Document:

EX-10.4

 Exhibit 10.4 
  

 
 EXECUTIVE 

SEVERANCE BENEFITS AGREEMENT 
 This
EXECUTIVE SEVERANCE BENEFITS AGREEMENT (the “Agreement”) is entered into as of [date] (the “Effective Date”),
between [Name], (“Executive”) and PORTOLA PHARMACEUTICALS, INC. (the “Company”). This Agreement is intended to provide Executive with
certain compensation and benefits in the event that Executive is subject to certain qualifying terminations of employment. Certain capitalized terms used in this Agreement are defined in Article 5. 

The Company and Executive hereby agree as follows: 

ARTICLE 1 

SCOPE OF AND CONSIDERATION FOR THIS
AGREEMENT 
 1.1    Executive is currently employed by the Company. 

1.2    The Company and Executive wish to set forth the compensation and benefits that Executive shall be entitled
to receive upon a Covered Termination and a Covered Termination Following a Change in Control. 
 1.3    The
duties and obligations of the Company to Executive under this Agreement shall be in consideration for Executive’s past services to the Company, Executive’s continued employment with the Company, and, with respect to the payments and
benefits described in Article 2, Executive’s compliance with the limitations and conditions on payments and benefits as described in Article 3, including the execution of an effective Release, return of Company property and continued compliance
with the Restrictive Covenants. 
 1.4    This Agreement shall supersede any other policy, plan, program or
arrangement, including, without limitation, any contract between Executive and any entity, relating to severance benefits payable by the Company to Executive in connection with a Covered Termination or a Covered Termination Following a Change in
Control, including without limitation, the 2006 Executive Change in Control Severance Benefits Agreement. 

  
 1. 

 ARTICLE 2 

SEVERANCE BENEFITS 

2.1    Severance Benefits. Upon a Covered Termination or a Covered Termination Following a Change in
Control, and subject to the limitations and conditions set forth in this Agreement, Executive shall be eligible to receive the following benefits. 

(a)    Salary Continuance. Executive shall receive, as severance, an aggregate amount equal to the product
of (i) the Executive’s Base Salary and (ii) the number of months in the Severance Period. This severance amount shall be paid over the Severance Period immediately following the Termination Date; provided, however, that no amount
shall be paid prior the effective date of the Release. Instead, on the 60th day following the Termination Date, the Company will pay Executive the severance amount that Executive would otherwise
have received on or prior to such date but for the delay in payment related to the effectiveness of the Release, with the balance of the severance amount being paid as originally scheduled. 

(b)    Health Continuation Coverage. 

(i)    Provided that Executive is eligible and has made the necessary elections for continuation coverage pursuant
to COBRA under a health, dental, or vision plan sponsored by the Company, the Company shall pay the applicable premiums (inclusive of premiums for Executive’s dependents for such health, dental, or vision plan coverage as in effect immediately
prior to the date of the Covered Termination or Covered Termination Following a Change in Control, as applicable) for such continued health, dental, or vision plan coverage for Executive and his or her eligible dependents following the date of the
Covered Termination or Covered Termination Following a Change in Control, as applicable, for up to the number of months equal to the Severance Period (but in no event after such time as either (1) Executive is eligible for coverage under a
health, dental or vision insurance plan of a subsequent employer or (2) Executive and his dependents are no longer eligible for COBRA coverage). Such coverage shall be counted as coverage pursuant to COBRA. The Company shall have no obligation
in respect of any premium payments (or any other payments in respect of health, dental, or vision coverage from the Company) following the effective date of the Executive’s coverage by a health, dental, or vision insurance plan of a subsequent
employer. Executive shall be required to notify the Company immediately if Executive becomes eligible under a health, dental, or vision insurance plan of a subsequent employer. If Executive and his dependents continue coverage pursuant to COBRA
following the conclusion of the Severance Period, Executive will be responsible for the entire payment of such premiums and any other costs required under COBRA for the duration of the COBRA period. 

(ii)    For purposes of this Section 2.1(b), (i) references to COBRA shall be deemed to refer also to
analogous provisions of state law, and (ii) any applicable insurance premiums that are paid by the Company shall not include any amounts payable by Executive under a Code Section 125 health care reimbursement plan, which amounts, if any,
are the sole responsibility of Executive. 

  
 2. 

 2.2    Additional Change in Control Severance Benefits.
Upon a Covered Termination Following a Change in Control, and subject to the limitations and conditions set forth in this Agreement, Executive shall, in addition to the benefits set forth in Section 2.1 of this Agreement, be eligible to receive
the following benefits 
 (a)    Pro-Rata Bonus. Executive shall
receive, as severance, an aggregate amount equal to the product of (i) the Executive’s Pro-Rata Bonus and (ii) the number of months in the Severance Period. This severance amount shall be paid
over the Severance Period immediately following the Termination Date; provided, however, that no amount shall be paid prior the effective date of the Release. Instead, on the 60th day following the Termination Date, the Company will pay Executive
the severance amount that Executive would otherwise have received on or prior to such date but for the delay in payment related to the effectiveness of the Release, with the balance of the severance amount being paid as originally scheduled. 

(b)    Stock Awards. The vesting and exercisability of all outstanding options to purchase the
Company’s common stock (or stock appreciation rights or other rights with respect to stock of the Company issued pursuant to any equity incentive plan of the Company) that are held by Executive on the Termination Date shall be accelerated in
full. Any reacquisition or repurchase rights held by the Company with respect to common stock issued or issuable (or with respect to other rights with respect to stock of the Company issued or issuable) pursuant to any other stock award granted to
Executive pursuant to any equity incentive plan of the Company shall lapse. 
 ARTICLE 3 

LIMITATIONS AND CONDITIONS ON BENEFITS 

3.1    Rights Conditioned on Compliance. Executive’s rights to receive all of the payments and benefits
described in Article 2 shall be conditioned upon and subject to Executive’s compliance with the limitations and conditions described in this Article 3. 

3.2    Continuation of Service Until Date of Termination. Executive shall continue to provide service to the
Company in good faith until the Termination Date, unless such performance is otherwise excused in writing by the Company. 

3.3    Release Prior to Payment of Benefits. Upon the occurrence of a Covered Termination or a Covered
Termination Following a Change in Control, and prior to the provision or payment of any benefits under this Agreement on account of such Covered Termination or Covered Termination Following a Change in Control, Executive must execute a general
waiver and release in substantially the form attached hereto and incorporated herein as Exhibit A, Exhibit B, or Exhibit C, as appropriate (each a “Release”), and such release must become effective in
accordance with its terms, in all cases, not later than 60 days after the Termination Date. The Company may modify the Release in its discretion to comply with changes in applicable law at any time prior to Executive’s Termination Date. Such
Release 

  
 3. 

 
shall specifically relate to all of Executive’s rights and claims in existence at the time of such execution and shall confirm Executive’s obligations under Executive’s Proprietary
Information and Inventions Agreement (or any successor agreement thereto) and any similar obligations under applicable law. It is understood that, as specified in the applicable Release, Executive has a certain number of calendar days to consider
whether to execute such Release. If Executive does not execute such Release within the applicable period, no benefits shall be provided or payable under, and Executive shall have no further rights, title or interests in or to any benefits or
payments pursuant to, this Agreement. It is further understood that if Executive is age 40 or older at the time of a Covered Termination or Covered Termination Following a Change in Control, as applicable, Executive may revoke the applicable Release
within seven (7) calendar days after its execution. If Executive revokes such Release within such subsequent seven (7) day period, no benefits shall be provided or payable under this Agreement pursuant to such Covered Termination or
Covered Termination Following a Change in Control, as applicable. 
 3.4    Return of Company Property.
Not later than the Termination Date, Executive shall return to the Company all documents (and all copies thereof) and other property belonging to the Company that Executive has in his or her possession or control. The documents and property to be
returned include, but are not limited to, all files, correspondence, email, memoranda, notes, notebooks, records, plans, forecasts, reports, studies, analyses, compilations of data, proposals, agreements, financial information, research and
development information, marketing information, operational and personnel information, databases, computer-recorded information, tangible property and equipment (including, but not limited to, computers, facsimile machines, mobile telephones, and
servers), credit cards, entry cards, identification badges and keys; and any materials of any kind which contain or embody any proprietary or confidential information of the Company (and all reproductions thereof in whole or in part). Executive
agrees to make a diligent search to locate any such documents, property and information. If Executive has used any personally owned computer, server, or e-mail system to receive, store, review, prepare or
transmit any Company confidential or proprietary data, materials or information, then within ten (10) business days after the Termination Date, Executive shall provide the Company with a computer-useable copy of all such information and then
permanently delete and expunge such confidential or proprietary information from those systems. Executive agrees to provide the Company access to Executive’s system as requested to verify that the necessary copying and/or deletion is done. 

3.5    Cooperation and Continued Compliance with Restrictive Covenants. 

(a)    From and after the Termination Date, Executive shall cooperate fully with the Company in connection with its
actual or contemplated defense, prosecution, or investigation of any existing or future litigation, arbitrations, mediations, claims, demands, audits, government or regulatory inquiries, or other matters arising from events, acts, or failures to act
that occurred during the time period in which Executive was employed by the Company (including any period of employment with an entity acquired by the Company). Such cooperation includes, without limitation, being available upon reasonable notice,
without subpoena, to provide accurate and complete advice, assistance and 

  
 4. 

 
information to the Company, including offering and explaining evidence, providing truthful and accurate sworn statements, and participating in discovery and trial preparation and testimony.
Executive also agrees to promptly send the Company copies of all correspondence (for example, but not limited to, subpoenas) received by Executive in connection with any such legal proceedings, unless Executive is expressly prohibited by law from so
doing. The Company will reimburse Executive for reasonable out-of-pocket expenses incurred in connection with any such cooperation (excluding foregone wages, salary, or
other compensation) within thirty (30) days of Executive’s timely presentation of appropriate documentation thereof, in accordance with the Company’s standard reimbursement policies and procedures, and will make reasonable efforts to
accommodate Executive’s scheduling needs. To the extent that any taxable reimbursements of expenses are provided hereunder, they shall be made or provided in accordance with Section 409A of the Code, including, but not limited to, the
following provisions: (i) the amount of any such expense reimbursement provided during Executive’s taxable year shall not affect any expenses eligible for reimbursement in any other taxable year; (ii) the reimbursement of the eligible
expense shall be made no later than the last day of Executive’s taxable year that immediately follows the taxable year in which the expense was incurred; and (iii) the right to any reimbursement shall not be subject to liquidation or
exchange for another benefit or payment. 
 (b)    From and after the Termination Date, Executive shall continue
to abide by all of the terms and provisions of Executive’s Proprietary Information and Inventions Agreement, in accordance with its terms. 

(c)    Executive acknowledges and agrees that Executive’s obligations under this Section 3.5 are an
essential part of the consideration Executive is providing hereunder in exchange for which and in reliance upon which the Company has agreed to provide the payments and benefits under this Agreement. Executive further acknowledges and agrees that
Executive’s violation of Section 3.5 inevitably would involve use or disclosure of the Company’s proprietary and confidential information. Accordingly, Executive agrees that Executive will forfeit, effective as of the date of any
violation of Section 3.5, any right, entitlement, claim or interest in or to any unpaid portion of the payments or benefits provided in Article 2. 

3.6    Parachute Payments. 

(a)    Parachute Payment Limitation. If any payment or benefit (including payments and benefits pursuant to
this Agreement) Executive would receive in connection with a Change in Control from the Company or otherwise (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the
Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be equal to the Reduced Amount. The “Reduced Amount” shall
be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into
account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Executive’s receipt, on an
after-tax basis, of the greater amount 

  
 5. 

 
of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a Reduced Amount is paid, (i) the Payment shall be paid only to the extent of the
Reduced Amount, and Executive shall have no rights to any additional payments and/or benefits constituting the Payment, and (ii) reduction in payments and/or benefits shall occur in the following order: (1) reduction of cash payments;
(2) cancellation of accelerated vesting of equity awards other than stock options; (3) cancellation of accelerated vesting of stock options; and (4) reduction of other benefits paid to Executive. If acceleration of compensation from
Executive’s equity awards is to be reduced, such acceleration of vesting shall be canceled in the reverse order of the date of grant. 

(b)    The independent registered public accounting firm engaged by the Company for general audit purposes as of
the day prior to the effective date of the Change in Control shall make all determinations required to be made under this Section 3.6. If the independent registered public accounting firm so engaged by the Company is serving as accountant or
auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint a nationally recognized independent registered public accounting firm to make the determinations required hereunder. The Company shall bear all
expenses with respect to the determinations by such independent registered public accounting firm required to be made hereunder. 

(c)    The independent registered public accounting firm engaged to make the determinations hereunder shall provide
its calculations, together with detailed supporting documentation, to the Company and Executive within fifteen (15) calendar days after the date on which Executive’s right to a Payment is triggered (if requested at that time by the Company
or Executive) or such other time as requested by the Company or Executive. If the independent registered public accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced
Amount, it shall furnish the Company and Executive with an opinion reasonably acceptable to Executive that no Excise Tax will be imposed with respect to such Payment. Any good faith determinations of the accounting firm made hereunder shall be
final, binding and conclusive upon the Company and Executive. 
 3.7    Certain Reductions and Offsets. To
the extent that any federal, state or local laws, including, without limitation, the Worker Adjustment and Retraining Notification Act (the “WARN Act”) or any other so-called
“plant closing” laws, require the Company to give advance notice or make a payment of any kind to Executive because of Executive’s involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of
business, change in control, or any other similar event or reason, the payments and benefits provided under this Agreement shall be correspondingly reduced. The payments and benefits provided under this Agreement are intended to satisfy any and all
statutory obligations that may arise out of Executive’s involuntary termination of employment for the foregoing reasons, and the parties shall construe and enforce the terms of this Agreement accordingly. 

3.8    Mitigation. Except as otherwise specifically provided herein, Executive shall not be required to
mitigate damages or the amount of any payment provided under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this 

  
 6. 

 
Agreement be reduced by any compensation earned by Executive as a result of employment by another employer or by any retirement benefits received by Executive after the date of a Covered
Termination or Covered Termination Following a Change in Control, as applicable (except with respect to continued health coverage as expressly provided in Section 2.1(b) above). 

3.9    Indebtedness of Executive. If Executive is indebted to the Company on the effective date of a Covered
Termination or Covered Termination Following a Change in Control, the Company reserves the right to offset any payments and benefits under this Agreement by the amount of such indebtedness. 

3.10    Application of Section 409A. It is intended that each installment of the payments
and benefits provided under this Agreement (the “Severance Benefits”) is a separate “payment” for purposes Section 1.409A-2(b)(2)(i) of the Treasury Regulations. For the
avoidance of doubt, it is intended that payments of the Severance Benefits satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code and the Treasury Regulations and other guidance thereunder and
any state law of similar effect (collectively “Section 409A”) provided under Sections 1.409A-1(b)(4),
1.409A-1(b)(5) and 1.409A-1(b)(9) of the Treasury Regulations. However, if the Company determines that the Severance Benefits constitute “deferred
compensation” under Section 409A and Executive is, on his or her separation from service, a “specified employee” of the Company (as such term is defined in Section 409A(a)(2)(B)(i) of the Code) then, solely to the extent
necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the payment of the Severance Benefits shall be delayed so that on the earlier to occur of: (i) the date that is six months and one
day after Executive’s separation from service and (ii) the date of Executive’s death (such applicable date, the “Specified Employee Initial Payment Date”), the Company shall (A) pay to Executive a lump sum
amount equal to the sum of the Severance Benefits that Executive would otherwise have received through the Specified Employee Initial Payment Date if the commencement of the payment of the Severance Benefits had not been so delayed pursuant to this
paragraph and (B) commence paying the balance of the Severance Benefits in accordance with the applicable payment schedules set forth in this Agreement. 

3.11    Tax Withholding. All payments under this Agreement shall be subject to applicable withholding for
federal, state and local income and employment taxes. 
 ARTICLE 4 

OTHER RIGHTS AND BENEFITS 

Nothing in the Agreement shall prevent or limit Executive’s continuing or future participation in any benefit, bonus, incentive or other plans, programs,
policies or practices provided by the Company and for which Executive may otherwise qualify, nor shall anything herein limit or otherwise affect such rights as Executive may have under other agreements with the Company except as provided in
Section 1.4 above. Except as otherwise expressly provided herein, in the event of a Covered Termination Following 

  
 7. 

 
a Change in Control, amounts that are vested benefits or that Executive is otherwise entitled to receive under any plan, policy, practice or program of the Company at or subsequent to the date of
a Change in Control shall be payable in accordance with such plan, policy, practice or program. Except as otherwise expressly provided herein, in the event of a Covered Termination, amounts that are vested benefits or that Executive is otherwise
entitled to receive under any plan, policy, practice or program of the Company at the Termination Date, shall be payable in accordance with such plan, policy, practice or program. 

ARTICLE 5 

DEFINITIONS 
 Unless
otherwise provided, for purposes of the Agreement, the following definitions shall apply: 

5.1    “Base Salary” means 1/12th of
the greater of Executive’s annual base salary (excluding incentive pay, premium pay, commissions, overtime, bonuses, and other forms of variable compensation) as in effect on (a) the Termination Date, (b) with respect to a Covered
Termination Following a Change in Control, the date of a Change in Control, or (c) in the event of a Covered Termination or Covered Termination Following a Change in Control that is a Resignation for Good Reason, the date that Executive
provides the sixty (60) day notice described in Section 5.12. 
 5.2    “Board”
means the Board of Directors of the Company. 
 5.3    “Cause” means Executive’s
(i) continued willful and material failure to perform duties or follow lawful and reasonable directions following written notice of such failure from the Board; (ii) conviction of, or plea of guilty or nolo contendere to, a felony
or any crime involving moral turpitude or dishonesty; (iii) willful engaging in gross misconduct that is materially and demonstrably injurious to the Company; or (iv) material breach of Executive’s obligations under the Proprietary
Information and Inventions Agreement (or similar obligations under applicable law or other agreement with the Company). 

5.4    “Change in Control” means the occurrence, in a single transaction or in a series of
related transactions, of any one or more of the following events: 
 (a)    Any natural person, entity or group
within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (“Exchange Act Person”) becomes the owner, directly or indirectly, of securities of the Company representing more than fifty percent
(50%) of the combined voting power of the Company’s then-outstanding securities other than by virtue of a merger, consolidation or similar transaction. Notwithstanding the foregoing, a Change in Control shall not be deemed to occur (i) on
account of the acquisition of securities of the Company by any institutional investor, any affiliate thereof or any other Exchange Act Person that acquires the Company’s securities in a transaction or series of related transactions that are
primarily a private financing transaction for the Company or (ii) solely because the level of ownership held by any Exchange Act Person (the “Subject 

  
 8. 

 
Person”) exceeds the designated percentage threshold of the outstanding voting securities as a result of a repurchase or other acquisition of voting securities by the Company
reducing the number of shares outstanding, provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the acquisition of voting securities by the Company, and after such share acquisition, the Subject
Person becomes the Owner of any additional voting securities that, assuming the repurchase or other acquisition had not occurred, increases the percentage of the then-outstanding voting securities owned by the Subject Person over the designated
percentage threshold, then a Change in Control shall be deemed to occur; 
 (b)    There is consummated a merger,
consolidation or similar transaction involving (directly or indirectly) the Company if, immediately after the consummation of such merger, consolidation or similar transaction, the stockholders of the Company immediately prior thereto do not own,
directly or indirectly, either (i) outstanding voting securities representing more than fifty percent (50%) of the combined outstanding voting power of the surviving entity in such merger, consolidation or similar transaction or (ii) more
than fifty percent (50%) of the combined outstanding voting power of the parent of the surviving entity in such merger, consolidation or similar transaction; 

(c)    The stockholders of the Company approve or the Board approves a plan of complete dissolution or liquidation
of the Company, or a complete dissolution or liquidation of the Company shall otherwise occur; or 
 (d)    There
is consummated a sale, lease, license or other disposition of all or substantially all of the consolidated assets of the Company and its subsidiaries, other than a sale, lease, license or other disposition of all or substantially all of the
consolidated assets of the Company and its subsidiaries to an entity, more than fifty percent (50%) of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportion as their
ownership of the Company immediately prior to such sale, lease, license or other disposition. 
 The term Change in Control shall not include a sale of
assets, merger or other transaction effected exclusively for the purpose of changing the domicile of the Company. 

5.5    “COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as
amended. 
 5.6    “Code” means the Internal Revenue Code of 1986, as amended. 

5.7    “Company” means Portola Pharmaceuticals, Inc. or, following a Change in Control, the
surviving entity resulting from such transaction, or any subsequent surviving entity resulting from any subsequent Change in Control. 

5.8     “Covered Termination” means an “Involuntary Termination Without
Cause” or “Resignation for Good Reason.” Death and disability shall not be deemed Covered Terminations. 

  
 9. 

 5.9    “Covered Termination Following a Change in
Control” means a Covered Termination which occurs on, or within three (3) months prior to, or twelve (12) months following, the effective date of a Change in Control. 

5.10    “Involuntary Termination Without Cause” means Executive’s dismissal or
discharge for reasons other than Cause and other than as a result of death or disability, provided such termination of employment also constitutes a “separation from service” as defined under Treasury Regulation Section 1.409A-1(h). 

5.11    “Pro-Rata Bonus” means 1/12th of the greater of (i) the average annual bonus paid to Executive for the three years preceding the date of a Covered Termination Following a Change in Control (or such lesser number of years
during which Executive has been employed by the Company), or (ii) annual target cash bonus, as in effect on the date of a Covered Termination Following a Change in Control. 

5.12    “Resignation for Good Reason” means Executive’s resignation from all positions
Executive then-holds with the Company, and provided such termination of employment also constitutes a “separation from service” as defined under Treasury Regulation Section 1.409A-1(h), if such
resignation occurs following: 
 (a)    A decrease in Executive’s total target cash compensation (base and
bonus) of more than 10% (other than a reduction that is made in connection with a general compensation reduction at similar levels for similarly situated employees of the Company), which reduction Executive and the Company acknowledge would be a
material diminution in Executive’s base compensation and a material breach by the Company of Executive’s employment terms with the Company; 

(b)    Executive’s duties or responsibilities are materially diminished (not simply a change in title or
reporting relationships); Executive shall not be deemed to have a “Resignation for Good Reason” if the Company survives as a separate legal entity or business unit following the Change in Control and Executive holds
substantially the same position in such legal entity or business unit as he or she held before the Change in Control; 

(c)    An increase in Executive’s round-trip driving distance of more than fifty (50) miles from
Executive’s principal personal residence to the principal office or business location at which Executive is required to perform services (except for required business travel to the extent generally consistent with Executive’s prior
business travel obligations); or 
 (d)    The failure of the Company to obtain a satisfactory agreement from any
successor to assume and agree to perform under the material terms of this Agreement. 
 In order to have a Resignation for Good Reason, (1) Executive
must notify the Company in writing, within sixty (60) days after the occurrence of one of the foregoing events, specifying the event(s) constituting “good reason” and that he or she intends to terminate his or her employment no
earlier 

  
 10. 

 
than thirty (30) days after providing such notice; (2) the Company does not cure such condition within thirty (30) days following its receipt of such notice or states unequivocally
in writing that it does not intend to attempt to cure such condition; and (3) Executive resigns from employment within thirty (30) days following the end of the period within which the Company was entitled to remedy the condition
constituting “good reason” but failed to do so. 
 5.13    “Severance Period”
means (a) for a Covered Termination, the period of [    ] months;1 and (b) for a Covered Termination Following a Change in Control, the period of
[    ]2 months. The Severance Period commences on the Termination Date. 

5.14    “Termination Date” means the effective date of the Covered Termination or Covered
Termination Following a Change in Control, as applicable. 
 ARTICLE 6 

GENERAL PROVISIONS 

6.1    Employment Status. This Agreement does not constitute a contract of employment or impose upon
Executive any obligation to remain as an employee, or impose on the Company any obligation (i) to retain Executive as an employee, (ii) to change the status of Executive as an at-will employee or
(iii) to change the Company’s policies regarding termination of employment. 
 6.2    Notices.
Any notices provided hereunder must be in writing, and such notices or any other written communication shall be deemed effective upon the earlier of personal delivery (including personal delivery by facsimile) or the third day after mailing by US
mail, to the Company at its primary office location and to Executive at Executive’s address as listed in the Company’s payroll records. Except as otherwise requested by Executive in writing, any payments made by the Company to Executive
under the terms of this Agreement shall be delivered to Executive either in person or at the address as listed in the Company’s payroll records. 

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

  
  

	1 	 15 months for CEO, 12 months for EVPs and 6 months for SVPs and VPs. 

	2 	 24 months for CEO, 15 months for EVPs, SVPs and VPs. 

  
 11. 

 6.4    Waiver. If either party should waive any breach of
any provisions of this Agreement, he or it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 

6.5    Arbitration. Unless otherwise prohibited by law or specified below, all disputes, claims and causes
of action, in law or equity, arising from or relating to this Agreement or its enforcement, performance, breach, or interpretation shall be resolved solely and exclusively by final and binding arbitration held in the San Francisco Bay Area through
Judicial Arbitration & Mediation Services/Endispute (“JAMS”) under the then existing JAMS employment law arbitration rules. However, nothing in this Section 6.5 is intended to prevent either party from obtaining
injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration. Each party in any such arbitration shall be responsible for its own attorneys’ fees, costs and necessary disbursement; provided,
however, that in the event one party refuses to arbitrate and the other party seeks to compel arbitration by court order, if such other party prevails, it shall be entitled to recover reasonable attorneys’ fees, costs and necessary
disbursements. Each party warrants that it was represented by counsel in the negotiation and execution of this Agreement, including the attorneys’ fees provision herein. 

6.6    Complete Agreement. This Agreement, including Exhibit A, Exhibit B and Exhibit
C, constitutes the entire agreement between Executive and the Company and is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter, wholly superseding all written and oral agreements with respect to
payments and benefits to Executive in the event of a Covered Termination and Covered Termination Following a Change in Control, including but not limited to the 2006 Executive Change in Control Severance Benefits Agreement. It is entered into
without reliance on any promise or representation other than those expressly contained herein. 

6.7    Amendment or Termination of Agreement; Continuation of Agreement. This Agreement may be changed or
terminated only upon the mutual written consent of the Company and Executive. The written consent of the Company to a change or termination of this Agreement must be signed by an executive officer of the Company (other than Executive) after such
change or termination has been approved by the Board. Unless so terminated, this Agreement shall continue in effect for as long as Executive continues to be employed by the Company or by any surviving entity following any Change in Control.
In other words, if, following a Change in Control, Executive continues to be employed by the surviving entity without a Covered Termination or Covered Termination Following a Change in Control and the surviving entity then undergoes a Change in
Control, following which Executive is terminated by the subsequent surviving entity in a Covered Termination or Covered Termination Following a Change in Control, then Executive shall receive the payments and benefits described in Article 2 hereof
in accordance with the terms of this Agreement. 
 6.8    Counterparts. This Agreement may be executed in
separate counterparts, any one of which need not contain signatures of more than one party, but all of which taken together will constitute one and the same Agreement. 

  
 12. 

 6.9    Headings. The headings of the Articles and Sections
hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 

6.10    Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be
enforceable by Executive, and the Company, and any surviving entity resulting from a Change in Control and upon any other person who is a successor by merger, acquisition, consolidation or otherwise to the business formerly carried on by the
Company, and their respective successors, assigns, heirs, executors and administrators, without regard to whether or not such person actively assumes any rights or duties hereunder; provided, however, that Executive may not assign any duties
hereunder and may not assign any rights hereunder without the written consent of the Company, which consent shall not be withheld unreasonably. 

6.11    ERISA. This Agreement is intended to constitute a severance agreement subject to the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”). 
 6.12    .Choice of
Law. To the extent not preempted by ERISA, all questions concerning the construction, validity and interpretation of this Agreement will be governed by the law of the State of California, without regard to such state’s conflict of laws
rules. 
 6.13    Construction of Agreement. In the event of a conflict between the text of the Agreement
and any summary, description or other information regarding the Agreement, the text of the Agreement shall control. 

6.14    Circular 230 Disclaimer. THE FOLLOWING DISCLAIMER
IS PROVIDED IN ACCORDANCE WITH THE INTERNAL REVENUE SERVICE’S CIRCULAR 230 (21
C.F.R. PART 10). ANY TAX ADVICE CONTAINED IN THIS AGREEMENT IS INTENDED TO
BE PRELIMINARY, FOR DISCUSSION PURPOSES ONLY, AND NOT FINAL. ANY SUCH
ADVICE IS NOT INTENDED TO BE USED FOR MARKETING, PROMOTING OR
RECOMMENDING ANY TRANSACTION OR FOR THE USE OF ANY PERSON IN
CONNECTION WITH THE PREPARATION OF ANY TAX RETURN. ACCORDINGLY, THIS ADVICE
IS NOT INTENDED OR WRITTEN TO BE USED, AND IT CANNOT BE
USED, BY ANY PERSON FOR THE PURPOSE OF AVOIDING TAX PENALTIES THAT
MAY BE IMPOSED ON SUCH PERSON. 

  
 13. 

 IN WITNESS WHEREOF, the parties have
executed this Agreement as of the Effective Date written above. 
  

							
	PORTOLA PHARMACEUTICALS, INC.	 		 	EXECUTIVE

							
				
	By:	 	  
	 		 	  

				
	Name:	 	  
	 		 	
				
	Title:	 	  
	 		 	

 Exhibit A:    Release (Individual Termination – Age 40 or Older) 

Exhibit B:    Release (Individual and Group Termination – Under Age 40) 

Exhibit C:    Release (Group Termination – Age 40 or Older) 

  
 14. 

 EXHIBIT A 

RELEASE 

(INDIVIDUAL TERMINATION – AGE 40 OR OLDER) 

Certain capitalized terms used in this Release are defined in the Executive Severance Benefits Agreement (the “Agreement”) which I
have executed and of which this Release is a part. 
 I hereby confirm my obligations under the Company’s proprietary information and inventions
agreement. 
 I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general
release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.” I hereby
expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any claims I may have against the Company. 

Except as otherwise set forth in this Release, I hereby release, acquit and forever discharge the Company, its parents and subsidiaries, and their officers,
directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and
nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than any claim for indemnification I may have as a result of any third party action against me based on my employment with the
Company), arising out of or in any way related to agreements, events, acts or conduct at any time prior to the date I execute this Release, including, but not limited to: all such claims and demands directly or indirectly arising out of or in any
way connected with my employment with the Company or the termination of that employment, including but not limited to, claims of intentional and negligent infliction of emotional distress, any and all tort claims for personal injury, claims or
demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any
federal, state or local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended; the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the federal
Employee Retirement Income Security Act of 1974, as amended; the federal Americans with Disabilities Act of 1990; the California Fair Employment and Housing Act, as amended; tort law; contract law; wrongful discharge; discrimination; fraud;
defamation; emotional distress; and breach of the implied covenant of good faith and fair dealing; provided, however, that nothing in this paragraph shall be construed in any way to release the Company from its obligations (if any) to
indemnify me pursuant to continuing agreement or applicable law. 

  
 1. 

 I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under ADEA. I
also acknowledge that the consideration given under the Agreement for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by
this writing, as required by the ADEA, that: (A) my waiver and release do not apply to any rights or claims that may arise on or after the date I execute this Release; (B) I have the right to consult with an attorney prior to executing
this Release; (C) I have twenty-one (21) days to consider this Release (although I may choose to voluntarily execute this Release earlier); (D) I have seven (7) days following my execution of
this Release to revoke the Release; and (E) this Release shall not be effective until the date upon which the revocation period has expired, which shall be the eighth (8th) day after I execute this Release. 

 

			
	[Executive]
	
	  

			
		
	Date:	 	  

  
 2. 

 EXHIBIT B 

RELEASE 

(INDIVIDUAL AND GROUP TERMINATION – UNDER AGE
40) 
 Certain capitalized terms used in this Release are defined in the Executive Severance Benefits Agreement (the
“Agreement”) which I have executed and of which this Release is a part. 
 I hereby confirm my obligations under the Company’s
proprietary information and inventions agreement. 
 I acknowledge that I have read and understand Section 1542 of the California Civil Code which
reads as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with
the debtor.” I hereby expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any claims I may have against the Company. 

Except as otherwise set forth in this Release, I hereby release, acquit and forever discharge the Company, its parents and subsidiaries, and their officers,
directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and
nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than any claim for indemnification I may have as a result of any third party action against me based on my employment with the
Company), arising out of or in any way related to agreements, events, acts or conduct at any time prior to the date I execute this Release, including, but not limited to: all such claims and demands directly or indirectly arising out of or in any
way connected with my employment with the Company or the termination of that employment, including but not limited to, claims of intentional and negligent infliction of emotional distress, any and all tort claims for personal injury, claims or
demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any
federal, state or local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended; the federal Employee Retirement Income Security Act of 1974, as amended; the federal Americans with Disabilities Act of
1990; the California Fair Employment and Housing Act, as amended; tort law; contract law; wrongful discharge; discrimination; fraud; defamation; emotional distress; and breach of the implied covenant of good faith and fair dealing; provided,
however, that nothing in this paragraph shall be construed in any way to release the Company from its obligations (if any) to indemnify me pursuant to continuing agreement or applicable law. 

  
 1. 

 I acknowledge that the consideration given under the Agreement for the waiver and release in the preceding
paragraph hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing that: (A) my waiver and release do not apply to any rights or claims that may arise on or after
the date I execute this Release; (B) I have the right to consult with an attorney prior to executing this Release; and (C) I have twenty-one (21) days to consider this Release (although I may
choose to voluntarily execute this Release earlier). 
  

			
	[Executive]
	
	  

			
		
	Date:	 	  

  
 2. 

 EXHIBIT C 

RELEASE 

(GROUP TERMINATION – AGE 40 OR OLDER) 

Certain capitalized terms used in this Release are defined in the Executive Severance Benefits Agreement (the “Agreement”) which I
have executed and of which this Release is a part. 
 I hereby confirm my obligations under the Company’s proprietary information and inventions
agreement. 
 I acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general
release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.” I hereby
expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to my release of any claims I may have against the Company. 

Except as otherwise set forth in this Release, I hereby release, acquit and forever discharge the Company, its parents and subsidiaries, and their officers,
directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and
nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than any claim for indemnification I may have as a result of any third party action against me based on my employment with the
Company), arising out of or in any way related to agreements, events, acts or conduct at any time prior to the date I execute this Release, including, but not limited to: all such claims and demands directly or indirectly arising out of or in any
way connected with my employment with the Company or the termination of that employment, including but not limited to, claims of intentional and negligent infliction of emotional distress, any and all tort claims for personal injury, claims or
demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense reimbursements, severance pay, or any other form of compensation; claims pursuant to any
federal, state or local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended; the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”); the federal
Employee Retirement Income Security Act of 1974, as amended; the federal Americans with Disabilities Act of 1990; the California Fair Employment and Housing Act, as amended; tort law; contract law; wrongful discharge; discrimination; fraud;
defamation; emotional distress; and breach of the implied covenant of good faith and fair dealing; provided, however, that nothing in this paragraph shall be construed in any way to release the Company from its obligations (if any) to
indemnify me pursuant to continuing agreement or applicable law. 

  
 1. 

 I acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under the
ADEA. I also acknowledge that the consideration given under the Agreement for the waiver and release in the preceding paragraph hereof is in addition to anything of value to which I was already entitled. I further acknowledge that I have been
advised by this writing, as required by the ADEA, that: (A) my waiver and release do not apply to any rights or claims that may arise on or after the date I execute this Release; (B) I have the right to consult with an attorney prior to
executing this Release; (C) I have forty-five (45) days to consider this Release (although I may choose to voluntarily execute this Release earlier); (D) I have seven (7) days following my execution of this Release to revoke the
Release; (E) this Release shall not be effective until the date upon which the revocation period has expired, which shall be the eighth day (8th) after I execute this Release; and (F) I have received with this Release at the time of the
termination of my employment a detailed list of the job titles and ages of all employees who were terminated in this group termination and the ages of all employees of the Company in the same job classification or organizational unit who were not
terminated. 
  

			
	[Executive]
	
	  

			
		
	Date:	 	  

  
 2.Exhibit 10.1

 

EXECUTION VERSION 

 

FIRST AMENDMENT TO CREDIT AND SECURITY
AGREEMENT 

 

This
FIRST AMENDMENT TO CREDIT AND SECURITY AGREEMENT, dated as of October 12, 2018 (this “Amendment”),
by and among OXFORD SQUARE FUNDING 2018, LLC, a Delaware limited liability company, as borrower (the “Borrower”),
OXFORD SQUARE CAPITAL CORP., a Maryland corporation, as the sole equityholder of the Borrower (in such capacity, the “Equityholder”)
and as collateral manager (in such capacity, the “Collateral Manager”), CITIBANK, N.A., as the lender (in such
capacity, the “Lender”), and as administrative agent (in such capacity, the “Administrative Agent”). 

 

WHEREAS,
the Borrower, the Collateral Manager, the Equityholder, the Lender, the Administrative Agent, The Bank of New York Mellon
Trust Company, National Association, as the Custodian and the Collateral Agent are
parties to the Credit and Security Agreement, dated as of June 21, 2018 (as in effect immediately
prior to the effectiveness of this Amendment and including any exhibits and schedules thereto, the “Existing Credit Agreement”,
and as amended by this Amendment and as may be further amended, supplemented or otherwise modified and in effect from time to
time, the “Amended Credit Agreement”; except as otherwise defined in this Amendment, terms defined in the Amended
Credit Agreement are used herein as defined therein). 

 

WHEREAS, the Borrower,
the Collateral Manager, the Equityholder, the Lender, which Lender is the sole Lender under the Existing Credit Agreement, and
the Administrative Agent have agreed to amend the Existing Credit Agreement upon and subject to the terms and conditions set forth
in this Amendment. 

 

WHEREAS, these recitals
shall be construed as part of this Amendment. 

 

NOW THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
parties hereto hereby agree as follows: 

 

Section
1. Amendments to the Existing Credit Agreement. From and after the First Amendment Effective Date (as defined
below), the Existing Credit Agreement shall be amended as follows:

 

1.01.       
References Generally.

 

(a)         
References in the Existing Credit Agreement (including references to the Existing Credit Agreement as amended hereby) to
“this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein”
and “hereof”) and each reference to the Existing Credit Agreement in the other Facility Documents (and indirect references
such as “thereunder”, “thereby”, “therein” and “thereof”) shall be deemed to be
references to the Existing Credit Agreement as amended hereby.

 

     

    

    

 

1.02.       
First Amendment Advances.

 

(a)         
The Lender hereby agrees to make a loan to the Borrower on the First Amendment Effective Date (the “First Amendment
Advance”), in a principal amount equal to $37,296,761.67, on the terms and conditions as set forth in the Existing Credit
Agreement. The First Amendment Advance shall be deemed to be an Advance for all purposes of the Facility Documents, having terms
and provisions identical to those applicable to the Advances outstanding immediately prior to the First Amendment Effective Date
(the “Existing Advances”).

 

(b)        
The First Amendment Advance shall be made as a single borrowing, with an initial Interest Accrual Period that commences
on the First Amendment Effective Date and ends on the last day of the Interest Accrual Period applicable to the Existing Advances
on the First Amendment Effective Date. During such initial Interest Accrual Period, the LIBOR Rate applicable to the First Amendment
Advance shall be the same LIBOR Rate applicable for the Existing Advances as of the First Amendment Effective Date. Notwithstanding
anything to the contrary contained herein or in the Existing Credit Agreement, from and after the First Amendment Effective Date,
the Existing Advances and the First Amendment Advance shall constitute a single borrowing of Advances for all purposes under the
Existing Credit Agreement.

 

(c)         
The commitment of the Lender to make the First Amendment Advance shall automatically terminate upon the earlier of (x) the
making of the First Amendment Advance and (y) 5:00 p.m. on the First Amendment Effective Date.

 

1.03.       
Amended Language. The Existing Credit Agreement is hereby amended as follows:

 

(a)         
to delete the bold, stricken text (indicated textually in the same manner as the following example: stricken
text) and to add the bold, double-underlined text (indicated textually in the same manner as the following example:
double-underlined text) as set forth in the Amended Credit Agreement
(or changed pages thereof) attached as Exhibit A hereto.

 

(b)        
Schedule 5 of the Credit Agreement is amended and restated in its entirety as set forth on Exhibit B hereto.

 

Section
2. Representations and Warranties of the Borrower and Collateral Manager. The Borrower, the Collateral Manager
and the Equityholder represent and warrant to the Administrative Agent and the Lender that as of the First Amendment Effective
Date:

 

2.01.       
each of the representations and warranties set forth in the Amended Credit Agreement and in the other Facility Documents
are true and correct in all material respects (or in all respects for such representations and warranties that are by their terms
already qualified as to materiality) as of the date hereof, except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they shall be true and correct in all material respects (or in all respects for such representations
and warranties that are by their terms already qualified as to materiality) as of such earlier date;

 

2.02.       
both immediately before and after giving effect to this Amendment and the transactions contemplated hereby, no Default,
Event of Default or Collateral Manager Default has occurred and is continuing, or would result therefrom; and

 

    -2- 

    

    

 

2.03.       
the execution and delivery by each of the Borrower, the Collateral Manager and the Equityholder of, and the performance
of its obligations under this Amendment and the other Facility Documents to which it is a party and the other instruments, certificates
and agreements contemplated thereby are within its powers and have been duly authorized by all requisite action by it and have
been duly executed and delivered by it and constitute its legal, valid and binding obligations enforceable against it in accordance
with their respective terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting creditors’ rights generally or general principles of equity, regardless of whether considered
in a proceeding in equity or at law.

 

Section
3. Conditions Precedent. The amendments to the Existing Credit Agreement set forth in Section 1 above shall
become effective as of the date (the “First Amendment Effective Date”), upon which each of the following conditions
precedent shall be satisfied or waived:

 

3.01.       
Execution. The Administrative Agent shall have received counterparts of this Amendment executed by the Borrower,
the Collateral Manager, the Equityholder and the Lender.

 

3.02.       
Payment of Fees and Expenses. The Administrative Agent shall have received evidence that the reasonable and documented
fees and expenses of Winston & Strawn LLP, counsel to the Administrative Agent, in each case in connection with the transactions
contemplated hereby (to the extent invoiced prior to the First Amendment Effective Date), shall have been paid by the Borrower.

 

3.03.       
Responsible Officer’s Certificates of Borrower and Equityholder. The Administrative Agent shall have received
certificates of a Responsible Officer of each of the Borrower and the Equityholder certifying (i) as to its Constituent Documents,
(ii) as to its resolutions or other action of its board of directors or members approving this Amendment and the transactions contemplated
hereby and thereby and (iii) as to the incumbency and specimen signature of each of its Responsible Officers authorized to execute
this Amendment and the other Facility Documents to which it is a party.

 

3.04.       
Legal Opinions. The Administrative Agent shall have received the executed legal opinions of counsel to the Borrower
and the Equityholder, in form and substance reasonably satisfactory to the Administrative Agent covering (i) customary corporate
matters and (ii) true sale matters, in each case as the Administrative Agent may reasonably request.

 

3.05.       
Beneficial Ownership Certification.   The Administrative Agent shall have received a Beneficial Ownership
Certification in respect of the Borrower and any other Person that qualifies as a “legal entity customer” under the
Beneficial Ownership Regulation.

 

3.06.       
Notice of Borrowing. The Collateral Agent and the Administrative Agent shall have received a Notice of Borrowing
for such First Amendment Advance (including a pro forma Borrowing Base Calculation Statement attached thereto) prior to the First
Amendment Effective Date.

 

3.07.       
Governmental Authorizations. The Administrative Agent shall have received true and complete copies certified by a
Responsible Officer of the Borrower of all Governmental Authorizations, Private Authorizations and Governmental Filings, if any,
required in connection with the transactions contemplated by this Amendment.

 

    -3- 

    

    

 

3.08.       
Financing Statements. The Administrative Agent shall have received proper financing statements (or the equivalent
thereof in any applicable foreign jurisdiction), duly filed on or before the First Amendment Effective Date, under the UCC with
the Delaware Secretary of State, Division of Corporations and any other applicable filing office in any applicable jurisdiction
that the Administrative Agent deems necessary or desirable in order to perfect the interests in the Collateral acquired by the
Borrower pursuant to the First Amendment Effective Date Sale Agreement as contemplated by the Amended Credit Agreement.

 

3.09.       
Delivery of Collateral. Delivery of such Collateral (including any promissory note, executed assignment agreement
and word or pdf copies of the principal credit agreement for each Collateral Loan, to the extent received by the Borrower) as required
under the Amended Credit Agreement shall have been effected.

 

3.10.       
Officer’s Certificate. A certificate of a Responsible Officer of the Borrower, dated as of the First Amendment
Effective Date, certifying to the effect that, in the case of each item of Collateral acquired by the Borrower pursuant to the
First Amendment Effective Date Sale Agreement and pledged to the Collateral Agent, (x) in the case of clause (i) through
(iv) below, immediately prior to the First Amendment Effective Date and (y) after giving effect to the transactions contemplated
on the First Amendment Effective Date:

 

(i)          the Borrower is the owner of such Collateral free and clear of any Liens or claims of any
nature whatsoever except for (A) those which are being released on the First Amendment Effective Date and (B) Permitted Liens;

 

(ii)         the Borrower has acquired its ownership in such Collateral in good faith without notice of
any adverse claim, except as described in clause (i) above;

 

(iii)        the Borrower has not assigned, pledged or otherwise encumbered any interest in such Collateral
(or, if any such interest has been assigned, pledged or otherwise encumbered, it has been released) other than Permitted Liens;

 

(iv)        the Borrower has full right to grant a security interest in and assign and pledge such Collateral
to the Collateral Agent; and

 

(v)         upon grant by the Borrower, the Collateral Agent has a first priority perfected security interest
in the Collateral, except as permitted by the Amended Credit Agreement.

 

3.11.      After the making of the First Amendment Advances and the deposit of any portion thereof into the Unfunded Reserve Account,
the amount on deposit thereon is at least equal to the Unfunded Reserve Required Amount.

 

Section
4. Reference to and Effect Upon the Existing Credit Agreement; Limited Consent.

 

4.01.       
Except as specifically amended above, the Existing Credit Agreement and the other Facility Documents shall remain unchanged
and in full force and effect and are hereby ratified and confirmed.

 

    -4- 

    

    

 

4.02.       
The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy
of the Administrative Agent or any other Secured Party under the Existing Credit Agreement or any other Facility Document, nor
constitute a waiver of any provision of the Existing Credit Agreement or any other Facility Document.

 

Section
5. Reaffirmation. Each of the Borrower, the Collateral Manager and the Equityholder hereby reaffirms its obligations
under each Facility Document to which it is a party. The Borrower hereby reaffirms the grant of security contained in Section 7.01(a)
of the Amended Credit Agreement.

 

Section
6. Miscellaneous. This Amendment is a Facility Document for all purposes of the Amended Credit Agreement and
the other Facility Documents. This Amendment may be executed in any number of counterparts, and by different parties hereto on
separate counterpart signature pages, and all such counterparts taken together shall be deemed to constitute one and the same instrument.
Delivery of a counterpart signature page by facsimile transmission or by e-mail transmission of an Adobe portable document format
file (also known as a “PDF” file) shall be effective as delivery of a manually executed counterpart signature
page. Section headings used in this Amendment are for reference only and shall not affect the construction of this Amendment.

 

Section
7. Governing Law. This Amendment and the rights and obligations of the
parties under this Amendment shall be governed by and construed in accordance with the law of the State of New York.

 

[signature pages follow]

 

    -5- 

    

    

 

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

 

	 	OXFORD SQUARE FUNDING 2018, LLC, as Borrower
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	OXFORD SQUARE
CAPITAL CORP., as Collateral Manager
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	OXFORD SQUARE
CAPITAL CORP., as Equityholder
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to First Amendment to Credit
and Security Agreement]

 

     

    

    

 

	 	CITIBANK, N.A., as Administrative Agent and as the Lender
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature Page to First Amendment to Credit
and Security Agreement]

 

     

    

    

 

Exhibit A

 

AMENDED CREDIT AGREEMENT

 

     

    

    

 

 

 

EXECUTION VERSION

Conformed through
the First Amendment dated October 12, 2018

 

 

 

CREDIT AND SECURITY
AGREEMENT

 

among

 

OXFORD SQUARE FUNDING
2018, LLC,

as Borrower,

 

THE LENDERS FROM TIME TO
TIME PARTIES HERETO,

 

CITIBANK, N.A.,

as Administrative
Agent,

 

OXFORD SQUARE CAPITAL
CORP.,

as Equityholder,

 

THE BANK OF NEW YORK MELLON
TRUST COMPANY, NATIONAL ASSOCIATION,

as Collateral Agent
and as Custodian

 

and

 

OXFORD SQUARE CAPITAL
CORP.,

as Collateral Manager

 

 

 

Dated as of June 21, 2018

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	 	Page
	ARTICLE I DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS	1
	 	 
	 	Section 1.01.	 	Definitions	1
	 	Section 1.02.	 	Rules of Construction	4243
	 	Section 1.03.	 	Computation of Time Periods	43
	 	Section 1.04.	 	Collateral Value Calculation Procedures	4344
	 	 	 	 	 
	ARTICLE II ADVANCES	4445
	 	 	 	 	 
	 	Section 2.01.	 	Advances	4445
	 	Section 2.02.	 	Making of the Advances	4445
	 	Section 2.03.	 	Evidence of Indebtedness; Notes	4546
	 	Section 2.04.	 	Payment of Principal and Interest	4546
	 	Section 2.05.	 	Prepayment of Advances	4647
	 	Section 2.06.	 	Commitments	4748
	 	Section 2.07.	 	Maximum Lawful Rate	4748
	 	Section 2.08.	 	Several Obligations	4748
	 	Section 2.09.	 	Increased Costs	48
	 	Section 2.10.	 	Compensation; Breakage Payments	4950
	 	Section 2.11.	 	Illegality; Inability to Determine Rates	5051
	 	Section 2.12.	 	Prepayment Fee	5051
	 	Section 2.13.	 	Rescission or Return of Payment	5152
	 	Section 2.14.	 	Post-Default Interest	5152
	 	Section 2.15.	 	Payments Generally	5152
	 	Section 2.16.	 	Replacement of Lenders	5253
	 	Section 2.17.	 	Right of Setoff	53
	 	Section 2.18.	 	Contractual Currency	5354
	 	Section 2.19.	 	Lending Offices; Changes Thereto	5354
	 	 	 	 	 
	ARTICLE III CONDITIONS PRECEDENT	5455
	 	 	 	 	 
	 	Section 3.01.	 	Conditions Precedent to the Making of the Advances	5455
	 	 	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	5657
	 	 	 	 	 
	 	Section 4.01.	 	Representations and Warranties of the Borrower	5657
	 	Section 4.02.	 	Representations and Warranties of the Collateral Manager and the Equityholder	6162
	 	Section 4.03.	 	Representations and Warranties of the Collateral Agent and the Custodian	63
	 	 	 	 	 
	ARTICLE V COVENANTS	6364
	 	 	 	 	 
	 	Section 5.01.	 	Affirmative Covenants of the Borrower	6364
	 	Section 5.02.	 	Negative Covenants of the Borrower	6870
	 	Section 5.03.	 	Affirmative Covenants of the Collateral Manager and the Equityholder	7273
	 	Section 5.04.	 	Negative Covenants of the Collateral Manager and the Equityholder	7375
	 	Section 5.05.	 	Certain Undertakings Relating to Separateness	7475

 

    i

     

    

 

TABLE
OF CONTENTS

 (continued)

	 	 	 	 
	 	 	 	Page
	 	 	 	 
	ARTICLE
    VI EVENTS OF DEFAULT	7576
	 	 	 	 
	 	Section 6.01.	Events of Default	7576
	 	Section 6.02.	Remedies	7778
	 	Section 6.03.	Power of Attorney	7879
	 	 
	ARTICLE
    VII PLEDGE OF COLLATERAL; RIGHTS OF THE COLLATERAL AGENT	7980
	 	 	 	 
	 	Section 7.01.	Grant of Security	7980
	 	Section 7.02.	Release of Security
    Interest	8081
	 	Section 7.03.	Rights and Remedies	8182
	 	Section 7.04.	Remedies Cumulative	8182
	 	Section 7.05.	Related Documents	8283
	 	Section 7.06.	Borrower Remains
    Liable	8283
	 	Section 7.07.	Protection of Collateral	8283
	 	 
	ARTICLE
    VIII ACCOUNTS, ACCOUNTINGS AND RELEASES	8384
	 	 	 	 
	 	Section 8.01.	Collection of Money	8384
	 	Section 8.02.	Collection Account	8384
	 	Section 8.03.	Payment Account	8485
	 	Section 8.04.	The Unfunded Reserve
    Account; Fundings	8485
	 	Section 8.05.	The Cash Diversion
    Reserve Account	8586
	 	Section 8.06.	The Custodial Account	8586
	 	Section 8.07.	Reinvestment of
    Funds in Covered Accounts; Reports by Collateral Agent	8586
	 	Section 8.08.	Accountings	8687
	 	Section 8.09.	Release of Collateral	8788
	 	Section 8.10.	Reports by Independent
    Accountants	8889
	 	 
	ARTICLE
    IX APPLICATION OF FUNDS	8990
	 	 	 	 
	 	Section 9.01.	Disbursements of
    Funds from Payment Account	8990
	 	 
	ARTICLE
    X SALE OF COLLATERAL LOANS; PURCHASE OF ADDITIONAL COLLATERAL LOANS	9192
	 	 
	 	Section 10.01.	Sales of Collateral
    Loans	9192
	 	Section 10.02.	Purchases of Additional
    Collateral Loans	9293
	 	Section 10.03.	Conditions Applicable
    to All Sale and Purchase Transactions	9293
	 	Section 10.04.	Additional Equity
    Contributions	9394
	 	Section 10.05.	Transfer of Warranty
    Collateral Loans	9394
	 	 	 	 
	ARTICLE
    XI THE AGENTS	9394
	 	 
	 	Section 11.01.	Authorization and
    Action	9394
	 	Section 11.02.	Delegation of Duties	9495
	 	Section 11.03.	Agents’ Reliance,
    Etc.	9495
	 	Section 11.04.	Indemnification	9697
	 	Section 11.05.	Successor Agents	9698
	 	 	 	 
	ARTICLE
    XII MISCELLANEOUS	9798
	 	 
	 	Section 12.01.	No Waiver; Modifications
    in Writing	9798
	 	Section 12.02.	Notices, Etc.	9899
	 	Section 12.03.	Taxes	99100

 

 

    ii 

     

    

 

TABLE
OF CONTENTS

(continued)

	 	 	 	 
	 	 	 	Page
	 	 	 	 
	 	Section 12.04.	Costs and Expenses;
    Indemnification	102104
	 	Section 12.05.	Execution in Counterparts	105106
	 	Section 12.06.	Assignability	105106
	 	Section 12.07.	Governing Law	107108
	 	Section 12.08.	Severability of
    Provisions	107108
	 	Section 12.09.	Confidentiality	108109
	 	Section 12.10.	Merger	108109
	 	Section 12.11.	Survival	108109
	 	Section 12.12.	Submission to Jurisdiction;
    Waivers; Etc.	109110
	 	Section 12.13.	IMPORTANT WAIVERS	109110
	 	Section 12.14.	PATRIOT Act Notice	110111
	 	Section 12.15.	Legal Holidays	110111
	 	Section 12.16.	Non-Petition	111112
	 	Section 12.17.	Waiver of Setoff	111112
	 	Section 12.18.	Option to Acquire
    Rating	111112
	 	Section 12.19.	Acknowledgment and
    Consent to Bail-In of EEA Financial Institutions	111112
	 	 	 
	ARTICLE
    XIII	 	112113
	 	 	 
	CUSTODIAN	 	112113
	 	 	 	 
	 	Section 13.01.	Appointment of Custodian	112113
	 	Section 13.02.	Duties of Custodian	112113
	 	Section 13.03.	Delivery of Collateral
    Loans to Custodian	113114
	 	Section 13.04.	Release of Documents/Control
    By Agents	113114
	 	Section 13.05.	Records	114115
	 	Section 13.06.	Reporting	114115
	 	Section 13.07.	Certain General
    Terms	114115
	 	Section 13.08.	Compensation of
    Custodian	116117
	 	Section 13.09.	Responsibility of
    Custodian	116117
	 	Section 13.10.	Resignation and
    Removal; Appointment of Successor	119120
	 	 	 
	ARTICLE
    XIV	 	120121
	 	 
	COLLATERAL
    MANAGEMENT	120121
	 	 	 	 
	 	Section 14.01.	Designation of the
    Collateral Manager	120121
	 	Section 14.02.	Duties of the Collateral
    Manager	121122
	 	Section 14.03.	Authorization of
    the Collateral Manager	122123
	 	Section 14.04.	Realization Upon
    Defaulted Collateral Loans	122123
	 	Section 14.05.	Compensation	123124
	 	Section 14.06.	Expense Reimbursement;
    Indemnification	123124
	 	Section 14.07.	The Collateral Manager
    Not to Resign; Assignment; Collateral Manager Default	124125

 

 

    iii 

     

    

  

	SCHEDULES
	 	 
	Schedule 1	Commitments and Percentages
	Schedule 2	Contents of Monthly Report
	Schedule 3	Contents of Payment Date Report
	Schedule 4	Information Obligations
	Schedule 5	Initial Collateral
    Loans
	Schedule 6	Notice Information
	Schedule 7	Authorized Persons
	 	 
	EXHIBITS
	 	 
	Exhibit A	Form of Notice of Borrowing (with attached form
    of Borrowing Base Calculation)
	Exhibit B	Form of Notice of Prepayment
	Exhibit C	Form of Assignment and Acceptance
	Exhibit D	Form of Note
	Exhibit E	Forms of Tax Compliance Certificates

 

    iv 

     

    

 

“Base
Rate” means, on any date, a fluctuating interest rate per annum equal to the highest of (a) the Prime Rate, (b)
the Federal Funds Rate plus 1.50% or (c) the LIBOR Rate for a three (3) month period plus 1.0%. The Base Rate is
a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer of any Agent or any
Lender. Interest calculated pursuant to clauses (a), (b) and (c) above will be determined based on a year of 360
days and actual days elapsed.

 

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

 

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

 

“Block
Notice” has the meaning assigned to such term in Section 13.04(b).

 

“BNYM”
has the meaning assigned to such term in the introduction to this Agreement.

 

“Borrower” has the meaning assigned
to such term in the introduction to this Agreement.

 

“Borrower
Information” has the meaning assigned to such term in Section 12.09.

 

“Borrowing” has the meaning
assigned to such term in Section 2.01.

 

“Borrowing
Base” means, at any time, the least of:

 

(a)           
the Facility Amount minus the Unfunded Reserve Required Amount (net of the aggregate amount on deposit in the Unfunded
Reserve Account) at such time;

 

 (b)           the sum of:

 

(i)          
the product of (A) the Effective Advance Rate as of such date and (B) the Aggregate Original Asset Value as of such date,
plus

 

(ii)         
the aggregate amount of cash then on deposit in the Principal Collection Subaccount, plus

 

(iii)       
the aggregate amount of cash then on deposit in the Cash Diversion Reserve Account, minus

 

(iv)        
the Unfunded Reserve Required Amount (net of the aggregate amount on deposit in the Unfunded Reserve Account) and

 

 (c)            the sum of:

 

(i)          
the Aggregate Original Asset Value, minus

 

 (ii)         the Minimum Equity Amount, plus

 

(iii)       
the aggregate amount of cash then on deposit in the Principal Collection Subaccount, plus

 

(iv)        
the aggregate amount of cash then on deposit in the Cash Diversion Reserve Account, minus

 

    4 

     

    

 

managing
member of the Adviser; or (g) Jonathan H. Cohen and Saul B. Rosenthal cease to be the controlling members of Oxford Funds, LLC.

 

“Citibank”
has the meaning assigned to such term in the introduction of this Agreement.

 

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

 

“Clearing
Corporation” means each entity included within the meaning of “clearing corporation” under Section 8-102(a)(5)
of the UCC.

 

“Clearing
Corporation Security” means 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.

 

“Closing
Date” means June 21, 2018.

 

“Closing
Date Sale Agreement” means the Sale, Contribution and Master Participation Agreement, dated as of the Closing Date, by and
between the Equityholder and the Borrower.

 

“Closing
Date Participation Agreement” means that certain Master Participation Agreement, dated as of the Closing Date, between
the Equityholder, as transferor, and the Borrower, as transferee, relating to the Closing Date Participation Interests.

 

“Closing
Date Participation Interests” means the undivided 100% Participation Interests granted by the Equityholder to the Borrower
in and to each Collateral Loan identified on Annex A to the Closing Date Participation Agreement or Schedule II to the Closing
Date Sale Agreement (to the extent constituting a Participation Interest pending completion of the assignment thereof
in accordance with Section 2.4 of the Sale Agreement), as applicable, and in which a Lien is granted therein by the Borrower to
the Collateral Agent pursuant to this Agreement.

 

“Code”
means the Internal Revenue Code of 1986.

 

“Collateral”
has the meaning assigned to such term in Section 7.01(a).

 

“Collateral
Administration Agreement” means that certain Collateral Administration Agreement, dated as of the Closing Date, among
the Collateral Administrator, the Borrower, the Collateral Manager and the Administrative Agent.

 

“Collateral
Administrator” means BNYM, and any successor thereto under the Collateral Administration Agreement.

 

“Collateral
Agent” has the meaning assigned to such term in the introduction to this Agreement.

 

“Collateral Agent Fee Letter”
means the fee letter, by and among the Borrower and BNYM, setting forth the amounts payable by the Borrower to the Collateral
Agent, the Custodian, the Securities Intermediary and the Collateral Administrator in connection with the transactions contemplated
by this Agreement.

 

    6 

     

    

 

“Collateral
Agent Fee” means the fee payable to the Collateral Agent, the Custodian, the Securities Intermediary and the Collateral
Administrator pursuant to the Collateral Agent Fee Letter.

 

“Collateral
Loan” means a commercial loan or, a
Closing Date Participation Interest or a First Amendment Effective Date Participation
Interest owned or acquired by the Borrower.

 

“Collateral
Management Fee” means the fee payable to the Collateral Manager in arrears on each Payment Date (prorated for the related
Interest Accrual Period) pursuant to Section 9.01 of this Agreement, in an amount equal to 0.25% per annum (calculated
on the basis of a 360-day year and the actual number of days elapsed during the applicable Interest Accrual Period) of the Quarterly
Asset Amount at the beginning of the Collection Period relating to such Payment Date; provided that for so long as Oxford
Square Capital Corp. is the Collateral Manager, the Collateral Management Fee shall be $0.

 

“Collateral
Management Standard” means, with respect to any Collateral Loan included in the Collateral, to service and administer
such Collateral Loan in accordance with the Related Documents and all customary and usual servicing practices with reasonable
care and in good faith, (i) using a degree of skill, care, prudence, diligence and attention no less than the higher of (a) that
which the Collateral Manager exercises with respect to comparable assets that it may manage for itself and its other clients having
similar investment objectives and restrictions and (b) the customary and usual collateral management practices that a prudent
collateral manager of national recognition in the United States would use to manage comparable assets for its own account and
for the account of others, and (ii) in accordance with the Collateral Manager’s customary practices and procedures involving
assets of the nature and character of the Collateral Loans.

 

“Collateral
Manager” has the meaning assigned to such term in the introduction to this Agreement.

 

“Collateral
Manager Default” means the occurrence of any one of the following:

 

(a)          
any failure by the Collateral Manager to make any payment, transfer or deposit into any Covered Account as required by this Agreement
which continues unremedied for a period of two (2) Business Days;

 

(b)
          any failure by the Collateral Manager to deliver any report required to be delivered by it under this Agreement or the other Facility
Documents on or before the date that is two (2) Business Days after the date that such report is required to be delivered;

 

(c)
           except as otherwise provided in this definition, a default in any material respect in the performance, or breach in any material
respect, of any covenant or agreement of the Collateral Manager under this Agreement or the other Facility Documents to which
it is a party, or the failure of any representation or warranty of the Collateral Manager made in this Agreement or in any other
Facility Document to be correct, in each case, in all material respects when the same shall have been made, and the continuation
of such default, breach or failure for a period of ten (10) Business Days after the earlier of (i) written notice to the Collateral
Manager (which may be by e-mail) by either Agent, and (ii) actual knowledge of a Responsible Officer of the Collateral Manager;

 

 (d)           an Insolvency Event shall occur with respect to the Collateral Manager;

 

 (e)            the occurrence of any Change of Control with respect to the Collateral Manager;

 

    7 

     

    

 

“EEA
Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which
is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent
of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country
which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision
with its parent.

 

“EEA
Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA
Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority
of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Effective
Advance Rate” means, on any date of determination with respect to theall
Eligible Loans included in the Collateral as of the First Amendment Effective Date,
initially the Initialthe First Amendment Effective
Date Advance Rate; provided that, following any repayment or prepayment, in full or in part, of any Eligible
Loan, the Effective Advance Rate of the Eligible Loans included in the Collateral will be equal to the aggregate Advances Outstanding
as of such date divided by the Aggregate Original Asset Value as of such date.

 

“Eligible
Investment Required Ratings” means, with respect to any obligation or security, with respect to ratings assigned by
Moody’s, “Aa2” (and not on credit watch for possible downgrade) or “P-1” for one-month instruments,
“Aa2” (and not on credit watch for possible downgrade) and “P-1” for three-month instruments, “Aa3”
(and not on credit watch for possible downgrade) and “P-1” for six-month instruments and “Aa2” (and not
on credit watch for possible downgrade) and “P-1” for instruments with a term in excess of six months and (b) with
respect to rating assigned by S&P, “A-1” (and not on credit watch for possible downgrade) for short-term instruments
and “A” (and not on credit watch for possible downgrade) for long-term instruments.

 

“Eligible
Investments” means any Dollar investment that, at the time it is Delivered, is Cash or one or more of the following
obligations or securities:

 

(a)          
direct obligations of, and 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;

 

(b)          
bank deposit products of, demand and time deposits in, certificates of deposit of, trust accounts with, bankers’ acceptances
payable within 183 days of issuance 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, so long as the commercial paper and/or the debt obligations of such depository institution or trust company
(or, in the case of the principal depository institution in a holding company system, the commercial paper or debt obligations
of such holding company) at the time of such investment or contractual commitment providing for such investment have the Eligible
Investment Required Ratings;

 

(c)           
non-extendable commercial paper or other short-term obligations 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

 

    13 

     

    

 

(d)          
money market funds that have, at all times, ratings in the highest credit rating category by Moody’s and S&P;

 

provided
that (i) 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 or securities, other than those referred to in clause
(d) above, as mature (or are putable at par to the issuer thereof) no later than the earlier of (A) 90 days after the date
of acquisition thereof or (B) the Business Day prior to the next Payment Date; and (ii) none of the foregoing obligations or securities
shall constitute Eligible Investments if (A) such obligation or security has an “f”, “r”, “p”,
“pi”, “q”, “sf” or “t” subscript assigned by S&P, (B) all, or substantially
all, of the remaining amounts payable thereunder consist of interest and not principal payments, (C) such obligation or security
is subject to U.S. withholding or foreign withholding tax unless the issuer of the security is required to make “gross-up”
payments for the full amount of such withholding tax, (D) such obligation or security is secured by real property, (E) such obligation
or security is purchased at a price greater than 100% of the principal or face amount thereof, (F) such obligation or security
is subject of a tender offer, voluntary redemption, exchange offer, conversion or other similar action or (G) in the Collateral
Manager’s judgment, such obligation or security is subject to material non-credit related risks. Any such investment may
be made or acquired from or through the Collateral Agent or any of its Affiliates, or any entity for whom the Collateral Agent
or any of its Affiliates provides services (so long as such investment otherwise meets the applicable requirements of the foregoing
definition of Eligible Investment at the time of acquisition). Notwithstanding the foregoing, unless the Borrower and the Collateral
Manager have received the written advice of counsel of national reputation experienced in such matters to the contrary (together
with an officer’s certificate of the Borrower or the Collateral Manager to the Administrative Agent (on which the Administrative
Agent may rely) that the advice specified in this definition has been received by the Borrower and the Collateral Manager) and
the Administrative Agent consents thereto, on and after July 21, 2015 (or such later date as may be determined by the Borrower
and the Collateral Manager based upon such advice), Eligible Investments may only include obligations or securities that constitute
cash equivalents for purposes of the rights and assets in paragraph (c)(8)(i)(B) of the exclusions from the definition of “covered
fund” for purposes of the Volcker Rule.

 

“Eligible
Loan” means a Collateral Loan that (A) has been approved by the Administrative Agent, in its sole discretion, prior
to Closing Date, and (B) satisfies each of the following eligibility requirements on any date of determination (unless the Administrative
Agent in its sole discretion agrees to waive any such eligibility requirement with respect to such loan):

 

(a)
           is (i) a First Lien Obligation, (ii) a Second Lien Obligation
or, (iii) prior
to the date that is sixty (60) days after the Closing Date (or such longer period to which the Administrative Agent may agree
in its sole discretion) a Closing Date Participation Interest or (iv) prior to the date that is sixty (60) days after the First
Amendment Effective Date (or such longer period to which the Administrative Agent may agree in its sole discretion) a First Amendment
Effective Date Participation Interest;

 

(b)          
permits the purchase thereof by or assignment thereof (or, in the case of a Closing Date Participation Interest or
a First Amendment Effective Participation Interest, participation thereof) to the Borrower and the pledge to the Collateral
Agent;

 

 (c)           is not in arrears;

 

    14 

     

    

 

(u)          
if evidenced by a note or other instrument, such note or other instrument has been delivered to the Custodian in accordance
with this Agreement;

 

(v)          
except for a Closing Date Participation Interest or a First Amendment Effective Date Participation
Interest, is not a Participation Interest;

 

(w)          
the acquisition of such loan will not cause the Borrower or the pool of Collateral to be (x) required to register as an
“investment company” under the Investment Company Act or (y) a “covered fund” under the Volcker
Rule;

 

(x)            such
loan is not underwritten as a commercial real estate loan principally secured by real property;

 

(y)           as to which no payment default, breach in any material respect of any other term or covenant or other material default exists;

 

 (z)            is not a letter of credit;

 

(aa)         is
in “registered” form for U.S. federal income tax purposes;

 

(bb)         constitutes
indebtedness for U.S. federal income tax purposes;

 

(cc)         the
acquisition of such loan will not cause the Borrower to violate any applicable Law or cause the Administrative Agent or any Lender
to fail to comply with any request or directive from any banking authority or Governmental Authority having jurisdiction over
the Administrative Agent or any Lender;

 

(dd)         the
transfer thereof is effected pursuant to either (i) in the case of a Collateral Loan other than a Closing Date Participation Interest
or a First Amendment Effective Date Participation Interest, an LSTA Par/Near Par Trade
Confirmation, subject to Standard Terms and Condition for Par/Near Par Trade Confirmations, as published by The Loan Syndications
and Trading Association, Inc., or the equivalent thereof as published by the Loan Market Association, or
(ii) in the case of a Closing Date Participation Interest, the applicable Closing Date Participation Agreement;,
or (iii) in the case of a First Amendment Effective Date Participation Interest, the First Amendment Effective Date Sale Agreement.

 

(ee)          is
not subject to any Lien other than Permitted Liens;

 

(ff)          does
not have an interest rate basis exceeding six (6) months;

 

(gg)         as
of any date of determination, it is rated by Moody’s or S&P; provided that (i) in the case of a First Lien
Obligation, if such First Lien Obligation is rated by Moody’s, it has a Moody’s Rating of at least,
“B3” and, if such First Lien Obligation is rated by S&P, it has an S&P Rating of at least
“B-” and (ii) in the case of a Second Lien Obligation, if such Second Lien Obligation is rated by Moody’s,
it has a Moody’s Rating of at least, “Caa2” and, if such Second Lien Obligation is rated by S&P, it has
an S&P Rating of at least “CCC”; and

 

(hh)         is
on the date of purchase or other acquisition thereof by the Borrower part of an applicable Tranche Size of at least $70,000,000;

 

(ii)            has
at least one (1) bid on a nationally recognized loan pricing service reasonably acceptable to the Administrative
Agent;

 

    16 

     

    

 

Materials.
Environmental Laws include the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. § 9601 et
seq.), the Hazardous Material Transportation Act (49 U.S.C. § 331 et seq.), the Resource Conservation and Recovery
Act (42 U.S.C. § 6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the
Clean Air Act (42 U.S.C. § 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.),
the Safe Drinking Water Act (42 U.S.C. § 300, et seq.), the Environmental Protection Agency’s regulations relating
to underground storage tanks (40 C.F.R. Parts 280 and 281), and the Occupational Safety and Health Act (29 U.S.C. § 651 et
seq.), and the rules and regulations thereunder.

 

“Equity
Coverage Amount” means, at any date of determination, for all Eligible Loans owned by the Borrower on such date, the
product of (a) the sum of (i) 100% minus (ii) the Effective Advance Rate minus (iii) 10% multiplied by (b)
the Aggregate Original Asset Value.

 

“Equity
Coverage Deficiency” means, as of any date of determination, an amount equal to the positive difference, if any, of
(a) the Equity Coverage Amount on such date minus (b) the Net Equity Amount on such date.

 

“Equity
Coverage Test” means a test that will be satisfied if at any date of determination no Equity Coverage Deficiency exists.

 

“Equityholder”
has the meaning assigned to such term in the introduction to this Agreement.

 

“Equityholder
Collateral Loan” means each Collateral Loan sold and/or contributed by the Equityholder to the Borrower pursuant to
theany Sale Agreement.

 

“Equityholder
Purchased Loan Balance” means, as of any date of determination, an amount equal to (a) the aggregate Principal Balance
of all Equityholder Collateral Obligations acquired by the Borrower prior to such date minus (b) the aggregate Principal
Balance of all Equityholder Collateral Obligations (other than Warranty Collateral Obligations) repurchased by the Equityholder
or an Affiliate thereof prior to such date.

 

“Equity
Security” means any stock or similar security, certificate of interest or participation in any profit sharing agreement,
reorganization certificate or subscription, transferable share, voting trust certificate or certificate of deposit for an equity
security, limited partnership interest, interest in a joint venture, or certificate of interest in a business trust; any security
future on any such security; or any security convertible, with or without consideration into such a security, or carrying any
warrant (other than a detachable warrant) or right to subscribe to or purchase such a security; or any such warrant or right.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated and rulings issued thereunder.

 

“ERISA
Event” means (a) any “reportable event,” as defined in Section 4043 of ERISA or the regulations issued thereunder
with respect to a Plan (other than an event for which the thirty (30) day notice requirement is waived); (b) the failure with
respect to any Plan to satisfy the “minimum funding standard” (as defined in Section 412 of the Code or Section 302
of ERISA); (c) the filing pursuant to Section 412(c) of the Code or Section 302 of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) a determination that any Plan is, or is expected to be, in “at risk”
status (as defined in Section 430 of the Code or Section 303 of ERISA); (e) the incurrence by the Borrower or any member of its
ERISA Group of any liability under Title IV of ERISA with respect to the termination of any Plan; (f) (i) the receipt by the Borrower
or any member of its ERISA Group from the

 

    18 

     

    

 

“Excluded
Amounts” means any amounts received in the Collection Account with respect to any Collateral, which amounts are attributable
to (i) the reimbursement by the related Obligor of payment of out-of-pocket expenses by the Collateral Manager or the Equityholder
on behalf of the Borrower or (ii) amounts deposited into the Collection Account in error; provided, that any such amounts
shall be Excluded Amounts only to the extent that such amounts (x) are in excess of the principal and interest then due in respect
of such Collateral, except with respect to the amounts described in clause (ii) of this definition and (y) were required
to be paid by the related Obligor pursuant to a specific provision of the Related Documents with respect to such Collateral.

 

“Excluded
Taxes” means any of the following Taxes imposed on or with respect to a Secured Party or required to be withheld or
deducted from a payment to a Secured Party (a) Taxes imposed on or measured by net income (however denominated), or that are franchise
Taxes or branch profits Taxes, in each case, (i) imposed by the jurisdiction (or any political subdivision thereof) under the
laws of which such Secured Party is organized or in which its principal office is located, or in the case of any Lender, in which
its applicable lending office is located or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. federal withholding
Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Commitment pursuant
to a Law in effect on the date on which (i) such Lender acquires such interest in the Commitment (other than pursuant to an assignment
request by the Borrower under Sections 2.16 or 12.03(h)) or (ii) such Lender designates a new lending office (a
“New Lending Office”), except in each case to the extent that, pursuant to Section 12.03, amounts with respect
to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its lending office, (c) Taxes attributable to such Secured Party’s failure to comply with
Section 12.03(g), and (d) U.S. federal withholding Taxes imposed by FATCA.

 

“Facility
Amount” means (a) on the Closing Date, $95,193,112.98 and (b95,193,112.98,
(b) on the First Amendment Effective Date, $125,000,000.00, and (c) following the ClosingFirst
Amendment Effective Date, the outstanding principal balance of all the Advances.

 

“Facility
Documents” means this Agreement, the Notes, the Account Control Agreement, the Collateral Administration Agreement,
the Collateral Agent Fee Letter, the Sale AgreementAgreements
and any other security agreements and other instruments entered into or delivered by or on behalf of the Borrower pursuant
to Section 5.01(c) to create, perfect or otherwise evidence the Collateral Agent’s security interest in the Collateral.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended versions of Sections 1471 through
1474 of the Code that are substantively comparable and not materially more onerous to comply with), any current or future regulations
or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental
agreements and any rules or guidance entered into in connection with the implementation of such Sections.

 

“Federal
Funds Rate” means, for any period, a fluctuating interest rate per annum equal for each day during such period to the
weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal
funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average of the quotations
for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing
selected by it; provided that, if at any time a Lender is borrowing overnight funds from a Federal Reserve Bank that day,
the Federal Funds Rate for such Lender for such day shall be the average rate per annum at which such overnight borrowings are
made on that day as promptly
reported by such Lender to the Borrower and the Agents in writing. Each determination of the Federal Funds Rate by a Lender pursuant
to the foregoing proviso shall be conclusive and binding except in the case of manifest error.

 

    20 

     

    

 

“Final
Maturity Date” means the earliest to occur of (a) the Business Day designated by the Borrower as the Final
Maturity Date upon not less than ten (10) Business Days’ prior written notice to the Administrative Agent, the
Collateral Agent, the Lenders, the Custodian and the Collateral Administrator, (b) June 21, 2020, and (c)
the date on which the Administrative Agent provides notice of the declaration of the Final Maturity Date after the occurrence
of an Event of Default.

 

“Final
Order” means an order, judgment, decree or ruling the operation or effect of which has not been stayed, reversed or
amended and as to which order, judgment, decree or ruling (or any revision, modification or amendment thereof) the time to appeal
or to seek review or rehearing has expired and as to which no appeal or petition for review or rehearing was filed or, if filed,
remains pending.

 

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

 

“Firm
Bid” means with respect to any Collateral Loan, a good and irrevocable bid for value, to purchase the par amount of
such Collateral Loan, expressed as a percentage of the par amount of such Collateral Loan and exclusive of accrued interest and
premium, for scheduled settlement substantially in accordance with the then-current market practice in the principal market for
such Collateral Loan, as determined by the Administrative Agent, submitted as of 11:00 a.m. (New York time) or as soon as practicable
thereafter. The Administrative Agent shall be entitled to disregard any Firm Bid submitted by a broker-dealer (a) if, in the Administrative
Agent’s commercially reasonable judgment, (i) such broker-dealer may be ineligible to accept assignment or transfer of the par
amount of such Collateral Loan substantially in accordance with the then-current market practice in the principal market for such
Collateral Loan, as determined by the Administrative Agent, or (ii) such broker-dealer would not, through the exercise of its
commercially reasonable efforts, be able to obtain any consent required under the Related Documents for such Collateral Loan to
the assignment or transfer to such broker-dealer of the par amount of such Collateral Loan or (b) if the Administrative Agent
determines that such Firm Bid is not bona fide, including, without limitation, due to (i) the insolvency of the bidder, (ii) the
inability, failure or refusal of the bidder to settle the purchase of the par amount of such Collateral Loan or otherwise settle
transactions in the relevant market or perform its obligations generally or (iii) the Administrative Agent not having pre-approved
trading lines with the broker-dealer that would permit settlement of the sale to such broker-dealer of the par amount of such
Collateral Loan.

 

“First
Amendment” means the First Amendment to Credit and Security Agreement, dated as of the First Amendment Effective Date, by
and among the Borrower, the Equityholder, the Collateral Manager, the Lenders and the Administrative Agent.

 

“First
Amendment Effective Date” means October 12, 2018.

 

“First
Amendment Effective Date Advance Rate” means 42.92%.

 

“First
Amendment Effective Date Participation Interests” means the undivided 100% Participation Interests granted by the Equityholder
to the Borrower in and to each Collateral Loan identified on Schedule II to the First Amendment Effective Date Sale Agreement
(to the extent constituting a Participation Interest pending completion of the assignment thereof in accordance with Section 2.4
of the First Amendment Effective Date Sale Agreement) and in which a Lien is granted therein by the Borrower to the Collateral
Agent pursuant to this Agreement.

 

    21 

     

    

 

“First
Amendment Effective Date Sale Agreement” means the Sale, Contribution and Master Participation Agreement, dated as of the
First Amendment Effective Date, by and between the Equityholder and the Borrower.

 

“First
Lien Obligation” means any loan (and not a bond or similar
security) that meets the following criteria:

 

(i)          is
not (and is not expressly permitted by its terms to become) subordinate in right of payment to any other obligation for borrowed
money of the Obligor of such loan;

 

(ii)         is
secured by a valid first priority (subject to customary permitted liens) perfected Lien in, to or on specified collateral securing
the Obligor’s obligations under such loan (whether or not such loan is also secured by any lower priority Lien on other
collateral and whether or not a separate loan is secured by a first lien on separate collateral);

 

(iii)        is
secured, pursuant to such first priority perfected Lien, by collateral having a value (determined as set forth below) not less
than the outstanding principal balance of such loan plus the aggregate outstanding principal balances of all other loans
of equal seniority secured by a first Lien in the same collateral; and

 

(iv)        is
not a loan which is secured solely or primarily by the common stock of its Obligor or any of its Affiliates.

 

The
determination as to whether clause (iii) of this definition is satisfied shall be based on the Collateral Manager’s
judgment at the time the loan is acquired by the Borrower (which value may include an assessment of the Obligor’s cash flow,
enterprise value, general financial condition and other attributes). The limitation set forth in clause (iv) above shall
not apply with respect to a loan made to a parent entity that is secured solely or primarily by the stock of one or more of the
subsidiaries of such parent entity to the extent that the granting by any such subsidiary of a Lien on its own property would
(1) in the case of a subsidiary that is not part of the same consolidated group as such parent entity for U.S. Federal income
tax purposes, result in a deemed dividend by such subsidiary to such parent entity for such tax purposes, (2) violate Law applicable
to such subsidiary (whether the obligation secured is such loan or any other similar type of indebtedness owing to third parties)
or (3) cause such subsidiary to suffer adverse economic consequences under capital adequacy or other similar rules, in each case,
so long as (x) the Related Documents limit the incurrence of indebtedness by such subsidiary and (y) the aggregate amount of all
such indebtedness is not material relative to the aggregate value of the assets of such subsidiary.

 

“Fundamental
Amendment” means any amendment, modification, waiver or supplement (as determined by the Administrative Agent) of or
to this Agreement that would (a) reinstate the Commitments after such Commitments are terminated on the Closing Date in accordance
with Section 2.06 or change the Final Maturity Date, (b) extend the date fixed for the payment of principal of or interest
on any Advance or any fee hereunder, (c) reduce the amount of any such payment of principal, (d) reduce the rate at which Interest
is payable thereon or any fee is payable hereunder, (e) release any material portion of the Collateral, except in connection with
dispositions expressly permitted hereunder, (f)    alter the terms of Section 9.01 or Section 12.01(b),
or (g) modify the definition of the term “Required Lenders” or modify in any other manner the number or percentage
of the Lenders required to make any determinations or waive any rights hereunder or to modify any provision hereof.

 

“GAAP”
means generally accepted accounting principles in effect from time to time in the United States.

 

     22

     

    

 

stockholder,
director, member, manager, officer, employee, or partner; provided, however, such Independent Manager may be an
independent director, independent trustee or independent manager of another special purpose entity affiliated with the Equityholder
or the Collateral Manager.

 

“Ineligible
Collateral Loan” means, at any time, a loan or other obligation, or any portion thereof, that fails to satisfy any criteria
of the definition of “Eligible Loan” giving effect to the proviso in the introductory language to the definition of
“Eligible Loan”.

 

“Initial
Advance Rate” means 42.5%.

 

“Insolvency
Event” means, with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction
in the premises in respect of such Person or any substantial part of its property in an involuntary case under the Bankruptcy
Code or any other applicable insolvency law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up
or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of sixty
(60) consecutive days; or (b) the commencement by such Person of a voluntary case under the Bankruptcy Code or any other applicable
insolvency law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary
case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making
by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts
as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

 

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

 

“Interest”
means, for each day during an Interest Accrual Period and each Advance outstanding by a Lender on such day, the sum of the products
(for each day during such Interest Accrual Period) of:

 

	IR
                                         × P ×  
	1	 
	D	 

 

where:

 

	IR	=	the Interest Rate for such
    Advance on such day;
	 	 	 
	P	=	the principal amount of such Advance on such
    day; and
	 	 	 
	D	=	360 days.

 

“Interest
Accrual Period” means (a) with respect to the first Payment Date, the period from and including the Closing Date to
and including the last day of the calendar month preceding the first Payment Date, and (b) with respect to any subsequent Payment
Date, the period commencing on the first day of the calendar month in which the preceding Payment Date occurred and ending on
the last day of the calendar month immediately preceding the month in which such Payment Date occurs; provided, that the
final Interest Accrual Period hereunder shall end on and include the day prior to the Payment in Full of the Advances hereunder.

 

“Interest
Collection Subaccount” has the meaning specified in Section 8.02(a).

 

     24

     

    

 

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

 

“Non-U.S.
Lender” has the meaning assigned to such term in Section 12.03(g).

 

“Note”
means each promissory note, if any, issued by the Borrower to a Lender in accordance with the provisions of Section 2.03,
substantially in the form of Exhibit D hereto.

 

“Noteless
Loan” means a Collateral Loan with respect to which (a) the related loan agreement does not require the Obligor to execute
and deliver an Underlying Note to evidence the indebtedness created under such Collateral Loan and (b) no Underlying Notes issued
to the Borrower are outstanding with respect to the portion of the Collateral Loan transferred to the Borrower.

 

“Notice
of Borrowing” has the meaning assigned to such term in Section 2.02.

 

“Notice of Prepayment”
has the meaning assigned to such term in Section 2.05.

 

“Obligations”
means all indebtedness, whether absolute, fixed or contingent, at any time or from time to time owing by the Borrower to any Secured
Party or any Affected Person under or in connection with this Agreement, the Notes or any other Facility Document, including all
amounts payable by the Borrower in respect of the Advances, with interest thereon, and all other amounts payable hereunder or
thereunder by the Borrower.

 

“Obligor”
means, in respect of any Collateral Loan, the Person primarily obligated to pay Collections in respect of such Collateral Loan,
including any applicable guarantors; provided that, in the case of any Closing Date Participation Interest or
any First Amendment Effective Date Participation Interest, the Obligor thereunder shall be deemed to be the underlying
obligor in respect of the Collateral Loan that is subject of such Closing Date Participation Interest or
First Amendment Effective Date Participation Interest.

 

“OFAC”
has the meaning assigned to such term in Section 4.01(f).

 

“Original
Asset Value” means, for each Collateral Loan included in the Collateral, the product of (i) the Purchase Price paid
by the Borrower for such Collateral Loan times (ii) the Principal Balance of such Collateral Loan on the date such Collateral
Loan is acquired by the Borrower.

 

“Other
Connection Taxes” means, in the case of any Secured Party, any Taxes imposed by any jurisdiction by reason of such Secured
Party having any present or former connection with such jurisdiction (other than a connection arising solely from such Secured
Party having executed, delivered, become a party to, performed its obligations under, received any payment under, received or
perfected a security interest under, engaged in any other transaction pursuant to or enforced its rights under this Agreement,
the Notes or any other Facility Document or sold or assigned an interest in any Collateral Loan or Facility Document).

 

“Other
Taxes” has the meaning assigned to such term in Section 12.03(c).

 

“Paid
in Full,” “Pay in Full” or “Payment in Full” means, with respect to any Obligations
the payment in full in cash of all such Obligations (other than contingent indemnification obligations to the extent no claim
giving rise thereto has been asserted).

 

     32

     

    

 

(e)         all records and Related Documents with respect
to such Collateral Loan and any of the foregoing; and

 

 (f)         all recoveries and proceeds of the foregoing.

 

“Replacement
Lender” has the meaning assigned to such term in Section 2.16(a).

 

“Requested Amount” has the
meaning assigned to such term in Section 2.02.

 

“Required
Lenders” means, as of any date of determination, Lenders whose aggregate principal amount of Advances Outstanding aggregate
more than 50% of all Advances Outstanding.

 

“Required
Loan Documents” means, for each Collateral Loan:

 

		(a)	other
                                         than in the case of a Closing Date Participation Interest or
                                         a First Amendment Effective Date Participation Interest, an executed copy
                                         of the assignment for such Collateral Loan;

 

		(b)	other
than in the case of a Noteless Loan or, a Closing
Date Participation Interest or First Amendment Effective Date Participation Interest,
the original executed Underlying Note endorsed by the issuer or the prior holder of record of such Collateral Loan in blank or
to the Borrower;

 

		(c)	an
                                         executed copy of the Underlying Loan Agreement, together with a copy of all amendments
                                         and modifications thereto;

 

		(d)	a
                                         copy of each related security agreement (if any) signed by each applicable Obligor;

 

		(e)	a
                                         copy of each related guarantee (if any) then executed in connection with such Collateral
                                         Loan;

 

		(f)	for
                                         the Closing Date Participation Interests, the applicable Closing Date Participation Agreement;

 

		(g)	for
                                         the First Amendment Effective Date Participation Interests, the applicable First Amendment
                                         Effective Date Sale Agreement; and

 

		(gh)	a
Document Checklist.

 

“Responsible
Officer” means (a) in the case of (i) a corporation or (ii) a partnership or limited liability company that, in
each case, pursuant to its Constituent Documents, has officers, any chief executive officer, chief financial officer, chief
administrative officer, managing director, president, senior vice president, vice president, assistant vice president,
treasurer, director or manager, and, in any case where two Responsible Officers are acting on behalf of such entity, the
second such Responsible Officer may be a secretary or assistant secretary (provided that a director of the Borrower shall be
a Responsible Officer regardless of whether its Constituent Documents provide for officers), (b) without limitation of clause
(a)(ii), in the case of a limited partnership, the Responsible Officer of the general partner, acting on behalf of such
general partner in its capacity as general partner, (c) without limitation of clause (a)(ii), in the case of a limited
liability company, any Responsible Officer of the sole member or managing member, acting on behalf of the sole member or
managing member in its capacity as sole member or managing member, (d) in the case of a trust, the Responsible Officer of the
trustee, acting on behalf of such trustee in its capacity as trustee, (e) an “authorized signatory” or
”authorized officer” that has been so authorized pursuant to customary corporate proceedings, limited partnership
proceedings, limited liability company proceedings or trust proceedings, as the case may be, and that has responsibilities
commensurate with the matter for which it is acting as a Responsible Officer, and (f) in the case of the Collateral
Administrator, the Collateral Agent or Administrative Agent, an officer of the Collateral Administrator, the Collateral Agent
or Administrative Agent, as applicable, responsible for the administration of this Agreement.

 

     37

     

    

 

“Sale
AgreementAgreements”
means, collectively (i) the Closing Date Sale,
Contribution and Master Participation Agreement, dated as of the date hereof,
by and among the Equityholder and the Borrower. Agreement and (ii) the First Amendment
Effective Date Sale Agreement.

 

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

 

“Sanctioned
Person” means, at any time, (i) any Person listed in any Sanctions-related list of designated Persons maintained by
OFAC, the U.S. Department of State, or by the United Nations Security Council, the European Union, any EU member state or Canada,
(ii) any Person operating, organized or resident in a Sanctioned Country or (iii) any Person controlled by any such Person.

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (i) the U.S. government,
including those administered by OFAC or the U.S. Department of State, or (ii) the United Nations Security Council, the European
Union, Canada or Her Majesty’s Treasury of the United Kingdom.

 

“S&P”
means Standard & Poor’s Ratings Service, a Standard & Poor’s Financial Services LLC business.

 

“S&P
Rating” means, with respect to any Collateral Loan as of any date of determination:

 

(a)          if such Collateral Loan has a monitored rating expressly assigned to a debt obligation (or facility) or a monitored estimated
rating expressly assigned to a debt obligation (or facility) by S&P, such rating,

 

(b)          if the foregoing paragraph is not applicable, then, if the related Obligor has a corporate issuer rating by S&P, the rating
specified in the applicable row of the table below under “Relevant Rating” opposite the row in the table below that
describes such Collateral Loan:

 

	Collateral
    Loan	Relevant
    Rating
	 

                                                                                                                                                      The
                                         Collateral Loan is a secured obligation, but is not a Second Lien Obligation and is not
                                         subordinate

         
	 

                                                                                                                        The
                                         rating by S&P that is one rating subcategory above such corporate issuer rating

         

	 

                                                                                                                                                      The
                                         Collateral Loan is an unsecured obligation or is a Second Lien Obligation, but is not
                                         subordinate

         
	 

                                                                                                                        The
                                         rating by S&P that is one rating subcategory below such corporate issuer rating

         

 

     38

     

    

 

Agreement
as of the original effective date of the Underlying Loan Agreement. For purposes of determining the Tranche Size in respect
of any Collateral Loan: (a) for Collateral Loans that are, in accordance with then-prevailing market practice, typically
bought and sold together, the respective aggregate principal amount of the borrowing facilities available to the Obligor
under the facilities evidenced by the relevant Underlying Loan Agreement shall be aggregated (and, for the avoidance of
doubt, the respective aggregate principal amounts of all revolving facilities, term loan “A” tranches, term loan
“B” tranches and similar loan tranches issued under a single credit agreement shall be aggregated);
(b) the respective principal amounts of lines of credit and delayed draws that, in accordance
with then-prevailing market practice, trade with any Collateral Loan shall be aggregated; and (c) the respective principal
amount of any borrowing facilities that are, under then prevailing market practice, considered add-on facilities in respect
of any Collateral Loan shall be aggregated with the principal amount of such Collateral Loan; provided that, in the
case of clauses (a), (b) and (c) above, such facilities are pari passu in terms of repayment seniority and, with respect to
appropriate price adjustments, buyers are typically indifferent between such facilities.

 

“UCC”
means the New York Uniform Commercial Code; provided that if, by reason of any mandatory provisions of law, the perfection,
the effect of perfection or non-perfection or priority of the security interests granted to the Collateral Agent pursuant to this
Agreement are governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States of America other than
the State of New York, then “UCC” means the Uniform Commercial Code as in effect from time to time in such
other jurisdiction for purposes of such perfection, effect of perfection or non-perfection or priority.

 

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

 

“Underlying Loan
Agreement” means, with respect to any Collateral Loan, the document or documents evidencing the commercial loan
agreement or facility pursuant to which such Collateral Loan is made.

 

“Underlying
Note” means one or more promissory notes, if any, executed by an Obligor evidencing a Collateral Loan.

 

“Unfunded
Reserve Account” has the meaning specified in Section 8.04.

 

“Unfunded Reserve Required Amount”
has the meaning specified in Section 8.04.

 

“U.S. Tax Compliance Certificate” has the meaning specified
in 12.03(g).

 

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

 

“Warranty
Collateral Loan” has the meaning assigned to such term in the Sale AgreementAgreements.

 

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

Section
1.02.       Rules of Construction

 

For
all purposes of this Agreement and the other Facility Documents, except as otherwise expressly provided or unless the
context otherwise requires, (a) singular words shall connote the plural as material violation, material non-compliance,
liability or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of
the Related Security.

 

     43

     

    

 

(s)          Beneficial
Ownership Certification. As of the First Amendment Effective Date, the information included in the Beneficial Ownership Certification
is true and correct in all respects.

 

(t)          
(s) Representations Relating to the Collateral.

 

(i)          The Borrower owns and has good and marketable and the sole legal title to all Collateral Loans (other than the Collateral
Loans related to the Collateral Participation Interests, until any such Collateral Participation Interest is elevated to a
full assignment) and other Collateral free and clear of any Lien, claim or encumbrance of any Person, other than Permitted
Liens;

 

(ii)         the Borrower has acquired its ownership in the Collateral Loans and other Collateral in good faith without notice of any
adverse claim, other than Permitted Liens;

 

(iii)        other than Permitted Liens, the Borrower has not pledged, assigned or sold (except as otherwise permitted under the Facility
Documents), granted a security interest in, or otherwise conveyed (except as otherwise permitted under the Facility
Documents) any of the Collateral;

 

(iv)        the Borrower has full right to grant a security interest in and assign and pledge the Collateral to the Collateral Agent for
the benefit of the Secured Parties (and has duly authorized such grant by all necessary action and the execution, delivery
and performance of this Agreement and the other Facility Documents to which it is a party have been duly authorized by it by
all necessary action);

 

(v)         other than the security interest granted to the Collateral Agent for the benefit of the Secured Parties pursuant to this
Agreement, the Borrower has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the
Collateral; the Borrower has not authorized the filing of and is not aware of any financing statements or any equivalent
filing in any applicable jurisdiction against the Borrower that include a description of collateral covering the Collateral
other than any financing statement or any equivalent filing in any applicable jurisdiction (A) relating to the security
interest granted to the Collateral Agent hereunder or (B) any security interest that has been terminated or fully and validly
assigned to the Collateral Agent or the Borrower on or prior to the date hereof; and the Borrower is not aware of any
judgment, PBGC liens or Tax lien filings against the Borrower or any of its assets;

 

(vi)        the Collateral constitutes Money, 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, 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) or supporting obligations;

 

(vii)      all Covered Accounts constitute “securities accounts” under Section 8-501(a) of the UCC or “deposit
accounts” as defined in Section 9-102 of the UCC;

 

(viii)      this Agreement creates a valid, continuing and, upon Delivery of Collateral, execution of the Account Control Agreement and
filing of the financing statements referenced in clause (xi) below, perfected security interest (as defined in Section
1-201(37) of the UCC) in the

 

     61

     

    

  

(f)    
      Information and Reports. The Notice of Borrowing, each Monthly Report, each
Borrowing Base Calculation Statement, each Payment Date Report and all other written information, reports, certificates and
statements furnished by or on behalf of the Borrower to any Secured Party for purposes of or in connection with this
Agreement, the other Facility Documents or the transactions contemplated hereby or thereby shall be true, complete and
correct in all material respects as of the date such information is stated or certified and the delivery by or on behalf of
the Borrower of the Notice of Borrowing and any such Monthly Report, Borrowing Base Calculation Statement, Payment Date
Report or other written information, reports, certificates and statements shall be deemed to be a representation and warranty
by the Borrower that such information is true, complete and correct in all material respects as of the date such information
is stated or certified.

 

(g)          No
Other Business. The Borrower shall not engage in any business or activity other than borrowing Advances pursuant to
this Agreement, funding, acquiring, owning, holding, administering, selling, enforcing, lending, exchanging, redeeming,
pledging, contracting for the management of and otherwise dealing with Collateral Loans, Eligible Investments and the
Collateral in connection therewith and entering into the Facility Documents, any applicable Related Documents and any other
agreement contemplated by this Agreement.

 

(h)          Tax
Matters. The Borrower shall (and each Lender hereby agrees to) treat the Advances and the Notes as debt for U.S.
federal income tax purposes and will take no contrary position, unless otherwise required pursuant to a closing agreement
with the U.S. Internal Revenue Service or a non-appealable judgment of a court of competent jurisdiction. Notwithstanding any
contrary agreement or understanding, the Collateral Manager, the Borrower, the Agents and the Lenders (and each of their
respective employees, representatives or other agents) may disclose to any and all Persons, without limitation of any kind,
the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials of any kind
(including opinions or other tax analyses) that are provided to them relating to such tax treatment and tax structure. The
foregoing provision shall apply from the beginning of discussions between the parties. For this purpose, the tax treatment of
a transaction is the purported or claimed U.S. tax treatment of the transaction under applicable U.S. federal, state or local
law, and the tax structure of a transaction is any fact that may be relevant to understanding the purported or claimed U.S.
tax treatment of the transaction under applicable U.S. federal, state or local law. For U.S. federal income tax purposes, the
Borrower shall remain disregarded as an entity separate from its sole owner, the Equityholder, within the meaning of Treasury
Regulation Section 301.7701-3. The Equityholder shall remain a United States Person within the meaning of Section 7701(a)(30)
of the Code.

 

(i)           Collections. The Borrower shall direct all Obligors (and related paying agents) to pay all Collections directly to the
Collection Account. The Borrower shall transfer, or cause to be transferred, all Collections to the Collection Account by the
close of business on the Business Day following the date such Collections are received by the Borrower, the Equityholder, the
Collateral Manager or any of their respective Affiliates.

 

(j)           Priority
of Payments. The Borrower shall instruct (or cause the Collateral Manager to instruct) the Collateral Agent to apply all
Interest Proceeds and Principal Proceeds solely in accordance with the Priority of Payments and the other provisions of this
Agreement.

 

(k)          Acquisition
of Collateral Loans from the Equityholder. Any acquisition of Collateral Loans by the Borrower from the Equityholder shall
be (i) effected pursuant to the Sale AgreementAgreements
and subject in all respects to the terms and conditions set forth therein and (ii) for fair market value and no adverse
selection procedures shall be employed by the Borrower (or the Collateral Manager on behalf of the Borrower) in selecting the
Collateral Loans for acquisition.

 

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(l)           Certificate
of Assignment for Closing Date Participation Interests. As soon as practicable, but in no event later than the date that
is sixty (60) days after the Closing Date (or such longer period to which the Administrative Agent may agree), the
Borrower shall deliver to the Custodian and the Administrative Agent a copy of the fully executed assignment agreement
assigning the Collateral Loans related to the Closing Date Participation Interests directly to the Borrower, certified by an
officer of the Borrower (or the Collateral Manager on behalf of the Borrower) and written evidence satisfactory to the
Administrative Agent that the Borrower is recognized as the owner of record by the related administrative agent in respect of
the Related Documents.

 

(m)         Certificate
of Assignment for First Amendment Effective Date Participation Interests. As soon as practicable, but in no event later than
the date that is sixty (60) days after the First Amendment Effective Date (or such longer period to which the
Administrative Agent may agree), the Borrower shall deliver to the Custodian and the Administrative Agent a copy of the fully
executed assignment agreement assigning the Collateral Loans related to the First Amendment Effective Date Participation
Interests directly to the Borrower, certified by an officer of the Borrower (or the Collateral Manager on behalf of the
Borrower) and written evidence satisfactory to the Administrative Agent that the Borrower is recognized as the owner of
record by the related administrative agent in respect of the Related Documents.

 

(n)          (m)
Delivery of Loan Files. The Borrower
(or the Collateral Manager on behalf of the Borrower) shall deliver to the Custodian for each Collateral Loan, each item referenced
in the definition of “Loan File”; provided that, other than as set forth above with respect to any original
assignment of any Collateral Loan or any original executed promissory note with respect to any Collateral Loan (each of which
shall be delivered to the Custodian in sealed envelopes labeled appropriately), the requirements set forth in this Section
5.01(mn) shall be satisfied by providing
electronic copies of any Required Loan Document to the Custodian; provided, further, that any filed stamped document
included in any Loan File shall be delivered as soon as they are reasonably available (but in no event later than 30 Business
Days after the acquisition by the Borrower of the applicable Collateral Loan). Neither the Custodian nor the Collateral Administrator
shall have any obligation to review any of the documents delivered to it hereunder.

 

(o)          Beneficial Ownership Regulation. Promptly following any request therefor, the Borrower shall
deliver to the Administrative Agent information and documentation reasonably requested by the Administrative Agent or any Lender
for purpose of compliance with the Beneficial Ownership Regulation.

 

(p)          Delivery
of Additional Information. The Borrower shall deliver to the Administrative Agent or any Lender (i) promptly following any
request therefor, any information and documentation reasonably requested by the Administrative Agent or such Lender for
purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations,
including the PATRIOT Act and the Beneficial Ownership Regulation, and (ii) prompt written notice of any change in the
information provided in the Beneficial Ownership Certification delivered to the Administrative Agent or such Lender that
would result in a change to the list of beneficial owners identified in such certification.

 

Section
5.02.       Negative Covenants of the Borrower

 

The
Borrower covenants and agrees that, until the Final Maturity Date (and thereafter until the date that all Obligations, other than
contingent indemnification obligations as to which no claim giving rise thereto has been asserted, have been Paid in Full):

 

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during
the continuance of a Collateral Manager Default. Nevertheless, if so requested by the Administrative Agent, the Borrower shall
ratify and confirm any such sale or other disposition by executing and delivering to the Administrative Agent all proper bills
of sale, assignments, releases and other instruments as may be designated in any such request.

 

(b)          No person to whom this power of attorney is presented as authority for the Administrative Agent to take any action or actions
contemplated by clause (a) above shall inquire into or seek confirmation from the Borrower as to the authority of the
Administrative Agent to take any action described below, or as to the existence of or fulfillment of any condition to the
power of attorney described in clause (a) above, which is intended to grant to the Administrative Agent
unconditionally the authority to take and perform the actions contemplated herein, and to the extent permitted by applicable
Law, the Borrower irrevocably waives any right to commence any suit or action, in law or equity, against any person or entity
that acts in reliance upon or acknowledges the authority granted under this power of attorney. The power of attorney granted
in clause (a) above is coupled with an interest and may not be revoked or canceled by the Borrower until all
obligations of the Borrower under the Facility Documents have been Paid in Full and the Administrative Agent has provided its
written consent thereto.

 

(c)          Notwithstanding anything to the contrary herein, the power of attorney granted pursuant to this Section 6.03 shall
only be exercisable after the occurrence and during the continuance of an Event of Default.

 

ARTICLE
VII

PLEDGE
OF COLLATERAL; 

RIGHTS
OF THE COLLATERAL AGENT

 

Section
7.01.       Grant of Security

 

(a)          The Borrower hereby grants, pledges, transfers and collaterally assigns to the Collateral Agent, for the benefit of the
Secured Parties, as collateral security for all Obligations, a continuing security interest in, and a Lien upon, all of the
Borrower’s right, title and interest in, to and under, the following property, in each case whether tangible or
intangible, wheresoever located, and whether now owned by the Borrower or hereafter acquired and whether now existing or
hereafter coming into existence (all of the property described in this Section 7.01(a) being collectively referred to
herein as the “Collateral”):

 

(i)          all
Collateral Loans and Related Documents (including those listed, as of the ClosingFirst
Amendment Effective Date, in Schedule 5 hereto), both now and hereafter owned, including all Collections and
other Proceeds thereon or with respect thereto;

 

(ii)         each Covered Account and all Money and all investment property (including all securities, all security entitlements with
respect to such Covered Account and all financial assets carried in such Covered Account) from time to time on deposit in or
credited to each Covered Account;

 

(iii)        all interest, dividends, stock dividends, stock splits, distributions and other Money or property of any kind distributed
in respect of the Collateral Loans of the Borrower, which the Borrower is entitled to receive, including all Collections in respect
of its Collateral Loans;

 

(iv)        each
Facility Document and all rights, remedies, powers, privileges and claims under or in respect thereto (whether arising
pursuant to the terms thereof or otherwise available to Margin Stock, unless such sale is prohibited by Applicable Law or
contract, in which case such Equity Security should be sold as soon as such sale is permitted by Applicable Law or
contract.

 

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 (d)          Certain Restrictions.

 

(i)         
No Collateral Loan (other than a Warranty Collateral Loan) may be sold to an Affiliate of the Borrower without the prior
written consent of the Administrative Agent and, in the case of a sale at a price less than the original percentage of par
paid by the Borrower, the purchase price shall not be less than the Asset Value of such Collateral Loan.

 

(ii)         The Principal Balance of all Equityholder Collateral Loans (other than Warranty Collateral Loans) sold pursuant to Section
10.01(a) to the Equityholder or an Affiliate thereof or released to the Equityholder pursuant to a dividend by the
Borrower shall not in any twelve-month period exceed 20% of the Equityholder Purchased Loan Balance measured as of the first
day of such twelve-month period.

 

(iii)        The Principal Balance of all Defaulted Collateral Loans (other than Warranty Collateral Loans) that are Equityholder
Collateral Loans sold pursuant to Section 10.01(a) to the Equityholder or an Affiliate thereof or released to the
Equityholder pursuant to a dividend by the Borrower shall not in any twelve-month period exceed 10% of the Equityholder
Purchased Loan Balance measured as of the first day of such twelve-month period.

 

(e)          Application
of Proceeds of Sales. The Collateral Manager on behalf of the Borrower shall deposit the proceeds of any sale effected
pursuant to this Section 10.01 into the Principal Collection Account for disbursement in accordance with Section
9.01(a)(ii).

 

Section
10.02.     Purchases of Additional Collateral Loans.

 

Other
than the Collateral Loans acquired by the Borrower on the Closing Date and the First Amendment Effective
Date, the Borrower shall not purchase any additional Collateral Loans.

 

Section
10.03.     Conditions Applicable to All Sale and Purchase Transactions

 

(a)          Any
transaction effected under this Article X or in connection with the acquisition of additional Collateral Loans shall be
for fair market value and, if effected with a Person that is an Affiliate of 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 (i) on terms no less favorable
to the Borrower than would be the case if such Person were not an Affiliate or as otherwise expressly permitted in this Agreement
and (ii) effected in accordance with all Applicable Laws.

 

(b)
         Upon each acquisition by the Borrower of a Collateral Loan on the Closing Date and the First
Amendment Effective Date (i) all of the Borrower’s right, title and interest to such Collateral Loan shall be
subject to the Lien granted to the Collateral Agent pursuant to this Agreement and (ii) such Collateral Loan shall be Delivered
to the Collateral Agent.

 

Section
10.04.     Additional Equity Contributions

 

The
Equityholder may, but shall have no obligation to, at any time or from time to time make a capital contribution to the
Borrower for any purpose, including for the purpose of curing any Default or satisfying any Coverage Test. Each contribution
shall be made in Cash or Eligible Investments. All Cash contributed to the Borrower shall be treated as Principal Proceeds,
except to the extent that the Collateral Manager specifies that such Cash shall constitute Interest Proceeds and shall be
deposited into the applicable Collection Account in accordance with Section 8.02 as designated by the Collateral
Manager.

 

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Section
10.05.     Transfer of Warranty Collateral Loans. 

 

The
Borrower may transfer any Warranty Collateral Loan to the Equityholder, or to any third party at the Equityholder’s direction,
to consummate the sale or substitution of such Warranty Collateral Loan pursuant to, and in accordance with the terms of, Article
VI of the Sale AgreementAgreements.

 

ARTICLE
XI

THE AGENTS

 

Section
11.01.     Authorization and Action

 

(a)          Each Lender hereby irrevocably appoints and authorizes the Administrative Agent and the Collateral Agent to take such action
as agent on its behalf and to exercise such powers under this Agreement and, to the extent applicable, the other Facility
Documents as are delegated to such Agent by the terms hereof and thereof, together with such powers as are reasonably
incidental thereto, subject to the terms hereof. No Agent shall have any duties or responsibilities, except those expressly
set forth herein or in the other Facility Documents to which it is a party or any fiduciary relationship with any Secured
Party and no implied covenants, functions, responsibilities, duties or obligations or liabilities on the part of such Agent
shall be read into this Agreement or any other Facility Document to which such Agent is a party (if any) as duties on its
part to be performed or observed. No Agent shall have or be construed to have any other duties or responsibilities in respect
of this Agreement or any other Facility Document and the transactions contemplated hereby or thereby. As to any matters not
expressly provided for by this Agreement or the other Facility Documents, no Agent shall be required to exercise any
discretion or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so
acting or refraining from acting) upon the written instructions of the Required Lenders (or, with respect to the Collateral
Agent, the Administrative Agent); provided that such Agent shall not be required to take any action which exposes such
Agent, in its judgment, to personal liability, cost or expense or which is contrary to this Agreement, the other Facility
Documents or Applicable Law, or would be, in its judgment, contrary to its duties hereunder, under any other Facility
Document or under Applicable Law. Each Lender agrees that in any instance in which the Facility Documents provide that an
Agent’s consent may not be unreasonably withheld, provide for the exercise of such Agent’s reasonable discretion,
or provide to a similar effect, it shall not in its instructions (or by refusing to provide instruction) to such Agent
withhold its consent or exercise its discretion in an unreasonable manner.

 

(b)          If the Collateral Agent has been requested or directed by the Required Lenders to take any action pursuant to any provision
of this Agreement or any other Facility Document, the Collateral Agent shall not be under any obligation to exercise any of
the rights or powers vested in it by this Agreement or such Facility Document in the manner so requested unless it shall have
been provided indemnity reasonably satisfactory to it against the costs, expenses and liabilities which may be incurred by it
in compliance with or in performing such request or direction. No provision of this Agreement or any other Facility Document
shall otherwise be construed to require the Collateral Agent to expend or risk its own funds or to take any action that could
in its judgment cause it to incur any cost, expenses or liability, unless it is provided indemnity acceptable to it against
any such expenditure, risk, costs, expense or liability. For the avoidance of doubt, the Collateral Agent shall not have any
duty or obligation to take any action to exercise or enforce any power, right or remedy available to it under this Agreement
or any other Facility Document or any Related Document unless and until directed by the Required Lenders (or the
Administrative Agent on their behalf).

 

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