Document:

Exhibit 10.3

 

EXECUTION VERSION

 

 

CLASS A CREDIT AGREEMENT

 

dated as of December 14, 2022

 

among

 

GOLUB CAPITAL BDC 3 CLO 2 LLC,

as Borrower,

 

VARIOUS FINANCIAL INSTITUTIONS AND OTHER PERSONS,

as Lenders,

 

CITIBANK, N.A.,

as Loan Agent

 

and

 

CITIBANK, N.A.,

as Collateral Trustee 

 

 

     

     

    

 

Table
of Contents

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I DEFINITIONS AND INTERPRETATION	1
	 	 
	 	Section 1.1	Defined Terms	1
	 	Section 1.2	Use of Defined Terms	1
	 	Section 1.3	Amendment and Restatement of Promissory Note	1
	 	Section 1.4	Interpretation	2
	 	Section 1.5	Accounting Matters	2
	 	Section 1.6	Collateral Documents	2
	 	Section 1.7	Conflict Between Credit Documents	2
	 	Section 1.8	Legal Representation of the Parties	2
	 	 	 	 
	ARTICLE II COMMITMENTS	2
	 	 
	 	Section 2.1	Commitments of Each Lender	2
	 	Section 2.2	Fees	3
	 	 	 	 
	ARTICLE III LOANS AND LENDER NOTES	3
	 	 
	 	Section 3.1	Borrowing Procedure	3
	 	Section 3.2	Lender Notes	3
	 	Section 3.3	Principal Payments	5
	 	Section 3.4	Interest	6
	 	Section 3.5	Method and Place of Payment	7
	 	Section 3.6	Subordination	7
	 	Section 3.7	[Reserved]	8
	 	Section 3.8	Additional Loans	8
	 	 	 	 
	ARTICLE IV CONDITIONS TO CREDIT EXTENSIONS	8
	 	 
	 	Section 4.1	Loan Date	8
	 	 	 	 
	ARTICLE V REPRESENTATIONS, WARRANTIES, AND COVENANTS	8
	 	 
	 	Section 5.1	Payment of Principal and Interest	8
	 	Section 5.2	Maintenance of Office or Agency	8
	 	Section 5.3	Money for Loan Payments to be Held in Trust	9
	 	Section 5.4	Existence of Borrowers	9
	 	Section 5.5	Protection of Assets	9
	 	Section 5.6	Opinions as to Assets	9

 

    -i- 

     

    

 

Table
of Contents 

(continued)

 

	 	 	 	Page
	 	 	 	 
	 	Section 5.7	Performance of Obligations	9
	 	Section 5.8	Negative Covenants	10
	 	Section 5.9	Statement as to Compliance	10
	 	Section 5.10	Successor Substituted	10
	 	Section 5.11	No Other Business	10
	 	Section 5.12	Annual Rating Review	10
	 	Section 5.13	Calculation Agent	10
	 	Section 5.14	Certain Tax Matters	11
	 	Section 5.15	Representations Relating to Security Interests in the Assets	11
	 	 	 	 
	ARTICLE VI EVENTS OF DEFAULT	13
	 	 
	 	Section 6.1	Default and Events of Default	13
	 	Section 6.2	Acceleration	13
	 	Section 6.3	Remedies	13
	 	 	 	 
	ARTICLE VII THE AGENTS	14
	 	 
	 	Section 7.1	Appointment	14
	 	Section 7.2	Nature of Duties	14
	 	Section 7.3	Lack of Reliance on the Agents	15
	 	Section 7.4	Certain Rights of the Agents	15
	 	Section 7.5	Not Responsible for Recitals, Incurrence of Loans or Issuance of Notes	20
	 	Section 7.6	May Hold Loans or Notes	21
	 	Section 7.7	Holders of Lender Notes; Transferee of Assignment Agreement	21
	 	Section 7.8	Compensation and Reimbursement	21
	 	Section 7.9	Agents Required; Eligibility	23
	 	Section 7.10	Resignation and Removal of Agents; Appointment of Successor Agents	23
	 	Section 7.11	Acceptance of Appointment by Successor Agents	25
	 	Section 7.12	Merger, Conversion, Consolidation or Succession to Business of Agents	25
	 	Section 7.13	Representations and Warranties of Citibank, N.A.	25

 

    -ii- 

     

    

 

Table
of Contents 

(continued)

 

	 	Page
	 	 
	ARTICLE VIII MISCELLANEOUS	26
	 	 
	 	Section 8.1	Payment of Expenses, Etc.	26
	 	Section 8.2	Right of Setoff	26
	 	Section 8.3	Notices	27
	 	Section 8.4	Benefit of Agreement	28
	 	Section 8.5	No Waiver; Remedies Cumulative	29
	 	Section 8.6	Payments Pro Rata	29
	 	Section 8.7	Calculations; Computations	30
	 	Section 8.8	Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial	30
	 	Section 8.9	Counterparts	31
	 	Section 8.10	Effectiveness	31
	 	Section 8.11	Headings Descriptive	31
	 	Section 8.12	Amendment or Waiver	31
	 	Section 8.13	Survival	32
	 	Section 8.14	Domicile of Loans	32
	 	Section 8.15	Confidentiality	33
	 	Section 8.16	Register	33
	 	Section 8.17	Marshalling; Recapture	34
	 	Section 8.18	Lender Representations, etc.; Non-Recourse Obligations	34
	 	Section 8.19	[Reserved]	36
	 	Section 8.20	No Petition	36
	 	Section 8.21	Acknowledgment	36
	 	Section 8.22	Limitation on Suits	36
	 	Section 8.23	Unconditional Rights of Lenders to Receive Principal and Interest	37
	 	Section 8.24	Termination of Agreement	37
	 	Section 8.25	Lender Information	37
	 	Section 8.26	Lender Consent	37
	 	Section 8.27	Jersey AML Regulations	37
	 	Section 8.28	Jersey Self-Certification	37
	 	Section 8.29	USA PATRIOT Act	37

 

    -iii- 

     

    

 

ANNEXES, EXHIBITS AND SCHEDULES

 

ANNEX X – Definitions

 

EXHIBIT A – Form of Lender Note 

EXHIBIT B – Form of Assignment and Assumption Agreement 

EXHIBIT C – [Reserved] 

EXHIBIT D – Confirmation of Registration

 

SCHEDULE 1 – Commitments and Percentages 

SCHEDULE 2 – Lending Offices and Notice Data 

SCHEDULE 3 – Payment Instructions for Lenders 

SCHEDULE 4 – Loan Agent Wiring Instructions

 

    -iv- 

     

    

 

CLASS A CREDIT AGREEMENT

 

THIS CLASS A CREDIT AGREEMENT
(this “Agreement”), dated as of December 14, 2022, is entered into by and among GOLUB CAPITAL BDC 3 CLO 2 LLC,
a limited liability company organized under the laws of the State of Delaware (the “Borrower”), VARIOUS FINANCIAL INSTITUTIONS
AND OTHER PERSONS which are, or may become, parties hereto as Lenders (the “Lenders”), and CITIBANK, N.A., not in its
individual capacity but as Loan Agent (in such capacity, the “Loan Agent”) and as Collateral Trustee under the Indenture
(in such capacity, the “Collateral Trustee”).

 

W I T N E S S E T H:

 

WHEREAS, the Borrower is limited
liability company organized under the laws of the State of Delaware and organized for the purpose of investing on a leveraged basis and
actively managing a diversified pool of Collateral Obligations (as such term and the other capitalized terms used in these recitals are
defined in Section 1.1 below);

 

WHEREAS, the Borrower will
be issuing Notes under the Indenture as Issuer to the terms and conditions set forth therein, and will pledge as security for the Notes
and the Loans all of the Assets, as set forth in the Indenture;

 

WHEREAS, the Borrower desires
to obtain Commitments from the Lenders, pursuant to which Loans shall be made, subject to the terms and conditions set forth herein, in
a maximum aggregate principal amount not to exceed at any time the Aggregate Commitment at such time; and

 

WHEREAS, the Lenders are willing,
on the terms and conditions hereinafter set forth, to extend such Commitments;

 

NOW, THEREFORE, the parties
hereto, intending to be legally bound hereby, agree as follows:

 

ARTICLE I

 

DEFINITIONS
AND INTERPRETATION

 

Section 1.1         Defined
Terms. As used in this Agreement, and unless the context requires a different meaning, capitalized terms used but not defined herein
shall have the respective meanings set forth in Annex X hereto (or, if not so defined, in the Indenture). The parties hereto acknowledge
and agree that the Loans made under this Agreement are the “Class A Loans” referred to in the Indenture.

 

Section 1.2         Use
of Defined Terms. Unless otherwise defined or the context otherwise requires, terms for which meanings are provided in this Agreement
shall have such meanings when used in each Assignment Agreement, notice and other communication delivered from time to time in connection
with this Agreement or any other Credit Document.

 

Section 1.3         Interpretation.
In this Agreement, unless a clear contrary intention appears:

 

(a)       the
singular includes the plural and the plural the singular;

 

    1 

     

    

 

(b)       words
importing any gender include the other genders;

 

(c)       references
to “writing” include printing, typing, lithography and other means of reproducing words in a visible form;

 

(d)       references
to agreements (including this Agreement and the Annex and Exhibits and Schedules hereto) and other contractual instruments include all
amendments, modifications and supplements thereto or any changes therein entered into in accordance with their respective terms and not
prohibited by the Indenture or this Agreement;

 

(e)       references
to Persons include their permitted successors and assigns but if applicable, only if such successors and assigns are permitted by this
agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually; and

 

(f)        the
term “including” means “including without limitation”.

 

Section 1.4         Accounting
Matters. For purposes of this Agreement, all accounting terms not otherwise defined herein shall have the meanings assigned to them
in conformity with GAAP.

 

Section 1.5         Collateral
Documents. References in this Agreement to the Indenture or any other Collateral Document, in a case where such Collateral Document
is or would be governed by the laws of any jurisdiction other than the State of New York, shall mean and be a reference to a document
having a purpose and effect under the laws of such other jurisdiction substantially similar to the purpose and effect of the corresponding
Collateral Document.

 

Section 1.6         Conflict
Between Credit Documents. If there is any conflict between this Agreement and the Indenture or any other Credit Document, this Agreement,
the Indenture and such other Credit Document shall be interpreted and construed, if possible, so as to avoid or minimize such conflict
but, to the extent (and only to the extent) of such conflict, the Indenture shall prevail and control and in any other case this Agreement
shall prevail and control.

 

Section 1.7         Legal
Representation of the Parties. This Agreement was negotiated by the parties with the benefit of legal representation and any rule of
construction or interpretation otherwise requiring this Agreement or any other Credit Document to be construed or interpreted against
any party shall not apply to any construction or interpretation hereof or thereof.

 

ARTICLE II

 

COMMITMENTS

 

Section 2.1         Commitments
of Each Lender. (a) Subject to the terms and conditions of this Agreement, each Lender severally and for itself alone agrees
to make a Loan (as defined below) to the Borrower in a principal amount equal to such Lender’s Percentage of the Aggregate Commitment.

 

    2 

     

    

 

(b)       Each
Lender shall, on the Closing Date and subject to the terms and conditions hereof, severally, but not jointly, make a term loan (a “Loan”
and, collectively, the “Loans”) to the Borrower (the payment of which may be made to the Collateral Trustee on behalf
of the Borrower) for deposit in the Pass-Through Collection Subaccount (pursuant to the wiring instructions on Schedule 4 hereto)
in a principal amount equal to such Lender’s Percentage of the Aggregate Commitment. The commitment of each Lender to make Loans
under this Section 2.1(b) is herein referred to as its “Commitment” and, together with its Percentage of
the Aggregate Commitment, is set forth in Schedule 1 hereto.

 

(c)       Each
Loan shall be denominated in Dollars. Subject to the terms hereof, the Borrower may from time to time prepay the Loans in accordance
with the Priority of Payments and in connection with a redemption of the Debt in accordance with Article IX of the Indenture; provided
that the Borrower may not borrow or re-borrow any Loans after prepayment or repayment thereof.

 

Section 2.2         Fees.
The Borrower shall pay fees to the Loan Agent and the Collateral Trustee in the amount specified in the Agent Fee Letter, for all services
rendered by each hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee
or loan agent, as applicable, of an express trust), subject to and in accordance with the Indenture, including the Priority of Payments.
Such fees shall constitute Administrative Expenses and shall be payable solely from available funds in accordance with the Priority of
Payments (or in such other manner in which Administrative Expenses are payable under the Indenture).

 

ARTICLE III

 

LOANS
AND LENDER NOTES

 

Section 3.1         Borrowing
Procedure. Borrowings of Loans shall be made in accordance with this Section 3.1.

 

Section 3.1.1    Funding
of the Borrowing. (a) Upon receipt of confirmation from the Borrower (or its counsel on its behalf) that the conditions set
forth in Section 4.1 have been satisfied, each Lender shall make available its pro rata share (based on such
Lender’s Percentage) of the Aggregate Commitments in the manner provided below. All such amounts shall be made available in
Dollars, and in immediately available funds to the Collateral Trustee for deposit in the Pass-Through Collection Subaccount pursuant
to the Indenture.

 

(b)       Nothing
herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments and other commitments hereunder or to prejudice
any rights which the Borrower may have against any Lender as a result of any default by such Lender hereunder.

 

Section 3.2         Lender
Notes. (a) On the Loan Date to the extent requested by any Lender, the Borrower shall (i) sign a Lender Note in the name
of such Lender in a maximum principal amount equal to such Lender’s Percentage of the Aggregate Commitments, which such Lender
Notes shall be dated the Loan Date and substantially in the form of Exhibit A (a “Lender Note”) and (ii) deliver
such Lender Note to such Lender (with a copy to the Loan Agent). If requested by any Lender, the Borrower shall obtain a CUSIP or other
loan identification number that is customary for the nature of the Loans made hereunder. To the extent any Lender does not elect to receive
a Lender Note, the Registrar shall, upon instruction of the Borrower, deliver to such Lender a Confirmation of Registration in the form
of Exhibit D hereto.

 

    3 

     

    

 

(b)       The
Borrower hereby irrevocably authorizes the Loan Agent to make (or cause to be made) appropriate notations on its internal records, which
notations shall evidence, inter alia, the date of, the Aggregate Outstanding Amount of, and the Interest Rate applicable to, the
Loans evidenced thereby. The notations on such internal records indicating the Aggregate Outstanding Amount of the Loans made by such
Lender shall be prima facie evidence (absent manifest error) of the principal amount thereof owing and unpaid, but the failure
to record any such amount, or any error therein, shall not limit or otherwise affect the obligations of the Borrower hereunder or under
any Lender Note to make payment of principal of or interest on such Loans when due. At any time (including to replace any Lender Note
that has been mutilated, defaced, destroyed, lost or stolen) when any Lender requests the delivery of a new Lender Note to evidence any
of its Loans, the Borrower shall promptly execute and deliver to such Lender the Lender Note in the appropriate amount or amounts to
evidence such Loans; provided, for the avoidance of doubt, that, other than in the case of a substitute or replacement Lender
Note to replace a Lender Note that has been mutilated, defaced, destroyed, lost or stolen, only one Lender Note shall be issued to any
Lender and the Loan Agent shall not deliver a new Lender Note to any requesting Lender until such Lender surrenders the Lender Note currently
held by such Lender; provided, further, that, in the case of a substitute or replacement Lender Note, the Borrower and
the Loan Agent shall have received from such requesting Lender (i) evidence to their reasonable satisfaction of the destruction,
loss or theft of any Lender Note and (ii) there is delivered to the Borrower, the Loan Agent, the Collateral Trustee and the Transfer
Agent such security or indemnity as may be required by them to save each of them harmless, then, in the absence of notice to the Borrower,
the Loan Agent, the Collateral Trustee and/or such Transfer Agent that such Lender Note has been acquired by a “protected purchaser”
(within the meaning of Section 8-303 of the UCC), the Borrower shall execute and, upon receipt of such executed Lender Note, the
Loan Agent shall deliver to the Holder, in lieu of any such mutilated, defaced, destroyed, lost or stolen Lender Note, the new Lender
Note, of like tenor (including the same date of issuance) and equal principal or face amount, registered in the same manner, dated the
date of its issuance, bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen
Lender Note; provided, further, that, in connection with the Stated Maturity or Redemption Date of the Loans, each Lender
shall surrender the Lender Notes to the Loan Agent for payment of the Redemption Price or final payment of principal of such Loans in
accordance with the Priority of Payments. Such surrender shall occur either at the address specified herein for the Loan Agent or, with
respect to any Redemption Date, in accordance with the redemption notice delivered pursuant to Section 9.4 of the Indenture.

 

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

 

    4 

     

    

 

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

 

Upon the issuance of any new
Lender Note under this Section 3.2, the Borrower may require the payment by the Lender thereof of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
the Collateral Trustee and the Loan Agent) connected therewith.

 

All Lender Notes surrendered
for payment, registration of transfer, conversion, exchange or redemption, or mutilated, defaced or deemed lost or stolen, shall be promptly
canceled by the Loan Agent and may not be reissued or resold. No Lender Note may be surrendered (including any surrender in connection
with any abandonment, donation, gift, contribution or other event or circumstance) except for payment as provided herein, or for registration
of transfer, exchange, conversion or redemption, or for replacement in connection with any Lender Note mutilated, defaced or deemed lost
or stolen. Any such Lender Note shall, if surrendered to any Person other than the Loan Agent, be delivered to the Loan Agent. All canceled
Lender Notes held by the Loan Agent shall be destroyed or held by the Loan Agent in accordance with its standard retention policy unless
the Borrower shall direct by a Borrower Order received prior to destruction that they be returned to it.

 

The provisions of this Section 3.2
are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
defaced, destroyed, lost or stolen Lender Notes.

 

Section 3.3         Principal
Payments.

 

Section 3.3.1    Repayments
and Prepayments. The Borrower shall make payments of unpaid principal of each Loan on each Payment Date to the extent provided in
the Priority of Payments and Article IX of the Indenture.

 

Section 3.3.2    Application.
Each repayment and prepayment of a Loan shall be subject to the terms of the Indenture (including the subordination provisions set forth
in Section 13.1 thereof and the Priority of Payments set forth in Section 11.1(a) thereof) and the requirement to pay Lenders
on a pro rata basis as set forth in Section 8.6. Without limiting the generality of the foregoing, the Loans shall
comprise and be a part of the Class A Debt and, as such, shall be subject to the terms and conditions of the Indenture applicable
to the Class A Debt, and shall have the rights afforded in the Indenture to the Class A Debt (to the extent of the component
thereof consisting of the Loans).

 

Section 3.3.3    Mandatory
Prepayment. The Loans are subject to prepayment in connection with a mandatory redemption of the Debt as set forth in Section 9.1
of the Indenture (a “Mandatory Prepayment”).

 

Section 3.3.4    Special
Prepayment. The Loans are subject to prepayment in connection with a Special Redemption as set forth in Section 9.6 of the Indenture.

 

    5 

     

    

 

Section 3.3.5    Optional
Prepayment. The Loans are subject to prepayment in connection with an Optional Redemption as set forth in Section 9.2 of the
Indenture or a Tax Redemption as set forth in Section 9.3 of the Indenture.

 

Section 3.3.6    Prepayment
in Connection with Clean-Up Call Redemption of Notes. The Loans are subject to prepayment in connection with a Clean-Up Call Redemption
as set forth in Section 9.9 of the Indenture.

 

Section 3.3.7    Re-Pricing.
The Loans will not be subject to Re-Pricing.

 

Section 3.4         Interest.

 

Section 3.4.1    Interest
Rules and Calculations. (a) Interest on each Loan shall be payable in respect of each Loan, on each Payment Date and on
any date of prepayment or repayment of such Loan, commencing on the first Payment Date following the Loan Date in accordance with the
terms of the Indenture (including the subordination provisions set forth in Section 13.1 thereof and the Priority of Payments set
forth in Section 11.1(a) thereof). For each Loan, interest shall accrue during each Interest Accrual Period on the unpaid Aggregate
Outstanding Amount of such Loan on the first day of the applicable Interest Accrual Period (after giving effect to payments of principal
thereon on such date).

 

(b)       Interest
due and payable shall be determined in accordance with Section 2.7 of the Indenture.

 

(c)       The
Borrower shall make (or cause to be made) all payments of interest to the Loan Agent for the account of each Lender in accordance with
Section 3.5.

 

(d)       The
Lenders hereby consent to the Borrower’s appointment of the Collateral Trustee to serve as Calculation Agent under the Indenture.
All computations of interest due shall be made by the Calculation Agent in accordance with Section 8.7 hereof and subject
to and in accordance with Section 7.16 of the Indenture. The Borrower hereby agrees that for so long as any Loans remain Outstanding,
there will at all times be a Calculation Agent appointed under the Indenture to calculate the Term SOFR Reference Rate (or after the designation
of an Alternative Rate or Fallback Rate, such Alternative Rate or Fallback Rate) in respect of the Debt.

 

(e)       In
no event shall the rate of interest applicable to any Loan exceed the maximum rate permitted by applicable law.

 

(f)        Upon
an assignment of Loans pursuant to Section 8.4, unless otherwise directed by the assignor Lender, the assigned Loans shall
trade without accrued interest and the Loan Agent shall, in accordance with the Priority of Payments on the Payment Date immediately
succeeding the date of assignment, disburse to (x) the assignor Lender, the interest accrued on such assigned Loan from and including
the previous Payment Date (or, in the case of the first Interest Accrual Period, the Closing Date) to but excluding such date of assignment
and (y) the assignee Lender, the interest accrued on such assigned Loan from and including such date of assignment to but excluding
such Payment Date.

 

    6 

     

    

 

Section 3.5         Method
and Place of Payment. (a) To the extent funds are available pursuant to the Priority of Payments, all payments by the Borrower
of principal and interest in respect of Loans hereunder and all fees and all other Loans hereunder shall be made in accordance with Sections
2.7 and 11.1 of the Indenture. Except as otherwise specifically provided herein, all payments under this Agreement shall be made to the
Loan Agent for the ratable (based on their applicable Percentages) account of the Lenders entitled thereto (which funds, if delivered
to the Loan Agent, the Loan Agent shall promptly forward to such Lenders), on the date when due and shall be made in immediately available
funds to the account with the wire instructions specified in Schedule 3 (or in the Assignment Agreement, as applicable); provided,
for so long as Citibank, N.A. is the Collateral Trustee and the Loan Agent, payments made to the Lenders under the Indenture from the
Payment Account or Collection Account shall be deemed to have been made first to the Loan Agent and then distributed to the Lenders.
For the avoidance of doubt, all payments by the Borrower of principal and interest in respect of Loans, or any other amounts owed to
a Lender hereunder, payable on a Payment Date shall be made to, subject to Section 3.4(f), the Lender of record as of the
corresponding Record Date.

 

Section 3.6         Subordination.

 

(a)       Incorporation
of Subordination Provisions of the Indenture. All Loans incurred pursuant to this Agreement are subject to, and each Lender hereby
consents and agrees to, the subordination and remedy provisions set forth in Section 13.1 of the Indenture. Article XIII of
the Indenture shall be binding upon each Lender as though such sections (and the corresponding defined terms) had been set forth herein
in their entirety.

 

(b)       Each
Lender hereby acknowledges and agrees that all of its Loans are subject to the terms and conditions of this Agreement and the Indenture
and shall be paid solely to the extent of available funds in accordance with the Priority of Payments. Each Lender hereby agrees and acknowledges
that its right to payment shall be subordinate and junior to any payments owed under Sections 11.1(a)(i)(A) and (B) of the Indenture
and, any applicable payments owed under Section 11.1(a)(ii)(A) of the Indenture senior to payments with respect to the Loans
and any payments owed under Sections 11.1(a)(iii)(A) and (B) of the Indenture (collectively, the “Senior Items”)
of the Indenture, as applicable. In the event that, notwithstanding the provisions of this Agreement and the Indenture, any Lender shall
have received any payment or distribution in respect of its Loans contrary to the provisions of the Indenture or this Agreement, then,
unless and until each Senior Item shall have been paid in full in Cash or, to the extent each recipient of such Senior Item consents,
such payment or distribution shall be received and held in trust for the benefit of, and shall forthwith be paid over and delivered to,
the Collateral Trustee, which shall pay and deliver the same in respect of the Senior Items in accordance with the Indenture; provided,
however, that if any such payment or distribution is made other than in Cash, it shall be held by the Collateral Trustee as part
of the Assets and subject in all respects to the provisions of the Indenture. Each Lender agrees with all recipients of Senior Items that
such Lender shall not demand, accept, or receive any payment or distribution in respect of its Loans in violation of the provisions of
the Indenture. Nothing in this Section 3.6(b) shall affect the obligation of the Borrower to pay the Lenders hereunder.

 

    7 

     

    

 

(c)       Agents
Entitled to Assume Payment Not Prohibited in Absence of Notice. Each of the Agents shall not at any time be charged with knowledge
of the existence of any facts which would prohibit the making of any payment to or by such Agent unless and until such Agent has actual
knowledge thereof or unless and until a Bank Officer of such Agent shall have received and accepted (in its role as Agent) written notice
thereof from the Borrower (in the form of an Officer’s Certificate reasonably satisfactory to such Agent) or Persons representing
themselves to be other holders of obligations payable hereunder or under any Credit Document by the Borrower, and, prior to the receipt
of any such written notice, such Agent, subject to the provisions of this Agreement, shall be entitled in all respects conclusively to
assume that no such fact exists, and such Agent shall have no liability hereunder for any payment made, or action taken, by it without
such knowledge or notice.

 

Section 3.7         The
Lenders may not convert or exchange any portion of the Loans into Notes.

 

Section 3.8         Additional
Loans. On any Business Day, the Borrower may, in accordance with Section 2.13 of the Indenture and in connection with an additional
issuance pursuant thereto, incur additional Loans hereunder (any such Loans, “Additional Loans”). The incurrence of
Additional Loans under this Agreement shall be subject to (i) satisfaction of the conditions set forth in Section 2.13 of the
Indenture and (ii) the execution and delivery of an amendment to this Agreement in accordance with Section 8.12 that
reflects the incurrence of such Additional Loans and the terms thereof, which amendment will be acknowledged by the Loan Agent and the
Collateral Trustee. If a Person that was not previously a party to this Agreement extends any such Additional Loan, it will be required
to be made a party to this Agreement by executing such amendment and adding such Person as a Lender.

 

ARTICLE IV

 

CONDITIONS
TO CREDIT EXTENSIONS

 

Section 4.1         Loan
Date. The obligations of the Lenders to make Loans on the Loan Date shall not become effective until the date on which all conditions
precedent to the issuance of the Notes set forth in Section 3 of the Indenture have been satisfied.

 

ARTICLE V

 

REPRESENTATIONS, WARRANTIES, AND COVENANTS

 

Section 5.1         Payment
of Principal and Interest. The Borrower shall duly and punctually pay the principal of and interest on the Debt, in accordance with
the terms of this Agreement and the Indenture pursuant to the Priority of Payments.

 

Amounts properly withheld
under the Code or other applicable law by any Person from a payment to any Lender shall be considered as having been paid by the Borrower
to such Lender for all purposes of this Agreement.

 

Section 5.2         Maintenance
of Office or Agency. The Borrower hereby appoints the Bank as the Loan Agent and appoints the Loan Agent as a paying agent for payments
on the Loans and the Loan Agent to maintain the register as set forth in Section 8.16. The Borrower hereby appoints CT Corporation
System, 28 Liberty Street, New York, NY 10005, as its agent upon whom process or demands may be served in any action arising out of or
based on this Agreement or the transactions contemplated hereby.

 

    8 

     

    

 

The Borrower may at any time
and from time to time vary or terminate the appointment of any such agent or appoint any additional agents for any or all of such purposes;
provided, however, that the Borrower will maintain in the Borough of Manhattan, The City of New York, an office or agency
where notices and demands to or upon the Borrower in respect of the Notes, the Loans and this Agreement may be served. The Borrower shall
give prompt written notice to the Collateral Trustee, the Loan Agent, the Rating Agency and the Lenders of the appointment or termination
of any such agent and of the location and any change in the location of any such office or agency.

 

If at any time the Borrower
shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New York or shall fail to furnish
the Collateral Trustee or the Loan Agent with the address thereof, presentations and surrenders may be made (subject to the limitations
described in the preceding paragraph) at and notices and demands may be served on the Borrower by mailing a copy thereof by registered
or certified mail or by overnight courier, postage prepaid, to the Borrower at its address specified in Section 14.3 of the Indenture
for notices.

 

Section 5.3         Money
for Loan Payments. All payments of amounts due and payable with respect to any Loans that are to be made from amounts withdrawn by
the Collateral Trustee from the Payment Account shall be made on behalf of the Borrower by the Collateral Trustee with respect to payments
on the Loans; provided that in the event the same entity is acting as the Collateral Trustee and the Loan Agent, such requirement
shall be deemed satisfied if the payments on the Loans are made by the Collateral Trustee.

 

Section 5.4         Existence
of Borrowers. The Borrower shall comply with the provisions of Section 7.4 of the Indenture with respect to the existence of
the Borrower and the provisions of Section 7.4 of the Indenture are incorporated by reference mutatis mutandis.

 

Section 5.5         Protection
of Assets. The Borrower shall comply with (and the Borrower shall cause the Collateral Manager to comply with) the provisions of
Section 7.5 of the Indenture with respect to the protection of the Assets and the provisions of Section 7.5 of the Indenture
are incorporated by reference mutatis mutandis.

 

Section 5.6         Opinions
as to Assets. The Borrower shall comply with the provisions of Section 7.6 of the Indenture with respect to the opinions as
to the Assets and the provisions of Section 7.6 of the Indenture are incorporated by reference mutatis mutandis.

 

Section 5.7         Performance
of Obligations. The Borrower shall use its best efforts not to permit any action to be taken by others, that would release any Person
from any of such Person’s covenants or obligations under any instrument included in the Assets, except in the case of enforcement
action taken with respect to any Defaulted Obligation in accordance with the provisions hereof and actions by the Collateral Manager
under the Collateral Management Agreement and in conformity therewith or with this Agreement and the Indenture or as otherwise required
by the Indenture or hereby or deemed necessary or advisable by the Collateral Manager in accordance with the Collateral Management Agreement.

 

    9 

     

    

 

Section 5.8         Negative
Covenants. The Borrower shall, from the Closing Date through the date on which no Loans are Outstanding, comply with its obligations
under Article VII of the Indenture, including by not taking any action prohibited by Section 7.8 of the Indenture.

 

Section 5.9         Statement
as to Compliance. On or before December 31st in each calendar year commencing in 2023, or immediately if there has been a Default
under the Indenture under the Indenture and prior to the issuance of any additional Debt pursuant to the Indenture, the Borrower shall
deliver to the Collateral Trustee (to be forwarded by the Collateral Trustee to the Collateral Manager, the Loan Agent (for each Lender
making a written request therefor), the Collateral Administrator and the Rating Agency) an Officer’s Certificate of the Borrower
that, having made reasonable inquiries of the Collateral Manager, and to the best of the knowledge, information and belief of the Borrower,
there did not exist, as at a date not more than five days prior to the date of the certificate, nor had there existed at any time prior
thereto since the date of the last certificate (if any), any Default under the Indenture or, if such Default did then exist or had existed,
specifying the same and the nature and status thereof, including actions undertaken to remedy the same, and that the Borrower has complied
with all of its obligations under this Agreement and the Indenture or, if such is not the case, specifying those obligations with which
it has not complied.

 

Section 5.10       Successor
Substituted. Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the assets of the Borrower
in accordance with Section 7.10 of the Indenture in which the Merging Entity is not the surviving entity, the Successor Entity shall
succeed to, and be substituted for, and may exercise every right and power of, the Merging Entity under the Indenture with the same effect
as if such Person had been named as the Borrower herein, and the Successor Entity shall deliver to the Loan Agent the Officer's Certificate
and Opinion of Counsel required by Section 7.10(d) of the Indenture. In the event of any such consolidation, merger, transfer
or conveyance, the Person named as the “Borrower” in this Agreement or any successor which shall theretofore have become
such in the manner prescribed in Article VII of the Indenture may be dissolved, wound up and liquidated at any time thereafter,
and such Person thereafter shall be released from its liabilities as obligor and maker on all the Loans and from its obligations under
this Agreement and the other Transaction Documents to which it is a party.

 

Section 5.11       No
Other Business. The Borrower shall comply with the provisions of Section 7.12 of the Indenture with respect to the business
of the Borrower and the provisions of Section 7.12 of the Indenture are incorporated by reference mutatis mutandis.

 

Section 5.12       Annual
Rating Review. The Borrower shall comply with the provisions of Section 7.14 of the Indenture with respect to (i) the annual
rating review of the Debt as set forth in clause (a) thereof and (ii) the annual review of Collateral Obligations as set forth
in clause (b) thereof, and the provisions of Section 7.14 of the Indenture are incorporated by reference mutatis mutandis.

 

Section 5.13       Calculation
Agent. The Borrower shall comply with the provisions of Section 7.16 of the Indenture with respect to the Calculation Agent
and the provisions of Section 7.16 of the Indenture are incorporated by reference mutatis mutandis.

 

    10 

     

    

 

Section 5.14       Certain
Tax Matters. The Borrower and the Lenders shall be required to comply with the provisions of Section 7.17 of the Indenture with
respect to Certain Tax Matters and the provisions of Section 7.17 of the Indenture are hereby incorporated by reference mutatis
mutandis.

 

Section 5.15       Representations
Relating to Security Interests in the Assets. (a) The Borrower hereby represents and warrants that, as of the Closing Date (which
representations and warranties shall survive the execution of this Agreement and be deemed to be repeated on each date on which an Asset
is Granted to the Collateral Trustee under the Indenture), with respect to the Assets:

 

(i)         The
Borrower owns such Asset free and clear of any lien, claim or encumbrance of any Person, other than such as are created under, or permitted
by, the Indenture and any other Permitted Liens.

 

(ii)        Other
than the security interest Granted to the Collateral Trustee pursuant to the Indenture, except as permitted by the Indenture, the Borrower
has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Assets. The Borrower has not authorized
the filing of and is not aware of any Financing Statements against the Borrower that include a description of collateral covering the
Assets other than any Financing Statement relating to the security interest Granted to the Collateral Trustee under the Indenture or that
has been terminated; the Borrower is not aware of any judgment, PBGC liens or tax lien filings against the Borrower.

 

(iii)       All
Assets constitute Cash, accounts (as defined in Section 9-102(a)(2) of the UCC), Instruments, general intangibles (as
defined in Section 9-102(a)(42) of the UCC), uncertificated securities (as defined in Section 8-102(a)(18) of the UCC), Certificated
Securities or security entitlements to financial assets resulting from the crediting of financial assets to a “securities account”
(as defined in Section 8-501(a) of the UCC).

 

(iv)      All
Accounts constitute “securities accounts” under Section 8-501(a) of the UCC.

 

(v)       The
Indenture creates a valid and continuing security interest (as defined in Section 1-201(37) of the UCC) in such Assets in favor
of the Collateral Trustee, for the benefit and security of the Secured Parties, which security interest is prior to all other liens,
claims and encumbrances (except as permitted otherwise in the Indenture), and is enforceable as such against creditors of and purchasers
from the Borrower.

 

(b)           The
Borrower hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution
of this Agreement and be deemed to be repeated on each date on which an Asset is Granted to the Collateral Trustee under the Indenture),
with respect to Assets that constitute Instruments:

 

(i)         Either
(x) the Borrower has caused or shall have caused, within ten days after the Closing Date, the filing of all appropriate Financing
Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the
Instruments Granted to the Collateral Trustee, for the benefit and security of the Secured Parties or (y)(A) all original executed
copies of each promissory note or mortgage note that constitutes or evidences the Instruments have been delivered to the Collateral Trustee
or the Borrower has received written acknowledgement from a custodian that such custodian is holding the mortgage notes or promissory
notes that constitute evidence of the Instruments solely on behalf of the Collateral Trustee and for the benefit of the Secured Parties
and (B) none of the Instruments that constitute or evidence the Assets has any marks or notations indicating that they are pledged,
assigned or otherwise conveyed to any Person other than the Collateral Trustee, for the benefit of the Secured Parties.

 

    11 

     

    

 

(ii)        The
Borrower has received all consents and approvals required by the terms of the Assets to the pledge under the Indenture to the Collateral
Trustee of its interest and rights in the Assets.

 

(c)           The
Borrower hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution
of the Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Collateral Trustee under the Indenture),
with respect to the Assets that constitute Security Entitlements:

 

(i)         All
of such Assets have been and will have been credited to one of the Accounts which are securities accounts within the meaning of Section 8-501(a) of
the UCC. The Securities Intermediary for each Account has agreed to treat all assets credited to such Accounts as “financial assets”
within the meaning of Section 8-102(a)(9) the UCC.

 

(ii)        The
Borrower has received all consents and approvals required by the terms of the Assets to the pledge under the Indenture to the Collateral
Trustee of its interest and rights in the Assets.

 

(iii)       (x) the
Borrower has caused or shall have caused, within ten days after the Closing Date, the filing of all appropriate Financing Statements
in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to the
Collateral Trustee, for the benefit and security of the Secured Parties under the Indenture and (y)(A) the Borrower has
delivered to the Collateral Trustee a fully executed Securities Account Control Agreement pursuant to which the Custodian has agreed
to comply with all instructions originated by the Collateral Trustee relating to the Accounts without further consent by the
Borrower or (B) the Borrower has taken all steps necessary to cause the Custodian to identify in its records the Collateral
Trustee as the Person having a security entitlement against the Custodian in each of the Accounts.

 

(iv)       The
Accounts are not in the name of any Person other than the Borrower or the Collateral Trustee. The Borrower has not consented to the Custodian
complying with the entitlement order (as defined in Section 8-102(a)(8) of the UCC) of any Person other than the Collateral
Trustee (and the Borrower prior to a notice of exclusive control being provided by the Collateral Trustee.

 

    12 

     

    

 

(d)           The
Borrower hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the
execution of this Agreement and be deemed to be repeated on each date on which an Asset is Granted to the Collateral Trustee under
the Indenture), with respect to Assets that constitute general intangibles:

 

(i)         The
Borrower has caused or shall have caused, within ten days after the Closing Date, the filing of all appropriate Financing Statements in
the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Assets
granted to the Collateral Trustee, for the benefit and security of the Secured Parties.

 

(ii)        The
Borrower has received, or shall receive, all consents and approvals required by the terms of the Assets to the pledge under the Indenture
to the Collateral Trustee of its interest and rights in the Assets.

 

(e)           The
Borrower agrees to notify the Collateral Manager and the Rating Agency promptly if it becomes aware of the breach of any of the representations
and warranties contained in this Section 5.15 and shall not, without satisfaction of the S&P Rating Condition, waive any of
the representations and warranties in this Section 5.15 or any breach thereof.

 

ARTICLE VI

 

EVENTS
OF DEFAULT

 

Section 6.1         Default
and Events of Default. “Default” or “Event of Default,” wherever used herein, means any Default
or Event of Default, respectively, under the Indenture.

 

Section 6.2         Acceleration.
Upon the occurrence of an Event of Default and the acceleration of the Borrower’s obligations under the Indenture pursuant to the
terms of Section 5.2 of the Indenture, the unpaid principal amount of the Loans, together with the interest accrued thereon and
all other amounts payable by the Borrower hereunder in respect of the Loans, shall automatically become immediately due and payable by
the Borrower hereunder without any declaration or other act on the part of the Collateral Trustee or any Lender, subject to and in accordance
with the applicable provisions of the Indenture; provided that upon the rescission or annulment of an acceleration under the Indenture
in accordance with the terms of Section 5.2 thereof, any such acceleration shall automatically be rescinded and annulled for all
purposes hereunder; provided, however, that, no such action shall affect any subsequent Default or Event of Default or
impair any right consequent thereon.

 

Section 6.3         Remedies.
Remedies for an Event of Default are granted to the Collateral Trustee for the benefit of the Secured Parties under the Indenture. Each
of the Lenders agrees and acknowledges that the remedies for an Event of Default hereunder are governed by, and subject to the terms
and conditions of, the Indenture and other Credit Documents.

 

    13 

     

    

 

ARTICLE VII

 

THE
AGENTS

 

Section 7.1         Appointment.
The Lenders hereby designate (i) the Bank to act as Collateral Trustee as specified herein and in the other Collateral Documents
and (ii) the Bank to act as Loan Agent as specified herein. By becoming a party to this Agreement, each Lender hereby irrevocably
authorizes the Loan Agent and the Collateral Trustee (together, the “Agents” and each, an “Agent”)
to take such action under the provisions of this Agreement, the other Credit Documents and any other instruments and agreements referred
to herein or therein and to exercise such powers and to perform such duties hereunder and thereunder as are specifically delegated to
or required of the Agents by the terms hereof and thereof and such other powers as are reasonably incidental thereto. The Agents may
perform any of their duties hereunder or under the other Credit Documents by or through their respective officers, directors, agents,
employees or affiliates. For the avoidance of doubt, the Collateral Trustee and Loan Agent hereby agree to forward or make available
any notices that it receives to the appropriate parties so required by the Indenture and this Agreement, respectively. The Loan Agent
is authorized and directed to enter into this Agreement and perform and observe its obligations under the Collateral Documents.

 

Section 7.2         Nature
of Duties. The Agents shall not have any duties or responsibilities except those expressly set forth in this Agreement and the other
Collateral Documents. None of the Agents or any of their respective officers, directors, employees or affiliates shall be liable for
any action taken or omitted by it or them hereunder or under any other Credit Document or in connection herewith or therewith, unless
caused by its or their gross negligence, willful misconduct or bad faith. The duties of the Agents shall be mechanical and administrative
in nature; the Agents shall not have by reason of this Agreement or any other Credit Document a fiduciary relationship in respect of
any Lender; and nothing in this Agreement or any other Credit Document, expressed or implied, is intended to or shall be so construed
as to impose upon the Agents any obligations in respect of this Agreement or any other Credit Document except as expressly set forth
herein or therein.

 

The Loan Agent shall not
have or be deemed to have any fiduciary relationship with the Collateral Trustee, any Holder, any Lender, the Collateral Manager or the
Borrower, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into the Collateral
Documents or otherwise exist against the Loan Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent”
in this Agreement is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of
any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative
relationship between independent contracting parties.

 

    14 

     

    

 

Section 7.3         Lack
of Reliance on the Agents. Independently and without reliance upon the Agents, each Lender, to the extent it deems appropriate, has
made and shall continue to make (i) its own independent investigation of the financial condition and affairs of the Borrower in
connection with the making and the continuance of the Loans and the taking or not taking of any action in connection herewith and (ii) its
own appraisal of the creditworthiness of the Borrower and, except as expressly provided in this Agreement and the other Credit Documents,
the Agents shall not have any duty or responsibility, either initially or on a continuing basis, to provide any Lender with any credit
or other information with respect thereto, whether coming into its possession before the making of the Loans or at any time or times
thereafter. The Agents shall not be responsible to any Lender for any recitals, statements, information, representations or warranties
herein or in any document, certificate or other writing delivered in connection herewith or for the execution, effectiveness, genuineness,
validity, enforceability, perfection, collectability, priority or sufficiency of this Agreement or any other Credit Document or the financial
condition of the Borrower or be required to make any inquiry concerning either the performance or observance of any of the terms, provisions
or conditions of this Agreement or any other Credit Document, or the satisfaction of any of the conditions precedent set forth in Article IV
or the financial condition of the Borrower or the existence or possible existence of any Default.

 

Section 7.4         Certain
Rights of the Agents. (a) The Agents may conclusively rely and shall be fully protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper
or document believed by it to be genuine and to have been signed or presented by the proper party or parties. Without limiting the provisions
hereof, the Agents shall be entitled to the rights, benefits, immunities, indemnities and protections of the Collateral Trustee as set
forth in Article VI of the Indenture as if such rights, benefits, immunities, indemnities and protections were fully set forth herein;
provided that such rights, protections, immunities, indemnities and benefits shall be in addition to any rights, protections and
benefits afforded to the Agents under this Agreement. Any request or direction of the Borrower mentioned herein may be sufficiently evidenced
by a Borrower Order.

 

(b)       Whenever
in the administration of this Agreement or the Indenture the Agents shall (i) deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Agents (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, request and rely upon an Officer’s Certificate or Borrower Order or (ii) be required
to determine the value of any Assets or funds hereunder or the cash flows projected to be received therefrom, the Agents may, in the
absence of bad faith on its part, rely on reports of nationally recognized accountants, investment bankers or other Persons qualified
to provide the information required to make such determination, including nationally recognized dealers in Assets of the type being valued,
securities quotation services, loan pricing services and loan valuation agents.

 

(c)       As
a condition to the taking or omitting of any action by it hereunder, the Agents may consult with counsel and the advice of such counsel
or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder
in good faith and in reliance thereon.

 

(d)       The
Agents shall be under no obligation to exercise or to honor any of the rights or powers vested in it by this Agreement or to institute,
conduct or defend any litigation hereunder or in relation hereto at the request or direction of any Lenders pursuant to this Agreement
and the Indenture, unless such Lenders shall have offered to the Agents security or indemnity reasonably satisfactory to the Agents against
the costs, expenses (including reasonable fees and expenses of agents, experts and attorneys) and liabilities which might reasonably be
incurred by it in compliance with such request or direction. The Loan Agent shall in all cases be fully protected in acting, or in refraining
from acting, under this Agreement or any other Credit Document in accordance with a request or consent of the Majority of the Lenders
(or such other percentage of the Lenders expressly specified in this Agreement or such Credit Document with respect to a particular matter)
given in accordance with this Agreement or any other Credit Document and such request and any action taken or failure to act pursuant
thereto shall be binding upon all of the Lenders.

 

    15 

     

    

 

(e)        (i) The
Agents shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, note or other documents, but the Agents, in its discretion, may, and upon
the written direction of a Majority of the Lenders or of the Rating Agency shall (subject to the right hereunder to be reasonably satisfactorily
indemnified for associated expense and liability), make such further inquiry or investigation into such facts or matters as it may see
fit or as it shall be directed; provided, however, that if the payment within a reasonable time to the Loan Agent of the costs,
expenses or liabilities likely to be incurred by it in the making of such investigation is, in the reasonable opinion of the Loan Agent,
not assured to the Loan Agent by the security afforded to it by the terms of this Agreement or the Indenture, the Loan Agent may require
indemnity reasonably satisfactory to it against such cost, expense or liability as a condition to taking any such action. The reasonable
expense of every such examination shall be paid by the Borrower and, the Loan Agent shall be entitled, on reasonable prior notice to the
Borrower and the Collateral Manager, to examine the books and records relating to the Loans, the Notes and the Assets and the premises
of such Person to determine compliance with this Agreement, personally or by agent or attorney during such Person’s normal business
hours and the Loan Agent shall incur no liability of any kind by reason of such inquiry or investigation; provided that, the Loan
Agent shall, and shall cause its agents, to hold in confidence all such information, except (A) to the extent disclosure may be required
by law or by any regulatory, administrative, judicial or governmental authority or (B) to the extent that the Loan Agent, in its
sole judgment, may determine that such disclosure is consistent with its obligations hereunder; provided, further, that the Collateral
Trustee may disclose on a confidential basis any such information to its agents, attorneys and auditors in connection with the performance
of its responsibilities hereunder.

 

(ii)        The
Agents shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, note or other paper or document, but each Agent, in its discretion, may,
and upon the written direction of a Majority of the Controlling Class or of the Rating Agency shall (subject to its right hereunder
to be reasonably satisfactorily indemnified for associated expense and liability), make such further inquiry or investigation into such
facts or matters as it may see fit or as it shall be directed; provided, however, that if the payment within a reasonable time
to the Agent of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is, in the reasonable
opinion of the Agent, not assured to the Agent by the security afforded to it by the terms of the Indenture or this Agreement, the Agent
may require indemnity reasonably satisfactory to it against such cost, expense or liability as a condition to taking any such action.
The reasonable expense of every such examination shall be paid by the Borrower, and the Agent shall be entitled, on reasonable prior
notice to the Borrower and the Collateral Manager, to examine the books and records relating to the Loans, the Notes and the Assets,
personally or by agent or attorney, during the Borrower’s or the Collateral Manager’s normal business hours; provided
that, the Agent shall, and shall cause its agents to, hold in confidence all such information, except (A) to the extent disclosure
may be required by law or by any regulatory, judicial, administrative or governmental authority and (B) to the extent that the Agent,
in its sole judgment, may determine that such disclosure is consistent with its obligations hereunder; provided, further, that
each Agent may disclose on a confidential basis any such information to its agents, attorneys and auditors in connection with the performance
of its responsibilities hereunder or under the Indenture.

 

    16 

     

    

 

(f)        The
Agents may execute any of the rights, privileges or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys; provided that neither of the Agents shall be responsible for any misconduct or negligence on the part of
any such agent appointed or attorney appointed with due care.

 

(g)       Neither
of the Agents shall be liable for any action it takes or omits to take in good faith that it reasonably believes to be authorized or within
its rights or powers hereunder, including actions or omissions to act at the direction of the Collateral Manager.

 

(h)       Any
permissive rights of the Agents to take or refrain from taking actions enumerated in this Agreement or the Indenture shall not be construed
as a duty and the Agents shall not be answerable for other than their respective gross negligence, willful misconduct or bad faith.

 

(i)         Nothing
herein shall be construed to impose an obligation on the part of the Agents to monitor, recalculate, evaluate or verify or independently
determine the accuracy of any report, certificate or information received from the Borrower or Collateral Manager (unless and except to
the extent otherwise expressly set forth herein) and all calculations made by the Agents in their respective roles hereunder shall (in
the absence of manifest error) be final and binding on all parties.

 

(j)         The
Agents shall not be responsible or liable for the actions or omissions of, or any inaccuracies in the records of, the Collateral Manager,
the Issuer, any Payment Agent (other than the Collateral Trustee), any non-Affiliated custodian, transfer agent, paying agent or calculation
agent (other than itself in such capacities), DTC, Euroclear, Clearstream or any other clearing agency or depository, or for the acts
of omissions of the Collateral Manager or the Borrower, or any other Person (including compliance with Rule 17g-5) and without limiting
the foregoing, the Agents shall not be under any obligation to monitor, evaluate, or verify compliance by the Collateral Manager with
the terms hereof or of the Indenture or the Collateral Management Agreement, or to verify or independently determine the accuracy of
information received by the Agents from the Collateral Manager (or from any selling institution, agent bank, trustee or similar source)
with respect to the Assets.

 

(k)        To
the extent permitted by applicable law, the Agents shall not be required to give any bond or surety, or provide any indemnity, in respect
of the execution of this Agreement or the Indenture or otherwise.

 

    17 

     

    

 

(l)         In
making or disposing of any investment permitted by this Agreement or the Indenture, each of the Agents is authorized to deal with itself
(in its individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis, whether it or such
Affiliate is acting as a sub-agent of the Agent or for any third Person or dealing as principal for its own account. If otherwise qualified,
obligations of the Bank or any of its Affiliates shall qualify as Eligible Investments under the Indenture.

 

(m)       In
the event that the Bank is also acting in the capacity of Paying Agent, Registrar, Transfer Agent, Calculation Agent, Securities Intermediary,
in any capacity hereunder or under the Indenture (other than Collateral Trustee and Loan Agent), as applicable, the rights, protections,
immunities and indemnities afforded to the Agents pursuant to this Article VII hereof shall also be afforded to the Bank acting in
such capacities; provided that such rights, immunities and indemnities shall be in addition to any rights, immunities and indemnities
provided herein, in the Indenture or any other document to which the Bank in such capacity is a party, as applicable.

 

(n)       The
Agents shall not be responsible for delays or failures in performance resulting from circumstances beyond its control (such circumstances
include but are not limited to acts of God, strikes, lockouts, riots, epidemics or pandemics, government mandated closures, acts of war
and interruptions, losses or malfunctions of utilities, computer (hardware or software) or communications services).

 

(o)       Notwithstanding
any term hereof to the contrary, the Agents shall be under no obligation to evaluate the sufficiency of the documents or instruments
delivered to them by or on behalf of the Borrower in connection with the Grant by the Borrower to the Collateral Trustee of any item
constituting the Assets or otherwise, or in that regard to examine any Collateral Obligations, in order to determine compliance with
applicable requirements of or restrictions on transfer imposed by the documentation underlying such Collateral Obligations nor to
re-register or otherwise change the registration or form in which the Collateral Obligations are Delivered, transferred, assigned or
pledged by the Borrower to the Collateral Trustee.

 

(p)       No
provision of this Agreement or any other Credit Document shall require either of the Agents to expend or risk its own funds or otherwise
incur any financial or other liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or
powers contemplated hereunder, if it shall have reasonable grounds for ‎believing that repayment of such funds or adequate indemnity
satisfactory to it ‎against such risk or liability is not reasonably assured to it unless such risk or ‎liability relates to
the performance of its ordinary incidental services, including ‎mailing of notices under this Agreement.

 

(q)       To
the extent any defined term hereunder, or any calculation required to be made or determined by the Agents hereunder, is dependent upon
or defined by reference to GAAP, the Agents shall be entitled to request and receive (and conclusively rely upon) instruction from the
Borrower or the Independent accountants identified by the Borrower pursuant to Section 10.9 of the Indenture (and in the absence
of its receipt of timely instruction therefrom, shall be entitled to obtain from an Independent accountant at the expense of the Borrower)
as to the application of GAAP in such connection, in any instance.

 

    18 

     

    

 

(r)        The
Agents or their Affiliates are permitted to receive additional compensation that could be deemed to be in the Agents’ economic
self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or sub-custodian with
respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions in certain Eligible Investments and
(iii) effecting transactions in certain Eligible Investments; if otherwise qualified, obligations of the Bank or any of its Affiliates
shall qualify as Eligible Investments hereunder. Such compensation is not payable or reimbursable under the Indenture or this Agreement.

 

(s)        None
of the Agents shall have any obligation to determine: (i) if a Collateral Obligation meets the criteria or eligibility restrictions
imposed by the Indenture or (ii) whether the conditions specified in the definition of “Delivered” have been complied
with.

 

(t)        The
Agents shall not be deemed to have notice or knowledge of any matter unless a Bank Officer has actual knowledge thereof or unless written
notice thereof is received by a Bank Officer at the Corporate Trust Office and such notice references the Loans generally, the Borrower
or this Agreement. Whenever reference is made in this Agreement to a Default or an Event of Default such reference shall, insofar as
determining any liability on the part of the Agents is concerned, be construed to refer only to a Default or an Event of Default of which
the applicable Agent is deemed to have knowledge in accordance with this paragraph.

 

(u)       Neither
Agent shall have any liability for the acts or omissions of the Collateral Manager, the Collateral Administrator, the Borrower, any Paying
Agent (if such Person is not an Agent) or any Authenticating Agent (if such Person is not an Agent) appointed under or pursuant to this
Agreement or the other Credit Documents.

 

(v)       Neither
Agent is responsible or liable for the preparation, filing, continuation or correctness of financing statements or the validity or perfection
of any lien or security interest.

 

(w)       Notwithstanding
any term hereof to the contrary, neither Agent shall be under any obligation to evaluate the sufficiency of the documents or instruments
delivered to it by or on behalf of the Borrower in connection with the Grant by the Borrower to the Collateral Trustee of any item constituting
the Collateral Obligations or otherwise, or in that regard to examine any Collateral Obligations, in order to determine compliance with
applicable requirements of and restrictions on transfer imposed by the documentation underlying such Collateral Obligations nor to re-register
or otherwise change the registration or form in which the Collateral Obligations are Delivered, transferred, assigned or pledged by the
Borrower to the Collateral Trustee.

 

(x)        No
Agent shall be required to qualify in any jurisdiction in which it is not presently qualified to perform its obligations as Agent.

 

    19 

     

    

 

(y)       Notwithstanding
anything herein inconsistent or to the contrary, the Collateral Trustee and the Loan Agent shall be entitled to all the same rights, privileges,
protections, immunities and indemnities in this Agreement as are afforded the Bank in the Indenture, all of which are incorporated herein
mutatis mutandis, in addition to any such rights, privileges, protections, immunities and indemnities contained herein. Whether
or not therein expressly so provided, every provision of this Agreement relating to the conduct or affecting liability of or affording
protection to either Agent shall be subject to the provisions of Section 7.1, 7.2 and 7.4 of this Agreement.
Notwithstanding anything herein inconsistent or to the contrary, in the event the Bank is also acting in the capacity of Paying Agent,
Registrar, Transfer Agent, Custodian, Calculation Agent, Loan Agent or Collateral Trustee, the rights, protections, benefits, immunities
and indemnities afforded to the Collateral Trustee pursuant to Article VI of the Indenture shall also be afforded to the Bank acting
in such capacities.

 

(z)        No
Agent shall be liable for any error of judgment made in good faith by an Agent, unless it shall be proven that such Agent was grossly
negligent in ascertaining the pertinent facts.

 

(aa)     The
Agents shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the Borrower, the Lenders or the Collateral Manager.

 

(bb)     To
help fight the funding of terrorism and money laundering activities, the Agents ‎shall obtain, verify, and record information that
identifies individuals or entities that establish a ‎relationship or open an account with the Agents. The Agents shall ask for the
name, address, ‎tax identification number and other information that shall allow the Agents to identify the ‎individual or entity
who is establishing the relationship or opening the account. The Agents ‎may also ask for formation documents such as articles of
incorporation, an offering ‎memorandum or other identifying documents to be provided.

 

(cc)     The
Agents shall have no responsibility to the Borrower or the Secured Parties ‎under this Agreement or the Indenture to make any inquiry
or investigation as to, and shall have no obligation in ‎respect of, the terms of any engagement of Independent accountants by the
Borrower (or the ‎Collateral Manager on behalf of the Borrower).

 

(dd)     Notwithstanding
any term hereof (or any term of the UCC that might otherwise ‎be construed to be applicable to a “securities intermediary”
as defined in the UCC) to the ‎contrary, the Loan Agent shall not be under a duty or obligation in connection with the ‎acquisition
or Grant by the Borrower to the Collateral Trustee of any item constituting the ‎Assets, or to evaluate the sufficiency of the documents
or instruments delivered to it by or on ‎behalf of the Borrower in connection with its Grant or otherwise, or in that regard to examine
 ‎any Underlying Instrument, in each case, in order to determine compliance with applicable ‎requirements of and restrictions on
transfer in respect of such Assets.

 

(ee)     The
Loan Agent shall not have any obligation to determine if an Eligible Investment meets the criteria or eligibility restrictions imposed
by the Indenture.

 

Section 7.5         Not
Responsible for Recitals, Incurrence of Loans or Issuance of Notes. The recitals contained herein, shall be taken as the statements
of the Borrower and the Agents assume no responsibility for their correctness. The Agents make no representation as to the validity or
sufficiency of this Agreement or the Indenture (except as may be made with respect to the validity of the Agents obligations hereunder),
the Assets, the Loans or the Notes. The Agents shall not be accountable for the use or application by the Borrower of the Loans or the
Notes or the proceeds thereof or any amounts paid to the Borrower pursuant to the provisions hereof.

 

    20 

     

    

 

Section 7.6             May Hold
Loans or Notes. The Agents or any other agent of the Borrower, in their individual or any other capacities, may become the owner
or pledgee of a Loan or a Note and may otherwise deal with the Borrower or any of their Affiliates with the same rights it would have
if it were not an agent.

 

Section 7.7             Holders
of Lender Notes; Transferee of Assignment Agreement. (a) The Agents may deem and treat the Person in whose name such Loan is
registered on the Register as described in Section 8.16 as the owner thereof for all purposes hereof unless and until a written
notice of the assignment, transfer or endorsement thereof, as the case may be, shall have been filed with the Agents and the requirements
set forth in Section 8.16 have been satisfied. Any request, authority or consent of any Person who, at the time of making
such request or giving such authority or consent, is the Holder of any Lender Note (or the registered Holder of a Loan in the form of
a Conformation of Registration) shall be conclusive and binding on any subsequent holder, transferee, assignee or indorsee, as the case
may be, of such Lender Note (or Confirmation of Registration) or of any Lender Note or Lender Notes (or Confirmation of Registration).

 

(b)           The
Agents may deem and treat the transferee of a properly executed and delivered Assignment Agreement pursuant to Section 8.4(b) whose
name is recorded in the Register as set forth in Section 8.16 as a Lender under this Agreement with all of the same rights
and obligations as a Holder of a Lender Note, whether or not such Lender requests a Lender Note pursuant to Section 3.2,
for all purposes hereof unless and until the Agents receive and accept a subsequent Assignment Agreement properly executed and delivered
pursuant to Section 8.4(b).

 

Section 7.8             Compensation
and Reimbursement. (a) The Borrower agrees:

 

(i)         to
pay each of the Loan Agent and the Collateral Trustee on each Payment Date, in accordance with the Priority of Payments, reasonable compensation
for all services rendered by it hereunder as set forth in Section 2.2 hereof;

 

(ii)        except
as otherwise expressly provided herein and subject to the Priority of Payments, to reimburse each of the Agents (subject to any written
agreement between the Borrower and the applicable Agent) in a timely manner upon its request for all reasonable expenses, disbursements
and advances incurred or made by such Agent in accordance with any provision of this Agreement or other Transaction Document (including,
without limitation, securities transaction charges and the reasonable compensation and expenses and disbursements of its agents and legal
counsel and of any accounting firm or investment banking firm employed by the Agents pursuant to this Agreement or the Indenture, except
any such expense, disbursement or advance as may be attributable to the applicable Agent’s gross negligence, willful misconduct
or bad faith) but with respect to securities transaction charges, only to the extent any such charges have not been waived during a Collection
Period due to the Agent’s receipt of a payment from a financial institution with respect to certain Eligible Investments, as specified
by the Collateral Manager in writing; and

 

    21 

     

    

 

(iii)       to
indemnify each of the Agents and its respective officers, directors, employees, attorneys, advisors and agents for, and to hold them harmless
against, any loss, liability, claim, damage or expense (including reasonable fees and expenses of agents and attorneys) of any type or
nature incurred without gross negligence, willful misconduct or bad faith on their part, arising out of or in connection with acting or
serving as an Agent hereunder, including the costs and expenses of defending themselves (including reasonable fees and costs of agents
and attorneys) against any claim (whether brought by or involving the Borrower or any third party) or liability in connection with the
administration, exercise or performance of any of their powers or duties hereunder and any other agreement or instrument related hereto
and of enforcing this Agreement and any indemnification rights hereunder.

 

This Section 7.8
shall survive the termination of this Agreement or the removal or resignation of the applicable Agent.

 

(b)       The
Agents hereby agree not to cause the filing of a petition in bankruptcy against the Borrower for the non-payment to the Agents of any
amounts provided by this Section 7.8 until at least one year and one day, or, if longer, the applicable preference period
then in effect, plus one day, after the payment in full of all Debt issued under the Indenture and incurred under this Agreement.
Nothing in this Section 7.8 shall preclude, or be deemed to stop, the Agents (i) from taking any action prior to the
expiration of the aforementioned period in (A) any case or Proceeding voluntarily filed or commenced by the Borrower or (B) any
involuntary insolvency Proceeding filed or commenced by a Person other than the applicable Agent, or (ii) from commencing against
the Borrower or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium
or liquidation Proceeding. This Section 7.8(b) shall survive the termination of this Agreement or the removal or resignation
of the applicable Agent.

 

(c)        Each
of the Agents acknowledges that all payments payable to it under this Agreement shall be subject to the Priority of Payments in the Indenture
and payable as Administrative Expenses. If, on any date when any amount shall be payable to the Agents pursuant to this Agreement, insufficient
funds are available for the payment thereof, any portion of a fee or expense not so paid shall be deferred and payable on such later
date on which a fee or expense shall be payable and sufficient funds are available. Following realization of the Assets and distribution
of proceeds in the manner provided in the Priority of Payments in the Indenture, any obligations of the Borrower and any claims of the
Agents against the Borrower shall be extinguished and shall not thereafter revive. This Section 7.8(c) shall survive
the termination of this Agreement or the removal or resignation or the applicable Agent.

 

(d)       In
no event shall the Agents be liable for special, indirect, punitive or consequential loss or damage (including but not limited to lost
profits or diminution in value) even if the Agents have been advised of the likelihood of such damages and regardless of the form of action.

 

    22 

     

    

 

(e)       The
Borrower’s payment obligations to each of the Agents under this Section 7.8 shall be secured by the lien of the Indenture,
and shall survive the termination of this Agreement, and the resignation or removal of such Agent, as applicable. When either Agent incurs
expenses after the occurrence of a Default or an Event of Default under Section 5.1(e) or Section 5.1(f) of the Indenture,
the expenses are intended to constitute expenses of administration under the Bankruptcy Code or any other applicable federal or state
bankruptcy, insolvency or similar law.

 

Section 7.9         Agents
Required; Eligibility. There shall at all times be Agents hereunder which shall be organizations or entities organized and doing
business under the laws of the United States of America or of any state thereof, each having a combined capital and surplus of at least
$200,000,000 and meeting the eligibility criteria specified in Section 6.8 of the Indenture provided that, if the Loan Agent, or
its successor’s rating at any time is below the minimum ‎rating or capitalization requirement as set forth in this sentence,
the Loan Agent (x) shall ‎promptly notify the Issuer and the Collateral Manager and (y) may retain its eligibility if it
 ‎obtains or has obtained (i) a confirmation from the Rating Agency that the Rating Agency’s ‎then-current rating of
the Debt will not be downgraded or withdrawn by reason of the Loan Agent’s rating or capitalization or (ii) a written waiver
or other written acknowledgement ‎‎(which may be evidenced by an exchange of electronic messages or facsimiles) from the Rating
 ‎Agency that it will not review the Rating Agency’s then current rating of the Debt in such ‎circumstances. If at any time
either Agent shall cease to be eligible in accordance with the provisions of this Section 7.9, it shall resign immediately
in the manner and with the effect hereinafter specified in this Article VII.

 

Section 7.10       Resignation
and Removal of Agents; Appointment of Successor Agents. (a) No resignation or removal of either of the Agents and no appointment
of a successor agent with respect to the applicable Agent (the “Successor Agent”) pursuant to this Article shall
become effective until the acceptance of appointment by the Successor Agent under Section 7.11. The indemnification in favor
of the Agents in Section 7.8 hereof shall survive any resignation or removal of either Agent and the termination of this
Agreement (to the extent of any indemnified liabilities, costs, expenses and other amounts arising or incurred prior to, or arising out
of actions or omissions occurring prior to such termination, resignation or removal).

 

(b)       Subject
to and in accordance with Section 6.9 of the Indenture, the Loan Agent may resign at any time by giving not less than 30 days’
written notice thereof to each of the Borrower, the Collateral Manager, each Lender and the Rating Agency. If the Loan Agent shall resign,
be removed or become incapable of acting, or if a vacancy shall occur in the office of the Loan Agent for any reason, the Borrower shall
promptly appoint a Successor Agent by Borrower Order, one copy of which shall be delivered to each of the Agents, the Successor Agent,
each Lender and the Collateral Manager; provided that such Successor Agent shall be appointed only upon the consent of a Majority
of each Class of Secured Debt or, at any time when an Event of Default shall have occurred and be continuing, by an Act of a Majority
of the Controlling Class. The Successor Agent so appointed shall, forthwith upon its acceptance of such appointment, become the Successor
Agent and supersede any Successor Agent proposed by the Borrower. If no Successor Agent shall have been appointed and an instrument of
acceptance by a Successor Agent shall not have been delivered to the Agents within 30 days after the giving of such notice of resignation,
the resigning Agent, or any Lender, on behalf of itself and all others similarly situated, may petition any court of competent jurisdiction
for the appointment of a Successor Agent satisfying the requirements of Section 7.9 hereof. The resignation or removal of
the Collateral Trustee and/or the appointment of a successor Collateral Trustee shall be governed by Section 6.9 of the Indenture.

 

    23 

     

    

 

(c)           The
Loan Agent may be removed at any time upon 30 days’ written notice by Act of a Majority of the Lenders, delivered to the Agents
and the Borrower.

 

(d)           If
at any time:

 

(i)         the
Loan Agent shall cease to be eligible under Section 7.9 hereof and shall fail to resign after written request therefor by
the Borrower or by a Majority of the Lenders; or

 

(ii)        the
Loan Agent shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of the Loan Agent
or of its property shall be appointed or any public officer shall take charge or control of the Loan Agent or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation;

 

then, in any such case (subject to Section 7.10(a) hereof),
(A) the Borrower, by a Borrower Order, may remove the Loan Agent, or (B) any Lender may, on behalf of itself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the Loan Agent and the appointment of a Successor
Agent.

 

(e)       
     If the Loan Agent shall be removed or become incapable of acting, or if a vacancy shall occur in
the office of the Loan Agent for any reason (other than resignation), the Borrower, by Borrower Order, shall promptly appoint a
successor Loan Agent. If the Borrower shall fail to appoint a successor Loan Agent within 30 days after such removal or incapability
or the occurrence of such vacancy, a Successor Agent may be appointed by a Majority of the Controlling Class by written
instrument delivered to the Borrower and the retiring Loan Agent. The successor Loan Agent so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Loan Agent and supersede any successor Loan Agent proposed by the Borrower. If
no successor Loan Agent shall have been so appointed by the Borrower or a Majority of the Controlling Class and shall have
accepted appointment in the manner hereinafter provided, subject to Section 6.9 of the Indenture, any Lender or the Loan Agent
may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a
successor Loan Agent.

 

(f)            The
Borrower shall give prompt notice of each resignation and each removal of the Loan Agent and each appointment of a Successor Agent to
the Collateral Trustee, the Rating Agency and to each Lender. Such notice shall include the name of the Successor Agent and the address
of its Corporate Trust Office. If the Borrower fails to provide such notice within 10 days after acceptance of appointment by the Successor
Agent, the Successor Agent shall cause such notice to be given at the expense of the Borrower.

 

(g)           If
the Bank shall resign or be removed as Collateral Trustee, the Bank shall also resign or be removed as Loan Agent and as any other
capacity in which the Bank is then acting pursuant to this Agreement, the Indenture or any other Transaction Document.

 

    24 

     

    

 

Section 7.11       Acceptance
of Appointment by Successor Agents. Every Successor Agent appointed hereunder and qualified under Section 7.9 hereof
shall execute, acknowledge and deliver to the Borrower and the retiring Agent an instrument accepting such appointment and agreeing to
be bound by this Agreement and, to the extent such Successor Agent shall be a party thereto, the Indenture and the Securities Account
Control Agreement. Upon delivery of the required instruments, the resignation or removal of the retiring Agent shall become effective
and such Successor Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts, duties
and obligations of the retiring Agent; but, on request of the Borrower or a Majority of the Lenders or the Successor Agent, such retiring
Agent shall, upon payment of its charges then unpaid, execute and deliver an instrument transferring to such Successor Agent all the
rights, powers and trusts of the retiring Agent, and shall duly assign, transfer and deliver to such Successor Agent all property held
by such retiring Agent hereunder. Upon request of any such Successor Agent, the Borrower shall execute any and all instruments for more
fully and certainly vesting in and confirming to such Successor Agent all such rights, powers and trusts.

 

Section 7.12       Merger,
Conversion, Consolidation or Succession to Business of Agents. Any organization or entity into which an Agent may be merged or converted
or with which it may be consolidated, or any organization or entity resulting from any merger, conversion or consolidation to which such
Agent shall be a party, or any organization or entity succeeding to all or substantially all of the corporate trust business of such
Agent, shall be the successor of such Agent hereunder; provided that such organization or entity shall be otherwise qualified
and eligible under this Article VII, without the execution or filing of any paper or any further act on the part of any of
the parties hereto.

 

Section 7.13       Representations
and Warranties of Citibank, N.A.. The Bank hereby represents and warrants as follows:

 

(a)       Organization.
It has been duly organized and is validly existing as a national banking association with trust powers under the laws of the United States
and has the power to conduct its business and affairs as Loan Agent and as Collateral Trustee.

 

(b)       Authorization;
Binding Obligations. It has the corporate power and authority to perform the duties and obligations of the Loan Agent and the Collateral
Trustee, as applicable, under this Agreement. It has taken all necessary corporate action to authorize the execution, delivery and performance
of this Agreement and the Indenture and all of the documents required to be executed by it pursuant hereto. This Agreement and the Indenture
have been duly authorized, executed and delivered by the Bank and constitute the legal, valid and binding obligation of the Bank enforceable
in accordance with its terms subject, as to enforcement, (i) to the effect of bankruptcy, insolvency, fraudulent conveyance, liquidation
or similar laws affecting generally the enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy,
receivership, insolvency or similar event applicable to the Bank and (ii) to general equitable principles (whether enforcement is
considered in a proceeding at law or in equity).

 

(c)       Eligibility.
It is eligible under Section 7.9 hereof to serve as Loan Agent and as Collateral Trustee hereunder.

 

    25 

     

    

 

(d)       No
Conflict. Neither the execution, delivery and performance of the Indenture or this Agreement, nor the consummation of the transactions
contemplated by the Indenture or this Agreement, (i) is prohibited by, or requires the Bank to obtain any consent, authorization,
approval or registration under, any law, statute, rule, regulation, judgment, order, writ, injunction or decree that is binding upon the
Bank or any of its properties or assets, or (ii) will violate any provision of, result in any default or acceleration of any obligations
under, result in the creation or imposition of any lien pursuant to, or require any consent under, any material agreement to which it
is a party or by which it or any of its property is bound.

 

Section 7.14       Withholding.
If any amount is required to be deducted or withheld from any payment to any Lender, such amount shall reduce the amount otherwise distributable
to such Lender. The Loan Agent is hereby authorized to withhold or deduct from amounts otherwise distributable to any Lender sufficient
funds for the payment of any tax that is legally required to be withheld or deducted (but such authorization shall not prevent the Loan
Agent from contesting any such tax in appropriate Proceedings and legally withholding payment of such tax, pending the outcome of such
Proceedings). The amount of any withholding tax imposed with respect to any Lender shall be treated as cash distributed to such Lender
at the time it is deducted or withheld by the Borrower or the Loan Agent, as applicable, and remitted to the appropriate taxing authority.
If there is a possibility that withholding tax is payable with respect to a distribution, the Loan Agent may in its sole discretion withhold
such amounts in accordance with this Section 7.14. If any Lender wishes to apply for a refund of any such withholding tax,
the Loan Agent shall reasonably cooperate with such Lender in making such claim so long as such Lender agrees to reimburse the Loan Agent
for any out-of-pocket expenses incurred.

 

ARTICLE VIII

 

MISCELLANEOUS

 

Section 8.1         Payment
of Expenses, Etc. The Borrower agrees to pay all reasonable out of pocket costs and expenses (A) of the Loan Agent and the Collateral
Trustee in connection with any amendment, waiver or consent of the Credit Documents and the documents and instruments referred to therein
and (B) of the Loan Agent and the Collateral Trustee in connection with any Default or Event of Default or with the enforcement
of the Credit Documents and the documents and instruments referred to therein (including the reasonable fees and disbursements of counsel
for the Collateral Trustee, counsel and agents for the Loan Agent and one (1) counsel in total for all Lenders, collectively). To
the extent that the undertaking to indemnify, pay or hold harmless the Loan Agent or the Collateral Trustee set forth in the preceding
sentence may be unenforceable because it is violative of any law or public policy, the Borrower shall make the maximum contribution to
the payment and satisfaction of each of the covered expenses which is permissible under applicable law, subject to the limitations and
qualifications set forth in the preceding sentence and the Priority of Payments. Any payments made pursuant to this Section 8.1
shall be made on the first Payment Date that funds are available for such payments as an Administrative Expense in accordance with
the Priority of Payments. This Section 8.1 shall survive the termination of this Agreement or the removal or resignation
of the applicable Agent.

 

Section 8.2         Right
of Setoff. Each Lender hereby waives any right of setoff that the Lender may have against the Borrower in respect of any obligation
arising hereunder or under the Lender Notes.

 

    26 

     

    

 

Section 8.3         Notices.
(a) all notices and other communications provided for hereunder shall be in writing (including telecopier or electronic mail (if
an e-mail address for the relevant party is set forth in the Indenture)) and mailed or given in the manner provided in Section 14.3
of the Indenture, if to the Borrower, the Collateral Manager, the Rating Agency, the Loan Agent, the Collateral Trustee and/or any Lender,
at its address specified in the Indenture (or, in the case of any Lender and the Loan Agent, in Schedule 2 hereof), and in
the case of any Lender becoming party hereto after the Closing Date, the related Assignment Agreement; or, at such other address as shall
be designated by any party in a written notice to the other parties hereto. Any such notice or communication shall be deemed to have
been given on the date such notice is given.

 

(b)       [Reserved].

 

(c)       In
the event that any provision in this Agreement calls for any notice or document to be delivered simultaneously to the Collateral Trustee
and the Loan Agent and any other Person, the Collateral Trustee’s or the Loan Agent’s receipt of such notice or document shall
entitle the Collateral Trustee and the Loan Agent to assume that such notice was delivered to such other Person or entity.

 

(d)       Notwithstanding
any provision to the contrary in this Agreement or in any agreement or document related hereto, any documents (including reports, notices
or supplemental indentures) required to be provided by the Loan Agent or the Collateral Trustee to the Lenders may be provided by providing
notice of, and access to, the Collateral Trustee’s website containing such document.

 

(e)       The
Bank (in each of its capacities hereunder) agrees to accept and act upon instructions or directions pursuant to this Agreement, the
Indenture or any other Transaction Document sent by unsecured email, facsimile transmission or other similar unsecured electronic
methods; provided that, any Person providing such instructions or directions shall provide to the Bank an incumbency
certificate listing authorized Officers designated to provide such instructions or directions, which incumbency certificate shall be
amended whenever a Person is added or deleted from the listing. If such Person elects to give the Bank email or facsimile
instructions (or instructions by a similar electronic method) and the Bank in its discretion elects to act upon such instructions,
the Bank’s reasonable understanding of such instructions shall be deemed controlling. The Bank shall not be liable for any
losses, costs or expenses arising directly or indirectly from the Bank’s reliance upon and compliance with such instructions
notwithstanding such instructions conflicting with or being inconsistent with a subsequent written instruction. Any Person providing
such instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions
to the Bank, including without limitation the risk of the Bank acting on unauthorized instructions accompanied by an ‎incumbency
certificate, and the risk of interception and misuse by third parties. Any Person ‎providing such instructions acknowledges and
agrees that there may be more secure methods of ‎transmitting such instructions than the method(s) selected by such Person
and agrees that the ‎security procedures (if any) to be followed in connection with such Person’s transmission of
 ‎such instructions provide to it a commercially reasonable degree of protection in light of its ‎particular needs and
circumstances.

 

    27 

     

    

 

Section 8.4         Benefit
of Agreement. (a) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto
and the respective successors and assigns of the parties hereto to the extent permitted under this Section 8.4; provided
that, except as provided in Section 5.10 of this Agreement, the Borrower may not assign or transfer any of its rights
or obligations hereunder without the prior written consent of each Lender. Each Lender may at any time grant participations in any of
its rights hereunder to one or more commercial banks, insurance companies, funds or other financial institutions; provided that
in the case of any such participation, the participant shall not have any rights under this Agreement or any of the other Credit Documents
(the participant’s rights against such Lender in respect of such participation to be those set forth in the agreement executed
by such Lender in favor of the participant relating thereto) and all amounts payable by the Borrower hereunder shall be determined as
if such Lender had not sold such participation; and provided, further, that, no Lender shall transfer, grant or assign
any participation under which the participant shall have rights to approve any amendment to or waiver of this Agreement or any other
Credit Documents except to the extent such amendment or waiver would (x) extend the final scheduled maturity of any Loan or Lender
Note in which such participant is participating or waive any Mandatory Prepayment thereof, or reduce the rate or extend the time of payment
of interest or fees thereon (except in connection with a waiver of the applicability of any post-default increase in interest rates),
or reduce the principal amount thereof, or increase such participant’s participating interest in any Lender Note over the amount
thereof then in effect (it being understood that a waiver of any Default or a Mandatory Prepayment, shall not constitute a change in
the terms of any Lender Note), (y) release all or substantially all of the Assets (in each case, except as expressly provided in
the Credit Documents), or (z) consent to the assignment or transfer by the Borrower of any of its rights and obligations under this
Agreement (except as provided in Section 5.10 of this Agreement); and provided, further, that, each participation
shall be subject to the related participant providing a representation and warranty to the Lender from which it is acquiring its participation
that it is a Qualified Purchaser and a Qualified Institutional Buyer and making representations substantially in the form set forth under
Section 8.18(a)(i), Section 8.18(a)(ii), Section 8.18(a)(iv) and Section 8.18(a)(v).

 

(b)       Any
Lender may assign all or a portion of its rights and obligations under this Agreement (including, such Lender’s Loans, Lender Note
and other Loans) to one or more commercial banks, insurance companies, funds or other financial institutions (including one or more Lenders)
that is a Qualified Institutional Buyer and a Qualified Purchaser and can make all of the other representations set forth in Section 8.18.
No assignment pursuant to the immediately preceding sentence to an institution other than an Affiliate of such Lender or another Lender
shall be in an aggregate amount less than (unless the entire outstanding Loan of the assigning Lender is so assigned) $250,000. No consent
of the Borrower or the Loan Agent shall be required for any assignment by a Lender to another Lender. If any Lender so sells or assigns
all or a part of its rights hereunder or under the Lender Notes, any reference in this Agreement or the Lender Notes to such assigning
Lender shall thereafter refer to such Lender and to the respective assignee to the extent of their respective interests and the respective
assignee shall have, to the extent of such assignment (unless otherwise provided therein), the same rights and benefits as it would if
it were such assigning Lender.

 

    28 

     

    

 

(c)       Each
assignment pursuant to Section 8.4(b) shall be effected by the assigning Lender and the assignee Lender executing an
Assignment and Assumption Agreement (an “Assignment Agreement”), which Assignment Agreement shall be substantially
in the form of Exhibit B (appropriately completed); provided that, in each case, unless otherwise consented to by
the Borrower, the Assignment Agreement shall contain a representation and warranty by the assignee to the Loan Agent and the Borrower
that such assignee is an Approved Lender. In the event of (and at the time of) any such assignment, either the assigning Lender or the
assignee Lender shall pay to the Loan Agent a nonrefundable assignment fee of $3,500, and at the time of any assignment pursuant to clause
(b) of this Section 8.4, (i) this Agreement shall be deemed to be amended to reflect the Lender Note (or the Confirmation
of Registration in lieu thereof) of the respective assignee (which shall result in a direct reduction to the Lender Note of the assigning
Lender) and of the other Lenders, and (ii) the Borrower shall issue new Lender Notes (or Confirmation of Registration) to the respective
assignee and/or to the assigning Lender, as applicable, in conformity with the requirements of Sections 3.2 and 8.16. No
transfer or assignment under clause (b) of this Section 8.4 shall be effective until recorded by the Loan Agent on the
Register pursuant to Section 8.16. To the extent of any assignment pursuant to clause (b) of this Section 8.4,
the assigning Lender shall be relieved of its obligations hereunder with respect to its assigned Lender Note (or Confirmation of Registration).
Each Lender and the Borrower agree to execute such documents (including amendments to this Agreement and the other Credit Documents)
as shall be necessary to effect the foregoing. Nothing in this Agreement shall prevent or prohibit any Lender from pledging its Lender
Notes or Loans to a Federal Reserve Bank in support of borrowings made by such Lender from such Federal Reserve Bank. The Loan Agent
shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signature of the assignor and
the assignee, including a medallion signature guarantee.

 

Section 8.5         No
Waiver; Remedies Cumulative. No failure or delay on the part of the Loan Agent, the Collateral Trustee or any Lender in exercising
any right, power or privilege hereunder or under any other Credit Document and no course of dealing between the Borrower and the Loan
Agent, the Collateral Trustee or any Lender shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
power or privilege hereunder or under any other Credit Document preclude any other or further exercise thereof or the exercise of any
other right, power or privilege hereunder or thereunder. The rights and remedies herein expressly provided are cumulative and not exclusive
of any rights or remedies which the Loan Agent, the Collateral Trustee or any Lender would otherwise have. No notice to or demand on
the Borrower in any case shall entitle the Borrower or any other Person to any other or further notice or demand in similar or other
circumstances or constitute a waiver of the rights of the Loan Agent, the Collateral Trustee or the Lenders to any other or further action
in any circumstances without notice or demand.

 

Section 8.6         Payments
Pro Rata. (a) The Collateral Trustee agrees that promptly after its receipt of each payment from or on behalf of the Borrower
in respect of any Loans hereunder and pursuant to the Indenture, it shall distribute such payment to the Lenders (other than any Lender
that has expressly waived its right to receive its pro rata share thereof) pro rata based upon their respective Percentages,
if any, of the Loans with respect to which such payment was received.

 

    29 

     

    

 

(b)       Each
of the Lenders agrees that, if it should receive any amount hereunder (whether by voluntary payment, by realization upon security, by
the exercise of the right of setoff or banker’s lien, by counterclaim or cross action, by the enforcement of any right under the
Credit Documents, or otherwise) which is applicable to the payment of the principal of, or interest on, the Loans or fees, of a sum which
with respect to the related sum or sums received by other Lenders is in a greater proportion than the total of such Commitment then owed
and due to such Lender bears to the total of such Commitment then owed and due to all of the Lenders immediately prior to such receipt,
then such Lender receiving such excess payment shall purchase for Cash without recourse or warranty from the other Lenders an interest
in the Loans to such other Lenders in such amount as shall result in a proportional participation by all of the Lenders in such disproportionate
sum received; provided that, if all or any portion of such excess amount is thereafter recovered from such Lender, such purchase
shall be rescinded and the purchase price restored to the extent of such recovery, but without interest.

 

Section 8.7         Calculations;
Computations. All computations of interest hereunder shall be made on the actual number of days elapsed in the applicable Interest
Accrual Period divided by 360.

 

Section 8.8         Governing
Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial. (a) THIS AGREEMENT AND THE LOANS AND ANY CLAIMS, CONTROVERSY,
DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF, UNDER OR RELATING TO THIS AGREEMENT
OR ANY THE LOANS (EXCEPT, AS TO ANY OTHER CREDIT DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND
THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)       With
respect to any suit, action or proceedings relating to this Agreement or any matter between the parties arising under or in connection
with this Agreement (“Proceedings”), each party irrevocably: (i) submits to the non-exclusive jurisdiction of
the Supreme Court of the State of New York sitting in the Borough of Manhattan and the United States District Court for the Southern
District of New York, and any appellate court from any thereof; and (ii) waives any objection which it may have at any time to the
laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient
forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such
party. Nothing in this Agreement precludes any of the parties from bringing Proceedings in any other jurisdiction, nor will the bringing
of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction.

 

(c)       EACH
OF THE PARTIES HERETO AND ANY LENDER BECOMING A PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE LOANS OR THE TRANSACTIONS
CONTEMPLATED HEREBY. Each party hereby (i) certifies that no representative, agent or attorney of the other has represented, expressly
or otherwise, that the other would not, in the event of a Proceeding, seek to enforce the foregoing waiver and (ii) acknowledges
that it has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this paragraph.

 

(d)       Each
Party (other than the Borrower and the Agents) to this Agreement irrevocably consents to service of process in the manner provided for
notices in Section 8.3.

 

    30 

     

    

 

Section 8.9         Counterparts.
This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (and by different
parties hereto in different counterparts) (including by e-mail or facsimile transmission (including, without limitation, any .pdf file,
..jpeg file, or any other electronic or image file, or any “electronic signature” as defined under E-SIGN or ESRA, which includes
any electronic signature provided using Orbit, Adobe Sign, Adobe Fill & Sign, DocuSign, or any other similar platform identified
by the Issuer and reasonably available at no undue burden or expense to the Agents)), each of which will be deemed an original, and all
of which together constitute one and the same instrument. Delivery of an executed counterpart signature page of this Agreement by
e-mail (.pdf) or facsimile shall be effective as delivery of a manually executed counterpart of this Agreement.

 

Section 8.10       Effectiveness.
This Agreement shall become effective on the Closing Date upon satisfaction of the conditions set forth in Section 4.1.

 

Section 8.11       Headings
Descriptive. The headings of the several sections and subsections of this Agreement are inserted for convenience only and shall not
in any way affect the meaning or construction of any provision of this Agreement.

 

Section 8.12       Amendment
or Waiver. (a) Except as set forth in clause (c) of this Section 8.12, this Agreement may not be amended or
waived other than in accordance with Article VIII of the Indenture, which is hereby incorporated by reference mutatis mutandis.

 

(b)       Upon
the execution of any supplemental indenture under Article VIII of the Indenture, any provisions of the Indenture that are incorporated
by reference in this Agreement, mutatis mutandis, as if fully set forth herein, shall be modified in accordance therewith, and
such supplemental Indenture shall form a part of this Agreement for all purposes; and every Lender theretofore and thereafter authenticated
and delivered hereunder shall be bound thereby.

 

(c)       (i)         Other
than any amendment or modification that could be effected under Article VIII of the Indenture without the consent of the Lenders,
terms of this Agreement that are not related to provisions of the Indenture and that are terms uniquely affecting the Lenders may not
be changed, waived, discharged or terminated unless such change, waiver, discharge or termination is in writing signed by the Borrower,
the Agents and a Majority of the Lenders and is consented to by the Collateral Manager; provided that no such change, waiver, discharge
or termination shall, without the consent of each Lender (with Loans being directly affected thereby in the case of the following subclause
(A)), (A) extend any time fixed for the payment of any principal of the Loans, or reduce the rate or extend the time of payment of
interest (other than as a result of waiving the applicability of any post-default increase in interest rates) or fees thereon, or reduce
the principal amount thereof, or change the currency of payment thereof or change any Lender’s Commitment, (B) release all
or substantially all of the Assets (in each case, except as expressly provided in the Credit Documents), (C) amend, modify or waive
any provision of Section 8.6 or clause (a) of this Section 8.12, (D) reduce the percentage specified
in the definition of Majority (it being understood that, with the consent of a Majority of the Lenders, additional extensions of credit
pursuant to this Agreement may be included in the determination of a Majority of the Lenders on substantially the same basis as the extensions
of Commitments are included on the Closing Date), (E) consent to the assignment or transfer by the Borrower of any of its rights
and obligations under this Agreement (except as permitted by Section 5.10), (F) waive any Mandatory Prepayment of Loans
required pursuant to Section 3.3.3 or (G) amend, modify or waive any provision of Section 8.20; provided,
further, that, no such change, waiver, discharge or termination shall increase the Commitment of any Lender over the amount thereof
then in effect without the consent of such Lender (it being understood that waivers or modifications (otherwise permitted hereunder) of
conditions precedent, covenants, Defaults or Events of Default shall not constitute an increase of the Commitment of any Lender, and that
an increase in the available portion of any Commitment of any Lender shall not constitute an increase in the Commitment of such Lender)
or without the consent of the Agents amend, modify or waive any provision of Article VII or Section 3.6 as the
same applies to the Agents. Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders
and shall be binding upon the Borrower, the Lenders, the Loan Agent, the Collateral Trustee and all future holders of the Loans and the
Lender Notes (or a Holder taking such interest in the form of a Confirmation of Registration).

 

    31 

     

    

 

(ii)     No
change, waiver, discharge or termination of this Agreement shall affect in any manner, amend, waive or modify the terms of the Indenture;
and

 

(iii)    In
the case of any waiver, the Borrower, the Lenders, the Collateral Trustee and the Loan Agent shall be restored to their former position
and rights hereunder and under the other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured and
not continuing, to the extent so provided herein; but no such waiver shall extend to any subsequent or other Default or Event of Default,
or impair any right consequent thereon. In executing or accepting any change, waiver, discharge or termination of this Agreement permitted
by this Section 8.12, the Loan Agent and Collateral Trustee shall be entitled to receive, and (subject to Section 7.2
and 7.4 herein and the Indenture) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of
such change, waiver, discharge or termination is authorized or permitted by this Agreement and that all conditions precedent thereto have
been satisfied. The Collateral Trustee and Loan Agent shall not be liable for any reliance made in good faith upon such Opinion of Counsel.

 

(d)       Prior
to the effectiveness of any amendment to this Agreement pursuant to clause (c) of this Section 8.12, S&P shall be
given written notice thereof.

 

(e)       Neither
the Collateral Trustee nor the Loan Agent shall be obligated to enter into any amendment or supplement that, as reasonably determined
by it, adversely affects its duties, obligations, liabilities or protections under the Credit Documents.

 

Section 8.13       Survival.
All indemnities set forth herein, including in Section 7.8 and Section 8.1 shall survive the termination of this
Agreement and the making and repayment of the Loans and the resignation and/or removal of the Loan Agent and the Collateral Trustee.

 

Section 8.14       Domicile
of Loans. Subject to the limitations of Section 8.4, each Lender may transfer and carry its Loans at, to or for the account
of any branch office, Subsidiary or Affiliate of such Lender.

 

    32 

     

    

 

Section 8.15       Confidentiality.
   Each Lender shall be required to comply with the provisions of the Indenture, including Section 14.15 of the Indenture, with respect
to Confidential Information and the provisions of Section 14.15 of the Indenture are incorporated by reference mutatis mutandis;
provided that in no event shall any Lender or any Affiliate thereof be obligated or required to return any materials furnished
by the Borrower.

 

Section 8.16       Register.
(a) The Borrower hereby acknowledges that the Loan Agent will serve as the Borrower’s agent, solely for purposes of this Section 8.16,
to serve as registrar (the “Registrar”) by maintaining a register (the “Register”) on which it
shall record the names and addresses of each Lender, the Loans (and transfers thereof) made by each such Persons and each repayment in
respect of the principal amount of the Loans. Failure to make any such recordation, or any error in such recordation shall not affect
the Borrower’s obligations in respect of such Loans. With respect to any Lender, the transfer of the rights to the principal of,
and interest on, any Loan made by such Lender shall not be effective until such transfer is recorded on the Register maintained by the
Loan Agent with respect to ownership of such Loan as provided in this Section 8.16 and prior to such recordation all amounts
owing to the transferor with respect to such Loan shall remain owing to the transferor. The registration of assignment or transfer of
all or part of any Loan shall be recorded by the Loan Agent on the Register only upon the acceptance by the Loan Agent of a properly
executed and delivered Assignment Agreement pursuant to Section 8.4(b). Each Lender shall promptly provide the Loan Agent
any information reasonably requested by it for purposes of maintaining the Register. Coincident with the delivery of such an Assignment
Agreement to the Loan Agent for acceptance and registration of assignment or transfer of all or part of a Loan, or as soon thereafter
as practicable, the assigning or transferor Lender shall surrender its Lender Notes and thereupon one or more new Lender Notes (or Confirmation
of Registration) in the same aggregate principal amount shall, if requested by the assigning or transferor Lender and/or new Lender,
be issued to the assigning or transferor Lender and/or the new Lender, as applicable. The entries in the Register shall be conclusive
absent manifest error, and such Lender shall treat each Person whose name is recorded in the Register as the owner of such participation
for all purposes of this Agreement notwithstanding any notice to the contrary.

 

(b)       Each
Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters
the name and address of each participant and the principal amounts (and stated interest) of each participant’s interest in the Loans
or other obligations under the Transaction Documents (the “Participant Register”); provided that no Lender shall
have any obligation to disclose all or any portion of the Participant Register (including the identity of any participant or any information
relating to a participant’s interest in any Commitments, Loans, or its other obligations under any Transaction Document) to any
Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, or other obligation is in registered
form under Section 5f.103-1(c) of the United States Treasury regulations. The entries in the Participant Register shall be conclusive
absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such
participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, no Agent (in
its capacity as Agent) shall have responsibility for maintaining a Participant Register.

 

    33 

     

    

 

Section 8.17       Marshalling;
Recapture. None of the Collateral Trustee, the Loan Agent nor any Lender shall be under any obligation to marshal any assets in favor
of the Borrower or any other party or against or in payment of any or all of the Loans. To the extent any Lender receives any payment
by or on behalf of the Borrower, which payment or any part thereof is subsequently invalidated, declared to be fraudulent or preferential,
set aside or required to be repaid to the Borrower or its estate, trustee, receiver, custodian or any other party under any bankruptcy
law, state or Federal law, common law or equitable cause, then to the extent of such payment or repayment, the obligation or part thereof
which has been paid, reduced or satisfied by the amount so repaid shall be reinstated by the amount so repaid and shall be included within
the liabilities of the Borrower to such Lender as of the date such initial payment, reduction or satisfaction occurred.

 

Section 8.18       Lender
Representations, etc.; Non-Recourse Obligations. (a) By executing this Agreement, whether on the date hereof or pursuant
to an assignment permitted hereunder, each Lender represents, warrants and covenants as follows:

 

(i)         In
connection with the Loans: (A) none of the Borrower, the Collateral Manager, the Placement Agents, the Collateral Administrator,
the Collateral Trustee, the Loan Agent, the Retention Holder, or any of their respective Affiliates is acting as a fiduciary or financial
or investment adviser for such Lender; (B) such Lender is not relying (for purposes of making any investment decision or otherwise)
upon any advice, counsel or representations (whether written or oral) of the Borrower, the Collateral Manager, the Placement Agents,
the Collateral Administrator, the Collateral Trustee, the Loan Agent, the Retention Holder or any of their respective Affiliates other
than any statements herein, and such Lender has read and understands this Agreement and the final Offering Circular (including the descriptions
therein of the structure of the transaction in which the Loans are being offered and the risks to the Lenders); (C) such Lender
has consulted with its own legal, regulatory, tax, business, investment, financial and accounting advisors to the extent it has deemed
necessary and has made its own investment decisions (including decisions regarding the suitability of any transaction pursuant to this
Agreement and the Indenture) based upon its own judgment and upon any advice from such advisors as it has deemed necessary and not upon
any view expressed by the Borrower, the Collateral Manager, the Placement Agents, the Collateral Administrator, the Collateral Trustee,
the Loan Agent, the Retention Holder or any of their respective Affiliates; (D) such Lender is both (x) a Qualified Institutional
Buyer that is not a broker-dealer which owns and invests on a discretionary basis less than $25 million in securities of issuers that
are not affiliated Persons of the dealer and is not a plan referred to in paragraph (a)(1)(d) or (a)(1)(e) of Rule 144A
or a trust fund referred to in paragraph (a)(1)(f) of Rule 144A that holds the assets of such a plan, if investment decisions
with respect to the plan are made by beneficiaries of the plan and (y) a Qualified Purchaser; (E) such Lender was not formed
for the purpose of acquiring such Loans and is acquiring its interest in such Loans for its own account; (F) such Lender will hold
and transfer the minimum required amount of the Loans; (G) such Lender is a sophisticated investor and is making the Loans with
a full understanding of all of the terms, conditions and risks thereof, and it is capable of assuming and willing to assume those risks;
(H) such Lender has had access to such financial and other information concerning the Borrower and the Loans as it has deemed necessary
or appropriate in order to make an informed decision with respect to making the Loans, including an opportunity to ask questions of and
request information from the Borrower and the Collateral Manager and (I) such Lender will provide notice of the relevant transfer
restrictions, representations, warranties and agreements to subsequent transferees.

 

    34 

     

    

 

(ii)        on
each day from the date on which such Lender acquires its interest in the Loans through and including the date on which such Lender disposes
of its interest in such Loans, either (A) if it is, or is acting on behalf of, a Plan, its acquisition, holding and disposition
of such Loans do not and will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code, and (B) if it is a governmental, church, non-U.S. or other plan which is subject to any Other Plan Law, its acquisition,
holding and disposition of such Loans will not constitute or result in a non-exempt violation of any Other Plan Law. If the purchaser
or transferee of any Loans or beneficial interest therein is a Plan, it will be deemed to represent, warrant and agree that (x) none
of the Borrower, the Placement Agents, the Collateral Trustee, the Loan Agent, the Collateral Administrator or the Collateral Manager
or any of their affiliates has provided any investment advice within the meaning of Section 3(21)(A)(ii) of ERISA to the Plan,
or to any fiduciary or other Person investing the assets of the Plan (“Fiduciary”), in connection with its acquisition
of the Loans, and (y) the Fiduciary is exercising its own independent judgment in evaluating the investment in the Loans. Any purported
transfer of a Loan or any interest therein to a purchaser or transferee that does not comply with the requirements specified in the applicable
documents will be of no force and effect and shall be null and void ab initio;

 

(iii)       the
Lender has not assigned and will not assign any of its rights under this Agreement to anyone other than a Person that is a Qualified Institutional
Buyer and a Qualified Purchaser and each party to whom it assigns any or all of its rights under this Agreement represents and warrants
to the Borrower on the date it becomes a party to this Agreement and each date upon which a Loan is made hereunder after such date that
it is a Qualified Institutional Buyer and a Qualified Purchaser and that it has not assigned or will not assign any or all of its rights
under this Agreement to anyone other than a Person that is a Qualified Institutional Buyer and a Qualified Purchaser;

 

(iv)       the
Lender agrees that if it no longer qualifies as a Qualified Institutional Buyer or a Qualified Purchaser, it shall notify the Borrower
thereof immediately in writing and, from such time, no further Loans shall be made to the Borrower by such Lender pursuant to this Agreement;
and

 

(v)        the
Lender acknowledges, represents, warrants and agrees as to the provisions set forth in Section 2.12 of the Indenture with respect
to Treatment and Tax Certification to the extent applicable to, and as if it were the Holder of, Class A Notes and such provisions
of the Indenture are hereby incorporated by reference mutatis mutandis (replacing “Secured Note” in each case it appears
with “Secured Debt”.

 

    35 

     

    

 

Each Lender understands that
the Borrower, the Collateral Manager, the Placement Agents, the Collateral Administrator, the Collateral Trustee, the Loan Agent, and
their respective counsel will rely upon the accuracy and truth of the foregoing representations, and it hereby consents to such reliance.
Each Lender understands that by entering into the transactions contemplated hereby it is making a loan under a commercial credit facility
and that by making the foregoing representation, no Lender is characterizing the transactions contemplated herein as the making of an
investment in “securities” as defined in the Securities Act.

 

(b)       The
Loan Agent, the Collateral Trustee and each Lender covenants and agrees that the obligations of the Borrower under the Loans and this
Agreement are limited recourse obligations of the Borrower, payable solely from the Assets in accordance with the terms of the Transaction
Documents, and, following repayment and realization of the Assets, any claims of the Loan Agent or the Lenders and obligations of the
Borrower hereunder shall be extinguished and shall not thereafter revive, in accordance with Section 2.7 of the Indenture. No recourse
shall be had for the payment of any amount owing in respect of the Loans against any member, shareholder, owner, employee, officer, director,
manager, authorized Person, advisor, agent or incorporator or organizer of the Borrower or Collateral Manager or their respective successors
or assigns for any amounts payable under the Loans, this Agreement or the Indenture. It is understood that the foregoing provisions of
this Section 8.18(b) shall not (i) prevent recourse to the Assets for the sums due or to become due under any security,
instrument or agreement which is part of the Assets or (ii) constitute a waiver, release or discharge of any indebtedness or obligation
evidenced by the Loans until the Assets has been realized, whereupon any outstanding indebtedness or obligation shall be extinguished
and shall not thereafter revive. The provisions of this Section 8.18(b) shall survive the termination of this Agreement.

 

Section 8.19       [Reserved].

 

Section 8.20       No
Petition. (a) The Collateral Trustee, Loan Agent and each Lender or holder of an interest herein hereby covenants and agrees
that it shall not institute against, or join any other Person in instituting against, the Borrower until one year (or if longer, the
then applicable preference period) and one day after all Debt has been paid in full, any bankruptcy, reorganization, arrangement, insolvency
or liquidation proceedings, or other similar proceedings under any federal or state bankruptcy or similar law.

 

(b)       This
Section 8.20 shall survive the termination of this Agreement and the payment of all amounts payable hereunder.

 

Section 8.21       Acknowledgment.
The Borrower hereby acknowledges that none of the parties hereto has any fiduciary relationship with or fiduciary duty to the Borrower
pursuant to the terms of this Agreement, and the relationship between the Collateral Trustee, the Lenders and the Loan Agent on the one
hand, and the Borrower, on the other hand, in connection herewith is solely that of debtor and creditor.

 

Section 8.22       Limitation
on Suits. No Lender shall have any right to institute any Proceedings, judicial or otherwise, with respect to this Agreement or the
Indenture except as provided in Section 5.3 of the Indenture.

 

    36 

     

    

 

Section 8.23       Unconditional
Rights of Lenders to Receive Principal and Interest. Notwithstanding any other provision in this Agreement, the Lenders shall have
the right, which is absolute and unconditional, to receive payment of the principal of and interest on the Loans as such principal and
interest become due and payable in accordance with the Priority of Payments and Section 3.6 and Section 8.20,
and, subject to the provisions of Section 8.22, to institute proceedings for the enforcement of any such payment, and such
right shall not be impaired without the consent of such Lender.

 

Section 8.24       Termination
of Agreement. Without prejudice to any provision of the Indenture, this Agreement and all rights and obligations hereunder, other
than those expressly specified as surviving the termination of the Agreement and the repayment of the Loans and those set forth in Sections
4.1 of the Indenture with respect to the Lenders, the Loans or the Agents, shall terminate (a) at such time that all of the Loans
are repaid in full in accordance with the terms herein or (b) upon the final distribution of all proceeds of any liquidation of
the Collateral Obligations, Equity Securities and Eligible Investments effected pursuant to Article V of the Indenture.

 

Section 8.25       Lender
Information. Notice to Lenders shall be provided as set forth in Section 14.4 of the Indenture.

 

Section 8.26       Lender
Consent. By its execution and making of Loans hereunder, each Lender shall be deemed to have consented to the terms applicable to
it in its capacity as a holder of the Loans and the execution of the Indenture.

 

Section 8.27       USA
PATRIOT Act. In order to comply with the laws, rules, regulations and executive orders in effect from time to time ‎applicable
to banking institutions, including, without limitation, those relating to the funding of terrorist ‎activities and money laundering,
including Section 326 of the USA PATRIOT Act, the Agents are required to obtain, verify, record and update certain ‎information
relating to individuals and entities which maintain a business relationship with the Agents. Accordingly, each of the parties agrees
to provide to the Agents upon ‎request from time to time such identifying information and documentation as may be available for such
 ‎party in order to enable the Agents to comply with the USA PATRIOT Act.

 

[Signature Pages Follow]

 

    37 

     

    

 

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

 

		GOLUB CAPITAL BDC 3 CLO 2 LLC,
as Borrower
	 	 
	 	By:	Golub Capital BDC 3, Inc.,
its designated manager
	 	 	 
	 	By:	/s/ Christopher C. Ericson
	 	 	Name: Christopher C. Ericson
	 	 	Title: Chief Financial Officer

 

     

     

    

 

		CITIBANK, N.A., not in its individual
capacity, but solely as Collateral Trustee
	 	 	 
	 	By:	/s/ Paul Leba 
	 	 	Name: Paul Leba
	 	 	Title: Senior Trust Officer

 

     

     

    

 

		CITIBANK, N.A., not in its individual
capacity, but solely as Loan Agent
	 	 	 
	 	By:	/s/ Paul Leba 
	 	 	Name: Paul Leba
	 	 	Title: Senior Trust Officer

 

     

     

    

 

		KEYBANK NATIONAL ASSOCIATION,
as Lender
	 	 	 
	 	By:	/s/ Richard Andersen
	 	 	Name: Richard Andersen
	 	 	Title: Senior Vice President

 

     

     

    

 

ANNEX X

 

DEFINITIONS

 

Any defined terms used herein
shall have the respective meanings set forth herein.

 

“Agent”
has the meaning assigned to such term in Section 7.1.

 

“Agent Fee Letter”
means the fee letter between the Borrower (or the Collateral Manager on behalf of the Borrower) and the Bank relating to the Debt and
the transactions contemplated by the Indenture and this Agreement.

 

“Aggregate Commitment”
means (i) as of the Closing Date, $85,000,000 and (ii) upon an amendment of Schedule 1 to this Agreement pursuant to
Section 2.1, such other amount as may be set forth on such Schedule 1 (as so amended).

 

“Agreement”
has the meaning assigned to such term in the preamble.

 

“Approved Lender”
means a financial institution or other institutional lender that makes each of the representations set forth in Section 8.18(a).

 

“Assignment Agreement”
has the meaning assigned to such term in Section 8.4(c).

 

“Bank”
means Citibank, N.A..

 

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

 

“Bankruptcy Code”
means the federal Bankruptcy Code, Title 11 of the United States Code, as amended from time to time, and any successor statute or any
other applicable federal or state bankruptcy law or similar law, and any bankruptcy, insolvency, winding up, reorganization or similar
law enacted under the laws of Jersey or any other applicable jurisdiction, including the Bankruptcy (Désastre) (Jersey) Law 1990,
and the Companies (Jersey) Law 1991, each as amended from time to time.

 

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

 

“Borrower Order”
has the meaning assigned to “Issuer Order” in the Indenture; provided that, references therein to “this Indenture”
shall be read to mean “this Indenture or the Credit Agreement”.

 

“Borrowing”
means Loans made by all Lenders on the Loan Date in accordance with Section 3.1.

 

    Annex X-1

     

    

 

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

 

“Calculation Agent”
has the meaning assigned to such term in Section 5.13(a).

 

“Collateral Trustee”
has the meaning assigned to such term in the preamble.

 

“Collateral Documents”
means the Indenture, the Securities Account Control Agreement and any other agreement, instrument or document executed and delivered by
or on behalf of the Borrower in connection with the foregoing or pursuant to which a Lien is granted in accordance with the terms of the
Indenture as security for any of the Loans.

 

“Collateral Manager”
means GC Advisors LLC, a Delaware limited liability company, in its capacity as Collateral Manager to the Borrower under the Collateral
Management Agreement, until such time, if any, as a successor Person shall have become the Collateral Manager pursuant to provisions of
the Collateral Management Agreement, and thereafter “Collateral Manager” shall mean such successor Person.

 

“Commitment”
has the meaning assigned to such term in Section 2.1.

 

“Confirmation of
Registration”: With respect to an uncertificated interest in the Loans, a confirmation of registration, substantially in the
form of Exhibit D, provided to the owner thereof promptly after the registration thereof in the Register by the Registrar.

 

“Credit Document”
means this Agreement, the Lender Notes, the Confirmation of Registration, the Collateral Documents and any other agreement, instrument
or document executed and delivered by or on behalf of the Borrower in connection with the foregoing.

 

“Custodian”
means the Bank, in its capacity as custodian and as securities intermediary under the Securities Account Control Agreement, together with
its successors and assigns, as applicable.

 

“Default”
has the meaning assigned to such term in Section 6.1.

 

“Dollar”
or “$” means dollars in lawful currency of the United States of America.

 

“Event of Default”
has the meaning assigned to such term in Section 6.1.

 

“Fiduciary”
has the meaning assigned to such term in Section 8.18(a)(ii).

 

“GAAP”
means generally accepted accounting principles (as in effect in the United States).

 

“Indenture”
means that certain Indenture and Security Agreement, dated as of December 14, 2022, by and between the Borrower and the Bank, as
Collateral Trustee, as the same may be further amended, modified or supplemented from time to time pursuant to the terms thereof.

 

    Annex X-2

     

    

 

“Lender”
means any of the creditors that are parties to this Agreement, including each initial Lender and each Person which becomes an assignee
pursuant to Section 8.4(b).

 

“Lender Note”
has the meaning assigned to such term in Section 3.2.

 

“Lien”
means, with respect to any asset, any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including
any conditional sale, sale subject to a repurchase obligation or other title retention agreement relating to such asset, and any financing
lease having substantially the same economic effect as any of the foregoing).

 

“Loan”
has the meaning assigned to such term in Section 2.1.

 

“Loan Agent”
has the meaning assigned to such term in the preamble.

 

“Loan Date”
means the Closing Date.

 

“Majority of the
Lenders” means Lenders holding more than 50% of the Aggregate Commitment.

 

“Mandatory Prepayment”
has the meaning assigned to such term in Section 3.3.3.

 

“Officer’s
Certificate” means a certificate signed on behalf of the Borrower or the Collateral Manager by one or more officers thereof.

 

“Percentage”
of any Lender means, at any time: (a) with respect to the aggregate amount of Commitments of all Lenders to make Loans at such time,
the percentage which such Lender’s Commitment to make Loans, if any, is of the aggregate amount of Commitments of all Lenders to
make Loans at such time; and (b) with respect to the aggregate amount of Loans which are outstanding at such time, the percentage
which the aggregate principal amount of such Lender’s Loans is of the total principal amount of Loans at such time; in each case
as shown on Schedule 1 to this Agreement (or, in the case of any Lender which becomes a Lender pursuant to any Assignment
Agreement, as provided in such Assignment Agreement) and in all cases as changed from time to time as a consequence of Assignment Agreements
pursuant to Section 8.4(b) and as reflected in the books and records of the Loan Agent at such time.

 

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

 

“Plan”
means any “employee benefit plan” (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA, any
plan that is not subject to ERISA but which is subject to Section 4975 of the Internal Revenue Code, and any entity such as a collective
investment fund and separate account whose underlying assets include the assets of such employee benefit plans or plans.

 

    Annex X-3

     

    

 

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

 

“Register”
has the meaning assigned to such term in Section 8.16.

 

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

 

“Securities Account
Control Agreement” means the Securities Account Control Agreement, dated as of the Closing Date, among the Borrower, the Collateral
Trustee and Citibank, N.A., as securities intermediary and custodian.

 

“Senior Item”
shall have the meaning assigned in Section 3.6(b) (Subordination) herein.

 

“Subsidiary”
means at any time, with respect to any Person (the “parent”), any corporation, association, partnership, limited liability
company or other business entity (a) of which securities or other ownership interests representing more than 50% of the ordinary
voting power to elect the board of directors, general partner, or comparable body of such corporation, association, partnership or other
business entity or, in the case of a partnership, ownership interests representing more than 50% of the interests of such partnership
(irrespective of whether at the time securities or other ownership interests of any other class or classes of such corporation, association,
partnership or other business entity shall or might have voting power solely upon the occurrence of any contingency) are, at such time
owned directly or indirectly by the parent, by one or more Subsidiaries of the parent or by the parent and one or more Subsidiaries of
the parent and (b) which is also required at such time under GAAP to be consolidated with the parent.

 

“Transaction Documents”
means this Agreement, the other Credit Documents, the Indenture, the Collateral Management Agreement, the Master Loan Sale Agreements,
the Collateral Administration Agreement, the Securities Account Control Agreement and the Placement Agency Agreement.

 

“United States”
or “U.S.” means the United States of America, its 50 States, the District of Columbia and the Commonwealth of Puerto
Rico.

 

    Annex X-4

     

    

 

EXHIBIT A

 

	$______________	New
York, New York

_______ ___, _____

 

FOR VALUE RECEIVED, Golub
Capital BDC 3 CLO 2 LLC (the “Borrower”), hereby promises to pay to ______________ or its registered assigns (the “Lender”),
in lawful money of the United States of America in immediately available funds, at the Payment Office initially located at c/o ______________,
on each Payment Date, in accordance with the Priority of Payments set forth in the Indenture (as defined below) the principal sum of ______________
DOLLARS ($______________) or, if less, the unpaid principal amount of all Loans made by the Lender pursuant to the Agreement (as defined
below), payable at such times and in such amounts as are specified in the Agreement. Terms used but not defined herein shall have their
respective meaning set forth in the Agreement and the Indenture, dated as of December 14, 2022 between the Borrower and Citibank,
N.A., as collateral trustee (as supplemented, amended or otherwise modified from time to time, the “Indenture”), as
applicable.

 

The Borrower also promises
to pay interest on the unpaid principal amount of each Loan made by the Lender in like money at said office from the date hereof until
paid at the rates and at the times provided in Article III of the Agreement.

 

This Lender Note is one of
the Lender Notes referred to in the Credit Agreement, dated as of December 14, 2022, among the Borrower, the lenders from time to
time party thereto (including the Lender) and Citibank, N.A., as loan agent and as collateral trustee (as amended, restated, modified
and/or supplemented from time to time, the “Agreement”) and is entitled to the benefits thereof and of the other Credit
Documents. This Lender Note is secured by the Indenture. As provided in the Agreement, this Lender Note is subject to voluntary prepayment
and mandatory repayment prior to the final Payment Date, in accordance with the Priority of Payments as provided in Section 3.3 of
the Agreement and the Indenture.

 

In case an Event of Default
(as defined in the Agreement) shall occur and be continuing, the principal of and accrued interest on this Lender Note may be declared
to be due and payable in the manner and with the effect provided in the Agreement and the Indenture.

 

The Borrower hereby waives
presentment, demand, protest or notice of any kind in connection with this Lender Note.

 

This Lender Note is subject
to Section 8.18 and Section 8.20 of the Agreement.

 

THIS LENDER NOTE SHALL BE
CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

 

EACH PARTY TO THIS AGREEMENT
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
PROCEEDING.

 

[Remainder of page intentionally left blank]

 

    Ex. A-1

     

    

 

		GOLUB CAPITAL BDC 3 CLO 2 LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Ex. A-2

     

    

 

EXHIBIT B

 

Form of Assignment Agreement

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and Assumption
(this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered into by and between
[Insert name of Assignee] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized
terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth
in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption
as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the
Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted
by the Loan Agent as contemplated below (i) all of the Assignor’s rights and obligations as a Lender under the Credit Agreement
and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified
below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below and (ii) to
the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in
its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any
other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related
to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other
claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations
sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as, the “Assigned Interest”).
Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without
representation or warranty by the Assignor.

 

1.            Assignor:
__________________________

 

2.            Assignee:
__________________________

 

 Address: __________________________________________________

 

 Contact Information: ________________________________________

 

 Wire Instructions: __________________________________________

 

3.            Borrower(s):
Golub Capital BDC 3 CLO 2 LLC.

 

4.            Loan
Agent: Citibank, N.A., as the Loan Agent under the Credit Agreement.

 

    Ex. B-1

     

    

 

5.            Credit
Agreement: The Credit Agreement, dated as of December 14, 2022, among Golub Capital BDC 3 CLO 2 LLC, as Borrower, the Lenders from
time to time party thereto and Citibank, N.A., as Loan Agent and as Collateral Trustee.

 

6.            Assigned
Interest:

 

	Facility Assigned	 	 	Aggregate Amount of 
 Commitment for all 
 Lenders	 	 	Amount of 
 Commitment 
 Assigned	 	 	Percentage Assigned 
 of Commitment1	 
	Loans	 	 	$	                   	 	 	$	                          	 	 	 		%

 

Effective Date: _____________,
20____ (the “Effective Date”)

 

The terms set forth in this
Assignment and Assumption are hereby agreed to:

 

		ASSIGNOR
	 	 
	 	[NAME OF ASSIGNOR]
	 	 	 
	 	By:	 
	 		Title: Authorized Signatory
	 	 	 
	 	ASSIGNEE
	 	 
	 	[NAME OF ASSIGNEE]
	 	 	 
	 	By:	 
	 	 	Title: 

 

 

 

1 Set forth, to at least 9 decimals, as a percentage of
the Commitment of all Lenders thereunder.

 

    Ex. B-2

     

    

 

	Receipt acknowledged by:	 
	 	 
	CITIBANK, N.A., as Loan Agent	 
	 	 	 
	By:		 
	 	Name:	 
	 	Title:	 
	 	 	 
	Consented to:	 
	 	 
	GOLUB CAPITAL
BDC 3 CLO 2 LLC, as Borrower	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    Ex. B-3

     

    

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

CREDIT AGREEMENT

 

STANDARD TERMS AND CONDITIONS FOR

 

ASSIGNMENT AND ASSUMPTION

 

1.             Representations
and Warranties.

 

1.1.         Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and
has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection
with the Credit Agreement or any other Credit Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the Credit Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of their respective
subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document or (iv) the performance or observance
by the Borrower, any of their respective subsidiaries or Affiliates or any other Person of any of their respective obligations under any
Credit Document.

 

1.2.         Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit
Agreement, (ii) it meets all requirements of an Approved Lender under the Credit Agreement (subject to receipt of such consents as
may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions of the
Credit Agreement as a Lender and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, and (iv) it
has received a copy of the Credit Agreement, the Indenture and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of
which it has made such analysis and decision independently and without reliance on the Loan Agent or any other Lender; and (b) agrees
that (i) it will, independently and without reliance on the Loan Agent, the Assignor or any other Lender, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under
the Credit Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit
Documents are required to be performed by it as a Lender.

 

2.            Payments.
From and after the Effective Date, the Borrower shall make all payments in respect of the Assigned Interest (including payments of principal,
interest, fees and other amounts) to the Loan Agent for the benefit of (x) the Assignor for amounts which have accrued to but excluding
the Effective Date and to (y) the Assignee for amounts which have accrued from and after the Effective Date.

 

    Ex. B-4

     

    

 

3.            General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective
successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute
one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy or electronic
mail shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption
shall be governed by, and construed in accordance with, the law of the State of New York.

 

4.            Waiver
of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING.

 

    Ex. B-5

     

    

 

EXHIBIT C

 

[Reserved]

 

    Ex. C-1

     

    

 

EXHIBIT D

 

CONFIRMATION
OF REGISTRATION

 

GOLUB CAPITAL BDC 3 CLO 2 LLC,

as Borrower

 

[DATE]

 

		Re:	Credit Agreement, dated as of December 14, 2022 (the “Credit Agreement”), among
Golub Capital BDC 3 CLO 2 LLC, as borrower (the “Borrower”), various financial institutions and other person which
are, or may become, parties thereto as Lenders, and Citibank, N.A., as Loan Agent (the “Loan Agent”) and as Collateral
Trustee (the “Collateral Trustee”). Capitalized terms not otherwise defined herein shall have the meanings assigned
to such terms in the Credit Agreement

 

The Registrar hereby confirms that it has registered
the principal amount of the Loan in the name specified below, in the Register. This Confirmation of Registration is provided for informational
purposes only; ownership of such Loan shall be determined conclusively by the Register. To the extent of any conflict between this Confirmation
of Registration and the Register, the Register shall control. This is not a security certificate.

 

	Amount of Loan:	U.S.$[
                    ]

 

	Registered Name of Lender:	[
                                                                ]
	 	 
	Address of Lender:	[                               
]
	 	[                               
]
	 	[                               
]
	 	[                               
]

 

		Citibank, N.A., as Registrar
	 	 	           
	 	By:	 

	 	Name:	 
	 	Title:	 

 

    Ex. D-1

     

    

 

SCHEDULE 1

 

Commitments and Percentages

 

	Lender	 	Commitment Percentage	 	 	Commitment Amount	 
	KeyBank National Association	 	 	100	%	 	$	85,000,000	 
	Total:	 	 	100	%	 	$	85,000,000	 

 

    Sch. 1-1

     

    

 

SCHEDULE 2

 

Lending Offices and Notice Data

 

Collateral Trustee and Loan Agent

 

The Corporate Trust Office

 

Borrower

 

Golub Capital BDC 3 CLO 2 LLC 

c/o Golub Capital BDC 3, Inc.

 

New York, New York 10166

Attention: Golub Capital BDC 3 CLO 2 LLC

 

Collateral Manager

 

GC Advisors LLC

200 Park Avenue, 25th Floor 

New York, New York 10166

Attention: Golub Capital BDC 3 CLO 2 LLC

 

Rating Agency

 

S&P Global Ratings 

Email: CDO_Surveillance@spglobal.com

 

    Sch. 2-1

     

    

 

SCHEDULE 3

 

Payment Instructions for Lenders

 

	Notice Information
 Payment Information	 	Initial Principal 
 Amount (U.S.$)	 	 	LOANX ID	 
	KeyBank National Association	 	$	85,000,000	 	 	 	N/A	 
	 	 	 	 	 	 	 	 	 
	Notice Information:

                                                                                                       1000 S. McCaslin Boulevard

                                                                                                       Superior, CO 80027

                                                                                Attn: Richard Andersen
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Payment Instructions:

                                                                                                       ABA #: 021300077

                                                                                                       Bank Name: KeyBank National Association

                                                                                                       Account #: 329953020917

                                                                                                       Account Name: KeyBank NA

                                                                                Attention: Golub Capital BDC 3 CLO 2
	 	 	 	 	 	 	 	 

 

    Sch. 3-1

     

    

 

SCHEDULE 4

 

Collateral Trustee Wiring Instructions

 

Citibank, N.A., as Collateral Trustee

 

Wiring Instructions:

 

	USD	 
	Bank Name:	Citibank N.A.
	ABA # :	021-000-089
	For Credit to	Golub Capital BDC 3 CLO 2 LLC Pass-Through Collection
	Account #:	13449000

 

    Sch. 4-1Exhibit 10.4

 

EXECUTION VERSION

 

COLLATERAL MANAGEMENT AGREEMENT

 

dated as of December 14, 2022

 

by and between

 

GOLUB
CAPITAL BDC 3 CLO 2 LLC,

as Issuer

 

and

 

GC ADVISORS
LLC,

as Collateral Manager

 

     

     

    

 

Table
of Contents

 

Page

 

	Section 1.	Definitions	1
	Section 2.	General Duties and Authority of the Collateral Manager	5
	Section 3.	Purchase and Sale Transactions; Brokerage	11
	Section 4.	Additional Activities of the Collateral Manager	12
	Section 5.	Conflicts of Interest	15
	Section 6.	Records; Confidentiality	16
	Section 7.	Obligations of Collateral Manager	17
	Section 8.	Compensation	18
	Section 9.	Benefit of the Agreement	20
	Section 10.	Limits of Collateral Manager Responsibility	21
	Section 11.	No Joint Venture	22
	Section 12.	Term; Termination	22
	Section 13.	Assignments	24
	Section 14.	Removal for Cause	25
	Section 15.	Obligations of Resigning or Removed Collateral Manager	28
	Section 16.	Representations and Warranties	28
	Section 17.	Limited Recourse; No Petition	31
	Section 18.	Notices	32
	Section 19.	Binding Nature of Agreement; Successors and Assigns	33
	Section 20.	Entire Agreement; Amendment	33
	Section 21.	Governing Law	34
	Section 22.	Submission to Jurisdiction	34
	Section 23.	Waiver of Jury Trial	34
	Section 24.	Conflict with the Indenture	34
	Section 25.	Subordination; Assignment of Agreement	35
	Section 26.	Indulgences Not Waivers	35
	Section 27.	Costs and Expenses	35
	Section 28.	Third Party Beneficiary	36
	Section 29.	Titles Not to Affect Interpretation	36
	Section 30.	Execution in Counterparts	37

 

    i 

     

    

 

Table
of Contents

(continued)

 

Page

 

	Section 31.	Provisions Separable	37
	Section 32.	Gender	37
	Section 33.	Communications with the Rating Agency	37

 

    ii 

     

    

 

COLLATERAL
MANAGEMENT AGREEMENT

 

This
Collateral Management Agreement (as amended, supplemented or otherwise modified from time to time, this “Agreement”),
dated as of December 14, 2022 is entered into by and between GOLUB CAPITAL BDC 3 CLO 2 llc,
a limited liability company organized under the laws of the State of Delaware (the “Issuer”), and GC
ADVISORS LLC, a limited liability company organized under the laws of the State of Delaware, as collateral manager (together with
its successors and permitted assigns, “GC Advisors” and the “Collateral Manager”).

 

W I T N E S S E T H:

 

WHEREAS, (i) the Notes
(as defined in the Indenture) will be issued pursuant to an indenture dated as of the date hereof (the “Indenture”),
between the Issuer and Citibank, N.A., as collateral trustee (together with its successors and permitted assigns, the “Collateral
Trustee”), and (ii) the Class A Loans (as defined in the Indenture) will be incurred pursuant to the Class A
Credit Agreement, dated as of the date hereof, among the Issuer, as borrower, the Collateral Trustee, Citibank, N.A., as loan agent (the
 “Loan Agent”), and the various financial institutions and other persons party thereto from time to time as lenders
(the “Credit Agreement”).

 

WHEREAS, the Issuer intends
to pledge all Collateral Obligations and the other Assets, all as set forth in the Indenture, to the Collateral Trustee as security for
the Issuer’s obligations under the Indenture;

 

WHEREAS, the Issuer desires
to appoint GC Advisors as the Collateral Manager to provide the services described herein and GC Advisors desires to accept such appointment;

 

WHEREAS, the Indenture authorizes
the Issuer to enter into this Agreement, pursuant to which the Collateral Manager agrees to perform, on behalf of the Issuer, certain
investment management duties with respect to the acquisition, administration and disposition of Assets in the manner and on the terms
set forth herein and to perform such additional duties as are consistent with the terms of this Agreement and the Indenture as the Issuer
may from time to time reasonably request; and

 

WHEREAS, the Collateral Manager
has the capacity to provide the services required hereby and is prepared to perform such services upon the terms and subject to the conditions
set forth herein.

 

NOW, THEREFORE, in consideration
of the mutual agreements herein set forth and of other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as follows:

 

Section 1.     Definitions.

 

(a)            As
used in this Agreement:

 

“Advisers Act”
shall mean the U.S. Investment Advisers Act of 1940, as amended.

 

     

     

    

 

“Affiliate Transaction”
shall have the meaning set forth in Section 5.

 

“Aggregate Collateral
Management Fee” shall have the meaning set forth in Section 8(a).

 

“Agreement”
shall have the meaning set forth in the preamble.

 

“Cause”
shall have the meaning set forth in Section 14(a).

 

“Client”
shall mean, with respect to any specified Person, any Person or account for which the specified Person provides investment management
services or investment advice.

 

“CM Information”
shall mean the CM Offering Circular Information and any amendment or supplement approved by the Collateral Manager to the Final Offering
Circular that supplements or amends any of the CM Offering Circular Information (including any offering circular approved in writing
by the Collateral Manager for additional Debt issued or incurred pursuant to Section 2.13 of the Indenture, or for replacement securities
issued in connection with a Refinancing in part by Class of one or more Classes of Secured Debt, or any offering circular in connection
with a Re-Pricing).

 

“CM Offering Circular
Information” shall mean the information in the Final Offering Circular set forth under the headings “Risk Factors—Relating
to Certain Conflicts of Interest—Certain Conflicts of Interest Relating to the Collateral Manager and its Affiliates,”
 “Risk Factors—Relating to Certain Conflicts of Interest—Conflicts related to obligations of the Collateral Manager’s
investment committee, the Collateral Manager, or its affiliates to other clients,” “Risk Factors—Relating to
Certain Conflicts of Interest—No Ethical Screens or Information Barriers” and “The Collateral Manager and the
Retention Holder.”

 

“Collateral Management
Fee” shall have the meaning set forth in Section 8(a).

 

“Collateral Management
Fee Shortfall Amount” shall have the meaning set forth in Section 8(a).

 

“Collateral Manager”
shall have the meaning set forth in the preamble.

 

“Collateral Manager
Breaches” shall have the meaning set forth in Section 10(a).

 

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

 

“Collateral Trustee”
shall have the meaning set forth in the recitals hereto.

 

“Cumulative Deferred
Management Fee” shall have the meaning set forth in Section 8(a).

 

“Current Deferred
Management Fee” shall have the meaning set forth in Section 8(a).

 

    2 

     

    

 

“Expenses”
shall have the meaning set forth in Section 10(b).

 

“Fee Basis Amount”
shall mean, as of any date of determination, the sum of (a) the Collateral Principal Amount, and (b) the aggregate amount of
all Principal Financed Accrued Interest.

 

“Final Offering
Circular” shall mean the final offering circular, dated as of December 9, 2022, with respect to the Notes.

 

“Indemnified Party”
shall have the meaning set forth in Section 10(b).

 

“Indenture”
shall have the meaning set forth in the recitals hereto.

 

“Independent Review
Party” shall have the meaning set forth in Section 5.

 

“Instrument of Acceptance”
shall have the meaning set forth in Section 12(c).

 

“Internal Policies”
shall have the meaning set forth in Section 3(b).

 

“Issuer”
shall have the meaning set forth in the preamble.

 

“Loan Agent”
shall have the meaning set forth in the recitals hereto.

 

“Losses”
shall have the meaning set forth in Section 10(b).

 

“Material Adverse
Effect” shall mean, with respect to any event or circumstance, a material adverse effect on (a) the business, financial
condition (other than the performance of the Assets) or operations of the Issuer, taken as a whole, (b) the validity or enforceability
of the Indenture, this Agreement or the Issuer’s Organizational Instruments or (c) the existence, perfection, priority or
enforceability of the Collateral Trustee’s lien on the Assets.

 

“Offering Circulars”
shall mean, collectively, the Final Offering Circular, the Second Preliminary Offering Circular and the Preliminary Offering Circular.

 

“Organization Costs”
shall mean all out-of-pocket costs and expenses incurred directly by the Issuer, the Collateral Manager or their Affiliates in connection
with the formation and capitalization of the Issuer, the offering of Issuer shares and Debt, and the preparation by the Issuer to commence
its business operations, including, without limitation, (i) expenses for legal services rendered to or for the benefit of the Issuer
or the Collateral Manager; (ii) expenses incurred in connection with the preparation, documentation, and negotiation, as applicable,
of offering circulars (including any supplement thereto or amendment and restated thereof) and governing documents, including the Transaction
Documents and any constitutive documents of the Issuer; (iii) expenses incurred in preparing and making securities filings and any
required registration of the Issuer and responding to queries from actual or prospective investors; (iv) accountant fees and other
fees for professional services; and (v) travel costs and other out-of-pocket expenses.

 

    3 

     

    

 

“Organizational
Instruments” shall mean the memorandum and articles of association or certificate of incorporation and bylaws (or the comparable
documents for the applicable jurisdiction), in the case of a corporation, or the certificate of partnership and the partnership agreement
(or the comparable documents for the applicable jurisdiction), in the case of a partnership, or the certificate of formation and limited
liability company agreement (or the comparable documents for the applicable jurisdiction), in the case of a limited liability company.

 

“Owner”
shall mean, with respect to any Person, any direct or indirect shareholder, member, partner or other equity or beneficial owner thereof.

 

“Preliminary Offering
Circular” shall mean the preliminary offering circular, dated August 11, 2022, with respect to the Notes.

 

“Prime Rate”
shall mean, as of any date of determination, that certain rate quoted in the Wall Street Journal as the U.S. “prime rate”
on such date (or, if not quoted on such date, on the preceding date on which it is so quoted).

 

“Proceedings”
shall have the meaning set forth in Section 22.

 

“Related Person”
shall mean, with respect to any Person, the owners of the equity interests therein, directors, officers, employees, managers, agents
and professional advisors thereof.

 

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

 

“Second Preliminary
Offering Circular” shall mean the Second Preliminary Offering Circular, dated November 21, 2022, with respect to the Notes.

 

“Section 28(e)”
shall have the meaning set forth in Section 3(b).

 

“Statement of Cause”
shall have the meaning set forth in Section 14(a).

 

“Termination Notice”
shall have the meaning set forth in Section 14(a).

 

“Transaction”
shall mean any action taken by the Collateral Manager on behalf of the Issuer with respect to the Assets, including, without limitation,
(i) selecting the Collateral Obligations and Eligible Investments to be acquired by the Issuer, (ii) investing and reinvesting
the Assets, (iii) amending, waiving and/or taking any other action commensurate with managing the Assets and (iv) instructing
the Collateral Trustee with respect to any acquisition, disposition or tender of a Collateral Obligation, Equity Security, Eligible Investment
or other assets received in respect thereof in the open market or otherwise by the Issuer.

 

    4 

     

    

 

(b)            Capitalized
terms used but not otherwise defined herein shall have the respective meanings assigned thereto in the Indenture. Unless the context
requires otherwise, references to “Section” mean a section of this Agreement.

 

Section 2.     General
Duties and Authority of the Collateral Manager.

 

(a)            GC
Advisors is hereby appointed as Collateral Manager of the Issuer for the purpose of performing certain investment management functions
including, without limitation, supervising and directing the investment and reinvestment of the Collateral Obligations and Eligible Investments
and performing certain administrative and advisory functions on behalf of the Issuer in accordance with the applicable provisions of
this Agreement, the Collateral Administration Agreement and the Indenture, and GC Advisors hereby accepts such appointment. Except as
may otherwise be expressly provided in this Agreement or the Indenture, the Collateral Manager will perform its obligations hereunder
and under the Indenture with reasonable care and in good faith, (i) using a degree of skill and attention no less than that which
the Collateral Manager exercises with respect to comparable assets that it may manage for itself and its other clients and (ii) in
accordance with the Collateral Manager’s existing practices and procedures with respect to investing in assets of the nature and
character of the Assets. To the extent not inconsistent with the foregoing, the Collateral Manager will follow its customary standards,
policies and procedures in performing its duties under this Agreement and the Indenture; provided that the Collateral Manager
shall not be liable for any loss or damages resulting from any failure to satisfy the standard of care set forth in this Section 2(a) except
to the extent such failure would result in liability pursuant to Section 10(a).

 

(b)            Subject
to Section 2(a), Section 2(c)(i), Section 2(e), Section 2(f), Section 5,
Section 7 and Section 10 and to the applicable provisions of the Indenture and of this Agreement, the Collateral
Manager shall, and is hereby authorized to:

 

(i)        select
the Collateral Obligations and Eligible Investments to be acquired, sold, terminated or otherwise disposed of by the Issuer;

 

(ii)       invest
and reinvest the Assets (provided that investments and reinvestments in Collateral Obligations are subject to certain conditions and
are not to be permitted after the Reinvestment Period);

 

(iii)      instruct
the Collateral Trustee with respect to any acquisition, disposition or tender of, or Offer with respect to, a Collateral Obligation,
Equity Security, Eligible Investment or other assets received in respect thereof in the open market or otherwise by the Issuer; and

 

(iv)      perform
all other tasks and may, in the Collateral Manager’s sole discretion, take all other actions that are specified, or not inconsistent
with, the duties of the Collateral Manager set forth in the Indenture, the Collateral Administration Agreement or this Agreement.

 

    5 

     

    

 

The Collateral Manager shall,
and is hereby authorized to, perform its obligations hereunder and under the Indenture and the Collateral Administration Agreement in
a manner which is consistent with the terms hereof and of the Indenture and the Collateral Administration Agreement. The Collateral Manager
will not be bound to comply with any supplement to the Indenture, however, until it has received a copy of any such supplement from the
Issuer or the Collateral Trustee and unless the Collateral Manager has consented thereto, as provided in the Indenture.

 

Notwithstanding anything
to the contrary in this Section 2(b), none of the services performed by the Collateral Manager shall result in or be construed
as resulting in an obligation to perform any of the following: (i) the Collateral Manager acting repeatedly or continuously as an
intermediary in securities or loans for the Issuer; (ii) the Collateral Manager providing investment banking services to the Issuer;
(iii) the Collateral Manager having direct contact with, or actively soliciting or finding, outside investors to invest in the Issuer;
or (iv) the Collateral Manager authorizing or causing the disbursement of money or other assets of the Issuer, except in accordance
with this Agreement, the Indenture, or any other Transaction Documents or in connection with the acquisition, sale or disposal of the
Issuer’s Assets, it being understood that it is the intention of the parties that the Collateral Manager not take any action through
the power of attorney granted hereby that would cause the Collateral Manager to have custody of the Issuer’s funds or securities
within the meaning of Rule 206(4)-2 under the Advisers Act. Without limitation to the foregoing, in no event shall the Collateral
Manager have authority to cause a disbursement by the Issuer except upon the approval of the Issuer’s designated manager.

 

    6 

     

    

 

(c)            Subject
to the provisions concerning its general duties and obligations as set forth in paragraphs (a) and (b) above and the terms
of the Indenture, the Collateral Manager shall provide, and is hereby authorized to provide, the following services to the Issuer:

 

(i)        The
Collateral Manager shall perform the investment-related duties and functions (including, without limitation, the furnishing of Issuer
Orders and Responsible Officer’s certificates) as are expressly required hereunder and under the Indenture with regard to acquisitions,
sales or other dispositions of Collateral Obligations, Equity Securities, Eligible Investments and other assets permitted to be acquired
or sold under, and subject to, the Indenture (including any proceeds received by way of Offers, workouts and restructurings on assets
owned by the Issuer) and shall comply with the Investment Criteria and the other requirements in the Indenture. The Collateral Manager
shall have no obligation to perform any other duties other than as expressly specified herein or in the Indenture and the Collateral
Manager shall be subject to no implicit obligations of any kind. The Issuer hereby irrevocably (except as provided below) appoints the
Collateral Manager as its true and lawful agent and attorney-in-fact (with full power of substitution) in its name, place and stead and
at its expense, in connection with the performance of its duties provided for in this Agreement or in the Indenture, but subject in all
cases to Section 2(f) herein, including, without limitation, the following powers: (A) to give or cause to be given any
necessary receipts or acquittance for amounts collected or received hereunder, (B) to make or cause to be made all necessary transfers
of the Collateral Obligations, Equity Securities and Eligible Investments in connection with any acquisition, sale or other disposition
made pursuant hereto and the Indenture, (C) to execute (under hand, under seal or as a deed) and deliver or cause to be executed
and delivered on behalf of the Issuer all necessary or appropriate bills of sale, assignments, agreements and other instruments in connection
with any such acquisition, sale or other disposition and (D) to execute (under hand, under seal or as a deed) and deliver or cause
to be executed and delivered on behalf of the Issuer any consents, votes, proxies, waivers, notices, amendments, modifications, agreements,
instruments, orders or other documents in connection with or pursuant to this Agreement or the Indenture and relating to any Collateral
Obligation, Equity Security or Eligible Investment. Notwithstanding the foregoing, it is understood that the power of attorney granted
herein is in all cases and for all purposes qualified and limited by the Indenture and other Transaction Documents and, as such, the
power of attorney granted hereby is limited rather than general. The Issuer hereby ratifies and confirms all that such attorney-in-fact
(or any substitute) shall lawfully do hereunder and pursuant hereto and authorizes such attorney-in-fact to exercise full discretion
and act for the Issuer in the same manner and with the same force and effect as the managers or officers of the Issuer might or could
do in respect of the performance of such services, as well as in respect of all other things the Collateral Manager deems necessary or
incidental to the furtherance or conduct of such services, subject in each case to the other terms of this Agreement. The Issuer hereby
authorizes such attorney-in-fact, in its sole discretion (but subject to applicable law and the provisions of this Agreement and the
Indenture), to take all actions that it considers reasonably necessary and appropriate in respect of the Assets, this Agreement, the
Indenture and the other Transaction Documents. Nevertheless, if so requested by the Collateral Manager or by a purchaser of any Collateral
Obligation, Equity Security or Eligible Investment, the Issuer shall ratify and confirm any such sale or other disposition by executing
and delivering to the Collateral Manager or such purchaser all proper bills of sale, assignments, releases, powers of attorney, proxies,
dividends, other orders and other instruments as may reasonably be designated in any such request. Except as otherwise set forth and
provided for herein, this grant of power of attorney is coupled with an interest, and it shall survive and not be affected by the subsequent
dissolution or bankruptcy of the Issuer. Notwithstanding anything herein to the contrary, the appointment herein of the Collateral Manager
as the Issuer’s agent and attorney-in-fact shall automatically cease and terminate upon the effective date of any termination of
this Agreement, the resignation of the Collateral Manager pursuant to Section 12 or any removal of the Collateral Manager
pursuant to Section 14. Each of the Collateral Manager and the Issuer shall take such other actions, and furnish such certificates,
opinions and other documents, as may be reasonably requested by the other party hereto in order to effectuate the purposes of this Agreement
and to facilitate compliance with applicable laws and regulations and the terms of this Agreement and the Indenture.

 

(ii)       The
Collateral Manager shall instruct the Issuer with respect to the acquisition of Collateral Obligations by the Issuer in accordance with
the Indenture.

 

    7 

     

    

 

(iii)      The
Collateral Manager shall monitor the Assets on behalf of the Issuer on an ongoing basis and shall provide or cause to be provided to
the Issuer all reports, schedules and other data reasonably available to the Collateral Manager that the Issuer is required to prepare
and deliver or cause to be prepared and delivered under the Indenture, in such forms and containing such information required thereby,
in reasonably sufficient time for such required reports, schedules and data to be reviewed and delivered by or on behalf of the Issuer
to the parties entitled thereto under the Indenture. Pursuant to the terms of the Collateral Administration Agreement, the Collateral
Administrator shall provide certain reports, schedules and calculations to the Collateral Manager regarding the Collateral Obligations.
The obligation of the Collateral Manager to furnish such information is subject to the Collateral Manager’s timely receipt of necessary
reports and the appropriate information from the Person responsible for the delivery of or preparation of such reports and such information
(including without limitation, Obligors of the Collateral Obligations, the Rating Agency, the Collateral Trustee and the Collateral Administrator)
and to any confidentiality restrictions with respect thereto. The Collateral Manager shall be entitled to rely upon, and shall not incur
any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing reasonably
believed by it to be genuine and to have been signed or sent by a Person that the Collateral Manager has no reason to believe is not
duly authorized. The Collateral Manager also may rely upon any statement made to it orally or by telephone and made by a Person the Collateral
Manager has no reason to believe is not duly authorized, and shall not incur any liability for relying thereon. The Collateral Manager
is entitled to rely on any other information furnished to it by third parties that it reasonably believes in good faith to be genuine.

 

(iv)      The
Collateral Manager, on behalf of the Issuer, shall be responsible for obtaining, to the extent reasonably practicable and to the extent
such information is readily available to it, any information concerning whether a Collateral Obligation is a Discount Obligation or has
become a Defaulted Obligation, a Credit Risk Obligation, a Deferring Obligation, a Current Pay Obligation or a Credit Improved Obligation.

 

(v)       The
Collateral Manager may, subject to and in accordance with the Indenture, as agent of the Issuer and on behalf of the Issuer, take or,
if applicable, direct the Collateral Trustee to take any of the following actions with respect to a Collateral Obligation, Equity Security
or Eligible Investment, as applicable:

 

(A)           purchase
or otherwise acquire such Collateral Obligation or Eligible Investment;

 

(B)           retain
such Collateral Obligation, Equity Security or Eligible Investment;

 

(C)           sell
or otherwise dispose of such Collateral Obligation, Equity Security or Eligible Investment (including any assets received by way of Offers,
workouts and restructurings on assets owned by the Issuer) in the open market or otherwise;

 

(D)           if
applicable, tender such Collateral Obligation, Equity Security or Eligible Investment;

 

    8 

     

    

 

(E)            if
applicable, consent to or refuse to consent to any proposed amendment, modification, restructuring, exchange, waiver or Offer;

 

(F)            retain
or dispose of any securities or other property (if other than cash) received by the Issuer;

 

(G)           waive
any default with respect to any Defaulted Obligation;

 

(H)           vote
to accelerate the maturity of any Defaulted Obligation;

 

(I)            participate
in a committee or group formed by creditors of an issuer or a borrower under a Collateral Obligation, Eligible Investment or Equity Security;

 

(J)            after
or in connection with the payment in full of all amounts owed under the Secured Debt and the termination without replacement of the Indenture
or in connection with any redemption of the Debt (other than a Refinancing), advise the Issuer as to when, in the view of the Collateral
Manager, it would be in the best interest of the Issuer to liquidate all or a portion of the Issuer’s investment portfolio (and,
if applicable, after discharge of the Indenture) and render such assistance as may be necessary or required by the Issuer in connection
with such liquidation or any actions necessary to effectuate a redemption of the Debt (other than a Refinancing);

 

(K)           advise
and assist the Issuer with respect to the valuation of the Assets, to the extent required or permitted by the Indenture;

 

(L)            provide
strategic and financial planning (including advice on utilization of assets), financial statements and other similar reports;

 

(M)          negotiate,
modify or amend any loan for the Issuer as authorized by the Indenture in accordance with a Refinancing; and

 

(N)           exercise
any other rights or remedies with respect to such Collateral Obligation, Equity Security or Eligible Investment as provided in the Underlying
Instruments of the obligor under such Assets or the other documents governing the terms of such Assets or take any other action consistent
with the terms of this Agreement or the Indenture which the Collateral Manager reasonably determines to be in the best interests of the
Holders.

 

(vi)        The
Collateral Manager may, upon request of the Issuer, retain accounting, tax, counsel and other professional services on behalf of the
Issuer.

 

(vii)        In
connection with the acquisition of any loan or Participation Interest by the Issuer, the Collateral Manager shall prepare, on behalf
of the Issuer, the information required to be delivered to the Collateral Trustee pursuant to the Indenture.

 

(viii)       Where
the Collateral Manager executes on behalf of the Issuer an agreement or instrument pursuant to which any security interest over any assets
of the Issuer is created or released, the Collateral Manager shall promptly give written notice thereof to the Issuer and shall provide
the Issuer with such information and/or copy documentation in respect thereof as the Issuer may reasonably require.

 

    9 

     

    

 

(d)            In
performing its duties hereunder and when exercising its discretion and judgment in connection with any transactions involving the Assets,
the Collateral Manager shall carry out any reasonable written directions of the Issuer for the purpose of the Issuer’s compliance
with its Organizational Instruments and the Indenture; provided that such directions are not inconsistent with any provision of
this Agreement or the Indenture by which the Collateral Manager is bound or prohibited by applicable law.

 

(e)            In
providing services hereunder, the Collateral Manager may, without the consent of any party, delegate to third parties (including without
limitation its Affiliates) the duties assigned to the Collateral Manager under this Agreement, and employ third parties (including without
limitation its Affiliates) to render advice (including investment advice), to provide services to arrange for trade execution and otherwise
provide assistance to the Issuer, and to perform any of the Collateral Manager’s duties under this Agreement; provided that
the Collateral Manager shall not (i) delegate investment decision-making responsibilities to non-Affiliates or (ii) be relieved
of any of its duties hereunder regardless of the performance of any services by third parties, including Affiliates.

 

(f)            Notwithstanding
anything herein or any other Transaction Document to the contrary, the Collateral Manager shall have no authority to hold (directly or
indirectly), or otherwise obtain possession of, any funds or securities of the Issuer (including Collateral Obligations or Eligible Investments).
The Collateral Manager agrees that any requests regarding the disbursement of any funds in any Account must be made in accordance with
the Indenture or other Transaction Documents and must be sent to the Collateral Trustee, and shall be considered only as informing the
Collateral Trustee of such request. All disbursements requested by the Collateral Manager may be paid only upon the approval of the Issuer.
Without limiting the foregoing, the Collateral Manager shall have no authority to (i) sign checks on the Issuer’s behalf,
(ii) deduct fees from any Account, (iii) withdraw funds or securities from any Account, or (iv) dispose of funds in any
Account for any purpose other than pursuant to transactions authorized by the Indenture. The Collateral Manager agrees that any requests
regarding the disbursement of any funds in any Account must be made in accordance with the Indenture and must be sent to the Collateral
Trustee. Nothing in this Section 2(f) shall prohibit the Collateral Manager from issuing instructions to the Collateral Trustee
or Custodian to effect or to settle any bills of sale, assignments, agreements and other instruments in connection with any acquisition,
sale or other disposition of any Asset of the Issuer as permitted by the Indenture.

 

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

 

    10 

     

    

 

Section 3.     Purchase
and Sale Transactions; Brokerage.

 

(a)            The
Collateral Manager, subject to and in accordance with the Indenture, hereby agrees that it shall cause any Transaction to be conducted
on terms and conditions negotiated on an arm’s-length basis and in accordance with applicable law. Except as expressly permitted
under the Indenture, no Assets (other than any Delayed Drawdown Collateral Obligations or Revolving Collateral Obligations) shall be
purchased if such Assets may give rise to any obligation or liability on the Issuer’s part to take any action or make any payment
other than at the Issuer’s option. Further, the Collateral Manager will not cause or allow the Issuer to acquire any obligation
of a Portfolio Company.

 

(b)            The
Collateral Manager will seek to obtain the best execution (but shall have no obligation to obtain the lowest price available) for all
orders placed with respect to any Transaction, in a manner permitted by law and in a manner it believes to be in the best interests of
the Issuer. Subject to the preceding sentence, the Collateral Manager may, in the allocation of business, select brokers and/or dealers
with whom to effect trades on behalf of the Issuer and may open cash trading accounts with such brokers and dealers; provided
that none of the Assets may be credited to, held in or subject to the lien of the broker or dealer with respect to any such account.
In addition, subject to the first sentence of this paragraph, the Collateral Manager may, in the allocation of business, take into consideration
research and other brokerage services furnished to the Collateral Manager or its Affiliates by brokers and dealers which are not Affiliates
of the Collateral Manager; provided that the Collateral Manager in good faith believes that the compensation for such services
rendered by such brokers and dealers complies with the requirements of Section 28(e) of the Securities Exchange Act of 1934,
as amended (“Section 28(e)”), or in the case of principal or fixed income transactions for which the “safe
harbor” of Section 28(e) is not available, the amount of the spread charged is reasonable in relation to the value of
the research and other brokerage services provided. Such services may be used by the Collateral Manager in connection with its other
advisory activities or investment operations. The Collateral Manager may aggregate sales and purchase orders placed with respect to the
Assets with similar orders being made simultaneously for other accounts managed by the Collateral Manager or with accounts of the Affiliates
of the Collateral Manager, if in the Collateral Manager’s reasonable judgment such aggregation can be expected to result in an
overall economic benefit to the Issuer, taking into consideration the advantageous selling or purchase price, brokerage commission or
other expenses, as well as the availability of such Assets on any other basis. In accounting for such aggregated order price, commissions
and other expenses may be apportioned on a weighted average basis. When a Transaction occurs as part of any aggregate sales or purchase
orders, the objective of the Collateral Manager will be to use commercially reasonable efforts to allocate the executions among the accounts
in a manner that is fair and equitable and over time the Collateral Manager believes, in its reasonable business judgment, to be appropriate
and in accordance with its internal policies and procedures (as such may be amended from time to time, the “Internal Policies”)
and applicable law.

 

    11 

     

    

 

(c)            The
Issuer acknowledges and agrees that (i) the determination by the Collateral Manager of any benefit to the Issuer will be subjective
and will represent the Collateral Manager’s evaluation at the time that the Issuer can be expected to be benefited by relatively
better purchase or sales prices, lower brokerage commissions, lower transaction costs and expenses and beneficial timing of transactions
or any combination of any of these and/or other factors and (ii) the Collateral Manager shall be fully protected with respect to
any such determination to the extent the Collateral Manager acts in accordance with Section 2(a). The Issuer acknowledges
and agrees that one or more Affiliates of the Collateral Manager will hold or beneficially own all of the Outstanding Subordinated Notes
on and potentially after the Closing Date and that accounts advised or sub-advised by the Collateral Manager or its Affiliates may acquire
other Debt and that such investments may give rise to conflicts of interest between the Collateral Manager’s duties to the Issuer
under this Agreement and the interests of the Collateral Manager, its Affiliates or its Related Persons. The Issuer hereby acknowledges
that various potential and actual conflicts of interest do or may exist with respect to the Collateral Manager, including in its capacity
as investment adviser for both the Issuer and the BDC, as described in this Agreement and in the Final Offering Circular.

 

(d)           Subject
to compliance with applicable laws and regulations and subject to the Indenture and the Collateral Manager’s execution obligations
described in Sections 3(a), 3(b) and 3(e) and the covenants set forth in Section 5, the Collateral
Manager is hereby authorized to effect client cross-transactions where the Collateral Manager causes a Transaction to be effected between
the Issuer and another account advised by it or any of its Affiliates; provided that, if and to the extent required by the Advisers
Act, such authorization is terminable prior to the initiation of such cross-transaction at the Issuer’s option without penalty.
Such termination shall be effective upon receipt by the Collateral Manager of written notice from the Issuer. Subject to the Collateral
Manager’s execution obligations described in Sections 3(a), 3(b) and 3(e) and the covenants set
forth in Section 5, the Collateral Manager is hereby authorized to effect principal transactions and transactions where the
Issuer may invest in securities of issuers in which the Collateral Manager and/or its Affiliates have a debt, equity or participation
interest, in each case in accordance with applicable law.

 

(e)            The
Issuer acknowledges and agrees that the Collateral Manager or any of its Affiliates may acquire or sell obligations or securities, for
its own account or for the accounts of its customers, without either requiring or precluding the acquisition or sale of such obligations
or securities for the account of the Issuer. Such investments may be the same or different from those made on behalf of the Issuer as
to direction, amount, timing or other terms. The Issuer acknowledges that the Collateral Manager and its Affiliates may enter into, for
their own accounts or for the accounts of others, credit default swaps relating to obligors with respect to the Collateral Obligations
included in the Assets.

 

Section 4.     Additional
Activities of the Collateral Manager.

 

Nothing herein shall prevent
the Collateral Manager or any of its Affiliates from engaging in other businesses, or from rendering services of any kind to the Issuer,
the Collateral Trustee, the Placement Agents, any holder or beneficial owner of Debt or their respective Affiliates or any other Person
or entity regardless of whether such business is in competition with the Issuer or otherwise. Without prejudice to the generality of
the foregoing, partners, members, shareholders, directors, managers, officers, employees and agents of the Collateral Manager, Affiliates
of the Collateral Manager, and the Collateral Manager may:

 

(a)           serve
as managers or directors (whether supervisory or managing), officers, employees, partners, agents, nominees or signatories for the Issuer
or any Affiliate thereof, or for any obligor in respect of any of the Collateral Obligations, Equity Securities or Eligible Investments
or any Affiliate thereof, to the extent permitted by their respective Organizational Instruments and Underlying Instruments, as from
time to time amended, or by any resolutions duly adopted by the Issuer, its Affiliates or any obligor in respect of any of the Collateral
Obligations, Eligible Investments or Equity Securities (or any Affiliate thereof) pursuant to their respective Organizational Instruments;

 

    12 

     

    

 

(b)           receive
fees for services of whatever nature rendered to the obligor in respect of any of the Collateral Obligations, Eligible Investments or
Equity Securities or any Affiliate thereof;

 

(c)           be
retained to provide services unrelated to this Agreement to the Issuer or its Affiliates, and be paid therefor, on an arm’s-length
basis;

 

(d)           be
a secured or unsecured creditor of, or hold a debt obligation of or equity interest in, the Issuer or any Affiliate thereof or any obligor
of any Collateral Obligation, Eligible Investment or Equity Security or any Affiliate thereof;

 

(e)           subject
to Section 3(b), Section 5 and applicable law sell any Collateral Obligation or Eligible Investment to, or purchase
or acquire any Collateral Obligation, Equity Security or Eligible Investment from the Issuer while acting in the capacity of principal
or agent;

 

(f)            underwrite,
arrange, structure, originate, syndicate, act as a distributor of or make a market in any Collateral Obligation, Equity Security or Eligible
Investment;

 

(g)           serve
as a member of any “creditors’ board”, “creditors’ committee” or similar creditor group with respect
to any Collateral Obligation, Defaulted Obligation, Eligible Investment or Equity Security; or

 

(h)           act
as collateral manager, portfolio manager, investment manager and/or investment adviser or sub-adviser in collateralized bond obligation
vehicles, collateralized loan obligation vehicles and other similar warehousing or financing vehicles or other investment vehicles.

 

As a result, such individuals
may possess information relating to obligors of Collateral Obligations that is (a) not known to or (b) known but restricted
as to its use by the individuals at the Collateral Manager responsible for monitoring the Collateral Obligations and performing the other
obligations of the Collateral Manager under this Agreement. Each of such ownership and other relationships may result in securities laws
restrictions on transactions in such securities by the Issuer and otherwise create conflicts of interest for the Issuer. The Issuer acknowledges
and agrees that, in all such instances, the Collateral Manager and its Affiliates may in their discretion make investment recommendations
and decisions that may be the same as or different from those made with respect to the Issuer’s investments and they have no duty,
in making or managing such other investments, to act in a way that is favorable to the Issuer.

 

    13 

     

    

 

The Issuer acknowledges that
there are generally no ethical screens or information barriers among the Collateral Manager and certain of its Affiliates of the type
that many firms implement to separate Persons who make investment decisions from others who might possess material, non-public information
that could influence such decisions. The officers or Affiliates of the Collateral Manager may possess information relating to obligors
of Collateral Obligations that is not known to the individuals at the Collateral Manager responsible for monitoring the Collateral Obligations
and performing the other obligations under this Agreement. The Collateral Manager may from time to time come into possession of material
nonpublic information that limits the ability of the Collateral Manager to effect a transaction for the Issuer, and the Issuer’s
investments may be constrained as a consequence of the Collateral Manager’s inability to use such information for advisory purposes
or otherwise to effect transactions that otherwise may have been initiated on behalf of its clients, including the Issuer.

 

Unless the Collateral Manager
determines in its sole discretion that a Transaction complies with the provisions of Section 5, the Collateral Manager will
not direct the Collateral Trustee to acquire or sell securities issued by (i) Persons of which the Collateral Manager, any of its
Affiliates or any of its officers, directors or employees are directors or officers, (ii) Persons of which the Collateral Manager,
or any of its respective Affiliates act as principal or (iii) Persons about which the Collateral Manager or any of its Affiliates
have material non-public information which the Collateral Manager deems would prohibit it from advising as to the trading of such securities
in accordance with applicable law. For the avoidance of doubt, the Collateral Trustee will have no obligation or duty to ensure compliance
with the foregoing.

 

It is understood that the
Collateral Manager and any of its Affiliates may engage in any other business and furnish investment management and advisory services
to others, including Persons which may have investment policies similar to or different from those followed by the Collateral Manager
with respect to the Assets and which may own securities or debt obligations of the same class, or which are of the same type, as the
Collateral Obligations or the Eligible Investments or other securities or debt obligations of the obligors of the Collateral Obligations
or the Eligible Investments as well as other assets that are the same or similar to other assets owned by the Issuer. The Collateral
Manager will be free, in its sole discretion, to make recommendations to others, or effect transactions on behalf of itself or for others,
which may be the same as or different from those effected with respect to the Assets. Nothing in the Indenture, the Credit Agreement
or this Agreement shall prevent the Collateral Manager or any of its Affiliates, acting either as principal or agent on behalf of others,
from buying or selling, or from recommending to or directing any other account to buy or sell, at any time, securities or obligations
of the same kind or class, or securities or obligations of a different kind or class of the same obligor, as those directed by the Collateral
Manager to be purchased or sold on behalf of the Issuer. It is understood that, to the extent permitted by applicable law, the Collateral
Manager, its Owners, their Affiliates or their respective Related Persons or any member of their families or a Person or entity advised
by the Collateral Manager may have an interest in a particular transaction or in securities or obligations of the same kind or class,
or securities or obligations of a different kind or class of the same obligor, as those whose acquisition or sale the Collateral Manager
may direct hereunder. If, in light of market conditions and investment objectives, the Collateral Manager determines that it would be
advisable to purchase the same item of Collateral Obligation both for the Issuer, and either the proprietary account of the Collateral
Manager or any Affiliate of the Collateral Manager or another client of the Collateral Manager, the Collateral Manager will allocate
such investment opportunities across such entities for which such opportunities are appropriate consistent with (i) its Internal
Policies, as the same may be amended from time to time, (ii) any applicable requirements of the Advisers Act and (iii) any
allocation and/or co-investment policy or agreement entered into with any such entity. The Collateral Manager shall use commercially
reasonable efforts to allocate such investment opportunities in a manner that will be fair and equitable over time. The Issuer agrees
that, in the course of managing the Collateral Obligations held by the Issuer, the Collateral Manager may consider its relationships
with other Clients (including obligors and issuers) and its Affiliates. The Collateral Manager may decline to make a particular investment
for the Issuer in view of such relationships.

 

    14 

     

    

 

The Issuer acknowledges that
the Collateral Manager and its Affiliates or their other clients may make and/or hold investments in an obligor’s obligations or
securities that may be pari passu, senior or junior in ranking to an investment in such obligor’s obligations or securities
made and/or held by the Issuer, or otherwise have interests different from or adverse to those of the Issuer.

 

Section 5.     Conflicts
of Interest.

 

Subject to compliance
with applicable laws and regulations and subject to this Agreement and the Indenture, the Collateral Manager is hereby authorized to
effect client cross-transactions where the Collateral Manager may cause the Issuer and direct the Collateral Trustee to acquire a
Collateral Obligation or Eligible Investment from, or sell a Collateral Obligation, Equity Security or Eligible Investment to, any
client advised by the Collateral Manager or any of its Affiliates for market value (or, in the case of a sale to any such client or
its Affiliate, for at least market value) or, in the absence of a readily ascertainable market value, at an amount that is equal to
 “fair value” (or, in the case of a sale to any such client or its Affiliate, for an amount that is at least equal to
 “fair value”) as reasonably determined by the Collateral Manager in accordance with its relevant policies and
procedures. Subject to compliance with applicable laws and regulations and subject to this Agreement and the Indenture, the
Collateral Manager may effect principal transactions where the Collateral Manager may cause the Issuer and direct the Collateral
Trustee to acquire a Collateral Obligation or Eligible Investment from, or sell a Collateral Obligation, Equity Security or Eligible
Investment to, the Collateral Manager or any of its Affiliates for market value (or, in the case of a sale to the Collateral Manager
or its Affiliates, for at least market value) or, in the absence of a readily ascertainable market value, at an amount that is equal
to “fair value” (or, in the case of a sale to the Collateral Manager or its Affiliates, for an amount that is at least
equal to “fair value”) as reasonably determined by the Collateral Manager in accordance with its relevant policies and
procedures; provided that the Collateral Manager shall obtain consent to such transaction from the Independent Review Party
following written disclosure thereto prior to settlement of such transaction which shall constitute the consent of the Issuer
required under Section 206(3) of the Advisers Act (an “Affiliate Transaction”). The Issuer understands
and acknowledges that, solely for the purposes of compliance with the U.S. Risk Retention Rules, the Collateral Manager shall, with
the consent of a majority of the directors of the BDC who are not “interested persons” (as defined in
Section 2(a)(19) of the 1940 Act) of the BDC, enter into the Closing Date Master Loan Sale Agreement with the BDC and the
Issuer pursuant to which the Issuer shall acquire Collateral Obligations from the BDC, as seller, through the Collateral Manager, as
closing date seller, on the Closing Date in a series of transactions occurring immediately following one another.  The Issuer
further understands and acknowledges that the Collateral Manager will not receive any compensation for effectuating, or achieve any
profits or losses as a result of its entry into the Closing Date Master Loan Sale Agreement and that, at the time of the
transactions referenced in the Closing Date Master Loan Sale Agreement, the Collateral Manager will not be insolvent, and the
Collateral Obligations transferred through the Collateral Manager in such transactions would not be encumbered by any lien solely by
virtue of such transactions. Subject to compliance with applicable laws and regulations and subject to this Agreement and the
Indenture, the Collateral Manager is hereby authorized to effect agency cross-transactions where the Collateral Manager or any of
its Affiliates may act as broker for the Issuer or for the other party in connection with the acquisition of a Collateral Obligation
or Eligible Investment or disposition or exchange of a Collateral Obligation, Equity Security or Eligible Investment and receive
compensation therefor; provided that, if and to the extent required by the Advisers Act, such authorization is terminable
prior to the completion of such agency cross-transaction at the Issuer’s option without penalty, such termination to be
effective upon receipt by the Collateral Manager of written notice from the board of directors of the BDC, as designated manager of
the Issuer. The Collateral Manager and its Affiliates so acting have a potentially conflicting division of loyalties and
responsibilities to both parties to such transactions. The Issuer understands and expects that the Collateral Manager will engage in
a significant amount of client cross-transactions. The Issuer understands that Collateral Obligations or Equity Securities that are
fair valued in accordance with the Collateral Manager’s valuation policies generally will not have readily ascertainable
market values and that the fair value assigned to such Collateral Obligations or Equity Securities, as determined in good faith by
the Collateral Manager in accordance with its policies and procedures, may not match the next available and reliable market price
or, in retrospect, have been the price at which the Collateral Obligation or Equity Security could have been purchased or sold. The
Issuer acknowledges that the Collateral Manager or an Affiliate thereof may hold or beneficially own a portion of the outstanding
Debt. In certain circumstances, the interests of the Issuer and/or the holders with respect to matters as to which the Collateral
Manager is advising the Issuer may conflict with the interests of the Collateral Manager and its Affiliates. The Issuer hereby
acknowledges that various potential and actual conflicts of interest may exist with respect to the Collateral Manager as described
in this Agreement, the Indenture, the Offering Circulars provided by the Issuer for the Debt or the Form ADV of the Collateral
Manager; provided that nothing in this Section 5 shall be construed as altering the duties of the Collateral
Manager as set forth herein, in the Indenture or under applicable law. With respect to the approval of Affiliate Transactions, the
Issuer hereby appoints the independent directors of the BDC, the Issuer’s designated manager, to act on the Issuer’s
behalf by majority vote (a majority of such directors, the “Independent Review Party”).

 

    15 

     

    

 

Section 6.     Records;
Confidentiality.

 

The Collateral Manager shall
maintain or cause to be maintained appropriate books of account and records relating to its services performed hereunder, and such books
of account and records shall be accessible for inspection by representatives of the Issuer, the Collateral Trustee, the Holders, and
the Independent accountants appointed by the Collateral Manager on behalf of the Issuer pursuant to Article X of the Indenture at
any time during normal business hours and upon not less than three Business Days’ prior notice. The Collateral Manager shall keep
confidential any and all information obtained in connection with the services rendered hereunder and shall not disclose any such information
to non-affiliated third parties (excluding any Holders and beneficial owners of Debt) except (a) with the prior written consent
of the Issuer, (b) such information as a Rating Agency shall reasonably request in connection with its rating of the Secured Debt
or supplying credit estimates on any obligation included in the Assets, (c) in connection with establishing trading or investment
accounts or otherwise in connection with effecting Transactions on behalf of the Issuer, (d) as required by (i) applicable
law, regulation, court order, or a request by a governmental regulatory agency with jurisdiction over the Collateral Manager or any of
its Affiliates, (ii) the rules or regulations of any self-regulating organization, body or official having jurisdiction over
the Collateral Manager or any of its Affiliates or (iii) the rules and regulations of any stock exchange on which the Debt
may be listed, (e) to its professional advisors (including, without limitation, legal, tax and accounting advisors), (f) such
information as shall have been publicly disclosed other than in known violation of this Agreement or the provisions of the Indenture
or shall have been obtained by the Collateral Manager on a non-confidential basis, (g) such information as is necessary or appropriate
to disclose so that the Collateral Manager may perform its duties hereunder, under the Indenture or any other Transaction Document or
(h) general performance information which may be used by the Collateral Manager, its Affiliates or Owners in connection with their
marketing activities. Notwithstanding the foregoing, it is agreed that the Collateral Manager may disclose (a) that it is serving
as collateral manager of the Issuer, (b) the nature, aggregate principal amount and overall performance of the Issuer’s assets,
(c) the amount of earnings on the Assets, (d) such other information about the Issuer, the Assets and the Debt as is customarily
disclosed by managers of collateralized loan obligations and (e) each of its respective employees, representatives or other agents
may disclose to any and all Persons, without limitation of any kind, the U.S. federal income tax treatment and U.S. federal income tax
structure of the transactions contemplated by the Indenture, this Agreement and the related documents and all materials of any kind (including
opinions and other tax analyses) that are provided to them relating to such U.S. federal income tax treatment and U.S. income tax structure.
For purposes of this Section 6, the Holders shall not be considered “non-affiliated third parties.”

 

    16 

     

    

 

Nothing in this Section 6
prohibits any Person from reporting possible violations of federal law or regulation to any governmental agency or entity, including
but not limited to the Department of Justice, the Securities and Exchange Commission, the United States Congress, and any agency
inspector general, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation.
There is no prior authorization necessary hereunder to make any such reports or disclosures and there is no requirement hereunder to
notify the Collateral Manager that any such reports or disclosures have been made.

 

Section 7.     Obligations
of Collateral Manager.

 

In accordance with the
performance standard set forth in Section 2(a), the Collateral Manager shall take care to avoid taking any action that
would (a) materially adversely affect the status of the Issuer for purposes of United States federal or state law, or other law
applicable to the Issuer, (b) not be permitted by the Issuer’s Organizational Instruments, copies of which the Collateral
Manager acknowledges the Issuer has provided to the Collateral Manager, (c) violate any law, rule or regulation of any
governmental body or agency having jurisdiction over the Issuer, including, without limitation, actions which would violate any
United States federal, state or other applicable securities law that is known by the Collateral Manager to be applicable to it and,
in each case, the violation of which would have a Material Adverse Effect on the Issuer or have a material adverse effect on the
ability of the Collateral Manager to perform its obligations hereunder, (d) require registration of the Issuer or the pool of
Assets as an “investment company” under Section 8 of the 1940 Act or (e) knowingly and willfully adversely
affect the interests of the Holders in the Assets in any material respect (other than (i) as expressly permitted hereunder or
under the Indenture or (ii) in connection with any action taken in the ordinary course of business of the Collateral Manager in
accordance with its fiduciary duties to its clients). If the Collateral Manager is ordered by the designated manager of the Issuer
or the requisite Holders or beneficial owners of Debt to take any action which would, or could reasonably be expected to, in each
case in its reasonable business judgment, have any such consequences, the Collateral Manager shall promptly notify the Issuer that
such action would, or could reasonably be expected to, in each case in its reasonable business judgment, have one or more of the
consequences set forth above and shall not take such action unless the designated manager of the Issuer then request the Collateral
Manager to do so and both a Majority of the Controlling Class and a Majority of the Subordinated Notes have consented thereto
in writing. Notwithstanding any such request, the Collateral Manager shall not take such action unless (1) arrangements
satisfactory to it are made to insure or indemnify the Collateral Manager, Affiliates of the Collateral Manager and shareholders,
partners, directors, members, managers, officers or employees of the Collateral Manager or such Affiliates from any liability and
expense it may incur as a result of such action and (2) if the Collateral Manager so requests in respect of a question of law,
the Issuer delivers to the Collateral Manager an Opinion of Counsel (from outside counsel satisfactory to the Collateral Manager)
that the action so requested does not violate any law, rule or regulation of any governmental body or agency having
jurisdiction over the Issuer or over the Collateral Manager. Neither the Collateral Manager nor its Affiliates, shareholders,
partners, directors, members, managers, officers or employees shall be liable to the Issuer or any other Person, except as provided
in Section 10. Notwithstanding anything contained in this Agreement to the contrary, any indemnification or insurance by
the Issuer provided for in this Section 7 or Section 10 shall be payable out of the Assets in accordance
with the Priority of Payments, and the Collateral Manager may take into account such Priority of Payments in determining whether any
proposed indemnity arrangements contemplated by this Section 7 are satisfactory.

 

    17 

     

    

 

Section 8.     Compensation.

 

(a)            As
compensation for its performance of its obligations as Collateral Manager under this Agreement, the Collateral Manager will be entitled
to receive on each Payment Date (in accordance with the Priority of Payments) a fee (the “Collateral Management Fee”).
The Collateral Management Fee shall be payable on each Payment Date to the extent of the funds available for such purpose in accordance
with the Priority of Payments.

 

The Collateral Management
Fee is payable to the Collateral Manager in arrears, on each Payment Date (prorated for the related Interest Accrual Period) in an amount
equal to 0.35%, per annum (calculated on the basis of the actual number of days in the applicable Collection Period divided by
360) of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date; provided that the Collateral
Management Fee payable on any Payment Date shall not include any such fee (or any portion thereof) that has been waived or deferred by
the Collateral Manager pursuant to this Section 8 no later than the Determination Date immediately prior to such Payment
Date.

 

    18 

     

    

 

The Collateral Management
Fee is payable on each Payment Date only to the extent that sufficient Interest Proceeds or Principal Proceeds are available. To the
extent the Collateral Management Fee is not paid on a Payment Date due to insufficient Interest Proceeds or Principal Proceeds (and such
fee was not voluntarily deferred or waived by the Collateral Manager), the unpaid portion of the Collateral Management Fee due on such
Payment Date (the “Collateral Management Fee Shortfall Amount”) will be automatically deferred for payment on the
succeeding Payment Date, with interest, in accordance with the Priority of Payments. Interest on Collateral Management Fee Shortfall
Amounts shall accrue at the Prime Rate for the period beginning on the first Payment Date on which the related Collateral Management
Fee was due (and not paid) through the Payment Date on which such Collateral Management Fee Shortfall Amount (including accrued interest)
is paid.

 

At the option of the Collateral
Manager, by written notice to the Collateral Trustee and the Collateral Administrator, no later than the Determination Date immediately
prior to such Payment Date, on each Payment Date, (i) all or a portion of the Collateral Management Fees or the Collateral Management
Fee Shortfall Amount (including accrued interest) due and owing on such Payment Date may be deferred for payment on a subsequent Payment
Date, without interest (the “Current Deferred Management Fee”) and (ii) all or a portion of the previously deferred
Collateral Management Fees or Collateral Management Fee Shortfall Amounts (including accrued interest prior to the Payment Date on which
the payment of such Collateral Management Fee Shortfall Amount was deferred by the Collateral Manager) (collectively, the “Cumulative
Deferred Management Fee”) may be declared due and payable (to the extent there are sufficient Interest Proceeds and Principal
Proceeds therefor).

 

At such time as the Secured
Debt is redeemed or repaid, as applicable, in connection with an Optional Redemption, a Tax Redemption or Clean-Up Call Redemption without
duplication, all accrued and unpaid Collateral Management Fees, Current Deferred Management Fees, Collateral Management Fee Shortfall
Amounts (including accrued interest) and Cumulative Deferred Management Fees (the “Aggregate Collateral Management Fee”)
shall be due and payable to the Collateral Manager.

 

(b)           The
Collateral Manager may, in its sole discretion (but shall not be obligated to), elect to waive all or any portion of the Collateral Management
Fee payable to the Collateral Manager on any Payment Date, notwithstanding that the Collateral Manager may be entitled to such Collateral
Management Fee. Any such election shall be made by the Collateral Manager delivering written notice thereof to the Collateral Trustee,
the Loan Agent and the Collateral Administrator no later than the Determination Date immediately prior to such Payment Date. Any election
to waive the Collateral Management Fee may also be made by written standing instructions to the Collateral Trustee, the Loan Agent and
the Collateral Administrator; provided that such standing instructions may be rescinded by the Collateral Manager at any time.

 

    19 

     

    

 

(c)           Except
as otherwise set forth herein and in the Indenture, the Collateral Manager will continue to serve as collateral manager under this Agreement
notwithstanding that the Collateral Manager will not have received amounts due to it under this Agreement because sufficient funds were
not then available hereunder to pay such amounts in accordance with the Priority of Payments.

 

(d)           If
this Agreement is terminated for any reason, or the Collateral Manager resigns or is removed, (i) any Collateral Management Fees
calculated as provided in Section 8(a) shall be prorated for any partial period elapsing from the last Payment Date
on which such Collateral Manager received the Collateral Management Fee to the effective date of such termination, resignation or removal
and (ii) any unpaid Cumulative Deferred Management Fees and Collateral Management Fee Shortfall Amounts (including related interest)
shall be determined as of the effective date of such termination, resignation or removal and, in each case, shall be due and payable
on each Payment Date following the effective date of such termination, resignation or removal in accordance with the Priority of Payments
until paid in full; provided, however, that, notwithstanding the foregoing or any other provision contained herein, in the event the
Collateral Manager’s services terminate other than by reason of an involuntary termination not for cause, then the terminating
Collateral Manager shall not be entitled to any deferred Collateral Management Fee on any Payment Date following the date of such termination.
Otherwise, such Collateral Manager shall not be entitled to any further compensation hereunder for further services but shall be entitled
to receive any expense reimbursement accrued to the effective date of termination, resignation or removal and any indemnity amounts owing
(or that may become owing) under Section 10. Any Aggregate Collateral Management Fee expense reimbursement and indemnities
owed to such Collateral Manager or owed to any successor Collateral Manager on any Payment Date shall be paid pro rata based on
the amount thereof then owing to each such Person, subject to the Priority of Payments.

 

Section 9.     Benefit
of the Agreement.

 

The Collateral Manager shall
perform its obligations hereunder and under the Indenture in accordance with the terms of this Agreement and the terms of the Indenture
applicable to it. The Collateral Manager agrees and consents to the provisions contained in Section 15.1(f) of the Indenture.
In addition, the Collateral Manager acknowledges the pledge under the granting clause of the Indenture.

 

    20 

     

    

 

Section 10.     Limits
of Collateral Manager Responsibility.

 

(a)           None
of the Collateral Manager, its Affiliates, its Owners or their respective Related Persons assumes any responsibility under this Agreement
except that the Collateral Manager agrees to render the services required to be performed by it hereunder and under the terms of the
Indenture applicable to it. The Collateral Manager shall not be responsible for any action or inaction of the Issuer, the Loan Agent
or the Collateral Trustee in following or declining to follow any advice, recommendation or direction of the Collateral Manager including
as set forth in Section 7. The Indemnified Parties shall not be liable to the Issuer or the Collateral Trustee, any Holder,
any beneficial owner of Debt, the Placement Agents, any of their respective Affiliates, Owners or Related Persons or any other Persons
for any act, omission, error of judgment, mistake of law, or for any claim, loss, liability, damage, judgment, assessment, settlement,
cost, or other expense (including attorneys’ fees and expenses and court costs) arising out of any investment, or for any other
act or omission in the performance of the Collateral Manager’s obligations under or in connection with this Agreement or the terms
of any other Transaction Document applicable to the Collateral Manager, incurred as a result of actions taken or recommended or for any
omissions of the Collateral Manager, or for any decrease in the value of the Assets, except for liability to which the Collateral Manager
would be subject (i) by reason of acts or omissions constituting bad faith, willful misconduct or gross negligence in the performance
of its duties hereunder and under the terms of the Indenture or (ii) with respect to the CM Information in each Offering Circular,
as of the date made, containing any untrue statement of a material fact or omitting to state a material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading (the preceding clauses (i) and (ii) collectively
referred to for purposes of this Section 10 as “Collateral Manager Breaches”). The Collateral Manager
shall not be liable for any consequential, indirect, special, punitive, exemplary or treble damages or lost profits hereunder or under
the Indenture. The Collateral Manager and any of its Affiliates may consult with counsel, independent accountants or any other experts
selected by them and shall not be liable for any action taken or omitted to be taken by them in accordance with their advice. Nothing
contained herein shall be deemed to waive any liability which cannot be waived under applicable state or federal law or any rules or
regulations adopted thereunder.

 

(b)           The
Issuer shall indemnify and hold harmless the Collateral Manager, its Affiliates and Owners and their respective Related Persons (each,
an “Indemnified Party”) from and against any and all losses, claims, damages, judgments, assessments, costs or other
liabilities (collectively, “Losses”) and will promptly reimburse each such Indemnified Party for all reasonable fees
and expenses incurred by an Indemnified Party with respect thereto (including reasonable fees and expenses of counsel) (collectively,
 “Expenses”) arising out of or in connection with the issuance or incurrence, as applicable, of the Debt (including,
without limitation, any untrue statement of material fact contained in each Offering Circular, or omission or alleged omission to state
therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading, other than CM Information), the transactions contemplated by the applicable Offering Circular, the Indenture, this Agreement,
the other Transaction Documents, any Underlying Instruments and the performance of the Assets and any acts or omissions of any such Indemnified
Party; provided that such Indemnified Party shall not be indemnified for any Losses or Expenses incurred as a result of any Collateral
Manager Breach. Notwithstanding anything contained herein to the contrary, the obligations of the Issuer under Section 10
to indemnify any Indemnified Party for any Losses or Expenses are non-recourse obligations of the Issuer payable solely out of the Assets
in accordance with the Priority of Payments set forth in the Indenture.

 

(c)           The
Collateral Manager shall not be responsible or liable for any failure or delay in the performance of its duties and obligations under
this Agreement and/or the Indenture arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, pandemics, epidemics, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear
or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services.

 

    21 

     

    

 

(d)           It
is understood that certain provisions of this Agreement may serve to limit the potential liability of the Collateral Manager. The Issuer
has had the opportunity to consult with the Collateral Manager as well as, if desired, its professional advisors and legal counsel as
to the effect of these provisions. It is further understood that certain applicable laws, including applicable federal or state securities
laws, may impose liability or allow for legal remedies even where the Collateral Manager has acted in good faith and that the rights
under those laws may be non-waivable. Nothing in this Agreement shall, in any way, constitute a waiver or limitation of any rights which
may not be so limited or waived in accordance with applicable law, including with respect to the breach of any fiduciary duty owed under
Section 206 of the Advisers Act.

 

Section 11.     No
Joint Venture.

 

The Issuer and the Collateral
Manager are not partners or joint venturers with each other and nothing herein shall be construed to make them such partners or joint
venturers or impose any liability as such on either of them. The Collateral Manager shall be deemed, for all purposes herein, an independent
contractor and shall, except as otherwise expressly provided herein or in the Indenture or authorized by the Issuer from time to time,
have no authority to act for or represent the Issuer in any way or otherwise be deemed an agent of the Issuer. It is acknowledged that
neither the Collateral Manager nor any of its Affiliates has provided or shall provide any tax, accounting or legal advice or assistance
to the Issuer or any other Person in connection with the transactions contemplated hereby.

 

Section 12.     Term;
Termination.

 

(a)           This
Agreement shall commence as of the date first set forth above and shall continue in force until the first of the following occurs: (i) the
final liquidation of the Assets and the final distribution of the proceeds of such liquidation to the Holders, (ii) the payment
in full of the Debt, and the satisfaction and discharge of the Indenture and the Credit Agreement in accordance with the respective terms
or (iii) the early termination of this Agreement in accordance with Section 12(b) or (e) or Section 14.

 

(b)           Subject
only to clause (c) below, the Collateral Manager may resign, upon 90 days’ prior written notice to the Issuer (or such
shorter notice as is acceptable to the Issuer), the Holders, the Loan Agent and the Collateral Trustee; provided that the Collateral
Manager shall have the right to resign immediately upon the effectiveness of any material change in applicable law or regulations which
renders the performance by the Collateral Manager of its duties hereunder or under the Indenture to be a violation of such law or regulation.

 

(c)           Notwithstanding
the provisions of clause (b) above, no resignation or removal of the Collateral Manager or termination of this Agreement
pursuant to such clause shall be effective until the date as of which a successor Collateral Manager shall have been appointed and approved
in accordance with Section 12(d) and has accepted all of the Collateral Manager’s duties and obligations pursuant
to this Agreement in writing (an “Instrument of Acceptance”) and has assumed such duties and obligations.

 

    22 

     

    

 

(d)           Promptly
after notice of any removal under Section 14 or any resignation of the Collateral Manager that is to take place while any
of the Debt is Outstanding, the Issuer shall transmit copies of such notice to the Collateral Trustee (who shall forward a copy of such
notice to the Holders) and the Rating Agency and shall appoint an institution as Collateral Manager, at the direction of a Majority of
the Subordinated Notes, which institution (i) has demonstrated an ability, whether as an entity or by its principals or employees,
to professionally and competently perform duties similar to those imposed upon the Collateral Manager hereunder, (ii) is legally
qualified and has the capacity to assume all of the responsibilities, duties and obligations of the Collateral Manager hereunder and
under the applicable terms of the Indenture, (iii) does not cause or result in the Issuer becoming, or require the pool of Assets
to be registered as, an investment company under the 1940 Act, (iv) with respect to which the S&P Rating Condition has been
satisfied and (v) has been approved by a Majority of the Controlling Class.

 

(e)           If
(i) a Majority of the Subordinated Notes fails to nominate a successor within 30 days of initial notice of the resignation or removal
of the Collateral Manager or (ii) a Majority of the Controlling Class does not approve the proposed successor nominated by
the Holders of the Subordinated Notes within ten days of the date of the notice of such nomination, then a Majority of the Controlling
Class shall, within 60 days of the failure described in clauses (i) or (ii) of this sentence, as the case
may be, nominate a successor Collateral Manager that meets the criteria set forth in Section 12(d). If a Majority of the
Subordinated Notes approves such Controlling Class nominee, such nominee shall become the Collateral Manager. If no successor Collateral
Manager is appointed within 90 days (or, in the event of a change in applicable law or regulation which renders the performance by the
Collateral Manager of its duties under this Agreement or the Indenture to be a violation of such law or regulation, within 30 days) following
the termination or resignation of the Collateral Manager, any of the Collateral Manager, a Majority of the Subordinated Notes and a Majority
of the Controlling Class shall have the right to petition a court of competent jurisdiction to appoint a successor Collateral Manager,
in either such case whose appointment shall become effective after such successor has accepted its appointment and without the consent
of any holder or beneficial owner of any Debt.

 

(f)           The
successor Collateral Manager shall be entitled to the Collateral Management Fee set forth in Section 8(a) and no
compensation payable to such successor Collateral Manager shall be greater than as set forth in Section 8(a) without
the prior written consent of 100% of the Holders of each Class of Debt voting separately by Class, including Collateral Manager
Debt. Upon the later of the expiration of the applicable notice periods with respect to termination specified in this Section 12
or in Section 14 and the acceptance of its appointment hereunder by the successor Collateral Manager, all authority and
power of the Collateral Manager hereunder, whether with respect to the Assets or otherwise, shall automatically and without action
by any person or entity pass to and be vested in the successor Collateral Manager. The Issuer, the Collateral Trustee and the
successor Collateral Manager shall take such action (or the Issuer shall cause the outgoing Collateral Manager to take such action)
consistent with this Agreement and as shall be necessary to effect any such succession.

 

(g)           If
this Agreement is terminated pursuant to this Section 12, such termination shall be without any further liability or obligation
of either party to the other, except as provided in clause (h) below.

 

    23 

     

    

 

(h)           Sections
6, 7 (with respect to any indemnity or insurance provided thereunder), 10, 12(h), 15, 17, 21,
22, 23 and 25 shall survive any termination of this Agreement pursuant to this Section 12 or Section 14.

 

Section 13.     Assignments.

 

(a)           Except
as otherwise provided in this Section 13, the Collateral Manager may not assign or delegate (except as provided in Section 2(e))
its rights or responsibilities under this Agreement unless (i) the S&P Rating Condition has been satisfied with respect thereto,
(ii) the consent of the Issuer has been obtained with respect thereto and (iii) such assignment or delegation has not been
disapproved in writing by (A) a Majority of the Subordinated Notes and (B) for an assignment to any person who is not an Affiliate
of the Collateral Manager that is a Registered Investment Adviser, a Majority of the Controlling Class within 30 days’ notice
of such assignment. The Collateral Manager shall not be required to obtain such consents or satisfy such condition with respect to a
change of control transaction that is deemed to be an assignment within the meaning of Section 202(a)(1) of the Advisers Act
at the time of any such transaction; provided that, if the Collateral Manager is a Registered Investment Adviser, the Collateral
Manager shall obtain the consent of the Issuer to such assignment, in a manner consistent with SEC Staff interpretations of Section 205(a)(2) of
the Advisers Act.

 

(b)           The
Collateral Manager may without satisfaction of the S&P Rating Condition, without obtaining the consent of any holder or beneficial
owner of any Debt and, so long as such assignment or delegation does not constitute an “assignment” for purposes of Section 205(a)(2) of
the Advisers Act during such time as the Collateral Manager is a Registered Investment Adviser, without obtaining the prior consent of
the Issuer, (1) assign any of its rights or obligations under this Agreement to an Affiliate; provided that such Affiliate
(i) has demonstrated an ability to professionally and competently perform duties similar to those imposed upon the Collateral Manager
pursuant to this Agreement, (ii) has the legal right and capacity to act as Collateral Manager under this Agreement and (iii) shall
not cause the Issuer or the pool of Assets to become required to register under the provisions of the 1940 Act or (2) enter into
(or have its parent enter into) any consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all
of its assets to, another entity; provided further that, at the time of such consolidation, merger, amalgamation or transfer the
resulting, surviving or transferee entity assumes all the obligations of the Collateral Manager under this Agreement generally and the
other entity is solely a continuation of the Collateral Manager in another corporate or similar form and has substantially the same staff;
provided further that such action does not cause the Issuer to be subject to tax in any jurisdiction outside of its jurisdiction
of organization; provided further that the Collateral Manager shall deliver prior notice to the Rating Agency of any assignment,
delegation or combination thereof made pursuant to this sentence. Upon the execution and delivery of any such assignment by the assignee,
the Collateral Manager will be released from further obligations pursuant to this Agreement except with respect to its obligations and
agreements arising under Sections 10, 12(g), 17, 21 through 24, and 26 in respect of acts or
omissions occurring prior to such assignment and except with respect to its obligations under Section 15 after such assignment.

 

    24 

     

    

 

(c)           This
Agreement shall not be assigned by the Issuer without (i) the prior written consent of (A) the Collateral Manager, (B) a
Majority of the Subordinated Notes and (C) a Majority of each Class of Secured Debt (voting separately) and (ii) satisfaction
of the S&P Rating Condition, except in the case of assignment by the Issuer (1) to an entity which is a successor to the Issuer
permitted under the Indenture, in which case such successor organization shall be bound hereunder and by the terms of said assignment
in the same manner as the Issuer is bound thereunder or (2) to the Collateral Trustee as contemplated by the granting clause of
the Indenture. The Issuer has assigned its rights, title and interest in (but not its obligations under) this Agreement to the Collateral
Trustee pursuant to the Indenture; and the Collateral Manager by its signature below agrees to, and acknowledges, such assignment. Upon
assignment by the Issuer, the Issuer shall use reasonable efforts to cause such assignee to execute and deliver to the Collateral Manager
such documents as the Collateral Manager shall consider reasonably necessary to effect fully such assignment.

 

(d)            The
Issuer shall provide the Rating Agency and the Collateral Trustee (who shall provide a copy of such notice to the Controlling Class)
with notice of any assignment pursuant to this Section 13.

 

Section 14.     Removal
for Cause.

 

(a)           The
Collateral Manager may be removed for Cause upon 30 Business Days’ prior written notice by the Issuer (“Termination Notice”)
at the direction of a Supermajority of the Controlling Class or a Majority of the Subordinated Notes. Simultaneous with its direction
to the Issuer to remove the Collateral Manager for Cause, a Majority of the Subordinated Notes or a Supermajority of the Controlling
Class, as applicable, shall give to the Issuer a written statement setting forth the reason for such removal (“Statement of
Cause”). The Issuer shall deliver to the Collateral Trustee (who shall deliver a copy of such notice to the Holders) a copy
of the Termination Notice and the Statement of Cause within five Business Days of receipt. No such removal shall be effective (A) until
the date as of which a successor Collateral Manager shall have been appointed in accordance with Sections 12(d) and (e) and
delivered an Instrument of Acceptance to the Issuer and the removed Collateral Manager and the successor Collateral Manager has effectively
assumed all of the Collateral Manager’s duties and obligations and (B) unless the Statement of Cause has been delivered to
the Issuer as set forth in this Section 14(a). “Cause” means any of the following:

 

(i)         the
Collateral Manager shall willfully and intentionally violate, or takes any action that it actually knows breaches, any material provision
of this Agreement or the Indenture applicable to it (not including a willful and intentional breach that results from a good faith dispute
regarding reasonable alternative courses of action or interpretation of instructions);

 

(ii)        the
Collateral Manager shall breach any material provision of this Agreement or any terms of the Indenture applicable to it (other than as
covered by clause (i) and it being understood that failure to meet any Concentration Limitation, Collateral Quality Test
or Coverage Test is not a breach for purposes of this clause (ii)), which breach would reasonably be expected to have a Material
Adverse Effect on any Class of Holders and shall not cure such breach (if capable of being cured) within 30 days after the earlier
to occur of a Responsible Officer of the Collateral Manager receiving notice or having actual knowledge of such breach, unless, if such
breach is remediable, the Collateral Manager has taken action commencing the cure thereof within such 30 day period that the Collateral
Manager believes in good faith will remedy such breach within 60 days after the earlier to occur of a Responsible Officer receiving notice
or having actual knowledge thereof;

 

    25 

     

    

 

(iii)       the
failure of any representation, warranty, certification or statement made or delivered by the Collateral Manager in or pursuant to this
Agreement or the Indenture to be correct in any material respect when made which failure (A) would reasonably be expected to have
a Material Adverse Effect on any Class of Holders and (B) is not corrected by the Collateral Manager within 45 days of a Responsible
Officer of the Collateral Manager receiving notice of such failure, unless, if such failure is remediable, the Collateral Manager has
taken action commencing the cure thereof within such 45 day period that the Collateral Manager believes in good faith will remedy such
failure within 75 days after the earlier to occur of a Responsible Officer receiving notice thereof or having actual knowledge thereof;
provided that the delivery of a certificate or other report which corrects any inaccuracy contained in a previous report or certification
shall be deemed to cure such inaccuracy as of the date of delivery of such updated report or certificate and any and all inaccuracies
arising from continuation of such initial inaccurate report or certificate and the sale or other disposition of any asset that did not
satisfy clause (a) of the Investment Criteria shall cure any breach or failure arising therefrom as of the date of such failure;

 

(iv)       the
Collateral Manager is wound up or dissolved or there is appointed over it or a substantial part of its assets a receiver, administrator,
administrative receiver, trustee or similar officer; or the Collateral Manager (A) ceases to be able to, or admits in writing its
inability to, pay its debts as they become due and payable, or makes a general assignment for the benefit of, or enters into any composition
or arrangement with, its creditors generally; (B) applies for or consents (by admission of material allegations of a petition or
otherwise) to the appointment of a receiver, trustee, assignee, custodian, liquidator or sequestrator (or other similar official) of
the Collateral Manager or of any substantial part of its properties or assets in connection with any winding up, liquidation, reorganization
or other relief under any bankruptcy, insolvency, receivership or similar law, or authorizes such an application or consent, or proceedings
seeking such appointment are commenced without such authorization, consent or application against the Collateral Manager and continue
undismissed for 60 days; (C) authorizes or files a voluntary petition in bankruptcy, or applies for or consents (by admission of
material allegations of a petition or otherwise) to the application of any bankruptcy, reorganization, arrangement, readjustment of debt,
insolvency, dissolution, or similar law, or authorizes such application or consent, or proceedings to such end are instituted against
the Collateral Manager without such authorization, application or consent and are approved as properly instituted and remain undismissed
for 60 days or result in adjudication of bankruptcy or insolvency or the issuance of an order for relief; or (D) permits or suffers
all or any substantial part of its properties or assets to be sequestered or attached by court order and the order (if contested in good
faith) remains undismissed for 60 days;

 

    26 

     

    

 

(v)        the
occurrence and continuation of an Event of Default pursuant to Section 5.1(a) under the Indenture that results primarily from
any material breach by the Collateral Manager of its duties under this Agreement or under the Indenture which breach or default is not
cured within any applicable cure period; or

 

(vi)       (A) the
occurrence of an act by the Collateral Manager that constitutes fraud or criminal activity in the performance of its obligations under
this Agreement (as determined pursuant to a final adjudication by a court of competent jurisdiction) or the Collateral Manager being
indicted for a criminal offense materially related to its business of providing asset management services, or (B) any Responsible
Officer of the Collateral Manager primarily responsible for the performance by the Collateral Manager of its obligations under this Agreement
(in the performance of his or her investment management duties) is indicted for a criminal offense materially related to the business
of the Collateral Manager providing asset management services and continues to have responsibility for the performance by the Collateral
Manager under this Agreement for a period of 30 days after such indictment; provided that any indictment arising from practices
that have become the subject of contemporaneous actions against multiple investment advisers shall not constitute “Cause”
for purposes of this clause (vi) if the Collateral Manager enters into an agreement or settlement with any authority that has commenced
an indictment, which agreement is entered into without prejudice within 90 days following such indictment.

 

(b)           If
any of the events specified in clauses (a)(i) through (vi) of this Section 14 shall occur, the Collateral Manager
shall give prompt written notice thereof to the Issuer, the Holders, the Collateral Trustee, and the Rating Agency; provided that
if any of the events specified in Section 14(a)(iv) shall occur, the Collateral Manager shall give written notice thereof
to the Issuer, the Collateral Trustee (who shall forward a copy of such notice to the Holders) and the Rating Agency immediately upon
the Collateral Manager’s becoming aware of the occurrence of such event. A Majority of each Class of Debt, voting separately
by Class, may waive any event described in Section 14(a)(i), (ii), (iii), (v) or (vi) as
a basis for termination of this Agreement and removal of the Collateral Manager under this Section 14. In no event will the
Collateral Trustee or the Loan Agent be required to determine whether or not Cause exists for the removal of the Collateral Manager.

 

(c)           Unless
all Debt of the applicable Class is Collateral Manager Debt, Collateral Manager Debt will be disregarded and have no voting
rights with respect to any vote in respect of (i) the removal of the Collateral Manager for “cause” under this Section 14
and (ii) the waiver of any event constituting “cause” as a basis for termination of this Agreement and removal of
the Collateral Manager, and such Debt will be deemed not to be Outstanding in connection with any such vote, except that only Debt
that a Bank Officer of the Collateral Trustee or the Loan Agent actually knows, based solely on transfer certificates received
pursuant to the terms of the Indenture, to be Collateral Manager Debt shall be so disregarded. Collateral Manager Debt will have
voting rights with respect to all other matters as to which the holders of the Debt of the applicable Classes are entitled to
vote.

 

    27 

     

    

 

(d)           If
the Collateral Manager is removed pursuant to this Section 14, the Issuer shall have, in addition to the rights and remedies
set forth in this Agreement, all of the rights and remedies available with respect thereto at law or equity.

 

Section 15.     Obligations
of Resigning or Removed Collateral Manager.

 

(a)            On,
or as soon as practicable after, the date any resignation or removal is effective, the Collateral Manager shall (at the Issuer’s
expense):

 

(i)         deliver
to the Issuer or to such other Person as the Issuer shall instruct all property and documents of the Issuer or otherwise relating to
the Assets then in the custody of the Collateral Manager;

 

(ii)        deliver
to the Collateral Trustee an accounting with respect to the books and records delivered to the Collateral Trustee or the successor Collateral
Manager appointed pursuant to Section 12; and

 

(iii)       agree
to cooperate with all reasonable requests related to any proceedings, even after its resignation or removal, which arise in connection
with this Agreement or the Indenture, assuming the Collateral Manager has received an indemnity in form reasonably satisfactory to the
Collateral Manager from an entity reasonably satisfactory to the Collateral Manager, and expense reimbursement reasonably satisfactory
to the Collateral Manager.

 

(b)           Notwithstanding
such resignation or removal, the Collateral Manager shall remain liable for its obligations under Section 10 and its acts
or omissions giving rise thereto and for any expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever
(including reasonable attorneys’ fees) in respect of or arising out of a Collateral Manager Breach, subject to the limitations
of liability set forth in Section 10.

 

Section 16.     Representations
and Warranties.

 

(a)           The
Issuer hereby represents and warrants to the Collateral Manager as follows:

 

(i)         The
Issuer is a limited liability company duly organized and validly existing and in good standing under the laws of the State of Delaware,
has the full power and authority to own its assets and the securities proposed to be owned by it and included in the Assets and to transact
the business in which it is presently engaged and is duly qualified under the laws of each jurisdiction where its ownership or lease
of property, the conduct of its business or the performance of this Agreement, the Indenture and the Debt require such qualification,
except for those jurisdictions in which the failure to be so qualified, authorized or licensed would not have a Material Adverse Effect
on the Issuer.

 

    28 

     

    

 

(ii)        The
Issuer has full power and authority to execute, deliver and perform all of its obligations under this Agreement, the Indenture and the
Debt and has taken all necessary action to authorize this Agreement and the execution and delivery of this Agreement and the performance
of all obligations imposed upon it hereunder, and, as of the Closing Date, will have taken all necessary action to authorize the Indenture
and the Debt and the execution, delivery and performance of this Agreement, the Indenture and the Debt and the performance of all obligations
imposed upon it hereunder or thereunder. No consent of any other Person including, without limitation, members and creditors of the Issuer,
and no license, permit, approval or authorization of, exemption by, notice or report to, or registration, filing (other than any filings
pursuant to the UCC required under the Indenture and necessary to perfect any security interest granted thereunder) or declaration with,
any governmental authority is required by the Issuer in connection with the execution, delivery, performance, validity or enforceability
of this Agreement, the Indenture or the Debt or the obligations imposed upon the Issuer hereunder and thereunder. This Agreement has
been, and each instrument and document to which the Issuer is a party required hereunder or under the Indenture or the Notes will be,
executed and delivered by a Responsible Officer of the Issuer, and this Agreement constitutes, and each instrument or document required
hereunder to which the Issuer is a party, when executed and delivered hereunder, will constitute, the legally valid and binding obligation
of the Issuer enforceable against the Issuer in accordance with its terms, subject, as to enforcement, (A) to the effect of bankruptcy,
receivership, insolvency, winding-up or similar laws affecting generally the enforcement of creditors’ rights as such laws would
apply in the event of any bankruptcy, receivership, insolvency, winding-up or similar event applicable to the Issuer and (B) to
general equitable principles (whether enforceability of such principles is considered in a proceeding at law or in equity).

 

(iii)       The
execution, delivery and performance of this Agreement and the documents and instruments required hereunder and under the Indenture will
not violate any provision of any existing law or regulation binding on the Issuer, or any order, judgment, award or decree of any court,
arbitrator or governmental authority binding on the Issuer, or the Organizational Instruments of, or any securities issued by, the Issuer
or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Issuer is a party or by which
the Issuer or any of its assets may be bound, the violation of which would have a Material Adverse Effect on the Issuer, and will not
result in or require the creation or imposition of any lien on any of its property, assets or revenues pursuant to the provisions of
any such mortgage, indenture, lease, contract or other agreement, instrument or undertaking (other than the lien of the Indenture).

 

(iv)       The
Issuer is not in violation of its Organizational Instruments or in breach or violation of or in default under any contract or agreement
to which it is a party or by which it or any of its property may be bound, or any applicable statute or any rule, regulation or order
of any court, government agency or body having jurisdiction over the Issuer or its properties, the breach or violation of which or default
under which would have a material adverse effect on the validity or enforceability of this Agreement or the provisions of the Indenture
applicable to the Issuer, or the performance by the Issuer of its duties hereunder or thereunder.

 

(v)        The
Issuer acknowledges that it has received Part 2A, and relevant Part 2B, of the Collateral Manager’s Form ADV filed
with the Securities and Exchange Commission, as required by Rule 204-3 under the Advisers Act, prior to execution of this Agreement.

 

    29 

     

    

 

(b)           The
Collateral Manager hereby represents and warrants to the Issuer, as of the date hereof, as follows:

 

(i)         The
Collateral Manager is a limited liability company duly organized and validly existing and in good standing under the laws of the State
of Delaware and has full power and authority to own its assets and to transact the business in which it is currently engaged, and is
duly qualified to do business and is in good standing under the laws of each jurisdiction where the performance of this Agreement would
require such qualification, except for those jurisdictions in which the failure to be so qualified, authorized or licensed would not
have a material adverse effect on the ability of the Collateral Manager to perform its obligations under this Agreement and the provisions
of the Indenture applicable to the Collateral Manager, or on the validity or enforceability of this Agreement and the provisions of the
Indenture applicable to the Collateral Manager.

 

(ii)        The
Collateral Manager has full power and authority to execute and deliver this Agreement and to perform all of its obligations required
hereunder and under the provisions of the Indenture applicable to the Collateral Manager, and has taken all necessary action to authorize
this Agreement on the terms and conditions hereof and the execution and delivery of this Agreement and the performance of all obligations
required hereunder and under the terms of the Indenture applicable to the Collateral Manager. No consent of any other Person, including,
without limitation, members and creditors of the Collateral Manager, and no license, permit, approval or authorization of, exemption
by, notice or report to, or registration, filing or declaration with, any governmental authority is required by the Collateral Manager
or any Affiliate thereof in connection with this Agreement or the execution, delivery, performance, validity or enforceability of this
Agreement or the obligations imposed on the Collateral Manager hereunder or under the terms of the Indenture applicable to the Collateral
Manager other than those which have been obtained or made. No representation is made herein with respect to the requirements of state
securities laws or regulations. This Agreement has been executed and delivered by a Responsible Officer of the Collateral Manager, and
this Agreement constitutes the valid and legally binding obligations of the Collateral Manager enforceable against the Collateral Manager
in accordance with its terms, subject, as to enforcement, (A) to the effect of bankruptcy, insolvency, winding-up or similar laws
affecting generally the enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy, receivership,
insolvency, winding-up or similar event applicable to the Collateral Manager and (B) to general equitable principles (whether enforceability
of such principles is considered in a proceeding at law or in equity).

 

    30 

     

    

 

(iii)       The
execution, delivery and performance of this Agreement and the terms of the Indenture applicable to the Collateral Manager will not violate
any provision of any existing law or regulation binding on the Collateral Manager (except that no representation is made herein with
respect to the requirements of state securities laws or regulations), or any order, judgment, award or decree of any court, arbitrator
or governmental authority binding on the Collateral Manager, or the Organizational Instruments of, or any securities issued by, the Collateral
Manager or of any mortgage, indenture, lease, contract or other agreement, instrument or undertaking to which the Collateral Manager
is a party or by which the Collateral Manager or any of its assets may be bound, the violation of which would have a material adverse
effect on the business, operations, assets or financial condition of the Collateral Manager or which would reasonably be expected to
adversely affect in a material manner its ability to perform its obligations hereunder or under the Indenture.

 

(iv)       There
is no charge, investigation, action, suit or proceeding before or by any court pending or, to the actual knowledge of the Collateral
Manager, threatened, that, if determined adversely to the Collateral Manager, would have a material adverse effect upon the performance
by the Collateral Manager of its duties under this Agreement or the provisions of the Indenture applicable to the Collateral Manager.

 

(c)            The
Collateral Manager makes no representation, express or implied, with respect to the Issuer or the disclosure with respect to the Issuer.

 

(d)            The
Collateral Manager is a “registered investment adviser” for purposes of the Advisers Act.

 

Section 17.     Limited
Recourse; No Petition.

 

The Collateral Manager hereby
agrees that it shall not institute against, or join any other Person in instituting against the Issuer any bankruptcy, reorganization,
arrangement, insolvency, moratorium or liquidation proceedings or other proceedings under United States federal or state or other bankruptcy
or similar laws until at least one year (or, if longer, the applicable preference period then in effect) plus one day after payment in
full of all Debt issued or incurred, as applicable, under the Indenture (and any other debt obligations of the Issuer that have been
rated upon issuance by any Rating Agency at the request of the Issuer); provided that nothing in this Section 17 shall
preclude the Collateral Manager from (A) taking any action prior to the expiration of such applicable preference period in (x) any
case or proceeding voluntarily filed or commenced by the Issuer or (y) any insolvency proceeding filed or commenced against the
Issuer by any Person other than the Collateral Manager or (B) commencing against the Issuer or any of its properties any legal action
that is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding. The Collateral Manager hereby
acknowledges and agrees that the Issuer’s obligations hereunder will be solely the limited liability company obligations of the
Issuer, and that the Collateral Manager will not have any recourse to any of the authorized persons, managers, officers, employees, members
or Affiliates of the Issuer with respect to any claims, losses, damages, liabilities, indemnities or other obligations in connection
with any Transactions contemplated hereby. Notwithstanding any other provisions hereof or of any other transaction document, recourse
in respect of any obligations of the Issuer to the Collateral Manager hereunder or thereunder will be limited to the Assets as applied
in accordance with the Priority of Payments pursuant to the Indenture and, on the exhaustion of the Assets, all claims against the Issuer
arising from this Agreement or any Transaction Document or any Transactions contemplated hereby or thereby shall be extinguished and
shall not revive. This Section 17 shall survive the termination of this Agreement for any reason whatsoever.

 

    31 

     

    

 

Section 18.     Notices.

 

Unless expressly provided
otherwise herein, all notices, requests, demands and other communications required or permitted under this Agreement shall be in writing
and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of registered or
certified mail, postage prepaid, return receipt requested, or, in the case of telecopier notice, when received in legible form, addressed
as set forth below:

 

(a)            If
to the Issuer:

 

Golub Capital BDC 3 CLO 2 LLC,

c/o Golub Capital BDC 3, Inc.

200 Park Avenue, 25th Floor

New York, New York 10166

 

with a copy to:

 

GC Advisors LLC

200 Park Avenue, 25th Floor

New York, New York 10166

 

(b)            If
to the Collateral Manager:

 

GC Advisors LLC

200 Park Avenue, 25th Floor

New York, New York 10166

 

with a copy to:

 

Dechert LLP

300 South Tryon Street

Suite 800

Charlotte, NC 28202

Telephone No.: (704) 339-3100

Telecopier No.: (704) 339-3101

Attention: John Timperio

 

(c)            If
to the Collateral Trustee:

 

Citibank, N.A.

388 Greenwich Street

New York, New York 10013

Attention: Citibank Agency & Trust—Golub Capital
BDC 3 CLO 2 LLC

 

    32 

     

    

 

(d)            If
to the Holders:

 

At their respective addresses
set forth in the Register, as applicable.

 

Any party may change the
address or telecopy number to which communications or copies directed to such party are to be sent by giving notice to the other parties
of such change of address or telecopy number in conformity with the provisions of this Section 18 for the giving of notice.

 

Section 19.     Binding
Nature of Agreement; Successors and Assigns.

 

This Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns as provided herein.

 

Section 20.     Entire
Agreement; Amendment.

 

(a)            This
Agreement and the Indenture contain the entire agreement and understanding among the parties hereto with respect to the subject matter
hereof, and supersede all prior and contemporaneous agreements, understandings, inducements and conditions, express or implied, oral
or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof and thereof control and supersede
any course of performance and/or usage of the trade inconsistent with any of the terms hereof.

 

(b)            This
Agreement may not be modified or amended other than by an agreement in writing executed by each of the parties hereto. No amendment to
this Agreement may, without notice to the Rating Agency and the prior written consent of (1) in the case of clauses (a), (b) and
(c) below, a Majority of the Controlling Class, (2) in the case of clauses (a) and (b) below, the Holders of the
Subordinated Notes and (3) in the case of clause (b)(II) below, a Majority of each other Class of Secured Debt, (a) modify
the definition of the term “Cause,” (b) modify the Collateral Management Fee, including the method for calculation of
any component of the Collateral Management Fee or any definition in this Collateral Management Agreement directly related to the Collateral
Management Fee (I) in connection with the appointment of a successor Collateral Manager or (II) in any other circumstance or
(c) modify the Class or Classes or the percentage of the Aggregate Outstanding Amount of any Class that has the right
to remove the Collateral Manager, consent to any assignment of this Agreement or nominate or approve any successor collateral manager.
This Agreement may be amended for any other purpose upon notice to the Rating Agency and 10 (ten) days’ prior written notice to
the Controlling Class and the Subordinated Notes without the consent of the Holders of any Debt; provided that, (i) the
prior written consent of a Majority of the Subordinated Notes shall be required if any such amendment would have a material adverse effect
on the Subordinated Notes and (ii) the prior written consent of a Majority of the Controlling Class shall be required if any
such amendment would have a material adverse effect on the Controlling Class. The Issuer shall provide the Holders with notice of any
amendment to this Agreement.

 

    33 

     

    

 

Section 21.     Governing
Law.

 

THIS AGREEMENT AND ANY DISPUTE
ARISING UNDER OR RELATED TO THIS AGREEMENT (WHETHER IN CONTRACT, TORT OR OTHERWISE) SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAW OF THE STATE OF NEW YORK WITHOUT REGARDS TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN AS SET FORTH IN SECTIONS 5-1401
AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

Section 22.     Submission
to Jurisdiction.

 

With respect to any suit,
action or proceedings relating to this Agreement or any matter between the parties arising under or in connection with this Agreement
(“Proceedings”), each party irrevocably: (i) submits to the non-exclusive jurisdiction of the Supreme Court of
the State of New York sitting in the Borough of Manhattan and the United States District Court for the Southern District of New York,
and any appellate court from any thereof; and (ii) waives any objection which it may have at any time to the laying of venue of
any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further
waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing
in this Agreement precludes any of the parties from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings
in any one or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction.

 

The Collateral Manager irrevocably
consents to the service of any and all process in any action or proceeding by the mailing or delivery of copies of such process to it
at the office to which notices are sent to it. The Issuer hereby irrevocably designates and appoints CT Corporation System as the agent
of the Issuer to receive on its behalf service of all process brought against it with respect to any such action or proceeding in any
such court in the State of New York, such service being hereby acknowledged by the Issuer to be effective and binding on it in every
respect. If for any reason such agent shall cease to be available to act as such, then the Issuer shall promptly designate a new agent
in the City of New York.

 

Section 23.     Waiver
of Jury Trial.

 

EACH PARTY TO THIS AGREEMENT
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
PROCEEDING.

 

Section 24.     Conflict
with the Indenture.

 

In respect of any conflict
between the terms of this Agreement and the Indenture or actions required under the terms of the Indenture and the terms of this Agreement,
the terms of the Indenture shall control.

 

    34 

     

    

 

Section 25.     Subordination;
Assignment of Agreement.

 

The Collateral Manager agrees
that the payment of all amounts to which it is entitled pursuant to this Agreement shall be subordinated to the extent set forth in,
and the Collateral Manager agrees to be bound by the provisions of, Article XI of the Indenture as if the Collateral Manager were
a party to the Indenture and hereby consents to the assignment of this Agreement as provided in Section 15.1 of the Indenture.

 

Section 26.     Indulgences
Not Waivers.

 

Neither the failure nor any
delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of
the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect
to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver
shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

Section 27.     Costs
and Expenses.

 

Except as otherwise agreed
to by the parties hereto, the costs and expenses (including the fees and disbursements of counsel and accountants but excluding all overhead
costs and employees’ salaries) of the Collateral Manager and of the Issuer incurred in connection with the negotiation and preparation
of and the execution of this Agreement and any amendment hereto, and all matters incidental thereto, shall be borne by the Issuer. The
Issuer shall reimburse the Collateral Manager for all fees, costs, expenses, liabilities and obligations relating to the Issuer, businesses
or actual or prospective investments, including all such items in the form of or relating to the following: (i) Organization Costs;
(ii) internally or externally provided legal services; accounting, auditing, tax, and other services of independent certified public
accountants; consulting, administration, and other third-party professional services; (iii) banking, custodial, trustee, record
keeping, registered agent, and similar services; (iv) the structuring, identifying, sourcing, negotiating, diligencing, researching,
financing, purchasing, holding, monitoring, managing, valuing, obtaining credit ratings for, disposing of or exiting actual or prospective
investments (including expenses related to brokerage services), and related environmental, social and governance matters; (v) filing,
title, transfer, and similar charges; and administrative, compliance or regulatory filings or reports (excluding non-Issuer-related filings
and reports attributable to the Collateral Manager’s ongoing registration as an investment adviser); (vi) taxes and other
governmental assessments against the Issuer; tax audits and similar proceedings; and services of the partnership representative for tax
matters; (vii) meetings, communications, capital calls, distribution, defaults, or reports with, to, or of Holders, including the
preparation and distribution of financial statements, tax returns and reports to Holders of the Debt; (viii) any web portal, extranet
tools, computer software (including accounting, compliance, administration, investor reporting and investment opportunity tracking or
allocation systems), or other administrative or reporting tools; (ix) any conflicts committee or other conflicts resolution procedure;
(x) actual or prospective indebtedness or guarantees, and all related fees and repayment of principal and interest; (xi) amendments
and waivers of, consents under, and compliance with this Collateral Management Agreement, the other Transaction Documents and other constitutive
documents (including in connection with any refinancing); (xii) actual or prospective transfers or other modifications of interests
in the Issuer; (xiii) the termination of the Issuer; (xiv) compliance and regulatory matters, including tax information exchange
privacy, data protection, know-your-customer, anti-money laundering, sanctions, or anti-terrorism acts and protecting confidential information;
(xv) indemnification or actual or threatened litigation, other dispute resolution processes, or governmental inquiries or investigations,
including any judgments, fines, penalties, amounts paid in settlement, attorneys’ fees and costs of investigation paid in connection
therewith, subject to the limits on indemnification in this Collateral Management Agreement; (xvi) insurance, including directors
and officers liability, management liability, cybersecurity, errors and omissions liability, crime coverage, and general partner liability
premiums, and related costs and expenses; (xvii) any fees, expenses or other amounts payable to the Rating Agency, (xviii) any
out-of-pocket expenses incurred by the Collateral Manager or the Retention Holder in connection with complying with the U.S. Risk Retention
Rules, the E.U. Securitization Laws and/or the U.K. Securitization Laws (excluding the purchase price of any Debt acquired by it to comply
with the U.S. Risk Retention Rules, the E.U. Securitization Laws and/or the U.K. Securitization Laws); (xix) travel, lodging, meals
or entertainment relating to any of the foregoing; (xx) fees and expenses incurred in obtaining the Market Value of Collateral Obligations
(including without limitation fees payable to any nationally recognized pricing service); and (xxi) as otherwise agreed upon by
the Issuer and the Collateral Manager. Expenses set forth above that are not otherwise attributable to specific advisory clients, such
as expenses for transactions that are not consummated, could be charged to the Issuer based on the proportion that the fair value of
the assets of the Issuer bears to the fair value of assets of all applicable advisory clients of the Collateral Manager or by using another
reasonable manner in the discretion of the Collateral Manager. Allocation of such costs and expenses among the Issuer and other applicable
investment funds and accounts managed by the Collateral Manager and its Affiliates may be based on the proportion that the fair value
of the Issuer’s assets bears to the fair value of assets of all such applicable funds and accounts, or any other reasonable method
in the discretion of the Collateral Manager. The fees and expenses payable to the Collateral Manager on any Payment Date are payable
only as described under the Priority of Payments.

 

    35 

     

    

 

Section 28.     Third
Party Beneficiary.

 

The parties hereto agree
that the Collateral Trustee on behalf of the Secured Parties shall be a third party beneficiary of this Agreement, and shall be entitled
to rely upon and enforce such provisions of this Agreement to the same extent as if it were a party hereto. For the avoidance of doubt,
the Holders will not be third party beneficiaries of this Agreement.

 

Section 29.     Titles
Not to Affect Interpretation.

 

The titles of paragraphs
and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to
be used in the construction or interpretation hereof.

 

    36 

     

    

 

Section 30.     Execution
in Counterparts.

 

This Agreement may be executed
in any number of counterparts by telegraphic or other written form of communication, each of which shall be deemed to be an original
as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement
shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties
reflected hereon as the signatories. The parties agree that this Agreement may be executed and delivered by electronic signatures and
that the electronic signatures appearing on this Agreement are the same as handwritten signatures for the purposes of validity, enforceability
and admissibility.

 

Section 31.     Provisions
Separable.

 

The provisions of this Agreement
are independent of and separable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of
the fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part.

 

Section 32.     Gender.

 

Words used herein, regardless
of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other
gender, masculine, feminine or neuter, as the context requires.

 

Section 33.     Communications
with the Rating Agency.

 

The Collateral Manager shall,
on behalf of the Issuer, take all steps required for the Issuer to comply with its obligations under the Indenture and under the rating
application letters and any related side letters, in each case in respect of Rule 17g-5 under the Exchange Act.

 

    37 

     

    

 

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

 

	 	GOLUB CAPITAL BDC 3 CLO 2 LLC,

as Issuer

 

	 	By: Golub Capital BDC 3, Inc., its designated manager

 

		By:	/s/ Christopher C. Ericson
	 	 	Name: Christopher C. Ericson
	 	 	Title: Chief Financial Officer

 

     

     

    

 

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

 

	 	GC ADVISORS LLC,

as Collateral Manager

 

		By:	/s/ Joshua M. Levinson
	 	 	Name: Joshua M. Levinson
	 	 	Title: Co-General Counsel & Chief Compliance Officer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00351-of-00352.parquet"}]]