Document:

Exhibit 10.2

 

EXECUTION
VERSION

 

Dated August 26, 2016

 

Sale and Contribution Agreement

 

between

 

34TH STREET FUNDING, LLC

as the Transferee

 

and

 

CĪON INVESTMENT CORPORATION,

as the Transferor

 

     

     

    

 

Table of Contents

 

	 	Page
	 	 
	Article I DEFINITIONS	2
	 	 	 
	Section 1.01	General	2
	Section 1.02	Specific Terms	2
	Section 1.03	Other Terms	3
	Section 1.04	Computation of Time Periods	3
	Section 1.05	Certain References	3
	 	 	 
	Article II TRANSFERS OF THE PORTFOLIO INVESTMENTS	3
	 	 	 
	Section 2.01	Contribution of Portfolio Investments on the Initial Transfer Date	3
	Section 2.02	Transfer of Portfolio Investments on Subsequent Transfer Date	4
	Section 2.03	Nature of the Transfers	5
	 	 	 
	Article III CONDITIONS OF TRANSFER	5
	 	 	 
	Section 3.01	Conditions Precedent to Effectiveness	5
	Section 3.02	Conditions to all Transfers	6
	 	 	 
	Article IV REPRESENTATIONS AND WARRANTIES	6
	 	 	 
	Section 4.01	Representations and Warranties of the Transferor	6
	Section 4.02	Representations and Warranties of the Transferee	9
	 	 	 
	Article V Covenants of Transferee	10
	 	 	 
	Section 5.01	Affirmative Covenants	10
	Section 5.02	Negative Covenants of the Transferor	12
	 	 	 
	Article VI Indemnification	12
	 	 
	Article VII MISCELLANEOUS	12
	 	 	 
	Section 7.01	Amendments; Limited Agency	12
	Section 7.02	Waivers; Cumulative Remedies	12
	Section 7.03	Notices	13
	Section 7.04	Severability of Provisions	13
	Section 7.05	Governing Law; Jury Waiver	13
	Section 7.06	Counterparts	13
	Section 7.07	Bankruptcy Non-Petition and Limited Recourse; Claims	13
	Section 7.08	Binding Effect; Assignability	13
	Section 7.09	Headings and Exhibits	13
	Section 7.10	Further Assurances	14

 

SCHEDULES
AND EXHIBITS

 

	Schedule 4.01(h)	—	Location of Records, Name of Transferor and Jurisdiction of Organization
	 	 	 
	Exhibit A	—	Form of Assignment

 

    (i)

     

    

 

SALE AND CONTRIBUTION AGREEMENT

 

THIS SALE AND CONTRIBUTION
AGREEMENT (this “Agreement”) is entered into as of August 26, 2016, by and between CĪON INVESTMENT CORPORATION,
a Maryland corporation (the “Transferor”) and 34TH STREET FUNDING, LLC, a Delaware limited liability company
(the “Transferee”).

 

WITNESSETH:

 

WHEREAS, as of the
date hereof, all of the limited liability company interests in the Transferee remain unissued;

 

WHEREAS, on the date
hereof, the Transferor and the Transferee have entered into that certain “LSTA Master Participation Agreement,” together
with the “LSTA Standard Terms and Conditions for Participation Agreement for Par/Near Par Trades,” each published by
The Loan Syndications and Trading Association as of April 24, 2014 (the “Master Participation Agreement”), pursuant
to which the Transferee will purchase an undivided 100% participation interest in and to the Loans, the Commitments (if any) and
the Transferred Rights (each as defined in the Master Participation Agreement) (collectively, the “Initial Transferred
Assets”);

 

WHEREAS, in exchange
for one hundred percent (100%) of the Common Membership Interest of the Transferee and the cash purchase price specified for the
Initial Transferred Assets under the Master Participation Agreement, the Transferor desires to contribute, transfer, bargain, grant,
assign or otherwise convey to the Transferee all of the Transferor’s right, title, interest in, to and under the Initial
Transferred Assets, on the terms and subject to the conditions provided herein and under the Master Participation Agreement;

 

WHEREAS, the Transferee
desires to accept as a capital contribution all of the Transferor’s right, title, interest in, to and under the Initial Portfolio
Investments, on the terms and subject to the conditions provided herein, and intends to assume all of the Transferor’s obligations
under the Initial Portfolio Investments upon elevation thereof to full assignment as provided in the Master Participation Agreement
and to issue one hundred percent (100%) of its Common Membership Interest to the Transferor in consideration thereof;

 

WHEREAS, from time
to time after the date hereof, the Transferor may contribute, transfer, bargain, grant, assign or otherwise convey to the Transferee
all of the Transferor’s right, title, interest in, to and under Portfolio Investments (other than the Initial Portfolio Investments)
on the terms and subject to the conditions provided herein; and

 

WHEREAS, the Transferor
will derive substantial direct and indirect benefit from the Contribution under this Agreement;

 

NOW, THEREFORE, in
consideration of the premises and the mutual agreements hereinafter contained, and for other good and valuable consideration, the
receipt of which is hereby acknowledged, the Transferee and the Transferor, intending to be legally bound, hereby agree as follows:

 

     

     

    

 

Article
I

 

DEFINITIONS

 

Section 1.01         General.
The specific terms defined in this Article include the plural as well as the singular. Words herein importing a gender include
the other gender. References herein to “writing” include printing, typing, lithography and other means of reproducing
words in visible form. References to agreements and other contractual instruments include all subsequent amendments thereto or
changes therein entered into in accordance with their respective terms and not prohibited by this Agreement or the Loan and Security
Agreement (as hereinafter defined). References herein to Persons include their successors and assigns permitted hereunder or under
the Loan and Security Agreement. The terms “include” or “including” mean “include without limitation”
or “including without limitation.” The words “herein,” “hereof” and “hereunder”
and other words of similar import refer to this Agreement as a whole and not to any particular Article, Section or other subdivision,
and Article, Section, Schedule and Exhibit references, unless otherwise specified, refer to Articles and Sections of and Schedules
and Exhibits to this Agreement. References to any applicable law means such applicable law as amended, modified, codified, replaced
or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder, and
reference to any Section or other provision of any applicable law means that provision of such applicable law from time to time
in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or
other provision. Capitalized terms used herein but not defined herein shall have the respective meanings assigned to such terms
in the Loan and Security Agreement.

 

Section 1.02         Specific
Terms. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall
have the following meanings:

 

“Assigned
Agreement” means the loan agreement, note, indenture or similar agreement pursuant to which a Portfolio Investment is
incurred or issued by the obligor thereunder.

 

“Assignment
Agreement” means an agreement by and between the Transferor and the Transferee, substantially in the form of Exhibit
A attached hereto.

 

“Agreement”
means this Sale and Contribution Agreement, as the same may be amended, restated, waived, supplemented and/or otherwise modified
from time to time hereafter.

 

“Contribution”
has the meaning specified in Section 2.01(a).

 

"Initial Portfolio
Investments" means the Portfolio Investments included in the Initial Transferred Assets.

 

“Initial Transferred
Assets” has the meaning specified in the recitals hereto.

 

“Loan and
Security Agreement” means that certain Loan and Security Agreement, dated as of August 26, 2016, among the Transferee,
CION Investment Management, LLC, as portfolio manager, the Lenders party thereto, U.S. Bank National Association, as the Collateral
Agent, U.S. Bank National Association, as the Collateral Administrator, U.S. Bank National Association, as the Securities Intermediary
and JPMorgan Chase Bank, National Association, as administrative agent for the Lenders thereunder, as amended, restated, supplemented
and/or otherwise modified from time to time.

 

“Portfolio
Investment” means each loan or other corporate debt security incurred under an Assigned Agreement.

 

“Portfolio
Investment Property” means, with respect to each Portfolio Investment (i) all monies due and to become due thereunder
and all amounts received with respect thereto on and after the date hereof, (ii) the interest of the Transferor in the security
interests (if any) granted by the obligor under the related Assigned Agreement, (iii) any promissory note evidencing the obligations
of the obligor under such Assigned Agreement, (iv) all rights relating thereto under the related Assigned Agreement now existing
and hereafter arising from time to time, (v) all guarantees, insurance, letters of credit and other agreement or arrangement of
whatever character from time to time supporting or securing payment of such Portfolio Investment and (vi) all proceeds (including
whatever is received upon the sale, exchange, collection or other disposition of the foregoing and all “proceeds” as
defined in Section 9-102(a)(64) of the UCC as in effect in the State of New York).

 

    	 	2	 

     

    

 

“Purchase
Price” has the meaning specified in Section 2.02.

 

“Transfer”
means any assignment, contribution, conveyance or other transfer of Portfolio Investments by the Transferor to the Transferee pursuant
to the terms of this Agreement.

 

“Transfer
Date” means any Business Day on which any Portfolio Investment is acquired by the Transferee pursuant to the terms of
this Agreement.

 

“Transferor
Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or condition, financial
or otherwise, of the Transferor and its subsidiaries taken as a whole, (b) the ability of the Transferor to perform its obligations
hereunder, (c) the Transferee’s title to the Transferred Assets or (d) the validity or enforceability of any Transferred
Assets.

 

“Transferred
Assets” means the Initial Transferred Assets Transferred to the Transferee on the date hereof and the Portfolio Investments
and related Portfolio Investment Property Transferred to the Transferee on each Transfer Date thereafter.

 

Section 1.03         Other
Terms. All accounting terms used but not specifically defined herein shall be construed in accordance with GAAP. All terms
used in Article 9 of the UCC in the State of New York, and used but not specifically defined herein, are used herein as defined
in such Article 9.

 

Section 1.04         Computation
of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date
to later specified date, the word “from” means “from and including” and the words “to” and
“until” each mean “to but excluding.” Reference to days or days without further qualification means calendar
days. Reference to any time means New York, New York time.

 

Section 1.05         Certain
References. All references to the principal balance of a Portfolio Investment as of a Transfer Date shall refer to the
close of business on such day.

 

Article
II

 

TRANSFERS
OF THE PORTFOLIO INVESTMENTS

 

Section 2.01         Contribution
of Portfolio Investments on the Initial Transfer Date. (a) The Transferor hereby (i) irrevocably contributes, transfers,
grants, bargains, assigns, conveys and delivers all of its right, title and interest in, to and under the Initial Portfolio Investments
and the related Portfolio Investment Property to the Transferee, absolutely and not as collateral security, without recourse,
except as expressly provided herein, as a capital contribution to the Transferee, and the Transferee hereby acquires, accepts
and receives all of the Transferor’s right, title and interest in, to and under the Initial Portfolio Investments and the
related Portfolio Investment Property and (ii) vests in the Transferee all powers and rights of the Transferor over the Initial
Portfolio Investments and the related Portfolio Investment Property to have and to hold the same unto the Transferee and its successors
and assigns forever (the actions described in the foregoing clauses (i) and (ii), collectively, the “Contribution”).

 

(b)          In
exchange for the Contribution, the Transferee hereby absolutely, irrevocably and unconditionally issues and delivers to the Transferor
one hundred percent (100%) of the Common Membership Interest in the Transferee (the “Equity Issuance”). The
Transferor hereby accepts the Equity Issuance. Following the Equity Issuance, the Transferor shall hold one hundred percent (100%)
of the Transferee’s Common Membership Interest and the Transferee shall be a direct subsidiary of the Transferor.

 

    	 	3	 

     

    

 

Section 2.02       Transfer
of Portfolio Investments on Subsequent Transfer Date. (a) Subject to the terms
and conditions hereof, from time to time the Transferor may Transfer (without recourse except as expressly provided herein) to
the Transferee on any Transfer Date designated by the Transferor and agreed to by the Transferee, the Portfolio Interests designated
by the Transferor, together with all of the Transferor’s right, title and interest in and to the Portfolio Investment Property
with respect to such Portfolio Investment, and the Transferee agrees to purchase or accept as a capital contribution, as applicable,
all such Portfolio Investments and Portfolio Investment Property, and to assume the obligations, acknowledgments, liabilities,
duties and burdens of the Transferor under the Assigned Agreements relating to such Portfolio Investments, on each Transfer Date.
Each Transfer shall be evidenced by an Assignment Agreement including Schedule I thereto listing the Portfolio Investments subject
to such Transfer and the Transferor and the Transferee shall execute and deliver an Assignment Agreement on or before each Transfer
Date.

 

(b)          The
Portfolio Investments being transferred to the Transferee on each Transfer Date shall be identified on Schedule I to the Assignment
Agreement entered into in connection with such Transfer Date. The “Purchase Price” of all Portfolio Investments
Transferred after the date hereof shall be equal to the fair market value thereof as agreed upon from time to time by the Transferor
and the Transferee. In consideration for each Transfer of Portfolio Investments after the date hereof, the Transferee shall pay
to the Transferor on the Transfer Date for such Portfolio Investments the cash portion of the Purchase Price therefor in dollars
in immediately available funds. All payments by the Transferee under this Section 2.02(b) shall be effected by means of
a wire transfer not later than 3:00 p.m. (New York time) on the day when due to the account notified to the Transferee by the Transferor
from time to time. Any portion of the Purchase Price not paid in cash shall be deemed to constitute a capital contribution to the
equity of the Transferee and a corresponding increase to the capital account of the Transferor.

 

(c)          On
and after each Transfer Date hereunder and upon payment of the Purchase Price therefor, the Transferee shall own the Portfolio
Investments Transferred by the Transferor to the Transferee on such Transfer Date, and the Transferor shall not take any action
inconsistent with such ownership and shall not claim any ownership interest in such Portfolio Investments.

 

(d)          In
connection with the Transfer by the Transferee of any Portfolio Investment as contemplated by this Agreement, the Transferor further
agrees that it shall, at its own expense, indicate clearly and unambiguously in its computer files on or prior to each Transfer
Date, and in its financial statements, that such Portfolio Investment has been transferred by the Transferee in accordance with
this Agreement.

 

(e)          The
Transferor shall take such action and execute and file all documents as requested by the Transferee from time to time hereafter
that may be reasonably necessary or appropriate to carry out the purpose and intent of this Agreement and to effect and perfect
the contribution, transfer, grant, bargain, assignment or conveyance contemplated herein and ensure that the Transferee owns and
has an enforceable interest in or right to use, enforce, and collect damages, income and proceeds in connection with, as the case
may be, the Transferred Assets or, solely if Section 2.03 hereof is applicable, an enforceable security interest in the
Transferred Assets.

 

    	 	4	 

     

    

 

Section 2.03        Nature
of the Transfers. It is the express intent of the parties hereto that the Transfer of any Portfolio Investment and the
related Portfolio Investment Property by the Transferor to the Transferee hereunder be, and be treated for all purposes (other
than for accounting and tax purposes) as an absolute sale or contribution, as applicable, by the Transferor (free and clear of
any Lien, security interest, charge or encumbrance other than Permitted Liens) to the Transferee. It is, further, not the intention
of the parties that such Transfer be deemed a pledge of any such Portfolio Investment and the related Portfolio Investment Property
by the Transferor to the Transferee to secure a debt or other obligation of the Transferor. However, in the event that, notwithstanding
the intent of the parties, any such Portfolio Investment and the related Portfolio Investment Property is held to continue to
be property of the Transferor, then the parties hereto agree that: (i) this Agreement shall also be deemed to be, and hereby is,
a “security agreement” within the meaning of Article 9 of the UCC; (ii) the transfer of any such Portfolio Investment
and the related Portfolio Investment Property provided for in this Agreement shall be deemed to be a grant by the Transferor to
the Transferee of a first priority security interest (subject only to Permitted Liens) in all of the Transferor’s right,
title and interest in and to such Portfolio Investment and the related Portfolio Investment Property and all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including, without limitation,
all amounts from time to time held or invested in any Account, whether in the form of cash, instruments, securities or other property,
to secure the prompt and complete payment of a debt deemed to have been incurred by the Transferor in the ordinary course of business
of the Transferor and the Transferee; (iii) the possession by the Transferee (or the Collateral Agent, for the benefit of the
Secured Parties) of such Portfolio Investment and such other Portfolio Investment Property as constitute instruments, money, negotiable
documents or chattel paper shall be, subject to clause (iv), for purposes of perfecting the security interest pursuant to the
UCC; and (iv) acknowledgements from Persons holding such property shall be deemed acknowledgements from custodians, bailees or
agents (as applicable) of the Transferee for the purpose of perfecting such security interest under applicable law. The parties
further agree in such event that any assignment of the interest of the Transferee pursuant to any provision hereof shall also
be deemed to be an assignment of any security interest created pursuant to the terms of this Agreement. Each of the Transferor
and the Transferee shall, to the extent consistent with this Agreement and the other Loan Documents, take such actions as may
be necessary to ensure that, if this Agreement were deemed to create a security interest in any Portfolio Investment, such security
interest would be deemed to be a perfected security interest of first priority (subject only to Permitted Liens) under applicable
law and will be maintained as such throughout the term of this Agreement. The Transferee shall have, in addition to the rights
and remedies which it may have under this Agreement, all other rights and remedies provided to a secured creditor under the UCC
and other applicable law, which rights and remedies shall be cumulative.

 

Article
III

CONDITIONS OF TRANSFER

 

Section 3.01       Conditions
Precedent to Effectiveness. The effectiveness of this Agreement shall be subject to satisfaction of each of the following
conditions precedent:

 

(a)          Agreement;
Other Documents. This Agreement or counterparts hereof shall have been duly executed by, and delivered to, the Transferor and
the Transferee, and the Transferee shall have received such documents, instruments, agreements and legal opinions as the Transferee
shall reasonably request in connection with the transactions contemplated by this Agreement, each in form and substance reasonably
satisfactory to the Transferee.

 

(b)          Compliance
with Laws. The Transferor shall be in compliance with all applicable foreign, federal, state and local laws and regulations,
except to the extent that the failure to so comply, individually or in the aggregate, could not reasonably be expected to have
a Transferor Material Adverse Effect.

 

(c)          UCC
Financing Statements. The Transferee shall have received evidence reasonably satisfactory to it of the filing of a UCC-1 financing
statement with the Secretary of State of the State of Maryland naming the Transferor as debtor and the Transferee as secured party
in a manner sufficient to perfect the Transferee’s ownership interest in the Portfolio Investments and Portfolio Investment
Property with respect thereto.

 

    	 	5	 

     

    

 

Section 3.02       Conditions
to all Transfers. Each Transfer by the Transferor hereunder shall be subject to satisfaction of the following further
conditions precedent on the Transfer Date therefor:

 

(a)          the
representations and warranties of the Transferor contained herein shall be true and correct in all material respects as of such
Transfer Date, both before and after giving effect to such Transfer and to the application of the Purchase Price therefor, except
to the extent that any such representation or warranty expressly relates to an earlier date (in which case it shall be true and
correct in all material respects as of such earlier date); and

 

(b)          the
Transferor and the Transferee shall have executed and delivered an Assignment Agreement, including Schedule I thereto listing the
Portfolio Investments subject to such Transfer, on or before such Transfer Date.

 

The acceptance by the Transferor of the
Purchase Price for any Transferred Portfolio Investment on any Transfer Date shall be deemed to constitute, as of any such Transfer
Date, a representation and warranty by the Transferor that the conditions in this Section 3.02 have been satisfied.

 

Article
IV

REPRESENTATIONS AND WARRANTIES

 

Section 4.01       Representations
and Warranties of the Transferor. The Transferor makes the following representations and warranties, on which the Transferee
relies in acquiring each Portfolio Investment hereunder. As of the Closing Date and each Transfer Date (unless a specific date
is specified below), the Transferor represents and warrants to the Transferee for the benefit of the Transferee and each of its
successors and assigns that:

 

(a)          Organization
and Good Standing. The Transferor has been duly organized and is validly existing and in good standing as corporation, incorporated
in Maryland, with all requisite corporate power and authority to own or lease its properties and to conduct its business as such
business is presently conducted, and had at all relevant times, and now has, all necessary power, authority and legal right to
acquire and own each Portfolio Investment and to Transfer such Portfolio Investment and the related Portfolio Investment Property
to the Transferee hereunder.

 

(b)          Due
Qualification. The Transferor is duly qualified to do business and has obtained all necessary licenses and approvals, in all
jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification, licenses
and/or approvals except where the failure to do so would not reasonably be expected to have a Transferor Material Adverse Effect.

 

(c)          Power
and Authority; Due Authorization; Execution and Delivery. The Transferor (i) has all necessary corporate power, authority and
legal right to (a) execute and deliver this Agreement and each Assignment and (b) carry out the terms of this Agreement and each
Assignment Agreement and (ii) has duly authorized by all necessary corporate action the execution, delivery and performance of
this Agreement and each Assignment Agreement and the Transfer of each Portfolio Investment on the terms and conditions herein provided.

 

(d)          Valid
Conveyance; Binding Obligations. This Agreement and each Assignment will be duly executed and delivered by the Transferor,
and this Agreement, together with the applicable Assignment in each case, other than for accounting and tax purposes, shall effect
valid Transfers of each Portfolio Investment, enforceable against the Transferor, and this Agreement and each Assignment shall
constitute legal, valid and binding obligations of the Transferor enforceable against the Transferor in accordance with their respective
terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, or other similar laws and all other applicable
liquidation, conservatorship, moratorium, rearrangement, receivership, suspension of payments, or similar debtor relief laws from
time to time in effect affecting the rights of creditors generally and general principles of equity (whether such enforceability
is considered in a suit at law or in equity).

 

    	 	6	 

     

    

 

(e)          No
Violation. The execution, delivery and performance of this Agreement, each Assignment and all other agreements and instruments
executed and delivered or to be executed and delivered by the Transferor pursuant hereto in connection with the Transfer of any
Portfolio Investment will not (i) conflict with, result in any breach of any of the terms and provisions of, or constitute (with
or without notice or lapse of time or both) a default under, the Transferor’s organizational documentation or any, material
contractual obligation of the Transferor, (ii) result in the creation or imposition of any Lien (other than Permitted Liens) upon
any of the Transferor’s properties pursuant to the terms of any such contractual obligation, other than this Agreement, or
(iii) violate any applicable law except where any violation would not reasonably be expected to have a Transferor Material Adverse
Effect.

 

(f)          Litigation.
No litigation or administrative proceeding of or before any court, tribunal or governmental body is currently pending, or to the
knowledge of the Transferor threatened, against the Transferor or any of its properties or with respect to this Agreement or the
other Loan Documents to which it is a party that, if adversely determined, would in the reasonable judgment of the Transferor be
expected to have a Material Adverse Effect.

 

(g)          All
Consents Required. All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Governmental
Authority (if any) required for the due execution, delivery, performance, validity or enforceability of this Agreement or any Assignment
to which the Transferor is a party have been obtained, except where the failure to obtain any such approval, authorization, consent,
order, license or action would not reasonably be expected to have a Transferor Material Adverse Effect.

 

(h)          State
of Organization, Etc. As of the date hereof, the Transferor’s jurisdiction of organization and the locations of its records
concerning the Transferred Assets are set forth in Schedule 4.01(h), which Schedule 4.01(h) shall be updated, without
the requirement for consent by any Person, to update all information with respect to the Transferor set forth therein. During the
prior five years, except as set forth in Schedule 4.01(h), the Transferor has not been known as or used any corporate, fictitious
or trade name.

 

(i)          Bulk
Sales. The execution, delivery and performance of this Agreement and the transactions contemplated hereby do not require compliance
with any “bulk sales” act or similar law by the Transferor.

 

(j)          Solvency.
The Transferor is not the subject of any bankruptcy proceedings. The Transferor is solvent and will not become insolvent after
giving effect to the transactions contemplated by this Agreement and the other Loan Documents. The Transferor, after giving effect
to the transactions contemplated by this Agreement and the other Loan Documents, will have an adequate amount of capital to conduct
its business.

 

(k)          Compliance
with Laws. The Transferor has complied in all material respects with all applicable law to which it may be subject.

 

(l)          Taxes.
The Transferor has filed or caused to be filed all tax returns that are required to be filed by it (subject to any extensions to
file properly obtained by the same). The Transferor has paid or made adequate provisions for the payment of all Taxes and all assessments
made against it or any of its property (other than any amount of Tax the validity of which is currently being contested in good
faith by appropriate proceedings and with respect to which reserves in accordance with GAAP have been provided on the books of
the Transferor), and no tax lien has been filed and, to the Transferor’s knowledge, no claim is being asserted, with respect
to any such Tax, assessment or other charge.

 

    	 	7	 

     

    

 

(m)          Assignments.
The information regarding each Portfolio Investment identified in Schedule I to an Assignment Agreement is true, correct and complete
in all material respects.

 

(n)          Liens.
The Liens granted to the Transferee pursuant to Section 2.03 by the Transferor are fully perfected first priority Liens
in and to the Transferred Portfolio Investments and the Portfolio Investment Property with respect thereto, subject only to Permitted
Liens.

 

(o)          Investment
Company Act.

 

(i)          The
Transferor has elected to be treated as a business development corporation for purposes of the Investment Company Act.

 

(ii)         The
Transferor is a “qualified purchaser” within the meaning of Section 2(a)(51) of the Investment Company Act.

 

(p)          Portfolio
Investments. With respect to each Transferred Portfolio Investment Transferred by the Transferor, as of the Transfer Date with
respect to such Portfolio Investment:

 

(i)          immediately
prior to its Transfer to the Transferee, such Portfolio Investment and the Portfolio Investment Property with respect thereto was
owned by the Transferor free and clear of any adverse claim (other than Permitted Liens and any Lien that will automatically be
released upon its Transfer to the Transferee), and the Transferor has had at all relevant times the full right, power and authority
to Transfer and pledge its interest therein as contemplated under this Agreement and, upon such Transfer, the Transferee will acquire
a valid and perfected security interest in, and sole record and beneficial ownership interest in, such Portfolio Investment and
the Portfolio Investment Property with respect thereto free and clear of any adverse claim and, following such Transfer, such Portfolio
Investment and the Portfolio Investment Property with respect thereto will not be subject to any adverse claim as a result of any
action or inaction on the part of the Transferor;

 

(ii)         the
Transfer of each such Portfolio Investment and the Portfolio Investment Property with respect thereto pursuant to this Agreement
and the applicable Assignment Agreement constitutes a valid Transfer to the Transferee of all right, title and interest of the
Transferor in and to such Portfolio Investment and the Portfolio Investment Property with respect thereto, which interest is perfected
and of first priority under applicable law; and

 

(iii)        the
Transferor has no knowledge of any fact (including any defaults by the obligor thereunder on any other Portfolio Investment) that
would cause it, or should have caused it, to expect that any payments on such Portfolio Investment will not be paid in full when
due or that is reasonably likely to cause or result in any other Material Adverse Effect with respect to such Portfolio Investment.

 

(q)          ERISA.
No notice of a Lien arising under Title IV of ERISA has been filed under Section 6323(a) of the Internal Revenue Code of 1986,
as amended (or any successor provision) against, or otherwise affecting, the assets of the Transferor.

 

(r)          Value
Given. The Transferor has received reasonably equivalent value from the Transferee in exchange for the Transfer of such Portfolio
Investment Transferred hereunder. No such Transfer has been made for or on account of an antecedent debt owed by the Transferor
and no such transfer is or may be voidable or subject to avoidance under any bankruptcy, insolvency, reorganization, or other similar
laws.

 

    	 	8	 

     

    

 

Section 4.02       Representations
and Warranties of the Transferee. The Transferee makes the following representations and warranties, on which the Transferor
relies in selling each Portfolio Investment to the Transferee hereunder. As of the Closing Date and each Transfer, the Transferee
represents and warrants to the Transferor for the benefit of the Transferor and each of its successors and assigns that:

 

(a)          Organization
and Good Standing. The Transferee has been duly organized and is validly existing and in good standing as a limited liability
company in Delaware, with the power and authority to own or lease its properties and to conduct its business as such properties
are currently owned and such business is currently conducted, and had at all relevant times, and has, all necessary power, authority
and legal right to acquire and own each Portfolio investment and the related Portfolio Investment Property.

 

(b)          Due
Qualification. The Transferee is duly qualified to do business and has obtained all necessary licenses and approvals in all
jurisdictions in which the ownership or lease of its property or the conduct of its business requires such qualification, licenses
and/or approvals.

 

(c)          Power
and Authority; Due Authorization; Execution and Delivery. The Transferee (i) has all necessary corporate power, authority and
legal right to (a) execute and deliver this Agreement and the other Loan Documents to which it is a party and (b) carry out the
terms of this Agreement and the other Loan Documents to which it is a party and (ii) has duly authorized by all necessary corporate
action the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party and the Transfer
of each Portfolio Investment on the terms and conditions herein provided.

 

(d)          All
Consents Required. All approvals, authorizations, consents, orders, licenses or other actions of any Person or of any Governmental
Authority (if any) required for the due execution, delivery, performance, validity or enforceability of this Agreement or any Assignment
Agreement to which the Transferee is a party have been obtained, except where the failure to obtain any such approval, authorization,
consent, order, license or other action would not reasonably be expected to have a Material Adverse Effect.

 

(e)          Binding
Obligation. This Agreement and each other Loan Document to which the Transferee is a party constitute legal, valid and binding
obligations of the Transferee, enforceable against the Transferee in accordance with its respective terms, except as enforceability
may be limited by bankruptcy, insolvency, reorganization, or other similar laws and all other applicable liquidation, conservatorship,
moratorium, rearrangement, receivership, suspension of payments, or similar debtor relief laws from time to time in effect affecting
the rights of creditors generally and general principles of equity (whether such enforceability is considered in a suit at law
or in equity).

 

(f)          No
Violation. The consummation of the transactions contemplated by this Agreement, each Assignment and the other Loan Documents
to which it is a party and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of
any of the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Transferee’s
limited liability company agreement or any material contractual obligation of the Transferee, (ii) result in the creation or imposition
of any Lien (other than Permitted Liens) upon any of the Transferee’s properties pursuant to the terms of any such contractual
obligation, other than this Agreement, or (iii) violate any applicable law, except where any violation would not reasonably be
expected to have a Material Adverse Effect.

 

(g)          Value
Given. The Transferee has given reasonably equivalent value to the Transferor in exchange for the Transfer of such Portfolio
Investment. No such Transfer has been made for or on account of an antecedent debt owed by the Transferor and no such transfer
is or may be voidable or subject to avoidance under any bankruptcy, insolvency, reorganization, or other similar laws.

 

    	 	9	 

     

    

 

(h)          Litigation.
There are no legal, governmental or regulatory proceedings pending to which the Transferee is a party or to which any of its property
is subject, which if determined adversely to the Transferee would individually or in the aggregate have a Material Adverse Effect.

 

(i)          Compliance
with Law. The Transferee has complied in all material respects with all applicable law to which it may be subject.

 

Article
V

Covenants of Transferee

 

Section 5.01       Affirmative
Covenants. The Transferor hereby covenants and agrees that, unless otherwise consented to by the Transferee:

 

(a)          Offices
and Records. The Transferor shall maintain its jurisdiction of incorporation, principal place of business and the office at
which it keeps the records concerning the Transferred Assets at the respective locations specified in Schedule 4.01(h) or,
upon thirty (30) days prior written notice to the Transferee, at such other location in a jurisdiction where all action required
to be taken pursuant to Section 7.10 shall have been taken with respect to the Transferred Assets.

 

(b)          Assignment.
The Transferor agrees that the Transferee may pledge all of its right, title and interest in, to and under the Transferred Portfolio
Investments, the Portfolio Investment Property with respect thereto and this Agreement to the Collateral Agent pursuant to the
Loan and Security Agreement for the benefit of the Secured Parties.

 

(c)          Separate
Identity. The Transferor shall take all actions required to maintain the Transferee’s status as a separate legal entity,
including (i) not holding the Transferee out to third parties as other than an entity with assets and liabilities distinct from
the Transferor and the Transferor’s subsidiaries, (ii) not holding itself out to be responsible for the indebtedness of the
Transferee or, other than by reason of owning common membership interests in the Transferee, for any decisions or actions relating
to the Transferee, (iii) taking such other actions as are necessary on its part to ensure that all procedures required by its certificate
of incorporation and by-laws or its certificate of formation and limited liability company agreement, as applicable, and the Transferee’s
certificate of formation and limited liability company agreement are duly and validly taken, (iv) keeping correct and complete
records and books of account and minutes and (v) not acting in any manner that could foreseeably mislead others with respect to
the Transferee’s separate identity. In addition to the foregoing, the Transferor and the Transferee shall take such actions
as shall be required in order that:

 

(i)          the
Transferor shall maintain records and books of account separate from those of the Transferee;

 

(ii)         the
resolutions, agreements and other instruments underlying the transactions described in this Agreement shall be continuously maintained
by the Transferor as official records;

 

(iii)        the
Transferor shall maintain an arm’s-length relationship with the Transferee and shall not hold itself out as being liable
for the Indebtedness of the Transferee;

 

(iv)        the
Transferor shall keep its assets and liabilities wholly separate from those of the Transferee;

 

    	 	10	 

     

    

 

(v)         the
Transferor shall not mislead third parties by conducting or appearing to conduct business on behalf of the Transferee or expressly
or impliedly representing or suggesting that the Transferor is liable or responsible for the indebtedness of the Transferee or
that the assets of the Transferor are available to pay the creditors of the Transferee;

 

(vi)        the
Transferor shall at all times limit its transactions with the Transferee only to those expressly permitted under this Agreement
or under any Loan Document; and

 

(vii)       the
Transferor shall comply with (and cause to be true and correct) each of the facts and assumptions relating to the Transferor and
the Transferee contained in the “no substantive consolidation” opinion of White & Case LLC delivered on the Closing
Date.

 

(d)          Protection
of Title.

 

(i)          The
Transferor shall file such financing statements, or cause to be filed such continuation and other statements, all in such manner
and in such places as may be required by law fully to perfect and preserve the Transfer hereunder to the Transferee of the Transferred
Portfolio Investments and Portfolio Investment Property with respect thereto and in the proceeds thereof. The Transferor shall
deliver, or cause to be delivered, to the Transferee file stamped copies of, or filing receipts for, any document filed as provided
above, as soon as available following such filing.

 

(ii)         The
Transferor shall not change its jurisdiction of incorporation or formation, as applicable, name, identity or corporate or limited
liability company structure, as applicable, in any manner that would, could or might make any financing statement or continuation
statement or continuation statement filed by the Transferor in accordance with this Agreement seriously misleading within the meaning
of Section 9-506(b) of the UCC, unless it shall have given the Transferee at least thirty (30) days prior written notice thereof
and shall file such financing statements or amendments as may be necessary to continue the perfection of the Collateral Agent’s
interest in all Transferred Portfolio Investments and Portfolio Investment Property with respect thereto Transferred hereunder.

 

(e)          Computer
Files Marked. The Transferor shall, at its own expense, on or prior to each Transfer Date, indicate in its computer files created
in connection with the Transferred Portfolio Investments and Portfolio Investment Property with respect thereto for such Transfer
Date that such Transferred Portfolio Investments and Portfolio Investment Property have been Transferred to the Transferee pursuant
to this Agreement.

 

(f)          The
Transferor will direct any agent, administrative agent or obligor for any Portfolio Investment included in the Transferred Portfolio
Investments to remit all payments and collections with respect to such Portfolio Investment following the applicable Transfer Date
directly to the Collection Account.

 

(g)          The
Transferor acknowledges that all proceeds received by it or its Affiliates after the applicable Transfer Date with respect to the
Transferred Portfolio Investments Transferred to the Transferee are held and shall be held in trust for the benefit of the Transferee
and its assignees until deposited into the Collection Account as required in the Loan and Security Agreement. The Transferor promptly
shall remit to the Transferee or the Transferee's designee any payment or any other sums relating to, or otherwise payable on account
of, the Transferred Portfolio Investments that the Transferor receives after the applicable Transfer Date.

 

    	 	11	 

     

    

 

 

Section 5.02        Negative
Covenants of the Transferor. The Transferor covenants and agrees that, without the prior written consent of the Transferee:

 

(a)          Sale
of Assets. The Transferor shall not Transfer (by operation of law or otherwise) or otherwise dispose of any Transferred Portfolio
Investments or Portfolio Investment Property with respect thereto, except as otherwise expressly permitted by this Agreement or
any other Loan Document.

 

(b)          Liens.
After the Transfer by the Transferor of any Transferred Portfolio Investment and the Portfolio Investment Property with respect
thereto, the Transferor shall not create, incur, assume or permit to exist any adverse claim on or with respect to such Transferred
Portfolio Investment or the Portfolio Investment Property with respect thereto, except for Permitted Liens.

 

(c)          Modifications
of Portfolio Investments or Assigned Agreements. The Transferor shall not extend, amend, forgive, discharge, compromise, cancel
or otherwise modify the terms of any Transferred Portfolio Investment or amend, modify or waive any payment term or condition of
any Assigned Agreement as it applies to any outstanding Transferred Portfolio Investment.

 

(d)          Sale
Characterization. The Transferor shall not make statements or disclosures or prepare any financial statements for any purpose,
including for reporting or accounting purposes, that shall account for the transactions contemplated by this Agreement in any manner
other than as a true sale and/or absolute assignment of its full right, title and ownership interest in such Transferred Portfolio
Investment and the Portfolio Investment Property with respect thereto to the Transferee; provided, however, that
nothing contained herein shall preclude its financial statements from being consolidated with those of the Transferee to the extent
required by GAAP.

 

Article
VI

Indemnification

 

Without limiting any
other rights which any such Person may have hereunder or under applicable law, the Transferor agrees to indemnify the Transferee
and all officers, directors, shareholders, controlling persons, employees and agents of any of the foregoing (each of the foregoing
Persons being individually called an “Indemnified Party”) from and against all claims, losses, penalties, fines,
forfeitures, related costs and judgments and other costs, fees and reasonable expenses (including reasonable attorneys’ fees
and expenses) that such Indemnified Party may incur as a result of (i) the failure of the Transferor to perform its obligations
under this Agreement or (ii) the breach by the Transferor of any representation under Section 4.01(p) this Agreement.

 

Article
VII

MISCELLANEOUS

 

Section 7.01        Amendments;
Limited Agency. No amendment, waiver or other modification of any provision of this Agreement shall be effective unless
signed by the Transferee and the Transferor and consented to in writing by the Administrative Agent.

 

Section 7.02         Waivers;
Cumulative Remedies. No failure or delay on the part of the Transferee (or any assignee thereof) or the Transferor in
exercising any power, right, privilege or remedy under this Agreement shall operate as a waiver thereof, nor shall any single
or partial exercise of any such power, right, privilege or remedy preclude any other or future exercise thereof or the exercise
of any other power, right, privilege or remedy. The powers, rights, privileges and remedies herein provided are cumulative and
not exhaustive of any powers, rights, privileges and remedies provided by law. Any waiver of this Agreement shall be effective
only in the specific instance and for the specific purpose for which it is given.

    	 	12	 

     

    

 

Section 7.03        Notices.
All demands, notices and other communications hereunder shall, unless otherwise stated herein, be in writing (which shall include
facsimile communication and communication by e-mail) and faxed, e-mailed or delivered, to each party hereto, at its address set
forth under its name on the signature pages hereto or at such other address as shall be designated by such party in a written
notice to the other parties hereto. Notices and communications by facsimile and e-mail shall be effective when sent (and shall
be followed by hard copy sent by regular mail), and notices and communications sent by other means shall be effective when received.

 

Section 7.04        Severability
of Provisions. If any one or more of the covenants, provisions or terms of this Agreement shall be for any reason whatsoever
held invalid, then such covenants, provisions or terms shall be deemed severable from the remaining covenants, provisions or terms
of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

 

Section 7.05        Governing
Law; Jury Waiver. THIS AGREEMENT SHALL, IN ACCORDANCE WITH SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE
OF NEW YORK, BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED
BY LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR
IN CONNECTION WITH THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREUNDER.

 

Section 7.06        Counterparts.
For the purpose of facilitating the execution of this Agreement and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which counterparts shall be deemed to be an original, and all of which counterparts shall
constitute but one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile
or e-mail in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

Section 7.07        Bankruptcy
Non-Petition and Limited Recourse; Claims. The Transferor hereby agrees that it will not institute against, or join any
other Person in instituting against, the Transferee any bankruptcy, winding up, reorganization, arrangement, insolvency, moratorium
or liquidation Proceedings, or other Proceedings under U.S. federal or state bankruptcy or similar laws so long as there shall
not have elapsed one year and one day (or such longer preference period as shall then be in effect and one day) after the payment
in full of all amounts owing under the Loan and Security Agreement. In addition, neither party hereto shall have any recourse
for any amounts payable or any other obligations arising under this Agreement against any officer, member, director, employee,
partner, Affiliate or security holder of the other party or any of its successors or assigns.

 

Section 7.08        Binding
Effect; Assignability. (a) This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns.

 

(b)          The
Transferor acknowledges that the Collateral Agent is the beneficiary of a collateral assignment of this Agreement pursuant to Section
8.02 of the Loan and Security Agreement.

 

(c)          The
Administrative Agent shall be an express third-party beneficiary of Section 7.01.

 

Section 7.09        Headings
and Exhibits. The headings herein are for purposes of references only and shall not otherwise affect the meaning or interpretation
of any provision hereof. The schedules and exhibits attached hereto and referred to herein shall constitute a part of this Agreement
and are incorporated into this Agreement for all purposes.

 

    	 	13	 

     

    

 

Section 7.10        Further
Assurances. The Transferor shall, at its sole cost and expense, promptly and duly execute and deliver any and all further
instruments and documents and take such further actions that may be necessary or desirable or that the Transferee may request
to carry out more effectively the provisions and purposes of this Agreement or to obtain the full benefits of this Agreement and
of the rights and powers herein granted, including (i) securing all consents and approvals necessary or appropriate for the assignment
to or for the benefit of the Transferee of any Transferred Portfolio Investment and the Portfolio Investment Property with respect
thereto, (ii) perfecting, protecting, preserving, continuing and maintaining fully the purchase by, and the assignments, security
interests and other Liens granted or purported to be granted to, the Transferee under this Agreement (including the filing any
financing or continuation statements under the UCC with respect to the ownership interests or Liens granted hereunder) and (iii)
enabling the Transferee to exercise or enforce its rights under this Agreement. The Transferor hereby authorizes the Transferee
to file any such financing or continuation statements. A carbon, photographic or other reproduction of this Agreement or of any
notice or financing statement covering the Transferred Portfolio Investments or any part thereof and the Portfolio Investment
Property with respect thereto shall be sufficient as a notice or financing statement where permitted by law. If any amount payable
under or in connection with any of the Transferred Portfolio Investments or Portfolio Investment Property with respect thereto
is or shall become evidenced by any instrument, such instrument, other than checks and notes received in the ordinary course of
business, shall be duly endorsed in a manner satisfactory to the Transferee immediately upon the Transferor’s receipt thereof
and promptly delivered to or at the direction of the Collateral Agent.

 

[Signature pages to follow.]

 

    	 	14	 

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed by their respective officers as of the day and year first above written.

 

34TH STREET FUNDING, LLC,

as the Transferee

 

	/s/ Michael A. Reisner	 

By:

Name: Michael A. Reisner

Title: Co-President and Co-CEO

 

34th Street Funding, LLC

3 Park Avenue, 36th Floor

New York, New York 10016

Attention: Credit Team

Email: CIONAgentNotices@iconinvestments.com

 

     

     

    

 

CĪON INVESTMENT CORPORATION,

as the Transferor

 

	/s/
    Michael A. Reisner	 

By:

Name: Michael A. Reisner

Title: Co-President and Co-CEO

 

CĪON Investment Corporation

3 Park Avenue, 36th Floor

New York, New York 10016

Attention: Keith Franz

Email: kfranz@iconinvestments.com

 

     

     

    

 

SCHEDULE 4.01(h)

 

LOCATION OF RECORDS, NAME OF TRANSFEROR

AND JURISDICTION OF ORGANIZATION

 

	1.	Locations of Records:

 

U.S. Bank National
Association

Steven Garrett

1719 Range Way

Florence, SC 29501

 

	2.	Names:

 

CĪON Investment
Corporation

 

	3.	Jurisdiction of Formation:

 

Maryland

 

    	 	Schedule 4.01(h)-1	 

     

    

 

EXHIBIT A

 

FORM OF ASSIGNMENT AGREEMENT

 

THIS ASSIGNMENT AGREEMENT
(this “Assignment Agreement”) is entered into as of __________, ____, by and between CĪON INVESTMENT CORPORATION
(the “Transferor”) and 34TH STREET FUNDING, LLC (the “Transferee”).

 

1.          We
refer to that certain Sale and Contribution Agreement, dated as of August 26, 2016 (as amended, modified or supplemented from time
to time, the “Sale and Contribution Agreement”), by and between the Transferor and the Transferee. All of the
terms, covenants and conditions of the Sale and Contribution Agreement are hereby made a part of this Assignment Agreement and
are deemed incorporated herein in full. Unless otherwise defined herein, capitalized terms or matters of construction defined or
established in the Sale and Contribution Agreement shall be applied herein as defined or established therein.

 

2.          For
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Transferor hereby Transfers to
the Transferee, without recourse, except as provided in the Sale and Contribution Agreement, all of the Transferor’s right,
title and interest in, to and under all Portfolio Investments identified on Schedule I hereto as “Transferred Portfolio
Investments” as of the Transfer Date of _______ and the Portfolio Investment Property with respect thereto.

 

3.          The
Portfolio Investments being transferred by this Assignment Agreement have an aggregate principal balance as of the Transfer Date
of $______ for a Purchase Price of $______.

 

4.          Subject
to the terms and conditions of the Sale and Contribution Agreement, the Transferor hereby covenants and agrees to Transfer, execute
and deliver, or cause to be signed, executed and delivered, and to do or make, or cause to be done or made, upon request of the
Transferee and at the Transferor’s expense, any and all agreements, instruments, papers, deeds, acts or things, supplemental,
confirmatory or otherwise, as may be reasonably required by the Transferee for the purpose of or in connection with acquiring or
more effectively vesting in the Transferee or evidencing the vesting in the Transferee of the property, rights, title and interests
of the Transferor in the Portfolio Investments Transferred hereunder or intended to be Transferred hereunder.

 

5.          Wherever
possible, each provision of this Assignment Agreement shall be interpreted in such a manner as to be effective and valid under
applicable law; provided, however, that, if any provision of this Assignment Agreement shall be prohibited by or
invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Assignment Agreement.

 

6.          THIS
ASSIGNMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

7.          The
foregoing Transfer does not constitute and is not intended to result in any assumption by the Transferee of any obligation of the
undersigned to any other Person under any Assigned Agreement or otherwise in connection with the Transferred Portfolio Investments
and Portfolio Investment Property with respect thereto described above or any agreement or instrument relating to any of them.

 

    	 	Exhibit A-1	 

     

    

 

8.          The
Transferee and the Transferor intend that the transactions contemplated by this Assignment Agreement shall be treated as a sale,
assignment, transfer and conveyance by the Transferor of the Transferred Portfolio Investments and Portfolio Investment Property
described above and not a lending transaction. If this Assignment Agreement does not constitute a valid sale, assignment, transfer
and conveyance of all right, title and interest of, in, to and under the Transferred Portfolio Investments and Portfolio Investment
Property described above despite the intent of the parties hereto, the Transferor hereby grants a first priority “security
interest” (as defined in the UCC as in effect in the State of New York) in the Transferred Portfolio Investments and Portfolio
Investment Property and all proceeds thereof to the Transferee, and the parties agree that this Assignment Agreement shall constitute
a security agreement under the UCC in effect in New York. 

 

9.          This
Assignment Agreement is made pursuant to and based upon the representations, warranties and agreements on the part of the undersigned
contained in the Sale and Contribution Agreement and is to be governed by the Sale and Contribution Agreement.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	 	Exhibit A-2	 

     

    

 

IN WITNESS WHEREOF, the
parties have caused this Assignment Agreement to be executed by their respective officers thereunto duly authorized, as of the
day and year first written above.

  

	 	CĪON INVESTMENT CORPORATION,
	 	as Transferor

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	34TH STREET FUNDING, LLC,
	 	as Transferee

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Exhibit A-3	 

     

    

 

SCHEDULE I TO EXHIBIT A

 

SEE ATTACHED

 

    	 	Exhibit A-4	 

     

    

 

34TH STREET FUNDING, LLC

 

 

	 
Issuer
	 	Asset	 	Principal
 Balance	 	Libor
 Spread	 	Stated
 Maturity	 	S&P
 Rating	 	Moody’s
 Rating	 	S&P Industry	 	Moody’s Industry	 	Delayed
 Draw /
 Revolver
 Funded %
	[●]	 	[●]	 	[●]	 	[●]%	 	[●]	 	[●]	 	[●]	 	[●]	 	[●]	 	[●]
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Total:	 	[●]	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    	 	Exhibit A-5Exhibit 10.3

 

MASTER PARTICIPATION AGREEMENT

 

 

 

TRANSACTION SPECIFIC TERMS

 

THIS MASTER PARTICIPATION AGREEMENT is
dated as of the Agreement Date and entered into by and between Seller and Buyer to govern the purchase and sale of the Participation
in the Loans, the Commitments (if any) and the other Transferred Rights, in accordance with the terms, conditions and agreements
set forth in the LSTA Standard Terms and Conditions for Participations for Par/Near Par Trades, published as of April 24, 2014
(the “Standard Terms”) and attached hereto as Schedule II. The Standard Terms are incorporated herein by reference
without any modification whatsoever except as otherwise agreed herein by the Parties and as specifically supplemented and modified
by the terms and elections set forth in the Transaction Summary and Sections A through I below (the “Transaction Specific
Terms”). The Standard Terms and the Transaction Specific Terms together constitute a single integrated Participation
Agreement for each trade set forth on Schedule I, and the Agreement with respect to each such trade shall have the same effect
as if a separate Participation Agreement had been entered into separately for such trade. Each such trade shall constitute a separate
and distinct “Transaction.” With respect to each Transaction, the Parties agree to be bound by the Standard Terms and
the Transaction Specific Terms set forth herein.

 

TRANSACTION SUMMARY

 

	Trade Date:	 	As set forth for each Transaction in Schedule I
	Agreement Date:	 	August 26, 2016
	Seller:	 	CĪON INVESTMENT CORPORATION
	Buyer:	 	34TH STREET FUNDING, LLC
	Aggregate Purchase Amount:	 	$131,357,804
	Credit Agreement:	 	As set forth for each Transaction in Schedule I
	Borrower:	 	As set forth for each Transaction in Schedule I
	Individual Purchase Amount(s):	 	As set forth for each Transaction in Schedule I
	Tranche(s):	 	As set forth for each Transaction in Schedule I
	CUSIP or LoanXID Number(s), if available:	 	As set forth for each Transaction in Schedule I
	Delivery of Credit Documents:	 	Yesx	No  ̈
	Netting Arrangements:	 	Yes ̈	No x
	Set-Off Applicable:	 	Yes ̈	No x
	Collateral Annex Applicable:	 	Yes ̈	No x
	Elevation:	 	Yesx	No  ̈
	Non-U.S. $ assets:	 	Yes ̈	No x
	Delayed Funding Term Loans:	 	Yes ̈	No x

 

A.           DEFINITIONS

 

Capitalized terms used in this Master Participation
Agreement shall have the respective meanings ascribed thereto in Section 1 of the Standard Terms, as supplemented by Section A
of the Transaction Specific Terms and as otherwise may be provided in other provisions of this Agreement. Terms defined in the
applicable Credit Agreement and not otherwise defined in this Agreement shall have the same meanings (with respect to the applicable
Transaction) as in such Credit Agreement. Except as otherwise expressly set forth herein, each reference herein to “the Agreement,”
“this Agreement,” “herein,” “hereunder” or “hereof” shall be deemed a reference
to this Agreement (as it relates separately to each Transaction). If there is any inconsistency between the Transaction Specific
Terms and the Standard Terms, the Transaction Specific Terms shall govern and control.

 

Copyright © LSTA 2008.
All rights reserved

 

     

     

    

 

In this Agreement:

 

“Agent” has the meaning
set forth in Schedule I for each Transaction.

 

“Assignment” has the
meaning set forth in Schedule I for each Transaction.

 

“Buyer Purchase Price”
select one:

x  not
applicable.

 ̈  means
the purchase price payable by Buyer to Original Buyer pursuant to the Netting Letter (this applies if there are three (3) parties
involved in the netting arrangement).

 ̈  means
the purchase price payable by Buyer to Penultimate Buyer pursuant to the Netting Letter (this applies if there are four (4) or
more parties involved in the netting arrangement).

 

“Commitments” has the
meaning set forth in Schedule I for each Transaction.

 

“Elevation Required Consents”
has the meaning set forth in Schedule I for each Transaction.

 

“Elevation Transfer Fee”
has the meaning set forth in Schedule I for each Transaction.

 

“Loans” has the meaning
set forth in Schedule I for each Transaction.

 

“Netting Letter”
select one:

x  not
applicable.

 ̈  means
that certain Multilateral Netting Agreement in the form currently published by the LSTA dated on or as of the Agreement Date among
Seller, Buyer [and] [,] Original Buyer [, Penultimate Buyer] and [describe any other parties to the Netting Letter]].

 

“Original Buyer” select
one:

x  not
applicable.

 ̈  means
[specify original buyer in the netting arrangement].

 

“Participation Required Consents”
has the meaning set forth in Schedule I for each Transaction.

 

“Participation Transfer Fee”
means the transfer fee (if any) set forth in Section E.1 payable to Seller in connection with the assignment by Buyer of all or
any portion of the Participation, subject to Section 10.1 of the Standard Terms.

 

“Penultimate Buyer”
select one:

x  not
applicable.

 ̈  none
(“none” is applicable if there are only three (3) parties involved in the netting arrangement).

 ̈  means
[_________].

 

“Seller Purchase Price”
select one:

x  not
applicable.

 ̈  means
the purchase price payable by Original Buyer to Seller pursuant to the Netting Letter.

 

“Unfunded Commitments”
has the meaning set forth in Schedule I for each Transaction.

 

B.           SECTION
5 (BUYER’S REPRESENTATIONS AND WARRANTIES)

 

If “Yes” is specified opposite
“Delivery of Credit Documents” in the Transaction Summary, Buyer represents and warrants that it (i) was not a Lender
on the Trade Date and (ii) requested copies of the Credit Documents from Seller on or prior to the Trade Date.

 

    	 	2	 

     

    

 

C.            SECTION
8 (DISTRIBUTIONS; INTEREST AND FEES; PAYMENTS; COMMITMENT REDUCTIONS)

 

C.1          Section
8.3 (Wire Instructions).

 

Buyer’s Wire Instructions:

 

Bank: U.S. Bank N.A.

ABA No.: [*]

Acct.: [*]

Acct. No.: [*]

Ref.: [*]

 

Seller’s Wire Instructions:

 

Bank: JP Morgan Chase Bank, N.A.

ABA No.: [*]

Acct.: [*]

Acct. [*]

Ref.: [*]

 

C.2          Section 8.7 (Set-Off).

 

If “Yes” is specified opposite “Set-Off”
in the Transaction Summary, clause (i) of the proviso to the second sentence of Section 8.7 shall apply.

 

D.            SECTION
9 (NOTICES; RECORDS)

 

Buyer’s Address for Notices and Delivery:

 

34th Street Funding, LLC

3 Park Avenue, 36th Floor

New York, New York 10016

Attn: Credit Team

Email: CIONAgentNotices@iconinvestments.com

 

Seller’s Address for Notices and Delivery:

 

CĪON Investment Corporation

3 Park Avenue, 36th Floor

New York, New York 10016

Attn: Credit Team

Email: CIONAgentNotices@iconinvestments.com

 

E.            SECTION
10 (FURTHER TRANSFERS)

 

E.1          Select
one:

 

		x	There is no Participation Transfer Fee.

 

		 ̈	There is a Participation Transfer Fee, in the amount of $/£/€_________.

 

E.2          If an Affiliate
of Buyer that is a buyer under a participation agreement with Seller entered into as of the same day as this Agreement makes a
Pre-Elevation Transfer (whether or not such transfer is so defined under such participation agreement) of loans and commitments
(if any) under the Credit Documents subject to such participation agreement on the same day as Buyer, on substantially similar
documents and to the same Entity as Buyer:

 

    	 	3	 

     

    

 

 ̈          Buyer
and such Affiliate(s) of Buyer shall pay only one Participation Transfer Fee.

 

 ̈          Buyer
and each such Affiliate of Buyer shall pay a separate Participation Transfer Fee in respect of each such Pre-Elevation Transfer.

 

		x	Not applicable (there is no Participation Transfer Fee).

 

E.3          Section
10.1 Right of Buyer to sell subparticipations:

 

		x	Buyer may sell subparticipations in respect of the Transferred Rights without Seller’s prior
consent. Section 10.1(b) of the Standard Terms will apply.

 

		 ̈	Buyer may not sell subparticipations in respect of the Transferred Rights without Seller’s
prior consent. Section 10.1(b) of the Standard Terms will not apply.

 

F.            SECTION
11 (VOTING)

 

F.1          “Voting”
select one:

 

x  Buyer
shall have voting rights with respect to the Transferred Rights, subject to Section 11.1(a) of the Standard Terms.

 

 ̈  Buyer
shall have no voting rights in respect of the Transferred Rights, subject to Section 11.1(b) of the Standard Terms, except with
respect to the following matters: ________________________________________________________________________________.

 

F.2          For purposes
of determining the Majority Holders or Majority Claims Holders pursuant to Section 11.1(a) of the Standard Terms:

 

 ̈  the
interests or claims held by Seller for its own account shall be counted;

 

x  the
interests or claims held by Seller for its own account shall not be counted;

 

AND

 

 ̈  the
interests or claims held by Affiliates of Seller shall be counted.

 

x  the
interests or claims held by Affiliates of Seller shall not be counted.

 

G.           SECTION
15 (ELEVATION)

 

G.1          Select
one:

 

x     There
is no Elevation Transfer Fee.

 

 ̈     Each
Elevation Transfer Fee shall be paid as follows:

 

 ̈  The
Elevation Transfer Fee shall be paid by Seller to the Agent and Buyer shall reimburse Seller in an amount equal to

 ̈  one-half
thereof.

 ̈  [other
relevant fraction or percentage] _____ thereof.

 ̈  Each
Elevation Transfer Fee shall be paid by Buyer to the Agent and Seller shall reimburse Buyer in an amount equal to

 ̈  one-half
thereof (which amount may be pre-funded on the date hereof through a credit to the Purchase Price with respect to each Transaction).

 ̈  [other
relevant fraction or percentage] _____ thereof.

 

G.2          If “No”
is specified opposite “Elevation” in the Transaction Summary, then select one:

 

 ̈     No
Elevation shall be permitted unless requested by Seller and otherwise subject to Section 15.

 

    	 	4	 

     

    

 

		 ̈	Subject to Section 15, Seller may at any time request an Elevation and Buyer may request an Elevation
only in the following circumstances: ________________________________________

_____________________________________________________________________________.

 

H.           SECTION
28 (JUDGMENT CURRENCY)

 

The exchange rate used
for the conversion of amounts in any currency other than the Contractual Currency into amounts in the Contractual Currency shall
be determined by reference to quotations from:

 

 ̈Seller,
or if Seller does not quote a rate of exchange on such currency, by a known dealer in such currency designated by Seller.

xBuyer,
or if Buyer does not quote a rate of exchange on such currency, by a known dealer in such currency designated by Buyer.

 ̈[name
of dealer], or if [name of same dealer as in first blank in this sentence] does not quote a rate of exchange on such currency,
by a known dealer in such currency designated by the mutual agreement of the Parties.

 

I.            SECTION
31 (FURTHER PROVISIONS)

 

I.1          Representations
of Seller. In addition to the representations and warranties of Seller set forth in Section 4 of the Standard Terms, Seller
hereby makes the representations and warranties set forth on Schedule IV hereto to Buyer.

 

I.2          Further
Transfers. Section 10.1(a) of the Standard Terms is hereby amended and restated as follows:

 

“Buyer
may make a Pre-Elevation Transfer without the prior consent of Seller; provided, however, that no Pre-Elevation Transfer
shall be effective unless (i) such Pre-Elevation Transfer does not violate any applicable law or regulation or cause Seller to
violate or be in breach of any provision of any Transaction Document, (ii) the transferee in such Pre-Elevation Transfer (the “Transferee”)
makes to Buyer for the benefit of Seller substantially each of the representations, warranties and covenants set forth in Sections
5.1, 8.1(c) and 18.3, and (iii) the Transferee either (A) is organized under the laws of the United States or any State thereof
or (B) has (1) represented to Seller that under applicable law and treaties no taxes will be required to be withheld by Seller
with respect to any payments to be made to such Transferee in respect of the Transferred Rights and (2) shall have furnished to
Seller such forms, certifications, statements and other documents as Seller has reasonably requested or may reasonably request
from time to time to evidence the Transferee's exemption from the withholding of any tax imposed by any jurisdiction or to enable
Seller to comply with any applicable laws or regulations relating thereto.”

 

I.3          Elevation.
Section 15 of the Standard Terms is hereby amended and restated as follows:

 

If (i) “Yes”
is specified opposite “Elevation” in the Transaction Summary, upon the request of either Party, or (ii) “No”
is specified opposite “Elevation” in the Transaction Summary, upon the request of the Party entitled to request an
Elevation pursuant to Section G.2 of the Transaction Specific Terms and, in the case of a request by Buyer, upon satisfaction of
the conditions set forth in Section G.2 of the Transaction Specific Terms, and, in each case, subject to the terms and provisions
of the Credit Documents and any applicable law or regulation, each Party agrees to use commercially reasonable efforts and to take
such actions as are necessary (including obtaining all Elevation Required Consents (if any)), as soon as reasonably practicable,
to cause Buyer or any actual or prospective transferee or subparticipant with respect to all or any portion of the Participation
(any such Entity or Buyer, a “Permitted Assignee”) to become a Lender under the Credit Agreement with respect
to all or any part of the Transferred Rights (an “Elevation”; and the date on which such Permitted Assignee
becomes a Lender under the Credit Agreement, the “Elevation Date”); provided that, (x) if any Funding
Advance or other fees or amounts shall then be due and payable or any other obligations are due and owing to Seller by Buyer, Buyer
may not request an Elevation, and (y) if an Elevation would contravene any law, rule, order or regulation applicable to either
Party, the other Party may not request an Elevation. Upon the Elevation Date, to the extent of such Elevation, (i) Buyer shall
assume all of the Assumed Obligations, (ii) Seller shall have no further responsibility in respect of such Assumed Obligations
and (iii) this Agreement shall terminate except as provided in the last sentence of Section 16. Notwithstanding the foregoing,
the occurrence of an Elevation shall not affect (a) each Party’s rights or obligations under this Agreement, (b) the indemnities
set forth in Section 6, in each case arising on or before the Elevation Date, including, without limitation, any rights or obligations
relating to a Party’s breach of any of its representations, warranties, covenants or agreements hereunder, (c) Seller's obligation
to deliver to Buyer any Distributions (whether received before, on or after the Elevation Date) pursuant to Section 8 of this Agreement
or (d) either Party’s right to reimbursement of Agent Expenses pursuant to Section 7.1.

 

    	 	5	 

     

    

 

 

I.4          Grant
of Security. To secure its obligations under this Agreement, Seller hereby pledges, assigns and grants to Buyer a continuing
security interest in, lien on and right of set-off against, all of its right, title and interest (if any), whether now owned or
hereafter acquired, in, to and under each Loan and the Transferred Rights subject to this Agreement and all proceeds thereof whether
now existing or hereafter arising (collectively, the “Collateral”). Seller hereby represents that (x) the creation
and perfection of the forgoing security interests by Seller are within its corporate powers and have been duly authorized by all
necessary corporate and, if required, stockholder action; and (y) the foregoing security interests constitute valid and (subject
to the filing of a financing statement in accordance with the Uniform Commercial Code as in effect in Maryland (in the form attached
hereto as Schedule III) in the office of the Maryland Department of Assessments & Taxation) perfected first priority security
interests in the Collateral securing the Seller’s obligations under this Agreement. Notwithstanding the foregoing grant,
Seller acknowledges and agrees that it has not retained any beneficial or equitable interest in the Loans that are being transferred
to Buyer pursuant to and are the subject of this Agreement. Each party hereto hereby acknowledges and consents to the pledge and
grant of a security interest in all of Buyer’s right, title and interest in and to the Collateral and this Agreement by
Buyer to U.S. Bank National Association (“USB”), as collateral agent under that certain loan and security agreement
(the “Loan and Security Agreement”), dated August 26, 2016, among Buyer, the lenders party thereto, CĪON
Investment Management, LLC, as portfolio manager, JPMorgan Chase Bank, National Association, as administrative agent and USB collateral
administrator, collateral agent and securities intermediary, for the benefit of the secured parties thereunder.

 

I.5         Events of Default; Remedies.
Upon (i) the failure of Seller to comply with or perform any material agreement or obligation to be complied with or performed
by Seller in accordance with this Agreement, which failure has not been cured within five Business Days (or two Business Days after
the due date thereof for a failure to deliver Distributions) of Seller having been so notified by Buyer; (ii) a representation
made or repeated or deemed to have been made or repeated by Seller in this Agreement proves to have been incorrect or misleading
in any material respect; (iii) Seller (1) becomes insolvent or is unable to pay its debts as they become due; (2) makes a
general assignment, arrangement or composition with or for the benefit of its creditors; (3) institutes or has instituted against
it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other
similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of
any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency
or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed,
discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof; (4) has a resolution passed
for its winding-up, official management or liquidation; (5) seeks or becomes subject to the appointment of an administrator, provisional
liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets;
(6) has a secured party (other than the Buyer) take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and
such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within
30 days thereafter; (7) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction,
has an analogous effect to any of the events specified in clauses (1) through (6); or (8) takes any action in furtherance of, or
indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or (iv) Seller disaffirms, disclaims, repudiates
or rejects, in whole or in part, or challenges the validity of, its pledge of Collateral or its other obligations hereunder (any
of the foregoing, an “Event of Default”), Buyer may exercise (or cause its agents or co-agents, if any, to exercise)
any or all of the remedies available to it (or to such agents or co-agents) under this Agreement or applicable law. Without limiting
the generality of the foregoing, if an Event of Default shall have occurred and be continuing, Buyer may exercise, in addition
to all other rights and remedies given by law or this Agreement, all the rights and remedies of a secured party under the UCC (whether
or not in effect in the jurisdiction where such rights are exercised and whether or not the UCC applies to the affected Collateral)
with respect to any Collateral. Seller agrees that it will execute and deliver such documents and take such other action as is
necessary in order that any such sale or other disposition may be made in compliance with law. Notwithstanding the continuation
of any Event of Default hereunder, Buyer shall not have the right to cause Seller to repurchase any Loan or to otherwise retroactively
adjust any of the terms of transfer solely as a result of the performance of the Loans.

 

    	 	6	 

     

    

 

I.6          Covenant
to Maintain Existence. Seller hereby agrees to not wind-up, liquidate or dissolve at any time prior to the termination of this
Agreement in accordance with Section 15 and/or Section 16 of the Standard Terms.

 

I.7          Covenants
of the Seller. The Seller hereby agrees: (i) not to consent to or otherwise cause the Seller to wind-up, liquidate or dissolve
at any time prior to the termination of this Agreement in accordance with Section 15 and/or Section 16 of the Standard Terms; and
(iv) to manage its rights related to record ownership of the Loans, the Commitments and the Transferred Rights in a manner consistent
with this Agreement.

 

I.8          Limited
Recourse of Seller Against Buyer. Notwithstanding anything herein to the contrary, the parties acknowledge and agree that the
rights of recourse of Seller against Buyer shall be limited to the remaining amounts from time to time available and comprising
the assets of Buyer (other than the ordinary share capital and the transaction fee charged by Buyer) having satisfied or provided
for all other prior ranking liabilities of Buyer. Accordingly, Seller shall have no claim or recourse against Buyer in respect
of any amount which is or remains unsatisfied after the application of the funds comprising such assets of Buyer and/or representing
the proceeds of realization thereof and any remaining obligation to pay any further unsatisfied amounts shall be extinguished.
No recourse shall be had for the payment of any amount owing to Seller against any officer, member, director, employee, security
holder or incorporator of Buyer or its successors or assigns. No action may be brought against any officer, member, director, employee,
security holder or incorporator of Buyer personally. Seller agrees that it will not petition a court, or take any action or commence
any proceedings for the liquidation or the winding-up of Buyer or any other bankruptcy or insolvency proceedings with respect to
Buyer until one year and one day (or, if longer, the preference period then in effect) after the later of the termination of this
Agreement or the date on which the final payment has been made in respect of the Buyer’s rated securities. This Section shall
survive termination of this Agreement.

 

I.9          Limited
Recourse of Buyer Against Seller. No recourse shall be had for the payment of any amount owing to Buyer against any officer,
member, director, employee, security holder or incorporator of Seller or its successors or assigns. No action may be brought against
any officer, member, director, employee, security holder or incorporator of Seller personally. This Section shall survive termination
of this Agreement.

 

    	 	7	 

     

    

 

IN WITNESS WHEREOF,
Seller and Buyer have executed this Agreement by their duly authorized officers or representatives as of the Agreement Date.

  

	 	SELLER
	 	 
	 	CĪON INVESTMENT CORPORATION 

 

	 	By:	/s/ Michael A. Reisner
	 	 	Name: Michael A. Reisner
	 	 	Title: Co-President and Co-CEO

 

	 	BUYER
	 	 
	 	34TH STREET FUNDING, LLC

 

	 	By:	/s/ Michael A. Reisner
	 	 	Name: Michael A. Reisner
	 	 	Title: Co-President and Co-CEO

  

     

     

    

 

ANNEX TO PARTICIPATION AGREEMENT FOR
PAR/NEAR PAR TRADES

 

The amount of any PIK
Interest that accreted to the principal amount of the Loans on or after the Trade Date but on or prior to the Settlement Date with
respect to each Transaction is set forth in Schedule I.

 

    	 	Annex-1	 

     

    

 

SCHEDULE
I – TRANSACTION DETAILS FOR EACH PARTICIPATION

 

[Reserved]

 

    Schedule I

     

    

 

Schedule II –
Standard Terms

  

[Reserved]

 

    Schedule II

     

    

 

Schedule III –
Form of UCC-1

 

[Reserved]

 

    Schedule III

     

    

 

Schedule IV –
Representations and Warranties of Seller

 

Seller represents and warrants
to Buyer (as of the Settlement Date and, where specifically indicated, the Agreement Date) that:

 

	(a)	Seller has not and will not grant any charge, pledge or lien or other security interest in any Loan or Participation subject to this Agreement.
	 	 
	(b)	The Purchase Price paid by Buyer to Seller for the Participation represents the fair market value of such assets as of the date of determination thereof.
	 	 
	(c)	
        Seller will account for
        each transfer as a sale of (a) in the case of the Assignments, all right, title and interest in the related Loans and (b) in the
        case of the Participation, a beneficial interest in the related Loans and Transferred Rights, under U.S. generally accepted accounting
        principles.

         

	(d)	(i) Seller has not instituted, and Seller does not have pending against it, a proceeding seeking a judgment of its insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights; and Seller does not have a petition presented for its winding-up or liquidation; (ii) Seller has not and will not sell the Participation or otherwise transfer an interest in the Loans in contemplation thereof or to prevent the application of its assets in the manner described in the Bankruptcy Code or any other applicable insolvency law, and (iii) Seller is not selling the Participation to Buyer with an intent to hinder or delay payment to or defraud the creditors of Seller.
	 	 
	(e)	There are no agreements, arrangements or understandings, written or otherwise, with respect to the Loans or the Transferred Rights, other than the Transaction Documents and this Agreement.
	 	 
	(f)	Seller does not have the right under this Agreement, nor will Seller attempt in any way, to take any unilateral action to modify or alter the terms of any transfer of the Loans and Transferred Rights subsequent to the Settlement Date.
	 	 
	(g)	No provision exists whereby the Purchase Price will be modified subsequent to the Settlement Date.
	 	 
	(h)	There are no guarantees, keep-well arrangements, collateral security or other arrangements involving Seller which have the effect of a recourse provision against Seller with respect to the Transaction.
	 	 
	(i)	Seller will not take any action inconsistent with Buyer’s ownership of the Participation or, upon Elevation, the Loans. If a third party, including a potential purchaser of the Loans, should inquire, Seller will disclose that the Participation has been sold to Buyer and will claim no ownership interest in such assets.
	 	 
	(j)	
        On the date hereof and after
        giving effect to the Transaction, Seller is solvent, and has adequate capital or assets to carry on its business.

         

	(k)	The sale of the Loans by participation pursuant to this Agreement constitutes an arm’s length secondary market transaction customary for syndicated leveraged loans.
	 	 
	(l)	
        Seller acknowledges that
        it has no right to any surplus and is not liable for any deficiencies with respect to the Loans or the Distributions received thereunder.

         

 

    Schedule IV

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