Document:

Exhibit 10.1

 

FIRST AMENDMENT
TO

ENVIVA PARTNERS, LP

LONG-TERM INCENTIVE PLAN

 

WHEREAS, Enviva
Partners GP, LLC, a Delaware limited liability company (the “General Partner”), the general partner of
Enviva Partners, LP, a Delaware limited partnership (the “Partnership”) has previously adopted the Enviva
Partners, LP Long-Term Incentive Plan (the “Plan”); and

 

WHEREAS, the
General Partner desires to amend the Plan in certain respects;

 

NOW, THEREFORE,
the Plan shall be amended as follows, effective as of January 29, 2020 (the “Amendment Effective Date”):

 

1.            
The first sentence of Section 4(a) of the Plan shall be deleted and the following shall be substituted therefor:

 

“Subject
to adjustment as provided in Section 4(c) and Section 7, the number of Units that may be delivered with respect to Awards under
the Plan is 2,450,000 (which number is inclusive of the Units authorized under the Plan prior to January 29, 2020).”

 

2.            
Section 8(b) of the Plan shall be deleted and the following shall be substituted therefor:

 

“(b)    Tax
Withholding. Unless other arrangements have been made that are acceptable to the General Partner or any of its Affiliates,
the General Partner or any Affiliate of the General Partner is authorized to deduct, withhold, or cause to be deducted or withheld,
from any Award, from any payment due or transfer made under any Award or from any compensation or other amount owing to a Participant
the amount (in cash, Units, including Units that would otherwise be issued pursuant to such Award, or other property) of any applicable
taxes payable in respect of the grant or settlement of an Award, its exercise, the lapse of restrictions thereon, or any other
payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the General
Partner or any Affiliate of the General Partner to satisfy its withholding obligations for the payment of such taxes. In the event
that Units that would otherwise be issued pursuant to an Award are used to satisfy such withholding obligations, the maximum number
of Units that may be so withheld or surrendered shall be the number of Units that have an aggregate Fair Market Value on the date
of withholding or surrender equal to the aggregate amount of such tax liabilities determined based on the greatest withholding
rates for federal, state, foreign and/or local tax purposes, including payroll taxes, that may be utilized without creating adverse
accounting treatment for the General Partner or any of its Affiliates with respect to such Award, as determined by the Committee.”

 

    

     

    

 

3.            
Section 9 of the Plan shall be deleted and the following shall be substituted therefor:

 

“Section
9.    Term of the Plan. The Plan, as amended by the First Amendment to the Plan,
shall be effective on January 29, 2020 and shall continue until the earliest of (i) the date terminated by the Board or the
Committee, (ii) the date that all Units available under the Plan have been delivered to Participants, or (iii) January 29,
2030. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award granted prior
to such termination, and the authority of the Board or the Committee under the Plan or an Award Agreement to amend, alter,
adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award, shall extend
beyond such termination date.”

 

4.            
As amended hereby, the Plan is specifically ratified and reaffirmed.

 

IN WITNESS WHEREOF,
the undersigned has caused this First Amendment to be executed on the Amendment Effective Date, effective for all purposes as provided
above.

	 	  	 
	 	ENVIVA PARTNERS GP, LLC
	 	 	 
	 	 	 
	 	By:	  /s/ Joseph N. Lane
	 	Name:	  Joseph N. Lane
	 	Title:	  Executive Vice President, Human Capital

 

    2Exhibit 10.1

 

Amendment
No. 13 to

Loan and Servicing Agreement

 

This
AMENDMENT NO. 13 TO LOAN AND SERVICING AGREEMENT (the “Amendment”),
dated as of January 31, 2020 (the “Amendment Effective Date”), is entered into by and among ARES
CAPITAL CP FUNDING LLC, a Delaware limited liability company, as the borrower (the “Borrower”), ARES
CAPITAL CORPORATION, a Maryland corporation, as the servicer (the “Servicer”), WELLS FARGO BANK, NATIONAL ASSOCIATION,
as the agent (the “Agent”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as a lender (“Wells Fargo”),
BANK OF AMERICA, N.A., as a lender (“Bank of America” and, together with Wells Fargo, the “Lenders”)
and U.S. BANK NATIONAL ASSOCIATION, as Trustee, Bank, and Collateral Custodian (in such capacities, “U.S. Bank”).

 

WHEREAS, the Borrower,
the Agent, the Lenders, Wells Fargo Bank, National Association, as the Swingline Lender, the Servicer, U.S. Bank and each of the
other lenders, are party to the Loan and Servicing Agreement, dated as of January 22, 2010 (as amended, modified, waived, supplemented,
restated or replaced from time to time, prior to the date hereof, the “Loan and Servicing Agreement”);

 

WHEREAS, Sampension Livsforsikring
A/S is joining the Loan and Servicing Agreement as a Lender as of the date hereof;

 

WHEREAS,
Arkitekternes Pensionskasse is joining the Loan and Servicing Agreement as a Lender as of the date hereof;

 

WHEREAS, Pensionskassen
for Jordbrugsakademikere og Dyrlæger is joining the Loan and Servicing Agreement as a Lender as of the date hereof;

 

WHEREAS, TIAA, FSB is
joining the Loan and Servicing Agreement as a Lender as of the date hereof; and

 

WHEREAS, the parties
hereto desire to amend the Loan and Servicing Agreement in accordance with the provisions thereof and subject to the terms and
conditions set forth herein.

 

NOW THEREFORE, in consideration
of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE
I

 

Definitions

 

SECTION
1.1.            Defined Terms. Terms
used but not defined herein have the respective meanings given to such terms in the Loan and Servicing Agreement.

 

     

     

    

 

ARTICLE
II

 

Amendments to Loan and Servicing Agreement

 

SECTION
2.1.            As of the Amendment Effective Date, the Loan and
Servicing Agreement is hereby amended to delete the stricken text (indicated textually in the same manner as the following example:
stricken text) and to add the bold and double-underlined text (indicated textually
in the same manner as the following example: bold and double-underlined
text) as set forth on the pages attached as Appendix A hereto. A clean copy of the conformed Loan and Servicing
Agreement is set forth on the pages attached as Appendix B hereto.

 

ARTICLE
III

 

Representations and Warranties

 

SECTION
3.1.            Each of the Borrower and the Servicer hereby represents
and warrants (as to itself) to the Agent that, as of the date first written above, (i) no Unmatured Event of Default, Event of
Default or Servicer Termination Event has occurred and is continuing and (ii) the representations and warranties of the Borrower
and the Servicer contained in the Loan and Servicing Agreement are true and correct in all material respects on and as of such
day (other than any representation and warranty that is made as of a specific date).

 

ARTICLE
IV

 

Conditions Precedent

 

SECTION
4.1.            This Amendment shall become effective upon:

 

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

 

(b)               the
Agent’s receipt of a good standing certificate for the Borrower by the applicable office body of its jurisdiction of organization
and a copy of the resolutions of the board of managers or directors (or similar items) of the Borrower approving this Amendment
and the transactions contemplated hereby, certified by its secretary or assistant secretary or other authorized officer;

 

(c)              
the Agent shall have received the executed legal opinion of counsel to the Borrower in form and substance acceptable to
the Agent in its reasonable discretion; and

 

(d)              
payment of all reasonable and invoiced fees due and owing to the Agent and Lenders on or prior to the Amendment Effective
Date.

 

ARTICLE
V 

 

Joining Lenders

 

    	 	2	 

     

    

 

SECTION
5.1.           From and after the date hereof, and by each of their
signatures hereto, each of Sampension Livsforsikring A/S, Arkitekternes Pensionskasse, Pensionskassen for Jordbrugsakademikere
og Dyrlæger and TIAA, FSB shall be Lenders under the Loan and Servicing Agreement in accordance with the terms thereof.

 

ARTICLE
VI

 

Miscellaneous

 

SECTION
6.1.           Governing Law. THIS
AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED
IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

SECTION
6.2.           Severability Clause. In
case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

 

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

 

SECTION
6.4.           Counterparts. The
parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and the
same agreement. Delivery of an executed signature page of this Amendment by facsimile or email transmission shall be effective
as delivery of a manually executed counterpart hereof.

 

SECTION
6.5.           Headings. The
headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to alter
or affect the meaning or interpretation of any provisions hereof.

 

SECTION
6.6.           Direction to Execute.  The Lenders hereby
authorize and direct U.S. Bank in each of its capacities to execute this Amendment.

 

SECTION
6.7.           Execution. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to this Amendment
or any document to be signed in connection with this Amendment and the transactions contemplated hereby shall be deemed to include
electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on
the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by
electronic means.

 

[Signature Pages Follow]

 

    	 	3	 

     

    

 

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

 

	 	ARES CAPITAL CP FUNDING LLC
	 	 
	 	 
	 	By:	/s/ Joshua M. Bloomstein
	 	 	Name:	Joshua M. Bloomstein
	 	 	Title:	Authorized Signatory

 

[Signature Page to Amendment No. 13 to LSA]

 

     

     

    

 

	 	ARES CAPITAL CORPORATION, as the Servicer
	 	 
	 	 
	 	By:	/s/ Joshua M. Bloomstein
	 	 	Name:	Joshua M. Bloomstein
	 	 	Title:	Authorized Signatory

 

[Signature Page to Amendment No. 13 to LSA]

 

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Agent
	 	 
	 	 
	 	By:	/s/ Steve Sebo
	 	 	Name:	Steve Sebo
	 	 	Title:	Vice President

 

[Signature Page to Amendment No. 13 to LSA]

 

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
	 	 
	 	 
	 	By:	/s/ Allan Schmitt
	 	 	Name:	Allan Schmitt
	 	 	Title:	Director

 

[Signature Page to Amendment No. 13 to LSA]

 

     

     

    

 

	 	BANK OF AMERICA, N.A., as a Lender
	 	 
	 	 
	 	By:	/s/ Bryson Brannon
	 	 	Name:	Bryson Brannon
	 	 	Title:	Director

 

[Signature Page to Amendment No. 13 to LSA]

 

     

     

    

 

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee, Bank and Collateral Custodian
	 	 
	 	 
	 	By:	/s/ James H. Byrne
	 	 	Name:	James H. Byrne
	 	 	Title:	Vice President

 

[Signature Page to Amendment No. 13 to LSA]

 

     

     

    

 

	 	SAMPENSION LIVSFORSIKRING A/S, as a Lender
	 	 
	 	 
	 	By:	/s/ Henrik Arnt
	 	 	Name:	Henrik Arnt
	 	 	Title:	Senior Portfolio Manager
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Anders Tauber Lassen
	 	 	Name:	Anders Tauber Lassen
	 	 	Title:	Head of Credit

 

     

     

    

  

	 	ARKITEKTERNES PENSIONSKASSE, as a Lender
	 	 
	 	 
	 	By:	/s/ Henrik Arnt
	 	 	Name:	Henrik Arnt
	 	 	Title:	Senior Portfolio Manager
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Anders Tauber Lassen
	 	 	Name:	Anders Tauber Lassen
	 	 	Title:	Head of Credit

 

     

     

    

  

	 	PENSIONSKASSEN FOR JORDBRUGSAKADEMIKERE OG DYRLÆGER, as a Lender
	 	 
	 	 
	 	By:	/s/ Henrik Arnt
	 	 	Name:	Henrik Arnt
	 	 	Title:	Senior Portfolio Manager
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Anders Tauber Lassen
	 	 	Name:	Anders Tauber Lassen
	 	 	Title:	Head of Credit

 

     

     

    

 

	 	TIAA, FSB, as a Lender
	 	 
	 	 
	 	By:	/s/ Martin O’Brien
	 	 	Name:	Martin O’Brien
	 	 	Title:	Director

 

     

     

    

 

APPENDIX A

 

    

     

    

 

EXECUTION COPY

Conformed through Amendment No. 1213

 

 

Up to U.S. $1,275,000,0001,525,000,000

 

LOAN AND SERVICING AGREEMENT

 

Dated as of January 22,
2010
 

Among

 

ARES CAPITAL CP FUNDING
LLC,

as the Borrower

 

and

 

ARES CAPITAL CORPORATION,

as the Servicer and the Transferor

 

and

 

WELLS FARGO BANK,
NATIONAL ASSOCIATION,

as the Agent and the Swingline Lender

 

and

 

EACH OF THE LENDERS
FROM TIME TO TIME PARTY HERETO,

as the Lenders

 

and

 

U.S. BANK NATIONAL
ASSOCIATION,

as the Collateral Custodian, Trustee and
the Bank

 

 

    

     

    

 

TABLE OF CONTENTS

 

		 	Page
	ARTICLE I.	DEFINITIONS	2
	 	 	 
	 	Section 1.01	Certain
    Defined Terms.	2
    
	 	Section 1.02	Other Terms.	5253
	 	Section 1.03	Computation of Time
    Periods.	5253
	 	Section 1.04	Interpretation.	5253
	 	 	 	 
	ARTICLE II.	THE FACILITY	5354
	 	 	 
	 	Section 2.01	Advances.	5354
	 	Section 2.02	Procedure for Advances.	5556
	 	Section 2.03	Determination of
    Yield.	5657
	 	Section 2.04	Remittance Procedures.	5758
	 	Section 2.05	Instructions to
    the Trustee and the Bank.	6162
	 	Section 2.06	Borrowing Base Deficiency
    Payments.	6162
	 	Section 2.07	Substitution and
    Sale of Loan Assets; Affiliate Transactions.	6162
	 	Section 2.08	Payments and Computations,
    Etc.	6768
	 	Section 2.09	Fees.	6869
	 	Section 2.10	Increased Costs;
    Capital Adequacy.	6970
	 	Section 2.11	Taxes.	7071
	 	Section 2.12	Collateral Assignment
    of Agreements.	7374
	 	Section 2.13	Grant of a Security
    Interest.	7374
	 	Section 2.14	Evidence of Debt.	7475
	 	Section 2.15	Survival of Representations
    and Warranties.	7475
	 	Section 2.16	Release of Loan
    Assets.	7475
	 	Section 2.17	Treatment of Amounts
    Paid by the Borrower.	7576
	 	Section 2.18	Prepayment; Termination.	7576
	 	Section 2.19	Extension of Stated
    Maturity Date and Reinvestment Period.	7677
	 	Section 2.20	Collections and
    Allocations.	7677
	 	Section 2.21	Reinvestment of
    Principal Collections.	7778
	 	Section 2.22	Additional Lenders;
    Increase of Commitment.	7879
	 	Section 2.23	Defaulting Lenders.	7980
	 	Section 2.24	Mitigation Obligations;
    Replacement of Lenders.	8081
	 	Section 2.25	Refunding of Swingline
    Advances.	8283
	 	 	 	 
	ARTICLE III.	CONDITIONS PRECEDENT	8384
	 	 	 
	 	Section 3.01	Conditions Precedent
    to Effectiveness.	8384
	 	Section 3.02	Conditions Precedent
    to All Advances.	8384
	 	Section 3.03	Advances Do Not
    Constitute a Waiver.	8687
	 	Section 3.04	Conditions to Pledges
    of Loan Assets.	8687

 

    -i-

     

    

 

	ARTICLE IV.	REPRESENTATIONS AND WARRANTIES	8788
	 	 	 
	 	Section 4.01	Representations and Warranties of the Borrower.	8788
	 	Section 4.02	Representations and
    Warranties of the Borrower Relating to the Agreement and the Collateral Portfolio.	9596
	 	Section 4.03	Representations and Warranties of the Servicer.	9798
	 	Section 4.04	Representations and Warranties of the Trustee.	101102
	 	Section 4.05	Representations and Warranties of each Lender.	101102
	 	Section 4.06	Representations and Warranties of the Collateral Custodian.	102103
	 	 	 	 
	ARTICLE V.	GENERAL COVENANTS	102103
	 	 	 
	 	Section 5.01	Affirmative Covenants of the Borrower.	102103
	 	Section 5.02	Negative Covenants of the Borrower.	109110
	 	Section 5.03	Affirmative Covenants of the Servicer.	113114
	 	Section 5.04	Negative Covenants of the Servicer.	118119
	 	Section 5.05	Affirmative Covenants of the Trustee.	119121
	 	Section 5.06	Negative Covenants of the Trustee.	120121
	 	Section 5.07	Affirmative Covenants of the Collateral Custodian.	120121
	 	Section 5.08	Negative Covenants of the Collateral Custodian.	120121
	 	Section 5.09	Covenants of the Borrower Relating to Hedging of Loan Assets.	121122
	 	 	 	 
	ARTICLE VI.	ADMINISTRATION AND SERVICING OF CONTRACTS	122123
	 	 	 
	 	Section 6.01	Appointment and Designation of the Servicer.	122123
	 	Section 6.02	Duties of the Servicer.	124125
	 	Section 6.03	Authorization of the Servicer.	126127
	 	Section 6.04	Collection of Payments; Accounts.	127128
	 	Section 6.05	Realization Upon Loan Assets.	129130
	 	Section 6.06	Servicing Compensation.	129130
	 	Section 6.07	Payment of Certain Expenses by Servicer.	129130
	 	Section 6.08	Reports to the Agent; Account Statements; Servicing Information.	130131
	 	Section 6.09	Annual Statement as to Compliance.	132133
	 	Section 6.10	Annual Independent Public Accountant’s Servicing Reports.	132133
	 	Section 6.11	The Servicer Not to Resign.	133134
	 	 	 	 
	ARTICLE VII.	EVENTS OF DEFAULT	133134
	 	 	 
	 	Section 7.01	Events of Default.	133134
	 	Section 7.02	Additional Remedies of the Agent.	137138

 

    -ii-

     

    

 

	ARTICLE VIII.	INDEMNIFICATION	140141
	 	 	 
	 	Section 8.01	Indemnities by the Borrower.	140141
	 	Section 8.02	Indemnities by Servicer.	143144
	 	Section 8.03	Legal Proceedings.	145146
	 	Section 8.04	After-Tax Basis.	146147
	 	Section 8.05	Benefit of Indemnity.	146147
	 	 	 	 
	ARTICLE IX.	THE AGENT	146147
	 	 	 
	 	Section 9.01	The Agent.	146147
	 	 	 	 
	ARTICLE X.	TRUSTEE	151152
	 	 	 
	 	Section 10.01	Designation of Trustee.	151152
	 	Section 10.02	Duties of Trustee.	151152
	 	Section 10.03	Merger or Consolidation.	153154
	 	Section 10.04	Trustee Compensation.	153154
	 	Section 10.05	Trustee Removal.	153155
	 	Section 10.06	Limitation on Liability.	154155
	 	Section 10.07	Trustee Resignation.	155156
	 	 	 	 
	ARTICLE XI.	MISCELLANEOUS	155156
	 	 	 
	 	Section 11.01	Amendments and Waivers.	155156
	 	Section 11.02	Notices, Etc.	157158
	 	Section 11.03	No Waiver; Remedies.	160161
	 	Section 11.04	Binding Effect; Assignability; Multiple Lenders.	160161
	 	Section 11.05	Term of This Agreement.	161162
	 	Section 11.06	GOVERNING LAW; JURY WAIVER.	162163
	 	Section 11.07	Costs, Expenses and Taxes.	162163
	 	Section 11.08	No Proceedings.	163164
	 	Section 11.09	Recourse Against Certain Parties.	163164
	 	Section 11.10	Execution in Counterparts; Severability; Integration.	164165
	 	Section 11.11	Consent to Jurisdiction; Service of Process.	164165
	 	Section 11.12	Characterization of Conveyances Pursuant to the Purchase and Sale Agreements.	165166
	 	Section 11.13	Confidentiality.	166167
	 	Section 11.14	Acknowledgement and Consent to Bail-In of EEA Financial Institutions.	168169
	 	Section 11.15	Waiver of Set Off.	169170
	 	Section 11.16	Headings and Exhibits.	169170
	 	Section 11.17	Ratable Payments.	169170
	 	Section 11.18	Breaches of Representations, Warranties and Covenants.	169170
	 	Section 11.19	Assignments of Loan Assets.	169171
	 	Section 11.20	Affirmation.	170171
	 	Section 11.21	Covered Transactions.	170171

 

    -iii-

     

    

 

	ARTICLE XII.	COLLATERAL CUSTODIAN	170171
	 	 	 
	 	Section 12.01	Designation of Collateral Custodian.	170171
	 	Section 12.02	Duties of Collateral Custodian.	171172
	 	Section 12.03	Merger or Consolidation.	173175
	 	Section 12.04	Collateral Custodian Compensation.	174175
	 	Section 12.05	Collateral Custodian Removal.	174175
	 	Section 12.06	Limitation on Liability.	174175
	 	Section 12.07	Collateral Custodian Resignation.	175176
	 	Section 12.08	Release of Documents.	176177
	 	Section 12.09	Return of Required Loan Documents.	176178
	 	Section 12.10	Access to Certain Documentation and Information Regarding the Collateral
    Portfolio; Audits of Servicer.	177178
	 	Section 12.11	Custodian as Agent of Trustee.	177178
	 	Section 12.12	Recognition of the U.S. Special Resolution Regimes.	179

 

    -iv-

     

    

 

This LOAN
AND SERVICING AGREEMENT (as amended, restated, supplemented or modified from time to time, the “Loan and Servicing Agreement”)
is made as of January 22, 2010, among:

 

(1)         ARES
CAPITAL CP FUNDING LLC, a Delaware limited liability company (together with its successors and assigns in such capacity, the “Borrower”);

 

(2)         ARES
CAPITAL CORPORATION, a Maryland corporation, as the Servicer (as defined herein) and the Transferor (as defined herein);

 

(3)         WELLS
FARGO BANK, NATIONAL ASSOCIATION, as agent (together with its successor and assigns in such capacity, the “Agent”)
and as swingline lender (together with its successor and assigns in such capacity, the “Swingline Lender”);

 

(4)         EACH
OF THE LENDERS FROM TIME TO TIME PARTY HERETO, as a Lender; and

 

(5)         U.S.
BANK NATIONAL ASSOCIATION (“U.S. Bank”), as the Trustee (together with its successors and assigns in such capacity,
the “Trustee”), the Bank (as defined herein) and the Collateral Custodian (together with its successors and
assigns in such capacity, the “Collateral Custodian”).

 

PRELIMINARY STATEMENT

 

WHEREAS, certain
parties hereto were party to a Sale and Servicing Agreement, dated as of November 3, 2004, by and among the Servicer, as the
servicer, the Transferor, as the originator, the Borrower, as the borrower, Ares CP Funding II LLC, as the guarantor, Variable
Funding Capital Company LLC (“VFCC”), as a conduit purchaser, the Note Purchaser, as an institutional purchaser,
Wells Fargo Securities, LLC (f/k/a Wachovia Capital Markets, LLC) (together with its successors and assigns, “WFS”),
as the administrative agent and as the purchaser agent for VFCC, Ares Capital CP Funding II, as the guarantor (the “Guarantor”)
the Trustee, as the trustee, and Lyon Financial Services, Inc. d/b/a U.S. Bank Portfolio Services (“Lyon”),
as the backup servicer (as amended, restated, supplemented or modified prior to the date hereof, the “Original Agreement”);

 

WHEREAS, certain
parties hereto are party to an Amended and Restated Sale and Servicing Agreement, dated as of January 22, 2010, by and among
the Servicer, as the servicer, the Transferor as the originator, the Borrower, as the borrower, Wells Fargo Bank, National Association,
in its individual capacity (together with its successors and assigns, “Wells Fargo”), as the note purchaser,
WFS, as the administrative agent, and U.S. Bank, as the collateral custodian, trustee and bank (as amended, restated, supplemented
or modified prior to the date hereof, (the “Restatement Agreement”) that amended and restated the Original Agreement;

 

    

     

    

 

“Bankruptcy
Laws” means the Bankruptcy Code and all other applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement,
receivership, insolvency, reorganization, suspension of payments, or similar debtor relief laws from time to time in effect affecting
the rights of creditors generally.

 

“Bankruptcy
Proceeding” means any case, action or proceeding before any court or other Governmental Authority relating to any Bankruptcy
Event.

 

“Base
Rate” means, on any date, a fluctuating per annum interest rate equal to the higher of (a) the Prime Rate
or (b) the Federal Funds Rate plus 0.5%.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation,
which certification shall be substantially similar in form and substance to the form of Certification Regarding Beneficial Owners
of Legal Entity Customers published jointly, in May 2018, by the Loan Syndications and Trading Association and Securities
Industry and Financial Markets Association.

 

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

 

“Benefit
Plan Investor” means a “benefit plan investor” as defined in Department of Labor regulation 29 C.F.R. Section 2510.3-101,
as modified by Section 3(42) of ERISA, and includes an employee benefit plan that is subject to the fiduciary responsibility
provisions of Title I of ERISA, a plan that is subject to Section 4975 of the Code, and an entity the underlying assets of
which are deemed to include plan assets.

 

“BHC
Act Affiliate” means the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance
with, 12 U.S.C. § 1841(k).

 

“Borrower” has the meaning assigned
to that term in the preamble hereto.

 

“Borrowing Base” means, as of any date of determination, an amount equal
to the lesser of:

 

(a)         (i)
the product of (A) the Weighted Average Applicable Percentage as of such date and (B) the aggregate Adjusted
Borrowing Value of all Eligible Loan Assets as of such date minus the Excess Concentration Amount, plus (ii) the
amount on deposit in the Principal Collection Account as of such date, minus (iii) the Unfunded Exposure Equity
Shortfall; or

 

(b)         (i) the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets as of such date, minus (ii) the Large
Obligor ExposureMinimum Required Equity Amount, minus (iii) the
Excess Concentration Amount, plus (iv) the amount on deposit in the Principal Collection Account as of such date, minus (v) the
Unfunded Exposure Equity Shortfall; or

 

(c)         the
Maximum Facility Amount minus the Unfunded Exposure Amount;

 

    -11-

     

    

 

provided that,
for the avoidance of doubt, any Loan Asset which at any time is no longer an Eligible Loan Asset shall not be included in the
calculation of “Borrowing Base”.

 

“Borrowing
Base Certificate” means a certificate setting forth the calculation of the Borrowing Base as of the applicable date of
determination substantially in the form of Exhibit C hereto, prepared by the Servicer.

 

“Borrowing
Base Deficiency” means, as of any date of determination, the extent to which the aggregate Advances Outstanding on such
date exceeds the Borrowing Base.

 

“Breakage
Fee” means, for Advances which are repaid (in whole or in part) on any date other than a Payment Date, the breakage costs,
if any, related to such repayment, it hereby being understood that the amount of any loss, costs or expense payable by the Borrower
to any Lender as Breakage Fee shall be determined in the respective Lender’s reasonable discretion based upon the assumption
that such Lender funded its loan commitment in the London Interbank Eurodollar market and using any reasonable attribution or averaging
methods which such Lender deems appropriate and practical.

 

“Business Day”
means a day of the year other than (i) Saturday or a Sunday or,
 (ii) any other day on which commercial banks in New York, New York or the city
in which the offices of the Trustee are authorized or required by Applicable Law, regulation or executive order to close or
(iii) any day that is not a TARGET Day; provided that, if any determination of a Business Day shall relate
to an Advance bearing interest at LIBOR, the term “Business Day” shall also exclude any day on which banks are not
open for dealings in dollar deposits in the London interbank market. For avoidance of doubt, if the offices of the Trustee are
authorized by Applicable Law, regulation or executive order to close but remain open, such day shall not be a “Business
Day”.

 

“Buyers” has the meaning assigned
to that term in the definition of “Acquisition Agreement”.

 

“Capital Lease Obligations”
means, with respect to any entity, the obligations of such entity to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required
to be classified and accounted for as capital leases on a balance sheet of such entity under GAAP, and the amount of such
obligations shall be the capitalized amount thereof determined in accordance with GAAP.

 

“Change of Control” shall be
deemed to vhave occurred if any of the following occur:

 

(a)         the Management Agreement shall fail to be in full
force and effect;

 

(b)         the
creation or imposition of any Lien on any limited liability company membership interest in the Borrower (other than pursuant
to the Pledge Agreement);

 

    -12-

     

    

 

 as applicable, and (ii) on or after the Reinvestment Period (other than
for purposes of Advances made pursuant to Section 2.02(f)), such Lender’s Pro Rata Share of the aggregate
Advances Outstanding.

 

“Commitment
Termination Premium” means, in the event that this Agreement is terminated or the Maximum Facility Amount is permanently
reduced, in each case, pursuant to Section 2.18(b), (i) prior to the one year anniversary of the Eighth Amendment
Effective Date, an amount equal to 1.00%, or (ii) on or after the one year anniversary of the Eighth Amendment Effective Date,
but prior to the one year and six month anniversary of the Eighth Amendment Effective Date, an amount equal to 0.50%, in each case,
of either (x) the Maximum Facility Amount, in the case of such termination, or (y) the amount of such reduction, in the
case of such permanent reduction of the Maximum Facility Amount and, in each case, such amounts shall be payable pro rata to
each Lender.

 

“Concentration
Limits” means, for the purposes of determining the Excess Concentration Amount, with respect to the Borrowing Base: (i) the
aggregate Adjusted Borrowing Value of all Eligible Loan

 

Assets to Obligors in the same
GICS Industry Classification Group shall not exceed 15% of the aggregate Adjusted Borrowing Value of all Eligible Loan Assets;
provided that for two individual industries the aggregate Adjusted Borrowing Value of all Eligible Loan Assets to Obligors in such
industries may exceed 15% but shall not exceed 20%; provided, further, that for one additional individual industry the aggregate
Adjusted Borrowing Value of all Eligible Loan Assets to Obligors in such industry may exceed 15% but shall not exceed 25%;

 

(ii)          the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets to the same Obligor shall not exceed the
greater of $50,000,000 and 7.56.0% of
the Maximum Facility Amount; provided that for two individual Obligors the aggregate Adjusted Borrowing Value of all
Eligible Loan Assets to such Obligors may exceed 7.56.0%
but shall not exceed 97.5%
of the Maximum Facility Amount;

 

(iii)         the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets that are Second Lien Loan Assets shall not exceed 20% of the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets;

 

(iv)         the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets that are First Lien Last Out Loan Assets and Eligible Loan
Assets that are Second Lien Loan Assets shall not exceed 40% of the aggregate Adjusted Borrowing Value of all Eligible Loan
Assets;

 

(v)          the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets that are Fixed Rate Loan Assets shall not exceed 15% of the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets; provided that Asset Specific Hedged Loan Assets shall
be considered Fixed Rate Loan Assets or Floating Rate Loan Assets, as applicable, as provided in the definition thereof;

 

    -15-

     

    

 

(vi)        the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets that pay interest in cash less frequently than quarterly shall
not exceed 15% of the aggregate Adjusted Borrowing Value of all Eligible Loan Assets;

 

(vii)       the
aggregate Outstanding Balances and Exposure Amounts of all Eligible Loan Assets that are Revolving Loan Assets and the
Exposure Amounts of Eligible Loan Assets that are Delayed Draw Loan Assets shall not exceed 10% of the aggregate Adjusted
Borrowing Value of all Eligible Loan Assets;

 

(viii)      the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets that are Partial PIK Loan Assets shall not exceed 10% of the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets; and

 

(ix)         the
aggregate Adjusted Borrowing Value of all Eligible Loan Assets that are Participation Interests shall not exceed
(i) during the Acquisition Participation Elevation Period, 10.0% and (ii) thereafter, 0.0%.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise.

 

“Controlled Accounts” means the
Collection Account and the Unfunded Exposure Account.

 

“Covered
Party” means any Secured Party that is one of the following: (i) a “covered entity” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. §252.82(b); (ii) a “covered bank” as that term is defined
in, and interpreted in accordance with, 12 C.F.R. §47.3(b), or any subsidiary of such a covered bank to which 12 C.F.R. Part 47
applies in accordance with 12 C.F.R. §47.3(b); or (iii) a “covered FSI” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. §382.2(b).

 

“Cut-Off
Date” means, with respect to each Loan Asset, the date such Loan Asset is Pledged hereunder.

 

“Default
Funding Rate” means a floating interest rate per annum equal to 4.00% plus LIBOR; provided that
if any Lender shall have notified the Agent that a Eurodollar Disruption Event has occurred, the Default Funding Rate with respect
to Advances of such Lender shall be equal to the Base Rate plus 3.00% until such Lender shall have notified the Agent that
such Eurodollar Disruption Event has ceased, at which time the Default Funding Rate with respect to Advances of such Lender shall
again be equal to LIBOR for such date plus 4.00%.

 

“Default
Right” means the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.

 

“Defaulting
Lender” means any Lender that (i) has failed to fund any portion of the Advances or participations in Swingline
Advances required to be funded by it hereunder

 

    -16-

     

    

 

within one Business
Day (or, solely in the case of a European Lender that receives the applicable Notice of Borrowing
after 9:00 a.m. (New York City time) on the second Business Day prior to the related Advance Date, two Business Days and
(a) Wells Fargo, in its sole discretion, agrees for such two Business Day period to fund the amount that was to be funded
by the European Lender and (b) the European Lender agrees to reimburse Wells Fargo within two (2) Business Days for
any amounts paid pursuant to clause (a) above) of the date required to be funded by it hereunder, (ii) has
otherwise failed to pay over to the Agent or any other Lender any other amount required to be paid by it hereunder within three
Business Days of the date when due, unless such amount is the subject of a good faith dispute, (iii) has notified the Borrower,
the Agent or any other Lender in writing that it does not intend to comply with any of its funding obligations under this Agreement
or has made a public statement to the effect that it does not intend to comply or has failed to comply with its funding obligations
under this Agreement or generally under other agreements in which it commits or is obligated to extend credit or (iv) has
(or, with respect to such Lender (x) the bank holding company (as defined in Federal Reserve Board Regulation Y), if any,
of such Lender and/or (y) any Person owning, beneficially or of record, directly or indirectly, a majority of the shares
of such Lender, has) become or is insolvent or has become the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval
of or acquiescence in any such proceeding or appointment.

 

“Delayed
Draw Loan Asset” means a Loan Asset that is fully committed on the initial funding date of such Loan Asset and is required
to be fully funded in one or more installments on draw dates to occur after the initial funding of such Loan Asset but which, once
all such installments have been made, has the characteristics of a Term Loan Asset.

 

“Designated
Lender” means Wells Fargo, in its capacity as a Lender hereunder, and any successor-in-interest thereto.

 

“Designated
Loan Asset” means any Loan Asset designated by the Agent in its sole discretion as a “Designated Loan Asset”
at the time of approval of such Loan Asset.

 

“Determination Date” means the
last day of each calendar month.

 

“Disbursement
Request” means a disbursement request from the Borrower to the Agent and the Trustee in the form attached hereto as Exhibit D
in connection with a disbursement request from the Unfunded Exposure Account in accordance with Section 2.04(d) or
a disbursement request from the Principal Collection Account in accordance with Section 2.21, as applicable.

 

“EBITDA”
means, with respect to any period and any Loan Asset, the meaning of “EBITDA”, “Adjusted EBITDA” or any
comparable definition in the Loan Agreement for such Loan Asset (together with all add-backs and exclusions as designated in such
Loan Agreement), and in any case that “EBITDA”, “Adjusted EBITDA” or such comparable definition is not
defined in such Loan Agreement, an amount, for the principal obligor on such Loan Asset and any of its parents or Subsidiaries
that are obligated pursuant to the Loan Agreement for such Loan Asset (determined on a consolidated basis without duplication in
accordance with GAAP) equal to earnings from continuing operations for such period plus (a) cash interest expense,
(b)

 

    -17-

     

    

 

“Equity
Security” means (i) any equity security or any other security that is not eligible for purchase by the Borrower
as a Loan Asset, (ii) any security purchased as part of a “unit” with a Loan Asset and that itself is not eligible
for purchase by the Borrower as a Loan Asset, and (iii) any obligation that, at the time of commitment to acquire such obligation,
was eligible for purchase by the Borrower as a Loan Asset but that, as of any subsequent date of determination, no longer is eligible
for purchase by the Borrower as a Loan Asset, for so long as such obligation fails to satisfy such requirements.

 

“Equityholder”
means Ares Capital CP Funding Holdings LLC, a Delaware limited liability company, which owns 100% of the equity interests in the
Borrower.

 

“ERISA”
means the United States Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“ERISA
Affiliate” means (a) any corporation that is a member of the same controlled group of corporations (within the meaning
of Section 414(b) of the Code) as the Borrower, (b) a trade or business (whether or not incorporated) under common
control (within the meaning of Section 414(c) of the Code) with the Borrower, or (c) a member of the same affiliated
service group (within the meaning of Section 414(m) of the Code) as the Borrower, any corporation described in clause
(a) above or any trade or business described in clause (b) above.

 

“EU Bail-In Legislation
Schedule” has the meaning assigned to that term in Section 11.14.

 

“EUR”
and “euro” denote the single currency of the Participating Member States.

 

“Eurodollar
Disruption Event” means the occurrence of any of the following: (a) any Lender shall have notified the Agent of a determination
by such Lender or any of its assignees or participants that it would be contrary to law or to the directive of any central bank
or other Governmental Authority (whether or not having the force of law) to obtain United States dollars in the London interbank
market to fund any Advance, (b) any Lender shall have notified the Agent of the inability, for any reason, of such Lender
or any of its assignees or participants to determine LIBOR, (c) any Lender shall have notified the Agent of a determination
by such Lender or any of its assignees or participants that the rate at which deposits of United States dollars are being offered
to such Lender or any of its assignees or participants in the London interbank market does not accurately reflect the cost to
such Lender or such assignee or such participant of making, funding or maintaining any Advance or (d) any Lender shall have
notified the Agent of the inability of such Lender or any of its assignees or participants to obtain United States dollars in
the London interbank market to make, fund or maintain any Advance.

 

“European
Lender” means a Lender that is domiciled in Europe or has its primary lending office in Europe.

 

“Event
of Default” has the meaning assigned to that term in Section 7.01.

 

“Excepted Persons”
has the meaning assigned to that term in Section 11.13(a).

 

    -19-

     

    

 

“Insurance
Policy” means, with respect to any Loan Asset, an insurance policy covering liability and physical damage to, or loss
of, the Underlying Collateral, or an ACORD certificate or other evidence of such insurance

 

“Insurance
Proceeds” means any amounts received on or with respect to a Loan Asset under any Insurance Policy or with respect to
any condemnation proceeding or award in lieu of condemnation which is neither required to be used to restore, improve or repair
the related real estate nor required to be paid to the Obligor under the Loan Agreement other than, prior to an Event of Default
hereunder and with prior notice to the Agent, any such amount for which the Servicer has consented, in its reasonable business
discretion, to be used to restore, improve or repair the related property or otherwise to be paid to the Obligor under the Loan
Agreement.

 

“Interest”
means, with respect to any period and any Loan Asset, for the Obligor on such Loan Asset and any of its parents or Subsidiaries
that are obligated under the Loan Agreement for such Loan Asset (determined on a consolidated basis without duplication in accordance
with GAAP), the meaning of “Interest” or any comparable definition in the Loan Agreement for each such Loan Asset and
in any case that “Interest” or such comparable definition is not defined in such Loan Agreement, all interest in respect
of Indebtedness (including the interest component of any payments in respect of Capital Lease Obligations) accrued or capitalized
during such period (whether or not actually paid during such period).

 

“Interest
Collection Account” means a sub-account (account number 787456-201 at the Bank) of the Collection Account into which
Interest Collections shall be segregated.

 

“Interest
Collections” means, (i) with respect to any Loan Asset, all payments and collections attributable to interest on
such Loan Asset, including, without limitation, all scheduled payments of interest and payments of interest relating to principal
prepayments, all guaranty payments attributable to interest and proceeds of any liquidations, sales, dispositions or securitizations
attributable to interest on such Loan Asset and (ii) amendment fees, late fees, waiver fees or other amounts received in respect
of Loan Assets.

 

“Interest
Coverage Ratio” means, with respect to any Loan Asset for any Relevant Test Period, the meaning of “Interest Coverage
Ratio” or any comparable definition in the Loan Agreement for each such Loan Asset, and in any case that “Interest
Coverage Ratio” or such comparable definition is not defined in such Loan Agreement, the ratio of (a) EBITDA to (b) Interest.

 

“Joinder
Supplement” means an agreement among the Borrower, a Lender and the Agent in the form of Exhibit E to this
Agreement (appropriately completed) delivered in connection with a Person becoming a Lender hereunder after the Restatement Date.

 

“Large
Obligor Exposure Amount” means, as of any date of determination,
an amount equal to the sum of the Adjusted Borrowing Values of all
Eligible Loan Assets attributable to the three (3) Obligors
having the largest Obligor concentration;

 

    -27-

     

    

 

 

such Obligor concentrations to be determined by summing, for each Obligor, the Adjusted
Borrowing Values for all Eligible Loan Assets of such Obligor on such date of determination.

 

“Last
Out Attachment Ratio” means, with respect to any Loan Asset, as of any date of determination, an amount equal to the
Senior Net Leverage Ratio with respect to all or any portion of such Loan Asset that constitutes first lien senior secured Indebtedness
that is (or by its terms could become) subordinate in right of payment to one or more tranches of first lien senior secured indebtedness.

 

“Lender”
means (i) Wells Fargo and (ii) each financial institution which may from time to time become a Lender hereunder by executing
and delivering this Agreement or a Joinder Supplement to the Agent and the Borrower as contemplated by Section 2.22,
and/or any other Person to whom a Lender assigns any part of its rights and obligations under this Agreement and the other Transaction
Documents in accordance with the terms of Section 11.04. For the avoidance of doubt, the Swingline Lender shall constitute
a “Lender” with respect to the repayment of Swingline Advances for all purposes hereunder.

 

“Lender
Fee Letter” means each fee letter agreement that shall be entered into by and among the Borrower, the Servicer, the Agent
and the applicable Lender in connection with the transactions contemplated by this Agreement, as amended, modified, waived, supplemented,
restated or replaced from time to time.

 

“LIBOR”
means, for any day during the Remittance Period, with respect to any Advance (or portion thereof) the greater of
(x)(a) the rate per annum appearing on Reuters Screen LIBOR01 Page (or any successor or substitute page) as
the London interbank offered rate for deposits in dollars at approximately 11:00 a.m., London time, for such day, provided,
if such day is not a Business Day, the immediately preceding Business Day, for a one-month maturity; and (b) if no rate
specified in clause (a) of this definition so appears on Reuters Screen LIBOR01 Page (or any successor or
substitute page), the interest rate per annum at which dollar deposits of $5,000,000 and for a one-month maturity are
offered by the principal London office of Wells Fargo in immediately available funds in the London interbank market at
approximately 11:00 a.m., London time, for such day and (y) zero.

 

“Lien”
means any mortgage or deed of trust, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory
or other), charge, claim, preference, priority or other security interest or preferential arrangement in the nature of a security
interest of any kind or nature whatsoever (including any conditional sale, lease or other title retention agreement, sale subject
to a repurchase obligation, any easement, right of way or other encumbrance on title to real property, and any financing lease
having substantially the same economic effect as any of the foregoing) or the filing of or agreement to give any financing statement
perfecting a security interest under the UCC or comparable law of any jurisdiction.

 

“Lien Release Dividend” has the
meaning assigned to that term in Section 2.07(d).

 

    -28-

     

    

 

(g)         amends,
waives, forbears, supplements or otherwise modifies (i) the meaning of “Senior Net Leverage Ratio”,
 “Net Leverage Ratio”, “Interest Coverage Ratio” or “Permitted Liens” or any respective
comparable definitions in the Loan Agreement for such Loan Asset or (ii) any term or provision of such Loan Agreement
referenced in or utilized in the calculation of the “Senior Net Leverage Ratio”, “Net Leverage
Ratio”, “Interest Coverage Ratio” or “Permitted Liens” or any respective comparable definitions
for such Loan Asset, in either case in a manner that, in the sole reasonable judgment of the Agent, is materially adverse to
the Secured Parties; provided that in connection with any Revenue Recognition Implementation or any Operating Lease
Implementation, the Agent (with the consent of the Servicer (such consent not to be unreasonably withheld, delayed or
conditioned)) may retroactively adjust the Interest Coverage Ratio, Senior Net Leverage Ratio or Net Leverage Ratio for any
Loan Asset as determined on the applicable Cut-Off Date.

 

“Maximum
Facility Amount” means the aggregate Commitments of the Lenders then in effect, which amount may be up to $1,275,000,000,1,525,000,000,
as such amount may vary from time to time pursuant to Section 2.18(b) or Section 2.22; provided
that, at all times after the Reinvestment Period, the Maximum Facility Amount shall mean the aggregate Advances Outstanding at
such time.

 

“Minimum
Required Equity Amount” means, as of any date of determination, an
amount equal toan amount equal to the greater of (i) $300,000,000 and (ii) the
sum of the Adjusted Borrowing Values of all Eligible Loan Assets attributable to the three (3) Obligors
having the largest Obligor concentration; such Obligor concentrations to be determined by summing,
for each Obligor, the Adjusted Borrowing Values for all Eligible Loan Assets of such Obligor
on such date of determination.

 

“Minimum Weighted Average Coupon”
means 7.00%.

 

“Minimum
Weighted Average Coupon Test” means a test that will be satisfied on any date of determination if the Weighted Average
Coupon of all Loan Assets included in the Collateral Portfolio is equal to or greater than the Minimum Weighted Average Coupon.

 

“Minimum Weighted Average Spread”
means 3.00%.

 

“Minimum
Weighted Average Spread Test” means a test that will be satisfied on any date of determination if the Weighted Average
Spread of all Loan Assets included in the Collateral Portfolio is equal to or greater than the Minimum Weighted Average Spread.

 

“Monthly
Period” means, for any date of determination, the period from but excluding the immediately preceding Determination Date
to and including the immediately succeeding Determination Date.

 

“Moody’s” means Moody’s
Investors Service, Inc. (or its successors in interest).

 

    -32-

     

    

 

“Other
Taxes” has the meaning assigned to that term in Section 11.07(b). “Outstanding
Balance” means, with respect to any Loan Asset as of any date of determination, the outstanding principal balance
of any advances or loans made to the related Obligor pursuant to the related Loan Agreement as of such date of determination
(exclusive of any interest and Accreted Interest).

 

“Partial
PIK Loan Asset” has the meaning assigned to that term in the definition of “PIK Loan Asset”.

 

“Participating
Member State” means any member state of the European Union that has the euro as its lawful currency in accordance with legislation
of the European Union relating to Economic and Monetary Union.

 

“Participation
Agreement” means a participation agreement, with respect to any Acquisition Participation Interests, if any, in such
form as may be approved by the Agent in its sole discretion.

 

“Participation
Interest” means a participation interest in a loan that would, at the time of acquisition or the Borrower’s commitment
to acquire the same, satisfy each of the following criteria: (i) such loan would constitute an Eligible Loan Asset were it
acquired directly, (ii) the seller of the participation is the lender on the subject loan, (iii) the aggregate participation
in the loan does not exceed the principal amount or commitment of such loan, (iv) such participation does not grant, in the
aggregate, to the participant in such participation a greater interest than the seller holds in the loan or commitment that is
the subject of the participation, (v) the entire purchase price for such participation is paid in full at the time of its
acquisition, and (vi) the participation provides the participant all of the economic benefit and risk of the whole or part
of the loan or commitment that is the subject of the loan participation.

 

“Payment
Date” means the 15th day of each calendar month or, if such day is not a Business Day, the next succeeding Business Day;
provided that the final Payment Date shall occur on the Collection Date.

 

“Payment Duties” has the meaning
assigned to that term in Section 10.02(b)(i).

 

“Pension Plan” has the meaning assigned to that term
in Section 4.01(x). “Permitted Investment Required Ratings” means a long-term credit rating by
Moody’s that is no lower than Moody’s then current long-term sovereign rating of the United States and by S&P
that is no lower than S&P’s then current long-term sovereign rating of the United States, in the case of long-term debt
obligations, or “Prime-1” by Moody’s (which is not then on credit watch for possible downgrade by Moody’s)
and “A-1+” by S&P, in the case of commercial paper and short-term obligations; provided that if such obligation
or security has a maturity of longer than 91 days, the issuer thereof must also have at the time of such investment a long-term
credit rating by Moody’s that is no lower than Moody’s then current long-term sovereign rating of the United States
and by S&P that is no lower than S&P’s then current long-term sovereign rating of the United States.

 

    -35-

     

    

 

“Commitment”), by the aggregate Commitments
of all the Lenders (as determined under clause (i) of the definition of “Commitment”).

 

“Proceeds”
means, with respect to any Collateral Portfolio, all property that is receivable or received when such Collateral Portfolio is
collected, sold, liquidated, foreclosed, exchanged, or otherwise disposed of, whether such disposition is voluntary or involuntary,
and includes all rights to payment with respect to any insurance relating to such Collateral Portfolio.

 

“Purchase
and Sale Agreements” means the First Tier Purchase and Sale Agreement and the Second Tier Purchase and Sale Agreement.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).

 

“Records”
means all documents relating to the Loan Assets, including books, records and other information executed in connection with the
origination or acquisition of the Collateral Portfolio or maintained with respect to the Collateral Portfolio and the related Obligors
that the Borrower, the Transferor or the Servicer have generated, in which the Borrower, the Transferor or the Equityholder have
acquired an interest pursuant to the Purchase and Sale Agreements or in which the Borrower, the Transferor or the Equityholder
have otherwise obtained an interest.

 

“Recoveries”
means, as of the time any Underlying Collateral with respect to any Loan Asset subject to clauses (ii) or (iv) of the
definition of “Value Adjustment Event”, as applicable, is sold, discarded or abandoned (after a determination by the
Servicer that such Underlying Collateral has little or no remaining value) or otherwise determined to be fully liquidated by the
Servicer in accordance with the Servicing Standard, the proceeds from the sale of the Underlying Collateral, the proceeds of any
related Insurance Policy, any other recoveries with respect to such Loan Asset, as applicable, the Underlying Collateral, and amounts
representing late fees and penalties, net of any amounts received that are required under such Loan Asset, as applicable, to be
refunded to the related Obligor.

 

“Register” has the meaning assigned
to that term in Section 2.14.

 

“Registered”
means, for the purposes of the definition of “Permitted Investments”, in registered form for United States federal
income tax purposes and issued after July 18, 1984; provided that a certificate of interest in a grantor trust shall
not be treated as Registered unless each of the obligations or securities held by the trust was issued after that date.

 

“Reinvestment
Period” means the date commencing on the Eighth Amendment Effective Date and ending on the earliest to occur of (i) January 3,
202231, 2023 (or such later date as is agreed to in writing by the Borrower,
the Servicer, the Agent and the Lenders pursuant to Section 2.19), (ii) the occurrence of an Event of Default
(past any applicable notice or cure period provided in the definition thereof) and (iii) the date of any voluntary termination
by the Borrower pursuant to Section 2.18(b); provided that if any of the foregoing is not a Business Day, the
Reinvestment Period shall end on the next succeeding Business Day.

 

    -40-

     

    

 

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

 

“Release Date” has the meaning
assigned to that term in Section 2.07(e).

 

“Relevant
Test Period” means, with respect to any Loan Asset, the relevant test period for the calculation of Senior Net
Leverage Ratio, Net Leverage Ratio or Interest Coverage Ratio, as applicable, for such Loan Asset in the Loan Agreements or,
if no such period is provided for therein, for Obligors delivering monthly financing statements, each period of the last 12
consecutive reported calendar months, and for Obligors delivering quarterly financing statements, each period of the last
four consecutive reported fiscal quarters of the principal Obligor on such Loan Asset; provided that with respect to
any Loan Asset for which the relevant test period is not provided for in the Loan Agreement, if an Obligor is a newly-formed
entity as to which 12 consecutive calendar months have not yet elapsed, “Relevant Test Period” shall initially
include the period from the date of formation of such Obligor to the end of the twelfth calendar month or fourth fiscal
quarter (as the case may be) from the date of formation, and shall subsequently include each period of the last 12
consecutive reported calendar months or four consecutive reported fiscal quarters (as the case may be) of such Obligor.

 

“Remittance
Period” means, (i) as to the Initial Payment Date, the period beginning on January 1, 2010 and ending on, and
including, the Determination Date immediately preceding such Payment Date and (ii) as to any subsequent Payment Date, the
period beginning on the first day after the most recently ended Remittance Period and ending on, and including, the Determination
Date immediately preceding such Payment Date, or, with respect to the final Remittance Period, the Collection Date.

 

“Replacement
Servicer” has the meaning assigned to that term in Section 6.01(c).

 

“Reportable
Event” means any of the events set forth in Section 4043(c) of ERISA, other than an event for which the
30 day notice period has been waived.

 

“Reporting
Date” means the date that is two Business Days prior to each Payment Date.

 

“Required Lenders”
means (i) so long as Wells Fargo (or an Affiliate of Wells Fargo) is the Agent hereunder, Wells Fargo (as a Lender hereunder)
and its successors and assigns and (ii) the Lenders representing an aggregate of more than 50% of the aggregate Commitments
of the Lenders then in effect; provided that, if there are two or more unaffiliated Lenders party to this Agreement as
of the applicable date of determination, then at least two such Lenders shall be required to constitute the Required Lenders;
provided further that the Commitment of, and the portion of any outstanding Advances, as applicable, held or deemed held
by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders;
provided further that with respect to the waiver of an Event of Default pursuant to Section 11.01 or the appointment of a
replacement Servicer pursuant to Section 6.01(c), Required Lenders shall also include each Lender holding 20% or more of
the aggregate

 

    -41-

     

    

 

Commitments
(provided that such Lender also held 20% or more of the aggregate Commitments as of the Thirteenth Amendment Effective
Date).

 

“Required
Loan Documents” means, for each Loan Asset, originals (except as otherwise indicated) of the following documents or instruments,
all as specified on the related Loan Asset Checklist:

 

(a)         (i) other
than in the case of a Noteless Loan Asset, the original or, if accompanied by an original “lost note” affidavit
and indemnity, a copy of, the underlying promissory note, endorsed by the Borrower or the prior holder of record either in
blank or to the Trustee (and evidencing an unbroken chain of endorsements from each prior holder thereof evidenced in the
chain of endorsements either in blank or to the Trustee, subject to Section 11.19), with any endorsement to the
Trustee to be in the following form: “U.S. Bank National Association, as Trustee for the Secured Parties” and
(ii) in the case of a Noteless Loan Asset (x) a copy of each transfer document or instrument relating to such
Noteless Loan Asset evidencing the assignment of such Noteless Loan Asset to the Transferor and from the Transferor to the
Borrower (or, in the case of Third Party Acquired Loan Assets purchased by the Transferor from third parties, from such third
party directly to the Borrower as provided in Section 11.19) and from the Borrower either to the Trustee or in
blank, and (y) a copy of the Loan Asset Register with respect to such Noteless Loan Asset, as described in Section 5.03(l)(ii);

 

(b)         originals
or copies of each of the following, to the extent applicable to the related Loan Asset; any related loan agreement, credit
agreement, note purchase agreement, security agreement (if separate from any Mortgage), sale and servicing agreement,
acquisition agreement, subordination agreement, intercreditor agreement or similar instruments, guarantee, Insurance
Policy, assumption or substitution agreement or similar material operative document, in each case together with any amendment
or modification thereto, as set forth on the Loan Asset Checklist;

 

(c)         if
any Loan Asset is secured by a Mortgage, in each case as set forth in the Loan Asset Checklist:

 

(i)           either
(i) the original Mortgage, the original assignment of leases and rents, if any, and the originals of all intervening
assignments, if any, of the Mortgage and assignments of leases and rents with evidence of recording thereon, (ii)
copies thereof certified by the Servicer, by closing counsel or by a title company or escrow company to be true and complete
copies thereof where the originals have been transmitted for recording until such time as the originals are returned by the
public recording office; provided that, solely for purposes of the Review Criteria, the Collateral Custodian shall
have no duty to ascertain whether any certification set forth in this subsection (c)(ii) has been received, other than a
certification which has been clearly delineated as being provided by the Servicer or (iii) copies certified by the
public recording offices where such documents were recorded to be true and complete copies thereof in those instances where
the public recording offices retain the original or where the original recorded documents are lost; and

 

    -42-

     

    

 

“Sanctioned
Person” means any Person that is a target of Sanctions, including without limitation, a Person that is: (a) listed
on OFAC’s Specially Designated Nationals (SDN) and Blocked Persons List; (b) listed on OFAC’s Consolidated Non-SDN
List; (c) a legal entity that is deemed by OFAC to be a Sanctions target based on the direct or indirect ownership or control
of such legal entity by Sanctioned Person(s); or (d) a Person that is a Sanctions target pursuant to any territorial or country-based
Sanctions program.

 

“Scheduled
Payment” means each scheduled payment of principal and/or interest required to be made by an Obligor on the related Loan
Asset, as adjusted pursuant to the terms of the related Loan Agreement.

 

“Scheduled
Payments” means, with respect to any Loan Asset, each required, if any, monthly, quarterly, or annual
payment of principal required to be made by the Obligor thereof under the terms of such Loan Asset; in all cases, excluding any
payment in the nature of, or constituting, interest.

 

“Second Amendment Effective Date”
means January 18, 2011.

 

“Second
Lien Loan Asset” means any Loan Asset that (i) is secured by a valid and perfected second priority security interest
on all of the Obligor’s assets constituting Underlying Collateral for the Loan Asset (whether or not there is also a security
interest of a higher or lower priority in additional collateral), subject to any expressly permitted liens under the applicable
covenants in the Loan Agreement for such Loan Asset, including those set forth in “permitted liens” as defined in the
applicable Loan Agreement for such Loan Asset or such comparable definition if “permitted liens” is not defined therein,
so long as such definition is reasonable and customary, (ii) with respect to priority of payment obligations is pari passu
with the indebtedness of the holder with the first priority security interest except after an event of default thereunder,
(iii) pursuant to an intercreditor agreement between the Borrower and the holder of such first priority security interest,
the amount of the indebtedness covered by such first priority security interest is limited (in terms of aggregate dollar amount
or percent of outstanding principal or both), and (iv) has a Loan-to-Value Ratio of not greater than 70%.

 

“Second
Tier Loan Assignment” has the meaning set forth in the Second Tier Purchase and Sale Agreement.

 

“Second
Tier Purchase and Sale Agreement” means that certain Second Tier Purchase and Sale Agreement, dated as of the Restatement
Date, between the Equityholder, as the seller, and the Borrower, as the purchaser, as amended, modified, waived, supplemented,
restated or replaced from time to time.

 

“Secured
Party” means each of the Agent, each Lender (together with its successors and assigns), the Trustee, the Collateral Custodian,
the Bank and each Hedge Counterparty.

 

“Securities Act”
means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

    -45-

     

    

 

“Shareholders’
Equity” means, at any date, the amount determined on a consolidated basis, without duplication, in accordance with GAAP,
of shareholders equity for the Servicer and its Subsidiaries at such date.

 

“Spread
Differential” means, for any date of determination, (a) the weighted average interest rate of the Loan Assets included
in the Collateral Portfolio (and for the avoidance of doubt, with respect to Floating Rate Loan Assets, including LIBOR) on such
date minus (b) the Yield Rate for such date.

 

“Spread
Excess” means, as of any date of determination, a fraction (expressed as a percentage) the numerator of which is the
product of (i) the greater of zero and the excess of the Weighted Average Spread for such date of determination over the Minimum
Weighted Average Spread on such date of determination and (ii) the Adjusted Borrowing Value of all Floating Rate Loan Assets
(excluding any defaulted Loan Assets) held by the Borrower as of such date of determination, and the denominator of which is the
Adjusted Borrowing Value of all Fixed Rate Loan Assets (excluding any defaulted Loan Assets) held by the Borrower as of such date
of determination.

 

“State” means one of the fifty
states of the United States or the District of Columbia.

 

“Stated Maturity Date” means
January 3, 202431, 2025 or such
later date as is agreed to in writing by the Borrower, the Servicer, the Agent and the Lenders pursuant to Section 2.19.

 

“Subsidiary”
means with respect to a person, a corporation, partnership or other entity of which shares of stock or other ownership interests
having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening
of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity
are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries,
or both, by such person.

 

“Substitute
Eligible Loan Asset” means each Eligible Loan Asset Pledged by the Borrower to the Trustee, on behalf of the Secured
Parties, pursuant to Section 2.07(a) or Section 2.07(e)(ii).

 

“Supermajority”
means a combination of Lenders representing an aggregate of more than 66-2/3% of the aggregate Commitments of the Lenders then
in effect; provided that, if there are two or more unaffiliated Lenders party to this Agreement as of the applicable date
of determination, then at least two such Lenders shall be required to constitute a Supermajority; provided further that
the Commitment of, and the portion of any outstanding Advances, as applicable, held or deemed held by, any Defaulting Lender shall
be excluded for purposes of making a determination of a Supermajority.

 

    -49-

     

    

 

“Swingline
Advance” means any swingline loan made by the Swingline Lender to the Borrower pursuant to Section 2.01,
and all such swingline loans collectively as the context requires.

 

“Swingline
Commitment” means the commitment of the Swingline Lender to fund Swingline Advances, subject to the terms and conditions
herein, in an amount not greater than $175,000,000 (without regard to any future reimbursement of Swingline Advances by the Lenders),
as such amount may be reduced, increased or assigned from time to time pursuant to the provisions of this Agreement. The Swingline
Commitment is a sub-limit of the Commitment of the Swingline Lender, in its capacity as a Lender hereunder, and is not in addition
thereto.

 

“Swingline
Lender” means Wells Fargo in its capacity as swingline lender hereunder or any successor thereto.

 

“Swingline
Refund Date” has the meaning assigned to that term in Section 2.25(a).

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform
and which was launched on November 19, 2007.

 

“TARGET Day”
means any day on which TARGET2 is open for the settlement of payments in EUR.

 

“Taxes”
means any present or future taxes, levies, imposts, duties, charges, assessments or fees of any nature (including interest, penalties,
and additions thereto) that are imposed by any Governmental Authority.

 

“Term
Loan Asset” means a Loan Asset that is a term loan that has been fully funded and does not contain any unfunded commitment
on the part of the Transferor arising from an extension of credit by the Transferor to an Obligor.

 

“Third
Party Acquired Loan Asset” means any Loan Asset purchased by the Transferor from third parties not Affiliated with the
Transferor and then sold from the Transferor to the Equityholder pursuant to the First Tier Purchase and Sale Agreement and from
the Equityholder to the Borrower pursuant to the Second Tier Purchase and Sale Agreement.

 

“Thirteenth Amendment Effective
Date” means January 31, 2020.

 

“Transaction
Documents” means this Agreement, any Hedging Agreement, any Joinder Supplement, the Purchase and Sale Agreements, the
Participation Agreement, the Collection Account Agreement, the Unfunded Exposure Account Agreement, the Trustee and Collateral
Custodian Fee Letter, any Lender Fee Letter, the Pledge Agreement and each document, instrument or agreement related to any of
the foregoing.

 

“Transferee Letter” has the meaning
assigned to that term in Section 2.22.

 

    -50-

     

    

 

“Unfunded
Exposure Account Agreement” means that certain controlled account agreement (unfunded exposure account), dated as of
the Second Amendment Effective Date, among the Borrower, the Servicer, the Bank, the Agent, and the Trustee, which agreement relates
to the Unfunded Exposure Account, as such agreement may from time to time be amended, supplemented or otherwise modified in accordance
with the terms thereof.

 

“Unfunded
Exposure Amount” means, as of any date of determination, the amount, if any, by which (i) the aggregate of all Exposure
Amounts exceeds (ii) the amount on deposit in the Unfunded Exposure Account.

 

“Unfunded
Exposure Equity Amount” means, as of any date of determination, with respect to any Revolving Loan Asset or Delayed
Draw Loan Asset, an amount equal to (a) the Exposure Amount for such Revolving Loan Asset or Delayed Draw Loan Asset multiplied
by (b) the
difference of 100% minus the product of (i) the Applicable Percentage for such Revolving Loan Asset or Delayed Draw Loan
Asset and (ii) the Assigned Value for such Revolving Loan Asset or Delayed Draw Loan Asset.

 

“Unfunded
Exposure Equity Shortfall” means, as of any date of determination, an amount equal to the excess, if any, of (i) the
aggregate of all Unfunded Exposure Equity Amounts over (ii) the amount on deposit in the Unfunded Exposure Account.

 

“United States” means the United
States of America.

 

“Unmatured
Event of Default” means any event that, if it continues uncured, will, with lapse of time, notice or lapse of time and
notice, constitute an Event of Default.

 

“Unrestricted
Cash” the meaning of “Unrestricted Cash” or any comparable definition in the Loan Agreements for each Loan
Asset, and in any case that “Unrestricted Cash” or such comparable definition is not defined in such Loan Agreement,
all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted
for any particular purposes or subject to any lien (other than blanket liens permitted under or granted in accordance with such
Loan Agreement).

 

“U.S.
Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder
and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

“Value
Adjustment Event” means, with respect to any Loan Asset, the occurrence of any one or more of the following events after
the related Cut-Off Date:

 

(i)           (x) The
Interest Coverage Ratio for any Relevant Test Period with respect to such Loan Asset is (A) less than 90% of the Interest
Coverage Ratio with respect to such Loan Asset as calculated on the applicable Cut-Off Date and (B) less than 1.50:1.00,
or (y) the Senior Net Leverage Ratio (or, with respect to any Second Lien Loan Asset or Designated Loan Asset, the Net Leverage
Ratio) for any Relevant Test Period of the related Obligor with respect to such Loan Asset is (A)  more than 0.50x higher
than such ratio as calculated on the  

 

    -52-

     

    

 

proceeds of such Swingline Advance, could be advanced
to the Borrower hereunder without causing the Advances Outstanding to exceed the Borrowing Base.

 

(c)         Evidence
of Advances. Each Advance and all repayments thereof shall be evidenced by the applicable Lender’s loan accounts
and records. Such loan accounts and records shall be conclusive absent manifest error of the amount of the Advances and
repayments thereof. Any failure to record any Advance or repayment thereof or any error in doing so shall not limit or
otherwise affect the obligation of the Borrower to pay any amount owing with respect to the Advances.

 

(d)         Intent
of Parties. Notwithstanding any provision herein to the contrary, the parties hereto intend that the Advances made
hereunder and all other Obligations of the Borrower to the Lenders and the Agent incurred through the Advances shall
constitute “loans” and not “securities” for all purposes, including, without limitation for purposes
of Section 8-102(15) of the UCC.

 

Advances to be made for the purpose
of refunding Swingline Advances shall be made by the Lenders as provided in Section 2.25.

 

Section 2.02         Procedure
for Advances.

 

(a)         During
the Reinvestment Period, the Lenders will make Advances and the Swingline Lender will make Swingline Advances on any Business
Day at the request of the Borrower, subject to and in accordance with the terms and conditions of Sections 2.01 and 2.02
and subject to the provisions of Article III hereof.

 

(b)         Each
Advance shall be made on at least onetwo Business DayDays’s irrevocable
written notice from the Borrower to the Agent (who will provide each Lender with a copy promptly upon receipt thereof), with
a copy to the Trustee and the Collateral Custodian, in the form of a Notice of Borrowing; provided that such Notice of
Borrowing shall be deemed to have been received by the Agent on a Business Day if delivered no later than 3:00 p.m. (New
York City time) on such Business Day and if not delivered by such time, shall be deemed to have been received on the
following Business Day. Each Swingline Advance shall be made on any Business Day on which written notice is received from the
Borrower by the Agent (who will provide the Swingline Lender and each other Lender with a copy promptly upon receipt
thereof), with a copy to the Trustee and the Collateral Custodian, in the form of a Notice of Borrowing; provided that
such Notice of Borrowing shall be deemed to have been received by the Agent on a Business Day if delivered no later than 5:00
p.m. (New York City time) on such Business Day and if not delivered by such time, shall be deemed to have been received
on the following Business Day. The Borrower or Servicer shall post all Loan Agreements and other loan documents and
information with respect to each proposed Eligible Loan Asset, if any, to an IntraLinks (or other replacement) website to
which the Agent has access. Each Notice of Borrowing shall include a duly completed Borrowing Base Certificate (updated to
the date such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof),
and shall specify:

 

    -58-

     

    

 

(v)        to
the Agent to be distributed pro rata to each Lender, in accordance with the amounts due under this clause, all Yield
and the Non-Usage Fee that is accrued and unpaid as of the last day of the related Remittance Period;

 

(vi)       pro
rata to the Agent (for the account of each Lender), the Agent (for its own account) or the Collateral Custodian, as
applicable, all accrued and unpaid fees, expenses (including reasonable attorneys’ fees, costs and expenses) and
indemnity amounts payable by the Borrower to any Lender, the Agent or the Collateral Custodian under the Transaction
Documents;

 

(vii)      (a) prior
to the end of the Reinvestment Period, if any Borrowing Base Deficiency is a result of a shortfall in the Unfunded Exposure
Amount, at the discretion and direction of the Servicer, to fund the Unfunded Exposure Account (in an amount up to the
aggregate of all Unfunded Exposure Equity Amounts), and (b) after the end of the Reinvestment Period but prior to the
Facility Maturity Date, to fund the Unfunded Exposure Account (in an amount up to the aggregate of all Exposure Amounts);

 

(viii)     to
the Agent to be distributed pro rata to each Lender, an amount necessary to satisfy any outstanding Borrowing Base
Deficiency not paid in Section 2.04(a)(vii), pro rata in accordance with the amount of Advances
Outstanding;

 

(ix)        to
the Agent to be distributed pro rata to each Lender, to pay the Advances Outstanding, including any Commitment
Termination Premium, in connection with any complete refinancing or termination of this Agreement in accordance with Section 2.18(b);

 

(x)         pro rata in accordance with the amounts due under this clause, to each Hedge Counterparty, any Hedge Breakage Costs
owing to that Hedge Counterparty under its respective Hedging Agreement;

 

(xi)        to
pay any other amounts due (other than with respect to the repayment of Advances) under this Agreement and the other
Transaction Documents (including any indemnity amounts due from the Borrower hereunder and thereunder);

 

(xii)       to
the Servicer, in respect of all reasonable expenses (except allocated overhead) incurred during the immediately ended
Remittance Period in connection with the performance of its duties hereunder or paid on behalf of the Borrower, plus any
outstanding deferred reimbursement amount plus interest thereon as further set forth in Section 6.07;
and

 

(xiii)      (A) during
an Unmatured Event of Default, to remain in the Collection Account
or (B) otherwise, at the Borrower’s election and with prior written notice to the Trustee (which notice may be set
forth in the applicable Servicing Report), to the Borrower, any remaining amounts.

 

(b)         Principal
Payments Absent an Event of Default. On each Payment Date, so long as no Event of Default has occurred and, in any case, prior
to the Facility Maturity Date, 

 

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 the Servicer shall (as directed pursuant to the first paragraph of this Section 2.04)
transfer Principal Collections held by the Bank in the Collection Account, in accordance with the Servicing Report, to the
following Persons in the following amounts, calculated as of the Determination Date immediately preceding any Payment Date,
and priority:

 

(i)          to
pay amounts due under Section 2.04(a)(i) through (vi), to the extent not paid thereunder;

 

(ii)         (a) prior
to the end of the Reinvestment Period, at the discretion and direction of the Servicer, to fund the Unfunded Exposure Account
(in an amount up to the aggregate of all Unfunded Exposure Equity Amounts) and (b) after the end of the Reinvestment
Period but prior to the Facility Maturity Date, to fund the Unfunded Exposure Account (in an amount up to the aggregate of
all Exposure Amounts);

 

(iii)        (a) prior
to the end of the Reinvestment Period, to the Agent to be distributed pro rata to each Lender, an amount necessary to
satisfy any outstanding Borrowing Base Deficiency, pro rata in accordance with the amount of Advances Outstanding and
(b) after the end of the Reinvestment Period but prior to the Facility Maturity Date, to the Agent to be distributed pro
rata to each Lender, an amount necessary to pay the Advances Outstanding, including any Commitment Termination Premium,
until paid in full, pro rata in accordance with the amount of Advances Outstanding;

 

(iv)        pro
rata in accordance with the amounts due under this clause, to each Hedge Counterparty, any Hedge Breakage Costs owing to
that Hedge Counterparty under its respective Hedging Agreement;

 

(v)         to
pay any other amounts due under this Agreement and the other Transaction Documents (including any indemnity amounts due from
the Borrower hereunder and thereunder);

 

(vi)        to
the Servicer, in respect of all reasonable expenses (except allocated overhead) incurred during the immediately ended
Remittance Period in connection with the performance of its duties hereunder or paid on behalf of the Borrower, plus any
outstanding deferred reimbursement amount plus interest thereon as further set forth in Section 6.07;
and

 

(vii)       (A) during an Unmatured Event of Default, to remain in the Collection Account
or (B) otherwise, at the Borrower’s election and with prior written notice to the Trustee (which notice may be set
forth in the applicable Servicing Report), to the Borrower, any remaining amounts.

 

(c)         Payment
Date Transfers Upon the Occurrence of an Event of Default. On each Payment Date, if an Event of Default has occurred, or
in any case on and after the Facility Maturity Date, the Servicer shall (as directed pursuant to the first paragraph of this Section 2.04)
transfer collected funds held by the Bank in the Collection Account, in accordance with the

 

    -62-

     

    

 

(v)         the
notice required in clause (iv) above shall be accompanied by a Disbursement Request and a Borrowing Base Certificate, each
executed by the Borrower and a Responsible Officer of the Servicer; and

 

(vi)        the
Trustee provides to the Agent by facsimile or e-mail (to be received no later than 1:30 p.m. on that same day) a
statement reflecting the total amount on deposit as of the opening of business on such day in the Principal Collection
Account; or

 

(b)         prior
to the Facility Maturity Date, withdraw such funds for the purpose of making payments in respect of the Advances Outstanding
at such time in accordance with and subject to the terms of Section 2.18(a).

 

Upon the satisfaction
of the applicable conditions set forth in this Section 2.21 (as certified by the Borrower to the Trustee and the Agent),
the Trustee will release funds from the Principal Collection Account to the Servicer in an amount not to exceed the lesser of (A) the
amount requested by the Servicer and (B) the amount on deposit in the Principal Collection Account on such day.

 

Section 2.22         Additional
Lenders; Increase of Commitment.

 

The Borrower
may, with the written consent of the Agent (not to be unreasonably withheld or delayed), add additional Persons as Lenders and/or
increase the Commitments hereunder; provided that the Commitment of any Lender may only be increased with the prior written
consent of such Lender and the Agent. Each additional Lender shall become a party hereto by executing and delivering to the Agent
and the Borrower a Joinder Supplement and a transferee
letter substantially in the form of Exhibit N hereto
(a “Transferee Letter”).
On the date of the joinder of any additional Lender(s) to this Agreement, the existing Lenders and the additional Lender(s) shall
make such purchases and sales of interest in the Advances Outstanding as of such date so that each Lender is then holding its Pro
Rata Share of Advances Outstanding based on their respective Commitments after giving effect to any related Joinder Supplement(s) with
respect to such additional Lender(s).

 

Section 2.23         Defaulting
Lenders.

 

(a)         Notwithstanding
anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as
that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:

 

(i)          That
Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement
shall be restricted as set forth in Section 11.01.

 

(ii)         Any
payment of principal, interest, fees or other amounts received by the Agent for the account of that Defaulting Lender
(whether voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by
the Agent as follows: first, to the payment of any amounts owing by that Defaulting Lender to the Agent hereunder; second,
to the payment of any amounts owing by that

 

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

 

(ii)         Compliance
with Anti-Money Laundering Laws and Anti-Corruption Laws.
The Borrower, each Person directly or (to the knowledge of the Borrower) indirectly Controlling the Borrower and each Person
directly or (to the knowledge of the Borrower) indirectly Controlled by the Borrower shall: (i) comply with all
applicable Anti–Money Laundering Laws and Anti-Corruption Laws in all material respects, and shall maintain policies
and procedures reasonably designed to ensure compliance with the Anti-Money Laundering Laws and Anti-Corruption Laws;
(ii) conduct the requisite due diligence in connection with the transactions contemplated herein for purposes of
complying with the Anti-Money Laundering Laws, including with respect to the legitimacy of any applicable investor and the
origin of the assets used by such investor to purchase the property in question, and will maintain sufficient information to
identify any applicable investor for purposes of the Anti-Money Laundering Laws; (iii) ensure it does not use any of the
credit in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws; and (iv) ensure it does not fund any
repayment of the Obligations in violation of any Anti-Corruption Laws or Anti-Money Laundering.

 

Section 5.02         Negative
Covenants of the Borrower.

 

From the Closing Date until the Collection Date:

 

(a)          Special
Purpose Entity Requirements. Except as otherwise permitted by this Agreement, the Borrower shall not (i) guarantee
any obligation of any Person, including any Affiliate; (ii) engage, directly or indirectly, in any business, other than
the actions required or permitted to be performed under the Transaction Documents; (iii) incur, create or assume any
Indebtedness, other than Indebtedness incurred under the Transaction Documents or under any Hedging Agreement pursuant to Section 5.09
and arising in connection with ordinary business expenses arising pursuant to the transactions contemplated by this
Agreement, any Hedging Agreement and the other Transaction Documents; (iv) make or permit to remain outstanding any loan
or advance to, or own or acquire any stock or securities (other than any equity or other securities retained pursuant to Section 6.05)
of, any Person, except that the Borrower may invest in those Loan Assets and other investments permitted under the
Transaction Documents and may make any advance required or expressly permitted to be made pursuant to any provisions of the
Transaction Documents and permit the same to remain outstanding in accordance with such provisions; (v) fail to pay its
debts and liabilities from its assets when due; (vi) create, form or otherwise acquire any Subsidiaries or; (vii) release,
sell, transfer, convey or assign any Loan Asset unless in accordance with the Transaction Documents or
(viii) divide or permit any division of the Borrower.

 

(b)         Requirements
for Material Actions. The Borrower shall not fail to provide that the unanimous consent of all directors (including the
consent of the Independent Director(s)) is required for the Borrower to (i) dissolve or liquidate, in whole or part, or
institute proceedings to be adjudicated bankrupt or insolvent, (ii) institute or consent to the institution of
bankruptcy

 

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the Collateral Portfolio or (iii) to distribute
such proceeds to the Equityholder (so long as such distribution is permitted pursuant to Section 5.02(n)).

 

(j)          Limited
Assets. The Borrower shall not hold or own any assets that are not part of the Collateral Portfolio other than with
respect to any assets released from the Lien of the Trustee hereunder following (i) a substitution effected in
accordance with Section 2.07(a) (so long as the Borrower has Pledged a Substitute Eligible Loan Asset in
connection therewith), (ii) an Optional Sale in connection with a Permitted Refinancing effected in accordance with Section 2.07(c),
(iii) a Lien Release Dividend effected in accordance with Section 2.07(d), (iv) a repurchase or
substitution of a Warranty Loan Asset effected in accordance with Section 2.07(e) or (v) a transaction
in accordance with Section 2.07(g).

 

(k)         Tax
Treatment. The Borrower shall not elect to be treated as a corporation for U.S. federal income tax purposes and shall
take all reasonable steps necessary to avoid being treated as a corporation for U. S. federal income tax purposes.

 

(l)          Extension
or Amendment of Collateral Portfolio. The Borrower will not, except as otherwise permitted in Section 6.04(a) of
this Agreement and in accordance with the Servicing Standard, extend, amend or otherwise modify the terms of any Loan Asset
(including the Underlying Collateral).

 

(m)         Second
Tier Purchase and Sale Agreement. The Borrower will not amend, modify, waive or terminate any provision of the Second
Tier Purchase and Sale Agreement without the prior written consent of the Agent.

 

(n)        Restricted
Junior Payments. The Bvorrower shall not make any Restricted Junior Payment, except that,
so long as no Event of Default has occurred or Unmatured Event of Default is continuing or would result therefrom, (i) the
Borrower may declare and make distributions to its member on its membership interests and
(ii) amounts on deposit in the Interest Collection Account that would have been distributed pursuant to
Section 2.04(a)(xiii) on the immediately preceding Payment Date but for the existence of an Unmatured Event of
Default and amounts on deposit in the Principal Collection Account that would have been distributed pursuant to
Section 2.04(b)(vii) on the immediately preceding Payment Date but for the existence of an Unmatured Event of
Default.

 

(o)         ERISA.
The Borrower will not (a) engage, and will exercise its best efforts not to permit any ERISA Affiliate of the Borrower
to engage, in any prohibited transaction (within the meaning of Sections 406(a) or (b) of ERISA or
Section 4975 of the Code) for which an exemption is not available or has not previously been obtained from the United
States Department of Labor, (b) fail to meet the minimum funding standard set forth in Section 302(a) of ERISA
and Section 412(a) of the Code with respect to any Pension Plan, (c) fail to make any payments to a
Multiemployer Plan that the Borrower or any ERISA Affiliate of the Borrower may be required to make under the agreement
relating to such Multiemployer Plan or any law pertaining thereto, (d) terminate any Pension Plan so as to result,
directly or indirectly in any liability to the Borrower, or (e) permit to exist any occurrence of any Reportable Event
with respect to any Pension Plan.

 

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(c)         reduce
the principal of, or the rate of interest specified herein on, any Advance or Obligation, or any fees or other amounts payable
hereunder or under any other Transaction Document without the written consent of each Lender directly and adversely affected thereby;

 

(d)         change Section 2.04
or any related definitions or provisions in a manner that would alter the order of application of proceeds or would alter the pro
rata sharing of payments required thereby, in each case, without the written consent of each Lender directly and
adversely affected thereby;

 

(e)         change
any provision of this Section 11.01 or reduce the percentages specified in the definitions of “Required Lenders”,
 “Supermajority” or any other provision hereof specifying the number or percentage of the Lenders required to amend,
waive, direct or otherwise modify any rights hereunder or make any determination or grant
any consent hereunder, without the written consent of each Lender directly affected thereby;

 

(f)          consent
to the assignment or transfer by any of the Borrower, the Transferor, the Equityholder or the Servicer of such party’s
rights and obligations under any Transaction Document to which it is a party (except as expressly permitted hereunder), in
each case, without the written consent of each Lender;

 

(g)         make
any modification to the definition of “Applicable Percentage” without the written consent of each Lender;

 

(h)         release
all or substantially all of the Collateral Portfolio or release any Transaction Document (other than as specifically
permitted or contemplated in this Agreement or the applicable Transaction Document) without the written consent of each
Lender; or

 

(i)          make
material amendments to the definitions of “Collateral Quality Test”, “Minimum Weighted Average Coupon
Test”, “Minimum Weighted Average Spread Test” or any definitions therein, in each case, without the written
consent of a Supermajority of the Lenders;

 

(j)          make
any modification to the definitions of “Borrowing Base”, “Adjusted Borrowing Value”, “Excess
Concentration Amount” or any definitions therein, in each case, which would have a material adverse effect on the
calculation of the Borrowing Base, without the written consent of each Lender;

 

provided,
further, that (i) any amendment of this Agreement that is solely for the purpose of adding a Lender may be effected
with the consent of the Agent, but without the written consent of the Borrower or any Lender, (ii) no such amendment, waiver
or modification materially adversely affecting the rights or obligations of the Trustee, the Bank or the Collateral Custodian shall
be effective without the written agreement of the Trustee, the Bank or the Collateral Custodian, as applicable, (iii) no amendment,
waiver or modification adversely affecting the rights or obligations of any Hedge Counterparty shall be effective without the written
agreement of such Person, (iv) no amendment, waiver or consent shall, unless in writing and signed by the Swingline Lender
in addition to the Lenders required above, affect the rights or duties of the Swingline Lender under this Agreement, (v) no
amendment, waiver or consent

 

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its rights and obligations hereunder to
an Affiliate of such Lender or to other Lenders hereunder and Affiliates of such Lenders; provided further that, if an
Event of Default has occurred and is continuing, a Lender may assign its rights and obligations under this Agreement or any Advance
to any Person with the consent of the Agent (such consent not to be unreasonably withheld or delayed) but without any consent
from the Borrower; provided further that before an Event of Default has occurred, any Lender may assign its rights and
obligations under this Agreement or any Advance to any Person (other than an Ares Competitor) with the consent of each of the
Borrower and the Agent (such consent not to be unreasonably withheld or delayed); provided further that any Lender may
assign, or sell a participation in, all or a portion its rights and obligations hereunder and interest herein in or under its
Advances without any consent from the Borrower or the Agent upon such Lender’s good faith determination that such assignment
or participation is required for regulatory reasons or by Applicable Law (provided that such Lender gives written notice
of such assignment or participation, which notice shall identify the material regulatory or legal reasons necessitating such assignment
or participation). Any such assignee shall execute and deliver to the Servicer, the Borrower and the Agent a fully-executed and
a transferee letter substantially in the form of Exhibit N hereto (a “Transferee
Letter”) and a fully-executed Joinder Supplement. Notwithstanding anything contained
in this Agreement to the contrary, (i) Wells Fargo shall not need prior consent of the Borrower to consolidate with or merge
into any other Person or convey or transfer substantially all of its properties and assets, including without limitation any Advance
(or portion thereof), to any Person and (ii) if any Lender becomes a Defaulting Lender, unless such Lender shall have been
deemed to no longer be a Defaulting Lender pursuant to Section 2.23(b), the Agent shall have the right to cause such
Person to assign its entire interest in the Advances and this Agreement to a transferee selected by the Agent, in an assignment
which satisfies the conditions set forth in the first sentence of this Section 11.04(a). The parties to any such assignment,
grant or sale of a participation interest shall execute and deliver to the Lender for its acceptance and recording in its books
and records, such agreement or document as may be satisfactory to such parties and the applicable Lender. None of the Borrower,
the Equityholder, the Transferor or the Servicer may assign, or permit any Lien (other than Permitted Liens) to exist upon, any
of its rights or obligations hereunder or under any Transaction Document or any interest herein or in any Transaction Document.

 

(b)         Notwithstanding
any other provision of this Section 11.04, any Lender may at any time pledge or grant a security interest in all
or any portion of its rights (including, without limitation, rights to payment of principal and interest) under this
Agreement to secure obligations of such Lender to a Federal Reserve Bank, without notice to or consent of the Borrower or the
Agent; provided that no such pledge or grant of a security interest shall release such Lender from any of its
obligations hereunder, or substitute any such pledgee or grantee for such Lender as a party hereto.

 

(c)         Each
Hedge Counterparty, each Affected Party and each Indemnified Party shall be an express third party beneficiary of this
Agreement.

 

Section 11.05
Term of This Agreement. This Agreement, including, without limitation, the Borrower’s obligation to observe
its covenants set forth in Articles V and VI and the Servicer’s obligation to observe its covenants set forth
in Articles V and VI, shall remain in full force and effect until the Collection Date; provided that the
rights and remedies with respect to any breach of any representation and warranty made or deemed made by the Borrower or the  

 

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Agent to conduct, at the expense of the Servicer
(on behalf of the Borrower), a review of the Required Loan Documents and all other documentation regarding the Collateral Portfolio.

 

Section 12.11       Custodian as Agent of Trustee.

 

The Collateral
Custodian agrees and acknowledges that, with respect to any Required Loan Documents at any time or times held in its possession
or held in its name, the Collateral Custodian shall be the agent and custodian of the Trustee, for the benefit of the Secured Parties,
for purposes of perfecting (to the extent not otherwise perfected) the Trustee’s security interest in the Collateral Portfolio
and for the purpose of ensuring that such security interest is entitled to first priority status under the UCC.

 

Section 12.12       Recognition
of the U.S. Special Resolution Regimes.

 

To
the extent that this Agreement and/or any other Transaction Document constitutes a QFC, the Borrower agrees with each Secured Party
as of the Thirteenth Amendment Effective Date as follows:

 

(a)         In
the event a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of this Agreement
and/or any other Transaction Document, and any interest and obligation in or under this Agreement and/or any other Transaction
Document from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if this Agreement and/or any other the Transaction Document, and any such interest and obligation, were governed
by the laws of the United States or a state of the United States.

 

(b)         In
the event that a Covered Party or a BHC Act Affiliate of such Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under this Agreement and/or any other Transaction Document that may be exercised against such
Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if this Agreement and/or any other Transaction Document were governed by the laws of the United States or a state
of the United States.

 

[Signature pages to follow.]

 

    -184-

     

    

 

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

 

	BORROWER:	ARES CAPITAL CP FUNDING LLC
	 
	 
	 	 By:
	 	Name:
	 	Title:

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

Ares
CP Funding Facility

 Loan and Servicing Agreement

 

    

     

    

 

	TRUSTEE:	U.S. BANK NATIONAL ASSOCIATION
	 
	 
	 	By:
	 	Name:
	 	Title:

 

	BANK:	U.S. BANK NATIONAL ASSOCIATION
	 
	 
	 	By:
	 	Name:
	 	Title:

 

	COLLATERAL CUSTODIAN:	U.S. BANK NATIONAL ASSOCIATION
	 
	 
	 	By:
	 	Name:
	 	Title:

 

Ares
CP Funding Facility

 Loan and Servicing Agreement

 

    

     

    

 

ANNEX A

 

Commitments

 

	Lender  	 	Commitment  	 
	Wells Fargo Bank, National Association	 	$	900,000,000	 
	 	 	 	 	 
	Bank of America, N.A.	 	$	375,000,000	 
	 	 	 	 	 
	Sampension Livsforsikring A/S	 	$	127,000,000	 
	 	 	 	 	 
	Arkitekternes Pensionskasse	 	$	9,000,000	 
	 	 	 	 	 
	Pensionskassen for Jordbrugsakademikere og Dyrlæger	 	$	14,000,000	 
	 	 	 	 	 
	TIAA, FSB	 	$	100,000,000	 

 

    Annex A-1

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