

(i)            The
Issuer owns each Asset free and clear of any lien, claim or encumbrance of any Person, other than such as are created under, or
permitted by, this Indenture and any other Permitted Liens.

 

(ii)            Other
than the security interest Granted to the Collateral Agent pursuant to this Indenture, except as permitted by this Indenture,
the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Assets. The Issuer
has not authorized the filing of and is not aware of any Financing Statements against the Issuer that include a description of
collateral covering the Assets other than any Financing Statement relating to the security interest granted to the Collateral
Agent hereunder or that has been terminated; the Issuer is not aware of any judgment, PBGC liens or tax lien filings against the
Issuer.

 

(iii)           All
Assets constitute Cash, accounts (as defined in Section 9-102(a)(2) of the UCC), Instruments, general intangibles
(as defined in Section 9-102(a)(42) of the UCC), uncertificated securities (as defined in Section 8-102(a)(18) of
the UCC), Certificated Securities or security entitlements to financial assets resulting from the crediting of financial assets
to a “securities account” (as defined in Section 8-501(a) of the UCC).

 

(iv)           All
Accounts constitute “securities accounts” under Section 8-501(a) of the UCC.

 

(v)            This
Indenture creates a valid and continuing security interest (as defined in Section 1 - 201(37) of the UCC) in such
Assets in favor of the Collateral Agent, for the benefit and security of the Secured Parties, which security interest is prior
to all other liens, claims and encumbrances (except as permitted otherwise herein), and is enforceable as such against creditors
of and purchasers from the Issuer.

 

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(b)           The
Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution
of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Collateral Agent hereunder), with
respect to Assets that constitute Instruments:

 

(i)             Either
(x) the Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate Financing
Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest
in the Instruments granted to the Collateral Agent, for the benefit and security of the Secured Parties or (y) (A) all
original executed copies of each promissory note or mortgage note that constitutes or evidences the Instruments have been delivered
to the Collateral Agent or the Issuer has received written acknowledgement from a custodian that such custodian is holding the
mortgage notes or promissory notes that constitute evidence of the Instruments solely on behalf of the Collateral Agent and for
the benefit of the Secured Parties and (B) none of the Instruments that constitute or evidence the Assets has any marks or
notations indicating that they are pledged, assigned or otherwise conveyed to any Person other than the Collateral Agent, for
the benefit of the Secured Parties.

 

(ii)            The
Issuer has received all consents and approvals required by the terms of the Assets to the pledge hereunder to the Collateral Agent
of its interest and rights in the Assets.

 

(c)           The
Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution
of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Collateral Agent hereunder), with
respect to the Assets that constitute Security Entitlements:

 

(i)            All
of such Assets have been and will have been credited to one of the Accounts which are securities accounts within the meaning of
Section 8-501(a) of the UCC. The Securities Intermediary for each Account has agreed to treat all assets credited to
such Accounts as “financial assets” within the meaning of Section 8-102(a)(9) the UCC.

 

(ii)            The
Issuer has received all consents and approvals required by the terms of the Assets to the pledge hereunder to the Collateral Agent
of its interest and rights in the Assets.

 

(iii)            (x) The
Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate Financing Statements
in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to
the Collateral Agent, for the benefit and security of the Secured Parties, hereunder and (y) (A) the Issuer has delivered
to the Collateral Agent a fully executed Securities Account Control Agreement pursuant to which the Custodian has agreed to comply
with all instructions originated by the Collateral Agent relating to the Accounts without further consent by the Issuer or (B) the
Issuer has taken all steps necessary to cause the Custodian to identify in its records the Collateral Agent as the Person having
a security entitlement against the Custodian in each of the Accounts.

 

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(iv)           The
Accounts are not in the name of any Person other than the Issuer or the Collateral Agent. The Issuer has not consented to the
Custodian to comply with the entitlement order (as defined in Section 8-102(a)(8) of the UCC) of any Person other than
the Collateral Agent (and the Issuer prior to a notice of exclusive control being provided by the Collateral Agent).

 

(d)            The
Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution
of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Collateral Agent hereunder), with
respect to Assets that constitute general intangibles:

 

(i)             The
Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate Financing Statements
in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in
the Assets granted to the Collateral Agent, for the benefit and security of the Secured Parties, hereunder.

 

(ii)            The
Issuer has received, or will receive, all consents and approvals required by the terms of the Assets to the pledge hereunder to
the Collateral Agent of its interest and rights in the Assets.

 

(e)            The
Issuer agrees to notify the Collateral Manager and the Rating Agency promptly if it becomes aware of the breach of any of the
representations and warranties contained in this Section 7.19 and shall not, without satisfaction of the S&P Rating
Condition, waive any of the representations and warranties in this Section 7.19 or any breach thereof.

 

ARTICLE VIII

 

Supplemental
Indentures

 

Section 8.1            Supplemental
Indentures Without Consent of Holders of Debt. (a) Without the consent of the Holders of any Debt (except any
consent explicitly required below) but with the written consent of the Collateral Manager, at any time and from time to time subject
to Section 8.3 and without an Opinion of Counsel being provided to the Issuer, the Trustee, or the Collateral Agent
as to whether any Class of Debt would be materially and adversely affected thereby (except as may be explicitly required
below), the Issuer, the Collateral Agent and the Trustee may enter into one or more indentures supplemental hereto, in form satisfactory
to the Trustee and the Collateral Agent, for any of the following purposes:

 

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(i)             to
evidence the succession of another Person to the Issuer and the assumption by any such successor Person of the covenants of the
Issuer herein and in the Debt;

 

(ii)            to
add to the covenants of the Issuer, the Trustee or the Collateral Agent for the benefit of the Secured Parties, or to surrender
any right or power herein conferred upon the Issuer;

 

(iii)           to
convey, transfer, assign, mortgage or pledge any property to or with the Collateral Agent or add to the conditions, limitations
or restrictions on the authorized amount, terms and purposes of the issue, authentication and delivery of the Debt;

 

(iv)           to
evidence and provide for the acceptance of appointment hereunder by a successor Collateral Agent and to add to or change any of
the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one
trustee or collateral agent, pursuant to the requirements of Sections 6.9, 6.10 and 6.12, 6.26
and 6.27 hereof;

 

(v)            to
correct or amplify the description of any property at any time subject to the lien of this Indenture, or to better assure, convey
and confirm unto the Collateral Agent any property subject or required to be subjected to the lien of this Indenture (including,
without limitation, any and all actions necessary or desirable as a result of changes in law or regulations, whether pursuant
to Section 7.5 or otherwise) or to subject to the lien of this Indenture any additional property;

 

(vi)           to
modify the restrictions on and procedures for resales and other transfers of Debt to reflect any changes in ERISA or other applicable
law or regulation (or the interpretation thereof) or to enable the Issuer to rely upon any exemption from registration under
the Securities Act or the 1940 Act or otherwise comply with any applicable securities law;

 

(vii)          to
remove restrictions on resale and transfer of Debt to the extent not required under clause (vi) above;

 

(viii)         to
make such changes (including the removal and appointment of any listing agent) as shall be necessary or advisable in order for
the Secured Debt to be or remain listed on an exchange, including the Irish Stock Exchange plc trading as Euronext Dublin;

 

(ix)           to
correct or supplement any inconsistent or defective provisions herein, to cure any ambiguity, omission or errors herein; provided
that, notwithstanding anything herein to the contrary and without regard to any other consent requirement specified herein,
any supplemental indenture to be entered into pursuant to this clause (ix) may also provide for any corrective measures or
ancillary amendments to this Indenture to give effect to such supplemental indenture as if it had been effective as of the Closing
Date;

 

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(x)            to
conform the provisions of this Indenture to the Offering Circular; provided that, notwithstanding anything herein to the
contrary and without regard to any other consent requirement specified herein, any supplemental indenture to be entered into pursuant
to this clause (x) may also provide for any corrective measures or ancillary amendments to this Indenture to give effect
to such supplemental indenture as if it had been effective as of the Closing Date;

 

(xi)            to
take any action necessary, advisable, or helpful to prevent the Issuer, the Trustee, the Collateral Agent, the Loan Agent or the
holders of any Debt from being subject to (or to otherwise reduce) withholding or other taxes, fees or assessments;

 

(xii)           (A) with
the consent or at the direction of a Supermajority of the Subordinated Notes (and, in the case of an additional issuance of Secured
Debt (other than in connection with a Risk Retention Issuance), a Majority of the Controlling Class), to permit the Issuer to
issue or incur, as applicable, Additional Debt of any one or more existing Classes of Debt; or (B) with the consent or at
the direction of a Majority of the Subordinated Notes to permit the Issuer (1) to issue a replacement loan or securities
or other indebtedness in connection with a Refinancing, including any modification necessary to (I) reflect the Refinancing
of Fixed Rate Debt with Floating Rate Debt or vice versa, (II) establish a non-call period and, if applicable, prohibit future
Refinancing and Re-Pricing of any class of refinancing obligations or (III) in the case of a Refinancing of all Classes of
Secured Debt (a) modify the Weighted Average Life Test or (b) extend the Reinvestment Period, and to make such other
changes as shall be necessary to facilitate a Refinancing or (2) to make such changes as shall be necessary to facilitate
the Issuer to effect a Re-Pricing;

 

(xiii)         to
modify the procedures herein relating to compliance with Rule 17g-5 of the Exchange Act;

 

(xiv)         to
accommodate the issuance of the Debt in book-entry form through the facilities of the depository or otherwise;

 

(xv)          to
take any action necessary or advisable to prevent the Issuer or the pool of Assets from being required to register under the 1940
Act, or to avoid any requirement that the Collateral Manager or any Affiliate consolidate the Issuer on its financial statements
for financial reporting purposes (provided that no Holders are materially adversely affected thereby);

 

(xvi)         to
reduce the permitted minimum denomination of the Secured Debt;

 

(xvii)        to
change the date on which reports are required to be delivered under this Indenture;

 

(xviii)       to
modify Section 3.3 or Section 7.19 to conform with applicable law;

 

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(xix)          to
evidence any waiver or elimination by any Rating Agency of any requirement or condition of such Rating Agency set forth herein;

 

(xx)           to
conform to ratings criteria and other guidelines (including, without limitation, any alternative methodology published by the
Rating Agency) relating to collateral debt obligations in general published by the Rating Agency;

 

(xxi)          to
modify any defined term in Section 1.1 or any Schedule to this Indenture that begins with or includes the word “S&P”
(other than the defined term “S&P Rating Condition”) so long as the S&P Rating Condition is satisfied;

 

(xxii)         to
change the name of the Issuer in connection with the change in name or identity of the Collateral Manager or as otherwise required
pursuant to a contractual obligation or to avoid the use of a trade name or trademark in respect of which the Issuer does not
have a license;

 

(xxiii)        to
amend, modify or otherwise accommodate changes to this Indenture to comply with any rule or regulation enacted by regulatory
agencies of the United States federal government, any Member State of the European Economic Area, stock exchange authority, listing
agent, transfer agent or additional registrar after the Closing Date that are applicable to the Debt; provided that, other
than in connection with an amendment solely to comply with the U.S. Risk Retention Rules to permit a Refinancing, if a Majority
of any Class of Debt notifies the Trustee, the Collateral Agent and the Loan Agent in accordance with this Indenture that
such supplemental indenture materially and adversely affects such Holders, neither the Trustee nor the Collateral Agent shall
execute any such supplemental indenture without the consent of a Majority of such Class of Debt;

 

(xxiv)        to
amend, modify or otherwise change the provisions of this Indenture so that (A) the Issuer is not a “covered fund”
under the Volcker Rule, (B) the Secured Debt are not considered to constitute “ownership interests” under the
Volcker Rule or (C) ownership of the Secured Debt will otherwise be exempt from the Volcker Rule; provided that
the consent to such supplemental indenture has been obtained from a Supermajority of the Section 13 Banking Entities (voting
as a single class);

 

(xxv)         to
modify the definition of “Credit Improved Obligation” or “Credit Risk Obligation” in a manner not materially
adverse to any holders of any Class of Debt as evidenced by an Officer’s certificate of the Collateral Manager to the
effect that such modification would not be materially adverse to the holder of any Class of Debt;

 

(xxvi)        to
permit the Issuer to enter into any additional agreements not expressly prohibited by this Indenture as well as any amendment,
modification or waiver thereof if the Issuer determines that such additional agreement, amendment, modification or waiver would
not, upon or after becoming effective, materially and adversely affect the rights or interests of holders of any Class of
Debt; provided that (A) any such additional agreement shall include customary limited recourse and non-petition provisions;
(B) the consent to such supplemental indenture has been obtained from a Majority of the Controlling Class and (C) the
Trustee receives an opinion of counsel with respect to whether the interests of holders of any Class of Debt would be materially
and adversely affected (which opinion may be supported as to factual (including financial and capital markets) matters by any
relevant certificates and other documents necessary or advisable in the judgment of counsel delivering the opinion);

 

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(xxvii)      to
modify (A) the Collateral Quality Tests or the definitions related thereto, (B) any of the Investment Criteria, (C) the
requirements regarding the Issuer (or the Collateral Manager on the Issuer’s behalf) voting in favor of a Maturity Amendment
or (D) the Coverage Tests or the definitions related thereto or the calculation thereof, so long as (1) the Collateral
Manager certifies that no Class of Secured Debt would be materially and adversely affected thereby or (2) a Majority
of the Controlling Class consents to such modification;

 

(xxviii)     to
modify any provision to facilitate an exchange of one obligation for another obligation of the same Obligor that has substantially
identical terms except transfer restrictions, including to effect any serial designation relating to the exchange; provided
that no such supplemental indenture shall be required to facilitate any exchanges of one obligation for another obligation
in accordance with Article XII hereof;

 

(xxix)        to
modify or amend any component of the Concentration Limitations and the definitions related thereto which affect the calculation
thereof so long as (1) the Collateral Manager certifies that no Class of Secured Debt would be materially and adversely
affected thereby and (2) the S&P Rating Condition is satisfied;

 

(xxx)         to
make any necessary or advisable changes to this Indenture in connection with the adoption of an Alternative Rate or Fallback Rate;

 

(xxxi)        to
make any modification determined by the Collateral Manager necessary or advisable to comply with U.S. Risk Retention Rules, including
(without limitation) in connection with a Refinancing, Optional Redemption, Re-Pricing, additional issuance of Debt or material
amendment to any of the Transaction Documents;

 

(xxxii)       on
any date on or after the date on which ARRC publishes a proposed or recommended replacement rate (or language allowing for the
selection of such rate) for three-month Libor (including any modifier to such replacement rate to make such rate equal to three-month
Libor), to make any modification or amendment to the definition of LIBOR to, in the sole discretion of the Collateral Manager,
conform the definition of LIBOR to such published ARRC replacement rate and to make any necessary or advisable changes to this
Indenture in connection therewith (including to provide for operational, administrative or technical changes to specify any methodology
or conventions for the calculation of such replacement rate); or

 

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(xxxiii)      on
or after the Permitted Securities Date, as determined by the Collateral Manager, to make such changes as are necessary, helpful
or appropriate to permit the Issuer to acquire, receive or retain, as applicable, Permitted Non-Loan Assets; provided that,
notwithstanding the foregoing, the Collateral Manager shall not be permitted to make any changes to clause (xxi) of the definition
of “Concentration Limitations”.

 

Section 8.2            Supplemental
Indentures With Consent of Holders of Debt. Subject to the provisions of Section 8.1 and Section 8.3
and the provisions in this Section 8.2, with the consent of a Majority of the Secured Debt of each Class materially
and adversely affected thereby, if any, and if the Subordinated Notes are materially and adversely affected thereby, a Majority
of the Subordinated Notes, the Trustee, the Collateral Agent and the Issuer may execute one or more supplemental indentures to
add provisions to, or change in any manner or eliminate any provisions of, this Indenture or modify in any manner the rights of
the Holders of the Debt of any Class under this Indenture; provided that without the consent of each Holder of each
Outstanding Note of each Class materially and adversely affected thereby, no such supplemental indenture described above
may:

 

(i)             change
the Stated Maturity of the principal of or the due date of any installment of interest on any Secured Debt, reduce the principal
amount thereof or the rate of interest thereon, other than in connection with a Re-Pricing or in connection with the adoption
of an Alternative Rate or Fallback Rate, or, except as otherwise expressly permitted by this Indenture, the Redemption Price with
respect to any Debt, or change the earliest date on which Debt of any Class may be redeemed, change the provisions of this
Indenture relating to the application of proceeds of any Assets to the payment of principal of or interest on the Secured Debt
or distributions on the Subordinated Notes or change any place where, or the coin or currency in which, Debt or the principal
thereof or interest or any distribution thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the applicable Redemption Date);

 

(ii)            reduce
the percentage of the Aggregate Outstanding Amount of Holders of Debt of each Class whose consent is required for the authorization
of any such supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain defaults
hereunder or their consequences provided for herein;

 

(iii)            impair
or adversely affect the Assets except as otherwise permitted herein;

 

(iv)           except
as otherwise permitted by this Indenture, permit the creation of any lien ranking prior to or on a parity with the lien of this
Indenture with respect to any part of the Assets or terminate such lien on any property at any time subject hereto or deprive
the Holder of any Secured Debt of the security afforded by the lien of this Indenture;

 

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(v)            reduce
the percentage of the Aggregate Outstanding Amount of Holders of any Class of Secured Debt whose consent is required to request
the Collateral Agent to preserve the Assets or rescind the Collateral Agent’s election to preserve the Assets pursuant to
Section 5.5 or to sell or liquidate the Assets pursuant to Section 5.4 or 5.5;

 

(vi)            modify
any of the provisions of (x) this Section 8.2, except to increase the percentage of Outstanding Class A-1-L
Loans, Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes or Subordinated Notes the consent of
the Holders of which is required for any such action or to provide that certain other provisions of this Indenture cannot be modified
or waived without the consent of the Holder of each Class A-1-L Loan Outstanding, Class A-1 Note Outstanding, Class A-2
Note Outstanding, Class B Note Outstanding, Class C Note Outstanding or Subordinated Note Outstanding and affected thereby
or (y) Section 8.1 or Section 8.3;

 

(vii)          modify
the definition of the term “Outstanding” or the Priority of Payments set forth in Section 11.1(a); or

 

(viii)         modify
any of the provisions of this Indenture in such a manner as to affect the calculation of the amount of any payment of interest
or principal on any Secured Debt or any amount available for distribution to the Subordinated Notes, or to affect the rights of
the Holders of any Secured Debt to the benefit of any provisions for the redemption of such Secured Debt contained herein.

 

Notwithstanding any
other provision relating to supplemental indentures herein, at any time after the expiration of the Non-Call Period, if any Class of
Debt has been or contemporaneously with the effectiveness of any supplemental indenture will be paid in full in accordance with
this Indenture as so supplemented or amended, the written consent of any Holder of any Debt of such Class will not be required
with respect to such supplemental indenture.

 

Section 8.3            Execution
of Supplemental Indentures. (a) The Collateral Manager shall not be bound to follow any amendment or supplement
to this Indenture unless it has consented thereto in accordance with this Article VIII. No amendment to this Indenture
or the Credit Agreement will be effective against the Collateral Administrator or the Loan Agent if such amendment would adversely
affect the Collateral Administrator or the Loan Agent, as applicable, including, without limitation, any amendment or supplement
that would increase the duties or liabilities of, or adversely change the economic consequences to, the Collateral Administrator
or the Loan Agent, unless the Collateral Administrator or the Loan Agent, as applicable, otherwise consents in writing.

 

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(b)           Notwithstanding
anything to the contrary in Section 8.1 or Section 8.3(g) below, in the case of any supplemental
indenture described in Section 8.1(a)(viii), any supplemental indenture described in Section 8.1(a)(xii)(A) in
relation to an additional issuance of Subordinated Notes only, any supplemental indenture described in Section 8.1(a)(xii)(B)(1) effecting
a Refinancing or any supplemental indenture to which the Holders of each Outstanding Note of each Class have provided their
consent (i) such supplemental indenture shall not be subject to the satisfaction of the S&P Rating Condition, (ii) except
in the case of a supplemental indenture described in Section 8.1(a)(xii)(B) effecting a Refinancing, the Trustee
shall not be required to provide notice of such supplemental indenture to the Rating Agency and (iii) the Trustee shall not
be required to request written confirmation from the Rating Agency that the S&P Rating Condition has been satisfied. Notwithstanding
the foregoing, the Trustee shall subsequently provide to S&P a copy of any supplemental indenture described in the immediately
preceding sentence.

 

(c)           No
supplemental indenture will be required to be entered into in connection with any Exception.

 

(d)           The
Trustee and the Collateral Agent may conclusively rely on an Opinion of Counsel (which may be supported as to factual (including
financial and capital markets) matters by any relevant certificates and other documents necessary or advisable in the judgment
of counsel delivering the opinion) or a Responsible Officer’s certificate of the Collateral Manager as to whether the interests
of any holder of Debt would be materially and adversely affected by the modifications set forth in any supplemental indenture,
it being expressly understood and agreed that neither the Trustee nor the Collateral Agent shall have any obligation to make any
determination as to the satisfaction of the requirements related to any supplemental indenture which may form the basis of such
Opinion of Counsel or such Responsible Officer’s certificate; provided that if a Majority of the Class A-1 Debt
has provided written notice to the Trustee at least one Business Day prior to the execution of such supplemental indenture that
such Class would be materially and adversely affected thereby, the Trustee and the Collateral Agent shall not be entitled
to rely on an opinion of counsel or a Responsible Officer’s certificate of the Collateral Manager as to whether or not the
Holders of such Class would be materially and adversely affected by such supplemental indenture and shall not enter into
such supplemental indenture without the consent of a Majority (or Supermajority or each Holder, as applicable) of such Class.
Such determination by such Class as to whether the interests of any Holder have been materially and adversely affected shall
be conclusive and binding on all present and future Holders. Neither the Trustee nor the Collateral Agent shall be liable for
any determination made in good faith and in reliance upon an Opinion of Counsel or such a Responsible Officer’s certificate
delivered to the Trustee or the Collateral Agent as described herein.

 

(e)           The
Trustee and the Collateral Agent shall join in the execution of any such supplemental indenture and to make any further appropriate
agreements and stipulations which may be therein contained, but the Trustee and the Collateral Agent shall not be obligated to
enter into any such supplemental indenture which affects the Trustee’s or the Collateral Agent’s own rights, duties,
liabilities or immunities under this Indenture or otherwise.

 

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(f)            In
executing or accepting the additional trusts created by any supplemental indenture permitted by this Article VIII
or the modifications thereby of the trusts created by this Indenture, the Trustee and the Collateral Agent shall be entitled to
receive, and (subject to Sections 6.1 and 6.3) shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent
thereto have been satisfied. Neither the Trustee nor the Collateral Agent shall be liable for any reliance made in good faith
upon such an Opinion of Counsel. Such determination shall, in each case, be conclusive and binding on all present and future Holders
and beneficial owners.

 

(g)           At
the cost of the Issuer, for so long as any Debt shall remain Outstanding, not later than 20 days prior to the execution of any
proposed supplemental indenture pursuant to Section 8.1 and not later than 7 days prior to the execution of any proposed
supplemental indenture pursuant to Section 8.2, the Trustee shall deliver to the Collateral Manager, the Collateral
Administrator, the Collateral Agent, the Loan Agent and the Holders a copy of such proposed supplemental indenture; provided
that, for any party entitled to receive notice, this provision will be deemed satisfied (1) upon the written waiver of
such party to receipt of such notice or (2) in the case of the holders, the simultaneous payment in full of the Debt held
by such holders pursuant to the proposed supplemental indenture. At the cost of the Issuer, for so long as any Class of Secured
Debt shall remain Outstanding and such Class is rated by the Rating Agency, the Collateral Agent shall provide to the Rating
Agency a copy of any proposed supplemental indenture at least 7 days prior to the execution thereof by the Trustee and the Collateral
Agent (unless such period is waived by the Rating Agency). Following such deliveries by the Collateral Agent, if any changes are
made to such proposed supplemental indenture other than to correct typographical errors or to adjust formatting, then at the cost
of the Issuer, for so long as any Debt shall remain Outstanding, not later than 3 days prior to the execution of such proposed
supplemental indenture (provided that the execution of such proposed supplemental indenture shall not in any case occur
earlier than the date 20 days or 7 days, as applicable, after the initial distribution of such proposed supplemental indenture
pursuant to the first sentence of this Section 8.3(g)), the Trustee shall deliver to the Collateral Manager, the Collateral
Administrator, the Collateral Agent, the Loan Agent, the Rating Agency and the Holders a copy of such supplemental indenture as
revised, indicating the changes that were made. Any failure of the Collateral Agent to publish or deliver such notices, or any
defect therein, shall not in any way impair or affect the validity of any such supplemental indenture. In the case of a supplemental
indenture to be entered into pursuant to Section 8.1(a)(xii)(B), the foregoing notice periods shall not apply and
a copy of the proposed supplemental indenture shall be included in the notice of Optional Redemption given to each holder of Secured
Debt under Section 9.2; and, upon execution of the supplemental indenture, at the cost of the Issuer, a copy thereof
shall be delivered to the Rating Agency and each Holder of Debt.

 

(h)           Without
limiting the rights of any Class to consent to any supplemental indenture as set forth herein, it shall not be necessary
for any Act of the Holders to approve the particular form of any proposed supplemental indenture, but it shall be sufficient,
if the consent of any Holders to such proposed supplemental indenture is required, that such Act shall approve the substance thereof.

 

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(i)            At
any time during or after the Reinvestment Period, at the written direction of any Holder or Holders of Subordinated Notes, substantially
in the form of Exhibit D (solely for Contributions of Cash or Eligible Investments), but without any amendment to
this Indenture, satisfaction of the S&P Rating Condition or the consent of any other holder of Debt (i) such Holder may
make a Contribution of Cash, Eligible Investments or Collateral Obligations or (ii) solely with respect to Holders of Certificated
Subordinated Notes, such Holder may designate (prior to the Determination Date) all or a specified portion of amounts that would
otherwise be distributed on such Payment Date to such Holder or Holders of Subordinated Notes be retained by the Collateral Agent
in the Supplemental Reserve Account as a Contribution and be available for reinvestment in additional Collateral Obligations and
other Permitted Uses as directed by the applicable Contributor, so long as the Collateral Manager consents to such Permitted Use(s) (or,
if no direction is given by the Contributor, at the Collateral Manager’s reasonable discretion).

 

(j)            Notwithstanding
anything herein to the contrary, without the prior written consent of a Supermajority of the Section 13 Banking Entities
(voting as a single class), no supplemental indenture, or other modification or amendment of this Indenture shall modify any of
(i) the definitions of “Assets,” “Collateral Obligations,” “Eligible Investments,” “Participation
Interest,” or “Section 13 Banking Entity,” or (ii) the criteria required to enter into a hedge agreement;
provided that in the case of clauses (i) and (ii), no such consent shall be required with respect to a supplemental
indenture or other modification or amendment in connection with a Refinancing of all Classes of Secured Debt.

 

(k)           Unless
the Trustee and the Issuer is notified within 20 Business Days after notice by the Trustee to the holders of a proposed supplemental
indenture by a Majority of any Class from whom consent is not being requested that the holders of such Class giving
such notice believe that they will be materially and adversely affected by the proposed supplemental indenture, the interests
of such Class will be deemed for all purposes to not be materially and adversely affected by such proposed supplemental indenture.

 

Section 8.4            Effect
of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article VIII, this
Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all
purposes; and every Holder of Debt theretofore and thereafter authenticated and delivered hereunder shall be bound thereby.

 

Section 8.5            Reference
in Notes to Supplemental Indentures. Notes authenticated and delivered as part of a transfer, exchange or replacement
pursuant to Article II of Notes originally issued hereunder after the execution of any supplemental indenture pursuant
to this Article VIII may, and if required by the Issuer shall, bear a notice as to any matter provided for in such
supplemental indenture. If the Issuer shall so determine, new Notes, so modified as to conform in the opinion of the Issuer to
any such supplemental indenture, may be prepared and executed by the Issuer and authenticated and delivered by the Trustee in
exchange for Outstanding Notes.

 

Section 8.6            Hedge
Agreements. The Issuer, the Collateral Agent and the Trustee shall not enter into any supplemental indenture that permits
the Issuer to enter into a hedge agreement unless the S&P Rating Condition is satisfied with respect thereto and the Issuer
obtains (a) a certification from the Collateral Manager that (i) the hedge agreement is an interest rate derivative
or foreign exchange derivative, (ii) the written terms of the derivative directly relate to the Collateral Obligations or
the Debt and (iii) such derivative reduces the interest rate and/or foreign exchange risks related to the Collateral Obligations
or the Debt, (b) written advice of counsel that such hedge agreement will not cause any Person to be required to register
as a “commodity pool operator” (within the meaning of the Commodity Exchange Act) with the Commodity Futures Trading
Commission in connection with the Issuer and (c) the consent of a Majority of the Controlling Class.

 

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ARTICLE IX

 

Redemption
Of Notes

 

Section 9.1         Mandatory
Redemption. If a Coverage Test is not met on any Determination Date on which such Coverage Test is applicable, the
Issuer shall apply available amounts in the Payment Account to make payments on the Secured Debt pursuant to the Priority of Payments.

 

Section 9.2         Optional
Redemption. (a) The Secured Debt shall be redeemable by the Issuer at the written direction of a Majority of the
Subordinated Notes (and in the case of a Refinancing, with the consent of the Collateral Manager and the U.S. Retention Provider)
as follows: (i) the Secured Debt shall be redeemed in whole in order of seniority (with respect to all Classes of Secured
Debt) but not in part on any Business Day after the end of the Non-Call Period from Sale Proceeds, Contributions of Cash and/or
Refinancing Proceeds and all or a specified (as directed by Holders of Certificated Subordinated Notes entitled to receive such
Interest Proceeds and as determined by the Issuer, or the Collateral Manager on behalf of the Issuer) portion of Interest Proceeds
that are otherwise payable pursuant to Section 11.1(a)(i)(L) or (ii) the Secured Debt shall be redeemed
in part by Class from Refinancing Proceeds, Contributions of Cash and/or Partial Refinancing Interest Proceeds and all or
a specified (as directed by Holders of Certificated Subordinated Notes entitled to receive such Interest Proceeds and as determined
by the Issuer, or the Collateral Manager on behalf of the Issuer) portion of Interest Proceeds that are otherwise payable pursuant
to Section 11.1(a)(i)(L) on any Business Day after the end of the Non-Call Period as long as the Class of
Secured Debt to be redeemed represents not less than the entire Class of such Secured Debt. In connection with any such redemption,
the Secured Debt shall be redeemed at the applicable Redemption Prices and a Majority of the Subordinated Notes must provide the
above described written direction (and the Collateral Manager and the U.S. Retention Provider must provide the above described
consent in the case of a Refinancing) to the Issuer, the Trustee, the Collateral Agent and the Loan Agent not later than 10 days
(or such shorter period of time as the Trustee, the Collateral Agent, the Loan Agent and the Collateral Manager find reasonably
acceptable) prior to the Business Day on which such redemption is to be made; provided that all Secured Debt to be redeemed
must be redeemed simultaneously.

 

(b)        Upon
receipt of a notice of any redemption of Secured Debt in whole pursuant to Section 9.2(a)(i), the Collateral Manager
in its sole discretion shall direct the sale (and the manner thereof) of all or part of the Collateral Obligations and other Assets
such that the proceeds from such sale and all other funds available for such purpose in the Collection Account and the Payment
Account will be at least sufficient to pay the Redemption Prices of the Secured Debt to be redeemed and to pay all Administrative
Expenses (regardless of the Administrative Expense Cap) and Aggregate Collateral Management Fees due and payable under the Priority
of Payments. If such proceeds of such sale and all other funds available for such purpose in the Collection Account and the Payment
Account would not be sufficient to redeem all Secured Debt and to pay such fees and expenses, the Secured Debt may not be redeemed.
The Collateral Manager, in its sole discretion, may effect the sale of all or any part of the Collateral Obligations or other Assets
through the direct sale of such Collateral Obligations or other Assets or by participation, merger or other arrangement.

 

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(c)        The
Subordinated Notes may be redeemed, for the relevant Redemption Price, on any Business Day on or after the redemption (including
in connection with a Refinancing of all Classes of Secured Debt) or repayment of all of the Secured Debt, at the written direction
of a Majority of the Subordinated Notes delivered to the Trustee, the Collateral Agent and the Collateral Manager on behalf of
the Issuer at least five Business Days prior to the designated Business Day on which the Subordinated Notes are to be redeemed
(which direction may be given in connection with a direction to redeem the Secured Notes or at any time after the Secured Debt
has been redeemed or repaid in full).

 

(d)        In
addition to (or in lieu of) a sale of Collateral Obligations and/or Eligible Investments in the manner provided in Section 9.2(b),
the Secured Debt may be redeemed on any Business Day after the expiration of the Non-Call Period in whole from Refinancing Proceeds,
Contributions of Cash and/or Sale Proceeds or in part by Class from Refinancing Proceeds, Contributions of Cash and/or Partial
Refinancing Interest Proceeds as provided in Section 9.2(a)(ii) by a Refinancing; provided that the terms
of such Refinancing and any financial institutions acting as lenders thereunder or purchasers thereof must be acceptable to the
Collateral Manager, the U.S. Retention Provider and a Majority of the Subordinated Notes and such Refinancing otherwise satisfies
the conditions described below.

 

(e)        In
the case of a Refinancing upon a redemption of the Secured Debt in whole but not in part pursuant to Section 9.2(a)(i),
such Refinancing will be effective only if (i) the Refinancing Proceeds, any amounts in the Supplemental Reserve Account,
all or a specified (as directed by Holders of Certificated Subordinated Notes entitled to receive such Interest Proceeds and as
determined by the Issuer, or the Collateral Manager on behalf of the Issuer) portion of Interest Proceeds that are otherwise payable
pursuant to Section 11.1(a)(i)(L), all Sale Proceeds, if any, from the sale of Collateral Obligations and Eligible
Investments in accordance with the procedures set forth herein, Contributions of Cash and all other available funds will be at
least sufficient to redeem simultaneously the Secured Debt then required to be redeemed, in whole but not in part (subject to any
election to receive less than 100% of Redemption Price as noted below), and to pay all accrued and unpaid Administrative Expenses
(regardless of the Administrative Expense Cap), including, without limitation, the reasonable fees, costs, charges and expenses
incurred by the Trustee, the Collateral Agent, the Loan Agent and the Collateral Administrator (including reasonable attorneys’
fees and expenses) in connection with such Refinancing, (ii) the Refinancing Proceeds, any amounts in the Supplemental Reserve
Account, all or a specified (as directed by Holders of Certificated Subordinated Notes entitled to receive such Interest Proceeds
and as determined by the Issuer, or the Collateral Manager on behalf of the Issuer) portion of Interest Proceeds that is otherwise
payable pursuant to Section 11.1(a)(i)(L), all Sale Proceeds, if any, Contributions of Cash and other available funds
are used (to the extent necessary) to make such redemption, (iii) the agreements relating to the Refinancing contain limited
recourse and non-petition provisions equivalent (mutatis mutandis) to those contained in Section 13.1(b) and
Section 2.7(i) and (iv) the Collateral Manager and the U.S. Retention Provider each consents to such Refinancing.

 

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(f)         In
the case of a Refinancing upon a redemption of the Secured Debt in part by Class pursuant to Section 9.2(a)(ii),
such Refinancing will be effective only if: (i) the Issuer has provided notice thereof to the Rating Agency, (ii) the
Refinancing Proceeds, the Partial Refinancing Interest Proceeds, Contributions of Cash, any amounts in the Supplemental Reserve
Account and all or a specified (as directed by Holders of Certificated Subordinated Notes entitled to receive such Interest Proceeds
and as determined by the Issuer, or the Collateral Manager on behalf of the Issuer) portion of Interest Proceeds that are otherwise
payable pursuant to Section 11.1(a)(i)(L) will be at least sufficient to pay in full the aggregate Redemption
Prices of the entire Class or Classes of Secured Debt subject to Refinancing, (iii) the Refinancing Proceeds, the Partial
Refinancing Interest Proceeds, Contributions of Cash, any amounts in the Supplemental Reserve Account and all or a specified (as
directed by Holders of Certificated Subordinated Notes entitled to receive such Interest Proceeds and as determined by the Issuer,
or the Collateral Manager on behalf of the Issuer) portion of Interest Proceeds that is otherwise payable pursuant to Section 11.1(a)(i)(L) are
used (to the extent necessary) to make such redemption, (iv) the agreements relating to the Refinancing contain limited recourse
and non-petition provisions equivalent (mutatis mutandis) to those contained in Section 13.1(b) and Section 2.7(i),
(v) the aggregate principal amount of any obligations providing the Refinancing is equal to the aggregate principal amount
of the Secured Debt being redeemed with the proceeds of such obligations plus, if so directed by a Majority of the Subordinated
Notes, an amount equal to the reasonable fees, costs, charges and expenses incurred in connection with such Refinancing, (vi) the
stated maturity of each class of obligations providing the Refinancing is no earlier than the corresponding Stated Maturity of
each Class of Secured Debt being refinanced; provided that, the stated maturity of a class of obligations providing
the Refinancing may be later (but in no case earlier) than the corresponding Stated Maturity of a Class of Notes being refinanced
if the S&P Rating Condition is satisfied with respect to each Class of Secured Notes not subject to the Refinancing, (vii) the
reasonable fees, costs, charges and expenses incurred in connection with such Refinancing have been paid or will be adequately
provided for from the Refinancing Proceeds (except for expenses owed to Persons that the Collateral Manager informs the Trustee,
the Loan Agent and the Collateral Agent will be paid solely as Administrative Expenses payable in accordance with this Indenture;
provided that any such fees and expenses due to the Trustee, the Collateral Agent and the Loan Agent and determined by the
Collateral Manager to be paid in accordance with the Priority of Payments shall not be subject to the Administrative Expense Cap),
(viii) the Refinancing Rate Condition is satisfied, (ix) the obligations providing the Refinancing are subject to the
Priority of Payments and do not rank higher in priority pursuant to the Priority of Payments than the Class of Secured Debt
being refinanced, (x) the voting rights, consent rights, redemption rights and all other rights of the obligations providing
the Refinancing are the same as the rights of the corresponding Class of Secured Debt being refinanced (except that, at the
Issuer’s election, the earliest date, if any, on which the obligations providing the Refinancing may be redeemed at the option
of the Issuer may be different than the earliest date on which the Secured Debt redeemed in connection with such Refinancing were
subject to redemption at the option of the Issuer), (xi) each of the Collateral Manager and the U.S. Retention Provider consents
to such Refinancing, (xii) the Issuer has received written advice from Dechert LLP or an opinion of counsel of nationally
recognized standing that (A) such Refinancing will not result in the Issuer being treated as a publicly traded partnership
taxable as a corporation for U.S. federal income tax purposes and (B) such Refinancing will not result in the Issuer being
subject to U.S. federal income tax on a net basis and (xiii) the Issuer (or the Collateral Manager on behalf of the Issuer)
has provided an Officer’s certificate to the Trustee, the Collateral Agent and the Loan Agent certifying that the conditions
to such Refinancing have been satisfied.

 

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(g)       The
Holders of the Subordinated Notes will not have any cause of action against the Issuer, the Collateral Manager, the Collateral
Administrator, the Collateral Agent, the Loan Agent or the Trustee for any failure to obtain a Refinancing. If a Refinancing is
obtained meeting the requirements specified above as certified by the Collateral Manager, the Issuer and the Trustee (at the direction
of the Issuer) and the Collateral Agent (in the case of this Indenture and at the direction of the Issuer) and/or the Loan Agent
(in the case of the Credit Agreement and at the direction of the Issuer as borrower thereunder) shall amend this Indenture to the
extent necessary to reflect the terms of the Refinancing and no further consent for such amendments shall be required from the
Holders of Debt other than a Majority of the Subordinated Notes directing the redemption. None of the Trustee, the Collateral Agent
or the Loan Agent shall be obligated to enter into any amendment that, in its view, adversely affects its duties, obligations,
liabilities or protections hereunder, and the Trustee, the Collateral Agent and the Loan Agent shall be entitled to conclusively
rely upon an Opinion of Counsel as to matters of law (which may be supported as to factual (including financial and capital markets)
matters by any relevant certificates and other documents necessary or advisable in the judgment of counsel delivering such Opinion
of Counsel) provided by the Issuer to the effect that such amendment meets the requirements specified above and is permitted under
this Indenture (except that such officer or counsel shall have no obligation to certify or opine as to the sufficiency of the Refinancing
Proceeds, or the sufficiency of the Accountants’ Report).

 

(h)        In
the event of any redemption pursuant to this Section 9.2, the Issuer shall, at least 10 days (in the case of an Optional
Redemption of the Secured Debt) (or such shorter period of time as the Trustee, the Collateral Agent, the Loan Agent and the Collateral
Manager find reasonably acceptable) or 5 Business Days (in the case of an Optional Redemption of the Subordinated Notes) (or such
shorter period of time as the Trustee, the Collateral Agent, the Loan Agent and the Collateral Manager find reasonably acceptable)
prior to the Redemption Date, notify the Trustee and the Collateral Agent in writing of such Redemption Date, the applicable Record
Date, the principal amount of Debt to be redeemed on such Redemption Date and the applicable Redemption Price (which Redemption
Price shall be the Redemption Price to be paid in the event no Redemption Distribution Date occurs and may be decreased as a result
of payments on Redemption Distribution Dates to the extent that such payment reduces the amount of interest that accrues on one
or more Classes of Notes); provided that failure to effect any Optional Redemption which is withdrawn by the Issuer in accordance
with this Indenture or with respect to which a Refinancing fails to occur shall not constitute an Event of Default.

 

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(i)         In
connection with any Optional Redemption of the Secured Debt in whole, Holders of 100% of the Aggregate Outstanding Amount of any
Class of Secured Debt may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders
of such Class of Secured Debt.

 

(j)         In
connection with an Optional Redemption of all Classes of Secured Debt, a Majority of the Subordinated Notes may, at any time following
the date on which a notice of redemption is distributed to Holders of Debt pursuant to Section 9.4(a) hereof,
direct the Issuer (who shall give written notice to the Trustee, the Collateral Agent and the Loan Agent no less than 4 Business
Days prior to such date) to distribute amounts on deposit in the Collection Account to pay a portion of the Redemption Price pursuant
to the Priority of Payments on one or more Business Days prior to the Redemption Date (any such date a “Redemption Distribution
Date”). The Collateral Manager may elect (by direction to the Trustee not later than three Business Days prior to the
related Redemption Direction Date) to distribute Interest Proceeds, Principal Proceeds or both on such Redemption Distribution
Date pursuant to the applicable Priority of Payments. Notwithstanding anything herein to the contrary, in connection with electing
to make any payments on a Redemption Distribution Date that is not a Payment Date, the Collateral Manager shall be entitled to
direct that only Principal Proceeds be applied on such Redemption Distribution Date, and in such event such amounts shall, at the
direction of the Collateral Manager, be applied pursuant to the Priority of Payments set forth in Section 11.1(a)(ii) to
the payment of principal in respect of the Aggregate Outstanding Amount of Notes without regard to clauses (A) through (E) of
Section 11.1(a)(ii), in each case to the extent that the Collateral Manager has reasonably determined that sufficient amounts
will be available on the Redemption Date to pay the amounts set forth in such clauses (A) through (E). To the extent the Collateral
Manager does not elect to distribute amounts on any such Redemption Distribution Date pursuant to Section 11.1(a)(i), holders
of Debt (other than the Class A-1 Debt) shall not be entitled to receive any amounts on account of accrued and unpaid interest
on such date, and such amounts in respect of accrued and unpaid interest through such Redemption Distribution Date shall be payable
on the Redemption Date (without the payment of any interest on such unpaid accrued interest); provided, that in connection
with any payment of Principal Proceeds to the holders of the Class A-1 Debt on a Redemption Distribution Date, such holders
shall on such date also receive a distribution of Interest Proceeds in accordance with this clause (j) in an amount equal
to any accrued and unpaid interest through such Redemption Distribution Date on such repaid Class A-1 Debt.

 

Section 9.3         Tax
Redemption. (a) The Debt shall be redeemed in whole but not in part on any Business Day (any such redemption,
a “Tax Redemption”) at their applicable Redemption Prices at the written direction (delivered to the Trustee,
the Collateral Agent and the Loan Agent) of (x) a Majority of any Affected Class or (y) a Majority of the Subordinated
Notes, in either case following the occurrence and continuation of a Tax Event.

 

(b)        In
connection with any Tax Redemption, Holders of 100% of the Aggregate Outstanding Amount of any Class of Secured Debt may
elect to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class of Secured
Debt.

 

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(c)        Upon
its receipt of such written direction directing a Tax Redemption, the Collateral Agent shall promptly notify the Collateral Manager,
the Holders and the Rating Agency thereof.

 

(d)        If
an Officer of the Collateral Manager obtains actual knowledge of the occurrence of a Tax Event, the Collateral Manager shall promptly
notify the Issuer, the Collateral Administrator, the Collateral Agent, the Loan Agent and the Trustee thereof, and upon receipt
of such notice the Collateral Agent shall promptly notify the Holders of the Debt and the Rating Agency thereof

 

Section 9.4         Redemption
Procedures. (a) In the event of any redemption pursuant to Section 9.2, the written direction of a
Majority of the Subordinated Notes (and in the case of a Refinancing, the consent of the Collateral Manager and the U.S. Retention
Provider) shall be provided to the Issuer, the Trustee, the Collateral Agent, the Loan Agent and the Collateral Manager not later
than 10 days (or such shorter period of time as the Trustee, the Collateral Agent, the Loan Agent and the Collateral Manager find
reasonably acceptable) prior to the Business Day on which such redemption is to be made (which date shall be designated in such
notice). In the event of any redemption pursuant to Section 9.2 or 9.3, a notice of redemption shall be given
by the Trustee by overnight delivery service (or through the applicable procedures of DTC), postage prepaid, mailed not later
than 4 Business Days prior to the applicable Redemption Date, to each Holder of Debt, at such Holder’s address in the Register.

 

(b)        All
notices of redemption delivered pursuant to Section 9.4(a) shall state:

 

(i)            the
applicable Redemption Date;

 

(ii)           the
Redemption Prices of the Debt to be redeemed;

 

(iii)          all
of the Secured Debt that is to be redeemed is to be redeemed in full and that interest on such Secured Debt shall cease to accrue
on the Business Day specified in the notice;

 

(iv)          the
place or places where Debt is to be surrendered for payment of the Redemption Prices, which shall be the office or agency of the
Issuer to be maintained as provided in Section 7.2; and

 

(v)           if
all Secured Debt is being redeemed, whether the Subordinated Notes are to be redeemed in full on such Redemption Date and, if so,
the place or places where the Subordinated Notes are to be surrendered for payment of the Redemption Prices, which shall be the
office or agency of the Issuer to be maintained as provided in Section 7.2.

 

(c)        The
Issuer may withdraw any such notice of redemption delivered pursuant to Section 9.2 up to the Business Day prior to
the proposed Redemption Date by written notice to the Trustee.

 

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(d)       Notice
of redemption pursuant to Section 9.2 or 9.3 shall be given by the Issuer or, upon an Issuer Order, by the Trustee
in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any Holder of any
Debt selected for redemption shall not impair or affect the validity of the redemption of any other Debt.

 

(e)        Unless
Refinancing Proceeds are being used to redeem the Secured Debt in whole or in part, in the event of any redemption pursuant to
Section 9.2 or 9.3, no Secured Debt may be optionally redeemed unless (i) at least five Business Days before
the scheduled Redemption Date the Collateral Manager shall have furnished to the Trustee, the Collateral Agent and the Loan Agent
evidence, in a form reasonably satisfactory to the Trustee, the Collateral Agent and the Loan Agent (which may be in the form of
a certificate of a Responsible Officer of the Collateral Manager), that the Collateral Manager on behalf of the Issuer has entered
into a binding agreement or agreements with a financial or other institution or institutions whose short-term unsecured debt obligations
(other than such obligations whose rating is based on the credit of a Person other than such institution) are rated, or guaranteed
by a Person whose short-term unsecured debt obligations are rated, at least “F1” by Fitch to purchase (directly or
by participation, merger or other arrangement), not later than the Business Day immediately preceding the scheduled Redemption
Date in immediately available funds, all or part of the Assets at a purchase price at least sufficient, together with the Eligible
Investments maturing, redeemable or putable to the issuer thereof at par on or prior to the scheduled Redemption Date, to pay all
Administrative Expenses (regardless of the Administrative Expense Cap) and Aggregate Collateral Management Fees payable in connection
with such Optional Redemption or Tax Redemption, in each case, as applicable and in accordance with the Priority of Payments, and
redeem the applicable Class of Secured Debt on the scheduled Redemption Date (and after giving effect to payment on any applicable
Redemption Distribution Dates) at the applicable Redemption Prices (or, such other amount that the Holders of such Class have
elected to receive, where Holders of such Class have elected to receive less than 100% of the Redemption Price that would
otherwise be payable to the Holders of such Class), or (ii) prior to selling any Collateral Obligations and/or Eligible Investments,
the Collateral Manager shall certify to the Trustee, the Collateral Agent and the Loan Agent that, in its judgment, the aggregate
sum of (A) expected proceeds from the sale of Eligible Investments, and (B) the Market Value of each Collateral Obligation
is expected to exceed the sum of (x) the aggregate Redemption Prices (or in the case of any Class of Secured Debt, such
other amount that the Holders of such Class have elected to receive, where Holders of such Class have elected to receive
less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class) of the applicable Class of
Secured Debt and (y) all Administrative Expenses (regardless of the Administrative Expense Cap) and Aggregate Collateral Management
Fees payable in connection with such Optional Redemption or Tax Redemption, in each case, as applicable and in accordance with
the Priority of Payments (after giving effect to payments on any Redemption Distribution Date). Any certification delivered by
the Collateral Manager pursuant to this Section 9.4(e) shall include (1) the prices of, and expected proceeds
from, the sale (directly or by participation, merger or other arrangement) of any Collateral Obligations and/or Eligible Investments
and (2) all calculations required by this Section 9.4(e). Any Holder of Debt, the Collateral Manager or any of
their Affiliates or accounts managed thereby or by any of their respective Affiliates shall have the right, subject to the same
terms and conditions afforded to other bidders, to bid on Assets to be sold as part of an Optional Redemption or Tax Redemption.

 

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(f)         If
a Class or Classes of Secured Debt is redeemed in connection with a Refinancing in part by Class, Refinancing Proceeds, together
with Partial Refinancing Interest Proceeds, and/or Contributions of Cash, shall be used to pay the Redemption Price(s) of
such Class or Classes of Secured Debt without regard to the Priority of Payments.

 

Section 9.5         Debt
Payable on Redemption Date. (a) Notice of redemption pursuant to Section 9.4 having been given
as aforesaid, the Debt to be redeemed shall, on the Redemption Date, subject to Section 9.4(e) and the Issuer’s
right to withdraw any notice of redemption pursuant to Section 9.4(c), become due and payable at the Redemption Prices
therein specified, and from and after the Redemption Date (unless the Issuer shall default in the payment of the Redemption Prices
and accrued interest) all such Debt that is Secured Debt shall cease to bear interest on the Redemption Date. Upon final
payment on a Note to be so redeemed, the Holder shall present and surrender such Note at the place specified in the notice of
redemption on or prior to such Redemption Date; provided that if there is delivered to the Issuer, the Collateral Agent
and the Trustee such security or indemnity as may be required by them to save such party harmless and an undertaking thereafter
to surrender such Note, then, in the absence of notice to the Issuer, the Collateral Agent or the Trustee that the applicable
Debt has been acquired by a protected purchaser, such final payment shall be made without presentation or surrender. Payments
of interest on Secured Debt so to be redeemed which are payable on or prior to the Redemption Date shall be payable to the Holders
of such Secured Debt, or one or more predecessor Debt, registered as such at the close of business on the relevant Record Date
according to the terms and provisions of Section 2.7(e).

 

(b)        If
any Secured Note called for redemption shall not be paid upon surrender thereof for redemption, the principal thereof shall, until
paid, bear interest from the Redemption Date at the applicable Interest Rate for each successive Interest Accrual Period such Secured
Note remains Outstanding; provided that the reason for such non-payment is not the fault of such Holder.

 

Section 9.6         Special
Redemption. Principal payments on the Secured Debt shall be made in part in accordance with the Priority of Payments
on any Payment Date (i) during the Reinvestment Period, if the Collateral Manager in its sole discretion notifies the Trustee,
the Collateral Agent and the Loan Agent at least five Business Days prior to the applicable Special Redemption Date that it has
been unable, for a period of at least 20 consecutive Business Days, to identify additional Collateral Obligations that are deemed
appropriate by the Collateral Manager in its sole discretion and which would satisfy the Investment Criteria in sufficient amounts
to permit the investment or reinvestment of all or a portion of the funds then in the Collection Account that are to be invested
in additional Collateral Obligations or (ii) after the Effective Date, if the Collateral Manager notifies the Trustee, the
Collateral Agent and the Loan Agent that a redemption is required pursuant to Section 7.18 in order to obtain
from S&P written confirmation of its initial ratings of the Secured Debt (unless the Effective Date Condition has been satisfied)
(in each case, a “Special Redemption”). On the first Payment Date (and all subsequent Payment Dates) identified
by the Collateral Manager for the Special Redemption (in the case of a Special Redemption described in clause (i) above)
or Payment Date (and all subsequent Payment Dates) following the Collection Period in which such notice is given (in the case
of a Special Redemption described in clause (ii) above) (any such initial date a “Special Redemption Date”),
the amount in the Collection Account representing as applicable either (1) Principal Proceeds which the Collateral Manager
has determined cannot be reinvested in additional Collateral Obligations or (2) Interest Proceeds and Principal Proceeds
available therefor in accordance with the Priority of Payments on each Payment Date until the Issuer obtains confirmation from
S&P of the initial ratings of the Secured Debt (provided that such confirmation is not required if the Effective Date
Condition has been satisfied) (such amount, a “Special Redemption Amount”) will be available to be applied
in accordance with the Priority of Payments. Notice of payments pursuant to this Section 9.6 shall be given by the
Trustee not less than (x) in the case of a Special Redemption described in clause (i) above, three Business Days prior
to the applicable Special Redemption Date and (y) in the case of a Special Redemption described in clause (ii) above,
one Business Day prior to the Special Redemption Date, in each case by facsimile, email transmission or first class mail, postage
prepaid, to each Holder of Secured Debt affected thereby at such Holder’s facsimile number, email address or mailing address
in the Register and to the Rating Agency.

 

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Section 9.7         Issuer
Purchases and Repayments of Secured Notes. Notwithstanding anything to the contrary in this Indenture, the Issuer may
conduct purchases and prepayments of the Secured Debt, in whole or in part, in accordance with, and subject to, the terms and
conditions of this Section 9.7. Notwithstanding the provisions of Section 10.2 (or any other terms hereof
to the contrary), amounts in the Principal Collection Subaccount and/or the Supplemental Reserve Account may be disbursed for
purchases of Secured Debt in accordance with the provisions described in this Section 9.7. Upon written instruction
by the Issuer, the Trustee shall cancel any such purchased Secured Debt surrendered to it for cancellation or, in the case of
any Global Secured Note, the Trustee shall decrease the aggregate outstanding principal amount of such Global Secured Note in
its records by the full par amount of the purchased Secured Debt, and instruct DTC or its nominee, as the case may be, to conform
its records. In connection with any such cancellation of an interest in a Global Secured Note, the Issuer (or other beneficial
owner of such interest) shall reasonably cooperate with the Collateral Agent in connection with such cancellation, including without
limitation, surrendering such interest and providing any necessary instructions to DTC. The cancellation (and/or decrease, as
applicable) of any such surrendered Secured Debt shall be taken into account for purposes of all relevant calculations thereafter
made pursuant to the terms of this Indenture.

 

No purchases or prepayments
of the Secured Debt by the Issuer may occur unless each of the following conditions is satisfied:

 

(i)            such
purchases of Secured Debt shall occur in the following sequential order of priority: first, the Class A-1-L Loans and the
Class A-1 Notes, pro rata based on the Aggregate Outstanding Amount of each Class, until the Class A-1-L Loans
and the Class A-1 Notes are retired in full; second, the Class A-2 Notes, until the Class A-2 Notes are retired
in full; third, the Class B Notes, until the Class B Notes are retired in full; and fourth, the Class C Notes, until
the Class C Notes are retired in full;

 

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(ii)            (A) each
such purchase or prepayment, as applicable, of Secured Debt of any Class shall be made pursuant to an offer made to all Holders
and beneficial owners of the Secured Debt of such Class, by notice to such Holders and beneficial owners, which notice shall specify
the purchase price (as a percentage of par) at which such purchase will be effected, the maximum amount of Principal Proceeds that
will be used to effect such purchase and the length of the period during which such offer will be open for acceptance, (B) each
such Holder or beneficial owner of Secured Debt shall have the right, but not the obligation, to accept such offer in accordance
with its terms and (C) if the aggregate outstanding principal amount of Debt of the relevant Class held by the Holders
or beneficial owners who accept such offer exceeds the amount of Principal Proceeds specified in such offer, a portion of the Debt
of each accepting Holder and beneficial owner shall be purchased or prepaid, as applicable (subject to the minimum denominations
and the applicable procedures of DTC) pro rata based on the respective principal amount held by each such Holder or beneficial
owner;

 

(iii)          each
such purchase or prepayment shall be effected only at prices discounted from par;

 

(iv)          each
such purchase or prepayment of Secured Debt shall occur during the Reinvestment Period and shall be effected with Principal Proceeds;

 

(v)           each
Coverage Test is satisfied immediately prior to each such purchase or prepayment and will be satisfied, maintained or improved
after giving effect to such purchase or prepayment;

 

(vi)          to
the extent that Sale Proceeds are used to consummate any such purchase or prepayment, either (I) each requirement or test,
as the case may be, of the Concentration Limitations and the Collateral Quality Tests (except the S&P CDO Monitor Test) will
be satisfied after giving effect to such purchase or prepayment or (II) if any such requirement or test was not satisfied
immediately prior to such purchase or prepayment, such requirement or test will be maintained or improved after giving effect to
such purchase or prepayment;

 

(vii)          no
Event of Default shall have occurred and be continuing;

 

(viii)        each
such purchase or prepayment will otherwise be conducted in accordance with applicable law;

 

(ix)           the
Collateral Agent and the Trustee shall have received an Officer’s certificate of the Collateral Manager to the effect that
the conditions in the foregoing clauses (i) through (viii) have been satisfied; and

 

(x)            notice
of each such purchase shall be provided to the Rating Agency.

 

Any Secured Debt to
be purchased or prepaid shall be surrendered to the Trustee for cancellation in accordance with Section 2.9. Upon receipt
of the Officer’s certificate described in preceding sub-clause (ix), the Collateral Agent shall disburse any available
amount in the Principal Collection Subaccount on any Business Day pursuant to Issuer instruction (or the Collateral Manager acting
on behalf of the Issuer), which instruction shall identify that such disbursement is for the purchase of Secured Notes pursuant
to and in accordance with this Section 9.7. The Issuer reserves the right to cancel any offer to purchase or prepay
Secured Debt prior to finalizing such offer.

 

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Section 9.8         Optional
Re-Pricing. On any Business Day after the Non-Call Period, at the direction of a Majority of the Subordinated
Notes and with the consent of the Collateral Manager and the U.S. Retention Provider, the Issuer shall reduce the spread over
LIBOR with respect to any Class of Secured Debt, other than the Class A-1 Debt (such reduction with respect to any such
Class of Debt, a “Re-Pricing” and any Class of Secured Debt to be subject to a Re-Pricing, a “Re-Priced
Class”); provided that the Issuer shall not effect any Re-Pricing unless each condition specified below is satisfied
with respect thereto. For the avoidance of doubt, no terms of any Secured Debt other than the Interest Rate applicable thereto
may be modified or supplemented in connection with a Re-Pricing. In connection with any Re-Pricing, the Issuer may engage a broker-dealer
(the “Re-Pricing Intermediary”) upon the recommendation and subject to the approval of a Majority of the Subordinated
Notes and such Re-Pricing Intermediary shall assist the Issuer in effecting the Re-Pricing.

 

At least 20 days (or
such shorter period reasonably acceptable to the Trustee, the Collateral Agent, the Loan Agent and the Collateral Manager) prior
to the Business Day fixed by a Majority of the Subordinated Notes for any proposed Re-Pricing (the “Re-Pricing Date”),
the Issuer (or the Re-Pricing Intermediary on behalf of the Issuer) shall deliver a notice in writing (with a copy to the Collateral
Manager, the Trustee, the Collateral Agent, the Loan Agent and the Rating Agency) to each Holder of the proposed Re-Priced Class,
which notice shall:

 

(a)        specify
the proposed Re-Pricing Date and the revised spread over LIBOR to be applied with respect to such Class (the “Re-Pricing
Rate”);

 

(b)        request
each Holder of the Re-Priced Class to approve the proposed Re-Pricing; and

 

(c)        specify
the price at which Debt of any Holder of the Re-Priced Class which does not approve the Re-Pricing may be sold and transferred
pursuant to the following paragraph, which, for purposes of such Re-Pricing, shall be the Redemption Price after giving effect
on a pro forma basis to all payments to be made pursuant to the Priority of Payments on the Re-Pricing Date.

 

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In the event any Holders
of the Re-Priced Class do not deliver written consent to the proposed Re-Pricing on or before the date that is not more than
5 Business Days after such notice, the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall deliver written notice
thereof to the consenting Holders of the Re-Priced Class, specifying the aggregate principal amount of the Debt of the Re-Priced
Class held by such non-consenting Holders, and shall request each such consenting Holder provide written notice to the Issuer,
the Trustee, the Collateral Agent, the Loan Agent, the Collateral Manager and the Re-Pricing Intermediary if such Holder would
like to purchase all or any portion of the Debt of the Re-Priced Class held by the non-consenting Holders (each such notice,
an “Exercise Notice”) within five Business Days after receipt of such notice (subject to the minimum denomination
and applicable procedures of DTC). In the event the Issuer shall receive Exercise Notices with respect to more than the aggregate
principal amount of the Debt of the Re-Priced Class held by non-consenting Holders, the Issuer, or the Re-Pricing Intermediary
on behalf of the Issuer, shall cause the sale and transfer of such Debt, without further notice to the non-consenting Holders thereof
(for settlement on the Re-Pricing Date) to the Holders delivering Exercise Notices with respect thereto, pro rata based
on the aggregate principal amount of the Debt such Holders indicated an interest in purchasing pursuant to their Exercise Notices
(subject to the minimum denomination and applicable procedures of DTC). In the event the Issuer shall receive Exercise Notices
with respect to less than the aggregate principal amount of the Debt of the Re-Priced Class held by non-consenting Holders,
the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer (subject to the minimum denomination and applicable procedures
of DTC), shall cause the sale and transfer of such Debt, without further notice to the non-consenting Holders thereof, for settlement
on the Re-Pricing Date to the Holders delivering Exercise Notices with respect thereto, and any excess Debt of the Re-Priced Class held
by non-consenting Holders shall be sold (for settlement on the Re-Pricing Date) to a transferee designated by the Re-Pricing Intermediary
on behalf of the Issuer. All sales of Debt to be effected pursuant to this paragraph shall be made at a price equal to the aggregate
principal amount of such Debt together with any accrued and unpaid interest thereon, including any Deferred Interest and any accrued
and unpaid interest on such Deferred Interest, in each case after giving effect on a pro forma basis to all payments to
be made pursuant to the Priority of Payments on the Re-Pricing Date, and shall be effected only if the related Re-Pricing is effected
in accordance with the provisions of this Indenture described in this Section 9.8. The Holder of any Secured Debt,
by its acceptance of an interest in the Secured Debt, agrees to sell and transfer its Secured Debt in accordance with the provisions
of this Indenture described in this Section 9.8 and agrees to cooperate with the Issuer, the Re-Pricing Intermediary,
the Trustee, the Collateral Agent and the Loan Agent to effect such sales and transfers. The Issuer, or the Re-Pricing Intermediary
on behalf of the Issuer, shall deliver written notice to the Trustee, the Collateral Agent, the Loan Agent and the Collateral Manager
not later than five Business Days prior to the proposed Re-Pricing Date confirming that the Issuer has received written commitments
to purchase all Debt of the Re-Priced Class held by non-consenting Holders. For the avoidance of doubt, such Re-Pricing will
apply to all the Debt of the Re-Priced Class, including the Debt of the Re-Priced Class held by non-consenting Holders.

 

The Issuer shall not
effect any proposed Re-Pricing unless: (i) with the consent of the Majority of the Subordinated Notes, the Collateral Manager
and the U.S. Retention Provider, the Issuer, the Trustee and the Collateral Agent shall have entered into a supplemental indenture,
and the Issuer, the Collateral Agent and the Loan Agent shall have entered into an amendment to the Credit Agreement, as applicable,
dated as of the Re-Pricing Date solely to decrease the spread over LIBOR with respect to the Re-Priced Class; (ii) the Issuer
(or the Re-Pricing Intermediary on behalf of the Issuer) confirms in writing that all Debt of the Re-Priced Class held by
non-consenting Holders have been sold and transferred pursuant to clause (c) above; (iii) the Rating Agency shall have
been notified of such Re-Pricing; (iv) all expenses of the Issuer, the Trustee, the Collateral Agent and the Loan Agent (including
the fees of the Re-Pricing Intermediary and fees of counsel) incurred in connection with the Re-Pricing shall not exceed the amount
of Interest Proceeds available after taking into account all amounts required to be paid pursuant to the Priority of Payments on
the subsequent Payment Date prior to distributions to the Holders of the Subordinated Notes, unless such expenses shall have been
paid (including from proceeds of any additional issuance of Subordinated Notes) or shall be adequately provided for by an entity
other than the Issuer; and (v) the Issuer has received written advice from Dechert LLP or an opinion of counsel of nationally
recognized standing that (A) such Re-Pricing will not result in the Issuer being treated as a publicly traded partnership
taxable as a corporation for U.S. federal income tax purposes and (B) such Re-Pricing will not result in the Issuer being
subject to U.S. federal income tax on a net basis.

 

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If notice has been
received by the Trustee, the Collateral Agent and the Loan Agent from the Collateral Manager pursuant to this Indenture, notice
of a Re-Pricing shall be given by the Trustee by first class mail, postage prepaid, mailed not less than three Business Days prior
to the proposed Re-Pricing Date, to each Holder of Debt of the Re-Priced Class at the address in the Register (with a copy
to the Collateral Manager), specifying the applicable Re-Pricing Date and Re-Pricing Rate. Notice of Re-Pricing shall be given
by the Trustee at the expense of the Issuer. Failure to give a notice of Re-Pricing, or any defect therein, to any Holder of any
Re-Priced Class shall not impair or affect the validity of the Re-Pricing or give rise to any claim based upon such failure
or defect. Any notice of a Re-Pricing may be withdrawn by a Majority of the Subordinated Notes on or prior to the Business Day
prior to the scheduled Re-Pricing Date by written notice to the Issuer, the Trustee, the Collateral Agent, the Loan Agent and the
Collateral Manager for any reason. Upon receipt of such notice of withdrawal, the Trustee shall send such notice to the Holders
of Debt and the Rating Agency.

 

The Issuer shall direct
the Collateral Agent to segregate payments and take other reasonable steps to effect the Re-Pricing and the Collateral Agent shall
have the authority to take such actions as may be directed by the Issuer or the Collateral Manager as the Issuer (or the Re-Pricing
Intermediary on behalf of the Issuer) or Collateral Manager shall deem necessary or desirable to effect a Re-Pricing. In order
to give effect to the Re-Pricing, the Issuer shall, to the extent necessary, obtain and assign a separate CUSIP or CUSIPs to the
Debt of each Class held by such consenting or non-consenting Holder(s). The Trustee, the Collateral Agent and the Loan Agent
shall be entitled to receive, and shall be fully protected in relying upon an Opinion of Counsel stating that the Re-Pricing is
authorized or permitted by this Indenture and that all conditions precedent thereto have been complied with. The Trustee, the Collateral
Agent or the Loan Agent may request and rely on an Issuer Order providing direction and any additional information requested by
the Trustee, the Collateral Agent or the Loan Agent in order to effect a Re-Pricing.

 

Section 9.9         Clean-Up
Call Redemption.

 

(a)        At
the written direction of either a Majority of the Subordinated Notes or the Collateral Manager in its sole discretion (which direction
shall be given so as to be received by the Issuer, the Trustee, the Collateral Agent, the Loan Agent, the Rating Agency and, in
the case of such direction delivered by a Majority of the Subordinated Notes, the Collateral Manager not later than 30 days prior
to the proposed Redemption Date specified in such direction), the Secured Debt will be subject to redemption by the Issuer, in
whole but not in part (a “Clean-Up Call Redemption”), at the Redemption Price therefor, on any Business Day
after the Non-Call Period if the Collateral Principal Amount is less than 20.0% of the Target Initial Par Amount.

 

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(b)        Upon
receipt of notice directing the Issuer to effect a Clean-Up Call Redemption and subject to any transfer restriction, the Issuer
(or, at the written direction and expense of the Issuer, the Collateral Agent on behalf of the Issuer) will offer to the Collateral
Manager, the holders of the Subordinated Notes and any other Person identified by the Issuer or the Collateral Manager the right
to bid to purchase the Collateral Obligations at a price not less than the Clean-Up Call Purchase Price. Any Clean-Up Call Redemption
is subject to (i) the sale of the Collateral Obligations by the Issuer to the highest bidder therefor (it being understood
that any such sale of Collateral Obligations may consist of multiple transactions in which Collateral Obligations are sold in groups
or on an individual basis, or any combination of the two, or as an entire pool, as determined by the Collateral Manager) on or
prior to the third Business Day immediately preceding the related Redemption Date, for a purchase price in cash (the “Clean-Up
Call Purchase Price”) payable prior to or on the Redemption Date at least equal to the greater of (1) the sum of
(a) the sum of the Redemption Prices of the Secured Debt, plus (b) the aggregate of all other amounts owing by
the Issuer on the date of such redemption that are payable in accordance with the Priority of Payments prior to distributions in
respect of the Subordinated Notes, minus (c) all other Assets available for application in accordance with the Priority
of Payments on the Redemption Date and (2) the Market Value of such Assets being purchased, and (ii) the receipt by the
Collateral Agent from the Collateral Manager, prior to such purchase, of certification from the Collateral Manager that the sum
expected to be received satisfies clause (i). Upon receipt by the Collateral Agent of the certification referred to in the preceding
sentence, the Collateral Agent (pursuant to written direction from, and at the expense of, the Issuer) and the Issuer shall take
all actions necessary to sell, assign and transfer the Assets to the applicable holder of Subordinated Notes, the Collateral Manager
or such other Person upon payment in immediately available funds of the Clean-Up Call Purchase Price. The Collateral Agent shall
deposit such payment into the applicable sub-account of the Collection Account in accordance with the instructions of the Collateral
Manager.

 

(c)        Upon
receipt from a Majority of the Subordinated Notes or the Collateral Manager of a direction in writing to effect a Clean-Up Call
Redemption, the Issuer shall set the related Redemption Date (as specified in the direction delivered pursuant to clause (a) above)
and the Record Date for any redemption pursuant to this Section 9.9 and give written notice thereof to the Trustee
(which shall forward such notice to the Holders), the Collateral Administrator, the Collateral Agent, the Collateral Manager and
the Rating Agency not later than 15 Business Days prior to the proposed Redemption Date.

 

(d)            Any
notice of Clean-Up Call Redemption may be withdrawn by the Issuer up to two Business Days prior to the related scheduled Redemption
Date by written notice to the Trustee, the Collateral Agent, the Rating Agency and the Collateral Manager only if amounts equal
to the Clean-Up Call Purchase Price are not received in full in immediately available funds by the third Business Day immediately
preceding such Redemption Date. Notice of any such withdrawal of a notice of Clean-Up Call Redemption shall be given by the Trustee
at the expense of the Issuer to each Holder of Debt to be redeemed at such Holder’s address in the Register, by overnight
courier guaranteeing next day delivery not later than the second Business Day prior to the related scheduled Redemption Date.

 

(e)        On
the Redemption Date related to any Clean-Up Call Redemption, the Clean-Up Call Purchase Price shall be distributed pursuant to
the Priority of Payments.

 

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ARTICLE X

 

Accounts,
Accountings And Releases

 

Section 10.1       Collection
of Money. (a) Except as otherwise expressly provided herein, the Collateral Agent may demand payment or delivery
of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary,
all Money and other property payable to or receivable by the Collateral Agent pursuant to this Indenture, including all payments
due on the Assets, in accordance with the terms and conditions of such Assets. The Collateral Agent shall segregate and hold all
such Money and property received by it in trust for the Holders of the Debt and shall apply it as provided herein. Each Account
shall be established and maintained (i) with a federal or state-chartered depository institution that has a short-term issuer
rating of at least “A-1” by S&P or a long-term issuer rating of at least “A” by S&P or (ii) with
respect to securities held in segregated trust accounts with the corporate trust department of a federal or state-chartered deposit
institution that has a short term issuer rating of at least “A-2” by S&P or a long term issuer rating of at least
“BBB+” by S&P and is subject to regulations regarding fiduciary funds on deposit similar to Title 12 of the Code
of Federal Regulation Section 9.10(b). Such institution shall have a combined capital and surplus of at least U.S.$200,000,000.
All Cash deposited in the Accounts shall be invested only in Eligible Investments or Collateral Obligations in accordance with
the terms of this Indenture. To avoid the consolidation of the Assets of the Issuer with the general assets of the Bank under
any circumstances, the Collateral Agent shall comply, and shall cause the Custodian to comply, with all law applicable to it as
a national bank with trust powers holding segregated trust assets in a fiduciary capacity.

 

(b)        If
any institution described in Section 10.1(a) above falls below the requirements specified in Section 10.1(a)(I) or
(II), the assets held in such Account shall be moved by the Issuer within 30 calendar days to another institution that
has ratings that satisfy such requirements.

 

Section 10.2       Collection
Account. (a) In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall,
on or prior to the Closing Date, cause the Collateral Agent to establish at the Custodian two segregated trust subaccounts, one
of which will be designated the “Interest Collection Subaccount” and one of which will be designated the “Principal
Collection Subaccount” (and which together will comprise the Collection Account), each held in the name of the Collateral
Agent, for the benefit of the Secured Parties and each of which shall be maintained with the Custodian in accordance with the
Securities Account Control Agreement. The Collateral Agent shall from time to time deposit into the Interest Collection Subaccount,
in addition to the deposits required pursuant to Section 10.6(a), immediately upon receipt thereof or upon transfer
from the Payment Account, all Interest Proceeds (unless simultaneously reinvested in additional Collateral Obligations in accordance
with Article XII or in Eligible Investments). The Collateral Agent shall deposit immediately upon receipt thereof
or upon transfer from the Expense Reserve Account or Revolver Funding Account all other amounts remitted to the Collection Account
into the Principal Collection Subaccount, including in addition to the deposits required pursuant to Section 10.6(a),
(i) any funds designated as Principal Proceeds by the Collateral Manager in accordance with this Indenture and (ii) all
other Principal Proceeds (unless simultaneously reinvested in additional Collateral Obligations in accordance with Article XII
or in Eligible Investments). The Issuer may, but under no circumstances shall be required to, deposit from time to time into
the Collection Account, in addition to any amount required hereunder to be deposited therein, such Monies received from external
sources for the benefit of the Secured Parties or the Issuer (other than payments on or in respect of the Collateral Obligations,
Eligible Investments or other existing Assets) as the Issuer deems, in its sole discretion, to be advisable and to designate them
as Interest Proceeds or Principal Proceeds. All Monies deposited from time to time in the Collection Account pursuant to this
Indenture shall be held by the Collateral Agent as part of the Assets and shall be applied to the purposes herein provided. Subject
to Section 10.2(d), amounts in the Collection Account shall be reinvested pursuant to Section 10.6(a).

 

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(b)       The
Collateral Agent, within one Business Day after receipt of any distribution or other proceeds in respect of the Assets which are
not Cash, shall so notify the Issuer and the Issuer (or the Collateral Manager on behalf of the Issuer) shall use its commercially
reasonable efforts to, within five Business Days after receipt of such notice from the Collateral Agent (or as soon as practicable
thereafter), sell such distribution or other proceeds for Cash in an arm’s length transaction and deposit the proceeds thereof
in the Collection Account; provided that the Issuer (i) need not sell such distributions or other proceeds if it delivers
an Issuer Order or an Officer’s certificate to the Collateral Agent certifying that such distributions or other proceeds
constitute Collateral Obligations, Equity Securities or Eligible Investments or (ii) may otherwise retain such distribution
or other proceeds for up to two years from the date of receipt thereof if it delivers an Officer’s certificate to the Collateral
Agent certifying that (x) it will sell such distribution within such two-year period and (y) retaining such distribution
is not otherwise prohibited by this Indenture.

 

(c)        At
any time when reinvestment is permitted pursuant to Article XII, the Collateral Manager on behalf of the Issuer may
by Issuer Order direct the Collateral Agent to, and upon receipt of such Issuer Order the Collateral Agent shall, withdraw funds
on deposit in the Principal Collection Subaccount representing Principal Proceeds (together with any Principal Financed Accrued
Interest) and reinvest (or invest, in the case of funds referred to in Section 7.18) such funds in additional
Collateral Obligations, in each case in accordance with the requirements of Article XII and such Issuer Order and
the purchase price for such Collateral Obligations (including accrued interest and other accrued amounts for such additional Collateral
Obligations) may be paid on or following the settlement thereof as directed in an Issuer Order. At any time, the Collateral Manager
on behalf of the Issuer may by Issuer Order direct the Collateral Agent to, and upon receipt of such Issuer Order the Collateral
Agent shall, withdraw funds on deposit in the Principal Collection Subaccount representing Principal Proceeds and deposit such
funds in the Revolver Funding Account to meet funding requirements on Delayed Drawdown Collateral Obligations or Revolving Collateral
Obligations.

 

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(d)       The
Collateral Manager on behalf of the Issuer may by Issuer Order direct the Collateral Agent to, and upon receipt of such Issuer
Order the Collateral Agent shall, pay from amounts on deposit in the Collection Account on any Business Day during any Interest
Accrual Period: (i) any amount required to exercise a warrant or right to acquire loan assets or securities held in the Assets
in accordance with such Issuer Order; provided that, so long as any Debt Outstanding is rated by S&P, (A) if such
payment is made from Interest Proceeds, in the reasonable judgment of the Collateral Manager, such payment will not cause an Event
of Default due to a default in the payment, when due and payable, of any interest on any Class A-1 Debt, Class A-2
Note or Class B Note, (B) if such payment is made from Principal Proceeds to acquire securities, unless such Principal
Proceeds were designated as such pursuant to a Contribution, (x) the aggregate amount of all payments made pursuant to this
clause (i) shall not exceed 5.0% of the Target Initial Par Amount after giving effect to such payment and (y) the Adjusted
Collateral Principal Amount is greater than or equal to the Reinvestment Target Par Balance after giving effect to such payment
and (C) notice thereof is provided to the Rating Agency; (ii) any amount required to make customary protective advances
or provide customary indemnities to the agent of the Collateral Obligation (for which the Issuer may receive a participation interest
or other right of repayment) as may be required by the Issuer as a lender under the Underlying Instruments; and (iii) from
Interest Proceeds only, any Administrative Expenses (such payments to be counted against the Administrative Expense Cap for the
applicable period and to be subject to the order of priority as stated in the definition of Administrative Expenses); provided
that the aggregate Administrative Expenses paid pursuant to this Section 10.2(d) during any Collection Period
shall not exceed the Administrative Expense Cap for the related Payment Date; provided further that the Collateral Agent
shall be entitled (but not required) without liability on its part, to refrain from making any such payment of an Administrative
Expense pursuant to this Section 10.2 on any day other than a Payment Date if, in its reasonable determination, the
payment of such amount is likely to leave insufficient funds available to pay in full each of the items described in Section 11.1(a)(i)(A) as
reasonably anticipated to be or become due and payable on the next Payment Date, taking into account the Administrative Expense
Cap.

 

(e)        The
Collateral Agent shall transfer to the Payment Account, from the Collection Account for application pursuant to Section 11.1(a),
on the Business Day immediately preceding each Payment Date and on any Redemption Date or Redemption Distribution Date and, in
the case of proceeds received in connection with a Refinancing of the Secured Debt in whole, on the date of receipt thereof, the
amount set forth to be so transferred in the Distribution Report for such Payment Date or the Redemption Distribution Direction
for such Redemption Distribution Date.

 

(f)         The
Collateral Manager on behalf of the Issuer may by Issuer Order direct the Collateral Agent to, and upon receipt of such Issuer
Order the Collateral Agent shall, (i) transfer from amounts on deposit in the Interest Collection Subaccount to the Principal
Collection Subaccount, amounts necessary for application pursuant to Section 7.18(d) and/or (ii) apply amounts
in the Principal Collection Subaccount to the purchase of Secured Debt pursuant to Section 9.7.

 

(g)        In
connection with a Refinancing in part by Class of one or more Classes of Secured Debt, the Collateral Manager on behalf of
the Issuer may direct the Collateral Agent to apply Partial Refinancing Interest Proceeds from the Interest Collection Subaccount
on the date of a Refinancing of one or more Classes of Secured Debt to the payment of the Redemption Price(s) of the Class or
Classes of Secured Debt subject to Refinancing without regard to the Priority of Payments.

 

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(h)        From
time to time on or prior to the Determination Date related to the second Payment Date, the Collateral Manager may (with notice
to the Collateral Administrator, the Trustee and the Collateral Agent), designate Principal Proceeds received by the Issuer as
Interest Proceeds (Principal Proceeds so designated as Interest Proceeds, “Designated Principal Proceeds”),
so long as, after giving effect to such designation (together with the designation of Designated Unused Proceeds as Interest Proceeds),
the Effective Date Interest Deposit Restriction will be satisfied.

 

Section 10.3       Transaction
Accounts.

 

(a)        Payment
Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, prior to the Closing
Date, cause the Collateral Agent to establish at the Custodian a single, segregated non-interest bearing trust account held in
the name of the Collateral Agent, for the benefit of the Secured Parties, which shall be designated as the Payment Account, which
shall be maintained with the Custodian in accordance with the Securities Account Control Agreement. Except as provided in Section 11.1(a),
the only permitted withdrawal from or application of funds on deposit in, or otherwise to the credit of, the Payment Account shall
be to pay amounts due and payable on the Debt in accordance with their terms and the provisions of this Indenture and, upon Issuer
Order, to pay Administrative Expenses, fees and other amounts due and owing to the Collateral Manager under the Collateral Management
Agreement and other amounts specified herein, each in accordance with the Priority of Payments. The Issuer shall not have any legal,
equitable or beneficial interest in the Payment Account other than in accordance with this Indenture (including the Priority of
Payments) and the Securities Account Control Agreement. Amounts in the Payment Account shall remain uninvested.

 

(b)        Custodial
Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, prior to the Closing
Date, cause the Collateral Agent to establish at the Custodian a single, segregated non-interest bearing trust account held in
the name of the Collateral Agent, for the benefit of the Secured Parties, which shall be designated as the Custodial Account, which
shall be maintained with the Custodian in accordance with the Securities Account Control Agreement. All Collateral Obligations
shall be credited to the Custodial Account. The only permitted withdrawals from the Custodial Account shall be in accordance with
the provisions of this Indenture. The Collateral Agent agrees to give the Issuer immediate notice if (to the actual knowledge of
a Bank Officer of the Collateral Agent) the Custodial Account or any assets or securities on deposit therein, or otherwise
to the credit of the Custodial Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or
similar process. The Issuer shall not have any legal, equitable or beneficial interest in the Custodial Account other than in accordance
with this Indenture and the Priority of Payments. Amounts in the Custodial Account shall remain uninvested.

 

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(c)        Ramp-Up
Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, prior to the Closing
Date, cause the Collateral Agent to establish at the Custodian a single, segregated non-interest bearing trust account held in
the name of the Collateral Agent, for the benefit of the Secured Parties, which shall be designated as the Ramp-Up Account, which
shall be maintained with the Custodian in accordance with the Securities Account Control Agreement. The Issuer shall direct the
Collateral Agent to deposit $48,424,921.17 to the Ramp-Up Account on the Closing Date. In connection with any purchase of an additional
Collateral Obligation, the Collateral Agent will apply amounts held in the Ramp-Up Account as provided by Section 7.18(b).
On the Effective Date or upon the occurrence of an Event of Default (and excluding any proceeds that will be used to settle binding
commitments entered into prior to such date), the Collateral Agent will deposit any remaining amounts in the Ramp-Up Account into
the Principal Collection Subaccount as Principal Proceeds. After the Effective Date and on or prior to the Determination Date
related to the second Payment Date (so long as the Target Initial Par Condition has been satisfied, and with respect to any distribution
in connection with clause (b) below, is satisfied on a pro forma basis after giving effect to such distribution, and
a Special Redemption was not required and excluding any proceeds that will be used to settle binding commitments entered into
prior to that date), (a) at the direction of the Collateral Manager the Collateral Agent will deposit any remaining amounts
in the Ramp-Up Account into the Principal Collection Subaccount as Principal Proceeds (except as provided in clause (b) below)
and (b) the Collateral Manager may designate any remaining amounts in the Ramp-Up Account as Interest Proceeds to be deposited
into the Interest Collection Subaccount (amounts so designated as Interest Proceeds, “Designated Unused Proceeds”),
so long as, after giving effect to such designation, the aggregate amount of Designated Principal Proceeds and Designated Unused
Proceeds does not exceed 1.0% of the Target Initial Par Amount (such requirements, the “Effective Date Interest Deposit
Restriction”). Any income earned on amounts deposited in the Ramp-Up Account will be deposited in the Interest Collection
Subaccount as Interest Proceeds.

 

(d)        Expense
Reserve Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, on or prior
to the Closing Date, cause the Collateral Agent to establish at the Custodian a single, segregated non-interest bearing trust account
held in the name of the Collateral Agent, for the benefit of the Secured Parties, which shall be designated as the Expense Reserve
Account, which shall be maintained with the Custodian in accordance with the Securities Account Control Agreement. The Issuer shall
direct the Collateral Agent to deposit $1,100,000 to the Expense Reserve Account. On any Business Day from the Closing Date
to and including the Determination Date relating to the first Payment Date, the Collateral Agent shall apply funds from the Expense
Reserve Account, as directed by the Collateral Manager, to pay expenses of the Issuer incurred in connection with the formation
of the Issuer, the structuring and consummation of the Offering and the issuance of the Debt or to the Collection Account as Interest
Proceeds or Principal Proceeds. By the Determination Date relating to the first Payment Date, all funds in the Expense Reserve
Account (after deducting any expenses paid on such Determination Date) will be deposited in the Collection Account as Interest
Proceeds or Principal Proceeds, as designated by the Collateral Manager, and the Expense Reserve Account will be closed. Any income
earned on amounts deposited in the Expense Reserve Account will be deposited in the Interest Collection Subaccount as Interest
Proceeds as it is received.

 

(e)        Supplemental
Reserve Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, on or prior
to the Closing Date, cause the Collateral Agent to establish at the Custodian a single, segregated non-interest bearing trust account
held in the name of the Collateral Agent, for the benefit of the Secured Parties, which shall be designated as the “Supplemental
Reserve Account,” which shall be held by the Custodian in accordance with the Securities Account Control Agreement. Contributions
of Cash or Eligible Investments, any amounts in connection with an additional issuance of Subordinated Notes only and amounts designated
for deposit into the Supplemental Reserve Account pursuant to Section 11.1(a)(i)(K) will be deposited into the
Supplemental Reserve Account and transferred to the Collection Account at the written direction of the Collateral Manager to the
Collateral Agent for a Permitted Use designated by the applicable Contributor or the Collateral Manager, as applicable, in such
written direction.

 

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(f)         Interest
Reserve Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, on or prior
to the Closing Date, cause the Collateral Agent to establish a single, segregated non-interest bearing trust account in the name
of the Collateral Agent for the benefit of the Secured Parties which will be designated as the “Interest Reserve Account.”
On the Closing Date, the Issuer shall direct the Collateral Agent to deposit an amount equal to the Interest Reserve Amount into
the Interest Reserve Account. On the Determination Date relating to the first Payment Date, the Issuer, at the direction of the
Collateral Manager, shall direct that an amount on deposit in the Interest Reserve Account equal to the lesser of the Interest
Reserve Amount and the amount necessary to cause clauses (A) through (J) of Section 11.1(a)(i) to be
paid on such Payment Date shall be deposited in the Interest Collection Subaccount as Interest Proceeds and the Collateral Manager
may direct that any remaining amounts in the Interest Reserve Account be transferred to the Collection Account and included as
Interest Proceeds or Principal Proceeds on such Payment Date. On the Business Day immediately preceding the first Payment Date,
all amounts on deposit in the Interest Reserve Account will be transferred to the Payment Account and applied as Interest Proceeds
or Principal Proceeds (as directed by the Collateral Manager) in accordance with the Priority of Payments on such Payment Date,
and the Collateral Agent will close the Interest Reserve Account. Prior to the closing of the Interest Reserve Account, any income
earned on amounts deposited in the Interest Reserve Account will be deposited in the Interest Collection Subaccount as Interest
Proceeds as it is paid.

 

Section 10.4       The
Revolver Funding Account. Upon the purchase or acquisition of any Delayed Drawdown Collateral Obligation or Revolving
Collateral Obligation identified by written notice to the Collateral Agent, funds in an amount equal to the undrawn portion of
such obligation shall be withdrawn at the direction of the Collateral Manager first from the Ramp-Up Account and, if necessary,
from the Principal Collection Subaccount and deposited by the Collateral Agent in a single, segregated trust account established
(in accordance with this Indenture and the Securities Account Control Agreement) at the Custodian and held in the name of the
Collateral Agent, for the benefit of the Secured Parties (the “Revolver Funding Account”). Upon initial purchase
or acquisition of any such obligations, funds deposited in the Revolver Funding Account in respect of any Delayed Drawdown Collateral
Obligation or Revolving Collateral Obligation will be treated as part of the purchase price therefor. Amounts on deposit in the
Revolver Funding Account will be invested in overnight funds that are Eligible Investments selected by the Collateral Manager
pursuant to Section 10.6 and earnings from all such investments will be deposited in the Interest Collection
Subaccount as Interest Proceeds.

 

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The Issuer shall, at
all times maintain sufficient funds on deposit in the Revolver Funding Account such that the sum of the amount of funds on deposit
in the Revolver Funding Account shall be equal to or greater than the sum of the unfunded funding obligations under all such Delayed
Drawdown Collateral Obligations and Revolving Collateral Obligations then included in the Assets. Funds shall be deposited in the
Revolver Funding Account upon the purchase of any Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation and
upon the receipt by the Issuer of any Principal Proceeds with respect to a Revolving Collateral Obligation as directed by the Collateral
Manager on behalf of the Issuer. In the event of any shortfall in the Revolver Funding Account, the Collateral Manager (on behalf
of the Issuer) may direct the Collateral Agent to, and the Collateral Agent thereafter shall, transfer funds in an amount equal
to such shortfall from the Principal Collection Subaccount to the Revolver Funding Account.

 

Any funds in the Revolver
Funding Account (other than earnings from Eligible Investments therein) will be treated as Principal Proceeds and will be
available at the direction of the Collateral Manager solely to cover any drawdowns on the Delayed Drawdown Collateral Obligations
and Revolving Collateral Obligations; provided that any excess of (A) the amounts on deposit in the Revolver Funding
Account over (B) the sum of the unfunded funding obligations under all Delayed Drawdown Collateral Obligations and Revolving
Collateral Obligations that are included in the Assets (which excess may occur for any reason, including upon (i) the sale
or maturity of a Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation, (ii) the occurrence of an event
of default with respect to any such Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation or (iii) any
other event or circumstance which results in the irrevocable reduction of the undrawn commitments under such Delayed Drawdown Collateral
Obligation or Revolving Collateral Obligation) may be transferred by the Collateral Agent (at the written direction of the Collateral
Manager on behalf of the Issuer) from time to time as Principal Proceeds to the Principal Collection Subaccount.

 

Section 10.5        Ownership
of the Accounts. For the avoidance of doubt, the Accounts (including income, if any, earned on the investments of funds
in such account) will be owned by the Issuer, for federal income tax purposes. The Issuer is required to provide to the Collateral
Agent (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the Closing Date, and (ii) any additional
IRS forms (or updated versions of any previously submitted IRS forms) or other documentation upon the reasonable request of the
Collateral Agent as may be necessary (i) to reduce or eliminate the imposition of U.S. withholding taxes and (ii) to
permit the Collateral Agent to fulfill its tax reporting obligations under applicable law with respect to the Accounts or any
amounts paid to the Issuer. If any IRS form or other documentation previously delivered becomes inaccurate in any respect, the
Issuer shall timely provide to the Collateral Agent accurately updated and complete versions of such IRS forms or other documentation.
The Bank, both in its individual capacity and in its capacity as Collateral Agent, shall have no liability to the Issuer or any
other person in connection with any tax withholding amounts paid or withheld from the Accounts pursuant to applicable law arising
from the Issuer’s failure to timely provide an accurate, correct and complete IRS Form W-9, an appropriate IRS Form W-8
or such other documentation contemplated under this paragraph. For the avoidance of doubt, no funds shall be invested with respect
to such Accounts absent the Collateral Agent having first received (i) the requisite written investment direction with respect
to the investment of such funds, and (ii) the IRS forms and other documentation required by this paragraph.

 

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Section 10.6       Reinvestment
of Funds in Accounts; Reports by Collateral Agent. (a) By Issuer Order (which may be in the form of standing instructions),
the Issuer (or the Collateral Manager on behalf of the Issuer) shall at all times direct the Collateral Agent to, and, upon
receipt of such Issuer Order, the Collateral Agent shall, invest all funds on deposit in the Collection Account, the Ramp-Up Account,
the Interest Reserve Account, the Revolver Funding Account, the Expense Reserve Account and the Supplemental Reserve Account,
as so directed in Eligible Investments having stated maturities no later than the Business Day preceding the next Payment Date
(or such shorter maturities expressly provided herein). If prior to the occurrence of an Event of Default, the Issuer shall not
have given any such investment directions, the Collateral Agent shall seek instructions from the Collateral Manager within three
Business Days after transfer of any funds to such accounts. If the Collateral Agent does not thereafter receive written instructions
from the Collateral Manager within five Business Days after transfer of such funds to such accounts, it shall invest and reinvest
the funds held in such accounts, as fully as practicable, in the Standby Directed Investment. If after the occurrence of an Event
of Default, the Issuer shall not have given such investment directions to the Collateral Agent for three consecutive days, the
Collateral Agent shall invest and reinvest such Cash as fully as practicable in the Standby Directed Investment. Except to the
extent expressly provided otherwise herein, all interest and other income from such investments shall be deposited in the Interest
Collection Subaccount, any gain realized from such investments shall be credited to the Principal Collection Subaccount upon receipt,
and any loss resulting from such investments shall be charged to the Principal Collection Subaccount. The Collateral Agent shall
not in any way be held liable by reason of any insufficiency of such accounts which results from any loss relating to any such
investment; provided that nothing herein shall relieve the Bank of (i) its obligations or liabilities under any security
or obligation issued by the Bank or any Affiliate thereof or (ii) liability for any loss resulting from gross negligence,
willful misconduct or fraud on the part of the Bank or any Affiliate thereof.

 

(b)        The
Collateral Agent agrees to give the Issuer immediate notice if any Account or any funds on deposit in any Account, or otherwise
to the credit of an Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process.

 

(c)         The
Collateral Agent shall supply, in a timely fashion, to the Issuer, the Rating Agency and the Collateral Manager any information
regularly maintained by the Collateral Agent that the Issuer, the Rating Agency or the Collateral Manager may from time to time
reasonably request with respect to the Assets, the Accounts and the other Assets and provide any other requested information reasonably
available to the Collateral Agent by reason of its acting as Collateral Agent hereunder and required to be provided by Section 10.7 or
to permit the Collateral Manager to perform its obligations under the Collateral Management Agreement or the Issuer’s obligations
hereunder that have been delegated to the Collateral Manager. The Collateral Agent shall promptly forward to the Collateral Manager
copies of notices and other writings received by it from the obligor or issuer of any Asset or from any Clearing Agency with respect
to any Asset which notices or writings advise the holders of such Asset of any rights that the holders might have with respect
thereto (including, without limitation, requests to vote with respect to amendments or waivers and notices of prepayments and redemptions) as
well as all periodic financial reports received from such obligor or issuer and Clearing Agencies with respect to such issuer.

 

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Section 10.7       Accountings.

 

(a)        Monthly.
Not later than the 5th calendar day (or, if such day is not a Business Day, on the next succeeding Business Day) of each calendar
month (other than any month for which a Distribution Report is prepared and made available) and commencing in November 2020,
the Issuer shall compile and make available (or cause to be compiled and made available) to the Rating Agency, the Collateral
Agent, the Loan Agent, the Collateral Manager, the Initial Purchaser, any Holder shown on the Register of Debt and any beneficial
owner of Debt who has delivered a Beneficial Ownership Certificate to the Trustee a monthly report on a settlement date basis (except
as otherwise expressly provided in this Indenture) (each such report a “Monthly Report”). As used herein, the
“Monthly Report Determination Date” with respect to any calendar month will be the tenth Business Day prior
to the 5th calendar day of such calendar month. The Monthly Report for a calendar month shall contain the following information
with respect to the Collateral Obligations and Eligible Investments included in the Assets, and shall be determined as of the Monthly
Report Determination Date for such calendar month:

 

(i)            Aggregate
Principal Balance of Collateral Obligations, the aggregate outstanding principal balance of Collateral Obligations, the aggregate
unfunded commitments of the Collateral Obligations, any capitalized interest on the Collateral Obligations and Eligible Investments
representing Principal Proceeds.

 

(ii)           Adjusted
Collateral Principal Amount of Collateral Obligations.

 

(iii)          Collateral
Principal Amount of Collateral Obligations.

 

(iv)          A
list of Collateral Obligations, including, with respect to each such Collateral Obligation, the following information:

 

(A)            The
obligor thereon (including the issuer ticker, if any);

 

(B)            The
CUSIP, LoanX-ID (if any) or security identifier thereof;

 

(C)            The
Principal Balance thereof, the outstanding principal balance thereof (in each case, other than any accrued interest that was purchased
with Principal Proceeds (but excluding any capitalized interest)) and any unfunded commitment pertaining thereto;

 

(D)            The
percentage of the aggregate Collateral Principal Amount represented by such Collateral Obligation;

 

(E)            (x) The
related interest rate or spread (in the case of a LIBOR Floor Obligation, calculated both with and without regard to the applicable
specified “floor” rate per annum), (y) if such Collateral Obligation is a LIBOR Floor Obligation, the related
LIBOR floor and (z) the identity of any Collateral Obligation that is not a LIBOR Floor Obligation and for which interest
is calculated with respect to any index other than LIBOR;

 

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(F)             The
stated maturity thereof;

 

(G)            The
related S&P Industry Classification;

 

(H)            The
S&P Rating;

 

(I)              The
country of Domicile;

 

(J)              An
indication as to whether each such Collateral Obligation is (1) a Senior Secured Loan, (2) a Second Lien Loan, (3) a
Defaulted Obligation, (4) a Delayed Drawdown Collateral Obligation, (5) a Revolving Collateral Obligation, (6) a
Participation Interest (indicating the related Selling Institution, if applicable, and its ratings by the Rating Agency), (7) a
Permitted Deferrable Obligation, (8) a Fixed Rate Obligation, (9) a Current Pay Obligation, (10) a DIP Collateral
Obligation, (11) a Discount Obligation, (12) a Discount Obligation purchased in the manner described in clause (y) of
the proviso to the definition “Discount Obligation”, (13) a Cov-Lite Loan, (14) a First-Lien Last-Out Loan, (15) a
Senior Syndicated Secured Loan, (16) a Long-Dated Obligation or (17) a Broadly Syndicated Loan or, if not a Broadly Syndicated
Loan, a Middle Market Loan;

 

(K)            With
respect to each Collateral Obligation that is a Discount Obligation purchased in the manner described in clause (y) of
the proviso to the definition “Discount Obligation”;

 

(I)            the
identity of the Collateral Obligation (including whether such Collateral Obligation was classified as a Discount Obligation at
the time of its original purchase) the proceeds of whose sale are used to purchase the purchased Collateral Obligation;

 

(II)          the
purchase price (as a percentage of par) of the purchased Collateral Obligation and the sale price (as a percentage of par) of the
Collateral Obligation the proceeds of whose sale are used to purchase the purchased Collateral Obligation; and

 

(III)         the
Aggregate Principal Balance of Collateral Obligations that have been excluded from the definition of “Discount Obligation”
and relevant calculations indicating whether such amount is in compliance with the limitations described in clauses (z)(A) and
(z)(B) of the proviso to the definition of “Discount Obligation.”

 

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(L)             The
Principal Balance of each Cov-Lite Loan and the Aggregate Principal Balance of all Cov-Lite Loans;

 

(M)           The
S&P Recovery Rate; and

 

(N)            The
date of the credit estimate of such Collateral Obligation.

 

(v)           If
the Monthly Report Determination Date occurs on or after the Effective Date and prior to the last day of the Reinvestment Period,
for each of the limitations and tests specified in the definitions of Concentration Limitations and Collateral Quality Tests, (1) the
result (including, during any S&P CDO Formula Election Period, calculation of each of the S&P CDO Monitor Benchmarks),
(2) the related minimum or maximum test level and (3) a determination as to whether such result satisfies the related
test.

 

(vi)          The
calculation of each of the following:

 

(A)            Each
Interest Coverage Ratio (and setting forth the percentage required to satisfy each Interest Coverage Test);

 

(B)             Each
Overcollateralization Ratio (and setting forth the percentage required to satisfy each Overcollateralization Ratio Test);

 

(C)            The
Weighted Average Coupon; and

 

(D)            The
Weighted Average Floating Spread.

 

(vii)        The
calculation specified in Section 5.1(g).

 

(viii)        For
each Account, a schedule showing the beginning balance, each credit or debit specifying the nature, source and amount, and the
ending balance.

 

(ix)          A
schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the date of determination
of the immediately preceding Monthly Report, and the ending balance for the current Measurement Date:

 

(A)            Interest
Proceeds from Collateral Obligations; and

 

(B)             Interest
Proceeds from Eligible Investments.

 

(x)            Purchases,
payments, and sales:

 

(A)            The
identity, Principal Balance and outstanding principal balance (in each case other than any accrued interest that was purchased
with Principal Proceeds (but excluding any capitalized interest)), unfunded commitment (if any), capitalized interest (if any),
Principal Proceeds and Interest Proceeds received, and date for each Collateral Obligation that was released for sale or disposition
pursuant to Section 12.1 since the last Monthly Report Determination Date and whether such Collateral Obligation
was a Credit Risk Obligation or a Credit Improved Obligation, and whether the sale of such Collateral Obligation was a discretionary
sale and;

 

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(B)            The
identity, Principal Balance and outstanding principal balance (in each case other than any accrued interest that was purchased
with Principal Proceeds (but excluding any capitalized interest)), unfunded commitment (if any), Principal Proceeds and Interest
Proceeds received, and date for each Collateral Obligation that was substituted or repurchased pursuant to Section 12.3
since the last Monthly Report Determination Date, all as reported to the Collateral Agent by the Collateral Manager at the time
of such repurchase or substitution; and

 

(C)            The
identity, Principal Balance and outstanding principal balance (in each case other than any accrued interest that was purchased
with Principal Proceeds (but excluding any capitalized interest)), unfunded commitment (if any), capitalized interest (if any)
and Principal Proceeds and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant to Section 12.2
since the last Monthly Report Determination Date.

 

(xi)          The
identity of each Defaulted Obligation, the S&P Collateral Value and the Market Value of each such Defaulted Obligation and
date of default thereof.

 

(xii)         The
identity of each Collateral Obligation with an S&P Rating of “CCC+” or below and the Market Value of each such
Collateral Obligation.

 

(xiii)        The
identity of each Deferring Obligation, the S&P Collateral Value and the Market Value of each Deferring Obligation, and the
date on which interest was last paid in full in Cash thereon.

 

(xiv)        The
identity of each Current Pay Obligation, the Market Value of each such Current Pay Obligation, and the percentage of the Collateral
Principal Amount comprised of Current Pay Obligations.

 

(xv)          [Reserved].

 

(xvi)        The
percentage of the Collateral Principal Amount comprised of Broadly Syndicated Loans (which percentage shall be reflected on the
summary page of the Monthly Report).

 

(xvii)       A
copy of the notice provided by the Collateral Manager pursuant to Section 12.2(b) hereof setting forth the details
of any Trading Plan (including, the proposed amendments and/or proposed investments identified by the Collateral Manager for acquisition
or entry, as applicable, as part of such Trading Plan (which details shall be reported on a dedicated page of the Monthly
Report)) and the occurrence of the event, if any, described in clause (v) of the proviso to Section 12.2(b).

 

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(xviii)      Based
solely on the confirmation given by the Issuer, or the Collateral Manager on behalf of the Issuer, to the Collateral Administrator,
the Trustee and the Collateral Agent (for the benefit of the Holders), on which the Collateral Administrator, the Collateral Agent,
the Loan Agent and the Trustee may conclusively rely, a statement as to whether the E.U. Retention Provider has confirmed it is
in compliance with the requirements set forth in paragraph 1 of the E.U. Risk Retention Letter.

 

(xix)        The
S&P Equivalent Weighted Average Rating Factor and S&P Equivalent Diversity Score.

 

(xx)          For
each Account, (i) the name of the financial institution that holds such Account and (ii) the applicable ratings by S&P
required under Section 10.1(a) for such institution.

 

(xxi)         Notice
of any Exception that became effective since the last Monthly Report Determination Date, as provided by the Collateral Manager.

 

(xxii)        Such
other information as the Rating Agency or the Collateral Manager may reasonably request.

 

For each instance in which the
Market Value is reported pursuant to the foregoing, the Monthly Report shall also indicate the manner in which such Market Value
was determined and the source(s) (if applicable) used in such determination, as provided by the Collateral Manager.

 

Upon receipt of each Monthly
Report, the Collateral Agent shall (a) if the relevant Monthly Report Determination Date occurred on or prior to the last
day of the Reinvestment Period, notify the Issuer (who shall notify S&P) if such Monthly Report indicates that the S&P
CDO Monitor Test has not been satisfied as of the relevant Measurement Date and (b) compare the information contained in such
Monthly Report to the information contained in its records with respect to the Assets and shall, within three Business Days after
receipt of such Monthly Report, notify the Issuer, the Collateral Administrator, the Rating Agency and the Collateral Manager if
the information contained in the Monthly Report does not conform to the information maintained by the Collateral Agent with respect
to the Assets. If any discrepancy exists, the Collateral Administrator and the Issuer, or the Collateral Manager on behalf of the
Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Collateral Agent shall within
ten (10) Business Days notify the Collateral Manager who shall, on behalf of the Issuer, request that the Independent accountants
appointed by the Issuer pursuant to Section 10.9 perform agreed upon procedures on such Monthly Report and the
Collateral Agent’s records to determine the cause of such discrepancy. If such review reveals an error in the Monthly Report
or the Collateral Agent’s records, the Monthly Report or the Collateral Agent’s records shall be revised accordingly
and, as so revised, shall be utilized in making all calculations pursuant to this Indenture and notice of any error in the Monthly
Report shall be sent as soon as practicable by the Issuer to all recipients of such report which may be accomplished by making
a notation of such error in the subsequent Monthly Report.

 

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(b)        Payment
Date Accounting. The Issuer shall render an accounting (each a “Distribution Report”), determined as of
the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to
the Trustee, the Collateral Agent, the Loan Agent, the Collateral Manager, the Initial Purchaser, the Rating Agency, any Holder
shown on the Register of a Note and any beneficial owner of a Note who has delivered a Beneficial Ownership Certificate to the
Trustee not later than the Business Day preceding the related Payment Date. The Distribution Report shall contain the following
information:

 

(i)            the
information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date
is not also a Re-Pricing Date or Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing
in each case in whole but not in part;

 

(ii)           (a) the
Aggregate Outstanding Amount of the Secured Debt of each Class at the beginning of the Interest Accrual Period and such amount
as a percentage of the original Aggregate Outstanding Amount of the Secured Debt of such Class, (b) the amount of principal
payments to be made on the Secured Debt of each Class on the next Payment Date, the amount of any Deferred Interest on the
Class C Notes and the Aggregate Outstanding Amount of the Secured Debt of each Class after giving effect to the principal
payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the
Secured Debt of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the
Interest Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes,
the amount of payments, if any, to be made on the Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount
of the Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage
of the original Aggregate Outstanding Amount of the Subordinated Notes;

 

(iii)          the
Interest Rate and accrued interest for each applicable Class of Secured Debt for such Payment Date;

 

(iv)          the
amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or
each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date;

 

(v)           for
the Collection Account:

 

(A)            the
Balance on deposit in the Collection Account at the end of the related Collection Period (or, with respect to the Interest Collection
Subaccount, the next Business Day);

 

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(B)            the
amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and
Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest
in additional Collateral Obligations pursuant to Article XII); and

 

(C)            the
Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and

 

(vi)          [reserved];

 

(vii)         such
other information as the Collateral Manager may reasonably request.

 

Each Distribution Report shall
constitute instructions to the Collateral Agent to withdraw funds from the Payment Account and pay or transfer such amounts set
forth in such Distribution Report in the manner specified and in accordance with the priorities established in Section 11.1
and Article XIII.

 

(c)        Interest
Rate Notice. The Issuer (or the Collateral Administrator on behalf of the Issuer) shall include in the Monthly Report a notice
setting forth the Interest Rate for each Class of Secured Debt for the Interest Accrual Period preceding the next Payment
Date.

 

(d)        Failure
to Provide Accounting. If the Collateral Agent shall not have received any accounting provided for in this Section 10.7
on the first Business Day after the date on which such accounting is due to the Collateral Agent, the Collateral Agent shall notify
the Collateral Manager who shall use all reasonable efforts to obtain such accounting by the applicable Payment Date. To the extent
the Collateral Manager is required to provide any information or reports pursuant to this Section 10.7 as a result
of the failure of the Issuer to provide such information or reports, the Collateral Manager shall be entitled to retain an Independent
certified public accountant in connection therewith and the reasonable costs incurred by the Collateral Manager for such Independent
certified public accountant shall be paid by the Issuer.

 

(e)        Required
Content of Certain Reports. Each Monthly Report and each Distribution Report sent to any Holder or beneficial owner of an interest
in Debt shall contain, or be accompanied by, the following notices:

 

The Debt may be beneficially
owned only by Persons that (a) in the case of the Secured Debt (i) are Qualified Purchasers that are not U.S. persons
(within the meaning of Regulation S under the United States Securities Act of 1933, as amended) and are purchasing their
beneficial interest in an offshore transaction (as defined in Regulation S) or (ii) are Qualified Institutional Buyers or
Institutional Accredited Investors and Qualified Purchasers (or corporations, partnerships, limited liability companies or other
entities (other than trusts) each shareholder, partner, member or other equity owner of which is either a Qualified Purchaser)
or (b) in the case of the Subordinated Notes, are Qualified Institutional Buyers or Accredited Investors and either Qualified
Purchasers, Knowledgeable Employees with respect to the Issuer, the Collateral Manager or corporations, partnerships, limited liability
companies or other entities (other than trusts) each shareholder, partner, member or other equity owner of which is either
a Qualified Purchaser or a Knowledgeable Employee with respect to the Issuer or Collateral Manager and (c) in the case of
clauses (a) and (b), can make the representations set forth in Section 2.5 of this Indenture or the appropriate
Exhibit to this Indenture.

 

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Each holder receiving this report
agrees to keep all non-public information herein confidential and not to use such information for any purpose other than its evaluation
of its investment in the Debt; provided that any holder may provide such information on a confidential basis to any prospective
purchaser of such holder’s Debt that is permitted by the terms of this Indenture to acquire such holder’s Debt and
that agrees to keep such information confidential in accordance with the terms of this Indenture.

 

(f)         Initial
Purchaser Information. The Issuer and the Initial Purchaser, or any successor to the Initial Purchaser, may post the information
contained in a Monthly Report or Distribution Report to a password-protected internet site accessible only to the Holders of the
Debt and to the Collateral Manager.

 

(g)        Distribution
of Reports. The Trustee will make the Monthly Report, the Distribution Report, any Redemption Distribution Direction and any
notices or communications required to be delivered to the Holders in accordance with this Indenture available via its internet
website. The Trustee’s internet website shall initially be located at https://tss.sfs.db.com/investpublic/. The Trustee shall
have the right to change the way such statements are distributed in order to make such distribution more convenient and/or more
accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties regarding any
such changes. As a condition to access to the Trustee’s internet website, the Trustee may require registration and the acceptance
of a disclaimer. The Trustee shall be entitled to rely on but shall not be responsible for the content or accuracy of any information
provided in the Monthly Report and the Distribution Report which the Trustee disseminates in accordance with this Indenture and
may affix thereto any disclaimer it deems appropriate in its reasonable discretion.

 

(h)        In
the event that the Collateral Agent receives instructions to effect a securities transaction as contemplated in 12 C.F.R. 12.1,
the Issuer acknowledges that, upon its written request and at no additional cost, it has the right to receive notification from
the Collateral Agent after the completion of such transaction as contemplated in 12 C.F.R. 12.4(a) or (b), the Issuer agrees
that, absent a specific request, such notification shall not be provided by the Collateral Agent hereof and, in lieu of such notifications,
the Collateral Agent shall make available each Monthly Report and Distribution Report in the manner required by this Indenture.

 

(i)         The
Trustee is hereby authorized and directed to make available to Intex Solutions, Inc. and Moody’s Analytics, Inc.
each Monthly Report and Distribution Report.

 

(j)         “Fair
Value” Report. The Issuer authorizes and directs the Collateral Agent to make available to Holders via the Collateral
Agent’s internet website any “fair value” report provided to the Collateral Agent by the Issuer for posting in
connection with the U.S. Risk Retention Rules and provided to the Collateral Agent for posting to the website. Notwithstanding
anything herein to the contrary, it is understood and agreed that neither the Trustee nor the Collateral Agent (i) has participated
in the preparation of any such report or the information contained therein and (ii) is responsible for, and is not making
any representation concerning, the accuracy or completeness of such report or the information contained therein, including, without
limitation, in respect of the fair value of any Notes identified therein or any assumptions, discount factors or other variables
used to determine any such fair value.

 

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(k)        Redemption
Distribution Direction. The Issuer shall render an accounting (each a “Redemption Distribution Direction”),
determined as of the close of business on each Determination Date preceding a Redemption Distribution Date, and shall make available
such Redemption Distribution Direction available to the Collateral Manager and the Collateral Agent setting forth the amounts payable
pursuant to each applicable clause of Section 11.1(a)(i) and Section 11.1(a)(ii), as applicable, on
the related Redemption Distribution Date. Each Redemption Distribution Direction shall constitute instructions to the Collateral
Agent to withdraw funds from the Payment Account and pay or transfer such amounts set forth in such Redemption Distribution Direction
in the manner specified and in accordance with the priorities established in Section 11.1 and Article XIII.
No Redemption Distribution Direction will be required to be reviewed by the Independent accountants appointed pursuant to this
Indenture.

 

Section 10.8       Release
of Assets. (a) Subject to Article XII, the Issuer may, by Issuer Order executed by an Officer of the
Collateral Manager, delivered to the Collateral Agent at least one Business Day prior to the settlement date for any sale of an
Asset certifying that the sale, repurchase or substitution of such Asset is being made in accordance with Section 12.1
hereof and such sale, repurchase or substitution complies with all applicable requirements of Section 12.1 (which
certification shall be deemed to be made upon delivery of such Issuer Order or trade continuation in respect of such sale) (provided
that if an Enforcement Event has occurred and is continuing, neither the Issuer nor the Collateral Manager (on behalf of the
Issuer) may direct the Collateral Agent to release or cause to be released such Asset from the lien of this Indenture pursuant
to a sale under Section 12.1(e), Section 12.1(f) or Section 12.1(g) unless the sale
of such Asset is permitted pursuant to Section 12.3(c)), direct the Collateral Agent to release or cause to be released
such Asset from the lien of this Indenture and, upon receipt of such Issuer Order, the Collateral Agent shall deliver any such
Asset, if in physical form, duly endorsed to the broker or purchaser designated in such Issuer Order or, if such Asset is a Clearing
Corporation Security, cause an appropriate transfer thereof to be made, in each case against receipt of the sales price therefor
as specified by the Collateral Manager in such Issuer Order; provided that the Collateral Agent may deliver any such Asset
in physical form for examination in accordance with industry custom.

 

(b)       Subject
to the terms of this Indenture, the Collateral Agent shall upon an Issuer Order (i) deliver any Asset, and release or cause
to be released such Asset from the lien of this Indenture, which is set for any mandatory call or redemption or payment in full
to the appropriate payor or paying agent, as applicable, on or before the date set for such call, redemption or payment, in each
case against receipt of the call or redemption price or payment in full thereof and (ii) provide notice thereof to the Collateral
Manager.

 

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(c)        Upon
receiving actual notice of any Offer or any request for a waiver, direction, consent, amendment or other modification or action
with respect to any Asset, the Collateral Agent on behalf of the Issuer shall notify the Collateral Manager of any Asset that
is subject to a tender offer, voluntary redemption, exchange offer, conversion or other similar action (an “Offer”) or
such request. Unless the Debt has been accelerated following an Event of Default, the Collateral Manager may, by Issuer Order,
direct (x) the Collateral Agent to accept or participate in or decline or refuse to participate in such Offer and, in the
case of acceptance or participation, to release from the lien of this Indenture such Asset in accordance with the terms of the
Offer against receipt of payment therefor, or (y) the Issuer or the Collateral Agent to agree to or otherwise act with respect
to such consent, direction, waiver, amendment, modification or action; provided that in the absence of any such direction,
the Collateral Agent shall not respond or react to such Offer or request.

 

(d)       As
provided in Section 10.2(a), the Collateral Agent shall deposit any proceeds received by it from the disposition or
replacement of an Asset in the applicable subaccount of the Collection Account, unless simultaneously applied to the purchase
of additional Collateral Obligations or Eligible Investments as permitted under and in accordance with the requirements of this
Article X and Article XII.

 

(e)       The
Collateral Agent shall, upon receipt of an Issuer Order at such time as there is no Secured Debt Outstanding and all obligations
of the Issuer hereunder have been satisfied, release any remaining Assets from the lien of this Indenture.

 

(f)        Any
security, Collateral Obligation or amounts that are released pursuant to Section 10.8(a), (b) or (c) shall
be released from the lien of this Indenture.

 

(g)       Any
amounts paid from the Payment Account to the Holders of the Subordinated Notes in accordance with the Priority of Payments shall
be released from the lien of this Indenture.

 

Section 10.9       Reports
by Independent Accountants. (a) At the Closing Date, the Issuer shall appoint one or more firms of Independent
certified public accountants of recognized international reputation for purposes of reviewing and delivering the reports or certificates
of such accountants required by this Indenture, which may be the firm of Independent certified public accountants that performs
accounting services for the Issuer or the Collateral Manager. The Issuer may remove any firm of Independent certified public accountants
at any time without the consent of any Holder of Debt. Upon any resignation by such firm or removal of such firm by the Issuer,
the Issuer (or the Collateral Manager on behalf of the Issuer) shall promptly appoint by Issuer Order delivered to the Collateral
Agent and the Rating Agency a successor thereto that shall also be a firm of Independent certified public accountants of recognized
international reputation, which may be a firm of Independent certified public accountants that performs accounting services for
the Issuer or the Collateral Manager. If the Issuer shall fail to appoint a successor to a firm of Independent certified public
accountants which has resigned within 30 days after such resignation, the Issuer shall promptly notify the Collateral Agent
of such failure in writing. If the Issuer shall not have appointed a successor within ten days thereafter, the Collateral Agent
shall promptly notify the Collateral Manager, who shall appoint a successor firm of Independent certified public accountants of
recognized international reputation. The fees of such Independent certified public accountants and its successor shall be payable
by the Issuer. In the event such firm requires the Bank in any of its capacities to agree to the procedures performed by such
firm, the Issuer hereby directs the Bank to so agree, which acknowledgment or agreement may include, among other things, (i) acknowledgment
of the responsibility for the sufficiency of the procedures to be performed by the Independent accountants for its purposes, (ii) releases
by the Bank (on behalf of itself and the Holders) of claims against the Independent accountants and acknowledgement of other limitations
of liability in favor of the Independent accountants and (iii) restrictions or prohibitions on the disclosure of information
or documents provided to it by such firm of Independent accountants (including to the Holders). It is understood and agreed that
the Bank will deliver such letter of agreement in conclusive reliance on the foregoing direction of the Issuer, and the Bank shall
not make any inquiry or investigation as to, and shall have no obligation in respect of, the sufficiency, validity or correctness
of such procedures. The Bank shall not be required to make any such agreements that adversely affect the Bank in its individual
capacity.

 

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(b)        On
or before December 31 of each year commencing in 2021, the Issuer shall cause to be delivered to the Collateral Agent, the
Collateral Manager and each Holder of the Debt upon written request therefor and subject to the execution of an agreement with
the Independent certified public accountants, a report from a firm of Independent certified public accountants for each Distribution
Report occurring in February and August of each year (i) indicating that such firm has performed agreed-upon procedures
to recalculate certain of the calculations within those Distribution Reports (excluding the S&P CDO Monitor Test) have been
performed in accordance with the applicable provisions of this Indenture and (ii) listing the Aggregate Principal Balance
of the Assets and the Aggregate Principal Balance of the Collateral Obligations securing the Secured Debt as of the relevant Determination
Dates; provided that in the event of a conflict between such firm of Independent certified public accountants and the Issuer
with respect to any matter in this Section 10.9, the determination by such firm of Independent public accountants shall
be conclusive.

 

(c)        Upon
the written request of the Collateral Agent, or any Holder of a Subordinated Note (and subject to the execution of an agreement
with the firm of Independent certified public accountants), the Issuer will cause the firm of Independent certified public accountants
appointed pursuant to Section 10.9(a) to provide any Holder of Subordinated Notes with all of the information
required to be provided by the Issuer or pursuant to Section 7.17 or assist the Issuer in the preparation thereof.

 

Section 10.10     Reports
to the Rating Agency and Additional Recipients. In addition to the information and reports specifically required to
be provided to the Rating Agency pursuant to the terms of this Indenture, the Issuer shall provide the Rating Agency with all
information or reports delivered to the Collateral Agent hereunder (with the exception of any accountants’ reports or any
Accountants’ Report) and such additional information as the Rating Agency may from time to time reasonably request (including
notification to the Rating Agency of any modification of any loan document relating to a DIP Collateral Obligation or any release
of collateral thereunder not permitted by such loan documentation but excluding any accountants’ reports or any Accountants’
Report). With respect to credit estimates, the Issuer shall provide notification to S&P of any material modification that
would result in substantial changes to the terms of any loan document relating to a Collateral Obligation or any release of collateral
thereunder not permitted by such loan documentation if the Collateral Manager reasonably determines that such notice is required
in accordance with S&P’s publication on credit estimates titled “What Are Credit Estimates And How Do They
Differ From Ratings?” dated April 2011 (as the same may be amended or updated from time to time). Within 10 Business
Days after the Effective Date, together with each Monthly Report and on each Payment Date, the Issuer shall provide to the Rating
Agency, via e-mail in accordance with Section 14.3(a), a Microsoft Excel file of the Excel Default Model Input File
and, with respect to each Collateral Obligation, the name of each obligor or issuer thereof, the CUSIP number thereof (if applicable)
and the Priority Category thereof. In accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and
unedited form which includes the Accountants’ Effective Date Comparison AUP Report as an attachment, will be provided by
the Independent accountants to the Issuer and the Information Agent who will post such Form 15-E, except for the redaction
of any sensitive information by the Issuer, on the Issuer’s Website. Copies of the Accountants’ Effective Date Recalculation
AUP Report or any other agreed-upon procedures report provided by the Independent accountants to the Issuer will not be provided
to any other party including the Rating Agency or posted on the Issuer’s Website (other than as provided in any access letter
between such Person and the accountants).

 

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Section 10.11      Procedures
Relating to the Establishment of Accounts Controlled by the Collateral Agent. Notwithstanding anything else contained
herein, the Issuer agrees that with respect to each of the Accounts, it will cause each Securities Intermediary establishing such
accounts to enter into a securities account control agreement and, if the Securities Intermediary is the Bank, shall cause the
Bank to comply with the provisions of such securities account control agreement. The Collateral Agent shall have the right to
open such subaccounts of any such account as it deems necessary or appropriate for convenience of administration.

 

Section 10.12      Section 3(c)(7) Procedures.
For so long as any Debt is Outstanding, the Issuer shall do the following:

 

(a)        Notification.
Each Monthly Report sent or caused to be sent by the Issuer to the Holders will include a notice to the following effect:

 

“The
Investment Company Act of 1940, as amended (the “1940 Act”), requires that all holders of the outstanding securities
of the Issuer that are U.S. persons (as defined in Regulation S) be “Qualified Purchasers” (“Qualified Purchasers”)
as defined in Section 2(a)(51)(A) of the 1940 Act and related rules. Under the rules, the Issuer must have a “reasonable
belief” that all holders of its outstanding securities that are “U.S. persons” (as defined in Regulation S),
including transferees, are Qualified Purchasers. Consequently, all sales and resales of the Debt in the United States or to “U.S.
persons” (as defined in Regulation S) must be made solely to purchasers that are Qualified Purchasers. Each purchaser of
Secured Debt in the United States who is a “U.S. person” (as defined in Regulation S) (such Debt a “Restricted
Secured Debt”) will be deemed (or required, as the case may be) to represent at the time of purchase that: (i) the
purchaser is a Qualified Purchaser who is either (x) an institutional accredited investor (“IAI”) within
the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities
Act”) or (y) a qualified institutional buyer as defined in Rule 144A under the Securities Act (“QIB”);
(ii) the purchaser is acting for its own account or the account of another Qualified Purchaser and QIB/IAI (as applicable);
(iii) the purchaser is not formed for the purpose of investing in the Issuer; (iv) the purchaser, and each account for
which it is purchasing, will hold and transfer at least the minimum denominations of the Debt specified herein; (v) the purchaser
understands that the Issuer may receive a list of participants holding positions in securities from one or more book-entry depositories;
and (vi) the purchaser will provide written notice of the foregoing, and of any applicable restrictions on transfer, to any
subsequent transferees. The Restricted Secured Debt may only be transferred to another Qualified Purchaser and QIB/IAI (as applicable)
and all subsequent transferees are deemed to have made representations (i) through (vi) above. Each purchaser of a Subordinated
Note in the United States who is a “U.S. person” (as defined in Regulation S) (such Note a “Restricted Subordinated
Note”) will be required to represent at the time of purchase that: (a) the purchaser is a Qualified Purchaser who
is either (x) an accredited investor (“AI”) within the meaning of Rule 501 under the Securities Act
or (y) a QIB; (b) the purchaser is acting for its own account or the account of another Qualified Purchaser and QIB/AI
(as applicable); (c) the purchaser is not formed for the purpose of investing in the Issuer; (d) the purchaser, and each
account for which it is purchasing, will hold and transfer at least the minimum denominations of the Debt specified herein; (e) the
purchaser understands that the Issuer may receive a list of participants holding positions in securities from one or more book-entry
depositories; and (f) the purchaser will provide written notice of the foregoing, and of any applicable restrictions on transfer,
to any subsequent transferees. The Restricted Subordinated Notes may only be transferred to another Qualified Purchaser and QIB/AI
(as applicable) and all subsequent transferees are deemed to have made representations (a) through (f) above.”

 

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“The
Issuer directs that the recipient of this notice, and any recipient of a copy of this notice, provide a copy to any Person having
an interest in this Note as indicated on the books of DTC or on the books of a participant in DTC or on the books of an indirect
participant for which such participant in DTC acts as agent.”

 

“The
Indenture provides that if, notwithstanding the restrictions on transfer contained therein, the Issuer determines that any holder
of, or beneficial owner of an interest in Restricted Secured Debt or a Restricted Subordinated Note is a “U.S. person”
(as defined in Regulation S) who is determined not to have been a Qualified Purchaser at the time of acquisition of such Restricted
Secured Debt or Restricted Subordinated Note, as applicable, or beneficial interest therein, the Issuer may require, by notice
to such Holder or beneficial owner, that such Holder or beneficial owner sell all of its right, title and interest to such Restricted
Secured Debt or a Restricted Subordinated Note, as applicable, (or any interest therein) to a Person that is either (x) in
the case of the Secured Debt, not a “U.S. person” (as defined in Regulation S) or (y) a Qualified Purchaser who
is either an IAI (or, in the case of the Subordinated Notes, another AI) or a QIB (as applicable), with such sale to be effected
within 30 days after notice of such sale requirement is given. If such holder or beneficial owner fails to effect the transfer
required within such 30-day period, (i) the Issuer or the Collateral Manager acting for the Issuer, without further notice
to such holder, shall and is hereby irrevocably authorized by such holder or beneficial owner, to cause its Restricted Secured
Debt or Restricted Subordinated Note, as applicable, or beneficial interest therein to be transferred in a commercially reasonable
sale (conducted by the Collateral Manager in accordance with Article 9 of the UCC as in effect in the State of New York as
applied to securities that are sold on a recognized market or that may decline speedily in value) to a Person that certifies to
the Trustee, the Issuer, the Collateral Agent and the Collateral Manager, in connection with such transfer, that such Person meets
the qualifications set forth in clauses (x) and (y) above and (ii) pending such transfer, no further payments will
be made in respect of such Restricted Secured Debt or Restricted Subordinated Note, as applicable, or beneficial interest therein
held by such holder or beneficial owner.”

 

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(b)        DTC
Actions. The Issuer will direct DTC to take the following steps in connection with the Global Secured Notes:

 

(i)            The
Issuer will direct DTC to include the marker “3c7” in the DTC 20-character security descriptor and the 48-character
additional descriptor for the Global Secured Notes in order to indicate that sales are limited to Qualified Purchasers.

 

(ii)           The
Issuer will direct DTC to cause each physical deliver order ticket that is delivered by DTC to purchasers to contain the 20-character
security descriptor. The Issuer will direct DTC to cause each deliver order ticket that is delivered by DTC to purchasers in electronic
form to contain a “3c7” indicator and a related user manual for participants. Such user manual will contain a description
of the relevant restrictions imposed by Section 3(c)(7).

 

(iii)           On
or prior to the Closing Date, the Issuer will instruct DTC to send a Section 3(c)(7) Notice to all DTC participants in
connection with the offering of the Global Secured Notes.

 

(iv)          In
addition to the obligations of the Registrar set forth in Section 2.5, the Issuer will from time to time (upon the
request of the Trustee or the Collateral Agent) make a request to DTC to deliver to the Issuer a list of all DTC participants holding
an interest in the Global Secured Notes.

 

(v)           The
Issuer will cause each CUSIP number obtained for a Global Note to have a fixed field containing “3c7” and “144A”
indicators, as applicable, attached to such CUSIP number.

 

(c)        Bloomberg
Screens, Etc. The Issuer will from time to time request all third-party vendors to include on screens maintained by such vendors
appropriate legends regarding Rule 144A and Section 3(c)(7) under the 1940 Act restrictions on the Global Secured
Notes. Without limiting the foregoing, the Initial Purchaser will request that each third-party vendor include the following legends
on each screen containing information about the Notes:

 

(i)            Bloomberg.

 

(A)            “Iss’d
Under 144A/3c7”, to be stated in the “Note Box” on the bottom of the “Security Display” page describing
the Global Secured Notes;

 

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(B)            a
flashing red indicator stating “See Other Available Information” located on the “Security Display” page;

 

(C)            a
link to an “Additional Security Information” page on such indicator stating that the Global Secured Notes are
being offered in reliance on the exception from registration under Rule 144A of the Securities Act of 1933 to Persons that
are both (i) “Qualified Institutional Buyers” as defined in Rule 144A under the Securities Act and (ii) “Qualified
Purchasers” as defined under Section 2(a)(51) of the 1940 Act, as amended; and

 

(D)            a
statement on the “Disclaimer” page for the Global Secured Notes that the Notes will not be and have not been registered
under the Securities Act of 1933, as amended, that the Issuer has not been registered under the 1940 Act, as amended, and that
the Global Secured Notes may only be offered or sold in accordance with Section 3(c)(7) of the 1940 Act, as amended.

 

(ii)            Reuters.

 

(A)            a
“144A – 3c7” notation included in the security name field at the top of the Reuters Instrument Code screen;

 

(B)            a
“144A3c7Disclaimer” indicator appearing on the right side of the Reuters Instrument Code screen; and

 

(C)            a
link from such “144A3c7Disclaimer” indicator to a disclaimer screen containing the following language: “These
Notes may be sold or transferred only to Persons who are both (i) Qualified Institutional Buyers, as defined in Rule 144A
under the Securities Act, and (ii) Qualified Purchasers, as defined under Section 3(c)(7) under the U.S. Investment
Company Act of 1940.”

 

Section 10.13     No
Further Reporting Following the Redemption of the Secured Debt. Notwithstanding any other provision of this Indenture
to the contrary, except with respect to (i) Section 4.1 or the satisfaction and discharge of this Indenture and
(ii) if at such time 100% of the Aggregate Outstanding Amount of the Subordinated Notes are not owned by the BDC (notice
of which shall be provided to the Trustee by, or on behalf of, the Issuer), the Retention Provider or any Affiliate thereof, Article VIII,
from and after the date on which no Secured Debt is deemed or considered Outstanding, all requirements herein that the Issuer,
Collateral Manager, the Collateral Agent or Trustee deliver or cause to be delivered any reports, compliance certificates or opinions
to any party shall be deemed deleted and have no further force or effect.

 

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ARTICLE XI

 

Application
Of Monies

 

Section 11.1        Disbursements
of Monies from Payment Account. (a) Notwithstanding any other provision herein, but subject to the other sub-sections
of this Section 11.1 and to Section 13.1, on each Payment Date and, if elected by the Collateral Manager,
on each Redemption Distribution Date, the Collateral Agent shall disburse amounts transferred from the Collection Account to the
Payment Account pursuant to Section 10.2 in accordance with the following priorities (the “Priority
of Payments”); provided that, unless an Enforcement Event has occurred and is continuing, (x) amounts transferred
from the Interest Collection Subaccount shall be applied solely in accordance with Section 11.1(a)(i); and (y) amounts
transferred from the Principal Collection Subaccount shall be applied solely in accordance with Section 11.1(a)(ii);
provided further that all payments on the Class A-1-L Loans shall be deposited into the Class A-1-L Loan Account
for distribution by the Loan Agent to the Class A-1-L Lenders; provided further however, for so long as the Bank is
the Collateral Agent and the Loan Agent, such payments may (but shall not be required to) be made under this Indenture from the
Payment Account to the Class A-1-L Lenders and in such event shall be deemed to have been made first to the Loan Agent and
then distributed to the Class A-1-L Lenders.

 

(i)            On
each Payment Date other than any Stated Maturity, unless an Enforcement Event has occurred and is continuing and, if elected by
the Collateral Manager, on each Redemption Distribution Date, Interest Proceeds on deposit in the Collection Account, to the
extent received on or before the related Determination Date (or if such Determination Date is not a Business Day, the next succeeding
Business Day) and that are transferred into the Payment Account, shall be applied in the following order of priority:

 

(A)            to
the payment of (1) first, taxes and governmental fees owing by the Issuer and (2) second, the accrued and
unpaid Administrative Expenses, in the priority stated in the definition thereof, up to the Administrative Expense Cap (except
as otherwise expressly provided in connection with any Optional Redemption or Tax Redemption);

 

(B)            to
the payment to the Collateral Manager of (i) any accrued and unpaid Collateral Management Fee due on such Payment Date (including
any interest accrued on any Collateral Management Fee Shortfall Amount) minus the amount of any Current Deferred Management
Fee, if any, and (ii) any Cumulative Deferred Management Fee requested to be paid at the option of the Collateral Manager;
provided that Interest Proceeds shall only be used to make payments with respect to the Cumulative Deferred Management Fee
pursuant to this clause (B) to the extent such Interest Proceeds are not needed to pay the amounts referred to in any of clauses
(C) through (H) below (on a pro forma basis after giving effect to such proposed payment of the Cumulative Deferred
Management Fee);

 

(C)            to
the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class A-1-L Loans and
the Class A-1 Notes, allocated pro rata in proportion to the amounts of accrued and unpaid interest (including defaulted
interest and interest thereon) payable on each such Class;

 

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(D)            to
the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class A-2 Notes;

 

(E)            to
the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class B Notes;

 

(F)             if
either of the Class A/B Coverage Tests is not satisfied on the related Determination Date, to make payments in accordance
with the Debt Payment Sequence to the extent necessary to cause all Class A/B Coverage Tests that are applicable on such Payment
Date to be satisfied on a pro forma basis after giving effect to all payments pursuant to this clause (F);

 

(G)            to
the payment of (1) first, accrued and unpaid interest on the Class C Notes (excluding Deferred Interest but including
interest thereon) and (2) second, any Deferred Interest on the Class C Notes;

 

(H)             if
either of the Class C Coverage Tests is not satisfied on the related Determination Date, to make payments in accordance with
the Debt Payment Sequence to the extent necessary to cause all Class C Coverage Tests that are applicable on such Payment
Date to be satisfied on a pro forma basis after giving effect to all payments pursuant to this clause (H);

 

(I)              if,
with respect to any Payment Date following the Effective Date S&P has not yet confirmed its initial ratings of the Secured
Debt and the Effective Date Condition is not satisfied, amounts available for distribution pursuant to this clause (I) shall
be used for application in accordance with the Debt Payment Sequence on such Payment Date in an amount sufficient to obtain from
S&P confirmation of its initial ratings of the Secured Debt;

 

(J)              to
the payment of (1) first, any Administrative Expenses not paid pursuant to clause (A)(2) above due to the limitation
contained therein (in the same manner and order of priority stated therein) and (2) second, any Cumulative Deferred Management
Fee not paid pursuant to clause (B)(ii) above due to the limitations contained therein (in the same manner and order of priority
stated therein);

 

(K)            during
the Reinvestment Period, at the direction of the Collateral Manager, to the Supplemental Reserve Account; and

 

(L)             any
remaining Interest Proceeds to be paid to the Holders of the Subordinated Notes.

 

(ii)           On
each Payment Date other than any Stated Maturity, unless an Enforcement Event has occurred and is continuing and, if elected by
the Collateral Manager, on each Redemption Distribution Date, Principal Proceeds on deposit in the Collection Account that are
received on or before the related Determination Date (or if such Determination Date is not a Business Day, the next succeeding
Business Day) and that are transferred to the Payment Account (which will not include (i) amounts required to meet funding
requirements with respect to Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations that are deposited in
the Revolver Funding Account or (ii) during the Reinvestment Period, Principal Proceeds that have previously been reinvested
in Collateral Obligations or Principal Proceeds which the Issuer has entered into any commitment to reinvest in Collateral Obligations)
shall be applied in the following order of priority:

 

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(A)            to
pay the amounts referred to in clauses (A) through (E) of Section 11.1(a)(i) (and in the same manner
and order of priority stated therein), but only to the extent not paid in full thereunder; provided that Principal Proceeds
shall only be used to make payments with respect to the Cumulative Deferred Management Fee pursuant to Section 11.1(a)(i)(B) to
the extent such Principal Proceeds are not needed to pay amounts referred to in clause (B) below;

 

(B)            to
pay the amounts referred to in clause (F) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;

 

(C)            to
pay the amounts referred to in clause (G) of Section 11.1(a)(i) (and in the same manner and order of priority
stated therein) to the extent not paid in full thereunder, only to the extent that the Class C Notes are the Controlling Class;

 

(D)            to
pay the amounts referred to in clause (H) of Section 11.1(a)(i), but only to the extent not paid in full thereunder;

 

(E)            if,
with respect to any Payment Date following the Effective Date S&P has not yet confirmed its initial ratings of the Secured
Debt and the Effective Date Condition is not satisfied, amounts available for distribution pursuant to this clause (E) shall
be used for application in accordance with the Debt Payment Sequence on such Payment Date in an amount sufficient to obtain from
S&P confirmation of its initial ratings of the Secured Debt;

 

(F)            if
such Payment Date is a Redemption Date (other than a Special Redemption Date) or a Redemption Distribution Date, to make payments
in accordance with the Debt Payment Sequence;

 

(G)            if
such Payment Date is a Special Redemption Date occurring in connection with a Special Redemption described in clause (i) of
the first sentence of Section 9.6, to make payments in the amount of the Special Redemption Amount at the election
of the Collateral Manager, in accordance with the Debt Payment Sequence;

 

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(H)         during
the Reinvestment Period, at the discretion of the Collateral Manager either (x) to the Collection Account as Principal Proceeds
to invest in Eligible Investments (pending the purchase of additional Collateral Obligations) and/or to purchase additional Collateral
Obligations or (y) if the reinvestment of such Principal Proceeds would, in the sole determination of the Collateral Manager,
cause (or would be likely to cause) an E.U. Retention Deficiency, to make payments in accordance with the Debt Payment Sequence
in an amount determined by the Collateral Manager in its sole discretion (and for the avoidance of doubt such payment shall not
result in a termination of the Reinvestment Period);

 

(I)           after
the Reinvestment Period, to make payments in accordance with the Debt Payment Sequence;

 

(J)           after
the Reinvestment Period, to pay the amounts referred to in clause (J) of Section 11.1(a)(i) only to the extent
not already paid (in the same manner and order of priority stated therein); and

 

(K)          any
remaining proceeds to be paid to the Holders of the Subordinated Notes.

 

On any Stated
Maturity, the Collateral Agent shall pay the net proceeds from the liquidation of the Assets and all available Cash, but only after
the payment of (or establishment of a reserve for) all Administrative Expenses (in the same manner and order of priority stated
in the definition thereof), Aggregate Collateral Management Fees, and interest and principal on the Secured Debt, to the Holders
of the Subordinated Notes in final payment of such Subordinated Notes (such payments to be made in accordance with the priority
set forth in Section 11.1(a)(iii)).

 

For the avoidance
of doubt, to the extent that on any Redemption Distribution Date the Collateral Manager does not direct any payments to be made
pursuant to Section 11.1(a)(i), no payments will be required to be made pursuant to Section 11.1(a)(ii)(A)-(E).

 

(iii)          Notwithstanding
the provisions of the foregoing Sections 11.1(a)(i) and 11.1(a)(ii) (other than the last paragraph thereof),
on (x) any Stated Maturity, (y) on a Redemption Date occurring with respect to a Failed Optional Redemption, or (z) if
the maturity of the Secured Debt has been accelerated following an Event of Default and has not been rescinded in accordance with
the terms herein (clause (z), an “Enforcement Event”), pursuant to Section 5.7, proceeds
in respect of the Assets will be applied in the following order of priority:

 

(A)          to
the payment of (1) first, taxes and governmental fees owing by the Issuer and (2) second, the accrued and
unpaid Administrative Expenses, in the priority stated in the definition thereof, up to the Administrative Expense Cap (provided
that if a liquidation of the Assets has commenced, the Administrative Expense Cap shall not apply);

 

(B)           to
the payment of the Aggregate Collateral Management Fee due and payable (including any accrued and unpaid interest thereon) to the
Collateral Manager until such amount has been paid in full, other than any Cumulative Deferred Management Fee, to the extent not
already paid;

 

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(C)           to
the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class A-1-L Loans and
the Class A-1 Notes, allocated pro rata in proportion to the amounts of accrued and unpaid interest (including defaulted
interest and interest thereon) payable on each such Class;

 

(D)           to
the payment of principal of the Class A-1-L Loans and the Class A-1 Notes, allocated pro rata in proportion to
their respective Aggregate Outstanding Amounts, until the Class A-1 Debt has been paid in full;

 

(E)           to
the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class A-2 Notes;

 

(F)           to
the payment of principal of the Class A-2 Notes, until the Class A-2 Notes have been paid in full;

 

(G)          to
the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class B Notes;

 

(H)           to
the payment of principal of the Class B Notes, until the Class B Notes have been paid in full;

 

(I)            to
the payment of accrued and unpaid interest (excluding Deferred Interest but including interest on Deferred Interest) on the Class C
Notes;

 

(J)            to
the payment of any Deferred Interest on the Class C Notes;

 

(K)           to
the payment of principal of the Class C Notes, until the Class C Notes have been paid in full;

 

(L)           to
the payment of (in the same manner and order of priority stated therein) any Administrative Expenses not paid pursuant to
clause (A)(2) above due to the limitation contained therein;

 

(M)          any
Cumulative Deferred Management Fee to the extent not already paid; and

 

(N)           to
pay the balance to the Holders of the Subordinated Notes.

 

If any declaration
of acceleration has been rescinded in accordance with the provisions herein, proceeds in respect of the Assets will be applied
in accordance with Section 11.1(a)(i) or (ii), as applicable.

 

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(b)           If
on any Payment Date the amount available in the Payment Account is insufficient to make the full amount of the disbursements required
by the Distribution Report, the Collateral Agent shall make the disbursements called for in the order and according to the priority
set forth under Section 11.1(a) above, subject to Section 13.1, to the extent funds are available
therefor.

 

(c)            In
connection with the application of funds to pay Administrative Expenses of the Issuer in accordance with Section 11.1(a)(i),
Section 11.1(a)(ii) and Section 11.1(a)(iii), the Collateral Agent shall remit such funds, to the
extent available (and subject to the order of priority set forth in the definition of “Administrative Expenses”), as
directed and designated in an Issuer Order (which may be in the form of standing instructions, including standing instructions
to pay Administrative Expenses in such amounts and to such entities as indicated in the Distribution Report in respect of such
Payment Date) delivered to the Collateral Agent no later than the Business Day prior to each Payment Date.

 

(d)           The
Collateral Manager may, in its sole discretion, elect to irrevocably waive payment of any or all of any Collateral Management Fee
otherwise due on any Payment Date by notice to the Issuer, the Collateral Administrator, the Collateral Agent, the Loan Agent and
the Trustee no later than the Determination Date immediately prior to such Payment Date in accordance with the terms of Section 8(c) of
the Collateral Management Agreement. Any such Collateral Management Fee, once waived, shall not thereafter become due and payable
and any claim of the Collateral Manager therein shall be extinguished.

 

(e)            At
any time during or after the Reinvestment Period, any Holder of Subordinated Notes may (i) make a Contribution of Cash, Eligible
Investments or Collateral Obligations or (ii) solely in the case of Certificated Subordinated Notes, in accordance with Section 8.3(i),
designate all or a specified portion of amounts that would otherwise be distributed on a Payment Date to such Holder of Subordinated
Notes to be instead deposited in the Supplemental Reserve Account as a contribution (each, a “Contribution”
and each such Person, a “Contributor”); provided that a Notice of Contribution in the form of Exhibit D
(solely for Contributions of Cash or Eligible Investments) is provided. The Collateral Manager, on behalf of the Issuer, may accept
or reject any Contribution in its sole discretion and shall notify the Trustee, the Collateral Agent, the Loan Agent and the Collateral
Administrator of any such acceptance. Each accepted Contribution of Cash or Eligible Investments shall be deposited into the Supplemental
Reserve Account and may be withdrawn at the written direction of the Collateral Manager. Contributions of Cash or Eligible Investments
may only be used for a Permitted Use or Permitted Uses as directed by the applicable Contributor at the time such Contribution
is made, so long as the Collateral Manager consents to such Permitted Use or Permitted Uses (or, if no direction is given by the
Contributor, at the Collateral Manager’s reasonable discretion). No Contribution of Eligible Investments or portion thereof
will be returned to any applicable holder of Subordinated Notes at any time. From time to time after the Closing Date, the Retention
Provider may make Contributions or transfers of cash, Eligible Investments or Collateral Obligations, or any combination thereof,
either directly or through one or more intermediate Related Entities or Affiliates, to the Issuer. For administrative convenience
any Contributions or transfers of Cash, Eligible Investments or Collateral Obligations made through one or more intermediate related
entities or Affiliates of the Retention Provider may instead be made directly into the Issuer, bypassing such intermediate related
entity or Affiliate. The value received by the Issuer in Cash, Eligible Investments and/or in the form of Collateral Obligations
will not be affected by the elimination of such intermediate steps. In the case of any such payment made to the Issuer in the form
of a combination of Cash and Collateral Obligations, the Cash portion of such payment shall be an amount equal to the total payment
required to be made to the Issuer reduced by an amount equal to the fair market value as determined by the Collateral Manager as
of the date of Contribution of the Collateral Obligations and Eligible Investments Contributed or transferred to the Issuer in
respect of such payment.

 

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(f)            Notwithstanding
any other provision of this Indenture to the contrary, from and after the date on which no Secured Debt is deemed or considered
to be Outstanding, (i) by 12:00 PM New York time, upon three Business Days prior notice to the Trustee, the Collateral Agent,
the Loan Agent or the Collateral Manager may designate any Business Day as a “Payment Date” for purposes of this Section 11.1
and distribute any Interest Proceeds or Principal Proceeds in accordance with the Priority of Payments and (ii) no further
Monthly Reports or Distribution Reports shall be required to be prepared.

 

ARTICLE XII

 

SALE
OF COLLATERAL OBLIGATIONS;

PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS

 

Section 12.1          Sales
of Collateral Obligations. Subject to the satisfaction of the conditions specified in Section 12.3, the
Collateral Manager on behalf of the Issuer may (except as otherwise specified in this Section 12.1) direct the Collateral
Agent to sell and the Collateral Agent shall sell on behalf of the Issuer in the manner directed by the Collateral Manager any
Collateral Obligation or Equity Security if, as certified by the Collateral Manager (which certification shall be deemed to be
provided upon delivery of an Issuer Order or trade confirmation in respect of such sale), such sale meets the requirements of
any one of paragraphs (a) through (l) of this Section 12.1 (subject in each case to any applicable requirement
of disposition under Section 12.1(h) and provided that if an Enforcement Event has occurred and is continuing,
the Collateral Manager may not direct the Collateral Agent to sell any Collateral Obligation or Equity Security pursuant to Section 12.1(e),
Section 12.1(f) or Section 12.1(g)). For purposes of this Section 12.1, the Sale Proceeds
of a Collateral Obligation sold by the Issuer shall include any Principal Financed Accrued Interest received in respect of such
sale.

 

(a)           Credit
Risk Obligations. The Collateral Manager may direct the Collateral Agent to sell any Credit Risk Obligation at any time without
restriction.

 

(b)           Credit
Improved Obligations. The Collateral Manager may direct the Collateral Agent to sell any Credit Improved Obligation at any
time without restriction.

 

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(c)           Defaulted
Obligations. The Collateral Manager may direct the Collateral Agent to sell any Defaulted Obligation at any time without restriction.

 

(d)           Equity
Securities. The Collateral Manager may direct the Collateral Agent to sell any Equity Security at any time without restriction.

 

(e)           Optional
Redemption. After the Issuer has notified the Collateral Agent of an Optional Redemption of the Debt in accordance with Section 9.2,
if necessary to effect such Optional Redemption, the Collateral Manager shall direct the Collateral Agent to sell (which sale may
be through participation or other arrangement) all or a portion of the Collateral Obligations if the requirements of Article IX
(including the certification requirements of Section 9.4(e)(ii), if applicable) are satisfied. If any such sale
is made through participations, the Issuer shall use reasonable efforts to cause such participations to be converted to assignments
within six months after the sale.

 

(f)            Tax
Redemption. After a Majority of an Affected Class or a Majority of the Subordinated Notes has directed (by a written direction
delivered to the Collateral Agent) a Tax Redemption, the Collateral Manager shall, if necessary to effect such Tax Redemption,
direct the Collateral Agent to sell (which sale may be through participation or other arrangement) all or a portion of the
Collateral Obligations if the requirements of Article IX (including the certification requirements of Section 9.4(e)(ii),
if applicable) are satisfied. If any such sale is made through participations, the Issuer shall use reasonable efforts to
cause such participations to be converted to assignments within six months after the sale.

 

(g)           Discretionary
Sales. During the Reinvestment Period, the Collateral Manager may direct the Collateral Agent to sell any Collateral Obligation
at any time other than during a Restricted Trading Period if, commencing with the first calendar year after the Closing Date, total
sales pursuant to this Section 12.1(g) (measured by the par amount of all Collateral Obligations disposed of)
during the preceding 12-month period do not exceed (i) during the first calendar year following the Closing Date, 40% of the
Collateral Principal Amount and (ii) thereafter, 30% of the Collateral Principal Amount (in each case, measured as of the
first day of such 12-month period); provided that for purposes of determining the percentage of Collateral Obligations sold
pursuant to this Section 12.1(g) during any such period, the amount of Collateral Obligations so sold shall be
reduced to the extent of any purchases of (or irrevocable commitments to purchase) Collateral Obligations of the same Obligor (which
are pari passu or senior to such sold Collateral Obligations) occurring within 45 Business Days of such sale, so long as
any such sale pursuant to this Section 12.1(g) of a Collateral Obligation was entered into with the intention
of purchasing such Collateral Obligations of the same Obligor.

 

(h)           Mandatory
Sales. The Collateral Manager on behalf of the Issuer shall use its commercially reasonable efforts to effect the sale of
any Collateral Obligation that no longer meets the criteria described in clause (ix) of the definition of “Collateral
Obligation”, within 18 months after the failure of such Collateral Obligation to meet any such criteria.

 

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(i)           Unsaleable
Assets. After the Reinvestment Period:

 

(i)            Notwithstanding
any other restriction in this Section 12.1, at the direction of the Collateral Manager, the Collateral Agent (or a
liquidation agent appointed by the Collateral Agent), at the expense of the Issuer, shall conduct an auction of Unsaleable Assets
in accordance with the procedures described in clause (ii). The Collateral Agent may retain an agent to perform the obligations
set forth in this Section 12.1(i).

 

(ii)           Promptly
after receipt of written notice from the Collateral Manager of an auction of Unsaleable Assets, the Collateral Agent will forward
a notice in the Issuer’s name (prepared by the Collateral Manager) to the Holders and the Rating Agency, setting forth in
reasonable detail a description of each Unsaleable Asset and the following auction procedures:

 

(A)          Any
Holder may submit a written bid to purchase one or more Unsaleable Assets no later than the date specified in the auction notice
(which shall be at least 15 Business Days after the date of such notice).

 

(B)           Each
bid must include an offer to purchase for a specified amount of cash on a proposed settlement date no later than 20 Business Days
after the date of the auction notice.

 

(C)           If
no Holder submits such a bid, unless delivery in kind is not legally or commercially practicable and subject to any transfer restrictions
(including minimum denominations), the Trustee shall provide notice thereof to each Holder and offer to deliver (at no cost to
the Trustee or the Collateral Agent or Holder) a pro rata portion of each unsold Unsaleable Asset to the Holders of the
Class with the highest priority that provide delivery instructions to the Trustee and the Collateral Agent on or before the
date specified in such notice. To the extent that minimum denominations do not permit a pro rata distribution, the Collateral
Agent shall distribute the Unsaleable Assets on a pro rata basis to the extent possible and the Issuer or the Collateral
Manager shall select by lottery the Holder to whom the remaining amount will be delivered. The Issuer, the Trustee and the Collateral
Agent (at the direction of the Issuer or the Collateral Manager on behalf of the Issuer) shall use commercially reasonable efforts
to effect delivery of such interests.

 

(D)           If
no such Holder provides delivery instructions to the Collateral Agent, the Collateral Agent shall promptly notify the Collateral
Manager and offer to deliver (at no cost to the Collateral Agent) the Unsaleable Asset to the Collateral Manager. If the Collateral
Manager declines such offer, the Collateral Manager (on behalf of the Issuer) shall direct action to dispose of the Unsaleable
Asset, which may be by donation to a charity, abandonment or other means, and the Collateral Agent (at no expense to the Collateral
Agent) shall take such action as so directed.

 

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(E)           The
Collateral Agent shall have no duty, obligation or responsibility with respect to the sale of any Unsaleable Asset other than upon
the written instruction of the Collateral Manager.

 

(j)           The
Collateral Manager may direct the Collateral Agent at any time without restriction to sell any Collateral Obligation that (i) has
a Material Covenant Default or (ii) becomes subject to a proposed Maturity Amendment that fails to satisfy the criteria required
hereunder to allow the Issuer (or the Collateral Manager on the Issuer’s behalf) to vote in favor of such Maturity Amendment.

 

(k)           After
the Collateral Manager has notified the Issuer and the Collateral Agent of a Clean-Up Call Redemption in accordance with Section ‎9.9,
the Collateral Obligations may be sold in accordance with the provisions of Section ‎9.9 without regard to the
limitations in this Section ‎12.1 by directing the Collateral Agent to effect such sale; provided that the
Sale Proceeds therefrom are used for the purposes specified in Section ‎9.9 (and applied pursuant to the Priority
of Payments).

 

(l)            Required
Sales. In the event that the Collateral Manager and the Issuer receive an Opinion of Counsel of national reputation experienced
in such matters from or on behalf of a Holder that the Issuer’s ownership of any specific “Asset” would cause
the Issuer to be unable to comply with the LSE, then the Collateral Manager, on behalf of the Issuer, will be required to take
commercially reasonable efforts to sell such “Asset” unless (i) on or after the Permitted Securities Date, such
“Asset” is a Permitted Non-Loan Asset or (ii) the Collateral Manager determines (in good faith and based upon
public guidance and/or statements by the applicable federal regulatory authorities and with advice of counsel of national reputation
experienced in such matters) that the Issuer’s ownership of such “Asset” would not cause the Issuer to be unable
to comply with the LSE.

 

Section 12.2          Purchase
of Additional Collateral Obligations. On any date during the Reinvestment Period, the Collateral Manager on behalf of
the Issuer may, subject to the other requirements in this Indenture, direct the Collateral Agent to invest Principal Proceeds,
proceeds of Additional Debt issued pursuant to Sections 2.13 and 3.2, amounts on deposit in the Ramp-Up Account
and the Supplemental Reserve Account and Principal Financed Accrued Interest, and the Collateral Agent shall invest such Principal
Proceeds and other amounts in accordance with such direction. After the Reinvestment Period, the Collateral Manager shall not
direct the Trustee to invest any amounts on behalf of the Issuer; provided that cash on deposit in any Account (other than
the Payment Account) may be invested in Eligible Investments following the Reinvestment Period.

 

(a)           Investment
during the Reinvestment Period. During the Reinvestment Period, no obligation may be purchased by the Issuer unless each of
the following criteria is satisfied as of the date the Collateral Manager commits on behalf of the Issuer to make such purchase,
in each case as determined by the Collateral Manager after giving effect to such purchase and all other sales or purchases previously
or simultaneously committed to (such criteria collectively, the “Investment Criteria”); provided that
the criteria set forth in clauses (iii) and (v) below need only be satisfied with respect to purchases of Collateral
Obligations occurring on or after the Effective Date:

 

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(i)            such
obligation is a Collateral Obligation;

 

(ii)           in
the case of an additional Collateral Obligation purchased with the proceeds from the sale of a Credit Risk Obligation, either (1) the
aggregate outstanding principal balance of all additional Collateral Obligations purchased with the proceeds from such sale will
at least equal the Sale Proceeds from such sale or (2) the Reinvestment Balance Criteria will be satisfied;

 

(iii)          each
Coverage Test will be satisfied, or if not satisfied, such Coverage Test will be maintained or improved;

 

(iv)          (I) in
the case of an additional Collateral Obligation purchased with the proceeds from the sale of a Defaulted Obligation, either (1) the
aggregate outstanding principal balance of all additional Collateral Obligations purchased with the proceeds from such sale will
at least equal the Sale Proceeds from such sale or (2) the Reinvestment Balance Criteria will be satisfied, (II) in the
case of the use of Sale Proceeds of Credit Improved Obligations, either (1) the aggregate outstanding principal balance of
all Collateral Obligations purchased with such Sale Proceeds will be greater than or equal to the Investment Criteria Adjusted
Balance of the disposed Collateral Obligations, (2) after giving effect to such purchase, the Adjusted Collateral Principal
Amount will be maintained or increased (when compared to the Adjusted Collateral Principal Amount immediately prior to such sale)
or (3) after giving effect to such reinvestment of such Sale Proceeds, the Adjusted Collateral Principal Amount will be greater
than (or equal to) the Reinvestment Target Par Balance and (III) in the case of any other purchase of additional Collateral
Obligations purchased with the proceeds from the sale of any other Collateral Obligation, the Collateral Manager shall use commercially
reasonable efforts to ensure that after giving effect to such purchase, the Reinvestment Balance Criteria will be satisfied;

 

(v)           either
(A) each requirement or test, as the case may be, of the Concentration Limitations and the Collateral Quality Tests (except,
in the case of an additional Collateral Obligation purchased with the proceeds from the sale of a Credit Risk Obligation, a Defaulted
Obligation or an Equity Security, the S&P CDO Monitor Test) will be satisfied or (B) if any such requirement or test was
not satisfied immediately prior to such investment, such requirement or test will be maintained or improved after giving effect
to the investment; and

 

(vi)          the
date on which the Issuer (or the Collateral Manager on behalf of the Issuer) commits to purchase such Collateral Obligation occurs
during the Reinvestment Period.

 

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If the Issuer has entered into
a written trade ticket or other written binding commitment to purchase a Collateral Obligation during the Reinvestment Period which
purchase is not scheduled to settle prior to the end of the Reinvestment Period (such Collateral Obligation, a “Post-Reinvestment
Period Settlement Obligation”), such Post-Reinvestment Period Settlement Obligation shall be treated as having been purchased
by the Issuer prior to the end of the Reinvestment Period for purposes of the Investment Criteria, and Principal Proceeds received
after the end of the Reinvestment Period may be applied to the payment of the purchase price of such Post-Reinvestment Period Settlement
Obligation. Not later than the Business Day immediately preceding the end of the Reinvestment Period, the Collateral Manager shall
deliver to the Collateral Agent a schedule of Collateral Obligations purchased by the Issuer with respect to which purchases the
trade date has occurred but the settlement date has not yet occurred and shall certify to the Collateral Agent (which certification
will be deemed to be made upon delivery of such schedule) that sufficient Principal Proceeds are available (including for this
purpose, cash on deposit in the Principal Collection Subaccount as well as any Principal Proceeds that will be received by the
Issuer from the sale of Collateral Obligations for which the trade date has already occurred but the settlement date has not yet
occurred) to effect the settlement of such Collateral Obligations.

 

(b)           Trading
Plan Period. During the Reinvestment Period and for purposes of calculating compliance with the Investment Criteria, at the
election of the Collateral Manager in its sole discretion, any proposed investment (whether a single Collateral Obligation or a
group of Collateral Obligations) identified by the Collateral Manager as such at the time when compliance with the Investment Criteria
is required to be calculated (a “Trading Plan”) may be evaluated after giving effect to any expected prepayments
on Collateral Obligations included in such Trading Plan and all sales and reinvestments proposed to be entered into, in each case,
within the ten Business Days following the date of determination of such compliance (such period, the “Trading Plan Period”);
provided that (i) no Trading Plan may result in the purchase of Collateral Obligations having an Aggregate Principal
Balance that exceeds 7.5% of the Collateral Principal Amount as of the first day of the Trading Plan Period, (ii) no Trading
Plan Period may include a Determination Date, (iii) no more than one Trading Plan may be in effect at any time during a Trading
Plan Period and (iv) the Collateral Manager may modify any Trading Plan during a Trading Plan Period if it determines that,
but for the occurrence of an Intervening Event, the Investment Criteria would have been satisfied by the original Trading Plan
(provided that the Investment Criteria are satisfied by the modified Trading Plan). If, on two occasions, the Investment
Criteria are satisfied prospectively after giving effect to a Trading Plan but are not satisfied upon the expiry of the related
Trading Plan Period, the Investment Criteria shall not at any time thereafter be evaluated by giving effect to a Trading Plan unless
notice is provided to S&P. The Collateral Manager shall provide prior written notice to the Rating Agency of any Trading Plan,
which notice shall specify the proposed investments identified by the Collateral Manager for acquisition as part of such Trading
Plan, and shall notify the Rating Agency of any Trading Plan failure.

 

(c)           Certification
by Collateral Manager. Not later than the Cut-Off Date for any Collateral Obligation purchased in accordance with this Section 12.2,
the Collateral Manager shall deliver by e-mail or other electronic transmission to the Collateral Agent and the Collateral Administrator
an Officer’s certificate of the Collateral Manager certifying that such purchase complies with this Section 12.2
and Section 12.3 (which certification shall be deemed to be provided upon delivery of an Issuer Order or trade confirmation
in respect of such purchase).

 

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(d)           Investment
in Eligible Investments. Cash on deposit in any Account (other than the Payment Account) may be invested at any time (including
following the Reinvestment Period) in Eligible Investments in accordance with Article X.

 

(e)           Maturity
Amendments. The Issuer (or the Collateral Manager on the Issuer’s behalf) may not vote in favor of a Maturity Amendment
unless, as determined by the Collateral Manager:

 

(i)            (A) the
Weighted Average Life Test will be satisfied after giving effect to such Maturity Amendment or (B) if the Weighted Average
Life Test was not satisfied immediately prior to giving effect to such Maturity Amendment, the level of compliance with the Weighted
Average Life Test will be improved or maintained after giving effect to such Maturity Amendment, in each case after giving effect
to any Trading Plan in effect during the applicable Trading Plan Period; and

 

(ii)           the
following conditions are met: (A) the extended maturity date of such Collateral Obligation would not be later than two years
beyond the earliest Stated Maturity of the Secured Debt and (B) after giving effect to such Maturity Amendment not more than
2.5% of the Collateral Principal Amount may consist of Collateral Obligations that have been subject to a Maturity Amendment and
are Long-Dated Obligations solely due to such Maturity Amendment.

 

(f)            The
Investment Criteria will not be required to be satisfied in connection with any commitment to purchase a Collateral Obligation
which purchase is scheduled to settle following the Redemption Date in connection with a Refinancing of the Secured Debt in whole
with respect to which notice of redemption has been given as set forth in Section 9.4 (and will instead be required
to comply with the terms of this Indenture as amended in connection with such Refinancing).

 

(g)           Notwithstanding
anything in this Indenture to the contrary, but, for the avoidance of doubt, without limitation on any right of the Collateral
Manager or the Issuer to participate in an Offer in accordance with this Indenture, the Collateral Manager may instruct the Collateral
Agent to exchange (i) a Credit Risk Obligation for any other Credit Risk Obligations and any related Equity Securities (if
any) (provided that (x) any Credit Risk Obligation to be received by the Issuer in such exchange (1) shall not
have a stated maturity later than the stated maturity of the Credit Risk Obligation to be exchanged and (2) shall not have
a lower S&P Rating than the S&P Rating of the Credit Risk Obligation to be exchanged, (y) after giving effect to such
exchange the Overcollateralization Ratio Test with respect to the Class A-1 Debt, the Class A-2 Notes and the Class B
Notes shall be satisfied and (z) such exchange may only occur if, in the Collateral Manager’s reasonable business judgment,
at the time of such exchange, any Credit Risk Obligation to be received by the Issuer has a better likelihood of recovery than
the Credit Risk Obligation to be exchanged), (ii) a Defaulted Obligation for any other Defaulted Obligations, any Credit Risk
Obligations and/or any Equity Securities (provided that, such exchange may only occur if, in the Collateral Manager’s
reasonable business judgment, at the time of such exchange, any Defaulted Obligation, Credit Risk Obligation and/or Equity Security
to be received by the Issuer has a better likelihood of recovery than the Defaulted Obligation to be exchanged) or (iii) an
Equity Security for any other Equity Securities, any Credit Risk Obligations and/or any Defaulted Obligations, in each case, at
any time regardless of whether such debt obligation satisfies the definition of “Collateral Obligation” (so long as
such debt obligation would be classified as a Permitted Collateral Obligation) (which debt obligation, for the avoidance of doubt,
will be treated as a Collateral Obligation); provided that the Issuer may only acquire Equity Securities that, in the commercially
reasonable judgment of the Collateral Manager (not to be called into question as a result of subsequent events), would be considered
“received in lieu of debts previously contracted” under the Volcker Rule.

 

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Section 12.3          Conditions
Applicable to All Sale and Purchase Transactions. (a) Any transaction effected under this Article XII
or in connection with the acquisition, disposition or substitution of any Asset shall be conducted on an arm’s length basis
and, if effected with a Person Affiliated with the Collateral Manager (or with an account or portfolio for which the Collateral
Manager or any of its Affiliates serves as investment adviser), shall be effected on terms no less favorable to the Issuer than
would be the case if such Person were not so Affiliated; provided that in the case of any Collateral Obligation sold or
otherwise transferred to a Person so Affiliated, the value thereof shall be the mid-point between the “bid” and “ask”
prices to the extent such prices are obtained from a nationally recognized independent pricing service or, if unavailable or determined
by the Collateral Manager to be unreliable, the fair market value of such Collateral Obligation as reasonably determined by the
Collateral Manager (so long as the Collateral Manager is a Registered Investment Adviser) consistent with the Collateral Manager
Standard, and such Affiliate shall acquire such Collateral Obligation for a price equal to the value so determined; provided
further that an aggregate amount of Collateral Obligations not exceeding 15% of the Net Purchased Loan Balance may be sold
or otherwise transferred to the Retention Provider pursuant to this Indenture at a price greater than the value determined pursuant
to the immediately preceding proviso, but no greater than the Transfer Deposit Amount of any such Collateral Obligation (and to
the extent such price exceeds the fair market value of any such Collateral Obligation, such excess shall be deemed to be a capital
contribution from the Retention Provider to the Issuer); provided further that, the Collateral Agent shall have no responsibility
to oversee compliance with this paragraph by the other parties. Notwithstanding anything contained in this Article XII
to the contrary, after the Closing Date, the Issuer shall not acquire any Collateral Obligation from an Affiliate of the Collateral
Manager unless (i) such transfer is from the BDC pursuant to the Master Loan Sale Agreements, (ii) such transfer is
from an Affiliate of the BDC or the Collateral Manager that is a bankruptcy-remote special purpose vehicle or (iii) such
transfer is made in accordance with the first proviso of this paragraph and other terms that the Collateral Manager determines,
based upon advice of counsel, would not adversely impact the conclusions set forth in any Opinion of Counsel relating to bankruptcy
matters that may be delivered by Dechert LLP on the Closing Date (if applicable).

 

(b)            Upon
any acquisition of a Collateral Obligation pursuant to this Article XII, all of the Issuer’s right, title and
interest to the Asset or Assets shall be Granted to the Collateral Agent pursuant to this Indenture, such Asset or Assets shall
be Delivered to the Custodian, and, if applicable, the Custodian shall receive such Asset or Assets. The Collateral Agent shall
also receive, not later than the Cut-Off Date, an Officer’s certificate of the Issuer containing the statements set forth
in a Delivery Certificate; provided that such requirement shall be satisfied, and such statements shall be deemed to have
been made by the Issuer, in respect of such acquisition by the delivery to the Collateral Agent of a trade ticket pursuant to Section 1.3(s).

 

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(c)           Notwithstanding
anything contained in this Article XII or Article V to the contrary, the Issuer shall have the right to
effect any sale of any Asset or purchase of any Collateral Obligation (1) with the consent of Holders evidencing at least
(i) with respect to purchases or optional repurchases or substitutions during the Reinvestment Period and sales during or
after the Reinvestment Period, 75% of the Aggregate Outstanding Amount of each Class of Debt and (ii) with respect to
purchases or optional repurchases or substitutions after the Reinvestment Period, 100% of the Aggregate Outstanding Amount of each
Class of Debt and (2) of which the Trustee, the Collateral Agent, the Loan Agent and the Rating Agency have been notified.

 

(d)           Notwithstanding
anything contained in this Article XII or Article V to the contrary, upon the occurrence and during the
continuance of an Enforcement Event, the Issuer shall not have the right to effect any sale of any Asset or purchase of any Collateral
Obligation without the consent of a Majority of the Controlling Class.

 

ARTICLE XIII

 

Holders’
Relations

 

Section 13.1          Subordination.
(a) Anything in this Indenture or the Debt to the contrary notwithstanding, the Holders of each Class of Debt that constitutes
a Junior Class agree for the benefit of the Holders of the Debt of each Priority Class with respect to such Junior Class that
such Junior Class shall be subordinate and junior to the Debt of each such Priority Class to the extent and in the manner
expressly set forth in the Priority of Payments. In the event one or more Holder(s) cause(s) the filing of a petition
in bankruptcy against the Issuer prior to the expiration of the period set forth in clause (b) of this Section 13.1,
any claim(s) that such Holder(s) have against the Issuer (including under all Debt of any Class held by such Holder(s))
or with respect to any Assets (including any proceeds thereof) shall, notwithstanding anything to the contrary in the Priority
of Payments and notwithstanding any objection to, or rescission of, such filing, be fully subordinate in right of payment to the
claims of each Holder (and each other secured creditor of the Issuer) that does not seek to cause any such filing, with such subordination
being effective until all Debt (and each claim of each other secured creditor) held by each Holder of any Debt that does not seek
to cause any such filing is paid in full in accordance with the Priority of Payments set forth herein (after giving effect to
such subordination). The foregoing sentence shall constitute a “subordination agreement” within the meaning of Section 510(a) of
the U.S. Bankruptcy Code.

 

(b)           The
Holders of each Class of Debt and beneficial owners of each Class of Debt agree, for the benefit of all Holders of each
Class of Debt and beneficial owners of each Class of Debt, not to cause the filing of a petition in bankruptcy, insolvency
or a similar proceeding in the United States or any other jurisdiction against the Issuer until the payment in full of all Debt
and the expiration of a period equal to one year and one day or, if longer, the applicable preference period then in effect plus
one day, following such payment in full.

 

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(c)           The
Issuer shall timely file an answer and any other appropriate pleading objecting to (i) the institution of any Proceeding in
bankruptcy, insolvency or other similar proceeding in the United States or any other jurisdiction to have the Issuer adjudicated
as bankrupt or insolvent or (ii) the filing of any petition seeking relief, reorganization, arrangement, adjustment or composition
of or in respect of the Issuer under applicable Bankruptcy Law or other applicable law.  The reasonable fees, costs, charges
and expenses incurred by the Issuer (including reasonable attorneys’ fees and expenses) in connection with taking any such
action shall be payable as “Administrative Expenses.”

 

Section 13.2           Standard
of Conduct. In exercising any of its or their voting rights, rights to direct and consent or any other rights
as a Holder under this Indenture, a Holder or Holders shall not have any obligation or duty to any Person or to consider or take
into account the interests of any Person and shall not be liable to any Person for any action taken by it or them or at its or
their direction or any failure by it or them to act or to direct that an action be taken, without regard to whether such action
or inaction benefits or adversely affects any Holder, the Issuer, or any other Person, except for any liability to which such
Holder may be subject to the extent the same results from such Holder’s taking or directing an action, or failing to take
or direct an action, in bad faith or in violation of the express terms of this Indenture.

 

ARTICLE XIV

 

MISCELLANEOUS

 

Section 14.1           Form of
Documents Delivered to Trustee and Collateral Agent. In any case where several matters are required to
be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or
opinion of an Officer of the Issuer or the Collateral Manager may be based, insofar as it relates to legal matters, upon a certificate
or opinion of, or representations by, counsel (provided that such counsel is a nationally or internationally recognized
and reputable law firm, one or more of the partners of which are admitted to practice before the highest court of any State of
the United States or the District of Columbia which law firm may, except as otherwise expressly provided herein, be counsel for
the Issuer), unless such Officer knows, or should know, that the certificate or opinion or representations with respect to the
matters upon which such certificate or opinion is based are erroneous. Any such certificate of an Officer of the Issuer or the
Collateral Manager or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion
of, or representations by, the Issuer, the Collateral Manager or any other Person (on which the Trustee and the Collateral Agent
shall be entitled to rely), stating that the information with respect to such factual matters is in the possession of the Issuer,
the Collateral Manager or such other Person, unless such Officer of the Issuer or the Collateral Manager or such counsel knows
that the certificate or opinion or representations with respect to such matters are erroneous. Any Opinion of Counsel may also
be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer of the
Collateral Manager or the Issuer, stating that the information with respect to such matters is in the possession of the Collateral
Manager or the Issuer, unless such counsel knows that the certificate or opinion or representations with respect to such matters
are erroneous.

 

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Where any Person is
required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Whenever in this Indenture
it is provided that the absence of the occurrence and continuation of a Default or Event of Default is a condition precedent to
the taking of any action by the Trustee or the Collateral Agent at the request or direction of the Issuer, then notwithstanding
that the satisfaction of such condition is a condition precedent to the Issuer’s right to make such request or direction,
the Trustee or the Collateral Agent, as applicable, shall be protected in acting in accordance with such request or direction if
it does not have knowledge of the occurrence and continuation of such Default or Event of Default as provided in Section 6.1(d) or
6.18(d).

 

The Bank (in any capacity
under the Transaction Documents) agrees to accept and act upon instructions or directions pursuant to the Transaction Documents
sent by unsecured email or facsimile transmission or other similar unsecured electronic methods; provided that any Person
providing such instructions or directions shall provide to the Bank an incumbency certificate listing authorized persons designated
to provide such instructions or directions, which incumbency certificate shall be amended whenever a person is added or deleted
from the listing. If such person elects to give the Bank email or facsimile instructions (or instructions by a similar electronic
method) and the Bank in its discretion elects to act upon such instructions, the Bank’s reasonable understanding of such
instructions shall be deemed controlling. The Bank shall not be liable for any losses, costs or expenses arising directly or indirectly
from the Bank’s reliance upon and compliance with such instructions notwithstanding such instructions conflicting with or
being inconsistent with a subsequent written instruction. Any Person providing such instructions agrees to assume all risks arising
out of the use of such electronic methods to submit instructions and directions to the Bank, including without limitation the risk
of the Bank acting on unauthorized instructions accompanied by an incumbency certificate, and the risk of interception and misuse
by third parties. Any Person providing such instructions acknowledges and agrees that there may be more secure methods of transmitting
such instructions than the method(s) selected by such Person and agrees that the security procedures (if any) to be followed
in connection with such Person’s transmission of such instructions provide to it a commercially reasonable degree of protection
in light of its particular needs and circumstances.

 

Section 14.2           Acts
of Holders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to the Trustee, the Loan Agent
or the Collateral Agent, as applicable, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments
(and the action or actions embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee, the Collateral Agent
and the Issuer, if made in the manner provided in this Section 14.2.

 

 

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(b)           The
fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the Trustee or
the Collateral Agent reasonably deems sufficient.

 

(c)           The
principal amount or face amount, as the case may be, and registered numbers of Debt held by any Person, and the date of such Person’s
holding the same, shall be proved by the Register or shall be provided by certification by such Holder.

 

(d)           Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Debt shall bind the Holder
(and any transferee thereof) of such and of all Debt issued upon the registration thereof or in exchange therefor or in lieu
thereof, in respect of anything done, omitted or suffered to be done by the Trustee, the Collateral Agent or the Issuer in reliance
thereon, whether or not notation of such action is made upon such Debt.

 

(e)           Notwithstanding
anything herein to the contrary, a holder of a beneficial interest in a Global Note will have the right to receive access to reports
on the Trustee’s website and will be entitled to exercise rights to vote, give consents and directions which holders of the
related Class of Debt are entitled to give under this Indenture upon delivery of a beneficial ownership certificate in the
form of Exhibit C hereto (a “Beneficial Ownership Certificate”) to the Trustee which certifies (i) that
such Person is a beneficial owner of an interest in a Global Note, (ii) the amount and Class of Debt so owned, and (iii) that
such Person will notify the Trustee when it sells all or a portion of its beneficial interest in such Class of Debt. A separate
Beneficial Ownership Certificate must be delivered each time any such vote, consent or direction is given; provided that,
nothing shall prevent the Trustee from requesting additional information and documentation with respect to any such beneficial
owner; provided further that the Trustee shall be entitled to conclusively rely on the accuracy and the currency of each
Beneficial Ownership Certificate and shall not be required to obtain any further information in this regard.

 

Section 14.3          Notices, etc.,
to the Trustee, the Collateral Agent, the Issuer, the Collateral Manager, the Initial Purchaser, the Collateral Administrator,
the Paying Agent and the Rating Agency. (a) Any request, demand, authorization, direction, instruction,
order, notice, consent, waiver or Act of Holders or other documents or communication provided or permitted by this Indenture to
be made upon, given, e-mailed or furnished to, or filed with:

 

(i)            the
Trustee, the Loan Agent or the Collateral Agent shall be sufficient for every purpose hereunder if made, given, furnished or filed
in writing to and mailed, by certified mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing
next day delivery, by electronic mail, or by facsimile in legible form, to the Trustee or Collateral Agent addressed to it at its
applicable Corporate Trust Office, or at any other address previously furnished in writing to the other parties hereto by the Trustee,
and such request, demand, authorization, direction, instruction, order, notice, consent, waiver or Act of Holders or other documents
or communication references the Notes generally, the Issuer or this Indenture, and executed by a Responsible Officer of the entity
sending such request, demand, authorization, direction, instruction, order, notice, consent, waiver or other document; provided
that any demand, authorization, direction, instruction, order, notice, consent, waiver or other document sent to the Bank (in any
capacity hereunder) will be deemed effective only upon receipt thereof by the Bank;

 

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(ii)           the
Issuer shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the Issuer addressed
to it at c/o Golub Capital BDC, Inc., 200 Park Avenue, 25th Floor, New York, New York 10166, or at any other address previously
furnished in writing to the other parties hereto by the Issuer, with a copy to the Collateral Manager at its address below;

 

(iii)          the
Initial Purchaser shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand delivered,
sent by overnight courier service or by telecopy in legible form, addressed to Wells Fargo Securities, LLC, Duke Energy Center,
550 South Tryon Street, 5th Floor, MAC D1086-051, Charlotte, North Carolina 28202, facsimile no. (704) 715-0067, Attention: Kevin
Sunday, or at any other address previously furnished in writing to the Issuer and the Trustee by the Initial Purchaser;

 

(iv)          the
Collateral Administrator shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid,
hand delivered, sent by overnight courier service or by facsimile in legible form, to the Collateral Administrator addressed to
it at the Corporate Trust Office or at any other address previously furnished in writing to the other parties hereto;

 

(v)           the
Collateral Manager shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand
delivered, sent by overnight courier service or by facsimile in legible form, to the Collateral Manager addressed to it at 200
Park Avenue, 25th Floor, New York, New York 10166, or at any other address previously furnished in writing to the parties hereto;

 

(vi)           the
Rating Agency shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing to the
Rating Agency or by email to CDO_Surveillance@spglobal.com; provided that (x) in respect of any application for a credit
estimate by S&P in respect of a Collateral Obligation, Information must be submitted to creditestimates@spglobal.com,
(y) in respect of any document or notice sent to S&P pursuant to Section 7.18(c), such document or notice
must be submitted to CDOEffectiveDatePortfolios@spglobal.com and (z) in respect of any request to S&P relating to the
S&P CDO Monitor, such request must be submitted to CDOMonitor@spglobal.com; and

 

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(b)           If
any provision herein calls for any notice or document to be delivered simultaneously to the Trustee, the Collateral Agent or the
Loan Agent and any other Person, the Trustee’s, the Collateral Agent’s, or the Loan Agent’s, as the case may
be, receipt of such notice or document shall entitle the Trustee, the Collateral Agent and the Loan Agent to assume that such
notice or document was delivered to such other Person or entity unless otherwise expressly specified herein.

 

(c)           Notwithstanding
any provision to the contrary contained herein or in any agreement or document related thereto, any report, statement or other
information required to be provided by the Issuer, the Trustee or the Collateral Agent may be provided by providing access
to a website containing such information.

 

Section 14.4           Notices
to Holders; Waiver. Except as otherwise expressly provided herein, where this Indenture provides for notice to Holders
of any event,

 

(a)           such
notice shall be sufficiently given to Holders if in writing and mailed, first class postage prepaid, or by overnight delivery service
(or, in the case of Holders of Global Secured Notes, e-mailed to DTC), to each Holder affected by such event, at the address of
such Holder as it appears in the Register, not earlier than the earliest date and not later than the latest date prescribed for
the giving of such notice; and

 

(b)           such
notice shall be in the English language.

 

Such notices will be
deemed to have been given on the date of such mailing.

 

Notwithstanding clause
(a) above, a Holder may give the Trustee a written notice that it is requesting that notices to it be given by electronic
mail or by facsimile transmissions and stating the electronic mail address or facsimile number for such transmission. Thereafter,
the Trustee shall give notices to such Holder by electronic mail or facsimile transmission, as so requested; provided that
if such notice also requests that notices be given by mail, then such notice shall also be given by mail in accordance with clause
(a) above. Notices for Holders may also be posted to the Trustee’s internet website.

 

Subject to the requirements
of Section 14.15, the Trustee will deliver to the Holders any information or notice relating to this Indenture requested
to be so delivered by at least 25% of the Holders of any Class of Debt (by Aggregate Outstanding Amount), at the expense of
the Issuer; provided that the Trustee may decline to send any such notice that it reasonably determines to be contrary to
(i) any of the terms of this Indenture, (ii) any duty or obligation that the Trustee or the Collateral Agent may have
hereunder or (iii) applicable law. The Trustee, the Collateral Agent and the Loan Agent may require the requesting Holders
to comply with its standard verification policies in order to confirm Holder status.

 

Neither the failure
to mail any notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice
with respect to other Holders. In case by reason of the suspension of regular mail service as a result of a strike, work stoppage or
similar activity or by reason of any other cause it shall be impracticable to give such notice by mail of any event to Holders
when such notice is required to be given pursuant to any provision of this Indenture, then such notification to Holders as shall
be made with the approval of the Trustee shall constitute a sufficient notification to such Holders for every purpose hereunder.

 

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Where this Indenture
provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

 

Section 14.5           Effect
of Headings and Table of Contents. The Article and Section headings herein (including those used in cross-references
herein) and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 14.6          Successors
and Assigns. All covenants and agreements herein by the Issuer shall bind its successors and assigns, whether so expressed
or not.

 

Section 14.7          Severability.
If any term, provision, covenant or condition of this Indenture or the Debt, or the application thereof to any party hereto or
any circumstance, is held to be unenforceable, invalid or illegal (in whole or in part) for any reason (in any relevant jurisdiction),
the remaining terms, provisions, covenants and conditions of this Indenture or the Debt, modified by the deletion of the unenforceable,
invalid or illegal portion (in any relevant jurisdiction), will continue in full force and effect, and such unenforceability,
invalidity, or illegality will not otherwise affect the enforceability, validity or legality of the remaining terms, provisions,
covenants and conditions of this Indenture or the Debt, as the case may be, so long as this Indenture or the Debt, as the case
may be, as so modified continues to express, without material change, the original intentions of the parties as to the subject
matter hereof and the deletion of such portion of this Indenture or the Debt, as the case may be, will not substantially impair
the respective expectations or reciprocal obligations of the parties or the practical realization of the benefits that would otherwise
be conferred upon the parties.

 

Section 14.8          Benefits
of Indenture. Except as otherwise expressly set forth in this Indenture, nothing herein or in the Debt, expressed
or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the Collateral Manager, the
Collateral Administrator, the Loan Agent, the Holders of the Debt and (to the extent provided herein) the other Secured Parties
any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 14.9          Legal
Holidays. If the date of any Payment Date, Redemption Date or Stated Maturity shall not be a Business Day, then notwithstanding
any other provision of the Notes or this Indenture, payment need not be made on such date, but may be made on the next succeeding
Business Day with the same force and effect as if made on the nominal date of any such Payment Date, Redemption Date or Stated
Maturity date.

 

Section 14.10        Governing
Law. This Indenture shall be construed in accordance with, and this Indenture and any matters arising out of
or relating in any way whatsoever to this Indenture (whether in contract, tort or otherwise), shall be governed by, the law of
the State of New York.

 

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Section 14.11        Submission
to Jurisdiction. With respect to any suit, action or proceedings relating to this Indenture or any matter between
the parties arising under or in connection with this Indenture (“Proceedings”), each party irrevocably: (i) submits
to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and the United
States District Court for the Southern District of New York, and any appellate court from any thereof; and (ii) waives any
objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim
that such Proceedings have been brought in an inconvenient forum and further waives the right to object, with respect to such
Proceedings, that such court does not have any jurisdiction over such party. Nothing herein precludes any of the parties from
bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude
the bringing of Proceedings in any other jurisdiction.

 

Section 14.12         Waiver
of Jury Trial. EACH OF THE ISSUER, THE HOLDERS, THE COLLATERAL AGENT AND THE TRUSTEE 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 INDENTURE, THE DEBT OR THE TRANSACTIONS CONTEMPLATED HEREBY. Each party hereby (i) certifies that no representative,
agent or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a Proceeding,
seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this Indenture by, among
other things, the mutual waivers and certifications in this paragraph.

 

Section 14.13         Counterparts.
This Indenture shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual
on behalf of the party by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature,
or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act,
state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any
relevant provisions of the UCC (collectively, “Signature Law”), in each case to the extent applicable. Each
faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity,
legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively
rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic
signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity
thereof. This Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such
counterparts shall, together, constitute one and the same instrument. For the avoidance of doubt, original manual signatures shall
be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended
character of the writings.

 

Section 14.14         Acts
of Issuer . Any report, information, communication, request, demand, authorization, direction, notice, consent, waiver
or other action provided by this Indenture to be given or performed by the Issuer shall be effective if given or performed by
the Issuer or by the Collateral Manager on the Issuer’s behalf.

 

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The Issuer agrees
to coordinate with the Collateral Manager with respect to any communication to the Rating Agency and to comply with the provisions
of this Section 14.14 and Section 14.17 unless otherwise agreed to in writing by the Collateral Manager.

 

Section 14.15        Confidential
Information. (a) The Trustee, the Collateral Agent, the Loan Agent, the Collateral Administrator and each Holder
or beneficial owner of Debt will maintain the confidentiality of all Confidential Information in accordance with procedures adopted
by such Person in good faith to protect Confidential Information of third parties delivered to such Person; provided that
such Person may deliver or disclose Confidential Information to: (i) such Person’s directors, trustees, officers, employees,
agents, attorneys and affiliates who agree to hold confidential the Confidential Information substantially in accordance with
the terms of this Section 14.15 and to the extent such disclosure is reasonably required for the administration of
this Indenture, the matters contemplated hereby or the investment represented by the Debt; (ii) such Person’s legal
advisors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially
in accordance with the terms of this Section 14.15 and to the extent such disclosure is reasonably required for the
administration of this Indenture, the matters contemplated hereby or the investment represented by the Debt; (iii) any other
Holder or beneficial owner of Debt, or any of the other parties to this Indenture, the Collateral Management Agreement or the
Collateral Administration Agreement; (iv) except for Specified Obligor Information, any Person of the type that would be,
to such Person’s knowledge, permitted to acquire Debt in accordance with the requirements of Section 2.5 hereof
to which such Person sells or offers to sell any such Debt or any part thereof; (v) except for Specified Obligor Information,
any other Person from which such former Person offers to purchase any security of the Issuer; (vi) any federal or state or
other regulatory, governmental or judicial authority having jurisdiction over such Person; (vii) the National Association
of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to information
about the investment portfolio of such Person, reinsurers and liquidity and credit providers that agree to hold confidential the
Confidential Information substantially in accordance with this Section 14.15; (viii) S&P (subject to Section 14.17);
(ix) any other Person with the consent of the Issuer and the Collateral Manager; or (x) any other Person to which such
delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law, rule, regulation or order applicable
to such Person, (B) in response to any subpoena or other legal process (unless prohibited by applicable law, rule, order
or decree or other requirement having the force of law), (C) in connection with any litigation to which such Person is a
party (unless prohibited by applicable law, rule, order or decree or other requirement having the force of law), (D) if an
Event of Default has occurred and is continuing, to the extent such Person may reasonably determine such delivery and disclosure
to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under the Notes or this Indenture
or (E) in the Trustee’s, the Collateral Agent’s, the Loan Agent’s or the Collateral Administrator’s
performance of its obligations under this Indenture, the Collateral Administration Agreement or other transaction document related
thereto; and provided that delivery to the Holders or beneficial owners of Debt or to the accountants by the Trustee, the
Collateral Agent, the Loan Agent or the Collateral Administrator of any report of information required by the terms of this Indenture
to be provided to Holders or beneficial owners of Debt or to the accountants shall not be a violation of this Section 14.15.
Each Holder or beneficial owner of Debt will, by its acceptance of its Debt, be deemed to have agreed, except as set forth in
clauses (vi), (vii) and (x) above, that it shall use the Confidential Information for the sole purpose of making an
investment in the Debt or administering its investment in the Debt; and that the Trustee, the Collateral Agent and the Collateral
Administrator shall neither be required nor authorized to disclose to Holders or beneficial owners of Debt any Confidential Information
in violation of this Section 14.15. In the event of any required disclosure of the Confidential Information by such
Holder or beneficial owner, such Holder or beneficial owner will, by its acceptance of the Debt, be deemed to have agreed to use
reasonable efforts to protect the confidentiality of the Confidential Information. Each Holder or beneficial owner of Debt, by
its acceptance of Debt, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 14.15
(subject to Section 7.17(e)).

 

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(b)           For
the purposes of this Section 14.15, (A) “Confidential Information” means information delivered
to the Trustee, the Collateral Agent, the Collateral Administrator or any Holder or beneficial owner of Debt by or on behalf of
the Issuer in connection with and relating to the transactions contemplated by or otherwise pursuant to this Indenture or the
Credit Agreement (including, without limitation, information relating to Obligors); provided that such term does not include
information that: (i) was publicly known or otherwise known to the Trustee, the Collateral Agent, the Collateral Administrator
or such Holder or beneficial owner prior to the time of such disclosure; (ii) subsequently becomes publicly known through
no act or omission by the Trustee, the Collateral Agent, the Collateral Administrator, any Holder or beneficial owner of Notes
or any Person acting on behalf of the Trustee, the Collateral Agent, the Collateral Administrator or any Holder or beneficial
owner of Notes; (iii) otherwise is known or becomes known to the Trustee, the Collateral Agent, the Collateral Administrator
or any Holder or beneficial owner of Notes other than (x) through disclosure by the Issuer or (y) to the knowledge of
the Trustee, the Collateral Agent, the Collateral Administrator, a Holder or a beneficial owner of Notes, as the case may be,
in each case after reasonable inquiry, as a result of the breach of a fiduciary duty to the Issuer or a contractual duty to the
Issuer; or (iv) is allowed to be treated as non-confidential by consent of the Issuer; and (B) “Specified Obligor
Information” means Confidential Information relating to Obligors that is not otherwise included in the Monthly Reports
or Distribution Reports.

 

(c)            Notwithstanding
the foregoing, the Trustee, the Collateral Agent and the Collateral Administrator may disclose Confidential Information to the
extent disclosure thereof may be required by law or by any regulatory, judicial or governmental authority and the Trustee, the
Collateral Agent and the Collateral Administrator may disclose on a confidential basis any Confidential Information to its agents,
attorneys and auditors in connection with the performance of its responsibilities hereunder.

 

Section 14.16         Proceedings.
Each purchaser, beneficial owner and subsequent transferee of Debt will be deemed by its purchase to acknowledge and agree as
follows: (i) (a) the express terms of this Indenture govern the rights of the Holders to direct the commencement of
a Proceeding against any person, (b) this Indenture contains limitations on the rights of the Holders to direct the commencement
of any such Proceeding, and (c) each Holder shall comply with such express terms if it seeks to direct the commencement of
any such Proceeding; (ii) there are no implied rights under this Indenture to direct the commencement of any such Proceeding;
and (iii) notwithstanding any provision of this Indenture, or any provision of the Debt, or of the Collateral Administration
Agreement or of any other agreement, the Issuer shall be under no duty or obligation of any kind to the Holders, or any of them,
to institute any legal or other proceedings of any kind, against any person or entity, including, without limitation, the Trustee,
the Collateral Manager, the Collateral Administrator, the Collateral Agent or the Calculation Agent.

 

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Section 14.17         Communications
with Rating Agencies. If the Issuer shall receive any written or oral communication from any Rating Agency (or any
of their respective officers, directors or employees) with respect to the transactions contemplated hereby or under the Transaction
Documents or in any way relating to the Debt, the Issuer agrees to refrain from communicating with such Rating Agency and to promptly
(and, in any event, within one Business Day) notify the Collateral Manager of such communication. The Issuer agrees that in no
event shall it engage in any oral or written communication with respect to the transactions contemplated hereby or under the Transaction
Documents or in any way relating to the Debt with any Rating Agency (or any of their respective officers, directors or employees)
without the participation of the Collateral Manager, unless otherwise agreed to in writing by the Collateral Manager. For the
avoidance of doubt, nothing in this Section 14.17 shall prohibit the Collateral Agent from making available on its
internet website the Monthly Reports, Distribution Reports and other notices or documentation relating to the Debt or this Indenture.
For the avoidance of doubt, the Accountants’ Reports or reports prepared by the Independent accountants pursuant to this
Indenture (or information received, orally or in writing, about the contents of such reports) shall not be disclosed or distributed
to any Rating Agency. In accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and unedited form
which includes the Accountants’ Effective Date Comparison AUP Report as an attachment, will be provided by the Independent
accountants to the Issuer who will post such Form 15-E on the 17g-5 website.

 

Section 14.18         Notices
to S&P; Rule 17g-5 Procedures. (a) To enable the Rating Agency to comply with its obligations under Rule 17g-5,
the Issuer shall post on a password-protected internet website, at the same time such information is provided to the Rating Agency,
all information (which shall not include any Effective Date Report, Accountants’ Report or report prepared by the Independent
accountants pursuant to this Indenture) the Issuer provides to the Rating Agency for the purposes of determining the initial credit
rating of the Debt or undertaking credit rating surveillance of the Debt. In the case of information provided for the purposes
of undertaking credit rating surveillance of the Debt, such information shall be posted on a password protected internet website
in accordance with the procedures set forth in Section 14.18(b).

 

(b)            To
the extent that a Rating Agency makes an inquiry or initiates communications with the Issuer, the Collateral Manager, the Collateral
Administrator, the Collateral Agent or the Trustee that is relevant to such Rating Agency’s credit rating surveillance of
the Secured Debt, all responses to such inquiries or communications from such Rating Agency shall be formulated in writing by
the responding party or its representative or advisor and shall be provided to the Information Agent who shall promptly forward
such written response to the Issuer’s Website in accordance with the procedures set forth in Section 14.18(d) and
the Collateral Administration Agreement and such responding party or its representative or advisor may provide such response to
such Rating Agency and to the extent that any of the Issuer, the Collateral Manager, the Collateral Administrator, the Collateral
Agent or the Trustee is required to provide any information to, or communicate with, any Rating Agency in accordance with its
obligations under this Indenture or the Collateral Management Agreement, the Issuer, the Collateral Manager, the Collateral Administrator,
the Collateral Agent or the Trustee, as applicable (or their respective representatives or advisors), shall provide such information
or communication to the Information Agent by e-mail at SEC.17g-5@db.com, which the Information Agent shall promptly forward to
the Issuer’s Website in accordance with the procedures set forth in Section 14.18(d) and the Collateral
Administration Agreement.

 

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(c)            Subject
to Section 14.17 hereof, the Issuer, the Collateral Manager, the Collateral Administrator, the Collateral Agent and
the Trustee (and their respective representatives and advisors) shall be permitted (but shall not be required) to orally communicate
with the Rating Agency regarding any Collateral Obligation or the Debt; provided, that such party summarizes the information
provided to the Rating Agency in such communication and provides the Information Agent with such summary in accordance with the
procedures set forth in this Section 14.18 and the Collateral Administration Agreement within one Business Day of
such communication taking place. The Information Agent shall forward such summary to the Issuer’s Website in accordance
with the procedures set forth in Section 14.18(d).

 

(d)            All
information to be made available to the Rating Agency pursuant to this Section 14.18 shall be forwarded by the Information
Agent for posting on the Issuer’s Website pursuant to the Collateral Administration Agreement. Information will be posted
on the same Business Day of receipt; provided that such information is received by 12:00 p.m. (Eastern time) or, if
received after 12:00 p.m. (Eastern time), on the next Business Day. The Information Agent shall have no obligation or duty
to verify, confirm or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction
or otherwise is or is not anything other than what it purports to be. In the event that any information is delivered or posted
in error, the Issuer may remove it from the Issuer’s Website. None of the Trustee, the Collateral Manager, the Collateral
Administrator, the Collateral Agent and the Information Agent shall have obtained or shall be deemed to have obtained actual knowledge
of any information solely due to receipt and posting to the Issuer’s Website. Access to the Issuer’s Website will
be provided by the Issuer to (A) any NRSRO (other than the Rating Agency) upon receipt by the Issuer and the Information
Agent of an NRSRO Certification in the form of Exhibit E hereto (which may be submitted electronically via the Issuer’s
Website) and (B) the Rating Agency, without submission of an NRSRO Certification.

 

(e)            None
of the Issuer, the Trustee, the Collateral Agent, the Loan Agent or the Collateral Manager shall be responsible or liable for
any delays caused by the failure of the Information Agent to forward the applicable response to the Issuer’s Website.

 

(f)             Notwithstanding
the requirements of this Section 14.18, neither the Trustee nor the Collateral Administrator shall have any obligation
to engage in, or respond to, any inquiry or oral communications from any Rating Agency. Neither the Trustee nor the Collateral
Administrator shall be responsible for maintaining the Issuer’s Website, posting information on the Issuer’s Website
or assuring that the Issuer’s Website complies with the requirements of this Indenture, Rule 17g-5, or any other law
or regulation. In no event shall the Trustee, the Collateral Agent, the Information Agent or the Collateral Administrator be deemed
to make any representation as to the content of the Issuer’s Website (other than with respect to the Information Agent,
to the extent such content was prepared by the Information Agent) or with respect to compliance by the Issuer’s Website
with this Indenture, Rule 17g-5 or any other law or regulation.

 

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(g)            In
connection with providing access to the Issuer’s Website, the Issuer may require registration and the acceptance of a disclaimer.
The Information Agent shall not be liable for the dissemination of information in accordance with the terms of this Indenture
and the Collateral Administration Agreement and makes no representations or warranties as to the accuracy or completeness of such
information being made available, and assumes no responsibility for such information. The Information Agent shall not be liable
for its failure to make any information available to the Rating Agency or NRSROs unless such information was delivered to the
Information Agent at the email address set forth herein, with a subject heading of “Golub Capital BDC CLO 4 LLC” and
sufficient detail to indicate that such information is required to be posted on the Issuer’s Website.

 

(h)            Notwithstanding
anything therein to the contrary, the maintenance by the Trustee of the website described in Section 10.7(g) shall
not be deemed as compliance by or on behalf of the Issuer with Rule 17g-5 or other law or regulation related thereto.

 

(i)             Notwithstanding
anything to the contrary in this Indenture (including, without limitation, Section 5.1), any failure by the Issuer
or any other Person to comply with the provisions of this Section 14.18 shall not constitute an Event of Default or
breach of this Indenture, the Collateral Management Agreement or any other agreement, and the Holders and the holders of any beneficial
interests in the Debt shall have no rights with respect thereto or under this Section 14.18. This Section 14.18
may be amended or modified by agreement of the Collateral Manager, the Issuer, the Trustee, the Collateral Agent, the Information
Agent and the Rating Agency, without the consent of any Holder or any other Person.

 

(j)             In
accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and unedited form, will be provided by the
Independent accountants to the Issuer who will post such Form 15-E on the 17g-5 website.

 

ARTICLE XV

 

Assignment
Of Certain Agreements

 

Section 15.1           Assignment
of Collateral Management Agreement. (a) The Issuer hereby acknowledges that its Grant pursuant to the first Granting
Clause hereof includes all of the Issuer’s estate, right, title and interest in, to and under the Collateral Management
Agreement, including (i) the right to give all notices, consents and releases thereunder, (ii) the right to give all
notices of termination and to take any legal action upon the breach of an obligation of the Collateral Manager thereunder, including
the commencement, conduct and consummation of proceedings at law or in equity, (iii) the right to receive all notices, accountings,
consents, releases and statements thereunder and (iv) the right to do any and all other things whatsoever that the Issuer
is or may be entitled to do thereunder; provided that notwithstanding anything herein to the contrary, the Collateral Agent
shall not have the authority to exercise any of the rights set forth in (i) through (iv) above or that may otherwise
arise as a result of the Grant until the occurrence of an Event of Default hereunder and such authority shall terminate at such
time, if any, as such Event of Default is cured or waived. From and after the occurrence and continuance of an Event of Default,
the Collateral Manager shall continue to perform and be bound by the provisions of the Collateral Management Agreement and this
Indenture applicable thereto.

 

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(b)            The
assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair or
diminish the obligations of the Issuer under the provisions of the Collateral Management Agreement, nor shall any of the obligations
contained in the Collateral Management Agreement be imposed on the Collateral Agent at any time, including following the resignation
or removal of the Collateral Manager.

 

(c)            Upon
the retirement of the Debt, the payment of all amounts required to be paid pursuant to the Priority of Payments and the release
of the Assets from the lien of this Indenture, this assignment and all rights herein assigned to the Collateral Agent for the
benefit of the Holders shall cease and terminate and all the estate, right, title and interest of the Collateral Agent in, to
and under the Collateral Management Agreement shall revert to the Issuer and no further instrument or act shall be necessary to
evidence such termination and reversion.

 

(d)            The
Issuer represents that, as of the date hereof, the Issuer has not executed any other assignment of the Collateral Management Agreement.

 

(e)            The
Issuer agrees that this assignment is irrevocable, and that it will not take any action which is inconsistent with this assignment
or make any other assignment inconsistent herewith. The Issuer will, from time to time, execute all instruments of further assurance
and all such supplemental instruments with respect to this assignment as may be necessary to continue and maintain the effectiveness
of such assignment.

 

(f)            The
Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the Collateral Manager in the Collateral Management
Agreement, to the following:

 

(i)            The
Collateral Manager shall consent to the provisions of this assignment and agree to perform any provisions of this Indenture applicable
to the Collateral Manager subject to the terms (including the Collateral Manager Standard) of the Collateral Management Agreement.

 

(ii)            The
Collateral Manager shall acknowledge that the Issuer is assigning all of its right, title and interest in, to and under the Collateral
Management Agreement to the Collateral Agent as representative of the Holders and the Collateral Manager shall agree that all
of the representations, covenants and agreements made by the Collateral Manager in the Collateral Management Agreement are also
for the benefit of the Collateral Agent.

 

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(iii)            The
Collateral Manager shall deliver to the Trustee and the Collateral Agent copies of all notices, statements, communications and
instruments delivered or required to be delivered by the Collateral Manager to the Issuer pursuant to the Collateral Management
Agreement.

 

(iv)            Except
as otherwise set forth herein and therein (including pursuant to Section 9 of the Collateral Management Agreement), the Collateral
Manager shall continue to serve as Collateral Manager under the Collateral Management Agreement notwithstanding that the Collateral
Manager shall not have received amounts due it under the Collateral Management Agreement because sufficient funds were not then
available hereunder to pay such amounts in accordance with the Priority of Payments set forth under Section 11.1.
The Collateral Manager agrees not to cause the filing of a petition in bankruptcy against the Issuer for the nonpayment of the
fees or other amounts payable by the Issuer to the Collateral Manager under the Collateral Management Agreement until the payment
in full of all Debt issued under this Indenture and the expiration of a period equal to one year and a day, or, if longer, the
applicable preference period and one day, following such payment. Nothing in this Section 15.1 shall preclude, or
be deemed to stop, the Collateral Manager (i) from taking any action prior to the expiration of the aforementioned period
in (A) any case or Proceeding voluntarily filed or commenced by the Issuer or (B) any involuntary insolvency Proceeding
filed or commenced by a Person other than the Collateral Manager, or (ii) from commencing against the Issuer or any of its
properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding.

 

(v)            Except
with respect to transactions contemplated by Section 5 of the Collateral Management Agreement, if the Collateral Manager
determines that it or any of its Affiliates has a conflict of interest between the Holder of any Debt and any other account or
portfolio for which the Collateral Manager or any of its Affiliates is serving as investment adviser which relates to any action
to be taken with respect to any Asset, then the Collateral Manager will give written notice briefly describing such conflict and
the action it proposes to take to the Trustee, who shall promptly forward such notice to the relevant Holder. The provisions of
this clause (vi) shall not apply to any transaction permitted by the terms of the Collateral Management Agreement.

 

(vi)            On
each Measurement Date on which the S&P CDO Monitor Test is used, the Collateral Manager on behalf of the Issuer will measure
compliance under such test.

 

(g)            The
Issuer and the Collateral Agent agree that the Collateral Manager shall be a third party beneficiary of this Indenture, and shall
be entitled to rely upon and enforce such provisions of this Indenture to the same extent as if it were a party hereto.

 

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(h)            Upon
a Bank Officer of the Collateral Agent receiving written notice from the Collateral Manager that an event constituting “Cause”
as defined in the Collateral Management Agreement has occurred, the Collateral Agent shall, not later than two Business Days thereafter,
forward such notice to the Holders (as their names appear in the Register).

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF,
we have set our hands as of the day and year first written above.

 

	 	GOLUB CAPITAL BDC CLO 4 LLC,
	 	as
    Issuer
	 	 
	 	 
	 	By: Golub Capital BDC, Inc., its Designated Manager
	 	 
	 	 
	 	By:	/s/ Ross A. Teune
	 		Name: Ross A. Teune
	 		Title: Chief Financial Officer

 

    

     

    

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	 	as Trustee and as Collateral Agent
	 	 
	 	 
	 	By:	/s/ Joel T. Furusho
	 	 	Name: Joel T. Furusho
	 	 	Title:   Director
	 	 	 
	 	 
	 	By:	/s/ Vincent Pham
	 	 	Name: Vincent Pham
	 	 	Title:   Vice President

 

    

     

    

 

Schedule 1

 

List of Collateral Obligations

 

    S-1-1

     

    

 

Schedule 2

S&P Industry Classifications

 

	Asset Type	 	Description
	1020000	 	Energy Equipment and Services
	1030000	 	Oil, Gas and Consumable Fuels
	1033403	 	Mortgage Real Estate Investment Trusts (REITs)
	2020000	 	Chemicals
	2030000	 	Construction Materials
	2040000	 	Containers and Packaging
	2050000	 	Metals and Mining
	2060000	 	Paper and Forest Products
	3020000	 	Aerospace and Defense
	3030000	 	Building Products
	3040000	 	Construction & Engineering
	3050000	 	Electrical Equipment
	3060000	 	Industrial Conglomerates
	3070000	 	Machinery
	3080000	 	Trading Companies and Distributors
	3110000	 	Commercial Services and Supplies
	3210000	 	Air Freight and Logistics
	3220000	 	Airlines
	3230000	 	Marine
	3240000	 	Road and Rail
	3250000	 	Transportation Infrastructure
	4011000	 	Auto Components
	4020000	 	Automobiles
	4110000	 	Household Durables
	4120000	 	Leisure Products
	4130000	 	Textiles, Apparel and Luxury Goods
	4210000	 	Hotels, Restaurants and Leisure
	4300001	 	Entertainment
	4300002	 	Interactive Media and Services
	4310000	 	Media
	4410000	 	Distributors
	4420000	 	Internet and Catalog Retail
	4430000	 	Multiline Retail
	4440000	 	Specialty Retail
	5020000	 	Food and Staples Retailing
	5110000	 	Beverages
	5120000	 	Food Products
	5130000	 	Tobacco

    S-2-1

     

    

 

	Asset Type	 	Description
	5210000	 	Household Products
	5220000	 	Personal Products
	6020000	 	Healthcare Equipment and Supplies
	6030000	 	Healthcare Providers and Services
	6110000	 	Biotechnology
	6120000	 	Pharmaceuticals
	7011000	 	Banks
	7020000	 	Thrifts and Mortgage Finance
	7110000	 	Diversified Financial Services
	7120000	 	Consumer Finance
	7130000	 	Capital Markets
	7210000	 	Insurance
	7310000	 	Real Estate Management and Development
	7311000	 	Equity Real Estate Investment Trusts (REITs)
	8030000	 	IT Services
	8040000	 	Software
	8110000	 	Communications Equipment
	8120000	 	Technology Hardware, Storage and Peripherals
	8130000	 	Electronic Equipment, Instruments and Components
	8210000	 	Semiconductors and Semiconductor Equipment
	9020000	 	Diversified Telecommunication Services
	9030000	 	Wireless Telecommunication Services
	9520000	 	Electric Utilities
	9530000	 	Gas Utilities
	9540000	 	Multi-Utilities
	9550000	 	Water Utilities
	9551701	 	Diversified Consumer Services
	9551702	 	Independent Power and Renewable Electricity Producers
	9551727	 	Life Sciences Tools & Services
	9551729	 	Health Care Technology
	9612010	 	Professional Services
	1000-1099	 	Reserved

 

PROJECT FINANCE

 

	Asset Type	 	Description
	PF1	 	Project finance:  Industrial
    equipment
	PF2	 	Project finance:  Leisure
    and gaming
	PF3	 	Project finance:  Natural
    resources and mining
	PF4	 	Project finance:  Oil
    and gas
	PF5	 	Project finance:  Power
	PF6	 	Project finance:  Public
    finance and real estate
	PF7	 	Project finance:  Telecommunications
	PF8	 	Project finance: Transport
	PF1000-PF1099	 	Reserved

 

    S-2-2

     

    

 

Schedule 3

 

MOODY’S RATING DEFINITIONS

 

For purposes of this
Schedule 3 and this Indenture, the terms “Assigned Moody’s Rating” and “CFR”
mean:

 

Assigned
Moody’s Rating

 

The monitored publicly
available rating or the estimated rating expressly assigned to a debt obligation (or facility) by Moody’s that addresses
the full amount of the principal and interest promised.

 

CFR

 

With respect to an
obligor of a Collateral Obligation, if such obligor has a corporate family rating by Moody’s, then such corporate family
rating; provided that if such obligor does not have a corporate family rating by Moody’s but any entity in the obligor’s
corporate family does have a corporate family rating, then the CFR is such corporate family rating.

 

For purposes of this
Indenture, the terms Moody’s Default Probability Rating, Moody’s Rating and Moody’s Derived Rating, have the
meanings under the respective headings below.

 

With respect to any
Collateral Obligation as of any date of determination, the rating determined in accordance with the following methodology:

 

MOODY’S DEFAULT PROBABILITY RATING

 

(i)             With
respect to a Collateral Obligation, if the obligor of such Collateral Obligation has a CFR, then such CFR;

 

(ii)            With
respect to a Collateral Obligation if not determined pursuant to clause (i) above, if the obligor of such Collateral Obligation
has one or more senior unsecured obligations with an Assigned Moody’s Rating, then the Assigned Moody’s Rating on
any such obligation as selected by the Collateral Manager in its sole discretion;

 

(iii)           With
respect to a Collateral Obligation if not determined pursuant to clauses (i) or (ii) above, if the obligor of such Collateral
Obligation has one or more senior secured obligations with an Assigned Moody’s Rating, then the Moody’s rating that
is one subcategory lower than the Assigned Moody’s Rating on any such senior secured obligation as selected by the Collateral
Manager in its sole discretion;

 

(iv)           With
respect to a Collateral Obligation if not determined pursuant to clauses (i), (ii) or (iii) above, if a rating estimate
has been assigned to such Collateral Obligation by Moody’s upon the request of the Issuer, the Collateral Manager or an
Affiliate of the Collateral Manager, then the Moody’s Default Probability Rating is such rating estimate (subject to any
applicable rating estimate adjustment) as long as such rating estimate or a renewal for such rating estimate has been issued or
provided by Moody’s in each case within the 15 month period preceding the date on which the Moody’s Default Probability
Rating is being determined; provided that if such rating estimate has been issued or provided by Moody’s for a period
(x) longer than 12 months but not beyond 15 months, the Moody’s Default Probability Rating will be one subcategory
lower than such rating estimate and (y) beyond 15 months, the Moody’s Default Probability Rating will be deemed to
be “Caa3”;

 

    S-3-1

     

    

 

(v)            With
respect to any DIP Collateral Obligation, the Moody’s Default Probability Rating of such Collateral Obligation shall be
the rating which is one subcategory below the Assigned Moody’s Rating of such DIP Collateral Obligation;

 

(vi)           With
respect to a Collateral Obligation if not determined pursuant to any of clauses (i) through (v) above and at the election
of the Collateral Manager, the Moody’s Derived Rating; and

 

(vii)          With
respect to a Collateral Obligation if not determined pursuant to any of clauses (i) through (vi) above, the Collateral
Obligation will be deemed to have a Moody’s Default Probability Rating of “Caa3.”

 

MOODY’S
RATING

 

(i)            With
respect to a Collateral Obligation that is a Senior Secured Loan:

 

(A)            if
such Collateral Obligation has an Assigned Moody’s Rating, such Assigned Moody’s Rating;

 

(B)            if
such Collateral Obligation does not have an Assigned Moody’s Rating but the obligor of such Collateral Obligation has a
CFR, then the Moody’s rating that is one subcategory higher than such CFR;

 

(C)            if
neither clause (A) nor (B) above apply, if such Collateral Obligation does not have an Assigned Moody’s Rating
but the obligor of such Collateral Obligation has one or more senior unsecured obligations with an Assigned Moody’s Rating,
then the Moody’s rating that is two subcategories higher than the Assigned Moody’s Rating on any such obligation as
selected by the Collateral Manager in its sole discretion;

 

(D)            if
none of clauses (A) through (C) above apply, at the election of the Collateral Manager, the Moody’s Derived Rating;
and

 

(E)            if
none of clauses (A) through (D) above apply, the Collateral Obligation will be deemed to have a Moody’s Rating
of “Caa3”; and

 

(ii)            With
respect to a Collateral Obligation other than a Senior Secured Loan:

 

(A)            if
such Collateral Obligation has an Assigned Moody’s Rating, such Assigned Moody’s Rating;

 

    S-3-2

     

    

 

(B)            if
such Collateral Obligation does not have an Assigned Moody’s Rating but the obligor of such Collateral Obligation has one
or more senior unsecured obligations with an Assigned Moody’s Rating, then the Assigned Moody’s Rating on any such
obligation as selected by the Collateral Manager in its sole discretion;

 

(C)            if
neither clause (A) nor (B) above apply, if such Collateral Obligation does not have an Assigned Moody’s Rating
but the obligor of such Collateral Obligation has a CFR, then the Moody’s rating that is one subcategory lower than such
CFR;

 

(D)            if
none of clauses (A), (B) or (C) above apply, if such Collateral Obligation does not have an Assigned Moody’s Rating
but the obligor of such Collateral Obligation has one or more subordinated debt obligations with an Assigned Moody’s Rating,
then the Moody’s rating that is one subcategory higher than the Assigned Moody’s Rating on any such obligation as
selected by the Collateral Manager in its sole discretion;

 

(E)            if
none of clauses (A) through (D) above apply, at the election of the Collateral Manager, the Moody’s Derived Rating;
and

 

(F)            if
none of clauses (A) through (E) above apply, the Collateral Obligation will be deemed to have a Moody’s Rating
of “Caa3.”

 

MOODY’S
DERIVED RATING

 

With respect to a
Collateral Obligation whose Moody’s Rating or Moody’s Default Probability Rating cannot otherwise be determined pursuant
to the definitions thereof, such Moody’s Rating or Moody’s Default Probability Rating shall be determined as set forth
below:

 

(i)            By
using one of the methods provided below:

 

(A)            if
such Collateral Obligation is rated by S&P, then the Moody’s Rating and Moody’s Default Probability Rating (as
applicable) of such Collateral Obligation will be determined, at the election of the Collateral Manager, in accordance with the
methodology set forth in the following table below:

 

	Type of Collateral

Obligation	 	S&P Rating (Public

and Monitored)	 	Collateral 

Obligation Rated 

by S&P	 	Number of

Subcategories 

Relative to 

Moody’s 

Equivalent of 

S&P Rating
	Not Structured Finance Obligation	 	> “BBB-”	 	Not a Loan or Participation Interest in Loan	 	-1
	Not Structured Finance Obligation	 	<“BB+”	 	Not a Loan or Participation Interest in Loan	 	-2
	Not Structured Finance Obligation	 	 	 	Loan or Participation Interest in Loan	 	-2

 

    S-3-3

     

    

 

(B)            if
such Collateral Obligation is not rated by S&P but another security or obligation of the obligor has a public and monitored
rating by S&P (a “parallel security”), then the rating of such parallel security will at the election of
the Collateral Manager be determined in accordance with the table set forth in subclause (i)(A) above, and the Moody’s
Derived Rating for purposes of the definitions of Moody’s Rating and Moody’s Default Probability Rating (as applicable)
of such Collateral Obligation will be determined in accordance with the methodology set forth in the following table (for such
purposes treating the parallel security as if it were rated by Moody’s at the rating determined pursuant to this subclause
(i)(B)):

 

	Obligation Category
    of Rated 
 Obligation	 	Rating of Rated
    
 Obligation	 	Number of Subcategories

    Relative to Rated 
 Obligation Rating
	Senior secured obligation	 	greater than or equal to B2	 	-1
	Senior secured obligation	 	less than B2	 	-2
	Subordinated obligation	 	greater than or equal to B3	 	+1
	Subordinated obligation	 	less than B3	 	0

 

or

 

(C)            if
such Collateral Obligation is a DIP Collateral Obligation, no Moody’s Derived Rating may be determined based on a rating
by S&P or any other rating agency.

 

(ii)            If
not determined pursuant to clause (i) above and such Collateral Obligation is not rated by Moody’s or S&P and no
other security or obligation of the issuer of such Collateral Obligation is rated by Moody’s or S&P, and if Moody’s
has been requested by the Issuer, the Collateral Manager or the issuer of such Collateral Obligation to assign a rating or rating
estimate with respect to such Collateral Obligation but such rating or rating estimate has not been received, pending receipt
of such rating or rating estimate, the Moody’s Derived Rating of such Collateral Obligation for purposes of the definitions
of Moody’s Rating or Moody’s Default Probability Rating shall be (A) “B3” if the Collateral Manager
certifies to the Collateral Agent and the Collateral Administrator that the Collateral Manager believes that such rating or rating
estimate shall be at least “B3” and if the Aggregate Principal Balance of Collateral Obligations determined pursuant
to this clause (ii)(A) and clause (i) above does not exceed 5% of the Collateral Principal Amount or (B) otherwise,
“Caa3.”

 

    S-3-4

     

    

 

For purposes of the
definitions of “Moody’s Default Probability Rating”, “Moody’s Derived Rating” and “Moody’s
Rating”, any credit estimate assigned by Moody’s shall expire one year from the date such estimate was issued; provided
that, for purposes of any calculation under this Indenture, if Moody’s fails to renew for any reason a credit estimate
for a previously acquired Collateral Obligation thereunder on or before such one-year anniversary (which may be extended at Moody’s
option to the extent the annual audited financial statements for the Obligor have not yet been received), after the Issuer or
the Collateral Manager on the Issuer’s behalf has submitted to Moody’s all information that the Issuer or the Collateral
Manager believed in good faith was required to provide such renewal, (1) the Issuer for a period of 60 days will continue
using the previous credit estimate assigned by Moody’s with respect to such Collateral Obligation until such time as Moody’s
renews the credit estimate for such Collateral Obligation and (2) after 60 days but before Moody’s renews the credit
estimate for such Collateral Obligation, the Collateral Obligation will be deemed to have a Moody’s rating of “Caa3.”

 

    S-3-5

     

    

 

Schedule 4

 

S&P RECOVERY RATE TABLES

 

1.

 

	(a)	(i)If a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for
such Collateral Obligation shall be determined as follows (taking into account, for any Collateral Obligation with an S&P Recovery
Rating of ‘1’ through ‘6’, the recovery estimate indicated in the S&P published report therefor):

 

	S&P
 Recovery
 Rating
 of a
 Collateral
 Obligation	 	Recovery
 Estimate
 (%)*
 from
 S&P
 published
 reports**	 	Initial Liability Rating	 
	 	 	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and

 below	 
	1+	 	100	 	 	75.00	%	 	 	85.00	%	 	 	88.00	%	 	 	90.00	%	 	 	92.00	%	 	 	95.00	%
	1	 	95	 	 	70.00	%	 	 	80.00	%	 	 	84.00	%	 	 	87.50	%	 	 	91.00	%	 	 	95.00	%
	1	 	90	 	 	65.00	%	 	 	75.00	%	 	 	80.00	%	 	 	85.00	%	 	 	90.00	%	 	 	95.00	%
	2	 	85	 	 	62.50	%	 	 	72.50	%	 	 	77.50	%	 	 	83.00	%	 	 	88.00	%	 	 	92.00	%
	2	 	80	 	 	60.00	%	 	 	70.00	%	 	 	75.00	%	 	 	81.00	%	 	 	86.00	%	 	 	89.00	%
	2	 	75	 	 	55.00	%	 	 	65.00	%	 	 	70.50	%	 	 	77.00	%	 	 	82.50	%	 	 	84.00	%
	2	 	70	 	 	50.00	%	 	 	60.00	%	 	 	66.00	%	 	 	73.00	%	 	 	79.00	%	 	 	79.00	%
	3	 	65	 	 	45.00	%	 	 	55.00	%	 	 	61.00	%	 	 	68.00	%	 	 	73.00	%	 	 	74.00	%
	3	 	60	 	 	40.00	%	 	 	50.00	%	 	 	56.00	%	 	 	63.00	%	 	 	67.00	%	 	 	69.00	%
	3	 	55	 	 	35.00	%	 	 	45.00	%	 	 	51.00	%	 	 	58.00	%	 	 	63.00	%	 	 	64.00	%
	3	 	50	 	 	30.00	%	 	 	40.00	%	 	 	46.00	%	 	 	53.00	%	 	 	59.00	%	 	 	59.00	%
	4	 	45	 	 	28.50	%	 	 	37.50	%	 	 	44.00	%	 	 	49.50	%	 	 	53.50	%	 	 	54.00	%
	4	 	40	 	 	27.00	%	 	 	35.00	%	 	 	42.00	%	 	 	46.00	%	 	 	48.00	%	 	 	49.00	%
	4	 	35	 	 	23.50	%	 	 	30.50	%	 	 	37.50	%	 	 	42.50	%	 	 	43.50	%	 	 	44.00	%
	4	 	30	 	 	20.00	%	 	 	26.00	%	 	 	33.00	%	 	 	39.00	%	 	 	39.00	%	 	 	39.00	%
	5	 	25	 	 	17.50	%	 	 	23.00	%	 	 	28.50	%	 	 	32.50	%	 	 	33.50	%	 	 	34.00	%
	5	 	20	 	 	15.00	%	 	 	20.00	%	 	 	24.00	%	 	 	26.00	%	 	 	28.00	%	 	 	29.00	%
	5	 	15	 	 	10.00	%	 	 	15.00	%	 	 	19.50	%	 	 	22.50	%	 	 	23.50	%	 	 	24.00	%
	5	 	10	 	 	5.00	%	 	 	10.00	%	 	 	15.00	%	 	 	19.00	%	 	 	19.00	%	 	 	19.00	%
	6	 	5	 	 	3.50	%	 	 	7.00	%	 	 	10.50	%	 	 	13.50	%	 	 	14.00	%	 	 	14.00	%
	6	 	0	 	 	2.00	%	 	 	4.00	%	 	 	6.00	%	 	 	8.00	%	 	 	9.00	%	 	 	9.00	%
	 	 	 	 	 	Recovery rate	 	 

 

 

*            The
recovery estimate from S&P’s published reports for a given loan is rounded down to the nearest 5%.

 

**           If
a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of
‘1’ through ‘6’, the lower estimate for the applicable recovery rating will be assumed.

 

    S-4-1

     

    

 

		(ii)	If (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral
Obligation is a senior unsecured loan or second lien loan and (y) the issuer of such Collateral Obligation has issued another
debt instrument that is outstanding and senior to such Collateral Obligation (a “Senior Secured Debt Instrument”)
that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows:

 

For Collateral Obligations Domiciled
in Group A

 

	S&P
 Recovery
 Rating of
 the Senior
 Secured
 Debt
 Instrument	 	Initial Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and

 below	 
	1+	 	 	18	%	 	 	20	%	 	 	23	%	 	 	26	%	 	 	29	%	 	 	31	%
	1	 	 	18	%	 	 	20	%	 	 	23	%	 	 	26	%	 	 	29	%	 	 	31	%
	2	 	 	18	%	 	 	20	%	 	 	23	%	 	 	26	%	 	 	29	%	 	 	31	%
	3	 	 	12	%	 	 	15	%	 	 	18	%	 	 	21	%	 	 	22	%	 	 	23	%
	4	 	 	5	%	 	 	8	%	 	 	11	%	 	 	13	%	 	 	14	%	 	 	15	%
	5	 	 	2	%	 	 	4	%	 	 	6	%	 	 	8	%	 	 	9	%	 	 	10	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery rate	 

 

For Collateral Obligations Domiciled
in Group B

 

	S&P
 Recovery
 Rating of
 the Senior
 Secured
 Debt
 Instrument	 	Initial Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and 

below	 
	1+	 	 	13	%	 	 	16	%	 	 	18	%	 	 	21	%	 	 	23	%	 	 	25	%
	1	 	 	13	%	 	 	16	%	 	 	18	%	 	 	21	%	 	 	23	%	 	 	25	%
	2	 	 	13	%	 	 	16	%	 	 	18	%	 	 	21	%	 	 	23	%	 	 	25	%
	3	 	 	8	%	 	 	11	%	 	 	13	%	 	 	15	%	 	 	16	%	 	 	17	%

 

    S-4-2

     

    

 

	S&P
 Recovery
 Rating of
 the Senior
 Secured
 Debt
 Instrument	 	Initial Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and 

below	 
	4	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	5	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery rate	 

 

For Collateral Obligations Domiciled
in Group C

 

	S&P
 Recovery
 Rating of
 the Senior
 Secured
 Debt
 Instrument	 	Initial Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and 

below	 
	1+	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	1	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	2	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	3	 	 	5	%	 	 	7	%	 	 	9	%	 	 	10	%	 	 	11	%	 	 	12	%
	4	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%
	5	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery rate	 

 

		(iii)	If (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral
Obligation is a subordinated loan or subordinated bond and (y) the issuer of such Collateral Obligation has issued a Senior
Secured Debt Instrument that has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be
determined as follows:

 

    S-4-3

     

    

 

For Collateral Obligations Domiciled
in Groups A and B

 

	S&P
 Recovery
 Rating of 
 the Senior
 Secured
 Debt
 Instrument	 	Initial Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and 

below	 
	1+	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	1	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	2	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	3	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	4	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%
	5	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery rate	 

 

For Collateral Obligations Domiciled
in Group C

 

	S&P
 Recovery
 Rating of
 the Senior
 Secured
 Debt
 Instrument	 	Initial Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and 

below	 
	1+	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	1	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	2	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	3	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%
	4	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	5	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery rate	 

 

	(b)	If a recovery rate cannot be determined using clause (a), the recovery rate shall be determined
using the following table.

 

    S-4-4

     

    

 

Recovery rates for obligors Domiciled
in Group A, B or C:

 

	Priority 
 Category	 	Initial Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B” and
 “CCC”	 
	Senior Secured Loans (other than First-Lien Last-Out Loans)*
	Group A	 	 	50	%	 	 	55	%	 	 	59	%	 	 	63	%	 	 	75	%	 	 	79	%
	Group B	 	 	39	%	 	 	42	%	 	 	46	%	 	 	49	%	 	 	60	%	 	 	63	%
	Group C	 	 	17	%	 	 	19	%	 	 	27	%	 	 	29	%	 	 	31	%	 	 	34	%
	Senior Secured Loans (Cov-Lite Loans), Senior Secured Bonds
	Group A	 	 	41	%	 	 	46	%	 	 	49	%	 	 	53	%	 	 	63	%	 	 	67	%
	Group B	 	 	32	%	 	 	35	%	 	 	39	%	 	 	41	%	 	 	50	%	 	 	53	%
	Group C	 	 	17	%	 	 	19	%	 	 	27	%	 	 	29	%	 	 	31	%	 	 	34	%
	Senior Syndicated Secured Loans**
	Group A	 	 	33.3	%	 	 	40	%	 	 	45.3	%	 	 	50.7	%	 	 	66.7	%	 	 	72	%
	Group B	 	 	18.7	%	 	 	22.7	%	 	 	28	%	 	 	32	%	 	 	46.7	%	 	 	50.7	%
	Group C	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	Second Lien Loans, First-Lien Last-Out Loans, Unsecured Loans, Senior Secured Notes, senior unsecured Bonds†
	Group A	 	 	18	%	 	 	20	%	 	 	23	%	 	 	26	%	 	 	29	%	 	 	31	%
	Group B	 	 	13	%	 	 	16	%	 	 	18	%	 	 	21	%	 	 	23	%	 	 	25	%
	Group C	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	Subordinated loans, subordinated Bonds
	Group A	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	Group B	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	Group C	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	 	 	 	Recovery rate	 

 

 

Group
A: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Japan, Luxembourg,
The Netherlands, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, U.K. and United States of America

 

Group
B: Brazil, Czech Republic, Italy, Mexico, Poland and South Africa

 

Group
C: Greece, India, Indonesia, Kazakhstan, Russia, Turkey, Ukraine, United Arab Emirates and Vietnam

 

Notwithstanding the foregoing, for purposes
of determining the S&P Recovery Rate of a Collateral Obligation that is a Senior Secured Loan (including any Cov-Lite Loan)
or a Senior Secured Note secured solely or primarily by common stock or other equity interests, such Collateral Obligation shall
be deemed to be an Unsecured Loan.

 

    S-4-5

     

    

 

	*	For purposes of determining the S&P Recovery Rate, a Senior Secured Note shall be deemed to
be a Senior Secured Loan if such Senior Secured Note, if it were a loan, would satisfy the definition of Senior Secured Loan.

 

	**	The S&P Recovery Rate for Senior Syndicated Secured Loans shall apply only to Senior Syndicated
Secured Loans for which the Syndicated Tranche exceeds 20% of the sum of (x) the outstanding principal balance of the loan,
plus (y) the outstanding principal balance and unfunded commitments of such revolving facility, plus (z) the outstanding
principal balance of any other debt for borrowed money incurred by such Obligor that is pari passu with such loan.

 

	†	Solely for the purpose of determining the S&P Recovery Rate for such loan, the Aggregate Principal
Balance of all First-Lien Last-Out Loans, Unsecured Loans, Second Lien Loans and senior unsecured Bonds that, in the aggregate,
represent up to 15% of the Collateral Principal Amount shall have the S&P Recovery Rate specified for First-Lien Last-Out Loans,
Unsecured Loans, Second Lien Loans and senior unsecured Bonds in the table above and the Aggregate Principal Balance of all First-Lien
Last-Out Loans, Unsecured Loans, Second Lien Loans and senior unsecured Bonds in excess of 15% of the Collateral Principal Amount
shall have the S&P Recovery Rate specified for subordinated loans in the table above.

 

    S-4-6

     

    

 

2. S&P CDO Monitor

 

	Liability Rating
 of 	 	Weighted Average S&P Recovery
 Rate 
 (in increments of 0.01%):	 
	S&P Highest 
 Ranking Class	 	 	Not
                                         Less Than
 (%)	 	 	 	Not Greater Than
 (%)	 
	“AAA”	 	 	35.00	 	 	 	50.00	 
	“AA”	 	 	40.00	 	 	 	60.00	 
	“A”	 	 	50.00	 	 	 	70.00	 
	“BBB-”	 	 	55.00	 	 	 	70.00	 

 

For purposes of calculating
the Collateral Quality Tests, DIP Collateral Obligations will be treated as having an S&P Recovery Rate equal to the S&P
Recovery Rate for Senior Secured Loan.

 

The applicable weighted
average spread will be the spread between 2.00% and 7.00% (in increments of .01%) without exceeding the Weighted Average Floating
Spread (determined for purposes of this definition as if all Discount Obligations instead constituted Collateral Obligations that
are not Discount Obligations) as of such Measurement Date.

 

    S-4-7

     

    

 

Schedule 5

 

S&P EQUIVALENT DIVERSITY SCORE CALCULATION

 

The S&P Equivalent
Diversity Score is calculated as follows:

 

(i)            An
“Issuer Par Amount” is calculated for each issuer of a Collateral Obligation, and is equal to the Aggregate
Principal Balance of all Collateral Obligations issued by that issuer and all affiliates.

 

(j)            An
“Average Par Amount” is calculated by summing the Issuer Par Amounts for all issuers, and dividing by
the number of issuers.

 

(k)           An
“Equivalent Unit Score” is calculated for each issuer, and is equal to the lesser of (x) one and (y) the
Issuer Par Amount for such issuer divided by the Average Par Amount.

 

(l)            An
“Aggregate Industry Equivalent Unit Score” is then calculated for each of the S&P’s industry classification
groups, shown on Schedule 2, and is equal to the sum of the Equivalent Unit Scores for each issuer in such industry
classification group.

 

(m)          An
“Industry Diversity Score” is then established for each S&P industry classification group, shown on Schedule 2,
by reference to the following table for the related Aggregate Industry Equivalent Unit Score; provided that if any Aggregate
Industry Equivalent Unit Score falls between any two such scores, the applicable Industry Diversity Score will be the lower of
the two Industry Diversity Scores:

 

	Aggregate	 	 	 	 	 	Aggregate	 	 	 	 	 	Aggregate	 	 	 	 	 	Aggregate	 	 	 	 
	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 
	Equivalent	 	 	Diversity	 	 	Equivalent	 	 	Diversity	 	 	Equivalent	 	 	Diversity	 	 	Equivalent	 	 	Diversity	 
	Unit Score	 	 	Score	 	 	Unit Score	 	 	Score	 	 	Unit Score	 	 	Score	 	 	Unit Score	 	 	Score	 
	 	0.0000	 	 	 	0.0000	 	 	 	5.0500	 	 	 	2.7000	 	 	 	10.1500	 	 	 	4.0200	 	 	 	15.2500	 	 	 	4.5300	 
	 	0.0500	 	 	 	0.1000	 	 	 	5.1500	 	 	 	2.7333	 	 	 	10.2500	 	 	 	4.0300	 	 	 	15.3500	 	 	 	4.5400	 
	 	0.1500	 	 	 	0.2000	 	 	 	5.2500	 	 	 	2.7667	 	 	 	10.3500	 	 	 	4.0400	 	 	 	15.4500	 	 	 	4.5500	 
	 	0.2500	 	 	 	0.3000	 	 	 	5.3500	 	 	 	2.8000	 	 	 	10.4500	 	 	 	4.0500	 	 	 	15.5500	 	 	 	4.5600	 
	 	0.3500	 	 	 	0.4000	 	 	 	5.4500	 	 	 	2.8333	 	 	 	10.5500	 	 	 	4.0600	 	 	 	15.6500	 	 	 	4.5700	 
	 	0.4500	 	 	 	0.5000	 	 	 	5.5500	 	 	 	2.8667	 	 	 	10.6500	 	 	 	4.0700	 	 	 	15.7500	 	 	 	4.5800	 
	 	0.5500	 	 	 	0.6000	 	 	 	5.6500	 	 	 	2.9000	 	 	 	10.7500	 	 	 	4.0800	 	 	 	15.8500	 	 	 	4.5900	 
	 	0.6500	 	 	 	0.7000	 	 	 	5.7500	 	 	 	2.9333	 	 	 	10.8500	 	 	 	4.0900	 	 	 	15.9500	 	 	 	4.6000	 
	 	0.7500	 	 	 	0.8000	 	 	 	5.8500	 	 	 	2.9667	 	 	 	10.9500	 	 	 	4.1000	 	 	 	16.0500	 	 	 	4.6100	 
	 	0.8500	 	 	 	0.9000	 	 	 	5.9500	 	 	 	3.0000	 	 	 	11.0500	 	 	 	4.1100	 	 	 	16.1500	 	 	 	4.6200	 
	 	0.9500	 	 	 	1.0000	 	 	 	6.0500	 	 	 	3.0250	 	 	 	11.1500	 	 	 	4.1200	 	 	 	16.2500	 	 	 	4.6300	 
	 	1.0500	 	 	 	1.0500	 	 	 	6.1500	 	 	 	3.0500	 	 	 	11.2500	 	 	 	4.1300	 	 	 	16.3500	 	 	 	4.6400	 
	 	1.1500	 	 	 	1.1000	 	 	 	6.2500	 	 	 	3.0750	 	 	 	11.3500	 	 	 	4.1400	 	 	 	16.4500	 	 	 	4.6500	 
	 	1.2500	 	 	 	1.1500	 	 	 	6.3500	 	 	 	3.1000	 	 	 	11.4500	 	 	 	4.1500	 	 	 	16.5500	 	 	 	4.6600	 
	 	1.3500	 	 	 	1.2000	 	 	 	6.4500	 	 	 	3.1250	 	 	 	11.5500	 	 	 	4.1600	 	 	 	16.6500	 	 	 	4.6700	 
	 	1.4500	 	 	 	1.2500	 	 	 	6.5500	 	 	 	3.1500	 	 	 	11.6500	 	 	 	4.1700	 	 	 	16.7500	 	 	 	4.6800	 
	 	1.5500	 	 	 	1.3000	 	 	 	6.6500	 	 	 	3.1750	 	 	 	11.7500	 	 	 	4.1800	 	 	 	16.8500	 	 	 	4.6900	 
	 	1.6500	 	 	 	1.3500	 	 	 	6.7500	 	 	 	3.2000	 	 	 	11.8500	 	 	 	4.1900	 	 	 	16.9500	 	 	 	4.7000	 
	 	1.7500	 	 	 	1.4000	 	 	 	6.8500	 	 	 	3.2250	 	 	 	11.9500	 	 	 	4.2000	 	 	 	17.0500	 	 	 	4.7100	 
	 	1.8500	 	 	 	1.4500	 	 	 	6.9500	 	 	 	3.2500	 	 	 	12.0500	 	 	 	4.2100	 	 	 	17.1500	 	 	 	4.7200	 
	 	1.9500	 	 	 	1.5000	 	 	 	7.0500	 	 	 	3.2750	 	 	 	12.1500	 	 	 	4.2200	 	 	 	17.2500	 	 	 	4.7300	 

 

    S-5-1

     

    

 

	Aggregate	 	 	 	 	 	Aggregate	 	 	 	 	 	Aggregate	 	 	 	 	 	Aggregate	 	 	 	 
	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 
	Equivalent	 	 	Diversity	 	 	Equivalent	 	 	Diversity	 	 	Equivalent	 	 	Diversity	 	 	Equivalent	 	 	Diversity	 
	Unit Score	 	 	Score	 	 	Unit Score	 	 	Score	 	 	Unit Score	 	 	Score	 	 	Unit Score	 	 	Score	 
	 	2.0500	 	 	 	1.5500	 	 	 	7.1500	 	 	 	3.3000	 	 	 	12.2500	 	 	 	4.2300	 	 	 	17.3500	 	 	 	4.7400	 
	 	2.1500	 	 	 	1.6000	 	 	 	7.2500	 	 	 	3.3250	 	 	 	12.3500	 	 	 	4.2400	 	 	 	17.4500	 	 	 	4.7500	 
	 	2.2500	 	 	 	1.6500	 	 	 	7.3500	 	 	 	3.3500	 	 	 	12.4500	 	 	 	4.2500	 	 	 	17.5500	 	 	 	4.7600	 
	 	2.3500	 	 	 	1.7000	 	 	 	7.4500	 	 	 	3.3750	 	 	 	12.5500	 	 	 	4.2600	 	 	 	17.6500	 	 	 	4.7700	 
	 	2.4500	 	 	 	1.7500	 	 	 	7.5500	 	 	 	3.4000	 	 	 	12.6500	 	 	 	4.2700	 	 	 	17.7500	 	 	 	4.7800	 
	 	2.5500	 	 	 	1.8000	 	 	 	7.6500	 	 	 	3.4250	 	 	 	12.7500	 	 	 	4.2800	 	 	 	17.8500	 	 	 	4.7900	 
	 	2.6500	 	 	 	1.8500	 	 	 	7.7500	 	 	 	3.4500	 	 	 	12.8500	 	 	 	4.2900	 	 	 	17.9500	 	 	 	4.8000	 
	 	2.7500	 	 	 	1.9000	 	 	 	7.8500	 	 	 	3.4750	 	 	 	12.9500	 	 	 	4.3000	 	 	 	18.0500	 	 	 	4.8100	 
	 	2.8500	 	 	 	1.9500	 	 	 	7.9500	 	 	 	3.5000	 	 	 	13.0500	 	 	 	4.3100	 	 	 	18.1500	 	 	 	4.8200	 
	 	2.9500	 	 	 	2.0000	 	 	 	8.0500	 	 	 	3.5250	 	 	 	13.1500	 	 	 	4.3200	 	 	 	18.2500	 	 	 	4.8300	 
	 	3.0500	 	 	 	2.0333	 	 	 	8.1500	 	 	 	3.5500	 	 	 	13.2500	 	 	 	4.3300	 	 	 	18.3500	 	 	 	4.8400	 
	 	3.1500	 	 	 	2.0667	 	 	 	8.2500	 	 	 	3.5750	 	 	 	13.3500	 	 	 	4.3400	 	 	 	18.4500	 	 	 	4.8500	 
	 	3.2500	 	 	 	2.1000	 	 	 	8.3500	 	 	 	3.6000	 	 	 	13.4500	 	 	 	4.3500	 	 	 	18.5500	 	 	 	4.8600	 
	 	3.3500	 	 	 	2.1333	 	 	 	8.4500	 	 	 	3.6250	 	 	 	13.5500	 	 	 	4.3600	 	 	 	18.6500	 	 	 	4.8700	 
	 	3.4500	 	 	 	2.1667	 	 	 	8.5500	 	 	 	3.6500	 	 	 	13.6500	 	 	 	4.3700	 	 	 	18.7500	 	 	 	4.8800	 
	 	3.5500	 	 	 	2.2000	 	 	 	8.6500	 	 	 	3.6750	 	 	 	13.7500	 	 	 	4.3800	 	 	 	18.8500	 	 	 	4.8900	 
	 	3.6500	 	 	 	2.2333	 	 	 	8.7500	 	 	 	3.7000	 	 	 	13.8500	 	 	 	4.3900	 	 	 	18.9500	 	 	 	4.9000	 
	 	3.7500	 	 	 	2.2667	 	 	 	8.8500	 	 	 	3.7250	 	 	 	13.9500	 	 	 	4.4000	 	 	 	19.0500	 	 	 	4.9100	 
	 	3.8500	 	 	 	2.3000	 	 	 	8.9500	 	 	 	3.7500	 	 	 	14.0500	 	 	 	4.4100	 	 	 	19.1500	 	 	 	4.9200	 
	 	3.9500	 	 	 	2.3333	 	 	 	9.0500	 	 	 	3.7750	 	 	 	14.1500	 	 	 	4.4200	 	 	 	19.2500	 	 	 	4.9300	 
	 	4.0500	 	 	 	2.3667	 	 	 	9.1500	 	 	 	3.8000	 	 	 	14.2500	 	 	 	4.4300	 	 	 	19.3500	 	 	 	4.9400	 
	 	4.1500	 	 	 	2.4000	 	 	 	9.2500	 	 	 	3.8250	 	 	 	14.3500	 	 	 	4.4400	 	 	 	19.4500	 	 	 	4.9500	 
	 	4.2500	 	 	 	2.4333	 	 	 	9.3500	 	 	 	3.8500	 	 	 	14.4500	 	 	 	4.4500	 	 	 	19.5500	 	 	 	4.9600	 
	 	4.3500	 	 	 	2.4667	 	 	 	9.4500	 	 	 	3.8750	 	 	 	14.5500	 	 	 	4.4600	 	 	 	19.6500	 	 	 	4.9700	 
	 	4.4500	 	 	 	2.5000	 	 	 	9.5500	 	 	 	3.9000	 	 	 	14.6500	 	 	 	4.4700	 	 	 	19.7500	 	 	 	4.9800	 
	 	4.5500	 	 	 	2.5333	 	 	 	9.6500	 	 	 	3.9250	 	 	 	14.7500	 	 	 	4.4800	 	 	 	19.8500	 	 	 	4.9900	 
	 	4.6500	 	 	 	2.5667	 	 	 	9.7500	 	 	 	3.9500	 	 	 	14.8500	 	 	 	4.4900	 	 	 	19.9500	 	 	 	5.0000	 
	 	4.7500	 	 	 	2.6000	 	 	 	9.8500	 	 	 	3.9750	 	 	 	14.9500	 	 	 	4.5000	 	 	 	 	 	 	 	 	 
	 	4.8500	 	 	 	2.6333	 	 	 	9.9500	 	 	 	4.0000	 	 	 	15.0500	 	 	 	4.5100	 	 	 	 	 	 	 	 	 
	 	4.9500	 	 	 	2.6667	 	 	 	10.0500	 	 	 	4.0100	 	 	 	15.1500	 	 	 	4.5200	 	 	 	 	 	 	 	 	 

 

(n)            The
S&P Equivalent Diversity Score is then calculated by summing each of the Industry Diversity Scores for each S&P’s
industry classification group shown on Schedule 2.

 

For purposes of calculating
the S&P Equivalent Diversity Score, affiliated issuers in the same Industry are deemed to be a single issuer except as otherwise
agreed to by S&P’s.

 

    S-5-2

     

    

 

Schedule 6

 

S&P REGION CLASSIFICATION TABLE

 

	Region

Code	 	Region Name	 	Country

Code	 	Country Name
	17	 	Africa: Eastern	 	253	 	Djibouti
	17	 	Africa: Eastern	 	291	 	Eritrea
	17	 	Africa: Eastern	 	251	 	Ethiopia
	17	 	Africa: Eastern	 	254	 	Kenya
	17	 	Africa: Eastern	 	252	 	Somalia
	17	 	Africa: Eastern	 	249	 	Sudan
	12	 	Africa: Southern	 	247	 	Ascension
	12	 	Africa: Southern	 	267	 	Botswana
	12	 	Africa: Southern	 	266	 	Lesotho
	12	 	Africa: Southern	 	230	 	Mauritius
	12	 	Africa: Southern	 	264	 	Namibia
	12	 	Africa: Southern	 	248	 	Seychelles
	12	 	Africa: Southern	 	27	 	South Africa
	12	 	Africa: Southern	 	290	 	St. Helena
	12	 	Africa: Southern	 	268	 	Swaziland
	13	 	Africa: Sub-Saharan	 	244	 	Angola
	13	 	Africa: Sub-Saharan	 	226	 	Burkina Faso
	13	 	Africa: Sub-Saharan	 	257	 	Burundi
	13	 	Africa: Sub-Saharan	 	225	 	Cote d’lvoire
	13	 	Africa: Sub-Saharan	 	240	 	Equatorial Guinea
	13	 	Africa: Sub-Saharan	 	241	 	Gabonese Republic
	13	 	Africa: Sub-Saharan	 	220	 	Gambia
	13	 	Africa: Sub-Saharan	 	233	 	Ghana
	13	 	Africa: Sub-Saharan	 	224	 	Guinea
	13	 	Africa: Sub-Saharan	 	245	 	Guinea-Bissau
	13	 	Africa: Sub-Saharan	 	231	 	Liberia
	13	 	Africa: Sub-Saharan	 	261	 	Madagascar
	13	 	Africa: Sub-Saharan	 	265	 	Malawi
	13	 	Africa: Sub-Saharan	 	223	 	Mali
	13	 	Africa: Sub-Saharan	 	222	 	Mauritania
	13	 	Africa: Sub-Saharan	 	258	 	Mozambique
	13	 	Africa: Sub-Saharan	 	227	 	Niger
	13	 	Africa: Sub-Saharan	 	234	 	Nigeria
	13	 	Africa: Sub-Saharan	 	250	 	Rwanda
	13	 	Africa: Sub-Saharan	 	239	 	Sao Tome & Principe
	13	 	Africa: Sub-Saharan	 	221	 	Senegal
	13	 	Africa: Sub-Saharan	 	232	 	Sierra Leone
	13	 	Africa: Sub-Saharan	 	255	 	Tanzania/Zanzibar
	13	 	Africa: Sub-Saharan	 	228	 	Togo

 

    S-6-1

     

    

 

	Region

Code	 	Region Name	 	Country

Code	 	Country Name

	13	 	Africa: Sub-Saharan	 	256	 	Uganda
	13	 	Africa: Sub-Saharan	 	260	 	Zambia
	13	 	Africa: Sub-Saharan	 	263	 	Zimbabwe
	13	 	Africa: Sub-Saharan	 	229	 	Benin
	13	 	Africa: Sub-Saharan	 	237	 	Cameroon
	13	 	Africa: Sub-Saharan	 	238	 	Cape Verde Islands
	13	 	Africa: Sub-Saharan	 	236	 	Central African Republic
	13	 	Africa: Sub-Saharan	 	235	 	Chad
	13	 	Africa: Sub-Saharan	 	269	 	Comoros
	13	 	Africa: Sub-Saharan	 	242	 	Congo-Brazzaville
	13	 	Africa: Sub-Saharan	 	243	 	Congo-Kinshasa
	3	 	Americas: Andean	 	591	 	Bolivia
	3	 	Americas: Andean	 	57	 	Colombia
	3	 	Americas: Andean	 	593	 	Ecuador
	3	 	Americas: Andean	 	51	 	Peru
	3	 	Americas: Andean	 	58	 	Venezuela
	4	 	Americas: Mercosur and Southern Cone	 	54	 	Argentina
	4	 	Americas: Mercosur and Southern Cone	 	55	 	Brazil
	4	 	Americas: Mercosur and Southern Cone	 	56	 	Chile
	4	 	Americas: Mercosur and Southern Cone	 	595	 	Paraguay
	4	 	Americas: Mercosur and Southern Cone	 	598	 	Uruguay
	1	 	Americas: Mexico	 	52	 	Mexico
	2	 	Americas: Other Central and Caribbean	 	1264	 	Anguilla
	2	 	Americas: Other Central and Caribbean	 	1268	 	Antigua
	2	 	Americas: Other Central and Caribbean	 	1242	 	Bahamas
	2	 	Americas: Other Central and Caribbean	 	246	 	Barbados
	2	 	Americas: Other Central and Caribbean	 	501	 	Belize
	2	 	Americas: Other Central and Caribbean	 	441	 	Bermuda
	2	 	Americas: Other Central and Caribbean	 	284	 	British Virgin Islands
	2	 	Americas: Other Central and Caribbean	 	345	 	Cayman Islands
	2	 	Americas: Other Central and Caribbean	 	506	 	Costa Rica
	2	 	Americas: Other Central and Caribbean	 	809	 	Dominican Republic
	2	 	Americas: Other Central and Caribbean	 	503	 	El Salvador
	2	 	Americas: Other Central and Caribbean	 	473	 	Grenada
	2	 	Americas: Other Central and Caribbean	 	590	 	Guadeloupe
	2	 	Americas: Other Central and Caribbean	 	502	 	Guatemala
	2	 	Americas: Other Central and Caribbean	 	504	 	Honduras
	2	 	Americas: Other Central and Caribbean	 	876	 	Jamaica
	2	 	Americas: Other Central and Caribbean	 	596	 	Martinique
	2	 	Americas: Other Central and Caribbean	 	505	 	Nicaragua
	2	 	Americas: Other Central and Caribbean	 	507	 	Panama
	2	 	Americas: Other Central and Caribbean	 	869	 	St. Kitts/Nevis
	2	 	Americas: Other Central and Caribbean	 	758	 	St. Lucia

 

    S-6-2

     

    

 

	Region

Code	 	Region Name	 	Country

 Code	 	Country Name

	2	 	Americas: Other Central and Caribbean	 	784	 	St. Vincent & Grenadines
	2	 	Americas: Other Central and Caribbean	 	597	 	Suriname
	2	 	Americas: Other Central and Caribbean	 	868	 	Trinidad& Tobago
	2	 	Americas: Other Central and Caribbean	 	649	 	Turks & Caicos
	2	 	Americas: Other Central and Caribbean	 	297	 	Aruba
	2	 	Americas: Other Central and Caribbean	 	53	 	Cuba
	2	 	Americas: Other Central and Caribbean	 	599	 	Curacao
	2	 	Americas: Other Central and Caribbean	 	767	 	Dominica
	2	 	Americas: Other Central and Caribbean	 	594	 	French Guiana
	2	 	Americas: Other Central and Caribbean	 	592	 	Guyana
	2	 	Americas: Other Central and Caribbean	 	509	 	Haiti
	2	 	Americas: Other Central and Caribbean	 	664	 	Montserrat
	101	 	Americas: U.S. and Canada	 	2	 	Canada
	101	 	Americas: U.S. and Canada	 	1	 	USA
	7	 	Asia: China, Hong Kong, Taiwan	 	86	 	China
	7	 	Asia: China, Hong Kong, Taiwan	 	852	 	Hong Kong
	7	 	Asia: China, Hong Kong, Taiwan	 	886	 	Taiwan
	5	 	Asia: India, Pakistan and Afghanistan	 	93	 	Afghanistan
	5	 	Asia: India, Pakistan and Afghanistan	 	91	 	India
	5	 	Asia: India, Pakistan and Afghanistan	 	92	 	Pakistan
	6	 	Asia: Other South	 	880	 	Bangladesh
	6	 	Asia: Other South	 	975	 	Bhutan
	6	 	Asia: Other South	 	960	 	Maldives
	6	 	Asia: Other South	 	977	 	Nepal
	6	 	Asia: Other South	 	94	 	Sri Lanka
	8	 	Asia: Southeast, Korea and Japan	 	673	 	Brunei
	8	 	Asia: Southeast, Korea and Japan	 	855	 	Cambodia
	8	 	Asia: Southeast, Korea and Japan	 	62	 	Indonesia
	8	 	Asia: Southeast, Korea and Japan	 	81	 	Japan
	8	 	Asia: Southeast, Korea and Japan	 	856	 	Laos
	8	 	Asia: Southeast, Korea and Japan	 	60	 	Malaysia
	8	 	Asia: Southeast, Korea and Japan	 	95	 	Myanmar
	8	 	Asia: Southeast, Korea and Japan	 	850	 	North Korea
	8	 	Asia: Southeast, Korea and Japan	 	63	 	Philippines
	8	 	Asia: Southeast, Korea and Japan	 	65	 	Singapore
	8	 	Asia: Southeast, Korea and Japan	 	82	 	South Korea
	8	 	Asia: Southeast, Korea and Japan	 	66	 	Thailand
	8	 	Asia: Southeast, Korea and Japan	 	84	 	Vietnam
	8	 	Asia: Southeast, Korea and Japan	 	670	 	East Timor
	105	 	Asia-Pacific: Australia and New Zealand	 	61	 	Australia
	105	 	Asia-Pacific: Australia and New Zealand	 	682	 	Cook Islands
	105	 	Asia-Pacific: Australia and New Zealand	 	64	 	New Zealand
	9	 	Asia-Pacific: Islands	 	679	 	Fiji

 

    S-6-3

     

    

 

	Region

 Code	 	Region Name	 	Country

 Code	 	Country Name

	9	 	Asia-Pacific: Islands	 	689	 	French Polynesia
	9	 	Asia-Pacific: Islands	 	686	 	Kiribati
	9	 	Asia-Pacific: Islands	 	691	 	Micronesia
	9	 	Asia-Pacific: Islands	 	674	 	Nauru
	9	 	Asia-Pacific: Islands	 	687	 	New Caledonia
	9	 	Asia-Pacific: Islands	 	680	 	Palau
	9	 	Asia-Pacific: Islands	 	675	 	Papua New Guinea
	9	 	Asia-Pacific: Islands	 	685	 	Samoa
	9	 	Asia-Pacific: Islands	 	677	 	Solomon Islands
	9	 	Asia-Pacific: Islands	 	676	 	Tonga
	9	 	Asia-Pacific: Islands	 	688	 	Tuvalu
	9	 	Asia-Pacific: Islands	 	678	 	Vanuatu
	15	 	Europe: Central	 	420	 	Czech Republic
	15	 	Europe: Central	 	372	 	Estonia
	15	 	Europe: Central	 	36	 	Hungary
	15	 	Europe: Central	 	371	 	Latvia
	15	 	Europe: Central	 	370	 	Lithuania
	15	 	Europe: Central	 	48	 	Poland
	15	 	Europe: Central	 	421	 	Slovak Republic
	16	 	Europe: Eastern	 	355	 	Albania
	16	 	Europe: Eastern	 	387	 	Bosnia and Herzegovina
	16	 	Europe: Eastern	 	359	 	Bulgaria
	16	 	Europe: Eastern	 	385	 	Croatia
	16	 	Europe: Eastern	 	383	 	Kosovo
	16	 	Europe: Eastern	 	389	 	Macedonia
	16	 	Europe: Eastern	 	382	 	Montenegro
	16	 	Europe: Eastern	 	40	 	Romania
	16	 	Europe. Eastern	 	381	 	Serbia
	16	 	Europe: Eastern	 	90	 	Turkey
	14	 	Europe: Russia & CIS	 	374	 	Armenia
	14	 	Europe: Russia & CIS	 	994	 	Azerbaijan
	14	 	Europe: Russia & CIS	 	375	 	Belarus
	14	 	Europe: Russia & CIS	 	995	 	Georgia
	14	 	Europe: Russia & CIS	 	8	 	Kazakhstan
	14	 	Europe: Russia & CIS	 	996	 	Kyrgyzstan
	14	 	Europe: Russia & CIS	 	373	 	Moldova
	14	 	Europe: Russia & CIS	 	976	 	Mongolia
	14	 	Europe: Russia & CIS	 	7	 	Russia
	14	 	Europe: Russia & CIS	 	992	 	Tajikistan
	14	 	Europe: Russia & CIS	 	993	 	Turkmenistan
	14	 	Europe: Russia & CIS	 	380	 	Ukraine
	14	 	Europe: Russia & CIS	 	998	 	Uzbekistan
	102	 	Europe: Western	 	376	 	Andorra

 

    S-6-4

     

    

 

	Region

 Code	 	Region Name	 	Country

 Code	 	Country Name

	102	 	Europe: Western	 	43	 	Austria
	102	 	Europe: Western	 	32	 	Belgium
	102	 	Europe: Western	 	357	 	Cyprus
	102	 	Europe: Western	 	45	 	Denmark
	102	 	Europe: Western	 	358	 	Finland
	102	 	Europe: Western	 	33	 	France
	102	 	Europe: Western	 	49	 	Germany
	102	 	Europe: Western	 	30	 	Greece
	102	 	Europe: Western	 	354	 	Iceland
	102	 	Europe: Western	 	353	 	Ireland
	102	 	Europe: Western	 	101	 	Isle of Man
	102	 	Europe: Western	 	39	 	Italy
	102	 	Europe: Western	 	102	 	Liechtenstein
	102	 	Europe: Western	 	352	 	Luxembourg
	102	 	Europe: Western	 	356	 	Malta
	102	 	Europe: Western	 	377	 	Monaco
	102	 	Europe: Western	 	31	 	Netherlands
	102	 	Europe: Western	 	47	 	Norway
	102	 	Europe: Western	 	351	 	Portugal
	102	 	Europe: Western	 	386	 	Slovenia
	102	 	Europe: Western	 	34	 	Spain
	102	 	Europe: Western	 	46	 	Sweden
	102	 	Europe: Western	 	41	 	Switzerland
	102	 	Europe: Western	 	44	 	United Kingdom
	10	 	Middle East: Gulf States	 	973	 	Bahrain
	10	 	Middle East: Gulf States	 	98	 	Iran
	10	 	Middle East: Gulf States	 	964	 	Iraq
	10	 	Middle East: Gulf States	 	965	 	Kuwait
	10	 	Middle East: Gulf States	 	968	 	Oman
	10	 	Middle East: Gulf States	 	974	 	Qatar
	10	 	Middle East: Gulf States	 	966	 	Saudi Arabia
	10	 	Middle East: Gulf States	 	971	 	United Arab Emirates
	10	 	Middle East: Gulf States	 	967	 	Yemen
	11	 	Middle East: MENA	 	213	 	Algeria
	11	 	Middle East: MENA	 	20	 	Egypt
	11	 	Middle East: MENA	 	972	 	Israel
	11	 	Middle East MENA	 	962	 	Jordan
	11	 	Middle East: MENA	 	961	 	Lebanon
	11	 	Middle East: MENA	 	212	 	Morocco
	11	 	Middle East: MENA	 	970	 	Palestinian Settlements
	11	 	Middle East: MENA	 	963	 	Syrian Arab Republic
	11	 	Middle East: MENA	 	216	 	Tunisia
	11	 	Middle East: MENA	 	1212	 	Western Sahara

	11	 	Middle East: MENA	 	218	 	Libya

 

    S-6-5Exhibit 10.2

 

EXECUTION VERSION

 

COLLATERAL MANAGEMENT AGREEMENT

 

dated as of August 26, 2020

 

by and between

 

GOLUB
CAPITAL BDC CLO 4 LLC,

as Issuer

 

and

 

GC
ADVISORS LLC,

as Collateral Manager

 

     

     

    

 

	 	Table of Contents	 
	 	 	 
	 	 	Page
		 	 
	Section 1.	Definitions	1
	 	 	 
	Section 2.	General Duties and Authority of the Collateral
    Manager	4
	 	 	 
	Section 3.	Purchase and Sale Transactions; Brokerage	10
	 	 	 
	Section 4.	Additional Activities of the Collateral Manager	12
	 	 	 
	Section 5.	Conflicts of Interest	15
	 	 	 
	Section 6.	Records; Confidentiality	16
	 	 	 
	Section 7.	Obligations of Collateral Manager	17
	 	 	 
	Section 8.	Compensation	18
	 	 	 
	Section 9.	Benefit of the Agreement	20
	 	 	 
	Section 10.	Limits of Collateral Manager Responsibility	20
	 	 	 
	Section 11.	No Joint Venture	21
	 	 	 
	Section 12.	Term; Termination	22
	 	 	 
	Section 13.	Assignments	23
	 	 	 
	Section 14.	Removal for Cause	25
	 	 	 
	Section 15.	Obligations of Resigning or Removed Collateral
    Manager	27
	 	 	 
	Section 16.	Representations and Warranties	28
	 	 	 
	Section 17.	Limited Recourse; No Petition	31
	 	 	 
	Section 18.	Notices	31
	 	 	 
	Section 19.	Binding Nature of Agreement; Successors and
    Assigns	32
	 	 	 
	Section 20.	Entire Agreement; Amendment	32
	 	 	 
	Section 21.	Governing Law	33
	 	 	 
	Section 22.	Submission to Jurisdiction	33
	 	 	 
	Section 23.	Waiver of Jury Trial	34
	 	 	 
	Section 24.	Conflict with the Indenture	34
	 	 	 
	Section 25.	Subordination; Assignment of Agreement	34
	 	 	 
	Section 26.	Indulgences Not Waivers	34
	 	 	 
	Section 27.	Costs and Expenses	35
	 	 	 
	Section 28.	Third Party Beneficiary	35
	 	 	 
	Section 29.	Titles Not to Affect Interpretation	35
	 	 	 
	Section 30.	Execution in Counterparts	36

 

    i

     

    

 

	 	Table of Contents	 
	 	(Continued)	 
	 	 	 
	 	 	Page
	 	 	 
	Section 31.	Provisions Separable	36
	 	 	 
	Section 32.	Gender	36
	 	 	 
	Section 33.	Communications with the Rating Agency	36

 

    ii

     

    

 

COLLATERAL
MANAGEMENT AGREEMENT

 

This
Collateral Management Agreement (as amended, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of August 26, 2020 is entered into by and between GOLUB CAPITAL BDC CLO
4 llc, a limited liability company organized under the laws of the State of Delaware (the “Issuer”),
and GC ADVISORS LLC, a limited liability company organized under the laws of the
State of Delaware, as collateral manager (together with its successors and permitted assigns, “GC Advisors”
and the “Collateral Manager”).

 

W I T N E S S E T H:

 

WHEREAS, the Notes
(as defined in the Indenture) will be issued pursuant to an indenture dated as of the date hereof (the “Indenture”),
among the Issuer and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”) and as collateral agent
(the “Collateral Agent”);

 

WHEREAS, the Class A-1-L
Loans (as defined in the Indenture) will be incurred pursuant to a credit agreement dated as of the Closing Date (the “Credit
Agreement”), among the Issuer, as borrower, the Collateral Agent, Deutsche Bank Trust Company Americas, as loan agent
(the “Loan Agent”), and the lenders party thereto from time to time;

 

WHEREAS, the Issuer
intends to pledge all Collateral Obligations and the other Assets, all as set forth in the Indenture, to the Collateral Agent
as security for the Issuer’s obligations under the Indenture;

 

WHEREAS, the Issuer
desires to appoint GC Advisors as the Collateral Manager to provide the services described herein and GC Advisors desires to accept
such appointment;

 

WHEREAS, the Indenture
authorizes the Issuer to enter into this Agreement, pursuant to which the Collateral Manager agrees to perform, on behalf of the
Issuer, certain investment management duties with respect to the acquisition, administration and disposition of Assets in the
manner and on the terms set forth herein and to perform such additional duties as are consistent with the terms of this Agreement
and the Indenture as the Issuer may from time to time reasonably request; and

 

WHEREAS, the Collateral
Manager has the capacity to provide the services required hereby and is prepared to perform such services upon the terms and subject
to the conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the mutual agreements herein set forth and of other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

Section 1.     Definitions.

 

(a)            As
used in this Agreement:

 

“Advisers
Act” shall mean the U.S. Investment Advisers Act of 1940, as amended.

 

     

     

    

 

“Affiliate
Transaction” shall have the meaning set forth in Section 5.

 

“Aggregate
Collateral Management Fee” shall have the meaning set forth in Section 8(a).

 

“Agreement”
shall have the meaning set forth in the preamble.

 

“Cause”
shall have the meaning set forth in Section 14(a).

 

“Client”
shall mean, with respect to any specified Person, any Person or account for which the specified Person provides investment management
services or investment advice.

 

“CM Information”
shall mean the CM Offering Circular Information and any amendment or supplement approved by the Collateral Manager to the Final
Offering Circular that supplements or amends any of the CM Offering Circular Information (including any offering circular approved
in writing by the Collateral Manager for additional Notes issued pursuant to Section 2.13 of the Indenture, or for replacement
securities issued in connection with a Refinancing in part by Class of one or more Classes of Secured Debt, or any offering
circular in connection with a Re-Pricing).

 

“CM Offering
Circular Information” shall mean the information in the Final Offering Circular set forth under the headings “Risk
Factors—Relating to Certain Conflicts of Interest—Certain Conflicts of Interest Relating to the Collateral Manager
and its Affiliates,” “Risk Factors—Risks Relating to the Collateral Manager—The Collateral Manager relies
on affiliates for certain services,” “Risk Factors—Relating to Certain Conflicts of Interest—Conflicts
related to obligations of the Collateral Manager’s investment committee, the Collateral Manager, or its affiliates to other
clients,” “Risk Factors—Relating to Certain Conflicts of Interest—No Ethical Screens or Information Barriers”
and “The Collateral Manager and the Retention Provider.”

 

“Collateral
Management Fee” shall have the meaning set forth in Section 8(a).

 

“Collateral
Management Fee Shortfall Amount” shall have the meaning set forth in Section 8(a).

 

“Collateral
Manager” shall have the meaning set forth in the preamble.

 

“Collateral
Manager Breaches” shall have the meaning set forth in Section 10(a).

 

“Collateral
Manager Debt” shall mean any Debt owned by the Collateral Manager, an Affiliate thereof, or any account, fund, client
or portfolio established and controlled by the Collateral Manager or an Affiliate thereof or for which the Collateral Manager
or an Affiliate thereof acts as the investment adviser or with respect to which the Collateral Manager or an Affiliate thereof
exercises discretionary control.

 

“Cumulative
Deferred Management Fee” shall have the meaning set forth in Section 8(a).

 

“Current
Deferred Management Fee” shall have the meaning set forth in Section 8(a).

 

“Expenses”
shall have the meaning set forth in Section 10(b).

 

    	 	2	 

     

    

 

“Fee Basis
Amount” shall mean, as of any date of determination, the sum of (a) the Collateral Principal Amount, (b) the
aggregate outstanding principal balance of all Defaulted Obligations and (c) the aggregate amount of all Principal Financed
Accrued Interest.

 

“Final Offering
Circular” shall mean the final offering circular, dated as of August 24, 2020, with respect to the Notes.

 

“Indemnified
Party” shall have the meaning set forth in Section 10(b).

 

“Indenture”
shall have the meaning set forth in the recitals hereto.

 

“Independent
Review Party” shall have the meaning set forth in Section 5.

 

“Instrument
of Acceptance” shall have the meaning set forth in Section 12(c).

 

“Internal
Policies” shall have the meaning set forth in Section 3(b).

 

“Issuer”
shall have the meaning set forth in the preamble.

 

“Losses”
shall have the meaning set forth in Section 10(b).

 

“Material
Adverse Effect” shall mean, with respect to any event or circumstance, a material adverse effect on (a) the business,
financial condition (other than the performance of the Assets) or operations of the Issuer, taken as a whole, (b) the validity
or enforceability of the Indenture, this Agreement or the Issuer’s Organizational Instruments or (c) the existence,
perfection, priority or enforceability of the Collateral Agent’s lien on the Assets.

 

“Offering
Circulars” shall mean, collectively, the Final Offering Circular, the Second Preliminary Offering Circular and the Preliminary
Offering Circular.

 

“Organizational
Instruments” shall mean the memorandum and articles of association or certificate of incorporation and bylaws (or the
comparable documents for the applicable jurisdiction), in the case of a corporation, or the certificate of partnership and the
partnership agreement (or the comparable documents for the applicable jurisdiction), in the case of a partnership, or the certificate
of formation and limited liability company agreement (or the comparable documents for the applicable jurisdiction), in the case
of a limited liability company.

 

“Owner”
shall mean, with respect to any Person, any direct or indirect shareholder, member, partner or other equity or beneficial owner
thereof.

 

“Preliminary
Offering Circular” shall mean the preliminary offering circular, dated July 22, 2020, with respect to the Debt.

 

“Prime Rate”
shall mean, as of any date of determination, that certain rate quoted in the Wall Street Journal as the U.S. “prime
rate” on such date (or, if not quoted on such date, on the preceding date on which it is so quoted).

 

    	 	3	 

     

    

 

“Proceedings”
shall have the meaning set forth in Section 22.

 

“Related
Person” shall mean, with respect to any Person, the owners of the equity interests therein, directors, officers, employees,
managers, agents and professional advisors thereof.

 

“Responsible
Officer” shall mean, with respect to any Person, any duly authorized director, officer or manager of such Person with
direct responsibility for the administration of the applicable agreement and also, with respect to a particular matter, any other
duly authorized director, officer or manager of such Person to whom such matter is referred because of such director’s,
officer’s or manager’s knowledge of and familiarity with the particular subject. Each party may receive and accept
a certification of the authority of any other party (which may contain contact information including an email address) as conclusive
evidence of the authority of any Person to act, and such certification may be considered as in full force and effect until receipt
by such other party of written notice to the contrary.

 

“Second Preliminary
Offering Circular” shall mean the Second Preliminary Offering Circular, dated August 6, 2020, with respect to the
Debt.

 

“Section 28(e)”
shall have the meaning set forth in Section 3(b).

 

“Statement
of Cause” shall have the meaning set forth in Section 14(a).

 

“Termination
Notice” shall have the meaning set forth in Section 14(a).

 

“Transaction”
shall mean any action taken by the Collateral Manager on behalf of the Issuer with respect to the Assets, including, without limitation,
(i) selecting the Collateral Obligations and Eligible Investments to be acquired by the Issuer, (ii) investing and reinvesting
the Assets, (iii) amending, waiving and/or taking any other action commensurate with managing the Assets and (iv) instructing
the Collateral Agent with respect to any acquisition, disposition or tender of a Collateral Obligation, Equity Security, Eligible
Investment or other assets received in respect thereof in the open market or otherwise by the Issuer.

 

“Trustee”
shall have the meaning set forth in the recitals hereto.

 

(b)            Capitalized
terms used but not otherwise defined herein shall have the respective meanings assigned thereto in the Indenture. Unless the context
requires otherwise, references to “Section” mean a section of this Agreement.

 

Section 2.     General
Duties and Authority of the Collateral Manager.

 

(a)            GC
Advisors is hereby appointed as Collateral Manager of the Issuer for the purpose of performing certain investment management functions
including, without limitation, supervising and directing the investment and reinvestment of the Collateral Obligations and Eligible
Investments and performing certain administrative and advisory functions on behalf of the Issuer in accordance with the applicable
provisions of this Agreement, the Collateral Administration Agreement and the Indenture, and GC Advisors hereby accepts such appointment.
Except as may otherwise be expressly provided in this Agreement or the Indenture, the Collateral Manager will perform its obligations
hereunder and under the Indenture with reasonable care and in good faith, (i) using a degree of skill and attention no less
than that which the Collateral Manager exercises with respect to comparable assets that it may manage for itself and its other
clients and (ii) in accordance with the Collateral Manager’s existing practices and procedures with respect to investing
in assets of the nature and character of the Assets. To the extent not inconsistent with the foregoing, the Collateral Manager
will follow its customary standards, policies and procedures in performing its duties under this Agreement and the Indenture;
provided that the Collateral Manager shall not be liable for any loss or damages resulting from any failure to satisfy
the standard of care set forth in this Section 2(a) except to the extent such failure would result in liability
pursuant to Section 10(a).

 

    	 	4	 

     

    

 

(b)         Subject
to Section 2(a), Section 2(c)(i), Section 2(e), Section 2(f), Section 5,
Section 7 and Section 10 and to the applicable provisions of the Indenture and of this Agreement, the
Collateral Manager shall, and is hereby authorized to:

 

(i)         select
the Collateral Obligations and Eligible Investments to be acquired, sold, terminated or otherwise disposed of by the Issuer;

 

(ii)        invest
and reinvest the Assets (provided that investments and reinvestments in Collateral Obligations are subject to certain conditions);

 

(iii)       instruct
the Collateral Agent with respect to any acquisition, disposition or tender of, or Offer with respect to, a Collateral Obligation,
Equity Security, Eligible Investment or other assets received in respect thereof in the open market or otherwise by the Issuer;
and

 

(iv)       perform
all other tasks and may, in the Collateral Manager’s sole discretion, take all other actions that are specified, or not
inconsistent with, the duties of the Collateral Manager set forth in the Indenture, the Collateral Administration Agreement or
this Agreement.

 

The Collateral Manager
shall, and is hereby authorized to, perform its obligations hereunder and under the Indenture and the Collateral Administration
Agreement in a manner which is consistent with the terms hereof and of the Indenture and the Collateral Administration Agreement.
The Collateral Manager will not be bound to comply with any supplement to the Indenture, however, until it has received a copy
of any such supplement from the Issuer or the Trustee and unless the Collateral Manager has consented thereto, as provided in
the Indenture.

 

Notwithstanding anything
to the contrary in this Section 2(b), none of the services performed by the Collateral Manager shall result in or
be construed as resulting in an obligation to perform any of the following: (i) the Collateral Manager acting repeatedly
or continuously as an intermediary in securities or loans for the Issuer; (ii) the Collateral Manager providing investment
banking services to the Issuer; (iii) the Collateral Manager having direct contact with, or actively soliciting or finding,
outside investors to invest in the Issuer; or (iv) the Collateral Manager authorizing or causing the disbursement of money
or other assets of the Issuer, except in accordance with this Agreement, the Indenture, or any other Transaction Documents or
in connection with the acquisition, sale or disposal of the Issuer’s Assets, it being understood that it is the intention
of the parties that the Collateral Manager not take any action through the power of attorney granted hereby that would cause the
Collateral Manager to have custody of the Issuer’s funds or securities within the meaning of Rule 206(4)-2 under the
Advisers Act. Without limitation to the foregoing, in no event shall the Collateral Manager have authority to cause a disbursement
by the Issuer except upon the approval of the Issuer’s designated manager.

 

    	 	5	 

     

    

 

(c)         Subject
to the provisions concerning its general duties and obligations as set forth in paragraphs (a) and (b) above and the
terms of the Indenture, the Collateral Manager shall provide, and is hereby authorized to provide, the following services to the
Issuer:

 

(i)       The
Collateral Manager shall perform the investment-related duties and functions (including, without limitation, the furnishing of
Issuer Orders and Responsible Officer’s certificates) as are expressly required hereunder and under the Indenture with regard
to acquisitions, sales or other dispositions of Collateral Obligations, Equity Securities, Eligible Investments and other assets
permitted to be acquired or sold under, and subject to, the Indenture (including any proceeds received by way of Offers, workouts
and restructurings on assets owned by the Issuer) and shall comply with the Investment Criteria and the other requirements in
the Indenture. The Collateral Manager shall have no obligation to perform any other duties other than as expressly specified herein
or in the Indenture and the Collateral Manager shall be subject to no implicit obligations of any kind. The Issuer hereby irrevocably
(except as provided below) appoints the Collateral Manager as its true and lawful agent and attorney-in-fact (with full power
of substitution) in its name, place and stead and at its expense, in connection with the performance of its duties provided for
in this Agreement or in the Indenture, but subject in all cases to Section 2(f) herein, including, without limitation,
the following powers: (A) to give or cause to be given any necessary receipts or acquittance for amounts collected or received
hereunder, (B) to make or cause to be made all necessary transfers of the Collateral Obligations, Equity Securities and Eligible
Investments in connection with any acquisition, sale or other disposition made pursuant hereto and the Indenture, (C) to
execute (under hand, under seal or as a deed) and deliver or cause to be executed and delivered on behalf of the Issuer all necessary
or appropriate bills of sale, assignments, agreements and other instruments in connection with any such acquisition, sale or other
disposition and (D) to execute (under hand, under seal or as a deed) and deliver or cause to be executed and delivered on
behalf of the Issuer any consents, votes, proxies, waivers, notices, amendments, modifications, agreements, instruments, orders
or other documents in connection with or pursuant to this Agreement or the Indenture and relating to any Collateral Obligation,
Equity Security or Eligible Investment. Notwithstanding the foregoing, it is understood that the power of attorney granted herein
is in all cases and for all purposes qualified and limited by the Indenture and other Transaction Documents and, as such, the
power of attorney granted hereby is limited rather than general. The Issuer hereby ratifies and confirms all that such attorney-in-fact
(or any substitute) shall lawfully do hereunder and pursuant hereto and authorizes such attorney-in-fact to exercise full discretion
and act for the Issuer in the same manner and with the same force and effect as the managers or officers of the Issuer might or
could do in respect of the performance of such services, as well as in respect of all other things the Collateral Manager deems
necessary or incidental to the furtherance or conduct of such services, subject in each case to the other terms of this Agreement.
The Issuer hereby authorizes such attorney-in-fact, in its sole discretion (but subject to applicable law and the provisions of
this Agreement and the Indenture), to take all actions that it considers reasonably necessary and appropriate in respect of the
Assets, this Agreement, the Indenture and the other Transaction Documents. Nevertheless, if so requested by the Collateral Manager
or by a purchaser of any Collateral Obligation, Equity Security or Eligible Investment, the Issuer shall ratify and confirm any
such sale or other disposition by executing and delivering to the Collateral Manager or such purchaser all proper bills of sale,
assignments, releases, powers of attorney, proxies, dividends, other orders and other instruments as may reasonably be designated
in any such request. Except as otherwise set forth and provided for herein, this grant of power of attorney is coupled with an
interest, and it shall survive and not be affected by the subsequent dissolution or bankruptcy of the Issuer. Notwithstanding
anything herein to the contrary, the appointment herein of the Collateral Manager as the Issuer’s agent and attorney-in-fact
shall automatically cease and terminate upon the effective date of any termination of this Agreement, the resignation of the Collateral
Manager pursuant to Section 12 or any removal of the Collateral Manager pursuant to Section 14. Each of
the Collateral Manager and the Issuer shall take such other actions, and furnish such certificates, opinions and other documents,
as may be reasonably requested by the other party hereto in order to effectuate the purposes of this Agreement and to facilitate
compliance with applicable laws and regulations and the terms of this Agreement and the Indenture.

 

    	 	6	 

     

    

 

(ii)         The
Collateral Manager shall instruct the Issuer with respect to the acquisition of Collateral Obligations by the Issuer in accordance
with the Indenture.

 

(iii)        The
Collateral Manager shall monitor the Assets on behalf of the Issuer on an ongoing basis and shall provide or cause to be provided
to the Issuer all reports, schedules and other data reasonably available to the Collateral Manager that the Issuer is required
to prepare and deliver or cause to be prepared and delivered under the Indenture, in such forms and containing such information
required thereby, in reasonably sufficient time for such required reports, schedules and data to be reviewed and delivered by
or on behalf of the Issuer to the parties entitled thereto under the Indenture. Pursuant to the terms of the Collateral Administration
Agreement, the Collateral Administrator shall provide certain reports, schedules and calculations to the Collateral Manager regarding
the Collateral Obligations. The obligation of the Collateral Manager to furnish such information is subject to the Collateral
Manager’s timely receipt of necessary reports and the appropriate information from the Person responsible for the delivery
of or preparation of such reports and such information (including without limitation, Obligors of the Collateral Obligations,
the Rating Agency, the Trustee, the Collateral Agent and the Collateral Administrator) and to any confidentiality restrictions
with respect thereto. The Collateral Manager shall be entitled to rely upon, and shall not incur any liability for relying upon,
any notice, request, certificate, consent, statement, instrument, document or other writing reasonably believed by it to be genuine
and to have been signed or sent by a Person that the Collateral Manager has no reason to believe is not duly authorized. The Collateral
Manager also may rely upon any statement made to it orally or by telephone and made by a Person the Collateral Manager has no
reason to believe is not duly authorized, and shall not incur any liability for relying thereon. The Collateral Manager is entitled
to rely on any other information furnished to it by third parties that it reasonably believes in good faith to be genuine.

 

    	 	7	 

     

    

 

(iv)        The
Collateral Manager, on behalf of the Issuer, shall be responsible for obtaining, to the extent reasonably practicable and to the
extent such information is readily available to it, any information concerning whether a Collateral Obligation is a Discount Obligation
or has become a Defaulted Obligation, a Credit Risk Obligation, a Deferring Obligation, a Current Pay Obligation or a Credit Improved
Obligation.

 

(v)         The
Collateral Manager may, subject to and in accordance with the Indenture, as agent of the Issuer and on behalf of the Issuer, take
or, if applicable, direct the Trustee to take any of the following actions with respect to a Collateral Obligation, Equity Security
or Eligible Investment, as applicable:

 

(A)      purchase
or otherwise acquire such Collateral Obligation or Eligible Investment;

 

(B)       retain
such Collateral Obligation, Equity Security or Eligible Investment;

 

(C)       sell
or otherwise dispose of such Collateral Obligation, Equity Security or Eligible Investment (including any assets received by way
of Offers, workouts and restructurings on assets owned by the Issuer) in the open market or otherwise;

 

(D)       if
applicable, tender such Collateral Obligation, Equity Security or Eligible Investment;

 

(E)        if
applicable, consent to or refuse to consent to any proposed amendment, modification, restructuring, exchange, waiver or Offer;

 

(F)        retain
or dispose of any securities or other property (if other than cash) received by the Issuer;

 

(G)       waive
any default with respect to any Defaulted Obligation;

 

(H)       vote
to accelerate the maturity of any Defaulted Obligation;

 

(I)         participate
in a committee or group formed by creditors of an issuer or a borrower under a Collateral Obligation, Eligible Investment or Equity
Security;

 

(J)        after
or in connection with the payment in full of all amounts owed under the Secured Debt and the termination without replacement of
the Indenture or in connection with any redemption of the Debt (other than a Refinancing), advise the Issuer as to when, in the
view of the Collateral Manager, it would be in the best interest of the Issuer to liquidate all or a portion of the Issuer’s
investment portfolio (and, if applicable, after discharge of the Indenture) and render such assistance as may be necessary or
required by the Issuer in connection with such liquidation or any actions necessary to effectuate a redemption of the Debt (other
than a Refinancing);

 

    	 	8	 

     

    

 

(K)      advise
and assist the Issuer with respect to the valuation of the Assets, to the extent required or permitted by the Indenture;

 

(L)       provide
strategic and financial planning (including advice on utilization of assets), financial statements and other similar reports;

 

(M)     negotiate,
modify or amend any loan for the Issuer as authorized by the Indenture in accordance with a Refinancing; and

 

(N)      exercise
any other rights or remedies with respect to such Collateral Obligation, Equity Security or Eligible Investment as provided in
the Underlying Instruments of the obligor under such Assets or the other documents governing the terms of such Assets or take
any other action consistent with the terms of this Agreement or the Indenture which the Collateral Manager reasonably determines
to be in the best interests of the Holders.

 

(vi)        The
Collateral Manager may, upon request of the Issuer, retain accounting, tax, counsel and other professional services on behalf
of the Issuer.

 

(vii)       In
connection with the acquisition of any loan or Participation Interest by the Issuer, the Collateral Manager shall prepare, on
behalf of the Issuer, the information required to be delivered to the Collateral Agent pursuant to the Indenture.

 

(viii)      Where
the Collateral Manager executes on behalf of the Issuer an agreement or instrument pursuant to which any security interest over
any assets of the Issuer is created or released, the Collateral Manager shall promptly give written notice thereof to the Issuer
and shall provide the Issuer with such information and/or copy documentation in respect thereof as the Issuer may reasonably require.

 

(d)         In
performing its duties hereunder and when exercising its discretion and judgment in connection with any transactions involving
the Assets, the Collateral Manager shall carry out any reasonable written directions of the Issuer for the purpose of the Issuer’s
compliance with its Organizational Instruments and the Indenture; provided that such directions are not inconsistent with
any provision of this Agreement or the Indenture by which the Collateral Manager is bound or prohibited by applicable law.

 

(e)         In
providing services hereunder, the Collateral Manager may, without the consent of any party, delegate to third parties (including
without limitation its Affiliates) the duties assigned to the Collateral Manager under this Agreement, and employ third parties
(including without limitation its Affiliates) to render advice (including investment advice), to provide services to arrange for
trade execution and otherwise provide assistance to the Issuer, and to perform any of the Collateral Manager’s duties under
this Agreement; provided that the Collateral Manager shall not (i) delegate investment decision-making responsibilities
to non-Affiliates or (ii) be relieved of any of its duties hereunder regardless of the performance of any services by third
parties, including Affiliates.

 

    	 	9	 

     

    

 

(f)            Notwithstanding
anything herein or any other Transaction Document to the contrary, the Collateral Manager shall have no authority to hold (directly
or indirectly), or otherwise obtain possession of, any funds or securities of the Issuer (including Collateral Obligations or
Eligible Investments). The Collateral Manager agrees that any requests regarding the disbursement of any funds in any Account
must be made in accordance with the Indenture or other Transaction Documents and must be sent to the Trustee, and shall be considered
only as informing the Trustee of such request. All disbursements requested by the Collateral Manager may be paid only upon the
approval of the Trustee. Without limiting the foregoing, the Collateral Manager shall have no authority to (i) sign checks
on the Issuer’s behalf, (ii) deduct fees from any Account, (iii) withdraw funds or securities from any Account,
or (iv) dispose of funds in any Account for any purpose other than pursuant to transactions authorized by the Indenture.
The Collateral Manager agrees that any requests regarding the disbursement of any funds in any Account must be made in accordance
with the Indenture and must be sent to the Trustee. Nothing in this Section 2(f) shall prohibit the Collateral Manager
from issuing instructions to the Trustee or Custodian to effect or to settle any bills of sale, assignments, agreements and other
instruments in connection with any acquisition, sale or other disposition of any Asset of the Issuer as permitted by the Indenture.

 

Section 3.     Purchase
and Sale Transactions; Brokerage.

 

(a)            The
Collateral Manager, subject to and in accordance with the Indenture, hereby agrees that it shall cause any Transaction to be conducted
on terms and conditions negotiated on an arm’s-length basis and in accordance with applicable law. Except as expressly permitted
under the Indenture, no Assets (other than any Delayed Drawdown Collateral Obligations or Revolving Collateral Obligations) shall
be purchased if such Assets may give rise to any obligation or liability on the Issuer’s part to take any action or make
any payment other than at the Issuer’s option. Further, the Collateral Manager will not cause or allow the Issuer to acquire
any obligation of a Portfolio Company.

 

(b)            The
Collateral Manager will seek to obtain the best execution (but shall have no obligation to obtain the lowest price available)
for all orders placed with respect to any Transaction, in a manner permitted by law and in a manner it believes to be in the best
interests of the Issuer. Subject to the preceding sentence, the Collateral Manager may, in the allocation of business, select
brokers and/or dealers with whom to effect trades on behalf of the Issuer and may open cash trading accounts with such brokers
and dealers; provided that none of the Assets may be credited to, held in or subject to the lien of the broker or dealer
with respect to any such account. In addition, subject to the first sentence of this paragraph, the Collateral Manager may, in
the allocation of business, take into consideration research and other brokerage services furnished to the Collateral Manager
or its Affiliates by brokers and dealers which are not Affiliates of the Collateral Manager; provided that the Collateral
Manager in good faith believes that the compensation for such services rendered by such brokers and dealers complies with the
requirements of Section 28(e) of the Securities Exchange Act of 1934, as amended (“Section 28(e)”),
or in the case of principal or fixed income transactions for which the “safe harbor” of Section 28(e) is
not available, the amount of the spread charged is reasonable in relation to the value of the research and other brokerage services
provided. Such services may be used by the Collateral Manager in connection with its other advisory activities or investment operations.
The Collateral Manager may aggregate sales and purchase orders placed with respect to the Assets with similar orders being made
simultaneously for other accounts managed by the Collateral Manager or with accounts of the Affiliates of the Collateral Manager,
if in the Collateral Manager’s reasonable judgment such aggregation can be expected to result in an overall economic benefit
to the Issuer, taking into consideration the advantageous selling or purchase price, brokerage commission or other expenses, as
well as the availability of such Assets on any other basis. In accounting for such aggregated order price, commissions and other
expenses may be apportioned on a weighted average basis. When a Transaction occurs as part of any aggregate sales or purchase
orders, the objective of the Collateral Manager will be to use commercially reasonable efforts to allocate the executions among
the accounts in a manner that is fair and equitable and over time the Collateral Manager believes, in its reasonable business
judgment, to be appropriate and in accordance with its internal policies and procedures (as such may be amended from time to time,
the “Internal Policies”) and applicable law.

 

    	 	10	 

     

    

 

(c)            The
Issuer acknowledges and agrees that (i) the determination by the Collateral Manager of any benefit to the Issuer will be
subjective and will represent the Collateral Manager’s evaluation at the time that the Issuer can be expected to be benefited
by relatively better purchase or sales prices, lower brokerage commissions, lower transaction costs and expenses and beneficial
timing of transactions or any combination of any of these and/or other factors and (ii) the Collateral Manager shall be fully
protected with respect to any such determination to the extent the Collateral Manager acts in accordance with Section 2(a).
The Issuer acknowledges and agrees that one or more Affiliates of the Collateral Manager will hold or beneficially own all of
the Outstanding Subordinated Notes on and potentially after the Closing Date and that accounts advised or sub-advised by the Collateral
Manager or its Affiliates may acquire other Notes and that such investments may give rise to conflicts of interest between the
Collateral Manager’s duties to the Issuer under this Agreement and the interests of the Collateral Manager, its Affiliates
or its Related Persons. The Issuer hereby acknowledges that various potential and actual conflicts of interest do or may exist
with respect to the Collateral Manager, including in its capacity as investment adviser for both the Issuer and the BDC, as described
in this Agreement and in the Final Offering Circular.

 

(d)            Subject
to compliance with applicable laws and regulations and subject to the Indenture and the Collateral Manager’s execution obligations
described in Sections 3(a), 3(b) and 3(e) and the covenants set forth in Section 5,
the Collateral Manager is hereby authorized to effect client cross-transactions where the Collateral Manager causes a Transaction
to be effected between the Issuer and another account advised by it or any of its Affiliates; provided that, if and to
the extent required by the Advisers Act, such authorization is terminable prior to the initiation of such cross-transaction at
the Issuer’s option without penalty. Such termination shall be effective upon receipt by the Collateral Manager of written
notice from the Issuer. Subject to the Collateral Manager’s execution obligations described in Sections 3(a), 3(b) and
3(e) and the covenants set forth in Section 5, the Collateral Manager is hereby authorized to effect principal
transactions and transactions where the Issuer may invest in securities of issuers in which the Collateral Manager and/or its
Affiliates have a debt, equity or participation interest, in each case in accordance with applicable law.

 

    	 	11	 

     

    

 

(e)            The
Issuer acknowledges and agrees that the Collateral Manager or any of its Affiliates may acquire or sell obligations or securities,
for its own account or for the accounts of its customers, without either requiring or precluding the acquisition or sale of such
obligations or securities for the account of the Issuer. Such investments may be the same or different from those made on behalf
of the Issuer as to direction, amount, timing or other terms. The Issuer acknowledges that the Collateral Manager and its Affiliates
may enter into, for their own accounts or for the accounts of others, credit default swaps relating to obligors with respect to
the Collateral Obligations included in the Assets.

 

Section 4.     Additional
Activities of the Collateral Manager.

 

Nothing herein shall
prevent the Collateral Manager or any of its Affiliates from engaging in other businesses, or from rendering services of any kind
to the Issuer, the Trustee, the Initial Purchaser, any holder or beneficial owner of Debt or their respective Affiliates or any
other Person or entity regardless of whether such business is in competition with the Issuer or otherwise. Without prejudice to
the generality of the foregoing, partners, members, shareholders, directors, managers, officers, employees and agents of the Collateral
Manager, Affiliates of the Collateral Manager, and the Collateral Manager may:

 

(a)        serve
as managers or directors (whether supervisory or managing), officers, employees, partners, agents, nominees or signatories for
the Issuer or any Affiliate thereof, or for any obligor in respect of any of the Collateral Obligations, Equity Securities or
Eligible Investments or any Affiliate thereof, to the extent permitted by their respective Organizational Instruments and Underlying
Instruments, as from time to time amended, or by any resolutions duly adopted by the Issuer, its Affiliates or any obligor in
respect of any of the Collateral Obligations, Eligible Investments or Equity Securities (or any Affiliate thereof) pursuant to
their respective Organizational Instruments;

 

(b)        receive
fees for services of whatever nature rendered to the obligor in respect of any of the Collateral Obligations, Eligible Investments
or Equity Securities or any Affiliate thereof;

 

(c)        be
retained to provide services unrelated to this Agreement to the Issuer or its Affiliates, and be paid therefor, on an arm’s-length
basis;

 

(d)        be
a secured or unsecured creditor of, or hold a debt obligation of or equity interest in, the Issuer or any Affiliate thereof or
any obligor of any Collateral Obligation, Eligible Investment or Equity Security or any Affiliate thereof;

 

(e)        subject
to Section 3(b), Section 5 and applicable law sell any Collateral Obligation or Eligible Investment to,
or purchase or acquire any Collateral Obligation, Equity Security or Eligible Investment from the Issuer while acting in the capacity
of principal or agent;

 

(f)         underwrite,
arrange, structure, originate, syndicate, act as a distributor of or make a market in any Collateral Obligation, Equity Security
or Eligible Investment;

 

    	 	12	 

     

    

 

(g)        serve
as a member of any “creditors’ board”, “creditors’ committee” or similar creditor group with
respect to any Collateral Obligation, Defaulted Obligation, Eligible Investment or Equity Security; or

 

(h)        act
as collateral manager, portfolio manager, investment manager and/or investment adviser or sub-adviser in collateralized bond obligation
vehicles, collateralized loan obligation vehicles and other similar warehousing or financing vehicles or other investment vehicles.

 

As a result, such
individuals may possess information relating to obligors of Collateral Obligations that is (a) not known to or (b) known
but restricted as to its use by the individuals at the Collateral Manager responsible for monitoring the Collateral Obligations
and performing the other obligations of the Collateral Manager under this Agreement. Each of such ownership and other relationships
may result in securities laws restrictions on transactions in such securities by the Issuer and otherwise create conflicts of
interest for the Issuer. The Issuer acknowledges and agrees that, in all such instances, the Collateral Manager and its Affiliates
may in their discretion make investment recommendations and decisions that may be the same as or different from those made with
respect to the Issuer’s investments and they have no duty, in making or managing such other investments, to act in a way
that is favorable to the Issuer.

 

The Issuer acknowledges
that there are generally no ethical screens or information barriers among the Collateral Manager and certain of its Affiliates
of the type that many firms implement to separate Persons who make investment decisions from others who might possess material,
non-public information that could influence such decisions. The officers or Affiliates of the Collateral Manager may possess information
relating to obligors of Collateral Obligations that is not known to the individuals at the Collateral Manager responsible for
monitoring the Collateral Obligations and performing the other obligations under this Agreement. The Collateral Manager may from
time to time come into possession of material nonpublic information that limits the ability of the Collateral Manager to effect
a transaction for the Issuer, and the Issuer’s investments may be constrained as a consequence of the Collateral Manager’s
inability to use such information for advisory purposes or otherwise to effect transactions that otherwise may have been initiated
on behalf of its clients, including the Issuer.

 

Unless the Collateral
Manager determines in its sole discretion that a Transaction complies with the provisions of Section 5, the Collateral
Manager will not direct the Collateral Agent to acquire or sell securities issued by (i) Persons of which the Collateral
Manager, any of its Affiliates or any of its officers, directors or employees are directors or officers, (ii) Persons of
which the Collateral Manager, or any of its respective Affiliates act as principal or (iii) Persons about which the Collateral
Manager or any of its Affiliates have material non-public information which the Collateral Manager deems would prohibit it from
advising as to the trading of such securities in accordance with applicable law. For the avoidance of doubt, the Collateral Agent
will have no obligation or duty to ensure compliance with the foregoing.

 

    	 	13	 

     

    

 

It is understood that
the Collateral Manager and any of its Affiliates may engage in any other business and furnish investment management and advisory
services to others, including Persons which may have investment policies similar to or different from those followed by the Collateral
Manager with respect to the Assets and which may own securities or debt obligations of the same class, or which are of the same
type, as the Collateral Obligations or the Eligible Investments or other securities or debt obligations of the obligors of the
Collateral Obligations or the Eligible Investments as well as other assets that are the same or similar to other assets owned
by the Issuer. The Collateral Manager will be free, in its sole discretion, to make recommendations to others, or effect transactions
on behalf of itself or for others, which may be the same as or different from those effected with respect to the Assets. Nothing
in the Indenture, the Credit Agreement and this Agreement shall prevent the Collateral Manager or any of its Affiliates, acting
either as principal or agent on behalf of others, from buying or selling, or from recommending to or directing any other account
to buy or sell, at any time, securities or obligations of the same kind or class, or securities or obligations of a different
kind or class of the same obligor, as those directed by the Collateral Manager to be purchased or sold on behalf of the Issuer.
It is understood that, to the extent permitted by applicable law, the Collateral Manager, its Owners, their Affiliates or their
respective Related Persons or any member of their families or a Person or entity advised by the Collateral Manager may have an
interest in a particular transaction or in securities or obligations of the same kind or class, or securities or obligations of
a different kind or class of the same obligor, as those whose acquisition or sale the Collateral Manager may direct hereunder.
If, in light of market conditions and investment objectives, the Collateral Manager determines that it would be advisable to purchase
the same item of Collateral Obligation both for the Issuer, and either the proprietary account of the Collateral Manager or any
Affiliate of the Collateral Manager or another client of the Collateral Manager, the Collateral Manager will allocate such investment
opportunities across such entities for which such opportunities are appropriate consistent with (i) its Internal Policies,
as the same may be amended from time to time, (ii) any applicable requirements of the Advisers Act and (iii) any allocation
and/or co-investment policy or agreement entered into with any such entity. The Collateral Manager shall use commercially reasonable
efforts to allocate such investment opportunities in a manner that will be fair and equitable over time. The Issuer agrees that,
in the course of managing the Collateral Obligations held by the Issuer, the Collateral Manager may consider its relationships
with other Clients (including obligors and issuers) and its Affiliates. The Collateral Manager may decline to make a particular
investment for the Issuer in view of such relationships.

 

The Issuer acknowledges
that the Collateral Manager and its Affiliates or their other clients may make and/or hold investments in an obligor’s obligations
or securities that may be pari passu, senior or junior in ranking to an investment in such obligor’s obligations
or securities made and/or held by the Issuer, or otherwise have interests different from or adverse to those of the Issuer.

 

    	 	14	 

     

    

 

Section 5.     Conflicts
of Interest.

 

Subject to compliance
with applicable laws and regulations and subject to this Agreement and the Indenture, the Collateral Manager is hereby authorized
to effect client cross-transactions where the Collateral Manager may cause the Issuer and direct the Collateral Agent to acquire
a Collateral Obligation or Eligible Investment from, or sell a Collateral Obligation, Equity Security or Eligible Investment to,
any client advised by the Collateral Manager or any of its Affiliates for market value (or, in the case of a sale to any such
client or its Affiliate, for at least market value) or, in the absence of a readily ascertainable market value, at an amount that
is equal to “fair value” (or, in the case of a sale to any such client or its Affiliate, for an amount that is at
least equal to “fair value”) as reasonably determined by the Collateral Manager in accordance with its relevant policies
and procedures. Subject to compliance with applicable laws and regulations and subject to this Agreement and the Indenture, the
Collateral Manager may effect principal transactions where the Collateral Manager may cause the Issuer and direct the Collateral
Agent to acquire a Collateral Obligation or Eligible Investment from, or sell a Collateral Obligation, Equity Security or Eligible
Investment to, the Collateral Manager or any of its Affiliates for market value (or, in the case of a sale to the Collateral Manager
or its Affiliates, for at least market value) or, in the absence of a readily ascertainable market value, at an amount that is
equal to “fair value” (or, in the case of a sale to the Collateral Manager or its Affiliates, for an amount that is
at least equal to “fair value”) as reasonably determined by the Collateral Manager in accordance with its relevant
policies and procedures; provided that the Collateral Manager shall obtain consent to such transaction from the Independent
Review Party following written disclosure thereto prior to settlement of such transaction which shall constitute the consent of
the Issuer required under Section 206(3) of the Advisers Act (an “Affiliate Transaction”). The Issuer
understands and acknowledges that, solely for the purposes of compliance with the U.S. Risk Retention Rules, the Collateral Manager
shall, with the consent of a majority of the directors of the BDC who are not “interested persons” (as defined in
Section 2(a)(19) of the 1940 Act) of the BDC, enter into the Closing Date Master Loan Sale Agreement with the BDC and the
Issuer pursuant to which the Issuer shall acquire Collateral Obligations from the BDC, as seller, through the Collateral Manager,
as closing date seller, on the Closing Date in a series of transactions occurring immediately following one another.  The
Issuer further understands and acknowledges that the Collateral Manager will not receive any compensation for effectuating, or
achieve any profits or losses as a result of its entry into the Closing Date Master Loan Sale Agreement and that, at the time
of the transactions referenced in the Closing Date Master Loan Sale Agreement, the Collateral Manager will not be insolvent, and
the Collateral Obligations transferred through the Collateral Manager in such transactions would not be encumbered by any lien
solely by virtue of such transactions. Subject to compliance with applicable laws and regulations and subject to this Agreement
and the Indenture, the Collateral Manager is hereby authorized to effect agency cross-transactions where the Collateral Manager
or any of its Affiliates may act as broker for the Issuer or for the other party in connection with the acquisition of a Collateral
Obligation or Eligible Investment or disposition or exchange of a Collateral Obligation, Equity Security or Eligible Investment
and receive compensation therefor; provided that, if and to the extent required by the Advisers Act, such authorization
is terminable prior to the completion of such agency cross-transaction at the Issuer’s option without penalty, such termination
to be effective upon receipt by the Collateral Manager of written notice from the board of directors of the BDC, as designated
manager of the Issuer. The Collateral Manager and its Affiliates so acting have a potentially conflicting division of loyalties
and responsibilities to both parties to such transactions. The Issuer understands and expects that the Collateral Manager will
engage in a significant amount of client cross-transactions. The Issuer understands that Collateral Obligations or Equity Securities
that are fair valued in accordance with the Collateral Manager’s valuation policies generally will not have readily ascertainable
market values and that the fair value assigned to such Collateral Obligations or Equity Securities, as determined in good faith
by the Collateral Manager in accordance with its policies and procedures, may not match the next available and reliable market
price or, in retrospect, have been the price at which the Collateral Obligation or Equity Security could have been purchased or
sold. The Issuer acknowledges that the Collateral Manager or an Affiliate thereof may hold or beneficially own a portion of the
outstanding Debt. In certain circumstances, the interests of the Issuer and/or the holders with respect to matters as to which
the Collateral Manager is advising the Issuer may conflict with the interests of the Collateral Manager and its Affiliates. The
Issuer hereby acknowledges that various potential and actual conflicts of interest may exist with respect to the Collateral Manager
as described in this Agreement, the Indenture, the Offering Circulars provided by the Issuer for the Notes or the Form ADV
of the Collateral Manager; provided that nothing in this Section 5 shall be construed as altering the duties
of the Collateral Manager as set forth herein, in the Indenture or under applicable law. With respect to the approval of Affiliate
Transactions, the Issuer hereby appoints the independent directors of the BDC, the Issuer’s designated manager, to act on
the Issuer’s behalf by majority vote (a majority of such directors, the “Independent Review Party”).

 

    	 	15	 

     

    

 

Section 6.     Records;
Confidentiality.

 

The Collateral Manager
shall maintain or cause to be maintained appropriate books of account and records relating to its services performed hereunder,
and such books of account and records shall be accessible for inspection by representatives of the Issuer, the Collateral Agent,
the Holders, and the Independent accountants appointed by the Collateral Manager on behalf of the Issuer pursuant to Article X
of the Indenture at any time during normal business hours and upon not less than three Business Days’ prior notice. The
Collateral Manager shall keep confidential any and all information obtained in connection with the services rendered hereunder
and shall not disclose any such information to non-affiliated third parties (excluding any Holders and beneficial owners of Debt)
except (a) with the prior written consent of the Issuer, (b) such information as a Rating Agency shall reasonably request
in connection with its rating of the Secured Debt or supplying credit estimates on any obligation included in the Assets, (c) in
connection with establishing trading or investment accounts or otherwise in connection with effecting Transactions on behalf of
the Issuer, (d) as required by (i) applicable law, regulation, court order, or a request by a governmental regulatory
agency with jurisdiction over the Collateral Manager or any of its Affiliates, (ii) the rules or regulations of any
self-regulating organization, body or official having jurisdiction over the Collateral Manager or any of its Affiliates or (iii) the
rules and regulations of any stock exchange on which the Notes may be listed, (e) to its professional advisors (including,
without limitation, legal, tax and accounting advisors), (f) such information as shall have been publicly disclosed other
than in known violation of this Agreement or the provisions of the Indenture or shall have been obtained by the Collateral Manager
on a non-confidential basis, (g) such information as is necessary or appropriate to disclose so that the Collateral Manager
may perform its duties hereunder, under the Indenture or any other Transaction Document or (h) general performance information
which may be used by the Collateral Manager, its Affiliates or Owners in connection with their marketing activities. Notwithstanding
the foregoing, it is agreed that the Collateral Manager may disclose (a) that it is serving as collateral manager of the
Issuer, (b) the nature, aggregate principal amount and overall performance of the Issuer’s assets, (c) the amount
of earnings on the Assets, (d) such other information about the Issuer, the Assets and the Debt as is customarily disclosed
by managers of collateralized loan obligations and (e) each of its respective employees, representatives or other agents
may disclose to any and all Persons, without limitation of any kind, the U.S. federal income tax treatment and U.S. federal income
tax structure of the transactions contemplated by the Indenture, this Agreement and the related documents and all materials of
any kind (including opinions and other tax analyses) that are provided to them relating to such U.S. federal income tax treatment
and U.S. income tax structure. For purposes of this Section 6, the Holders shall not be considered “non-affiliated
third parties.”

 

    	 	16	 

     

    

 

Nothing in this Section 6
prohibits any Person from reporting possible violations of federal law or regulation to any governmental agency or entity,
including but not limited to the Department of Justice, the Securities and Exchange Commission, the United States Congress, and
any agency inspector general, or making other disclosures that are protected under the whistleblower provisions of federal law
or regulation. There is no prior authorization necessary hereunder to make any such reports or disclosures and there is no requirement
hereunder to notify the Collateral Manager that any such reports or disclosures have been made.

 

Section 7.     Obligations
of Collateral Manager.

 

In accordance with
the performance standard set forth in Section 2(a), the Collateral Manager shall take care to avoid taking any action
that would (a) materially adversely affect the status of the Issuer for purposes of United States federal or state law, or
other law applicable to the Issuer, (b) not be permitted by the Issuer’s Organizational Instruments, copies of which
the Collateral Manager acknowledges the Issuer has provided to the Collateral Manager, (c) violate any law, rule or
regulation of any governmental body or agency having jurisdiction over the Issuer, including, without limitation, actions which
would violate any United States federal, state or other applicable securities law that is known by the Collateral Manager to be
applicable to it and, in each case, the violation of which would have a Material Adverse Effect on the Issuer or have a material
adverse effect on the ability of the Collateral Manager to perform its obligations hereunder, (d) require registration of
the Issuer or the pool of Assets as an “investment company” under Section 8 of the 1940 Act or (e) knowingly
and willfully adversely affect the interests of the Holders in the Assets in any material respect (other than (i) as expressly
permitted hereunder or under the Indenture or (ii) in connection with any action taken in the ordinary course of business
of the Collateral Manager in accordance with its fiduciary duties to its clients). If the Collateral Manager is ordered by the
designated manager of the Issuer or the requisite Holders or beneficial owners of Notes to take any action which would, or could
reasonably be expected to, in each case in its reasonable business judgment, have any such consequences, the Collateral Manager
shall promptly notify the Issuer that such action would, or could reasonably be expected to, in each case in its reasonable business
judgment, have one or more of the consequences set forth above and shall not take such action unless the designated manager of
the Issuer then request the Collateral Manager to do so and both a Majority of the Controlling Class and a Majority of the
Subordinated Notes have consented thereto in writing. Notwithstanding any such request, the Collateral Manager shall not take
such action unless (1) arrangements satisfactory to it are made to insure or indemnify the Collateral Manager, Affiliates
of the Collateral Manager and shareholders, partners, directors, members, managers, officers or employees of the Collateral Manager
or such Affiliates from any liability and expense it may incur as a result of such action and (2) if the Collateral Manager
so requests in respect of a question of law, the Issuer delivers to the Collateral Manager an Opinion of Counsel (from outside
counsel satisfactory to the Collateral Manager) that the action so requested does not violate any law, rule or regulation
of any governmental body or agency having jurisdiction over the Issuer or over the Collateral Manager. Neither the Collateral
Manager nor its Affiliates, shareholders, partners, directors, members, managers, officers or employees shall be liable to the
Issuer or any other Person, except as provided in Section 10. Notwithstanding anything contained in this Agreement
to the contrary, any indemnification or insurance by the Issuer provided for in this Section 7 or Section 10
shall be payable out of the Assets in accordance with the Priority of Payments, and the Collateral Manager may take into account
such Priority of Payments in determining whether any proposed indemnity arrangements contemplated by this Section 7
are satisfactory.

 

    	 	17	 

     

    

 

Section 8.
     Compensation.

 

(a)            As
compensation for its performance of its obligations as Collateral Manager under this Agreement, the Collateral Manager will be
entitled to receive on each Payment Date (in accordance with the Priority of Payments) a fee (the “Collateral Management
Fee”). The Collateral Management Fee shall be payable on each Payment Date to the extent of the funds available for
such purpose in accordance with the Priority of Payments.

 

The Collateral Management
Fee is payable to the Collateral Manager in arrears, on each Payment Date (prorated for the related Interest Accrual Period) in
an amount equal to 0.35%, per annum (calculated on the basis of the actual number of days in the applicable Collection
Period divided by 360) of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date; provided
that the Collateral Management Fee payable on any Payment Date shall not include any such fee (or any portion thereof) that
has been waived or deferred by the Collateral Manager pursuant to this Section 8 no later than the Determination Date
immediately prior to such Payment Date.

 

The Collateral Management
Fee is payable on each Payment Date only to the extent that sufficient Interest Proceeds or Principal Proceeds are available.
To the extent the Collateral Management Fee is not paid on a Payment Date due to insufficient Interest Proceeds or Principal Proceeds
(and such fee was not voluntarily deferred or waived by the Collateral Manager), the unpaid portion of the Collateral Management
Fee due on such Payment Date (the “Collateral Management Fee Shortfall Amount”) will be automatically deferred
for payment on the succeeding Payment Date, with interest, in accordance with the Priority of Payments. Interest on Collateral
Management Fee Shortfall Amounts shall accrue at the Prime Rate for the period beginning on the first Payment Date on which the
related Collateral Management Fee was due (and not paid) through the Payment Date on which such Collateral Management Fee Shortfall
Amount (including accrued interest) is paid.

 

At the option of the
Collateral Manager, by written notice to the Trustee, the Collateral Agent and the Collateral Administrator, no later than the
Determination Date immediately prior to such Payment Date, on each Payment Date, (i) all or a portion of the Collateral Management
Fees or the Collateral Management Fee Shortfall Amount (including accrued interest) due and owing on such Payment Date may be
deferred for payment on a subsequent Payment Date, without interest (the “Current Deferred Management Fee”)
and (ii) all or a portion of the previously deferred Collateral Management Fees or Collateral Management Fee Shortfall Amounts
(collectively, the “Cumulative Deferred Management Fee”) may be declared due and payable (to the extent there
are sufficient Interest Proceeds and Principal Proceeds therefor).

 

    	 	18	 

     

    

 

At such time as the
Secured Debt is redeemed in connection with an Optional Redemption, a Tax Redemption or Clean-Up Call Redemption without duplication,
all accrued and unpaid Collateral Management Fees, Current Deferred Management Fees, Collateral Management Fee Shortfall Amounts
(including accrued interest) and Cumulative Deferred Management Fees (the “Aggregate Collateral Management Fee”)
shall be due and payable to the Collateral Manager.

 

(b)            The
Collateral Manager may, in its sole discretion (but shall not be obligated to), elect to waive all or any portion of the Collateral
Management Fee payable to the Collateral Manager on any Payment Date, notwithstanding that the Collateral Manager may be entitled
to such Collateral Management Fee. Any such election shall be made by the Collateral Manager delivering written notice thereof
to the Trustee, the Collateral Agent, the Loan Agent and the Collateral Administrator no later than the Determination Date immediately
prior to such Payment Date. Any election to waive the Collateral Management Fee may also be made by written standing instructions
to the Trustee, the Collateral Agent, the Loan Agent and the Collateral Administrator; provided that such standing instructions
may be rescinded by the Collateral Manager at any time.

 

(c)            Except
as otherwise set forth herein and in the Indenture, the Collateral Manager will continue to serve as collateral manager under
this Agreement notwithstanding that the Collateral Manager will not have received amounts due to it under this Agreement because
sufficient funds were not then available hereunder to pay such amounts in accordance with the Priority of Payments.

 

(d)            If
this Agreement is terminated for any reason, or the Collateral Manager resigns or is removed, (i) any Collateral Management
Fees calculated as provided in Section 8(a) shall be prorated for any partial period elapsing from the last Payment
Date on which such Collateral Manager received the Collateral Management Fee to the effective date of such termination, resignation
or removal and (ii) any unpaid Cumulative Deferred Management Fees and Collateral Management Fee Shortfall Amounts (including
related interest) shall be determined as of the effective date of such termination, resignation or removal and, in each case,
shall be due and payable on each Payment Date following the effective date of such termination, resignation or removal in accordance
with the Priority of Payments until paid in full; provided, however, that, notwithstanding the foregoing or any other provision
contained herein, in the event the Collateral Manager’s services terminate other than by reason of an involuntary termination
not for cause, then the terminating Collateral Manager shall not be entitled to any deferred Collateral Management Fee on any
Payment Date following the date of such termination. Otherwise, such Collateral Manager shall not be entitled to any further compensation
hereunder for further services but shall be entitled to receive any expense reimbursement accrued to the effective date of termination,
resignation or removal and any indemnity amounts owing (or that may become owing) under Section 10. Any Aggregate
Collateral Management Fee expense reimbursement and indemnities owed to such Collateral Manager or owed to any successor Collateral
Manager on any Payment Date shall be paid pro rata based on the amount thereof then owing to each such Person, subject
to the Priority of Payments.

 

    	 	19	 

     

    

 

Section 9.
     Benefit of the Agreement.

 

The Collateral Manager
shall perform its obligations hereunder and under the Indenture in accordance with the terms of this Agreement and the terms of
the Indenture applicable to it. The Collateral Manager agrees and consents to the provisions contained in Section 15.1(f) of
the Indenture. In addition, the Collateral Manager acknowledges the pledge under the granting clause of the Indenture.

 

Section 10.
     Limits of Collateral Manager Responsibility.

 

(a)            None
of the Collateral Manager, its Affiliates, its Owners or their respective Related Persons assumes any responsibility under this
Agreement except that the Collateral Manager agrees to render the services required to be performed by it hereunder and under
the terms of the Indenture applicable to it. The Collateral Manager shall not be responsible for any action or inaction of the
Issuer, the Trustee, the Collateral Agent, or the Loan Agent in following or declining to follow any advice, recommendation or
direction of the Collateral Manager including as set forth in Section 7. The Indemnified Parties shall not be liable
to the Issuer, the Trustee, the Collateral Agent, any Holder, any beneficial owner of Debt, the Initial Purchaser, any of their
respective Affiliates, Owners or Related Persons or any other Persons for any act, omission, error of judgment, mistake of law,
or for any claim, loss, liability, damage, judgment, assessment, settlement, cost, or other expense (including attorneys’
fees and expenses and court costs) arising out of any investment, or for any other act or omission in the performance of the Collateral
Manager’s obligations under or in connection with this Agreement or the terms of any other Transaction Document applicable
to the Collateral Manager, incurred as a result of actions taken or recommended or for any omissions of the Collateral Manager,
or for any decrease in the value of the Assets, except for liability to which the Collateral Manager would be subject (i) by
reason of acts or omissions constituting bad faith, willful misconduct or gross negligence in the performance of its duties hereunder
and under the terms of the Indenture or (ii) with respect to the CM Information in each Offering Circular, as of the date
made, containing any untrue statement of a material fact or omitting to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading (the preceding clauses (i) and (ii) collectively
referred to for purposes of this Section 10 as “Collateral Manager Breaches”). The Collateral Manager
shall not be liable for any consequential, indirect, special, punitive, exemplary or treble damages or lost profits hereunder
or under the Indenture. The Collateral Manager and any of its Affiliates may consult with counsel, independent accountants or
any other experts selected by them and shall not be liable for any action taken or omitted to be taken by them in accordance with
their advice. Nothing contained herein shall be deemed to waive any liability which cannot be waived under applicable state or
federal law or any rules or regulations adopted thereunder.

 

    	 	20	 

     

    

 

(b)            The
Issuer shall indemnify and hold harmless the Collateral Manager, its Affiliates and Owners and their respective Related Persons
(each, an “Indemnified Party”) from and against any and all losses, claims, damages, judgments, assessments,
costs or other liabilities (collectively, “Losses”) and will promptly reimburse each such Indemnified Party
for all reasonable fees and expenses incurred by an Indemnified Party with respect thereto (including reasonable fees and expenses
of counsel) (collectively, “Expenses”) arising out of or in connection with the issuance or incurrence of the
Debt (including, without limitation, any untrue statement of material fact contained in each Offering Circular, or omission or
alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, other than CM Information), the transactions contemplated by the applicable Offering
Circular, the Indenture, this Agreement, the other Transaction Documents, any Underlying Instruments and the performance of the
Assets and any acts or omissions of any such Indemnified Party; provided that such Indemnified Party shall not be indemnified
for any Losses or Expenses incurred as a result of any Collateral Manager Breach. Notwithstanding anything contained herein to
the contrary, the obligations of the Issuer under Section 10 to indemnify any Indemnified Party for any Losses or
Expenses are non-recourse obligations of the Issuer payable solely out of the Assets in accordance with the Priority of Payments
set forth in the Indenture.

 

(c)            The
Collateral Manager shall not be responsible or liable for any failure or delay in the performance of its duties and obligations
under this Agreement and/or the Indenture arising out of or caused by, directly or indirectly, forces beyond its control, including,
without limitation, strikes, pandemics, epidemics, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services.

 

(d)            It
is understood that certain provisions of this Agreement may serve to limit the potential liability of the Collateral Manager.
The Issuer has had the opportunity to consult with the Collateral Manager as well as, if desired, its professional advisors and
legal counsel as to the effect of these provisions. It is further understood that certain applicable laws, including applicable
federal or state securities laws, may impose liability or allow for legal remedies even where the Collateral Manager has acted
in good faith and that the rights under those laws may be non-waivable. Nothing in this Agreement shall, in any way, constitute
a waiver or limitation of any rights which may not be so limited or waived in accordance with applicable law, including with respect
to the breach of any fiduciary duty owed under Section 206 of the Advisers Act.

 

Section 11.
     No Joint Venture.

 

The Issuer and the
Collateral Manager are not partners or joint venturers with each other and nothing herein shall be construed to make them such
partners or joint venturers or impose any liability as such on either of them. The Collateral Manager shall be deemed, for all
purposes herein, an independent contractor and shall, except as otherwise expressly provided herein or in the Indenture or authorized
by the Issuer from time to time, have no authority to act for or represent the Issuer in any way or otherwise be deemed an agent
of the Issuer. It is acknowledged that neither the Collateral Manager nor any of its Affiliates has provided or shall provide
any tax, accounting or legal advice or assistance to the Issuer or any other Person in connection with the transactions contemplated
hereby.

 

    	 	21	 

     

    

 

Section 12.
     Term; Termination.

 

(a)            This
Agreement shall commence as of the date first set forth above and shall continue in force until the first of the following occurs:
(i) the final liquidation of the Assets and the final distribution of the proceeds of such liquidation to the Holders, (ii) the
payment in full of the Debt, and the satisfaction and discharge of the Indenture in accordance with its terms or (iii) the
early termination of this Agreement in accordance with Section 12(b) or (e) or Section 14.

 

(b)            Subject
only to clause (c) below, the Collateral Manager may resign, upon 90 days’ prior written notice to the Issuer
(or such shorter notice as is acceptable to the Issuer), the Holders, the Collateral Agent, the Loan Agent and the Trustee; provided
that the Collateral Manager shall have the right to resign immediately upon the effectiveness of any material change in applicable
law or regulations which renders the performance by the Collateral Manager of its duties hereunder or under the Indenture to be
a violation of such law or regulation.

 

(c)            Notwithstanding
the provisions of clause (b) above, no resignation or removal of the Collateral Manager or termination of this Agreement
pursuant to such clause shall be effective until the date as of which a successor Collateral Manager shall have been appointed
and approved in accordance with Section 12(d) and has accepted all of the Collateral Manager’s duties and
obligations pursuant to this Agreement in writing (an “Instrument of Acceptance”) and has assumed such duties
and obligations.

 

(d)            Promptly
after notice of any removal under Section 14 or any resignation of the Collateral Manager that is to take place while
any of the Debt is Outstanding, the Issuer shall transmit copies of such notice to the Trustee and the Collateral Agent (which
shall forward a copy of such notice to the Holders) and the Rating Agency and shall appoint an institution as Collateral Manager,
at the direction of a Majority of the Subordinated Notes, which institution (i) has demonstrated an ability, whether as an
entity or by its principals or employees, to professionally and competently perform duties similar to those imposed upon the Collateral
Manager hereunder, (ii) is legally qualified and has the capacity to assume all of the responsibilities, duties and obligations
of the Collateral Manager hereunder and under the applicable terms of the Indenture, (iii) does not cause or result in the
Issuer becoming, or require the pool of Assets to be registered as, an investment company under the 1940 Act, (iv) with respect
to which the S&P Rating Condition has been satisfied and (v) has been approved by a Majority of the Controlling Class.

 

(e)            If
(i) a Majority of the Subordinated Notes fails to nominate a successor within 30 days of initial notice of the resignation
or removal of the Collateral Manager or (ii) a Majority of the Controlling Class does not approve the proposed successor
nominated by the Holders of the Subordinated Notes within ten days of the date of the notice of such nomination, then a Majority
of the Controlling Class shall, within 60 days of the failure described in clauses (i) or (ii) of
this sentence, as the case may be, nominate a successor Collateral Manager that meets the criteria set forth in Section 12(d).
If a Majority of the Subordinated Notes approves such Controlling Class nominee, such nominee shall become the Collateral
Manager. If no successor Collateral Manager is appointed within 90 days (or, in the event of a change in applicable law or regulation
which renders the performance by the Collateral Manager of its duties under this Agreement or the Indenture to be a violation
of such law or regulation, within 30 days) following the termination or resignation of the Collateral Manager, any of the Collateral
Manager, a Majority of the Subordinated Notes and a Majority of the Controlling Class shall have the right to petition a
court of competent jurisdiction to appoint a successor Collateral Manager, in either such case whose appointment shall become
effective after such successor has accepted its appointment and without the consent of any holder or beneficial owner of any Debt.

 

    	 	22	 

     

    

 

(f)            The
successor Collateral Manager shall be entitled to the Collateral Management Fee set forth in Section 8(a) and
no compensation payable to such successor Collateral Manager shall be greater than as set forth in Section 8(a) without
the prior written consent of 100% of the Holders of each Class of Debt voting separately by Class, including Collateral Manager
Debt. Upon the later of the expiration of the applicable notice periods with respect to termination specified in this Section 12
or in Section 14 and the acceptance of its appointment hereunder by the successor Collateral Manager, all authority
and power of the Collateral Manager hereunder, whether with respect to the Assets or otherwise, shall automatically and without
action by any person or entity pass to and be vested in the successor Collateral Manager. The Issuer, the Collateral Agent and
the successor Collateral Manager shall take such action (or the Issuer shall cause the outgoing Collateral Manager to take such
action) consistent with this Agreement and as shall be necessary to effect any such succession.

 

(g)            If
this Agreement is terminated pursuant to this Section 12, such termination shall be without any further liability
or obligation of either party to the other, except as provided in clause (h) below.

 

(h)            Sections
6, 7 (with respect to any indemnity or insurance provided thereunder), 10, 12(h), 15, 17,
21, 22, 23 and 25 shall survive any termination of this Agreement pursuant to this Section 12
or Section 14.

 

Section 13.
     Assignments.

 

(a)            Except
as otherwise provided in this Section 13, the Collateral Manager may not assign or delegate (except as provided in
Section 2(e)) its rights or responsibilities under this Agreement unless (i) the S&P Rating Condition has
been satisfied with respect thereto, (ii) the consent of the Issuer has been obtained with respect thereto and (iii) such
assignment or delegation has not been disapproved in writing by (A) a Majority of the Subordinated Notes and (B) for
an assignment to any person who is not an Affiliate of the Collateral Manager that is a Registered Investment Adviser, a Majority
of the Controlling Class within 30 days’ notice of such assignment. The Collateral Manager shall not be required to
obtain such consents or satisfy such condition with respect to a change of control transaction that is deemed to be an assignment
within the meaning of Section 202(a)(1) of the Advisers Act at the time of any such transaction; provided that,
if the Collateral Manager is a Registered Investment Adviser, the Collateral Manager shall obtain the consent of the Issuer to
such assignment, in a manner consistent with SEC Staff interpretations of Section 205(a)(2) of the Advisers Act.

 

    	 	23	 

     

    

 

(b)            The
Collateral Manager may without satisfaction of the S&P Rating Condition, without obtaining the consent of any holder or beneficial
owner of any Debt and, so long as such assignment or delegation does not constitute an “assignment” for purposes of
Section 205(a)(2) of the Advisers Act during such time as the Collateral Manager is a Registered Investment Adviser,
without obtaining the prior consent of the Issuer, (1) assign any of its rights or obligations under this Agreement to an
Affiliate; provided that such Affiliate (i) has demonstrated an ability to professionally and competently perform
duties similar to those imposed upon the Collateral Manager pursuant to this Agreement, (ii) has the legal right and capacity
to act as Collateral Manager under this Agreement and (iii) shall not cause the Issuer or the pool of Assets to become required
to register under the provisions of the 1940 Act or (2) enter into (or have its parent enter into) any consolidation or amalgamation
with, or merger with or into, or transfer of all or substantially all of its assets to, another entity; provided further
that, at the time of such consolidation, merger, amalgamation or transfer the resulting, surviving or transferee entity assumes
all the obligations of the Collateral Manager under this Agreement generally and the other entity is solely a continuation of
the Collateral Manager in another corporate or similar form and has substantially the same staff; provided further that
such action does not cause the Issuer to be subject to tax in any jurisdiction outside of its jurisdiction of organization; provided
further that the Collateral Manager shall deliver prior notice to the Rating Agency of any assignment, delegation or combination
thereof made pursuant to this sentence. Upon the execution and delivery of any such assignment by the assignee, the Collateral
Manager will be released from further obligations pursuant to this Agreement except with respect to its obligations and agreements
arising under Sections 10, 12(g), 17, 21 through 24, and 26 in respect of acts or omissions
occurring prior to such assignment and except with respect to its obligations under Section 15 after such assignment.

 

(c)            This
Agreement shall not be assigned by the Issuer without (i) the prior written consent of (A) the Collateral Manager, (B) a
Majority of the Subordinated Notes and (C) a Majority of each Class of Secured Debt (voting separately) and (ii) satisfaction
of the S&P Rating Condition, except in the case of assignment by the Issuer (1) to an entity which is a successor to
the Issuer permitted under the Indenture, in which case such successor organization shall be bound hereunder and by the terms
of said assignment in the same manner as the Issuer is bound thereunder or (2) to the Trustee as contemplated by the granting
clause of the Indenture. The Issuer has assigned its rights, title and interest in (but not its obligations under) this Agreement
to the Trustee pursuant to the Indenture; and the Collateral Manager by its signature below agrees to, and acknowledges, such
assignment. Upon assignment by the Issuer, the Issuer shall use reasonable efforts to cause such assignee to execute and deliver
to the Collateral Manager such documents as the Collateral Manager shall consider reasonably necessary to effect fully such assignment.

 

(d)            The
Issuer shall provide the Rating Agency and the Trustee (who shall provide a copy of such notice to the Controlling Class) with
notice of any assignment pursuant to this Section 13.

 

    	 	24	 

     

    

 

Section 14.
     Removal for Cause.

 

(a)            The
Collateral Manager may be removed for Cause upon 30 Business Days’ prior written notice by the Issuer (“Termination
Notice”) at the direction of a Supermajority of the Controlling Class or a Majority of the Subordinated Notes.
Simultaneous with its direction to the Issuer to remove the Collateral Manager for Cause, a Majority of the Subordinated Notes
or a Supermajority of the Controlling Class, as applicable, shall give to the Issuer a written statement setting forth the reason
for such removal (“Statement of Cause”). The Issuer shall deliver to the Collateral Agent (who shall deliver
a copy of such notice to the Holders) a copy of the Termination Notice and the Statement of Cause within five Business Days of
receipt. No such removal shall be effective (A) until the date as of which a successor Collateral Manager shall have been
appointed in accordance with Sections 12(d) and (e) and delivered an Instrument of Acceptance to the Issuer
and the removed Collateral Manager and the successor Collateral Manager has effectively assumed all of the Collateral Manager’s
duties and obligations and (B) unless the Statement of Cause has been delivered to the Issuer as set forth in this Section 14(a).
“Cause” means any of the following:

 

(i)            the
Collateral Manager shall willfully and intentionally violate, or takes any action that it actually knows breaches, any material
provision of this Agreement or the Indenture applicable to it (not including a willful and intentional breach that results from
a good faith dispute regarding reasonable alternative courses of action or interpretation of instructions);

 

(ii)            the
Collateral Manager shall breach any material provision of this Agreement or any terms of the Indenture applicable to it (other
than as covered by clause (i) and it being understood that failure to meet any Concentration Limitation, Collateral
Quality Test or Coverage Test is not a breach for purposes of this clause (ii)), which breach would reasonably be expected
to have a Material Adverse Effect on any Class of Holders and shall not cure such breach (if capable of being cured) within
30 days after the earlier to occur of a Responsible Officer of the Collateral Manager receiving notice or having actual knowledge
of such breach, unless, if such breach is remediable, the Collateral Manager has taken action commencing the cure thereof within
such 30 day period that the Collateral Manager believes in good faith will remedy such breach within 60 days after the earlier
to occur of a Responsible Officer receiving notice or having actual knowledge thereof;

 

(iii)            the
failure of any representation, warranty, certification or statement made or delivered by the Collateral Manager in or pursuant
to this Agreement or the Indenture to be correct in any material respect when made which failure (A) would reasonably be
expected to have a Material Adverse Effect on any Class of Holders and (B) is not corrected by the Collateral Manager
within 45 days of a Responsible Officer of the Collateral Manager receiving notice of such failure, unless, if such failure is
remediable, the Collateral Manager has taken action commencing the cure thereof within such 45 day period that the Collateral
Manager believes in good faith will remedy such failure within 75 days after the earlier to occur of a Responsible Officer receiving
notice thereof or having actual knowledge thereof; provided that the delivery of a certificate or other report which corrects
any inaccuracy contained in a previous report or certification shall be deemed to cure such inaccuracy as of the date of delivery
of such updated report or certificate and any and all inaccuracies arising from continuation of such initial inaccurate report
or certificate and the sale or other disposition of any asset that did not satisfy clause (a) of the Investment Criteria
shall cure any breach or failure arising therefrom as of the date of such failure;

 

    	 	25	 

     

    

 

(iv)            the
Collateral Manager is wound up or dissolved or there is appointed over it or a substantial part of its assets a receiver, administrator,
administrative receiver, trustee or similar officer; or the Collateral Manager (A) ceases to be able to, or admits in writing
its inability to, pay its debts as they become due and payable, or makes a general assignment for the benefit of, or enters into
any composition or arrangement with, its creditors generally; (B) applies for or consents (by admission of material allegations
of a petition or otherwise) to the appointment of a receiver, trustee, assignee, custodian, liquidator or sequestrator (or other
similar official) of the Collateral Manager or of any substantial part of its properties or assets in connection with any winding
up, liquidation, reorganization or other relief under any bankruptcy, insolvency, receivership or similar law, or authorizes such
an application or consent, or proceedings seeking such appointment are commenced without such authorization, consent or application
against the Collateral Manager and continue undismissed for 60 days; (C) authorizes or files a voluntary petition in bankruptcy,
or applies for or consents (by admission of material allegations of a petition or otherwise) to the application of any bankruptcy,
reorganization, arrangement, readjustment of debt, insolvency, dissolution, or similar law, or authorizes such application or
consent, or proceedings to such end are instituted against the Collateral Manager without such authorization, application or consent
and are approved as properly instituted and remain undismissed for 60 days or result in adjudication of bankruptcy or insolvency
or the issuance of an order for relief; or (D) permits or suffers all or any substantial part of its properties or assets
to be sequestered or attached by court order and the order (if contested in good faith) remains undismissed for 60 days;

 

(v)            the
occurrence and continuation of an Event of Default pursuant to Section 5.1(a) under the Indenture that results primarily
from any material breach by the Collateral Manager of its duties under this Agreement or under the Indenture which breach or default
is not cured within any applicable cure period; or

 

(vi)            (A) the
occurrence of an act by the Collateral Manager that constitutes fraud or criminal activity in the performance of its obligations
under this Agreement (as determined pursuant to a final adjudication by a court of competent jurisdiction) or the Collateral Manager
being indicted for a criminal offense materially related to its business of providing asset management services, or (B) any
Responsible Officer of the Collateral Manager primarily responsible for the performance by the Collateral Manager of its obligations
under this Agreement (in the performance of his or her investment management duties) is indicted for a criminal offense materially
related to the business of the Collateral Manager providing asset management services and continues to have responsibility for
the performance by the Collateral Manager under this Agreement for a period of 30 days after such indictment; provided
that any indictment arising from practices that have become the subject of contemporaneous actions against multiple investment
advisers shall not constitute “Cause” for purposes of this clause (vi) if the Collateral Manager enters into
an agreement or settlement with any authority that has commenced an indictment, which agreement is entered into without prejudice
within 90 days following such indictment.

 

(b)            If
any of the events specified in clauses (a)(i) through (vi) of this Section 14 shall occur, the Collateral
Manager shall give prompt written notice thereof to the Issuer, the Holders, the Collateral Agent, and the Rating Agency; provided
that if any of the events specified in Section 14(a)(iv) shall occur, the Collateral Manager shall give written
notice thereof to the Issuer, the Trustee, the Collateral Agent and the Rating Agency immediately upon the Collateral Manager’s
becoming aware of the occurrence of such event. A Majority of each Class of Debt, voting separately by Class, may waive any
event described in Section 14(a)(i), (ii), (iii), (v) or (vi) as a basis for
termination of this Agreement and removal of the Collateral Manager under this Section 14. In no event will the Trustee,
the Collateral Agent or the Loan Agent be required to determine whether or not Cause exists for the removal of the Collateral
Manager.

 

    	 	26	 

     

    

 

(c)         Unless
all Debt of the applicable Class is Collateral Manager Debt, Collateral Manager Debt will be disregarded and have no voting
rights with respect to any vote in respect of (i) the removal of the Collateral Manager for “cause” under this
Section 14 and (ii) the waiver of any event constituting “cause” as a basis for termination of this
Agreement and removal of the Collateral Manager, and such Debt will be deemed not to be Outstanding in connection with any such
vote, except that only Debt that a bank officer of the Trustee, the Collateral Agent or the Loan Agent actually knows to be Collateral
Manager Debt shall be so disregarded. Collateral Manager Debt will have voting rights with respect to all other matters as to
which the holders of the Debt of the applicable Classes are entitled to vote.

 

(d)         If
the Collateral Manager is removed pursuant to this Section 14, the Issuer shall have, in addition to the rights and
remedies set forth in this Agreement, all of the rights and remedies available with respect thereto at law or equity.

 

Section 15.
     Obligations of Resigning or Removed Collateral Manager.

 

(a)         On,
or as soon as practicable after, the date any resignation or removal is effective, the Collateral Manager shall (at the Issuer’s
expense):

 

(i)      deliver
to the Issuer or to such other Person as the Issuer shall instruct all property and documents of the Issuer or otherwise relating
to the Assets then in the custody of the Collateral Manager;

 

(ii)     deliver
to the Collateral Agent an accounting with respect to the books and records delivered to the Trustee or the successor Collateral
Manager appointed pursuant to Section 12; and

 

(iii)    agree
to cooperate with all reasonable requests related to any proceedings, even after its resignation or removal, which arise in connection
with this Agreement or the Indenture, assuming the Collateral Manager has received an indemnity in form reasonably satisfactory
to the Collateral Manager from an entity reasonably satisfactory to the Collateral Manager, and expense reimbursement reasonably
satisfactory to the Collateral Manager.

 

(b)         Notwithstanding
such resignation or removal, the Collateral Manager shall remain liable for its obligations under Section 10 and its
acts or omissions giving rise thereto and for any expenses, losses, damages, liabilities, demands, charges and claims of any nature
whatsoever (including reasonable attorneys’ fees) in respect of or arising out of a Collateral Manager Breach, subject to
the limitations of liability set forth in Section 10.

 

    	 	27	 

     

    

 

Section 16.
     Representations and Warranties.

 

(a)         The
Issuer hereby represents and warrants to the Collateral Manager as follows:

 

(i)      The
Issuer is a limited liability company duly organized and validly existing and in good standing under the laws of the State of
Delaware, has the full power and authority to own its assets and the securities proposed to be owned by it and included in the
Assets and to transact the business in which it is presently engaged and is duly qualified under the laws of each jurisdiction
where its ownership or lease of property, the conduct of its business or the performance of this Agreement, the Indenture and
the Debt require such qualification, except for those jurisdictions in which the failure to be so qualified, authorized or licensed
would not have a Material Adverse Effect on the Issuer.

 

(ii)     The
Issuer has full power and authority to execute, deliver and perform all of its obligations under this Agreement, the Indenture
and the Debt and has taken all necessary action to authorize this Agreement and the execution and delivery of this Agreement and
the performance of all obligations imposed upon it hereunder, and, as of the Closing Date, will have taken all necessary action
to authorize the Indenture and the Debt and the execution, delivery and performance of this Agreement, the Indenture and the Debt
and the performance of all obligations imposed upon it hereunder or thereunder. No consent of any other Person including, without
limitation, members and creditors of the Issuer, and no license, permit, approval or authorization of, exemption by, notice or
report to, or registration, filing (other than any filings pursuant to the UCC required under the Indenture and necessary to perfect
any security interest granted thereunder) or declaration with, any governmental authority is required by the Issuer in connection
with the execution, delivery, performance, validity or enforceability of this Agreement, the Indenture or the Debt or the obligations
imposed upon the Issuer hereunder and thereunder. This Agreement has been, and each instrument and document to which the Issuer
is a party required hereunder or under the Indenture or the Debt will be, executed and delivered by a Responsible Officer of the
Issuer, and this Agreement constitutes, and each instrument or document required hereunder to which the Issuer is a party, when
executed and delivered hereunder, will constitute, the legally valid and binding obligation of the Issuer enforceable against
the Issuer in accordance with its terms, subject, as to enforcement, (A) to the effect of bankruptcy, receivership, insolvency,
winding-up or similar laws affecting generally the enforcement of creditors’ rights as such laws would apply in the event
of any bankruptcy, receivership, insolvency, winding-up or similar event applicable to the Issuer and (B) to general equitable
principles (whether enforceability of such principles is considered in a proceeding at law or in equity).

 

(iii)    The
execution, delivery and performance of this Agreement and the documents and instruments required hereunder and under the Indenture
will not violate any provision of any existing law or regulation binding on the Issuer, or any order, judgment, award or decree
of any court, arbitrator or governmental authority binding on the Issuer, or the Organizational Instruments of, or any securities
issued by, the Issuer or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the
Issuer is a party or by which the Issuer or any of its assets may be bound, the violation of which would have a Material Adverse
Effect on the Issuer, and will not result in or require the creation or imposition of any lien on any of its property, assets
or revenues pursuant to the provisions of any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking
(other than the lien of the Indenture).

 

    	 	28	 

     

    

 

(iv)    The
Issuer is not in violation of its Organizational Instruments or in breach or violation of or in default under any contract or
agreement to which it is a party or by which it or any of its property may be bound, or any applicable statute or any rule, regulation
or order of any court, government agency or body having jurisdiction over the Issuer or its properties, the breach or violation
of which or default under which would have a material adverse effect on the validity or enforceability of this Agreement or the
provisions of the Indenture applicable to the Issuer, or the performance by the Issuer of its duties hereunder or thereunder.

 

(v)     The
Issuer acknowledges that it has received Part 2A, and relevant Part 2B, of the Collateral Manager’s Form ADV
filed with the Securities and Exchange Commission, as required by Rule 204-3 under the Advisers Act, prior to execution of
this Agreement.

 

(b)         The
Collateral Manager hereby represents and warrants to the Issuer, as of the date hereof, as follows:

 

(i)      The
Collateral Manager is a limited liability company duly organized and validly existing and in good standing under the laws of the
State of Delaware and has full power and authority to own its assets and to transact the business in which it is currently engaged,
and is duly qualified to do business and is in good standing under the laws of each jurisdiction where the performance of this
Agreement would require such qualification, except for those jurisdictions in which the failure to be so qualified, authorized
or licensed would not have a material adverse effect on the ability of the Collateral Manager to perform its obligations under
this Agreement and the provisions of the Indenture applicable to the Collateral Manager, or on the validity or enforceability
of this Agreement and the provisions of the Indenture applicable to the Collateral Manager.

 

(ii)     The
Collateral Manager has full power and authority to execute and deliver this Agreement and to perform all of its obligations required
hereunder and under the provisions of the Indenture applicable to the Collateral Manager, and has taken all necessary action to
authorize this Agreement on the terms and conditions hereof and the execution and delivery of this Agreement and the performance
of all obligations required hereunder and under the terms of the Indenture applicable to the Collateral Manager. No consent of
any other Person, including, without limitation, members and creditors of the Collateral Manager, and no license, permit, approval
or authorization of, exemption by, notice or report to, or registration, filing or declaration with, any governmental authority
is required by the Collateral Manager or any Affiliate thereof in connection with this Agreement or the execution, delivery, performance,
validity or enforceability of this Agreement or the obligations imposed on the Collateral Manager hereunder or under the terms
of the Indenture applicable to the Collateral Manager other than those which have been obtained or made. No representation is
made herein with respect to the requirements of state securities laws or regulations. This Agreement has been executed and delivered
by a Responsible Officer of the Collateral Manager, and this Agreement constitutes the valid and legally binding obligations of
the Collateral Manager enforceable against the Collateral Manager in accordance with its terms, subject, as to enforcement, (A) to
the effect of bankruptcy, insolvency, winding-up or similar laws affecting generally the enforcement of creditors’ rights
as such laws would apply in the event of any bankruptcy, receivership, insolvency, winding-up or similar event applicable to the
Collateral Manager and (B) to general equitable principles (whether enforceability of such principles is considered in a
proceeding at law or in equity).

 

    	 	29	 

     

    

 

(iii)    The
execution, delivery and performance of this Agreement and the terms of the Indenture applicable to the Collateral Manager will
not violate any provision of any existing law or regulation binding on the Collateral Manager (except that no representation is
made herein with respect to the requirements of state securities laws or regulations), or any order, judgment, award or decree
of any court, arbitrator or governmental authority binding on the Collateral Manager, or the Organizational Instruments of, or
any securities issued by, the Collateral Manager or of any mortgage, indenture, lease, contract or other agreement, instrument
or undertaking to which the Collateral Manager is a party or by which the Collateral Manager or any of its assets may be bound,
the violation of which would have a material adverse effect on the business, operations, assets or financial condition of the
Collateral Manager or which would reasonably be expected to adversely affect in a material manner its ability to perform its obligations
hereunder or under the Indenture.

 

(iv)    There
is no charge, investigation, action, suit or proceeding before or by any court pending or, to the actual knowledge of the Collateral
Manager, threatened, that, if determined adversely to the Collateral Manager, would have a material adverse effect upon the performance
by the Collateral Manager of its duties under this Agreement or the provisions of the Indenture applicable to the Collateral Manager.

 

(c)         The
Collateral Manager makes no representation, express or implied, with respect to the Issuer or the disclosure with respect to the
Issuer.

 

(d)         The
Collateral Manager is a “registered investment adviser” for purposes of the Advisers Act.

 

    	 	30	 

     

    

 

Section 17.
     Limited Recourse; No Petition.

 

The Collateral Manager
hereby agrees that it shall not institute against, or join any other Person in instituting against the Issuer any bankruptcy,
reorganization, arrangement, insolvency, moratorium or liquidation proceedings or other proceedings under United States federal
or state or other bankruptcy or similar laws until at least one year (or, if longer, the applicable preference period then in
effect) plus one day after payment in full of all Debt issued under the Indenture (and any other debt obligations of the Issuer
that have been rated upon issuance by any Rating Agency at the request of the Issuer); provided that nothing in this Section 17
shall preclude the Collateral Manager from (A) taking any action prior to the expiration of such applicable preference
period in (x) any case or proceeding voluntarily filed or commenced by the Issuer or (y) any insolvency proceeding filed
or commenced against the Issuer by any Person other than the Collateral Manager or (B) commencing against the Issuer or any
of its properties any legal action that is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation
proceeding. The Collateral Manager hereby acknowledges and agrees that the Issuer’s obligations hereunder will be solely
the limited liability company obligations of the Issuer, and that the Collateral Manager will not have any recourse to any of
the authorized persons, managers, officers, employees, members or Affiliates of the Issuer with respect to any claims, losses,
damages, liabilities, indemnities or other obligations in connection with any Transactions contemplated hereby. Notwithstanding
any other provisions hereof or of any other transaction document, recourse in respect of any obligations of the Issuer to the
Collateral Manager hereunder or thereunder will be limited to the Assets as applied in accordance with the Priority of Payments
pursuant to the Indenture and, on the exhaustion of the Assets, all claims against the Issuer arising from this Agreement or any
Transaction Document or any Transactions contemplated hereby or thereby shall be extinguished and shall not revive. This Section 17
shall survive the termination of this Agreement for any reason whatsoever.

 

Section 18.
     Notices.

 

Unless expressly provided
otherwise herein, all notices, requests, demands and other communications required or permitted under this Agreement shall be
in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt
of registered or certified mail, postage prepaid, return receipt requested, or, in the case of telecopier notice, when received
in legible form, addressed as set forth below:

 

(a)           If
to the Issuer:

 

Golub Capital BDC CLO 4 LLC,

c/o Golub Capital BDC, Inc.

 200 Park Avenue, 25th Floor

New York, New York 10166

 

with a copy to:

 

GC Advisors LLC

200 Park Avenue, 25th Floor

New York, New York 10166

 

    	 	31	 

     

    

 

(b)           If
to the Collateral Manager:

 

GC Advisors LLC

200 Park Avenue, 25th Floor

New York, New York 10166

 

with a copy to:

 

Dechert LLP

300 S. Tryon Street

Suite 800

Charlotte, NC 28202

Telephone No.: (704) 339-3100

Telecopier No.: (704) 339-3101

Attention: John Timperio

 

(c)           If
to the Trustee or to the Collateral Agent:

 

Deutsche Bank Trust Company Americas

1761 East St. Andrew Place

Santa Ana, CA 92705-4934

Attention: Structured Credit Services – GOLUB
CAPITAL BDC CLO 4

 

(d)           If
to the Holders:

 

At their respective
addresses set forth in the Register, as applicable.

 

Any party may change
the address or telecopy number to which communications or copies directed to such party are to be sent by giving notice to the
other parties of such change of address or telecopy number in conformity with the provisions of this Section 18 for
the giving of notice.

 

Section 19.
     Binding Nature of Agreement; Successors and Assigns.

 

This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns as provided
herein.

 

Section 20.
     Entire Agreement; Amendment.

 

(a)            This
Agreement and the Indenture contain the entire agreement and understanding among the parties hereto with respect to the subject
matter hereof, and supersede all prior and contemporaneous agreements, understandings, inducements and conditions, express or
implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof and thereof
control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof.

 

    	 	32	 

     

    

 

(b)            This
Agreement may not be modified or amended other than by an agreement in writing executed by each of the parties hereto. No amendment
to this Agreement may, without notice to the Rating Agency and the prior written consent of (1) in the case of clauses (a),
(b) and (c) below, a Majority of the Controlling Class, (2) in the case of clauses (a) and (b) below,
the Holders of the Subordinated Notes and (3) in the case of clause (b)(II) below, a Majority of each other Class of
Secured Debt, (a) modify the definition of the term “Cause,” (b) modify the Collateral Management Fee, including
the method for calculation of any component of the Collateral Management Fee or any definition in the Collateral Management Agreement
directly related to the Collateral Management Fee (I) in connection with the appointment of a successor Collateral Manager
or (II) in any other circumstance or (c) modify the Class or Classes or the percentage of the Aggregate Outstanding
Amount of any Class that has the right to remove the Collateral Manager, consent to any assignment of this Agreement or nominate
or approve any successor collateral manager. This Agreement may be amended for any other purpose upon notice to the Rating Agency
and 10 (ten) days’ prior written notice to the Controlling Class and the Subordinated Notes without the consent of
the Holders of any Debt; provided that, (i) the prior written consent of a Majority of the Subordinated Notes shall
be required if any such amendment would have a material adverse effect on the Subordinated Notes and (ii) the prior written
consent of a Majority of the Controlling Class shall be required if any such amendment would have a material adverse effect
on the Controlling Class. The Issuer shall provide the Holders with notice of any amendment to this Agreement.

 

Section 21.
     Governing Law.

 

THIS AGREEMENT AND
ANY DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT (WHETHER IN CONTRACT, TORT OR OTHERWISE) SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK WITHOUT REGARDS TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN AS SET
FORTH IN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

Section 22.
     Submission to Jurisdiction.

 

With respect to any
suit, action or proceedings relating to this Agreement or any matter between the parties arising under or in connection with this
Agreement (“Proceedings”), each party irrevocably: (i) submits to the non-exclusive jurisdiction of the
Supreme Court of the State of New York sitting in the Borough of Manhattan and the United States District Court for the Southern
District of New York, and any appellate court from any thereof; and (ii) waives any objection which it may have at any time
to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought
in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have
any jurisdiction over such party. Nothing in this Agreement precludes any of the parties from bringing Proceedings in any other
jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any
other jurisdiction.

 

    	 	33	 

     

    

 

The Collateral Manager
irrevocably consents to the service of any and all process in any action or proceeding by the mailing or delivery of copies of
such process to it at the office to which notices are sent to it. The Issuer hereby irrevocably designates and appoints CT Corporation
System as the agent of the Issuer to receive on its behalf service of all process brought against it with respect to any such
action or proceeding in any such court in the State of New York, such service being hereby acknowledged by the Issuer to be effective
and binding on it in every respect. If for any reason such agent shall cease to be available to act as such, then the Issuer shall
promptly designate a new agent in the City of New York.

 

Section 23.
     Waiver of Jury Trial.

 

EACH PARTY TO THIS
AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY PROCEEDING.

 

Section 24.
     Conflict with the Indenture.

 

In respect of any
conflict between the terms of this Agreement and the Indenture or actions required under the terms of the Indenture and the terms
of this Agreement, the terms of the Indenture shall control.

 

Section 25.
     Subordination; Assignment of Agreement.

 

The Collateral Manager
agrees that the payment of all amounts to which it is entitled pursuant to this Agreement shall be subordinated to the extent
set forth in, and the Collateral Manager agrees to be bound by the provisions of, Article XI of the Indenture as if the Collateral
Manager were a party to the Indenture and hereby consents to the assignment of this Agreement as provided in Section 15.1
of the Indenture.

 

Section 26.
     Indulgences Not Waivers.

 

Neither the failure
nor any delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate
as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further
exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege
with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.
No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

    	 	34	 

     

    

 

Section 27.
     Costs and Expenses.

 

Except as otherwise
agreed to by the parties hereto, the costs and expenses (including the fees and disbursements of counsel and accountants but excluding
all overhead costs and employees’ salaries) of the Collateral Manager and of the Issuer incurred in connection with the
negotiation and preparation of and the execution of this Agreement and any amendment hereto, and all matters incidental thereto,
shall be borne by the Issuer. The Issuer will reimburse the Collateral Manager for expenses including fees and out-of-pocket expenses
reasonably incurred by the Collateral Manager in connection with the services provided under this Agreement including, without
limitation, (a) legal advisers, consultants, rating agencies, accountants, brokers and other professionals retained by the
Issuer or the Collateral Manager (on behalf of the Issuer), (b) asset pricing and asset rating services, compliance services
and software, and accounting, programming and data entry services directly related to the management of the Assets, (c) all
taxes, regulatory and governmental charges (not based on the income of the Collateral Manager), insurance premiums or expenses,
(d) any and all costs and expenses incurred in connection with the acquisition, disposition of investments on behalf of the
Issuer (whether or not actually consummated) and management thereof, including attorneys’ fees and disbursements, (e) any
fees, expenses or other amounts payable to the Rating Agency, (f) preparing reports to holders of the Secured Debt, (g) reasonable
travel expenses (including without limitation airfare, meals, lodging and other transportation) undertaken in connection with
the performance by the Collateral Manager of its obligations under duties pursuant this Agreement and the Indenture, (h) expenses
and costs in connection with any investor conferences, (i) any broker or brokers in consideration of brokerage services provided
to the Collateral Manager in connection with the sale or purchase of any Collateral Obligation, Equity Security, Eligible Investment
or other assets received in respect thereof, (j) bookkeeping, accounting or recordkeeping services obtained or maintained
with respect to the Issuer (including those services rendered at the behest of the Collateral Manager), (k) software programs
licensed from a third party and used by the Collateral Manager in connection with servicing the Assets, (l) fees and expenses
incurred in obtaining the Market Value of Collateral Obligations (including without limitation fees payable to any nationally
recognized pricing service), (m) audits incurred in connection with any consolidation review, (n) any extraordinary
costs and expenses incurred by the Collateral Manager in the performance of its obligations under this Agreement and the Indenture,
(o) any out-of-pocket expenses incurred by the Collateral Manager or the Retention Provider in connection with complying
with the U.S. Risk Retention Rules and/or the E.U. Securitization Laws (excluding the purchase price of any Debt acquired
by it to comply with the U.S. Risk Retention Rules and/or the E.U. Securitization Laws) and (p) as otherwise agreed
upon by the Issuer and the Collateral Manager. In addition, the Issuer will pay or reimburse the costs and expenses (including
fees and disbursements of counsel and accountants) of the Collateral Manager and the Issuer incurred in connection with or incidental
to the entering into of this Agreement or any amendment thereof. The fees and expenses payable to the Collateral Manager on any
Payment Date are payable only as described under the Priority of Payments.

 

Section 28.
     Third Party Beneficiary.

 

The parties hereto
agree that the Collateral Agent on behalf of the Secured Parties shall be a third party beneficiary of this Agreement, and shall
be entitled to rely upon and enforce such provisions of this Agreement to the same extent as if it were a party hereto. For the
avoidance of doubt, the Holders will not be third party beneficiaries of this Agreement.

 

Section 29.
     Titles Not to Affect Interpretation.

 

The titles of paragraphs
and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are
they to be used in the construction or interpretation hereof.

 

    	 	35	 

     

    

 

Section 30.
     Execution in Counterparts.

 

This Agreement may
be executed in any number of counterparts by telegraphic or other written form of communication, each of which shall be deemed
to be an original as against any party whose signature appears thereon, and all of which shall together constitute one and the
same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories.

 

Section 31.
     Provisions Separable.

 

The provisions of
this Agreement are independent of and separable from each other, and no provision shall be affected or rendered invalid or unenforceable
by virtue of the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.

 

Section 32.
     Gender.

 

Words used herein,
regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or
plural, and any other gender, masculine, feminine or neuter, as the context requires.

 

Section 33.
     Communications with the Rating Agency.

 

The Collateral Manager
shall, on behalf of the Issuer, take all steps required for the Issuer to comply with its obligations under the Indenture and
under the rating application letters and any related side letters, in each case in respect of Rule 17g-5 under the Exchange
Act.

 

    	 	36	 

     

    

 

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

 

	 	GOLUB CAPITAL BDC CLO 4 LLC,

                               as Issuer

	 	 	 
	 	By:	Golub Capital BDC, Inc., its designated manager
	 	 	 
		By:	/s/ Ross
                                         A. Teune

                                                                  

	 	 	Name:	Ross A. Teune
	 	 	Title:	Chief Financial Officer

 

     

     

    

 

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

 

	 	GC ADVISORS
    LLC,

    as Collateral Manager
	 	 
	 	By:	/s/ Joshua M. Levinson
	 	 	Name:	Joshua M. Levinson
	 	 	Title:	Co-General Counsel & Chief Compliance Officer

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