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EXHIBIT 10.11.1

FIRST AMENDMENT TO CREDIT AGREEMENT
    This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Agreement”), dated as of December 30, 2020, is entered into by and between (i) BGSL Big Sky Funding LLC (the “Company”) and (ii) Bank of America, N.A. (the “Bank”) (each a “Party” and, collectively, the “Parties”).
W I T N E S S E T H:
WHEREAS, the Company and the Bank, as a Lender and as Administrative Agent, entered into that certain Credit Agreement, dated as of December 10, 2019 (the “Credit Agreement”), and the Bank constitutes the Required Lenders (as defined in the Credit Agreement) as of the date hereof;
WHEREAS, the Company and the Bank wish to amend the Credit Agreement to reflect the changes set forth herein (the Credit Agreement as amended hereby, the “Amended Credit Agreement”), and capitalized terms used herein without definitions shall have the meanings assigned to such terms in the Amended Credit Agreement;
NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth herein and of other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereto covenant and agree as follows:
ARTICLE I
Amendments TO THE CREDIT AGREEMENT
SECTION 1.1 Definition of Maximum Commitment Amount. 
(a)    The definition of Maximum Commitment Amount in Section 1.01 of the Credit Agreement is deleted in its entirety and replaced with the following:
“Maximum Commitment Amount” means $400,000,000.00.
SECTION 1.2 Eligibility Criteria. 
(a)    Clause (k) of the Eligibility Criteria in Annex B of the Credit Agreement is deleted in its entirety and replaced with the following:
k.    The original aggregate loan facility amount corresponding to such Collateral Asset is at least $150,000,000 (including all tranches and drawn and undrawn commitments secured by the same collateral);
SECTION 1.3 Portfolio Criteria.
(a)    Clause (a) of the Portfolio Criteria in Annex B of the Credit Agreement is deleted in its entirety and replaced with the following:
a.    The Assigned Value of all Eligible Collateral Assets with respect to a single obligor may not exceed 3.5% of the Aggregate Assigned Value, except that the Assigned Value of Eligible Collateral Assets (other than Special Situation Assets) with respect to a single obligor may be up to 5.0% with respect to five or fewer individual obligors;

(b)    Clause (b) of the Portfolio Criteria in Annex B of the Credit Agreement is deleted in its entirety and replaced with the following:
b.    The Assigned Value of Eligible Collateral Assets with respect to any single obligor of a Second Lien Bank Loan may not exceed 2.0% of the Aggregate Assigned Value;
(c)    Clause (h) of the Portfolio Criteria in Annex B of the Credit Agreement is deleted in its entirety and replaced with the following:
h.    The Assigned Value of all Eligible Collateral Assets as to which the original aggregate loan facility amount is between (i) $200,000,000 and $250,000,000 (including all tranches and drawn and undrawn commitments secured by the same collateral) may not exceed 15.0% of the Aggregate Assigned Value and (ii) $150,000,000 and $200,000,000 (including all tranches and drawn and undrawn commitments secured by the same collateral) may not exceed 15.0% of the Aggregate Assigned Value;
SECTION 1.4 Definition of Borrowing Base. 
(a)    The definition of Borrowing Base in Annex C of the Credit Agreement is deleted in its entirety and replaced with the following:
“Borrowing Base” means, on any date of determination:
(a) the lesser of (i) the aggregate of the amounts determined with respect to each Eligible Collateral Asset equal to (A) the Assigned Value of such Eligible Collateral Asset times (B) the Advance Rate applicable to such Eligible Collateral Asset and (ii)(A) the sum of the Assigned Value of each Eligible Collateral Asset times (B) 70%; 
plus 
(b) the par value of all Cash and Cash Equivalents owned by Borrower as of such date and credited to the Collateral Account or the Unfunded Exposure Account (in each case, excluding Excluded Amounts);
minus
    (c) (i) prior to the end of the Availability Period, the Aggregate Unfunded Equity Amount and (ii) after the end of the Availability Period, the Aggregate Unfunded Amount. 
The Assigned Value Percentages, Assigned Values, status of assets as Eligible Collateral and applicable Advance Rates shall be determined by the Administrative Agent, subject to the terms of the Collateral Administration Agreement.
ARTICLE II
MISCELLANEOUS
SECTION 2.1 Effectiveness of Amendments.  Each amendment set forth in this Agreement shall be effective upon the satisfaction or waiver of each of the following conditions precedent:
    

(a)    the Administrative Agent’s receipt of executed counterparts of this Agreement;
(b)    unless waived by the Administrative Agent, the Company shall have paid all fees, charges and disbursements of counsel to the Administrative Agent (directly to such counsel if requested by the Administrative Agent) to the extent invoiced prior to or on the date hereof, plus such additional amounts of such fees, charges and disbursements as shall constitute its reasonable estimate of such fees, charges and disbursements incurred or to be incurred by it through the closing proceedings (provided that such estimate shall not thereafter preclude a final settling of accounts between the Company and the Administrative Agent); and
(c)    all documentation and other information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act.
SECTION 2.2 Representations and Warranties of the Company.  The Company hereby represents and warrants to the Administrative Agent and the Lender that:
(a)    the representations and warranties contained in the Credit Agreement (i) to the extent already qualified with respect to “material” matters or “Material Adverse Effect,” are true and correct as of the date hereof in respect of this Agreement, except to the extent that such representations and warranties expressly refer to an earlier date, in which case they are true and correct as of such earlier date and (ii) to the extent not already qualified with respect to “material” matters or “Material Adverse Effect,” are true and correct in all material respects as of the date hereof in respect of this Agreement, except to the extent that such representations and warranties expressly refer to an earlier date, in which case they are true and correct in all material respects as of such earlier date; and
(b)    no Default or Event of Default has occurred or is continuing.
SECTION 2.3 Make-Whole Fee.  The Administrative Agent and the Company hereby agree that any Make-Whole Fee that would otherwise apply pursuant to Section 2.07(b) of the Credit Agreement in connection with the amendment set forth in Section 1.1 above shall be waived by the Administrative Agent. 
SECTION 2.4 Governing Law.  THIS AGREEMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
SECTION 2.5 Counterparts.  This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Agreement by facsimile or other electronic imaging means (e.g. “pdf” or “tiff”) shall be effective as delivery of a manually executed counterpart of this Agreement.
SECTION 2.6 Entire Agreement.  The only amendments being made to the Credit Agreement are those that are set forth in this Agreement; no other amendments are being made.  This Agreement constitutes the entire agreement among the Parties hereto with respect to the subject matter hereof and supersedes all prior agreements, understandings and negotiations, both written and oral, among the Parties 
    

hereto with respect to the subject matter of this Agreement.  Neither this Agreement nor any provision hereof is intended to confer upon any Person other than the Parties hereto.
SECTION 2.7 Ratification.  Except as expressly amended and waived hereby, the Amended Credit Agreement is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.  This Agreement shall form a part of the Amended Credit Agreement for all purposes and is therefore a Loan Document.
[Remainder of Page Intentionally Blank]

    

IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement as of the day and year first above written.

Bank of America, N.A., as a Lender under the Credit Agreement

By:     /s/ Bryson Bannon    
Name:  Bryson Bannon
Title:  Director

BGSL BIG SKY FUNDING LLC, as Company under the Credit Agreement 
By:  Blackstone Senior Lending Fund, its sole member

By:     /s/ Stephan Kuppenheimer    
Name:  Stephan Kuppenheimer
Title:  Senior Managing Director

    First Amendment to Credit Agreement

Acknowledged and Agreed by:

Bank of America, N.A., as Administrative Agent under the Credit Agreement 

By:     /s/ Bryson Bannon            
Name:  Bryson Bannon
Title:  Director
I-1Document

EXHIBIT 10.12.2
Execution Version

INCREMENTAL ASSUMPTION AGREEMENT

November 3, 2020

Citibank, N.A., as Administrative Agent for the Lenders party to the Credit Agreement referred to below (in such capacity, the “Administrative Agent”)
One Penn’s Way, OPS II, 
New Castle, Delaware 19720

Ladies and Gentlemen:

We refer to the Senior Secured Credit Agreement dated as of June 15, 2020 (as amended by Amendment No. 1 to the Senior Secured Credit Agreement, dated as of June 29, 2020, and as further amended, modified or supplemented from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined) among Blackstone / GSO Secured Lending Fund, a Delaware statutory trust (the “Borrower”), the lenders from time to time party thereto, and Citibank, N.A., as administrative agent and as collateral agent.  You have advised us that the Borrower has requested in the letter, dated November 3, 2020 (the “Increase Request”), from the Borrower to the Administrative Agent that the aggregate amount of the Commitments be increased on the terms and subject to the conditions set forth herein.

A.  Commitment Increase.  Pursuant to Section 2.08(e) of the Credit Agreement, each of The Bank of New York Mellon, Stifel Bank & Trust and U.S. Bank National Association (each, an “Assuming Lender” and together the “Assuming Lenders”), hereby severally agrees to make Loans in the amount set forth opposite the name of such Assuming Lender listed in Schedule I hereto pursuant to the instruction of the Administrative Agent, such Loans to be effective as of the Increase Date (as defined in the Increase Request); provided that the Administrative Agent shall have received a duly executed officer’s certificate from the Borrower, dated the Increase Date.  The Incremental Term Commitments shall be subject to the same terms and conditions as the Initial Term Commitments, other than the requirements under Section 2.01(c) of the Credit Agreement, and the Incremental Term Loans shall be subject to the same terms and conditions as the Initial Term Loans and shall be treated as the same Class as the Initial Term Loans for purposes of the Credit Agreement and the other Loan Documents (including, without limitation, under Section 2.10(d) of the Credit Agreement).  Each Assuming Lender agrees to make a Term Loan to the Borrower on the Increase Date in an aggregate principal amount (x) up to but not exceeding such Assuming Lender’s Incremental Term Commitment listed on Schedule I hereto and (y) that will not result in the total Covered Debt Amount exceeding the Borrowing Base as of the Increase Date.

B.  Confirmation of the Assuming Lender.  Each Assuming Lender (i) confirms that it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement; (ii) agrees that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own analysis and decisions in taking or not taking action under or based upon the Credit Agreement and the 

[[5531905v.2]]
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other Loan Documents to which it is a party; and (iii) acknowledges and agrees that, from and after the Increase Date and subject to the conditions in clause (A) above, the Commitment Increase set forth opposite the name of such Assuming Lender listed in Schedule I hereto shall be included in the Commitment, and the Commitment Increase shall be governed for all purposes by the Credit Agreement and the other Loan Documents. 

C.  Counterparts, etc.  This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page to this Agreement by electronic mail, facsimile or other electronic imaging (e.g., “pdf” or “tif”), including the use of any electronic signatures complying with the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act, shall be as effective as delivery of an original manually executed counterpart of this Agreement.  This Agreement shall be deemed to be a Loan Document.

D.  Governing Law, etc.  The provisions of Sections 9.09 and 9.10 of the Credit Agreement are incorporated herein by reference mutatis mutandis.

[[5531905v.2]]

Very truly yours,

                        
ASSUMING LENDER

    
                THE BANK OF NEW YORK MELLON
    

						
		 
	By:	/s/ Bernard Lambert 

	Name:	Bernard Lambert 
	Title:	Director

[Signature Page to Incremental Assumption Agreement]

    

                        
ASSUMING LENDER

    
                STIFEL BANK & Trust

						
		 
	By:	/s/ Joseph L. Sooter, Jr. 

	Name:	Joseph L. Sooter, Jr.
	Title:	Senior Vice President

    

[Signature Page to Incremental Assumption Agreement]

    

                        
ASSUMING LENDER

    
                U.S. BANK NATIONAL ASSOCIATION

						
		 
	By:	/s/ Jenny Maloney
	Name:	Jenny Maloney
	Title:	Vice President

Accepted and agreed:
[Signature Page to Incremental Assumption Agreement]

    

BLACKSTONE / GSO SECURED LENDING FUND

						
		 
	By:	/s/ Brad Marshall
	Name:	Brad Marshall
	Title:	Chief Executive Officer

[Signature Page to Incremental Assumption Agreement]

Execution Version

Accepted and agreed:
CITIBANK, N.A.,
 as Administrative Agent and Issuing Bank

						
		 
	By:	/s/ Maureen Maroney
	Name:	Maureen Maroney
	Title:	Vice President

[[5531905v.2]]
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                                        SCHEDULE I

												
	Assuming Lender	Multicurrency Commitment	Dollar Commitment	Incremental Term Commitment
				
	The Bank of New York Mellon	$22,500,000.00	--	$2,500,000.00
				
	Stifel Bank & Trust	--	$18,000,000.00	$2,000,000.00
				
	U.S. Bank National Association	$45,000,000.00	--	$5,000,000.00
				

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