Document:

Exhibit 10.10

 

Execution
Version

 

 

SENIOR SECURED

REVOLVING CREDIT AGREEMENT

 

dated as of

 

February 1, 2022

 

among

 

NORTH HAVEN PRIVATE INCOME FUND LLC

as Borrower

 

The LENDERS And ISSUING BANKS Party Hereto

 

and

 

ING CAPITAL LLC

as Administrative Agent

 

$200,000,000

 

 

 

ING CAPITAL LLC

as Joint Lead Arranger and Sole Book Runner

 

 

 

     

     

    

 

	ARTICLE I               DEFINITIONS	1
	 	 	 
	SECTION 1.01.	Defined Terms	1
	 	 	 
	SECTION 1.02.	Classification of Loans and Borrowings	47
	 	 	 
	SECTION 1.03.	Terms Generally	47
	 	 	 
	SECTION 1.04.	Accounting Terms; GAAP	48
	 	 	 
	SECTION 1.05.	Currencies; Currency Equivalents	48
	 	 	 
	SECTION 1.06.	Divisions	50
	 	 	 
	ARTICLE II              THE CREDITS	50
	 	 	 
	SECTION 2.01.	The Commitments	50
	 	 	 
	SECTION 2.02.	Loans and Borrowings	50
	 	 	 
	SECTION 2.03.	Requests for Syndicated Borrowings	51
	 	 	 
	SECTION 2.04.	[Reserved]	53
	 	 	 
	SECTION 2.05.	Letters of Credit	53
	 	 	 
	SECTION 2.06.	Funding of Borrowings	59
	 	 	 
	SECTION 2.07.	Interest Elections	60
	 	 	 
	SECTION 2.08.	Termination, Reduction or Increase of the Commitments	61
	 	 	 
	SECTION 2.09.	Repayment of Loans; Evidence of Debt	65
	 	 	 
	SECTION 2.10.	Prepayment of Loans	66
	 	 	 
	SECTION 2.11.	Fees	71
	 	 	 
	SECTION 2.12.	Interest	72
	 	 	 
	SECTION 2.13.	Inability to Determine Interest Rates	73
	 	 	 
	SECTION 2.14.	Increased Costs	78
	 	 	 
	SECTION 2.15.	Break Funding Payments	79
	 	 	 
	SECTION 2.16.	Taxes	80
	 	 	 
	SECTION 2.17.	Payments Generally; Pro Rata Treatment: Sharing of Set-offs	84
	 	 	 
	SECTION 2.18.	Mitigation Obligations; Replacement of Lenders	87
	 	 	 
	SECTION 2.19.	Defaulting Lenders	88

 

     

     

    

 

	ARTICLE III             REPRESENTATIONS AND WARRANTIES	91
	 	 	 
	SECTION 3.01.	Organization; Powers	91
	 	 	 
	SECTION 3.02.	Authorization; Enforceability	91
	 	 	 
	SECTION 3.03.	Governmental Approvals; No Conflicts	92
	 	 	
	SECTION 3.04.	Financial Condition; No Material Adverse Effect	92
	 	 	 
	SECTION 3.05.	Litigation	92
	 	 	 
	SECTION 3.06.	Compliance with Laws and Agreements	92
	 	 	 
	SECTION 3.07.	Taxes	92
	 	 	 
	SECTION 3.08.	ERISA	93
	 	 	 
	SECTION 3.09.	Disclosure	93
	 	 	 
	SECTION 3.10.	Investment Company Act; Margin Regulations	93
	 	 	 
	SECTION 3.11.	Material Agreements and Liens	94
	 	 	 
	SECTION 3.12.	Subsidiaries and Investments	94
	 	 	 
	SECTION 3.13.	Properties	95
	 	 	 
	SECTION 3.14.	Affiliate Agreements	95
	 	 	 
	SECTION 3.15.	Sanctions	95
	 	 	
	SECTION 3.16.	Patriot Act	95
	 	 	 
	SECTION 3.17.	Collateral Documents	96
	 	 	 
	SECTION 3.18.	EEA Financial Institutions	96
	 	 	 
	ARTICLE IV            CONDITIONS	96
	 	 	 
	SECTION 4.01.	Effective Date	96
	 	 	 
	SECTION 4.02.	Each Credit Event	99
	 	 	 
	ARTICLE V              AFFIRMATIVE COVENANTS	100
	 	 	 
	SECTION 5.01.	Financial Statements and Other Information	100
	 	 	 
	SECTION 5.02.	Notices of Material Events	102
	 	 	 
	SECTION 5.03.	Existence; Conduct of Business	102
	 	 	 
	SECTION 5.04.	Payment of Obligations	103

 

    ii

     

    

 

	SECTION 5.05.	Maintenance of Properties; Insurance	103
	 	 	 
	SECTION 5.06.	Books and Records; Inspection and Audit Rights	103
	 	 	 
	SECTION 5.07.	Compliance with Laws	103
	 	 	 
	SECTION 5.08.	Certain Obligations Respecting Subsidiaries; Further Assurances	104
	 	 	 
	SECTION 5.09.	Use of Proceeds	106
	 	 	 
	SECTION 5.10.	Status of RIC and BDC	106
	 	 	 
	SECTION 5.11.	Investment Objectives; Valuation Policy	106
	 	 	 
	SECTION 5.12.	Portfolio Valuation and Diversification Etc	106
	 	 	 
	SECTION 5.13.	Calculation of Borrowing Base	110
	 	 	 
	ARTICLE VI             NEGATIVE COVENANTS	121
	 	 	 
	SECTION 6.01.	Indebtedness	121
	 	 	 
	SECTION 6.02.	Liens	123
	 	 	 
	SECTION 6.03.	Fundamental Changes	125
	 	 	 
	SECTION 6.04.	Investments	126
	 	 	 
	SECTION 6.05.	Restricted Payments	127
	 	 	 
	SECTION 6.06.	Certain Restrictions on Subsidiaries	129
	 	 	 
	SECTION 6.07.	Certain Financial Covenants	129
	 	 	 
	SECTION 6.08.	Transactions with Affiliates	129
	 	 	 
	SECTION 6.09.	Lines of Business	130
	 	 	 
	SECTION 6.10.	No Further Negative Pledge	130
	 	 	 
	SECTION 6.11.	Modifications of Certain Documents	131
	 	 	 
	SECTION 6.12.	Payments of Longer-Term Indebtedness	132
	 	 	 
	SECTION 6.13.	Accounting Changes	132
	 	 	 
	SECTION 6.14.	SBIC Guarantee	132
	 	 	 
	SECTION 6.15.	Sanctions	133

 

    iii

     

    

 

	ARTICLE VII            EVENTS OF DEFAULT	133
	 	 	 
	ARTICLE VIII          THE ADMINISTRATIVE AGENT	138
	 	 	 
	SECTION 8.01.	Appointment of the Administrative Agent	138
	 	 	 
	SECTION 8.02.	Capacity as Lender	138
	 	 	 
	SECTION 8.03.	Limitation of Duties; Exculpation	139
	 	 	 
	SECTION 8.04.	Reliance	140
	 	 	 
	SECTION 8.05.	Sub-Agents	140
	 	 	 
	SECTION 8.06.	Resignation; Successor Administrative Agent	140
	 	 	 
	SECTION 8.07.	Reliance by Lenders	141
	 	 	 
	SECTION 8.08.	Modifications to Loan Documents	141
	 	 	 
	SECTION 8.09.	Erroneous Payments	142
	 	 	 
	ARTICLE IX            MISCELLANEOUS	147
	 	 	 
	SECTION 9.01.	Notices; Electronic Communications	147
	 	 	 
	SECTION 9.02.	Waivers; Amendments	150
	 	 	 
	SECTION 9.03.	Expenses; Indemnity; Damage Waiver	153
	 	 	 
	SECTION 9.04.	Successors and Assigns	156
	 	 	 
	SECTION 9.05.	Survival	161
	 	 	 
	SECTION 9.06.	Counterparts; Integration; Effectiveness; Electronic Execution	162
	 	 	 
	SECTION 9.07.	Severability	162
	 	 	 
	SECTION 9.08.	Right of Setoff	162
	 	 	 
	SECTION 9.09.	Governing Law; Jurisdiction; Etc	163
	 	 	 
	SECTION 9.10.	WAIVER OF JURY TRIAL	163
	 	 	 
	SECTION 9.11.	Judgment Currency	163
	 	 	 
	SECTION 9.12.	Headings	163
	 	 	 
	SECTION 9.13.	Treatment of Certain Information; No Fiduciary Duty; Confidentiality	164
	 	 	 
	SECTION 9.14.	USA PATRIOT Act	165
	 	 	 
	SECTION 9.15.	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	165
	 	 	 
	SECTION 9.16.	Certain ERISA Matters	166
	 	 	 
	SECTION 9.17.	Acknowledgement Regarding Any Supported QFCs	168

 

    iv

     

    

 

	SCHEDULE 1.01(a)	-	Approved Dealers and Approved Pricing Services
	SCHEDULE 1.01(b)	-	Commitments
	SCHEDULE 1.01(c)	-	Industry Classification Group List
	SCHEDULE 1.01(d)	 	Eligibility Criteria
	SCHEDULE 2.05	-	Issuing Bank Exposures
	SCHEDULE 3.11	-	Material Agreements and Liens
	SCHEDULE 3.12(a)	-	Subsidiaries
	SCHEDULE 3.12(b)	-	Investments
	SCHEDULE 5.14	-	Post-Closing Matters
	SCHEDULE 6.08	-	Transactions with Affiliates
	 	 	 
	EXHIBIT A	-	Form of Assignment and Assumption
	EXHIBIT B	-	Form of Borrowing Base Certificate
	EXHIBIT C	-	Form of Borrowing Request
	EXHIBIT D	-	Form of Increasing Lender/Joining Lender Agreement
	EXHIBIT E	-	Form of Revolving Promissory Note
	EXHIBIT F	-	Form of U.S. Tax Compliance Certificate

 

    v

     

    

 

SENIOR SECURED REVOLVING CREDIT
AGREEMENT dated as of February 1, 2022 (this “Agreement”), among NORTH HAVEN PRIVATE INCOME FUND LLC, a Delaware
limited liability company (the “Borrower”), the LENDERS and ISSUING BANKS party hereto, and ING CAPITAL LLC, as Administrative
Agent.

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.01.     Defined
Terms. As used in this Agreement, the following terms have the meanings specified below and the terms defined in Section 5.13
have the meanings assigned thereto in such section:

 

“ABR”, when
used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting such Borrowing are, denominated
in Dollars and bearing interest at a rate determined by reference to the Alternate Base Rate.

 

“ABR Term SOFR Determination
Day” has the meaning specified in the definition of “Daily Compounded SOFR”.

 

“Adjusted Borrowing
Base” means the Borrowing Base minus the aggregate amount of Cash and Cash Equivalents included in the Borrowing Base
(for the avoidance of doubt, Cash Collateral for outstanding Letters of Credit shall not be treated as a portion of the Portfolio Investments).

 

“Adjusted Covered Debt
Balance” means, on any date, the aggregate Covered Debt Amount on such date minus the aggregate amount of Cash and Cash
Equivalents included in the Borrowing Base (for the avoidance of doubt, Cash Collateral for outstanding Letters of Credit shall not be
treated as a portion of the Portfolio Investments).

 

“Adjusted Term SOFR”
means, for purposes of any calculation, the rate per annum equal to (a) Term SOFR for such calculation plus (b) the
SOFR Adjustment for such Interest Period; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor,
then Adjusted Term SOFR shall be deemed to be the Floor.

 

“Administrative Agent”
means ING, in its capacity as administrative agent for the Lenders hereunder and its successors in such capacity as provided in Section 8.06.

 

“Administrative Agent’s
Account” means, for each Currency, an account in respect of such Currency designated by the Administrative Agent in a notice
to the Borrower and the Lenders.

 

“Administrative Questionnaire”
means an administrative questionnaire in a form supplied by the Administrative Agent.

 

“Advance Rate”
has the meaning assigned to such term in Section 5.13.

 

“Affected Currency”
has the meaning assigned to such term in Section 2.13(a).

 

“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
means, with respect to a specified Person at any time, another Person that at such time directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. Anything herein to the contrary
notwithstanding, the term “Affiliate” shall not include any Person that constitutes an Investment held by any Obligor or
Financing Subsidiary in the ordinary course of business; provided that the term “Affiliate” shall include MS
Capital Partners Adviser Inc. and its Affiliates, and each Subsidiary of the Borrower. In no event shall the Administrative Agent,
the Collateral Agent, any Issuing Bank or any Lender be deemed an Affiliate of the Borrower or any of their Subsidiaries as a result
of their relationship under this Agreement.

 

    

     

    

 

“Affiliate Agreements”
means (a) that certain Investment Advisory Agreement, dated as of November 4, 2021, by and between the Borrower and the Investment
Adviser and (b) that certain Administration Agreement, dated as of November 4, 2021, by and between the Borrower and the Investment
Adviser.

 

“Agreed Foreign Currency”
means, at any time, (a) any of Canadian Dollars, Sterling, Euros, Japanese Yen, Australian Dollars and New Zealand Dollars, and (b) with
the agreement of each Multicurrency Lender and the Administrative Agent, any other Foreign Currency, so long as, in respect of any such
specified Foreign Currency or other Foreign Currency, at such time (x) such Foreign Currency is dealt with in the relevant local
market for obtaining quotations, (y) such Foreign Currency is freely transferable and convertible into Dollars in the London foreign
exchange market or the relevant local market, if applicable, and (z) no central bank or other governmental authorization in the country
of issue of such Foreign Currency (including, in the case of the Euro, any authorization by the European Central Bank) is required
to permit use of such Foreign Currency by any Multicurrency Lender for making any Loan hereunder and/or to permit the Borrower to borrow
and repay the principal thereof and to pay the interest thereon, unless such authorization has been obtained and is in full force and
effect.

 

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

 

“Alternate Base Rate”
means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds
Effective Rate for such day plus 1/2 of 1%, (c) (1) if the then-current Benchmark is Daily Compounded SOFR, (x) Daily
Compounded SOFR in effect on such day (taking into account any floor set forth in the definition of “Daily Compounded SOFR”)
plus (y) 1% and (2) if the then-current Benchmark is Adjusted Term SOFR, (x) Adjusted Term SOFR for a period of one (1) month
(taking into account any floor set forth in the definition of “Adjusted Term SOFR”) plus (y) 1% and (d) zero. Any
change in the Alternate Base Rate due to a change in the Prime Rate, the Federal Funds Effective Rate, Daily Compounded SOFR or Adjusted
Term SOFR shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate,
Daily Compounded SOFR or Adjusted Term SOFR, as the case may be. If the Alternate Base Rate is being used as an alternate rate of interest
pursuant to Section 2.13(c), then the Alternate Base Rate shall be the greatest of clauses (a), (b) and
(d) above and shall be determined without reference to clause (c) above.

 

“Anti-Corruption Laws”
has the meaning assigned to such term in Section 3.16.

 

“Applicable Dollar
Percentage” means, with respect to any Dollar Lender, the percentage of the total Dollar Commitments represented by such Dollar
Lender’s Dollar Commitment. If the Dollar Commitments have terminated or expired, the Applicable Dollar Percentages shall be determined
based upon the Dollar Commitments most recently in effect, giving effect to any assignments.

 

“Applicable Financial
Statements” means, as at any date, the more recent of the financial statements referenced in Section 3.04(a) and the
audited financial statements of the Borrower delivered to the Administrative Agent and the Lenders pursuant to Section 5.01(a); provided
that if immediately prior to the delivery to the Administrative Agent and the Lenders of new audited financial statements of the Borrower
a Material Adverse Effect (the “Pre-existing MAE”) shall exist (regardless of when it occurred), then the “Applicable
Financial Statements” as at said date means the Applicable Financial Statements in effect immediately prior to such delivery until
such time as the Pre-existing MAE shall no longer exist.

 

    2

     

    

 

“Applicable
Margin” means, (a) if the Borrowing Base (as of the most recently delivered Borrowing Base Certificate) is equal to
or greater than 1.60 times the Combined Debt Amount, (as of the most recently delivered Borrowing Base Certificate), (i) with
respect to any ABR Loan, 0.75% per annum, (ii) with respect to any Eurocurrency Loan, 1.75% per annum, (iii) with respect
to any RFR Loan denominated in Sterling, 1.8693% and (iv) with respect to any RFR Loan denominated in Japanese Yen, 1.72077%;
and (b) if the Borrowing Base (as of the most recently delivered Borrowing Base Certificate) is less than 1.60 times the
Combined Debt Amount (as of the most recently delivered Borrowing Base Certificate), (i) with respect to any ABR Loan, 0.875%
per annum, (ii) with respect to any Eurocurrency Loan, 1.875% per annum, (iii) with respect to any RFR Loan denominated in
Sterling, 1.9943% and (iv) with respect to any RFR Loan denominated in Japanese Yen, 1.84577%. Any change in the Applicable
Margin due to a change in the ratio of the Borrowing Base to the Combined Debt Amount shall be specified in reasonable detail in the
Borrowing Base Certificate required to be delivered pursuant to Section 4.01(a)(viii) on the Applicable Margin
Determination Date that is the Effective Date or Section 5.01(d)(i) immediately prior to each Applicable Margin
Determination Date thereafter, and shall be effective from and including such Applicable Margin Determination Date until the
immediately succeeding Applicable Margin Determination Date; provided that if any Borrowing Base Certificate has not been delivered
in accordance with Section 5.01(d)(i) immediately prior to such Applicable Margin Determination Date and it is
delivered (x) prior to the expiration of the applicable grace period for its delivery pursuant to clause (f) of
Article VII, then any change in the Applicable Margin due to a change in the ratio of the Borrowing Base to the Combined Debt
Amount specified in such Borrowing Base Certificate shall be effective from and including the date such Borrowing Base Certificate
is delivered until the immediately succeeding Applicable Margin Determination Date, or (y) after the applicable grace period
for its delivery pursuant to clause (f) of Article VII has expired, then from and including the day immediately succeeding
the date on which such Borrowing Base Certificate was required to be delivered (after giving effect to any applicable grace period
hereunder), the Applicable Margin shall be the Applicable Margin set forth in clause (b) above to and including the date on
which the required Borrowing Base Certificate is delivered and shall be determined for the remainder of such period in accordance
with the foregoing provisions.

 

“Applicable Margin
Determination Date” means (a) for the period from the Effective Date until the last day of the calendar month in which
the Effective Date occurs, the Effective Date, and (b) for each calendar month thereafter, the last Business Day of the calendar
month immediately preceding such calendar month.

 

“Applicable Multicurrency
Percentage” means, with respect to any Multicurrency Lender, the percentage of the total Multicurrency Commitments represented
by such Multicurrency Lender’s Multicurrency Commitment. If the Multicurrency Commitments have terminated or expired, the Applicable
Multicurrency Percentages shall be determined based upon the Multicurrency Commitments most recently in effect, giving effect to any assignments.

 

“Applicable Percentage”
means, with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments
have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving
effect to any assignments.

 

    3

     

    

 

“Approved Dealer”
means (a) in the case of any Portfolio Investment that is not a U.S. Government Security, a bank or a broker-dealer registered under
the Securities Exchange Act of 1934, as amended, of nationally recognized standing or an Affiliate thereof, (b) in the case of a
U.S. Government Security, any primary dealer in U.S. Government Securities, and (c) in the case of any foreign Portfolio Investment,
any foreign bank or broker-dealer of internationally recognized standing or an Affiliate thereof, in the case of each of clauses (a),
(b) and (c) above, either as set forth on Schedule 1.01(a) or any other bank or broker-dealer or Affiliate
thereof acceptable to the Administrative Agent in its reasonable determination.

 

“Approved Pricing Service”
means a pricing or quotation service either: (a) as set forth in Schedule 1.01(a) or (b) any other pricing or quotation
service (i) approved by the Board of Directors of the Borrower, (ii) designated in writing by the Borrower to the Administrative
Agent (which designation shall be accompanied by a copy of a resolution of the Board of Directors of the Borrower that such pricing or
quotation service has been approved by the Borrower), and (iii) acceptable to the Administrative Agent.

 

“Approved
Third-Party Appraiser” means any Independent nationally recognized third-party appraisal firm (a) designated by the
Borrower in writing to the Administrative Agent (which designation shall be accompanied by a copy of a resolution of the Board of
Directors of the Borrower that such firm has been approved by the Borrower for purposes of assisting the Board of Directors of the
Borrower in making valuations of portfolio assets to determine the Borrower’s compliance with the applicable provisions of the
Investment Company Act) and (b) acceptable to the Administrative Agent; provided that, if any proposed appraiser requests or
requires a non-reliance letter, confidentiality agreement or similar agreement prior to allowing the Administrative Agent to review
any written valuation report, such Person shall only be deemed an Approved Third-Party Appraiser if the Administrative Agent and
such proposed appraiser shall have entered into such a letter or agreement. It is understood and agreed that, so long as the same
are Independent third-party appraisal firms approved by the Board of Directors of the Borrower, Houlihan Lokey Howard &
Zukin Capital, Inc., Duff & Phelps LLC, Murray, Devine and Company, Lincoln International LLC (formerly known as
Lincoln Partners LLC), Alvarez & Marsal, Stout Risius Ross, LLC and Valuation Research Corporation are acceptable to the
Administrative Agent. As used in Section 5.12, an “Approved Third-Party Appraiser selected by the Administrative
Agent” shall mean any of the firms identified in the preceding sentence and any other Independent nationally recognized
third-party appraisal firm identified by the Administrative Agent and consented to by the Borrower (such consent not to be
unreasonably withheld, conditioned or delayed).

 

“Assignment and Assumption”
means an Assignment and Assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by
Section 9.04), and accepted by the Administrative Agent, substantially in the form of Exhibit A hereto (with adjustments
thereto to reflect the Classes of Commitments and/or Loans being assigned or outstanding at the time of the respective assignment) or
any other form approved by the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower.

 

“Assuming Lender”
has the meaning assigned to such term in Section 2.08(e)(i).

 

    4

     

    

 

“AUD
Screen Rate” means, with respect to any Interest Period, the average bid reference rate as administered by the Australian Financial
Markets Association (or any other Person that takes over the administration of such rate) for AUD bills of exchange with a tenor equal
in length to such Interest Period, displayed on page BBSY of the Reuters screen (or, in the event such rate does not appear on such
Reuters page, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such
other information service that publishes such rate as shall be selected by the Administrative Agent from time to time in its reasonable
discretion) at or about 11:00 a.m. (Sydney, Australia time) on the day that is two (2) Business Days prior to the first day
of such Interest Period (or if such Interest Period is not equal to a number of months, for a term equivalent to the number of months
closest to such Interest Period); provided that, if the rate determined in accordance with this definition shall be less
than zero, such rate shall be deemed to be zero for purposes of this definition.

 

“Australian Dollars”
means the lawful currency of The Commonwealth of Australia.

 

“Availability Period”
means the period from and including the Effective Date to but excluding the earlier of (x) the Commitment Termination Date and (y) the
date of the termination of all Commitments in accordance with this Agreement.

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if the then-current Benchmark
is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (b) otherwise,
any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Agreement as of such date
and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest
Period” pursuant to clause (f) of Section 2.13.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected
Financial Institution.

 

    5

     

    

 

 

“Bail-In Legislation”
means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament
and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from
time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of
the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United
Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other
than through liquidation, administration or other insolvency proceedings).

 

“Basel III”
means the agreements on capital requirements, leverage ratio and liquidity standards contained in “Basel III: A global regulatory
framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement,
standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published
by the Basel Committee on Banking Supervision on December 16, 2010, each as amended, supplemented or restated.

 

“Benchmark”
means, initially, with respect to (a) Sterling or Japanese Yen, the Daily Simple RFR for the applicable Currency, and (b) any
other Currency, the applicable Relevant Rate; provided that, if a replacement of the Benchmark has occurred pursuant to Section 2.13(c),
then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such
prior benchmark rate. Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation
thereof.

 

“Benchmark Replacement”
means, for any Available Tenor, the sum of: (a) the alternate benchmark rate and (b) an adjustment (which may be a positive
or negative value or zero), in each case, that has been selected by the Administrative Agent and the Borrower as the replacement for such
Available Tenor of such Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable
recommendations made by the Relevant Governmental Body, for syndicated credit facilities denominated in the applicable Currency at such
time; provided that, if the Benchmark Replacement as determined pursuant to this definition would be less than the Floor, the Benchmark
Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents; provided further that, notwithstanding
anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Transition Event, and the
delivery of a Term SOFR Notice, on its related Term SOFR Transition Event Effective Date, the “Benchmark Replacement” shall
be deemed to be the Adjusted Term SOFR.

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement or Daily Simple RFR, any technical, administrative or operational
changes (including changes to the definition of “Adjusted Term SOFR”, the definition of “Alternate Base Rate”,
the definition of “Business Day”, the definition of “Daily Compounded SOFR”, the definition of “Daily Simple
RFR” (or any component thereof), the definition of “Interest Period” or any similar or analogous definition (or the
addition of a concept of “interest period”), the definition of “RFR Business Day”, the definition of “RFR
Rate Day”, the definition of “RFR Reference Day”, the definition of “U.S. Government Securities Business Day”,
timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation
notices, the applicability and length of lookback periods, the applicability of breakage provisions, the formula for calculating any successor
rates identified pursuant to the definition of “Daily Simple RFR” and other technical, administrative or operational matters)
that the Administrative Agent (after consultation with the Borrower) decides in its reasonable discretion may be appropriate to reflect
the adoption and implementation of such Benchmark Replacement or Daily Simple RFR or to permit the administration thereof by the Administrative
Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion
of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration
of such Benchmark Replacement or Daily Simple RFR exists, in such other manner of administration as the Administrative Agent decides is
reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

 

    6 

     

    

 

“Benchmark
Transition Event” means, with respect to any then-current Benchmark, the occurrence of a public statement or publication
of information by or on behalf of the administrator of such Benchmark, the regulatory supervisor for the administrator of such Benchmark,
the Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a
resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution
authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease on
a specified date to provide all Available Tenors of such Benchmark, permanently or indefinitely; provided that, at the time of
such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark
or (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality
that such Benchmark is intended to measure and that representativeness will not be restored.

 

“Beneficial Ownership
Certification” means a certification regarding a beneficial ownership required by the Beneficial Ownership Regulation.

 

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

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise
for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

 

“Board” means
the Board of Governors of the Federal Reserve System of the United States of America (or any successor thereof).

 

“Board of Directors”
means, with respect to any Person, (a) in the case of any corporation, the board of directors of such Person, (b) in the case
of any limited liability company, the board of managers of such Person, or if there is none, the managing member of such Person or the
Board of Directors of the managing member of such Person, (c) in the case of any partnership, the general partner or the Board of
Directors of the general partner of such Person and (d) in any other case, the functional equivalent of the foregoing.

 

    7 

     

    

 

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

 

“Borrower Net Worth”
means, as of any date of determination, (a) Total Assets as of such date minus (b) the sum of (i) Total Assets Concentration
Limitation as of such date plus (ii) Total Secured Debt as of such date.

 

“Borrowing”
means (a) all Syndicated ABR Loans of the same Class made, converted or continued on the same date, (b) if the then-current
Benchmark is Daily Compounded SOFR, all SOFR Loans of the same Class made, converted or continued on the same date, (c) all
Eurocurrency Loans of the same Class denominated in the same Currency that have the same Interest Period, (d) if the then-current
Benchmark is Adjusted Term SOFR, all SOFR Loans of the same Class that have the same Interest Period or (e) all RFR Loans of
the same Class denominated in the same Currency that have the same Interest Period.

 

“Borrowing Base”
has the meaning assigned to such term in Section 5.13.

 

“Borrowing Base Certificate”
means a certificate of a Financial Officer of the Borrower, substantially in the form of Exhibit B (or such other form as
shall be reasonably acceptable to the Administrative Agent) and appropriately completed.

 

“Borrowing Base Deficiency”
means, at any date on which the same is determined, the amount, if any, that (a) the aggregate Covered Debt Amount as of such date
exceeds (b) the Borrowing Base as of such date.

 

“Borrowing Request”
means a request by the Borrower for a Syndicated Borrowing in accordance with Section 2.03, which, if in writing, shall be
substantially in the form of Exhibit C (or such other form as shall be reasonably acceptable to the Administrative Agent).

 

“Business Day”
means any day (a) that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required
by law to remain closed, (b) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation
or conversion of or into, or the Interest Period for, any Borrowing denominated in any Foreign Currency, or to a notice by the Borrower
with respect to any such borrowing, continuation, conversion, payment, prepayment or Interest Period, that is also a day on which commercial
banks and the London foreign exchange market settle payments in the Principal Financial Center for such Foreign Currency, (c) if
such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation or conversion of or into, or
the Interest Period for, any Borrowing denominated in Euros, or to a notice by the Borrower with respect to any such borrowing, continuation,
conversion, payment, prepayment or Interest Period, that is also a day on which the TARGET2 payment system is open for the settlement
of payments in Euros, and (d) when used in relation to RFR Loans or any interest rate settings, fundings, disbursements, settlements
or payments of any such RFR Loan, or any other dealings in the applicable Currency of such RFR Loan, the term “Business Day”
shall also exclude any day that is not an RFR Business Day for such Currency.

 

“Calculation Amount”
means, as of the end of any Testing Period, an amount equal to the greater of: (a) the amount equal to (i) 125% of the Adjusted
Covered Debt Balance (as of the end of such Testing Period) minus (ii) the aggregate Value of all Quoted Investments included
in the Borrowing Base (as of the end of such Testing Period), and (b) 10% of the aggregate Value of all Unquoted Investments included
in the Borrowing Base (as of the end of such Testing Period); provided that in no event shall more than 25% (or, if clause (b) applies,
10%, or as near thereto as reasonably practicable) of the aggregate Value of all Unquoted Investments included in the Borrowing Base be
subject to testing by the Administrative Agent pursuant to Section 5.12(b)(ii)(E) in respect of any applicable Testing
Period.

 

    8 

     

    

 

“CAM Exchange”
means the exchange of the Lenders’ interests provided for in Article VII.

 

“CAM Exchange Date”
means the first date on which (a) any Event of Default referred to in clause (i) or (j) of Article VII
shall occur or (b) an acceleration of Loans pursuant to Article VII.

 

“CAM Percentage”
means, as to each Lender, a fraction, expressed as a decimal, of which (a) the numerator shall be the aggregate Dollar Equivalent
of the Designated Obligations owed to such Lender (whether or not at the time due and payable) immediately prior to the CAM Exchange Date
and (b) the denominator shall be the aggregate Dollar Equivalent amount of the Designated Obligations owed to all the Lenders (whether
or not at the time due and payable) immediately prior to the CAM Exchange Date.

 

“Canadian Dollars”
means the lawful money of Canada.

 

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

 

“Capital Stock”
of any Person means any and all shares of corporate stock (however designated) of, and any and all other Equity Interests and participations
representing ownership interests (including membership interests and limited liability company interests) in, such Person.

 

“Cash” means
any immediately available funds in Dollars or in any currency other than Dollars (measured in terms of the Dollar Equivalent thereof)
which is a freely convertible currency.

 

“Cash Collateralize”
means, in respect of a Letter of Credit or any obligation hereunder, to provide and pledge immediately available funds as cash collateral
pursuant to Section 2.05(k), into a Letter of Credit Collateral Account maintained on behalf of the Administrative Agent and
each Issuing Bank. “Cash Collateral” and “Cash Collateralization” shall have meanings correlative
to the foregoing and shall include the proceeds of such cash collateral and other credit support.

 

    9 

     

    

 

“Cash Equivalents”
means investments (other than Cash) that are one or more of the following obligations:

 

(a)            U.S.
Government Securities, in each case maturing within one year from the date of acquisition thereof;

 

(b)            investments
in commercial paper or other short-term corporate obligations maturing within 270 days from the date of acquisition thereof and having,
at such date of acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody’s (or if only one
of S&P or Moody’s provides such rating, such investment shall also have an equivalent credit rating from any other rating agency);

 

(c)            investments
in certificates of deposit, bankers’ acceptances and time deposits maturing within 180 days from the date of acquisition thereof
(i) issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial
bank organized under the laws of the United States of America or any State thereof or under the laws of the jurisdiction or any constituent
jurisdiction thereof in which the Principal Financial Center in respect of any Agreed Foreign Currency is located; provided that
such certificates of deposit, banker’s acceptances and time deposits are held in a securities account (as defined in the Uniform
Commercial Code) through which the Collateral Agent can perfect a security interest therein and (ii) having, at such date of
acquisition, a credit rating of at least A-1 from S&P and at least P-1 from Moody’s (or if only one of S&P or Moody’s
provides such rating, such investment shall also have an equivalent credit rating from any other rating agency);

 

(d)            fully
collateralized repurchase agreements with a term of not more than 30 days from the date of acquisition thereof for U.S. Government Securities
and entered into with (i) a financial institution satisfying the criteria described in clause (c) of this definition
or (ii) an Approved Dealer having (or being a member of a consolidated group having) at such date of acquisition, a credit rating
of at least A-1 from S&P and at least P-1 from Moody’s (or if only one of S&P or Moody’s provides such rating,
such Approved Dealer shall also have an equivalent credit rating from any other rating agency); and

 

(e)            investments
in (x) money market funds that invest, and which are restricted by their respective charters to invest, substantially all of their
assets in investments of the type described in the immediately preceding clauses (a) through (d) above (including
as to credit quality and maturity);

 

provided
that (i) in no event shall Cash Equivalents include any obligation that provides for the payment of interest alone (for example,
interest-only securities or “IOs”); (ii) if any of Moody’s or S&P changes its rating system, then any ratings
included in this definition shall be deemed to be an equivalent rating in a successor rating category of Moody’s or S&P, as
the case may be; (iii) Cash Equivalents (other than U.S. Government Securities, certificates of deposit, repurchase agreements or
the money market funds) shall not include any such investment of more than 10% of total assets of the Obligors in any single issuer;
and (iv) in no event shall Cash Equivalents include any obligation that is not denominated in Dollars or an Agreed Foreign Currency.

 

“CDOR Screen Rate”
means, with respect to any Interest Period (other than a period of six months’ duration), the rate per annum equal to the average
of the annual yield rates applicable to Canadian Dollar bankers’ acceptances at or about 10:15 a.m. (Toronto, Ontario time)
on the day that is two (2) Business Days prior to the first day of such Interest Period as reported on the “CDOR Page”
(or any display substituted therefor) of Reuters Monitor Money Rates Service (or such other page or commercially available source
displaying Canadian interbank bid rates for Canadian Dollar bankers’ acceptances as may be designated by the Administrative Agent
from time to time) for a term equivalent to such Interest Period (or if such Interest Period is not equal to a number of months, for a
term equivalent to the number of months closest to such Interest Period); provided that if the CDOR Screen Rate is less than zero,
such rate shall be zero for purposes of this Agreement.

 

    10 

     

    

 

“Change in Control”
the Investment Adviser shall fail to be a direct or indirect Subsidiary of Morgan Stanley.

 

“Change in Law”
means the occurrence, after the Effective Date (or with respect to a Person becoming a Lender by assignment or joinder after the Effective
Date, the effective date thereof), of (a) the adoption of any law, treaty or governmental rule or regulation or any change in
any law, treaty or governmental rule or regulation or in the interpretation, administration or application thereof (regardless of
whether the underlying law, treaty or governmental rule or regulation was issued or enacted prior to the Effective Date), but excluding
proposals thereof, or any determination of a court or Governmental Authority, (b) any guideline, request or directive by any Governmental
Authority (whether or not having the force of law) or any implementation rules or interpretations of previously issued guidelines,
requests or directives, in each case that is issued or made after the Effective Date (or with respect to a Person becoming a Lender by
assignment or joinder after the date of this Agreement, the effective date thereof) or (c) compliance by any Lender (or its applicable
lending office) or any company controlling such Lender with any guideline, request or directive regarding capital adequacy or liquidity
(whether or not having the force of law) of any such Governmental Authority, in each case adopted after the Effective Date (or with respect
to a Person becoming a Lender by assignment or joinder after the date of this Agreement, the effective date thereof). For the avoidance
of doubt, all requests, rules, guidelines or directives concerning liquidity and capital adequacy issued (i) by any United States
regulatory authority under or in connection with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act and
(ii) in connection with the implementation of the recommendations of the Bank for International Settlements or the Basel Committee
on Banking Regulations and Supervisory Practices (or any successor or similar authority), in each case pursuant to Basel III, shall in
each case be deemed to be a “Change in Law”, regardless of the date adopted, issued, promulgated or implemented.

 

“Class”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans constituting such Borrowing, are Syndicated
Dollar Loans or Syndicated Multicurrency Loans; when used in reference to any Lender, refers to whether such Lender is a Dollar Lender
or a Multicurrency Lender; and, when used in reference to any Commitment, refers to whether such Commitment is a Dollar Commitment or
a Multicurrency Commitment. The “Class” of a Letter of Credit refers to whether such Letter of Credit is a Dollar Letter
of Credit or a Multicurrency Letter of Credit.

 

    11 

     

    

 

“Code” means
the Internal Revenue Code of 1986, as amended from time to time.

 

“Collateral”
has the meaning assigned to such term in the Guarantee and Security Agreement.

 

“Collateral Agent”
means ING in its capacity as Collateral Agent under the Guarantee and Security Agreement, and includes any successor Collateral Agent
thereunder.

 

“Collateral
Pool” means, at any time, each Portfolio Investment that has been Delivered (as defined in the Guarantee and Security
Agreement) to the Collateral Agent and is subject to the Lien of the Guarantee and Security Agreement, and then only for so long as
such Portfolio Investment continues to be Delivered as contemplated therein and in which the Collateral Agent has a first-priority
perfected Lien as security for the Secured Obligations (as defined in the Guarantee and Security Agreement) (subject to any Lien
permitted by Section 6.02 hereof), provided that in the case of any Portfolio Investment in which the Collateral Agent has a
first-priority perfected (other than, for a period of up to 7 days (or such longer period up to thirty (30) days as the
Administrative Agent and the Collateral Agent may agree in their respective sole discretion), customary rights of setoff,
banker’s lien, security interest or other like right upon deposit accounts and securities accounts of such Obligor in which
such Portfolio Investments are held) security interest pursuant to a valid Uniform Commercial Code filing (and for which no other
method of perfection with a higher priority is possible to the extent such other method is required to be followed pursuant to the
Guarantee and Security Agreement), such Portfolio Investment may be included in the Borrowing Base so long as all remaining actions
to complete “Delivery” are satisfied in full within 7 days of such inclusion (or such longer period up to thirty (30)
days as the Administrative Agent and the Collateral Agent may agree in their respective sole discretion).

  

“Combined Debt Amount”
means, as of any date, (i) the aggregate Commitments as of such date (or, if greater, the Revolving Credit Exposures of all Lenders
as of such date) plus (ii) the aggregate amount of outstanding Designated Indebtedness (as such term is defined in the Guarantee
and Security Agreement) and, without duplication, the aggregate amount of unused commitments under any Designated Indebtedness (as such
term is defined in the Guarantee and Security Agreement).

 

“Commitment Increase”
has the meaning assigned to such term in Section 2.08(e)(i).

 

“Commitment Increase
Date” has the meaning assigned to such term in Section 2.08(e)(i).

 

“Commitment Termination
Date” means February 1, 2026, as such date may be extended upon the consent of each affected Lender.

 

“Commitments”
means, collectively, the Dollar Commitments and the Multicurrency Commitments.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise
Taxes or branch profits Taxes.

 

    12 

     

    

 

“Consolidated Asset
Coverage Ratio” means the ratio, determined on a consolidated basis for Borrower and its Subsidiaries, without duplication,
of (a) the value of total assets of the Borrower and its Subsidiaries, less all liabilities and indebtedness not represented by senior
securities to (b) the aggregate amount of senior securities representing indebtedness of Borrower and its Subsidiaries (including
this Agreement), in each case as determined pursuant to the Investment Company Act and any orders of the Securities and Exchange Commission
issued to or with respect to Borrower thereunder, including any exemptive relief granted by the Securities and Exchange Commission with
respect to the indebtedness of any SBIC Subsidiary or otherwise (including, for the avoidance of doubt, any exclusion of such indebtedness
in the foregoing calculation).

 

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

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto; provided, however, “Control” shall not include “negative” control or “blocking”
rights whereby action cannot be taken without the vote or consent of any Person.

 

“Covered Debt Amount”
means, on any date, the sum of (x) all of the Revolving Credit Exposures of all Lenders on such date plus (y) the aggregate
amount of Other Covered Indebtedness (including Permitted Convertible Indebtedness constituting Special Unsecured Shorter-Term Indebtedness
or Unsecured Shorter-Term Indebtedness) on such date minus (z) the LC Exposures fully Cash Collateralized on such date pursuant
to Section 2.05(k) and the last paragraph of Section 2.09(a); provided that the Permitted Convertible
Indebtedness constituting Special Unsecured Shorter-Term Indebtedness or Unsecured Shorter-Term Indebtedness, Special Unsecured Longer-Term
Indebtedness, Unsecured Longer-Term Indebtedness and 50% of all then outstanding Special Unsecured Shorter-Term Indebtedness shall be
excluded from the calculation of the Covered Debt Amount until the date that is nine (9) months prior to the scheduled maturity date
of such Indebtedness (provided that to the extent, but only to the extent, any portion of any such Indebtedness is subject to a contractually
scheduled amortization payment, other principal payment or redemption (other than any conversion into Permitted Equity Interests) earlier
than the scheduled maturity date of such Indebtedness, such portion of such Indebtedness shall be included in the calculation of the Covered
Debt Amount beginning upon the date that is the later of (i) 9 months prior to such scheduled amortization payment, other principal
payment or redemption and (ii) the date the Borrower becomes aware that such Indebtedness is required to be paid or redeemed). For
the avoidance of doubt, for purposes of calculating the Covered Debt Amount, any Permitted Convertible Indebtedness that constitutes Special
Unsecured Shorter-Term Indebtedness or Unsecured Shorter-Term Indebtedness, Special Unsecured Longer-Term Indebtedness, Special Unsecured
Shorter-Term Indebtedness and Unsecured Longer-Term Indebtedness that is included in the calculation of the Covered Debt Amount at any
time will be included at the then outstanding principal balance thereof.

 

    13 

     

    

 

“Currency”
means Dollars or any Foreign Currency.

 

“Custodian Control
Agreement” has the meaning assigned to such term in Section 4.01(a)(vii).

 

“Daily
Compounded SOFR” means, for any day (a “SOFR Rate Day”), a rate per annum equal to the sum of (a) SOFR
for the day (such day “i”) that is five (5) U.S. Government Securities Business Days prior to (i) if such
SOFR Rate Day is a U.S. Government Securities Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government
Securities Business Day, the U.S. Government Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR
is published by the SOFR Administrator on the SOFR Administrator’s Website (the “Daily Compounded SOFR Screen Rate”),
plus (b) the SOFR Adjustment; provided that if Daily Compounded SOFR as so determined shall ever be less than the Floor, then
Daily Compounded SOFR shall be deemed to be the Floor. If by 5:00 p.m. (New York City time) on the second (2nd) U.S. Government
Securities Business Day immediately following any day “i”, the SOFR in respect of such day “i” has
not been published on the SOFR Administrator’s Website and a replacement of Daily Compounded SOFR has not occurred pursuant to Section 2.13(c),
then the SOFR for such day “i” will be the SOFR as published in respect of the first preceding U.S. Government Securities
Business Day for which such SOFR was published on the SOFR Administrator’s Website; provided that any SOFR determined pursuant
to this sentence shall be utilized for purposes of calculation of Daily Compounded SOFR for no more than three (3) consecutive SOFR
Rate Days. Any change in Daily Compounded SOFR due to a change in SOFR shall be effective from and including the effective date of such
change in SOFR without notice to the Borrower. All interest hereunder on any Loan computed by reference to Daily Compounded SOFR shall
be computed in the manner described in Section 2.12(g).

 

“Daily Simple RFR”
means, for any day (an “RFR Rate Day”), an interest rate per annum equal to for any RFR Loan denominated in (a) Sterling,
the greater of (i) SONIA for the day (the “RFR Reference Day”) that is 5 Business Days prior to (A) if such
RFR Rate Day is a Business Day, such RFR Rate Day or (B) if such RFR Rate Day is not a Business Day, the Business Day immediately
preceding such RFR Rate Day and (ii) 0.00%; and (b) Japanese Yen, the greater of (i) TONA for the RFR Reference Day for
such RFR Rate Day and (ii) 0.00%. Any change in Daily Simple RFR due to a change in the applicable RFR Rate shall be effective from
and including the effective date of such change in such RFR Rate without notice to the Borrower.

 

“Debtor Relief Laws”
means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or
other applicable jurisdictions from time to time in effect.

 

“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default.

 

    14 

     

    

 

“Defaulting
Lender” means, subject to Section 2.19(b), any Lender that (a) has failed to (i) fund all or any
portion of its Loans or participations in Letters of Credit within two Business Days of the date such Loans were required to be
funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of
such Lender’s reasonable determination that one or more conditions precedent to funding (each of which conditions precedent,
together with the applicable default, if any, shall be specifically identified in detail in such writing) has not been satisfied or
has not otherwise been waived in accordance with the terms of this Agreement or (ii) pay to the Administrative Agent, any
Issuing Bank or any Lender any other amount required to be paid by it hereunder (including in respect of its participation in
Letters of Credit) within two Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or
any Issuing Bank in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement
to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and
states that such position is based on such Lender’s commercially reasonable determination that a condition precedent to
funding (which condition precedent, together with the applicable default, if any, shall be specifically identified in detail in such
writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the
Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with
its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause
(c) upon receipt of such written confirmation by Administrative Agent and Borrower), or (d)such Lender has become, or has a
direct or indirect Parent Company that is, (i) insolvent, or is generally unable to pay its debts as they become due, or admits
in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors,
(ii) other than via an Undisclosed Administration, the subject of a bankruptcy, insolvency, reorganization, liquidation or
similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender
or its direct or indirect Parent Company, or such Lender or its direct or indirect Parent Company has taken any action in
furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment or (iii) the subject of a
Bail-In Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of
any Equity Interest in that Lender or any direct or indirect Parent Company thereof by a Governmental Authority or instrumentality
so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within
the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such
Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such
Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to
be a Defaulting Lender (subject to Section 2.19(b)) upon such determination (and the Administrative Agent shall deliver
written notice of such determination to the Borrower, each Issuing Bank and each Lender).

  

“Designated Obligations”
means all obligations of the Borrower with respect to (a) principal of and interest on the Loans and (b) accrued and unpaid
fees under the Loan Documents.

 

“Disposition”
or “Dispose” means the sale, transfer (including a deemed transfer resulting from a division or plan of division),
license, lease or other disposition (including any sale and leaseback transaction) of any property by any Person (or the granting of any
option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal, with or without recourse,
of any notes or accounts receivable or any rights and claims associated therewith; provided that the term “Disposition”
or “Dispose” shall not include the disposition of Investments originated by the Borrower and immediately transferred to a
Financing Subsidiary pursuant to a transaction not prohibited hereunder.

 

    15 

     

    

 

“Dollar Commitment”
means, with respect to each Dollar Lender, the commitment of such Dollar Lender to make Syndicated Loans, and to acquire participations
in Letters of Credit, denominated in Dollars hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s
Revolving Dollar Credit Exposure hereunder, as such commitment may be (a) reduced or increased from time to time pursuant to Section 2.08
or as otherwise provided in this Agreement and (b) reduced or increased from time to time pursuant to assignments by or to such Lender
pursuant to Section 9.04. The initial amount of each Lender’s Dollar Commitment is set forth on Schedule 1.01(b),
or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Dollar Commitment, as applicable. The aggregate
amount of the Lenders’ Dollar Commitments as of the Effective Date is $0.

 

“Dollar Equivalent”
means, on any date of determination, with respect to an amount denominated in any Foreign Currency, the amount of Dollars that would
be required to purchase such amount of such Foreign Currency on the date two Business Days prior to such date, based upon the spot selling
rate at which the Administrative Agent or the applicable Issuing Bank, as applicable, offers to sell such Foreign Currency for Dollars
in the Principal Financial Center for such Foreign Currency at approximately 11:00 a.m., London time, for delivery two Business
Days later; provided that the Administrative Agent or such Issuing Bank, as applicable, may obtain such spot rate from another
financial institution designated by the Administrative Agent or such Issuing Bank if the Person acting in such capacity does not have
as of the date of determination a spot buying rate for any such currency; and provided further that such Issuing Bank
may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Letters of Credit denominated
in any Agreed Foreign Currency.

 

“Dollar LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Dollar Letters of Credit at such time plus
(b) the aggregate amount of all LC Disbursements in respect of such Letters of Credit that have not yet been reimbursed by or on
behalf of the Borrower at such time. The Dollar LC Exposure of any Lender at any time shall be its Applicable Dollar Percentage of the
total Dollar LC Exposure at such time. For all purposes of this Agreement, if on any date of determination a Dollar Letter of Credit has
expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the International Standby
Practices, such Dollar Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

 

“Dollar Lender”
means the Persons listed on Schedule 1.01(b) as having Dollar Commitments and any other Person that shall have become
a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Dollar Commitment or to acquire Revolving Dollar
Credit Exposure, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption or otherwise.

 

“Dollar Letters of
Credit” means Letters of Credit that utilize the Dollar Commitments.

 

“Dollar Loan”
means a Loan denominated in Dollars made under the Dollar Commitments.

 

“Dollars”
or “$” refers to lawful money of the United States of America.

 

    16 

     

    

 

“Early Opt-in Election”
means:

 

(a)            in
the case of a Benchmark Replacement in respect of Loans denominated in Dollars, the occurrence of:

 

(i)            (x) a
determination by the Administrative Agent, (y) a notification by the Required Lenders to the Administrative Agent (with a copy to
the Borrower) that the Required Lenders have determined or (z) a request by the Borrower to the Administrative Agent to notify each
of the other parties hereto that the Borrower has determined that at least five (5) currently outstanding syndicated credit facilities
denominated in Dollars being executed at such time (as a result of amendment or as originally executed), or that include language similar
to that contained in Section 2.13(c) are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest
rate to replace the applicable Benchmark, and

 

(ii)            (x) the
joint election by the Administrative Agent and the Borrower to trigger a fallback from the then-current Benchmark and the provision by
the Administrative Agent of written notice of such election to the Lenders or (y) the joint election by the Required Lenders and
the Borrower to trigger a fallback from the then-current Benchmark and the provision, if applicable, by the Required Lenders and the Borrower
of written notice of such election to the Administrative Agent; and

 

(b)            in
the case of a Benchmark Replacement in respect of Loans denominated in any Agreed Foreign Currency, the occurrence of:

 

(i)            (x) a
determination by the Administrative Agent, (y) a notification by the Required Multicurrency Lenders to the Administrative Agent (with
a copy to the Borrower) that the Required Multicurrency Lenders have determined or (z) a request by the Borrower to the Administrative
Agent to notify each of the other parties hereto that the Borrower has determined that at least five (5) currently outstanding syndicated
credit facilities denominated in the applicable Agreed Foreign Currency being executed at such time (as a result of amendment or as originally
executed), or that include language similar to that contained in Section 2.13(c) are being executed or amended, as applicable,
to incorporate or adopt a new benchmark interest rate to replace the applicable Benchmark, and

 

(ii)            (x) the
joint election by the Administrative Agent and the Borrower to trigger a fallback from the then-current Benchmark and the provision by
the Administrative Agent of written notice of such election to the Lenders or (y) the joint election by the Required Multicurrency
Lenders and the Borrower to trigger a fallback from the then-current Benchmark and the provision, if applicable, by the Required Multicurrency
Lenders and the Borrower of written notice of such election to the Administrative Agent.

 

“EBITDA”
means the consolidated net income of the applicable Person (excluding extraordinary, unusual or non-recurring gains and extraordinary
losses (to the extent excluded in the definition of “EBITDA” (or similar defined term used for the purposes contemplated herein)
in the relevant agreement relating to the applicable Portfolio Investment)) for the relevant period plus, without duplication, the following
to the extent deducted in calculating such consolidated net income in the relevant agreement relating to the applicable Portfolio Investment
for such period: (i) consolidated interest charges for such period, (ii) the provision for federal, state, local and foreign
income taxes payable for such period, (iii) depreciation and amortization expense for such period, (iv) such other adjustments
included in the definition of “EBITDA” (or similar defined term used for the purposes contemplated herein) in the relevant
agreement relating to the applicable Portfolio Investment, provided that such adjustments are usual and customary and substantially comparable
to market terms for substantially similar debt of other similarly situated borrowers at the time such relevant agreements are entered
into, as reasonably determined in good faith by the Borrower, and (v) any other item the Borrower and the Administrative Agent mutually
agree in writing (which may be by email) to be appropriate.

 

    17 

     

    

 

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

 

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

 

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

 

“Effective Date”
means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02),
which date is February 1, 2022.

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests in a trust
or other equity ownership interests or equivalents (however designated, including any instrument treated as equity for U.S. federal income
Tax purposes) in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity
interest. As used in this Agreement, “Equity Interests” shall not include convertible debt unless and until such debt has
been converted to any of the foregoing.

 

“ERISA” means
the U.S. Employee Retirement Income Security Act of 1974, and the rules and regulations promulgated thereunder, each as amended or
modified from time to time.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or
(c) of the Code, or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer
under Section 414 of the Code.

 

    18 

     

    

 

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with
respect to a Plan (other than an event for which the 30-day notice period is waived); (b) any failure by any Plan to satisfy the
minimum funding standard (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan; (c) the
filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum
funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under
Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC
or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any
Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial
withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt
by any Multiemployer Plan from the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or
a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA.

 

“Erroneous Payment”
has the meaning assigned to it in Section 8.09(a).

 

“Erroneous Payment
Deficiency Assignment” has the meaning assigned to it in Section 8.09(d).

 

“Erroneous Payment
Impacted Class” has the meaning assigned to it in Section 8.09(d).

 

“Erroneous Payment
Return Deficiency” has the meaning assigned to it in Section 8.09(d).

 

“Erroneous Payment
Subrogation Rights” has the meaning assigned to it in Section 8.09(d).

 

“Escrow Agent”
means the person or entity designated by the Administrative Agent to be the escrow agent pursuant to the Escrow Agreement.

 

“Escrow Agreement”
means the escrow agreement acceptable in form and substance reasonably satisfactory to the Borrower and the Administrative Agent with
respect to the Letter of Credit Collateral Account.

 

“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in
effect from time to time.

 

“EURIBO
Screen Rate” means, for any Interest Period, in the case of any Eurocurrency Borrowing denominated in Euros, the European interbank
offered rate administered by the European Money Markets Institute (or the successor thereto if the European Money Markets Institute
is no longer making such rates available) per annum for deposits in Euro for a period equal to the Interest Period appearing on the display
designated as Reuters Screen EURIBOR01 Page (or such other page on that service or such other service designated by the European
Money Markets Institute (or the successor thereto if the European Money Markets Institute is no longer making such rates available) for
the display of the European Money Markets Institute’s Interest Settlement Rates for deposits in Euro) or, in the event such rate
does not appear on such Reuters page, on the appropriate page of such other information service that publishes such rate as shall
be selected by the Administrative Agent from time to time in its reasonable discretion, as of 11:00 a.m. Brussels time two TARGET
Days prior to the first day of the Interest Period; provided that, if the EURIBO Screen Rate so determined would be less than zero, such
rate shall be deemed to be zero for purposes of this Agreement.

 

    19 

     

    

  

“Euro” means
the lawful currency of the member states of the European Union that have adopted and retained a common single currency through monetary
union in accordance with European Union treaty law, as such treaty law is amended from time to time.

 

“Eurocurrency”,
when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting such Borrowing are, bearing
interest at a rate determined by reference to the EURIBO Screen Rate, AUD Screen Rate, CDOR Screen Rate or NZD Screen Rate.

 

“Event of Default”
has the meaning assigned to such term in Article VII.

 

“Excluded Taxes”
means any of the following Taxes imposed on or with respect to, or required to be withheld or deducted from a payment to, the Administrative
Agent, any Lender, any Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Borrower
hereunder, (a)  Taxes imposed on (or measured by) its net income (however denominated), franchise Taxes, and branch profits
Taxes, in each case, (i) imposed as a result of such recipient being organized under the laws of, or having its principal office
or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision
thereof) or (ii) that are Other Connection Taxes, (b) in the case of a Lender, any U.S. federal withholding Taxes imposed on
amounts payable to or for the account of such Lender with respect to an applicable interest in the Loans or Commitments pursuant to a
law in effect on the date on which (i) at the time such Lender (other than an assignee pursuant to a request by the Borrower under
Section 2.18(b)) acquires such interest in the Loans or Commitments or (ii) such Lender changes its lending office, except
in each case to the extent that, pursuant to Section 2.16, amounts with respect to such Taxes were payable either to such
Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending
office, (c) Taxes attributable to such Lender’s, Administrative Agent’s, any Issuing Bank’s or any other recipient’s
failure to comply with Section 2.16(f), and (d) any withholding Tax that is imposed pursuant to FATCA.

 

“Extraordinary Receipts”
means any cash received by or paid to any Obligor on account of any foreign, United States, state or local Tax refunds, pension plan reversions,
judgments, proceeds of settlements or other consideration of any kind in connection with any cause of action, condemnation awards (and
payments in lieu thereof), indemnity payments received not in the ordinary course of business and any purchase price adjustment received
not in the ordinary course of business in connection with any purchase agreement and proceeds of insurance (excluding, however, for the
avoidance of doubt, proceeds of any issuance of Equity Interests and issuances of Indebtedness by any Obligor); provided that Extraordinary
Receipts shall not include any (x) amounts that the Borrower receives from the Administrative Agent or any Lender pursuant to Section 2.16(g),
or (y) cash receipts to the extent received from proceeds of insurance, condemnation awards (or payments in lieu thereof), indemnity
payments or payments in respect of judgments or settlements of claims, litigation or proceedings to the extent that such proceeds, awards
or payments are received by any Person in respect of any unaffiliated third party claim against or loss by such Person and promptly applied
to pay (or to reimburse such Person for its prior payment of) such claim or loss and the costs and expenses of such Person with respect
thereto.

 

    20 

     

    

 

“FATCA”
means Section 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or
regulatory legislation or rules adopted pursuant to any published intergovernmental agreement, treaty or convention among
Governmental Authorities entered into in connection with the implementation of the foregoing.

 

“FCA” has
the meaning assigned to such term in Section 1.09.

 

“Federal Funds Effective
Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight
Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary,
to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal
funds brokers of recognized standing selected by it; provided that if the Federal Funds Effective Rate is less than zero, such rate shall
be zero for purposes of this Agreement.

 

“Fee Letter”
means that certain Fee Letter, dated as of January 18, 2022, by and between ING and the Borrower.

 

“Final Maturity Date”
means February 1, 2027.

 

“Financial Officer”
means the chief financial officer, principal accounting officer, treasurer or controller of the Borrower.

 

“Financing Subsidiary”
means an SPE Subsidiary or an SBIC Subsidiary.

 

“Floor” means
the greater of (a) 0% and (b) the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of
this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to any applicable Benchmark (including
any component thereof).

 

“Foreign Currency”
means at any time any currency other than Dollars.

 

“Foreign Currency Equivalent”
means, with respect to any amount in Dollars, the amount of any Foreign Currency that could be purchased with such amount of Dollars using
the reciprocal of the foreign exchange rate(s) specified in the definition of the term “Dollar Equivalent”, as determined
by the Administrative Agent.

 

“Foreign Lender”
means any Lender that is not a “United States person” as defined under Section 7701(a)(30) of the Code.

 

    21 

     

    

 

“Foreign Subsidiary”
means any (a) direct or indirect Subsidiary of the Borrower which is a “controlled foreign corporation” within the meaning
of the Code, (b) direct or indirect Subsidiary that is disregarded as an entity that is separate from its owner for United States
federal income tax purposes and substantially all of its assets consist of the Capital Stock of one or more Foreign Subsidiaries or (c) direct
or indirect Subsidiary substantially all the assets of which consist of Equity Interests in “controlled foreign corporations”
within the meaning of the Code.

 

“Fronting Exposure”
means, at any time there is a Defaulting Lender, with respect to any Issuing Bank, such Defaulting Lender’s (a) Applicable
Dollar Percentage of the outstanding Dollar LC Exposure and (b) Applicable Multicurrency Percentage of the outstanding Multicurrency
LC Exposure, in each case with respect to Letters of Credit issued by such Issuing Bank other than Dollar LC Exposure or Multicurrency
LC Exposure, as the case may be, as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders
or Cash Collateralized in accordance with the terms hereof.

 

“GAAP” means
generally accepted accounting principles in the United States of America.

 

“Governmental Authority”
means the government of the United States of America, or of any other nation, or any political subdivision thereof, whether state or local,
and any agency, authority, instrumentality,  regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national body exercising
such powers or functions, such as the European Union or the European Central Bank).

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor
guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the
 “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the
guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such
Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment
thereof, (b) to purchase or lease property securities or services for the purpose of assuring the owner of such Indebtedness or
other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement
condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or
(d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or
obligation; provided that the term Guarantee shall not include (i) endorsements for collection or deposit in the
ordinary course of business or (ii) customary indemnification agreements entered into in the ordinary course of business,
provided that such indemnification obligations are unsecured, such Person has determined that liability thereunder is remote and
such indemnification obligations are not the functional equivalent of the guaranty of a payment obligation of the primary
obligor.

 

“Guarantee and Security
Agreement” means that certain Guarantee and Security Agreement dated as of the Effective Date among the Borrower, the Administrative
Agent, each Subsidiary of the Borrower from time to time party thereto, each holder (or an authorized agent, representative or trustee
therefor) from time to time of any Secured Longer-Term Indebtedness or Secured Shorter-Term Indebtedness, and the Collateral Agent, as
the same may be amended, restated, amended and restated, supplemented, or otherwise modified from time to time.

 

    22 

     

    

 

“Guarantee Assumption
Agreement” means a Guarantee Assumption Agreement substantially in the form of Exhibit B to the Guarantee and Security
Agreement (or such other form as shall be reasonably acceptable to the Collateral Agent) between the Collateral Agent and an entity that
pursuant to Section 5.08 is required to become a “Subsidiary Guarantor” under the Guarantee and Security Agreement
(with such changes as the Administrative Agent shall request consistent with the requirements of Section 5.08).

 

“Hedging Agreement”
means any interest rate protection agreement, foreign currency exchange protection agreement, commodity price protection agreement, or
other interest, currency exchange rate or commodity hedging arrangement.

 

“Immaterial Subsidiaries”
means those Subsidiaries of the Borrower that are “designated” as Immaterial Subsidiaries by the Borrower from time to time
(it being understood that the Borrower may at any time change any such designation); provided that such designated Immaterial Subsidiaries
shall collectively meet all of the following criteria as of (x) the date of the designation of each such Immaterial Subsidiary and
(y) the date of the most recent balance sheet required to be delivered pursuant to Section 5.01: (a) the aggregate
assets of all such Subsidiaries and their Subsidiaries (on a consolidated basis) as of such date do not exceed an amount equal to 3% of
the consolidated assets of the Borrower and its Subsidiaries as of such date; and (b) the aggregate revenues of all such Subsidiaries
and their Subsidiaries (on a consolidated basis) for the fiscal quarter ending on such date do not exceed an amount equal to 3% of the
consolidated revenues of the Borrower and its Subsidiaries for such period. Notwithstanding the foregoing, no Immaterial Subsidiary that
is later designated as a Subsidiary Guarantor may be an Immaterial Subsidiary.

 

“Increasing Lender”
has the meaning assigned to such term in Section 2.08(e)(i).

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits,
loans or advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments
representing extensions of credit, (c) all obligations of such Person under conditional sale or other title retention
agreements relating to property acquired by such Person (excluding accounts payable and accrued expenses incurred in the ordinary
course of business), (d) all obligations of such Person in respect of the deferred purchase price of property or services
(excluding accounts payable and accrued expenses incurred in the ordinary course of business that (if owed to or by a third-party)
are not more than 90 days past due), (e) all Indebtedness of others secured by any Lien on property owned or acquired by such
Person, whether or not the Indebtedness secured thereby has been assumed (with the value of such Indebtedness being the lower of the
outstanding amount of such Indebtedness and the fair market value of the property subject to such Lien), (f) all Guarantees by
such Person of Indebtedness of others, (g) all Capital Lease Obligations of such Person, (h) all obligations, contingent
or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (i) all obligations,
contingent or otherwise, of such Person in respect of bankers’ acceptances, and (j) the net amount such Person would be
obligated for under any Hedging Agreement if such Hedging Agreement was terminated at the time of determination. The Indebtedness of
any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general
partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other
relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.
Notwithstanding the foregoing, “Indebtedness” shall not include (u) any accrued incentive, management, or other
fees to the Investment Adviser or Affiliates (regardless of any deferral in payment thereof), (v) any revolving commitments or
letters of credit for which any Obligor is acting as a lender or issuing lender, as applicable, as part of or in connection with a
Portfolio Investment, (w) any non-recourse liabilities for participations sold by any Person in any Bank Loans,
(x) escrows or purchase price holdbacks arising in the ordinary course of business in respect of a portion of the purchase
price of an asset or Investment to satisfy unperformed obligations of the seller of such asset or Investment, (y) a commitment
arising in the ordinary course of business to make a future Investment or (z) uncalled capital or other commitments of an
Obligor in Joint Venture Investments, as well as any letter or agreement requiring any Obligor to provide capital to a Joint Venture
Investment or a lender to a Joint Venture Investment.

 

    23 

     

    

 

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

 

“Independent”
when used with respect to any specified Person means that such Person (a) does not have any direct financial interest or any material
indirect financial interest in the Borrower or any of its Subsidiaries or Affiliates (including the Investment Adviser or any Affiliate
thereof) and (b) is not connected with the Borrower or of its Subsidiaries or Affiliates (including the Investment Adviser or
any Affiliate thereof) as an officer, employee, promoter, underwriter, trustee, partner, director or Person performing similar functions.

 

“Industry Classification
Group” means (a) any of the industry group classifications set forth in Schedule 1.01(c) hereto, and (b) up
to three additional industry group classifications established by the Borrower pursuant to Section 5.12.

 

“ING” means
ING Capital LLC.

 

“Interest Election
Request” means a request by the Borrower to convert or continue a Syndicated Borrowing in accordance with Section 2.07.

 

“Interest Payment Date”
means (a) with respect to any Syndicated ABR Loan, each Quarterly Date, (b) with respect to any Eurocurrency Loan or, if the
then-current Benchmark is Adjusted Term SOFR, any SOFR Loan, the last day of each Interest Period therefor and, in the case of any Interest
Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at three-month intervals
after the first day of such Interest Period and (c) with respect to any RFR Loan or, if the then-current Benchmark is Daily Compounded
SOFR, any SOFR Loan, the last day of each Interest Period therefor.

 

    24 

     

    

 

“Interest Period”
means, (a) for any Eurocurrency Loan or Eurocurrency Borrowing or, if the then-current Benchmark is Adjusted Term SOFR, any SOFR
Loan or SOFR Borrowing, the period commencing on the date of such Loan or Borrowing and ending on the numerically corresponding day
in the calendar month that is one, three or six months (other than with respect to a Eurocurrency Loan or Eurocurrency Borrowing denominated
in Canadian Dollars, which shall not be available for a period of six months’ duration) thereafter or, with respect to such portion
of any such Loan or Borrowing that is scheduled to be repaid on the Final Maturity Date, a period of less than one month’s duration
commencing on the date of such Loan or Borrowing and ending on the Final Maturity Date, as specified in the applicable Borrowing Request
or Interest Election Request and (b) for any RFR Loan or RFR Borrowing or, if the then-current Benchmark is Daily Compounded SOFR,
any SOFR Loan or SOFR Borrowing, the period commencing on the date of such Loan or Borrowing and ending on the numerically corresponding
day in the calendar month that is one month thereafter or, with respect to such portion of any such Loan or Borrowing that is scheduled
to be repaid on the Maturity Date, a period of less than one month’s duration commencing on the date of such Loan or Borrowing and
ending on the Maturity Date; provided that (i) if any Interest Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar
month, in which case such Interest Period shall end on the next preceding Business Day, and (ii) any Interest Period (other than
an Interest Period that ends on the Final Maturity Date that is permitted to be of less than with respect to any Eurocurrency Loan or
Eurocurrency Borrowing, any SOFR Loan or SOFR Borrowing or any RFR Loan or RFR Borrowing, one month’s duration, in each case, as
provided in this definition) that commences on the last Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month
of such Interest Period. For purposes hereof, the date of a Loan initially shall be the date on which such Loan is made and thereafter
shall be the effective date of the most recent conversion or continuation of such Loan, and the date of a Syndicated Borrowing comprising
Loans that have been converted or continued shall be the effective date of the most recent conversion or continuation of such Loans.

 

“Investment”
means, for any Person: (a) Equity Interests, bonds, notes, debentures or other securities of any other Person or any agreement to
acquire any Equity Interests, bonds, notes, debentures or other securities of any other Person (and any rights or proceeds in respect
of (x) any “short sale” of securities or (y) any sale of any securities at a time when such securities are not owned
by such Person); (b) deposits, advances, loans or other extensions of credit made to any other Person (including purchases of property
from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property to such Person, but excluding
any advances to employees, officers, directors, and consultants of the Borrower or any of its Subsidiaries for expenses in the ordinary
course of business); or (c) Hedging Agreements.

 

“Investment Adviser”
means MS Capital Partners Adviser Inc.

 

“Investment Company
Act” means the Investment Company Act of 1940, as amended from time to time.

 

    25 

     

    

 

 

“Investment Objectives”
means the investment objectives, policies, restrictions and limitations set forth in the “BUSINESS” section of its Registration
Statement, and as the same may be changed, altered, expanded, amended, modified, terminated or restated from time to time in accordance
with this Agreement.

 

“Issuing Bank”
means ING and any other Issuing Bank designated pursuant to Section 2.05(o), in their capacity as the issuers of Letters of
Credit hereunder, and their respective successors in such capacity as provided in Section 2.05(j). In the case of any Letter
of Credit to be issued in an Agreed Foreign Currency, such Issuing Bank may designate any of its affiliates as the “Issuing Bank”
for purposes of such Letter of Credit.

 

“Japanese Yen”
means the lawful currency of Japan.

 

“Joint Lead Arrangers”
means ING and any other Person who becomes a Joint Lead Arranger hereunder with the written consent (which may be via e-mail) of ING and
the Borrower.

 

“Joint Venture Investment”
means, with respect to any Obligor, any Investment by such Obligor in a joint venture or other investment vehicle in the form of a capital
investment, loan or other commitment in or to such joint venture or other investment vehicle pursuant to which such Obligor may be required
to provide contributions, investments, or financing to such joint venture or other investment vehicle and which Investment the Borrower
has designated as a “Joint Venture Investment”.

 

“LC Disbursement”
means a payment made by any Issuing Bank pursuant to a Letter of Credit.

 

“LC Exposure”
means, at any time, the sum of the Dollar LC Exposure and the Multicurrency LC Exposure.

 

“Lenders”
means, collectively, the Dollar Lenders and the Multicurrency Lenders.

 

“Letter of Credit”
means any letter of credit issued pursuant to this Agreement.

 

“Letter of Credit Collateral
Account” has the meaning assigned to such term in Section 2.05(k).

 

“Letter of Credit Documents”
means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees
or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the
rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for
any of such obligations, each as the same may be modified and supplemented and in effect from time to time.

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance in the form of a
security interest, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any
conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially the same
economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option,
call or similar right of a third party with respect to such securities (other than on market terms at fair value so long as in the
case of any Portfolio Investment, the Value used in determining the Borrowing Base is not greater than the purchase or call price),
except in favor of the issuer thereof (and, for the avoidance of doubt, in the case of Investments that are loans or other debt
obligations, customary restrictions on assignments or transfers thereof pursuant to the underlying documentation of such Investment
shall not be deemed to be a “Lien” and in the case of Investments that are securities, excluding customary drag-along,
tag-along, right of first refusal, restrictions on assignments or transfers, and other similar rights in favor of one or more equity
holders of the same issuer).

 

    26

     

    

 

“Loan Documents”
means, collectively, this Agreement, the Fee Letters, the Letter of Credit Documents, the Notes and the Security Documents.

 

“Loans” means
the loans made by the Lenders to the Borrower pursuant to this Agreement.

 

“Losses”
has the meaning assigned to such term in Section 9.03(b).

 

“Margin Stock”
means “margin stock” within the meaning of Regulations D, T, U and X.

 

“Material Adverse Effect”
means a material adverse effect on (a) the business, Investments and other assets, liabilities or financial condition of the
Borrower or the Borrower and its Subsidiaries (other than Financing Subsidiaries) taken as a whole (excluding in any case a decline in
the net asset value of the Borrower or a change in general market conditions or values of the Investments of the Borrower and its Subsidiaries),
or (b) the validity or enforceability of any of the Loan Documents or the rights or remedies of the Collateral Agent, the Administrative
Agent or the Lenders thereunder or the ability of the Obligor to perform their respective obligations thereunder.

 

“Material Indebtedness”
means (a) Indebtedness (other than the Loans, Letters of Credit and Hedging Agreements), of any one or more of the Borrower and its
Subsidiaries in an aggregate principal amount exceeding $20,000,000 and (b) obligations in respect of one or more Hedging Agreements
under which the maximum aggregate amount (giving effect to any netting agreements) that the Borrower and its Subsidiaries would be
required to pay if such Hedging Agreement(s) were terminated at such time would exceed $20,000,000.

 

“Maximum Rate”
has the meaning assigned to such term in Section 9.17.

 

“Minimum Collateral
Amount” means, at any time, with respect to Cash Collateral consisting of Cash or deposit account balances, an amount equal
to 102% of the Fronting Exposure of each Issuing Bank with respect to Letters of Credit issued and outstanding at such time.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

 

    27

     

    

 

“Multicurrency Commitment”
means, with respect to each Multicurrency Lender, the commitment of such Multicurrency Lender to make Syndicated Loans, and to acquire
participations in Letters of Credit, denominated in Dollars and in Agreed Foreign Currencies hereunder, expressed as an amount representing
the maximum aggregate amount of such Lender’s Revolving Multicurrency Credit Exposure hereunder, as such commitment may be (a) reduced
or increased from time to time pursuant to Section 2.08 or as otherwise provided in this Agreement and (b) reduced or
increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each
Lender’s Multicurrency Commitment is set forth on Schedule 1.01(b), or in the Assignment and Assumption pursuant to
which such Lender shall have assumed its Multicurrency Commitment, as applicable. The aggregate amount of the Lenders’ Multicurrency
Commitments as of the Effective Date is $200,000,000.

 

“Multicurrency LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Multicurrency Letters of Credit at such time plus
(b) the aggregate amount of all LC Disbursements in respect of such Letters of Credit that have not yet been reimbursed by or on
behalf of the Borrower at such time. The Multicurrency LC Exposure of any Lender at any time shall be its Applicable Multicurrency Percentage
of the total Multicurrency LC Exposure at such time. For purposes of computing the amount available to be drawn under any Multicurrency
Letter of Credit, the amount of such Multicurrency Letter of Credit shall be determined in accordance with Section 1.05. For
all purposes of this Agreement, if on any date of determination a Multicurrency Letter of Credit has expired by its terms but any amount
may still be drawn thereunder by reason of the operation of Rule 3.14 of the International Standby Practices, such Multicurrency
Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

 

“Multicurrency
Lender” means the Persons listed on Schedule 1.01(b) as having Multicurrency Commitments and any other
Person that shall have become a party hereto pursuant to an Assignment and Assumption that provides for it to assume a Multicurrency
Commitment or to acquire Revolving Multicurrency Credit Exposure, other than any such Person that ceases to be a party hereto
pursuant to an Assignment and Assumption.

 

“Multicurrency Letters
of Credit” means Letters of Credit that utilize the Multicurrency Commitments.

 

“Multicurrency Loan”
means a Loan denominated in Dollars or an Agreed Foreign Currency under the Multicurrency Commitments.

 

“Multiemployer Plan”
means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“National Currency”
means the currency, other than the Euro, of a Participating Member State.

 

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“Net Cash Proceeds”
means:

 

(a)            with
respect to any Disposition by the Borrower or any of its Subsidiaries (other than Financing Subsidiaries), or any Extraordinary Receipt
received or paid to the account of the Borrower or any of its Subsidiaries (other than Financing Subsidiaries) (in each case, which requires
a payment of the Loans under Section 2.10(d)), an amount equal to (x) the sum of Cash and Cash Equivalents received in
connection with such transaction (including any Cash or Cash Equivalents received by way of deferred payment pursuant to, or by monetization
of, a note receivable or otherwise, but only as and when so received) minus (y) the sum of (i) the principal amount of
any Indebtedness that is secured by the applicable asset and that is required to be repaid in connection with such transaction (other
than Indebtedness under the Loan Documents), (ii) Taxes paid or reasonably estimated to be actually payable within one year of the
date of the relevant transaction in connection with such transaction (after taking into account any available tax credits or deductions);
provided that, if the amount of any estimated Taxes pursuant to clause (ii) exceeds the amount of Taxes actually required
to be paid in cash in respect of such Disposition, the aggregate amount of such excess shall constitute Net Cash Proceeds (as of the date
the Borrower determines such excess exists), (iii) any reasonable costs, fees, commissions, premiums and expenses incurred by the
Borrower or any of its Subsidiaries in connection with such Disposition, and (iv) reserves for indemnification, purchase price adjustments
or analogous arrangements reasonably estimated by the Borrower or the relevant Subsidiary in connection with such Disposition; provided,
that (A) for purposes of this clause (iv), such reserved amount shall not be included in the Borrowing Base and (B) if the amount
of any estimated reserves pursuant to this clause (iv) exceeds the amount actually required to be paid in cash in respect of indemnification,
purchase price adjustments or analogous arrangements for such Disposition, the aggregate amount of such excess shall constitute Net Cash
Proceeds (as of the date the Borrower determines such excess exists); and

 

(b)            with
respect to the sale or issuance of any Equity Interest by the Borrower or any of its Subsidiaries (other than any Financing Subsidiary)
(including, for the avoidance of doubt, cash received by the Borrower or any of its Subsidiaries (other than any Financing Subsidiaries)
for the sale by the Borrower or such Subsidiary of any Equity Interest of a Financing Subsidiary but specifically excluding any sale of
any Equity Interest by a Financing Subsidiary or cash received by a Financing Subsidiary in connection with the sale of any Equity Interest),
or the incurrence or issuance of any Indebtedness by the Borrower or any of its Subsidiaries (other than Financing Subsidiaries) (in each
case, which requires a payment of the Loans under Section 2.10(d)), an amount equal to (x) the sum of the Cash and Cash
Equivalents received in connection with such transaction minus (y) any reasonable costs, fees, commissions, premiums, expenses,
or underwriting discounts or commissions incurred by the Borrower or any of its Subsidiaries in connection with such sale or issuance.

 

“New Zealand Dollars”
means the lawful currency of New Zealand.

 

“Non-Consenting Lender”
has the meaning assigned to such term in Section 9.02(d).

 

“Non-Defaulting Lender”
means, at any time, a Lender that is not a Defaulting Lender at such time.

 

“Non-Performing Joint
Venture Investment” means a Joint Venture Investment that is not a Performing Joint Venture Investment.

 

“Non-Public Information”
means material non-public information (within the meaning of United States federal, state or other applicable securities laws) with respect
to Borrower or its Affiliates or their Securities.

 

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“Note” means
a promissory note made by the Borrower in favor of a Lender evidencing Loans made by such Lender, in form and substance reasonably acceptable
to the Administrative Agent.

 

“NZD Screen Rate”
means, with respect to any Interest Period, the rate per annum determined by the Administrative Agent which is equal to the average bank
bill reference rate as administered by the New Zealand Financial Markets Association (or any other Person that takes over the administration
of such rate) for bills of exchange with a tenor equal in length to such Interest Period as displayed on page BKBM of the Reuters
screen (or, in the event such rate does not appear on such page, on any successor or substitute page on such screen that displays
such rate or on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative
Agent from time to time in its reasonable discretion) at or about 11:00 a.m. (Wellington, New Zealand time) on the first day of such
Interest Period. If the NZD Screen Rate shall be less than zero, the NZD Screen Rate shall be deemed to be zero for purposes of this Agreement.

 

“Obligor”
means, collectively, the Borrower and the Subsidiary Guarantors.

 

“OFAC” has
the meaning assigned to such term in Section 3.15.

 

“Original Currency”
has the meaning assigned to such term in Section 2.17(a).

 

“Other Connection Taxes”
means, with respect to the Administrative Agent, any Lender or any Issuing Bank, Taxes imposed as a result of a present or former connection
between such recipient and the jurisdiction imposing such Tax (other than connections arising from such recipient having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loans or Loan Document).

 

“Other Covered Indebtedness”
means, collectively, Secured Longer-Term Indebtedness, Secured Shorter-Term Indebtedness, Special Unsecured Longer-Term Indebtedness,
Special Unsecured Shorter-Term Indebtedness, Unsecured Shorter-Term Indebtedness, and Unsecured Longer-Term Indebtedness.

 

“Other Permitted Indebtedness”
means (a) accrued expenses and current trade accounts payable incurred in the ordinary course of the Borrower’s business which
are not overdue for a period of more than 90 days or which are being contested in good faith by appropriate proceedings, (b) Indebtedness
(other than Indebtedness for borrowed money) arising in connection with transactions in the ordinary course of the Borrower’s
business in connection with its purchasing of (in each case, other than Portfolio Investments or assets that, immediately prior to such
transaction, were Portfolio Investments) securities, loans, derivatives transactions, reverse repurchase agreements or dollar rolls to
the extent such transactions are permitted under the Investment Company Act and the Borrower’s Investment Objectives (after
giving effect to any Permitted Policy Amendments), provided that such Indebtedness in connection with reverse repurchase agreements or
dollar rolls does not arise in connection with the purchase of Investments other than Cash Equivalents and U.S. Government Securities
and (c) Indebtedness in respect of judgments or awards so long as such judgments or awards do not constitute an Event of Default
under clause (l) of Article VII.

 

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“Other Taxes”
means any and all present or future stamp, court, documentary, intangibles, recording, filing or similar Taxes arising from any payment
made under any Loan Document or from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection
of a security interest under, or otherwise with respect to, any Loan Document, excluding any such Taxes that are Other Connection Taxes
resulting from an assignment by any Lender in accordance with Section 9.04 (unless such assignment is made pursuant to a request
of the Borrower under Section 2.18(b)).

 

“Overnight Rate”
means, for any day, (a) with respect to any amount denominated in Dollars, the greater of (i) the Federal Funds Effective Rate
and (ii) an overnight rate reasonably determined by the Administrative Agent to be customary in the place of disbursement or payment
for the settlement of international banking transactions, and (b) with respect to any amount denominated in an Agreed Foreign Currency,
an overnight rate reasonably determined by the Administrative Agent to be customary in the place of disbursement or payment for the settlement
of international banking transactions.

 

“Parent Company”
means, with respect to a Lender, the bank holding company (as defined in Federal Reserve Board Regulation Y), if any, of such Lender,
and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the outstanding Equity Interests of such Lender.

 

“Participant”
has the meaning assigned to such term in Section 9.04(f).

 

“Participant Register”
has the meaning assigned to such term in Section 9.04(f).

 

“Participating Member
State” means any member state of the European Union that adopts or has adopted the Euro as its lawful currency in accordance
with the legislation of the European Union relating to the European Monetary Union.

 

“Payment Recipient”
has the meaning assigned to it in Section 8.09(a).

 

“PBGC” means
the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

“Periodic Term SOFR
Determination Day” has the meaning specified in the definition of “Term SOFR”.

 

“Permitted Convertible
Indebtedness” means Indebtedness incurred by an Obligor that is convertible solely into Permitted Equity Interests of the Borrower.

 

“Permitted Equity Interests”
means common stock of the Borrower that after its issuance is not subject to any agreement between the holder of such common stock and
the Borrower where the Borrower is required to purchase, redeem, retire, acquire, cancel or terminate any such common stock.

 

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“Permitted Liens”
means (a) Liens imposed by any Governmental Authority for Taxes, assessments or charges not yet due or that are being contested in
good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance
with GAAP; (b) Liens of clearing agencies, broker-dealers and similar Liens incurred in the ordinary course of business; provided
that such Liens (i) attach only to the securities (or proceeds) being purchased or sold and (ii) secure only obligations
incurred in connection with such purchase or sale, and not any obligation in connection with margin financing; (c) Liens imposed
by law, such as materialmen’s, mechanics’, carriers’, workmens’, storage and repairmen’s Liens and other
similar Liens arising in the ordinary course of business and securing obligations (other than Indebtedness for borrowed money) not yet
due or that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are maintained
on the books of the Borrower in accordance with GAAP; (d) Liens incurred or pledges or deposits made to secure obligations incurred
in the ordinary course of business under workers’ compensation laws, unemployment insurance or other similar social security legislation
(other than Liens imposed by the PBGC in respect of employee benefit plans subject to Title IV of ERISA) or to secure public or statutory
obligations; (e) Liens securing the performance of, or payment in respect of, bids, insurance premiums, deductibles or co-insured
amounts, tenders, government or utility contracts (other than for the repayment of borrowed money), surety, stay, customs and appeal bonds
and other obligations of a similar nature incurred in the ordinary course of business, provided that all Liens on any Collateral included
in the Borrowing Base that are permitted pursuant to this clause (e) shall have a priority that is junior to the Liens under the
Security Documents; (f) Liens arising out of judgments or awards so long as such judgments or awards do not constitute an Event of
Default under clause (l) of Article VII; (g) customary rights of setoff and liens upon (i) deposits
of cash in favor of banks or other depository institutions in which such cash is maintained in the ordinary course of business, (ii) cash
and financial assets held in securities accounts in favor of banks and other financial institutions with which such accounts are maintained
in the ordinary course of business and (iii) assets held by a custodian in favor of such custodian in the ordinary course of business,
in the case of each of clauses (i) through (iii) above, (x) securing payment of fees, indemnities and other similar obligations
and (y) other than with respect to any Excluded Account, subordinated, pursuant to the terms of the Custodian Control Agreement or
another account control agreement in form and substance reasonably satisfactory to the Collateral Agent, to the first priority perfected
security interest in the Collateral created in favor of the Collateral Agent, except to the extent expressly provided in the Guarantee
and Security Agreement, the Custodian Control Agreement or such other account control agreement in form and substance reasonably satisfactory
to the Collateral Agent; (h) Liens arising solely from precautionary filings of financing statements under the Uniform Commercial
Code of the applicable jurisdictions in respect of operating leases entered into by the Borrower or any of its Subsidiaries in the ordinary
course of business or in respect of assets sold or otherwise disposed of to a non-Obligor in a transaction permitted by this Agreement;
(i) deposits of money securing leases to which Borrower is a party as lessee made in the ordinary course of business; (j) Liens
in favor of any escrow agent solely on and in respect of any cash earnest money deposits made by any Obligor in connection with any letter
of intent or purchase agreement (to the extent that the acquisition or disposition with respect thereto is otherwise permitted hereunder);
and (k) precautionary Liens and filings of financing statements under the Uniform Commercial Code covering assets sold or contributed
to any Person not prohibited hereunder.

 

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“Permitted Policy Amendment”
means any change, alteration, expansion, amendment, modification, termination, restatement or replacement of the Investment Objectives
that is one of the following: (a) approved in writing by the Administrative Agent (with the consent of the Required Lenders), (b) required
by applicable law, rule, regulation or Governmental Authority, or (c) not materially adverse to the rights, remedies or interests
of the Lenders in the reasonable discretion of the Administrative Agent (for the avoidance of doubt, no change, alteration, expansion,
amendment, modification, termination or restatement of the Investment Objectives shall be deemed “material” if investment
size proportionately increases as the size of the Borrower’s capital base changes).

 

“Permitted SBIC Guarantee”
means a guarantee by the Borrower of Indebtedness of an SBIC Subsidiary on the SBA’s then applicable form (or the applicable form
at the time such guarantee was entered into), provided that the recourse to the Borrower thereunder is expressly limited only to periods
after the occurrence of an event or condition that is an impermissible change in the control of such SBIC Subsidiary (it being understood
that, as provided in clause (s) of Article VII, it shall be an Event of Default hereunder if any such event or
condition giving rise to such recourse occurs).

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority, vessel or other entity.

 

“Plan” means
any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412
of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.

 

“Platform”
has the meaning set forth in Section 5.01(i).

 

“Portfolio Investment”
means any Investment held by the Obligors in their asset portfolio (that is included (or will at the end of the then current fiscal quarter
be included) on the schedule of investments on the financial statements of the Borrower delivered pursuant to Section 5.01(a) or
(b) that, in each case, meets all of the criteria set forth on Schedule 1.01(d) hereto and, solely for purposes of determining
the Borrowing Base, Cash (for the avoidance of doubt, excluding Cash pledged as Cash Collateral for Letters of Credit)).  Without
limiting the generality of the foregoing, the following Investments shall not be considered Portfolio Investments under this Agreement
or any other Loan Document: (a) any Investment that has not been acquired or originated in compliance in all material respects with
the Investment Objectives as in effect as of the date of its purchase or origination, as applicable; (b) any Investment by
an Obligor in any Subsidiary, Affiliate or joint venture of such Obligor (including, for the avoidance of doubt, any Joint Venture Investment
or any Investment by an Obligor in an entity constituting a portfolio investment of such Obligor or an Affiliate of such Obligor); (c) any
Investment that provides in favor of the obligor in respect of such Portfolio Investment an express right of rescission, set-off, counterclaim
or any other defenses; (d) any Investment, which, if debt, is an obligation (other than a revolving loan or delayed draw term loan)
pursuant to which any future advances or payments to the Obligor may be required to be made by the Borrower; (e) any Investment which
is made to a bankrupt entity (other than a Performing DIP Loan and current pay obligations); (f) any Investment, Cash or account
in which a Financing Subsidiary has an interest; (g) any Investment that is not owned by an Obligor free and clear of any liens (except
Permitted Liens); and (h) any Investment that has been contributed or sold, purported to be contributed or sold or otherwise transferred
to any Person that is not an Obligor, in each case, after the settlement of such contribution, sale or transfer.

 

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“Prime Rate”
means the rate of interest quoted in The Wall Street Journal, Money Rates Section, as the “U.S. Prime Rate” (or
its successor), as in effect from time to time or, if The Wall Street Journal ceases to quote such rate, the highest per annum
interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the
 “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the
Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). The Prime Rate
is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer. The Administrative Agent
or any Lender may make commercial loans or other loans at rates of interest at, above, or below the Prime Rate. Each change in the Prime
Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.

 

“Principal Financial
Center” means, in the case of any Currency, the principal financial center where such Currency is cleared and settled, as determined
by the Administrative Agent.

 

“Prohibited Assignees
and Participants Side Letter” means that certain Side Letter to be entered into between the Borrower and the Administrative
Agent pursuant to Section 5.14.

 

“PTE” means
a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

“Public Lender”
means Lenders that do not wish to receive Non-Public Information with respect to the Borrower or any of its Subsidiaries or their Securities.

 

“Quarterly Dates”
means the last Business Day of March, June, September and December in each year, commencing in March, 2022.

 

“Quoted Investments”
has the meaning set forth in Section 5.12(b)(ii)(A).

 

“Register”
has the meaning set forth in Section 9.04(c).

 

“Registration Statement”
means the Registration Statement filed by the Borrower with the Securities and Exchange Commission on January 21, 2022.

 

“Regulations D, T,
U and X” means, respectively, Regulations D, T, U and X of the Board of Governors of the Federal Reserve System (or any successor),
as the same may be modified and supplemented and in effect from time to time.

 

“Related Parties”
means, with respect to any specified Person, such Person’s Affiliates and the respective partners, directors, officers, managers,
employees, agents, advisers and other representatives of such Person and such Person’s Affiliates.

 

“Relevant Asset Coverage
Ratio” means as of any date, the Asset Coverage Ratio as of the most recent Quarterly Date.

 

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“Relevant
Governmental Body” means (a) with respect to a Benchmark Replacement in respect of
obligations, interest, fees, commissions or other amounts owing hereunder denominated in Dollars, the Federal Reserve Board and/or the
Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve
Bank of New York or any successor thereto, (b) with respect to a Benchmark Replacement in respect of Loans denominated in Sterling,
the Bank of England, or a committee officially endorsed or convened by the Bank of England, or any successor thereto and (c) with
respect to any Benchmark Replacement in respect of obligations, interest, fees, commissions or other amounts owing hereunder denominated
in any Currency other than Dollars or Sterling, (i) the central bank for the Currency in which such obligations, interest, fees,
commissions or other amounts are denominated, or (2) any working group or committee officially endorsed or convened by (w) the
central bank for the Currency in which such obligations, interest, fees, commissions or other amounts are denominated, (x) any central
bank or other supervisor that is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator
of such Benchmark Replacement, (y) a group of those central banks or other supervisors or (z) the Financial Stability Board
or any part thereof.

 

“Relevant
Rate” means (a) in the case of any SOFR Borrowing, Daily Compounded SOFR or Adjusted Term SOFR for the applicable Interest
Period, as applicable, (b) in the case of any Eurocurrency Borrowing denominated in Euros, the EURIBO Screen Rate per annum for the
applicable Interest Period, (c) in the case of any Eurocurrency Borrowing denominated in Australian Dollars, the AUD Screen Rate
per annum for the applicable Interest Period, (d) in the case of any Eurocurrency Borrowing denominated in Canadian Dollars, the
CDOR Screen Rate per annum for the applicable Interest Period, (e) in the case of any Eurocurrency Borrowing denominated in New Zealand
Dollars, the NZD Screen Rate per annum for the applicable Interest Period and (f) in the case of any Eurocurrency Borrowing denominated
in any other Currency (other than Sterling or Japanese Yen) not specified in clauses (a) through (e) above, the
calculation of the applicable reference rate shall be determined in accordance with market practice for the applicable Interest Period;
provided that if the applicable Screen Rate shall not be available for such Interest Period (if applicable) and/or for the applicable
Currency with respect to such Eurocurrency Borrowing for any reason, then the rate determined in accordance with Section 2.13(c) shall
be the Relevant Rate for such Interest Period for such Eurocurrency Borrowing; provided further that, if the Relevant Rate under
clauses (a) through (f) is less than zero for the relevant Interest Period, such rate shall be deemed to be zero
for such Interest Period.

 

“Required Lenders”
means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing more than 50% of the sum of the total
Revolving Credit Exposures and unused Commitments at such time; provided that the Revolving Credit Exposures and unused Commitments
of any Defaulting Lender shall be disregarded in the determination of Required Lenders. The Required Lenders of a Class (which shall
include the terms “Required Dollar Lenders” and “Required Multicurrency Lenders”) means, at any time, Lenders
having Revolving Credit Exposures and unused Commitments of such Class representing more than 50% of the sum of the total Revolving
Credit Exposure and unused Commitments of such Class at such time; provided that the Revolving Credit Exposure and unused
Commitments of any Defaulting Lenders shall be disregarded in the determination of the Required Lenders of a Class or the Required
Lenders.

 

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“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Responsible Officer”
means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of an Obligor. Any
document delivered hereunder that is signed by a Responsible Officer of an Obligor shall be conclusively presumed to have been authorized
by all necessary corporate, limited liability company, partnership and/or other action on the part of such Obligor and such Responsible
Officer shall be conclusively presumed to have acted on behalf of such Obligor.

 

“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any shares of any class
of Capital Stock of the Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including
any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any
such shares of Capital Stock of the Borrower or any option, warrant or other right to acquire any such shares of Capital Stock of the
Borrower (it being understood that none of: (w) the conversion features into Permitted Equity Interests under Permitted Convertible
Indebtedness; (x) the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests; and (y) any
cash payment on account of interest or expenses on such Permitted Convertible Indebtedness (or any cash payment on account of fractional
shares issued upon conversion provisions of such Permitted Convertible Indebtedness) made by the Borrower or any Subsidiary Guarantor
for another in respect of such triggering and/or settlement thereof, shall constitute a Restricted Payment).

 

“Return of Capital”
means (a) any net cash amount received by any Obligor in respect of the outstanding principal of any Investment (whether at stated
maturity, by acceleration or otherwise), (b) without duplication of amounts received under clause (a), any net cash proceeds
received by any Obligor from the sale of any property or assets pledged as collateral in respect of any Investment to the extent such
net cash proceeds are less than or equal to the outstanding principal balance of such Investment, (c) any net cash amount received
by any Obligor in respect of any Investment that is an Equity Interest (x) upon the liquidation or dissolution of the issuer of such
Investment, (y) as a distribution of capital made on or in respect of such Investment, or (z) pursuant to the recapitalization
or reclassification of the capital of the issuer of such Investment or pursuant to the reorganization of such issuer or (d) any similar
return of capital received by any Obligor in cash in respect of any Investment (in the case of clauses (a), (b), (c) and
(d), without duplication, net of any fees, costs, expenses and taxes payable with respect thereto (after taking into account any
available tax credits or deductions)).

 

“Revolving Credit Exposure”
means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Dollar Credit
Exposure and Revolving Multicurrency Credit Exposure at such time.

 

    36

     

    

 

“Revolving Dollar Credit
Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s
Syndicated Loans and its LC Exposure, at such time made or incurred under the Dollar Commitments.

 

“Revolving Multicurrency
Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s
Syndicated Loans and its LC Exposure, at such time made or incurred under the Multicurrency Commitments.

 

“Revolving Percentage”
means, as of any date of determination, the result, expressed as a percentage, of the Revolving Credit Exposure on such date divided by
the aggregate outstanding Covered Debt Amount on such date.

 

“RFR”, when
used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans constituting such Borrowing are, bearing interest
at a rate determined by reference to Daily Simple RFR for the applicable Currency.

 

“RFR Business Day”
means, for any Loans, Borrowings, interest, fees, commissions or other amounts denominated in, or calculated with respect to, (a) Sterling,
any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for general business in London
and (b) Japanese Yen, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for
the settlement of payments and foreign exchange transactions in Tokyo.

 

“RFR
Rate” means, for any Loans, Borrowings, interest, fees, commissions or other amounts denominated in, or calculated with
respect to (a) Sterling, SONIA and (b) Japanese Yen, TONA.

 

“RFR Rate Day”
has the meaning specified in the definition of “Daily Simple RFR”.

 

“RFR Reference Day”
has the meaning specified in the definition of “Daily Simple RFR”.

 

“RIC” means
a Person qualifying for treatment as a “regulated investment company”, as defined in Section 851 of the Code.

 

“S&P”
means S&P Global Ratings or any successor thereto.

 

“Sanctioned Country”
means, at any time, a country, territory or region which is the subject or target of any comprehensive Sanctions (as of the date of this
Agreement, Cuba, Iran, Syria, North Korea, Sudan and the Crimea region of Ukraine).

 

“Sanctions”
has the meaning assigned to such term in Section 3.15.

 

“SBA” means
the United States Small Business Administration or any Governmental Authority succeeding to any or all of the functions thereof.

 

“SBIC Equity Commitment”
means a commitment by the Borrower to make one or more capital contributions to an SBIC Subsidiary.

 

    37

     

    

 

“SBIC Subsidiary”
means any direct or indirect Subsidiary (including such Subsidiary’s general partner or managing entity to the extent that the only
material asset of such general partner or managing entity is its equity interest in the SBIC Subsidiary) of the Borrower licensed as a
small business investment company under the Small Business Investment Act of 1958, as amended (or that has applied for such a license
and is actively pursuing the granting thereof by appropriate proceedings promptly instituted and diligently conducted) and which is designated
in writing by the Borrower (as provided below) as an SBIC Subsidiary, so long as (a) no portion of the Indebtedness or any other
obligations (contingent or otherwise) of such Subsidiary: (i) is Guaranteed by any Obligor (other than a Permitted SBIC Guarantee
or analogous commitment), (ii) is recourse to or obligates any Obligor in any way (other than in respect of any SBIC Equity Commitment
or Permitted SBIC Guarantee or analogous commitment), or (iii) subjects any property of any Obligor, directly or indirectly, contingently
or otherwise, to the satisfaction thereof, other than Equity Interests in any SBIC Subsidiary pledged to secure such Indebtedness, and
(b) no Obligor has any obligation to maintain or preserve such Subsidiary’s financial condition or cause such entity to achieve
certain levels of operating results (other than in respect of any SBIC Equity Commitment or Permitted SBIC Guarantee or analogous commitment).
Any such designation by the Borrower shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative
Agent, which certificate shall include a statement to the effect that, to the best of such officer’s knowledge, such designation
complied with the foregoing conditions.

 

“Screen Rate”
means the Term SOFR Reference Rate, the Daily Compounded SOFR Screen Rate, the EURIBO Screen Rate, the CDOR Screen Rate, the AUD Screen
Rate and the NZD Screen Rate, collectively and individually as the context may require.

 

“Secured
Longer-Term Indebtedness” means Indebtedness of any Obligor that (a) has no amortization (other than for
amortization in an amount not greater than 1% of the aggregate initial principal amount of such Indebtedness per annum) or mandatory
redemption, repurchase or prepayment (except as expressly permitted under Section 6.12) prior to, and a final maturity date not
earlier than, six months after the Final Maturity Date (it being understood that none of: (w) the conversion features into
Permitted Equity Interests under Permitted Convertible Indebtedness; (x) the triggering of such conversion and/or settlement
thereof solely with Permitted Equity Interests; and (y) any cash payment on account of interest or expenses on such Permitted
Convertible Indebtedness (or any cash payment on account of fractional shares issued upon conversion provisions of such Permitted
Convertible Indebtedness) made by the Borrower or any Subsidiary Guarantor for another in respect of such triggering and/or
settlement thereof, shall constitute “amortization” for purposes of this clause (a)), (b) is incurred
pursuant to documentation containing (i) financial covenants, covenants governing the borrowing base, if any, portfolio
valuations and events of default (other than events of default customary in indentures or similar instruments that have no analogous
provisions in this Agreement or credit agreements generally) that are no more restrictive on the Borrower and its Subsidiaries than
those set forth in this Agreement and (ii) other terms (other than interest) that are no more restrictive in any material
respect upon the Borrower and its Subsidiaries, while any Loans, LC Disbursements or the Commitments are outstanding, than those set
forth in this Agreement (it being understood that customary put rights or repurchase or redemption obligations (x) in the case
of convertible securities, in connection with the suspension or delisting of the Capital Stock of the Borrower or the failure of the
Borrower to satisfy a continued listing rule with respect to its Capital Stock or (y) arising out of circumstances that
would constitute a “fundamental change” (as such term is customarily defined in convertible note offerings) shall not be
deemed to be more restrictive for purposes of this definition)); provided that, upon the Borrower’s written request in
connection with the incurrence of any Secured Longer-Term Indebtedness that otherwise would not meet the requirements of this clause
(b), the Borrower and the Administrative Agent (on behalf of the Lenders) shall promptly enter into a written amendment to the Loan
Documents making changes necessary such that the financial covenants, covenants governing the borrowing base, if any, portfolio
valuations, events of default (other than events of default customary in indentures or similar instruments that have no analogous
provisions in this Agreement or credit agreements generally) or other terms, as applicable, in this Agreement shall be as
restrictive as such covenants in the Secured Longer-Term Indebtedness (or in the case of such other terms, as restrictive in all
material respects) and (c) ranks pari passu with the obligations under this Agreement and is not secured by assets of
any Person other than any assets of any Obligor pursuant to this Agreement or the Security Documents and the holders of which (or an
authorized agent, representative or trustee of such holders) have either executed (i) a joinder agreement to the Guarantee and
Security Agreement or (ii) such other document or agreement, in a form reasonably satisfactory to the Administrative Agent and
the Collateral Agent, pursuant to which the holders (or an authorized agent, representative or trustee of such holders) of such
Secured Longer-Term Indebtedness shall have become a party to the Guarantee and Security Agreement and assumed the obligations of a
Financing Agent or Designated Indebtedness Holder (in each case, as defined in the Guarantee and Security Agreement).

 

    38

     

    

 

“Secured Shorter-Term
Indebtedness” means, collectively, any Indebtedness of an Obligor that is secured by any assets of any Obligor and that does
not constitute Secured Longer-Term Indebtedness and that is not secured by any assets of any Person other than pursuant to this Agreement
or the Security Documents and the holders of which (or an authorized agent, representative or trustee of such holders) have either executed
(i) a joinder agreement to the Guarantee and Security Agreement or (ii) such other document or agreement, in a form reasonably
satisfactory to the Administrative Agent and the Collateral Agent, pursuant to which the holders (or an authorized agent, representative
or trustee of such holders) of such Secured Shorter-Term Indebtedness shall have become a party to the Guarantee and Security Agreement
and assumed the obligations of a Financing Agent or Designated Indebtedness Holder (in each case, as defined in the Guarantee and Security
Agreement).

 

“Security Documents”
means, collectively, the Guarantee and Security Agreement, all Uniform Commercial Code financing statements filed with respect to the
security interests in personal property created pursuant to the Guarantee and Security Agreement and all other assignments, pledge agreements,
security agreements, control agreements and other instruments executed and delivered on or after the Effective Date by any of the Obligors
pursuant to the Guarantee and Security Agreement or otherwise providing or relating to any collateral security for any of the Secured
Obligations under and as defined in the Guarantee and Security Agreement.

 

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

 

    39

     

    

 

“SOFR” means
a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s
Website on the immediately succeeding Business Day.

 

“SOFR
Adjustment” means, for any calculation with respect to an ABR Loan or a SOFR Loan, a percentage per annum as set forth as
follows for the applicable Type of such Loan and (if applicable) Interest Period therefor: (a) with respect to ABR Loans, 0.11448%
(11.448 basis points), (b) with respect to SOFR Loans, if the then-current Benchmark is Adjusted Term SOFR, 0.11448% (11.448
basis points) for an Interest Period of one-month, 0.26161% (26.161 basis points) for an Interest Period of three-months, and
0.42826% (42.826 basis points) for an Interest Period of six-months and (c) with respect to SOFR Loans, if the then-current
Benchmark is Daily Compounded SOFR, 0.11448% (11.448 basis points).

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s
Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

 

“SOFR Borrowing”
means, as to any Borrowing, the SOFR Loans comprising such Borrowing.

 

“SOFR Loan”
means a Loan that bears interest at a rate based on Term SOFR or Daily Compounded SOFR, as applicable, in each case, other than pursuant
to clause (c) of the definition of “Alternate Base Rate”.

 

“SOFR Rate Day”
has the meaning specified in the definition of “Daily Compounded SOFR”.

 

“SONIA” means,
with respect to any RFR Business Day, a rate per annum equal to the Sterling overnight index average for such RFR Business Day published
by the SONIA Administrator on the SONIA Administrator’s Website.

 

“SONIA Administrator”
means the Bank of England (or any successor administrator of the Sterling overnight index average).

 

“SONIA Administrator’s
Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for
the Sterling overnight index average identified as such by the SONIA Administrator from time to time.

 

“SPE Subsidiary”
means:

 

(a)          a
direct or indirect Subsidiary of the Borrower which is formed in connection with, and which continues to exist for the sole purpose of,
third-party financings, to which any Obligor sells, conveys or otherwise transfers (whether directly or indirectly) Investments or which
owns Investments, and that engages in no material activities other than in connection with the purchase, holding, disposition or financing
of such assets and which is designated by the Borrower (as provided below) as an SPE Subsidiary, so long as:

 

(i)            no
portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is Guaranteed by any Obligor (other than
Guarantees in respect of Standard Securitization Undertakings), (ii) is recourse to or obligates any Obligor in any way other than
pursuant to Standard Securitization Undertakings or (iii) subjects any property of any Obligor, directly or indirectly, contingently
or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings or any Guarantee thereof,

 

    40

     

    

 

(ii)           no
Obligor has any material contract, agreement, arrangement or understanding with such Subsidiary other than on terms, taken as a whole,
not materially less favorable to such Obligor than those that might be obtained at the time from Persons that are not Affiliates of any
Obligor, other than fees payable in the ordinary course of business in connection with servicing receivables, and

 

(iii)          no
Obligor has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels
of operating results; and

 

(b)          any
passive holding company that is designated by the Borrower (as provided below) as a SPE Subsidiary, so long as:

 

(i)            such
passive holding company is the direct parent of a SPE Subsidiary referred to in clause (a);

 

(ii)           such
passive holding company engages in no activities and has no assets (other than in connection with the transfer of assets to and from a
SPE Subsidiary referred to in clause (a), and its ownership of all of the Equity Interests of a SPE Subsidiary referred to in clause
(a)) or liabilities;

 

(iii)          all
of the Equity Interests of such passive holding company are owned directly by an Obligor and are pledged as Collateral for the Secured
Obligations and the Collateral Agent has a first-priority perfected Lien on such Equity Interests;

 

(iv)          no
Obligor has any contract, agreement, arrangement or understanding with such passive holding company; and

 

(v)           no
Obligor has any obligation to maintain or preserve such passive holding company’s financial condition or cause such entity to achieve
certain levels of operating results.

 

Any designation of a SPE Subsidiary
by the Borrower shall be effected pursuant to a certificate of a Financial Officer delivered to the Administrative Agent, which certificate
shall include a statement to the effect that, to the best of such Financial Officer’s knowledge, such designation complied with
each of the conditions set forth in clause (a) or (b) above, as applicable. Each Subsidiary of an SPE Subsidiary
shall be deemed to be an SPE Subsidiary and shall comply with the foregoing requirements of this definition.

 

    41

     

    

 

As of the Effective Date, the
Borrower has no SPE Subsidiaries.

 

“Special Equity Interest”
means any Equity Interest that is subject to a Lien in favor of creditors of the issuer of such Equity Interest; provided that
(a) such Lien was created to secure Indebtedness owing by such issuer or any of its Subsidiaries (as defined without giving effect
to the penultimate sentence of the definition of such term) to such creditors, (b) such Indebtedness was (i) in existence at
the time the Obligors acquired such Equity Interest, (ii) incurred or assumed by such issuer substantially contemporaneously with
such acquisition or (iii) already subject to a Lien granted to such creditors and (c) unless such Equity Interest is not intended
to be included in the Collateral, the documentation creating or governing such Lien does not prohibit the inclusion of such Equity Interest
in the Collateral.

 

“Special Unsecured
Longer-Term Indebtedness” means Indebtedness incurred after the Effective Date that is Indebtedness that satisfies all of the
criteria specified in the definition of “Unsecured Longer-Term Indebtedness” other than clause (a) thereof so long as
such Indebtedness has a maturity date of at least five years from the date of the initial issuance of such Indebtedness.

 

“Special Unsecured
Shorter-Term Indebtedness” means all unsecured indebtedness issued after the Effective Date that has a maturity date earlier
than 6 months after the Final Maturity Date and an initial term of at least three (3) years at issuance.

 

“Standard Securitization
Undertakings” means, collectively, (a) customary arms-length servicing obligations (together with any related performance
guarantees), (b) obligations (together with any related performance guarantees) to refund the purchase price or grant purchase
price credits for dilutive events or misrepresentations (in each case unrelated to the collectability of the assets sold or the creditworthiness
of the associated account debtors), (c) representations, warranties, covenants and indemnities (together with any related performance
guarantees) of a type that are reasonably customary in accounts receivable securitizations or securitizations of financial assets
and (d) obligations (together with any related performance guarantees) under any bad boy guarantee or guarantee of any make-whole
premium.

 

“Sterling”
means the lawful currency of the United Kingdom.

 

“Subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited
liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more
than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership
interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled by the parent or
one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. Anything herein to the contrary notwithstanding,
the term “Subsidiary” shall not include any (x) Joint Venture Investment or (y) Person that constitutes an Investment
held by the Borrower or any of its Subsidiaries in the ordinary course of business and that is not, under GAAP, consolidated on the financial
statements of the Borrower and its Subsidiaries. Unless otherwise specified, “Subsidiary” means a Subsidiary of the Borrower.

 

    42

     

    

 

“Subsidiary Guarantor”
means any Subsidiary that is a Guarantor under the Guarantee and Security Agreement. It is understood and agreed that no Financing Subsidiary, Immaterial
Subsidiary, Foreign Subsidiary or Subsidiary of a Foreign Subsidiary shall be required to be a Subsidiary Guarantor as long as it remains
a Financing Subsidiary, Immaterial Subsidiary, Foreign Subsidiary or Subsidiary of a Foreign Subsidiary, as applicable, each as defined
and described herein.

 

“Syndicated”,
when used in reference to any Loan or Borrowing, refers to whether such Loan or the Loans constituting such Borrowing are made pursuant
to Section 2.01.

 

“TARGET Day”
means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system (or any successor settlement
system as determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euros.

 

“Taxes” means
any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings (including backup withholding), assessments,
fees, or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term
SOFR” means,

 

(a)          for
any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on
the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business
Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however,
that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable
tenor has not been published by the Term SOFR Administrator and a replacement of the Term SOFR Reference Rate has not occurred pursuant
to Section 2.13(c)(i), then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator
on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by
the Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S.
Government Securities Business Days prior to such Periodic Term SOFR Determination Day; and

 

(b)          for
any calculation with respect to an ABR Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the
 “ABR Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to such day,
as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time)
on any ABR Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator
and a replacement of the Term SOFR Reference Rate has not occurred pursuant to Section 2.13(c)(i), then Term SOFR will be
the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities
Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first
preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such
ABR SOFR Determination Day.

 

    43

     

    

 

“Term SOFR Administrator”
means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by the Administrative
Agent in its reasonable discretion).

 

“Term SOFR Notice”
means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event.

 

“Term SOFR Reference
Rate” means the forward-looking term rate based on SOFR.

 

“Term SOFR Transition
Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant
Governmental Body, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) the
then-current Benchmark is Daily Compounded SOFR or a Benchmark Transition Event or an Early Opt-in Election, as applicable, has previously
occurred resulting in a Benchmark Replacement for Dollars in accordance with Section 2.13 that is not Term SOFR.

 

“Term SOFR Transition
Event Effective Date” means the date that is thirty (30) days after the date a Term SOFR Notice is provided to the Lenders and
the Borrower pursuant to Section 2.12(c)(ii).

 

“Termination Date”
means the earliest to occur of (i) the Final Maturity Date, (ii) the date of the termination of the Commitments in full pursuant
to Section 2.08(c), and (iii) the date on which the Commitments are terminated pursuant to Article VII.

 

“Testing Period”
has the meaning assigned to such term in Section 5.12(b)(ii)(E)(x).

 

“Testing Quarter”
has the meaning assigned to such term in Section 5.12(b)(ii)(B).

 

“TONA” means,
with respect to any RFR Business Day, a rate per annum equal to the Tokyo overnight average rate for such RFR Business Day published by
the TONA Administrator on the TONA Administrator’s Website.

 

“TONA Administrator”
means the Bank of Japan (or any successor administrator of the Tokyo overnight average rate).

 

“TONA Administrator’s
Website” means Bank of Japan’s website, currently at http://www.boj.or.jp, or any successor source for the Tokyo overnight
average rate identified as such by the TONA Administrator from time to time.

 

    44

     

    

 

“Total Assets”
means, as of any date of determination, the value of the total assets of the Obligors (which, for the avoidance of doubt, shall include
the aggregate value of the equity interests in the Financing Subsidiaries held by the Obligors), less all liabilities and indebtedness
of the Obligors not represented by senior securities, in each case, as of such date of determination.

 

“Total Assets Concentration
Limitation” means, as of any date of determination, the amount by which the aggregate value of Equity Interests in Financing
Subsidiaries held by the Obligors as of such date of determination exceeds 15% of the Total Assets as of such date of determination.

 

“Total Secured Debt”
means, as of any date of determination, the aggregate amount of senior securities representing secured indebtedness of the Obligors as
of such date of determination.

 

“Transactions”
means the execution, delivery and performance by the Borrower of this Agreement and the other Loan Documents, the borrowing of Loans,
the use of the proceeds thereof and the issuance of Letters of Credit under this Agreement.

 

“Type”, when
used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans constituting such Borrowing,
is determined by reference to SOFR, any Daily Simple RFR, the Alternate Base Rate, EURIBO Screen Rate, AUD Screen Rate, CDOR Screen Rate
or NZD Screen Rate.

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated
by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.

 

“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

“Undisclosed Administration”
means, in relation to a Lender, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian
or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender is subject
to home jurisdiction supervision if applicable law requires that such appointment is not to be publicly disclosed.

 

“Uniform Commercial
Code” means the Uniform Commercial Code as in effect from time to time in the State of New York.

 

“Unquoted Investments”
has the meaning set forth in Section 5.12(b)(ii)(B).

 

    45

     

    

 

 

“Unsecured
Longer-Term Indebtedness” means Indebtedness of any Obligor (which may be Guaranteed by one or more other Obligors) that
(a) has no amortization or mandatory redemption, repurchase or prepayment (except as expressly permitted under
Section 6.12) prior to, and a final maturity date not earlier than, six months after the Final Maturity Date (it being
understood that (A) none of: (w) the conversion features into Permitted Equity Interests under Permitted Convertible
Indebtedness; (x) the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests; and
(y) any cash payment on account of interest or expenses on such Permitted Convertible Indebtedness (or any cash payment on
account of fractional shares issued upon conversion provisions of such Permitted Convertible Indebtedness) made by the Borrower or
any Subsidiary Guarantor for another in respect of such triggering and/or settlement thereof, shall constitute
 “amortization” for purposes of this definition); and (B) any mandatory amortization that is contingent upon the
happening of an event that is not certain to occur (including a change of control or bankruptcy) shall not in and of itself be
deemed to disqualify such Indebtedness for purposes of this clause (a), (b) is incurred pursuant to terms that are
substantially comparable to market terms for substantially similar debt of other similarly situated borrowers as reasonably
determined in good faith by the Borrower or, if such transaction is not one in which there are market terms for substantially
similar debt of other similarly situated borrowers, on terms that are negotiated in good faith on an arm’s length basis
(except, in each case, other than financial covenants and events of default (other than events of default customary in indentures or
similar instruments that have no analogous provisions in this Agreement or credit agreements generally), which shall be no more
restrictive upon the Borrower and its Subsidiaries, while any Loans, LC Disbursements or the Commitments are outstanding, than those
set forth in the Loan Documents; provided that, upon the Borrower’s written request in connection with the incurrence of any
Unsecured Longer-Term Indebtedness that otherwise would not meet the requirements set forth in this parenthetical of this clause
(b), the Borrower and the Administrative Agent (on behalf of the Lenders) shall promptly enter into a written amendment to the Loan
Documents making such changes necessary such that the financial covenants and events of default, as applicable, in this Agreement
shall be as restrictive as such provisions in the Unsecured Longer-Term Indebtedness) (it being understood that customary put rights
or repurchase or redemption obligations (x) in the case of convertible securities, in connection with the suspension or
delisting of the Capital Stock of the Borrower or the failure of the Borrower to satisfy a continued listing rule with respect
to its Capital Stock or (y) arising out of circumstances that would constitute a “fundamental change” (as such term
is customarily defined in convertible note offerings) shall not be deemed to be more restrictive for purposes of this definition)
and (c) is not secured by any assets of any Person. For the avoidance of doubt the conversion of all or any portion of any
Permitted Convertible Indebtedness constituting Unsecured Longer-Term Indebtedness into Permitted Equity Interests in accordance
with Section 6.12(a), shall not cause such Indebtedness to be designated as Unsecured Shorter-Term Indebtedness or
Special Unsecured Shorter-Term Indebtedness hereunder.

 

“Unsecured Shorter-Term
Indebtedness” means, collectively, any Indebtedness of an Obligor that is not secured by any assets of any Person and that does
not constitute Special Unsecured Shorter-Term Indebtedness, Special Unsecured Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness.

 

“U.S. Government Securities”
means securities that are direct obligations of, and obligations the timely payment of principal and interest on which is fully guaranteed
by, the United States or any agency or instrumentality of the United States the obligations of which are backed by the full faith and
credit of the United States and in the form of conventional bills, bonds, and notes.

 

    46

     

    

 

“U.S. Government
Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities.

 

“U.S. Person”
means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“Value” has
the meaning assigned to such term in Section 5.13.

 

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

 

“Withholding Agent”
means the Borrower and the Administrative Agent.

 

“Write-Down and
Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of
such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which
write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United
Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the
form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all
or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such
contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that
liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

SECTION 1.02.     Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a “Syndicated
Dollar Loan” or “Syndicated Multicurrency Loan”), by Type (e.g., an “ABR Loan”) or by Class and
Type (e.g., a “Syndicated Multicurrency Eurocurrency Loan”). Borrowings also may be classified and referred to by Class (e.g.,
a “Dollar Borrowing”, “Multicurrency Borrowing” or “Syndicated Borrowing”), by Type (e.g., an “ABR
Borrowing”) or by Class and Type (e.g., a “Syndicated ABR Borrowing” or “Syndicated Multicurrency Eurocurrency
Borrowing”). Loans and Borrowings may also be identified by Currency.

 

SECTION 1.03.     Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the
context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”,
 “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires
otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring
to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein or therein), (b) any reference herein to any Person shall be construed
to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”,
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of,
and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights. Solely for purposes of this Agreement, any references to “principal amount” or “obligations”
owed by any Person under any Hedging Agreement shall refer to the amount that would be required to be paid by such Person if such Hedging
Agreement were terminated at such time (after giving effect to any netting agreement) less any collateral posted in support thereof.

 

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SECTION 1.04.     Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance
with GAAP, as in effect from time to time; provided that, (a) if the Borrower notifies the Administrative Agent that the Borrower
requests an amendment to any provision hereof to eliminate the effect of any change occurring after the Effective Date in GAAP or in the
application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders
request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change
in GAAP or in the application thereof then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith
and (b) all leases that are or would have been treated as operating leases for purposes of GAAP prior to the issuance on February 25,
2016 of the Accounting Standards Update (the “ASU”) shall continue to be accounted for as operating leases for purposes of
all financial definitions and calculations for the purposes of the Loan Documents hereunder  (whether or not such operating lease
obligations were in effect on such date) notwithstanding the fact that such obligations are required in accordance with the ASU (on a
prospective or retroactive basis or otherwise) to be treated as capitalized lease obligations in the financial statements to be delivered
pursuant to the Loan Documents.  Whether or not the Borrower may at any time adopt Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification Subtopic 825-10 (or successor standard solely as it relates to fair valuing liabilities) or accounts
for liabilities acquired in an acquisition on a fair value basis pursuant to FASB Statement of Financial Accounting Standard No. 141(R) (or
successor standard solely as it relates to fair valuing liabilities), all determinations of compliance with the terms and conditions of
this Agreement shall be made on the basis that the Borrower has not adopted FASB Accounting Standards Codification Subtopic 825-10 (or
such successor standard solely as it relates to fair valuing liabilities) or, in the case of liabilities acquired in an acquisition, FASB
Statement of Financial Accounting Standard No. 141(R) (or such successor standard solely as it relates to fair valuing liabilities).

 

SECTION 1.05.     Currencies;
Currency Equivalents.

 

(a)            Currencies
Generally. At any time, any reference in the definition of the term “Agreed Foreign Currency” or in any other
provision of this Agreement to the Currency of any particular nation means the lawful currency of such nation at such time whether
or not the name of such Currency is the same as it was on the Effective Date. Except as provided in Section 2.10(b) and
the last sentence of Section 2.17(a), for purposes of determining (i) whether the amount of any Borrowing or Letter
of Credit under the Multicurrency Commitments, together with all other Borrowings and Letters of Credit under the Multicurrency
Commitments then outstanding or to be borrowed at the same time as such Borrowing, would exceed the aggregate amount of the
Multicurrency Commitments, (ii) the aggregate unutilized amount of the Multicurrency Commitments, (iii) the Revolving
Multicurrency Credit Exposure, (iv) the Multicurrency LC Exposure, (v) the Covered Debt Amount and (vi) the Borrowing
Base or the Value or the fair market value of any Investment, the outstanding principal amount of any Borrowing or Letter of Credit
that is denominated in any Foreign Currency or the Value or the fair market value of any Investment that is denominated in any
Foreign Currency shall be deemed to be the Dollar Equivalent of the amount of the Foreign Currency of such Borrowing, Letter of
Credit or Investment, as the case may be, determined as of the date of such Borrowing or Letter of Credit (determined in accordance
with the last sentence of the definition of the term “Interest Period”) or the date of the valuation of such
Investment, as the case may be. Wherever in this Agreement in connection with a Borrowing or Loan an amount, such as a required
minimum or multiple amount, is expressed in Dollars, but such Borrowing or Loan is denominated in a Foreign Currency, such amount
shall be the relevant Foreign Currency Equivalent of such Dollar amount (rounded to the nearest 1,000 units of such Foreign
Currency). Notwithstanding the foregoing, for purposes of determining compliance with any basket in Sections 6.03(g) or 6.04(e) of
this Agreement, in no event shall the Borrower or any Obligor be deemed to not be in compliance with any such basket solely as a
result of a change in exchange rates.

 

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(b)            Special
Provisions Relating to Euro. Each obligation hereunder of any party hereto that is denominated in the National Currency of a state
that is not a Participating Member State on the Effective Date shall, effective from the date on which such state becomes a Participating
Member State, be redenominated in Euro in accordance with the legislation of the European Union applicable to the European Monetary Union;
provided that, if and to the extent that any such legislation provides that any such obligation of any such party payable within
such Participating Member State by crediting an account of the creditor can be paid by the debtor either in Euros or such National Currency,
such party shall be entitled to pay or repay such amount either in Euros or in such National Currency. If the basis of accrual of interest
or fees expressed in this Agreement with respect to an Agreed Foreign Currency of any country that becomes a Participating Member State
after the date on which such currency becomes an Agreed Foreign Currency shall be inconsistent with any convention or practice in the
interbank market for the basis of accrual of interest or fees in respect of the Euro, such convention or practice shall replace such expressed
basis effective as of and from the date on which such state becomes a Participating Member State; provided that, with respect to
any Borrowing denominated in such currency that is outstanding immediately prior to such date, such replacement shall take effect at the
end of the Interest Period therefor.

 

Without prejudice to the respective
liabilities of the Borrower to the Lenders and the Lenders to the Borrower under or pursuant to this Agreement, each provision of this
Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time to time, in consultation
with the Borrower, reasonably specify to be necessary or appropriate to reflect the introduction or changeover to the Euro in any country
that becomes a Participating Member State after the Effective Date; provided that the Administrative Agent shall provide the Borrower
and the Lenders with prior notice of the proposed change with an explanation of such change in sufficient time to permit the Borrower
and the Lenders an opportunity to respond to such proposed change.

 

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SECTION 1.06.     Divisions.
For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event
under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent
Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized or acquired on the
first date of its existence by the holders of its Equity Interests at such time.

 

SECTION 1.07.     Issuers.
For all purposes of this Agreement, all issuers of Portfolio Investments that are Affiliates of one another shall be treated as a single
issuer, unless such issuers are Affiliates of one another solely because they are under the common Control of the same private equity
sponsor or similar sponsor.

 

SECTION 1.08.     Events
of Default. Any Event of Default that has occurred shall be deemed to be continuing unless waived or cured in
accordance with the terms hereof.

 

ARTICLE II

 

THE
CREDITS

 

SECTION 2.01.     The
Commitments. Subject to the terms and conditions set forth herein:

 

(a)            each
Dollar Lender severally agrees to make Syndicated Loans in Dollars to the Borrower from time to time during the Availability Period in
an aggregate principal amount that will not result in (i) such Lender’s Revolving Dollar Credit Exposure exceeding such Lender’s
Dollar Commitment, (ii) the aggregate Revolving Dollar Credit Exposure of all of the Dollar Lenders exceeding the aggregate Dollar
Commitments at such time or (iii) the total Covered Debt Amount exceeding the Borrowing Base then in effect; and

 

(b)            each
Multicurrency Lender severally agrees to make Syndicated Loans in Dollars and in Agreed Foreign Currencies to the Borrower from time to
time during the Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Multicurrency
Credit Exposure exceeding such Lender’s Multicurrency Commitment, (ii) the aggregate Revolving Multicurrency Credit Exposure
of all of the Multicurrency Lenders exceeding the aggregate Multicurrency Commitments at such time or (iii) the total Covered Debt
Amount exceeding the Borrowing Base then in effect.

 

Within the foregoing limits
and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Syndicated Loans.

 

SECTION 2.02.     Loans
and Borrowings.

 

(a)            Obligations
of Lenders. Each Syndicated Loan shall be made as part of a Borrowing consisting of Loans of the same Class, Currency and Type made
by the applicable Lenders ratably in accordance with their respective Commitments of the applicable Class. The failure of any Lender to
make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments
of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

 

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(b)            Type
of Loans. Subject to Section 2.13, each Syndicated Borrowing of a Class shall be constituted entirely of ABR Loans,
of SOFR Loans, of RFR Loans or of Eurocurrency Loans of such Class denominated in a single Currency as the Borrower may request in
accordance herewith. Each ABR Loan shall be denominated in Dollars. Each Borrowing denominated in Dollars shall be constituted entirely
of ABR Loans or of SOFR Loans. Each Borrowing denominated in an Agreed Foreign Currency (other than Sterling or Japanese Yen) shall be
constituted entirely of Eurocurrency Loans and each Borrowing denominated in Sterling or Japanese Yen shall be constituted entirely of
RFR Loans. Each Lender at its option may make any Eurocurrency Loan, RFR Loan or SOFR Loan by causing any domestic or foreign branch or
Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower
to repay such Loan in accordance with the terms of this Agreement.

 

(c)            Minimum
Amounts. Each Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $1,000,000 in excess thereof or, with
respect to any Agreed Foreign Currency, 1,000,000 in the units of such Agreed Foreign Currency or a larger multiple of 1,000,000 in excess
thereof (or such smaller minimum amount as may be agreed to by the Administrative Agent); provided that a Borrowing of a Class may
be in an aggregate amount that is equal to the entire unused balance of the total Commitments of such Class or that is required to
finance the reimbursement of an LC Disbursement of such Class as contemplated by Section 2.05(f). Borrowings of more
than one Class, Currency and Type may be outstanding at the same time.

 

(d)            Limitations
on Interest Periods. Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request any Eurocurrency
Borrowing, SOFR Borrowing or RFR Borrowing (or to elect to convert to or continue as a Eurocurrency Borrowing or, if the then-current
Benchmark is Adjusted Term SOFR, a SOFR Borrowing) any Borrowing if the Interest Period requested therefor would end after the Final
Maturity Date.

 

(e)            Treatment
of Classes. Notwithstanding anything to the contrary contained herein, with respect to each Syndicated Loan or Letter of Credit designated
in Dollars, the Administrative Agent shall deem the Borrower to have requested that such Syndicated Loan or Letter of Credit be applied
ratably to each of the Dollar Commitments and the Multicurrency Commitments, based upon the percentage of the aggregate Commitments represented
by the Dollar Commitments and the Multicurrency Commitments, respectively.

 

SECTION 2.03.     Requests
for Syndicated Borrowings.

 

(a)            Notice
by the Borrower. To request a Syndicated Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone
(i) in the case of a Eurocurrency Borrowing denominated in a Foreign Currency (other than Australian Dollars), not later than 11:00
a.m., New York City time, four Business Days before the date of the proposed Borrowing, (ii) in the case of an RFR Borrowing, not
later than 11:00 a.m., New York City time, five Business Days before the date of the proposed Borrowing, (iii) (x) in the case
of Syndicated ABR Borrowings in an aggregate principal amount not exceeding $50,000,000, not later than 10:00 a.m., New York City time,
on the date of the proposed Borrowing and (y) in the case of any other Syndicated ABR Borrowing, not later than 11:00 a.m., New York
City time, one Business Day before the date of the proposed Borrowing, (iv) in the case of a Eurocurrency Borrowing denominated in
Australian Dollars, not later than 11:00 a.m., London time, four Business Days before the date of the proposed Borrowing or (v) in
the case of a SOFR Loan, not later than (x) if the then-current Benchmark is Adjusted Term SOFR, 11:00 a.m., New York City time,
three (3) U.S. Government Securities Business Days before the date of the proposed Borrowing or (y) if the then-current Benchmark
is Daily Compounded SOFR, 11:00 a.m., New York City time, five (5) U.S. Government Securities Business Days before the date of the
proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy
or electronic mail to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed
by the Borrower.

 

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(b)            Content
of Borrowing Requests. Each telephonic and written (including by e-mail) Borrowing Request shall specify the following information
in compliance with Section 2.02:

 

(i)               whether
such Borrowing is to be made under the Dollar Commitments or the Multicurrency Commitments;

 

(ii)               the
aggregate amount and Currency of the requested Borrowing;

 

(iii)               the
date of such Borrowing, which shall be a Business Day;

 

(iv)               in
the case of a Syndicated Borrowing denominated in Dollars, whether such Borrowing is to be an ABR Borrowing or a SOFR Borrowing;

 

(v)               in
the case of a Eurocurrency Borrowing or, if the then-current Benchmark is Adjusted Term SOFR, a SOFR Borrowing, the Interest Period therefor,
which shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d);
and

 

(vi)               the
location and number of the Borrower’s account to which funds are to be disbursed, which will comply with the requirements of Section 2.06.

 

(c)            Notice
by the Administrative Agent to the Lenders. Promptly following receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each applicable Lender of the details thereof and of the amounts of such Lender’s Loan to be made
as part of the requested Borrowing.

 

(d)            Failure
to Elect. If no election as to the Class of a Syndicated Borrowing is specified, then the requested Borrowing shall be denominated
in Dollars and shall be applied ratably to each of the Dollar Commitments and the Multicurrency Commitments, based upon the percentage
of the aggregate Commitments represented by the unused amount of the Dollar Commitments and the unused amount of the Multicurrency Commitments,
respectively. If no election as to the Currency of a Syndicated Borrowing is specified, then the requested Syndicated Borrowing shall
be denominated in Dollars. If no election as to the Type of a Syndicated Borrowing is specified, then the requested Borrowing shall be
(x) if the then-current Benchmark is Adjusted Term SOFR, a SOFR Borrowing having an Interest Period of one month and (y) if
the then-current Benchmark is Daily Compounded SOFR, a SOFR Borrowing bearing interest at a rate based upon Daily Compounded SOFR and,
if an Agreed Foreign Currency has been specified, the requested Syndicated Borrowing shall be a Eurocurrency Borrowing denominated in
such Agreed Foreign Currency and having an Interest Period of one month; provided that, if the specified Agreed Foreign Currency
is Sterling or Japanese Yen, the requested Borrowing shall be a RFR Borrowing denominated in Sterling or Japanese Yen, as applicable.
If the then-current Benchmark is Adjusted Term SOFR and a SOFR Borrowing is requested but no Interest Period is specified, (i) if
the Currency specified for such Borrowing is Dollars (or if no Currency has been so specified), the requested Borrowing shall be a SOFR
Borrowing denominated in Dollars and, if the then-current Benchmark is Adjusted Term SOFR, having an Interest Period of one month’s
duration, and (ii) if the Currency specified for such Borrowing is an Agreed Foreign Currency, the Borrower shall be deemed to have
selected an Interest Period of one month’s duration.

 

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SECTION 2.04.     [Reserved].

 

SECTION 2.05.     Letters
of Credit.

 

(a)            General.
Subject to the terms and conditions set forth herein, in addition to the Loans provided for in Section 2.01, the Borrower
may request each Issuing Bank to issue, at any time and from time to time during the Availability Period and under either the Dollar Commitments
or Multicurrency Commitments, Letters of Credit denominated in Dollars or (in the case of Letters of Credit under the Multicurrency Commitments) in
any Agreed Foreign Currency for its own account or the account of its designee (provided that the Obligors shall remain primarily liable
to the Lenders hereunder for payment and reimbursement of all amounts payable in respect of the Letters of Credit hereunder) in such form
as is acceptable to such Issuing Bank in its reasonable determination and for the benefit of such named beneficiary or beneficiaries as
are specified by the Borrower. Letters of Credit issued hereunder shall constitute utilization of the Commitments up to the aggregate
amount available to be drawn thereunder. Without limiting any rights of an Issuing Bank under this Section 2.05, no Issuing
Bank shall be obligated to issue, amend, renew or extend any Letter of Credit denominated in any Foreign Currency if at the time of such
issuance, such Issuing Bank, in its capacity as a Lender, would not be required to make Loans in such Foreign Currency hereunder.

 

(b)            Notice
of Issuance, Amendment, Renewal or Extension. To request the issuance of a Letter of Credit (or the amendment, renewal or extension
of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements
for doing so have been approved by such Issuing Bank) to any Issuing Bank and the Administrative Agent (reasonably in advance of
the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying
the Letter of Credit to be amended, renewed or extended, and specifying the date of issuance, amendment, renewal or extension (which shall
be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (d) of this Section),
the amount and Currency of such Letter of Credit, whether such Letter of Credit is to be issued under the Dollar Commitments or the Multicurrency
Commitments, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew
or extend such Letter of Credit. If requested by the applicable Issuing Bank, the Borrower also shall submit a letter of credit application
on such Issuing Bank’s standard form in connection with any request for a Letter of Credit. In the event of any inconsistency between
the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other agreement
submitted by the Borrower to, or entered into by the Borrower with, any Issuing Bank relating to any Letter of Credit, the terms and conditions
of this Agreement shall control.

 

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(c)            Limitations
on Amounts. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension
of each Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment,
renewal or extension (i) the aggregate LC Exposure of the applicable Issuing Bank requested to issue such Letter of Credit (determined
for these purposes without giving effect to the participations therein of the Lenders pursuant to paragraph (e) of this Section) shall
not exceed the amount set forth opposite the name of such Issuing Bank on Schedule 2.05, (ii) the total Revolving Dollar Credit
Exposures shall not exceed the aggregate Dollar Commitments at such time, (iii) the total Revolving Multicurrency Credit Exposures
shall not exceed the aggregate Multicurrency Commitments at such time and (iv) the total Covered Debt Amount shall not exceed the
Borrowing Base then in effect.

 

(d)            Expiration
Date. Each Letter of Credit shall expire at or prior to the close of business on the date twelve months after the date of the
issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, twelve months after the then-current
expiration date of such Letter of Credit, so long as such renewal or extension occurs within three months of such then-current
expiration date); provided that any Letter of Credit with a one-year term may provide (pursuant to customary
 “evergreen” provisions) for the renewal thereof for additional one-year periods. No Letter of Credit may be renewed
following the earlier to occur of the Commitment Termination Date and the Termination Date, except to the extent that the relevant
Letter of Credit is Cash Collateralized no later than five (5) Business Days prior to the Commitment Termination Date or
Termination Date, as applicable, and the Borrower pays the applicable Issuing Bank all fronting fees scheduled to be due and payable
during the term of the relevant Letter of Credit or supported by another letter of credit, in each case pursuant to arrangements
reasonably satisfactory to the applicable Issuing Bank and the Administrative Agent. Notwithstanding anything to the contrary
contained herein, no Letter of Credit shall have an expiration date after the Final Maturity Date.

 

(e)            Participations.
By the issuance of a Letter of Credit of a Class (or an amendment to a Letter of Credit increasing the amount thereof) by an
Issuing Bank, and without any further action on the part of such Issuing Bank or the Lenders, the Issuing Bank hereby grants to each Dollar
Lender and Multicurrency Lender, in the case of a Letter of Credit denominated in Dollars, and each Multicurrency Lender, in the case
of a Letter of Credit denominated in an Agreed Foreign Currency, and each Lender of such Class hereby acquires from such Issuing
Bank, a participation in such Letter of Credit equal to such Dollar Lender’s and Multicurrency Lender’s Applicable Percentage,
in the case of a Letter of Credit denominated in Dollars, or Applicable Multicurrency Percentage, in the case of a Letter of Credit denominated
in an Agreed Foreign Currency, of the aggregate amount available to be drawn under such Letter of Credit. Each Lender acknowledges and
agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the
occurrence and continuance of a Default or reduction or termination of the applicable Commitments; provided that no Lender shall
be required to purchase a participation in a Letter of Credit pursuant to this Section 2.05(e) if (x) the conditions
set forth in Section 4.02 would not be satisfied in respect of a Borrowing at the time such Letter of Credit was issued and
(y) the Administrative Agent or any Lender shall have so notified such Issuing Bank in writing at least two Business Days prior to
the requested date of issuance of such Letter of Credit and shall not have subsequently determined that the circumstances giving rise
to such conditions not being satisfied no longer exist. Unless an Issuing Bank has received written notice from any Lender, the Administrative
Agent or the Borrower, at least two Business Days prior to the requested date of issuance of the applicable Letter of Credit, that one
or more applicable conditions contained in Section 4.02 shall not then be satisfied, then, subject to the terms and conditions hereof,
such Issuing Bank shall be entitled to assume all such conditions are satisfied.

 

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In consideration and in furtherance
of the foregoing, each Lender of a Class hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the
account of each Issuing Bank, such Lender’s Applicable Percentage, in the case of a Letter of Credit denominated in Dollars, or
such Multicurrency Lender’s Applicable Multicurrency Percentage, in the case of a Letter of Credit denominated in an Agreed Foreign
Currency, of each LC Disbursement made by such Issuing Bank in respect of Letters of Credit of such Class promptly upon the request
of such Issuing Bank at any time from the time of such LC Disbursement until such LC Disbursement is reimbursed by the Borrower or at
any time after any reimbursement payment is required to be refunded to the Borrower for any reason. Such payment shall be made without
any offset, abatement, withholding or reduction whatsoever. Each such payment shall be made in the same manner as provided in Section 2.06
with respect to Loans made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the
payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received
by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to the next
following paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that the
Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their
interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse an Issuing Bank for any LC Disbursement shall
not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

 

(f)            Reimbursement.
If an Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such Issuing Bank in
respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement in Dollars, or in the case
of a Letter of Credit denominated in an Agreed Foreign Currency, the Borrower shall reimburse such Issuing Bank in such Agreed Foreign
Currency, unless such Issuing Bank (at its option) shall have specified in such notice (x) that it will require reimbursement in
Dollars and (y) the Dollar Equivalent of such LC Disbursement, (i) not later than 3:00 p.m., New York City time, on the Business
Day that the Borrower receives notice of such LC Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or
(ii) not later than 1:00 p.m., New York City time on the Business Day immediately following the day that the Borrower receives such
notice, if such notice is not received prior to such time; provided that, if such LC Disbursement is not less than $1,000,000 and
is denominated in Dollars, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03
that such payment be financed with a Syndicated ABR Borrowing of the respective Class in an equivalent amount and, to the extent
so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Syndicated ABR Borrowing.

 

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If the Borrower fails to make
such payment when due, the Administrative Agent shall notify each applicable Lender of the applicable LC Disbursement, the payment then
due from the Borrower in respect thereof and such Lender’s Applicable Percentage, in the case of a Letter of Credit denominated
in Dollars, or such Multicurrency Lender’s Applicable Multicurrency Percentage, in the case of a Letter of Credit denominated in
an Agreed Foreign Currency, thereof.

 

(g)            Obligations
Absolute. The Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (f) of this Section shall
be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and
all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, or any term
or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid
in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by an Issuing Bank under a Letter
of Credit against presentation of a draft or other document that does not comply strictly with the terms of such Letter of Credit, and
(iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions
of this Section, constitute a legal or equitable discharge of the Borrower’s obligations hereunder.

 

Neither the Administrative Agent,
the Lenders nor any Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection
with the issuance or transfer of any Letter of Credit by such Issuing Bank or any payment or failure to make any payment thereunder (irrespective
of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission
or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document required to
make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of
such Issuing Bank; provided that the foregoing shall not be construed to excuse any Issuing Bank from liability to the Borrower
to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower
to the extent permitted by applicable law) suffered by the Borrower that are caused by such Issuing Bank’s gross negligence or willful
misconduct, as determined by a final non-appealable decision of a court of competent jurisdiction, when determining whether drafts and
other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that:

 

(i)            the
Issuing Banks may accept documents that appear on their face to be in substantial compliance with the terms of a Letter of Credit without
responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation
of documents that appear on their face to be in substantial compliance with the terms of such Letter of Credit;

 

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(ii)            the
Issuing Banks shall have the right, in their sole discretion, to decline to accept such documents and to make such payment if such documents
are not in strict compliance with the terms of such Letter of Credit; and

 

(iii)            this
sentence shall establish the standard of care to be exercised by the Issuing Banks when determining whether drafts and other documents
presented under a Letter of Credit comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable
law, any standard of care inconsistent with the foregoing).

 

(h)            Disbursement
Procedures. Each Issuing Bank shall, within a reasonable time following its receipt thereof, examine all documents purporting to represent
a demand for payment under a Letter of Credit issued by such Issuing Bank. The applicable Issuing Bank shall promptly after such examination
notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such demand for payment and whether such
Issuing Bank has made or will make an LC Disbursement thereunder; provided that any failure to give or delay in giving such notice
shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the applicable Lenders with respect to any such LC
Disbursement.

 

(i)            Interim
Interest. If any Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in
full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the
date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum
then applicable to Syndicated ABR Loans (or, if such LC Disbursement is denominated in Sterling or Japanese Yen, the rate per annum
then applicable to RFR Loans for the applicable Currency); provided that, if the Borrower fails to reimburse such LC
Disbursement within two Business Days following the date when due pursuant to paragraph (f) of this Section, then the
provisions of Section 2.12(e) shall apply. Interest accrued pursuant to this paragraph shall be for account of the
applicable Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph
(e) of this Section to reimburse such Issuing Bank shall be for the account of such Lender to the extent of such
payment.

 

(j)            Resignation
and/or Replacement of an Issuing Bank. An Issuing Bank may resign and be replaced at any time by written agreement among the Borrower,
the Administrative Agent, the resigning Issuing Bank and the successor Issuing Bank. In addition, if any Issuing Bank, in its capacity
as a Lender, assigns all of its Loans and Commitments in accordance with the terms of this Agreement, such Issuing Bank may, with the
prior written consent of the Borrower (such consent not to be unreasonably withheld or delayed; provided that no consent of the
Borrower shall be required if an Event of Default has occurred and is continuing), resign as an Issuing Bank hereunder upon not less than
three Business Days prior written notice to the Administrative Agent and the Borrower; provided, further, in determining
whether to give any such consent, the Borrower may consider, among other factors, the sufficiency of availability of Letters of Credit
hereunder. The Administrative Agent shall notify the Lenders of any such resignation and replacement of an Issuing Bank. Upon the effectiveness
of any resignation or replacement of an Issuing Bank, the Borrower shall pay all unpaid fees accrued for the account of the resigning
or replaced Issuing Bank pursuant to Section 2.11(b). From and after the effective date of the appointment of a successor
Issuing Bank, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement
with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” and/or
 “Issuing Banks” shall be deemed to refer to such successor or successors (and other current Issuing Banks, if applicable)
or to any previous Issuing Bank, or to such successor or successors (and all other current Issuing Banks) and all previous Issuing Banks,
as the context shall require. After the effective replacement or resignation of any Issuing Bank hereunder, the resigning or replaced
Issuing Bank, as the case may be, shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing
Bank under this Agreement with respect to Letters of Credit issued by it prior to such resignation or replacement, but shall not be required
to issue additional Letters of Credit.

 

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(k)            Cash
Collateralization. If the Borrower shall be required to provide Cash Collateral for LC Exposure pursuant to Section 2.05(d),
Section 2.09(a), Section 2.10(b), (c) or (e) or the penultimate paragraph of Article VII,
the Borrower shall immediately deposit into a segregated collateral account or accounts in the name of the Escrow Agent (for the benefit
of the Issuing Banks), maintained with the Escrow Account Bank (herein, collectively, the “Letter of Credit Collateral Account”),
Cash denominated in the Currency of the Letter of Credit under which such LC Exposure arises in an amount equal to the amount required
under Section 2.05(d), Section 2.09(a), Section 2.10(b), (c) or (e) or the
penultimate paragraph of Article VII, as applicable; provided (i) that the Obligors shall have no control over or interest
in the Letter of Credit Collateral Account or the funds contained therein and (ii) the Letter of Credit Collateral Account shall
be subject to a deposit account control agreement in form and substance reasonably satisfactory to the Issuing Banks, the Escrow Agent
and the Borrower. For the avoidance of doubt, the Borrower shall not have access to the funds in the Letter of Credit Collateral Account
and no portion of such funds shall constitute property of the Borrower or the Borrower’s estate. Such deposit shall be held by the
Administrative Agent as collateral in the first instance for the LC Exposure under this Agreement and thereafter for the payment of the
 “Secured Obligations” under and as defined in the Guarantee and Security Agreement, and for these purposes the Borrower hereby
grants a security interest to the Administrative Agent for the benefit of the Lenders in the Letter of Credit Collateral Account and in
any financial assets (as defined in the Uniform Commercial Code) or other property held therein.

 

(l)            No
Obligation to Issue After Certain Events. No Issuing Bank shall be under any obligation to issue any Letter of Credit if: any order,
judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Bank from
issuing such Letter of Credit, or any law applicable to such Issuing Bank or any request or directive (whether or not having the force
of law) from any Governmental Authority with jurisdiction over such Issuing Bank shall prohibit, or request that such Issuing Bank shall
refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Bank
with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Bank is not otherwise compensated
hereunder) not in effect on the Effective Date, or shall impose upon such Issuing Bank any unreimbursed loss, cost or expense which was
not applicable on the Effective Date and which such Issuing Bank in good faith deems material to it, or the issuance of such Letter of
Credit would violate one or more policies of such Issuing Bank applicable to letters of credit generally.

 

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(m)            Applicability
of ISP and UCP. Unless otherwise expressly agreed by an Issuing Bank and the Borrower when a Letter of Credit is issued, (i) the
rules of the International Standby Practices shall apply to each standby Letter of Credit, and (ii) the rules of the Uniform
Customs and Practice for Documentary Credits, as most recently published by the International Chamber of Commerce at the time of issuance
shall apply to each commercial Letter of Credit.

 

(n)            Conflict
with Letter of Credit Documents.  In the event of any conflict between the terms of this Agreement and the terms of any Letter
of Credit Document, the terms of this Agreement shall control.

 

(o)            Additional
Issuing Banks. From time to time, the Borrower may, by notice to the Administrative Agent, designate additional Lenders as an Issuing
Bank, so long as each such Lender agrees (in its sole discretion) to act in such capacity and is reasonably satisfactory to the Administrative
Agent; provided that each such notice shall include an updated Schedule 2.05; provided, further, that the
Borrower shall not update Schedule 2.05 to increase any Issuing Bank’s maximum LC Exposure without such Issuing Bank’s
consent. Each such additional Issuing Bank shall execute a counterpart of this Agreement upon the approval of the Administrative Agent
(which approval shall not be unreasonably withheld) and shall thereafter be an Issuing Bank hereunder for all purposes.

 

SECTION 2.06.     Funding
of Borrowings.

 

(a)            Funding
by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately
available funds by 11:00 a.m., New York City time, to the account of the Administrative Agent most recently designated by it for
such purpose by notice to the Lenders (except for same-day ABR Borrowings, in which case each Lender shall make its funds available to
the Agent not later than 2:00 p.m., New York City time). The Administrative Agent will make such Loans available to the Borrower by promptly
crediting the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing
Request; provided that Syndicated ABR Borrowings made to finance the reimbursement of an LC Disbursement as provided in Section 2.05(f) shall
be remitted by the Administrative Agent to the applicable Issuing Bank.

 

(b)            Presumption
by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of
any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative
Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and
may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact
made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally
agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including
the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in
the case of such Lender, the applicable Overnight Rate or (ii) in the case of the Borrower, (x) with respect to Borrowings denominated
in Dollars, the interest rate applicable to ABR Loans and (y) with respect to Borrowings denominated in any Agreed Foreign Currency,
in accordance with such market practice, in each case, as applicable. If such Lender pays such amount to the Administrative Agent, then
such amount shall constitute such Lender’s Loan included in such Borrowing. Nothing in this paragraph shall relieve any Lender of
its obligation to fulfill its commitments hereunder, and this paragraph shall be without prejudice to any claim the Borrower may have
against a Lender that shall have failed to make such payment to the Administrative Agent.

 

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SECTION 2.07.     Interest
Elections.

 

(a)            Elections
by the Borrower for Syndicated Borrowings. Subject to Section 2.03(d), the Loans constituting each Syndicated Borrowing
initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurocurrency Borrowing or SOFR Borrowing
(if the then-current Benchmark is Adjusted Term SOFR), shall have the Interest Period specified in such Borrowing Request. Thereafter,
the Borrower may elect to convert such Borrowing to a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the
same Type and, in the case of a Eurocurrency Borrowing or SOFR Borrowing (if the then-current Benchmark is Adjusted Term SOFR), may elect
the Interest Period therefor, all as provided in this Section; provided, however, that (i) a Syndicated Borrowing of
a Class may only be continued or converted into a Syndicated Borrowing of the same Class, (ii) a Syndicated Borrowing denominated
in one Currency may not be continued as, or converted to, a Syndicated Borrowing in a different Currency, (iii) no Eurocurrency Borrowing
denominated in a Foreign Currency may be continued if, after giving effect thereto, the aggregate Revolving Multicurrency Credit Exposures
would exceed the aggregate Multicurrency Commitments, and (iv) a Eurocurrency Borrowing denominated in a Foreign Currency or an RFR
Borrowing may not be converted to a Borrowing of a different Type. The Borrower may elect different options with respect to different
portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders of the respective Class holding
the Loans constituting such Borrowing, and the Loans constituting each such portion shall be considered a separate Borrowing.

 

(b)            Notice
of Elections. To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by
telephone, delivery of a signed Interest Election Request or e-mail by the time that a Borrowing Request would be required under Section 2.03
if the Borrower were requesting a Syndicated Borrowing of the Type resulting from such election to be made on the effective date of such
election. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly (but no later than the close
of business on the date of such request) by hand delivery, telecopy or electronic communication to the Administrative Agent of a
written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower.

 

(c)            Content
of Interest Election Requests. Each telephonic and written (including by e-mail) Interest Election Request shall specify the following
information in compliance with Section 2.02:

 

(i)               the
Borrowing (including the Class) to which such Interest Election Request applies and, if different options are being elected with
respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information
to be specified pursuant to clauses (iii) and (iv) of this paragraph shall be specified for each resulting Borrowing);

 

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(ii)               the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)               whether,
in the case of a Borrowing denominated in Dollars, the resulting Borrowing is to be an ABR Borrowing or a SOFR Borrowing; and

 

(iv)               if
the resulting Borrowing is a Eurocurrency Borrowing or a SOFR Borrowing (if the then-current Benchmark is Adjusted Term SOFR), the Interest
Period therefor after giving effect to such election, which shall be a period contemplated by the definition of the term “Interest
Period” and permitted under Section 2.02(d).

 

(d)            Notice
by the Administrative Agent to the Lenders. Promptly following receipt of an Interest Election Request, the Administrative Agent shall
advise each applicable Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

 

(e)            Failure
to Elect; Events of Default. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Eurocurrency
Borrowing or a SOFR Borrowing (if the then-current Benchmark is Adjusted Term SOFR) prior to the end of the Interest Period therefor,
then, unless such Borrowing is repaid as provided herein, the Borrower shall be deemed to have selected an Interest Period of one month’s
duration. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative
Agent, at the request of the Required Lenders, so notifies the Borrower, (i) if the then-current Benchmark is Adjusted Term SOFR,
any SOFR Borrowing shall, at the end of the applicable Interest Period for such SOFR Borrowing, be automatically converted to an ABR Borrowing,
(ii) if the then-current Benchmark is Daily Compounded SOFR, any SOFR Borrowing shall immediately be automatically converted to an
ABR Borrowing, (iii) any Daily Simple RFR Borrowing shall not have an Interest Period of more than one month’s duration, (iv) the
Borrower shall not be entitled to elect to convert or continue any Borrowing into or as a Eurocurrency Borrowing, a SOFR Borrowing or
an RFR Borrowing and (v) any Eurocurrency Borrowing denominated in a Foreign Currency shall not have an Interest Period of more than
one month’s duration.

 

SECTION 2.08.     Termination,
Reduction or Increase of the Commitments.

 

(a)            Scheduled
Termination. Unless previously terminated, the Commitments of each Class (i) shall be automatically reduced on the Commitment
Termination Date to an amount equal to the Revolving Credit Exposure of such Class outstanding on the Commitment Termination Date,
(ii) thereafter such Commitment shall be reduced automatically as and to the extent of prepayments, repayments or other reductions
in the Revolving Credit Exposure of such Class, and (iii) shall terminate on the Final Maturity Date; provided that, for clarity,
except as expressly provided for herein (including, without limitation, Section 2.05(e)), no Lender shall have any obligation to
make new Loans or to issue, amend or renew an existing Letter of Credit on or after the Commitment Termination Date.

 

(b)            Voluntary
Termination or Reduction. The Borrower may at any time without premium or penalty terminate, or from time to time reduce, the
Commitments of either Class, ratably among such Class; provided that (i) each reduction of the Commitments of a
Class shall be in an amount that is $10,000,000 (or, if less, the entire amount of the Commitments of such Class) or a larger
multiple of $5,000,000 in excess thereof and (ii) the Borrower shall not terminate or reduce the Commitments of either
Class if, after giving effect to any concurrent prepayment of the Syndicated Loans of such Class in accordance with Section 2.10,
the total Revolving Credit Exposures of such Class would exceed the total Commitments of such Class. Any such reduction of the
Commitments below the principal amount of the Letters of Credit permitted under Section 2.05(c)(i) shall result in
a dollar-for-dollar reduction of such amount.

 

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(c)            Notice
of Voluntary Termination or Reduction. The Borrower shall notify the Administrative Agent of any election to terminate or reduce the
Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such
termination or reduction (or such lesser period agreed to by the Administrative Agent), specifying such election and the effective date
thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the applicable Lenders of the contents thereof.
Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination
of the Commitments of a Class delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other
credit facilities or transactions, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on
or prior to the specified effective date) if such condition is not satisfied.

 

(d)            Effect
of Termination or Reduction. Any termination or reduction of the Commitments of a Class pursuant to clause (b) shall
be permanent. Each reduction of the Commitments of a Class pursuant to clause (b) shall be made ratably among the Lenders
of such Class in accordance with their respective Commitments.

 

(e)            Increase
of the Commitments.

 

(i)            Requests
for Increase by Borrower. The Borrower may, at any time, request that the Commitments hereunder of a Class be increased (each
such proposed increase being a “Commitment Increase”), upon notice to the Administrative Agent (who shall promptly
notify the Lenders), which notice shall specify each existing Lender (each an “Increasing Lender”) and/or each
additional lender (each an “Assuming Lender”) that shall have agreed to an additional Commitment and the date
on which such increase is to be effective (the “Commitment Increase Date”), which shall be a Business Day at least
three Business Days (or such shorter period as the Administrative Agent may reasonably agree) after delivery of such notice and at least
30 days prior to the Commitment Termination Date; provided that, subject to the foregoing, each Commitment Increase shall become
effective only upon satisfaction of the following conditions:

 

(A)            the
minimum amount of the Commitment of any Assuming Lender, and the minimum amount of the increase of the Commitment of any Increasing Lender,
as part of such Commitment Increase shall be $10,000,000 or a larger multiple of $5,000,000 in excess thereof or such lesser amount as
the Administrative Agent may reasonably agree;

 

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(B)            immediately
after giving effect to such Commitment Increase, the total Commitments of all of the Lenders hereunder shall not exceed $1,000,000,000;

 

(C)            each
Assuming Lender shall be consented to by the Administrative Agent and each Issuing Bank (such consent not to be unreasonably withheld);

 

(D)            no
Default shall have occurred and be continuing on such Commitment Increase Date or shall result from the proposed Commitment Increase;

 

(E)            the
representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material respects
(or, in the case of any portion of the representations and warranties already subject to a materiality qualifier, true and correct in
all respects) on and as of the Commitment Increase Date as if made on and as of such date (or, if any such representation or warranty
is expressly stated to have been made as of a specific date, as of such specific date);

 

(F)            Borrower
shall have paid in full to the Administrative Agent and the Lenders all fees and invoiced expenses related to this Agreement due and owing
on or prior to the Commitment Increase Date, including any up-front fee due to any Lender on or prior to the Commitment Increase Date;
and

 

(G)            if
requested, the Borrower has, as applicable, executed and delivered: (x) a new promissory note payable to the order of each Assuming
Lender; or (y) a replacement promissory note payable to the order of each Increasing Lender.

 

No Lender shall be obligated
to provide any increased Commitment.

 

(ii)            Effectiveness
of Commitment Increase by Borrower. An Assuming Lender, if any, shall become a Lender hereunder as of such Commitment Increase Date
and the Commitment of the respective Class of any Increasing Lender and such Assuming Lender shall be increased as of such Commitment
Increase Date; provided that:

 

(x)            the
Administrative Agent shall have received on or prior to 11:00 a.m., New York City time, on such Commitment Increase Date (or on or
prior to a time on an earlier date specified by the Administrative Agent) a certificate of a duly authorized officer of the Borrower stating
that each of the applicable conditions to such Commitment Increase set forth in the foregoing paragraph (i) has been satisfied;
and

 

(y)            each
Assuming Lender or Increasing Lender shall have delivered to the Administrative Agent, on or prior to 11:00 a.m., New York City time
on such Commitment Increase Date (or on or prior to a time on an earlier date specified by the Administrative Agent in compliance with
clause (x) above), an increasing/joinder agreement substantially in the form of Exhibit D (or such other form
as shall be reasonably satisfactory to the Borrower and the Administrative Agent), pursuant to which such Lender shall, effective as of
such Commitment Increase Date, undertake a Commitment or an increase of Commitment in each case of the respective Class, duly executed
by such Assuming Lender or Increasing Lender, as applicable, and the Borrower and acknowledged by the Administrative Agent.

 

Promptly following satisfaction of such
conditions, the Administrative Agent shall notify the Lenders of such Class (including any Assuming Lenders) thereof and of
the occurrence of the Commitment Increase Date by facsimile transmission or electronic messaging system.

 

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(iii)            Recordation
into Register. Upon its receipt of an agreement referred to in clause (ii)(y) above executed by an Assuming Lender or
an Increasing Lender, together with the certificate referred to in clause (ii)(x) above, the Administrative Agent shall, if
such agreement has been completed, (x) accept such agreement, (y) record the information contained therein in the Register and
(z) give prompt notice thereof to the Borrower.

 

(iv)            Adjustments
of Borrowings upon Effectiveness of Increase. On the Commitment Increase Date, the Borrower shall (A) prepay the outstanding
Loans (if any) of the affected Class in full, (B) simultaneously borrow new Loans of such Class hereunder in an amount
equal to such prepayment (which may also include the amount of any fees, expenses or amounts due by the Borrower on or prior to the Commitment
Increase Date); provided that with respect to subclauses (A) and (B), (x) the prepayment to, and borrowing
from, any existing Lender shall be effected by book entry to the extent that any portion of the amount prepaid to such Lender will be
subsequently borrowed from such Lender and (y) the existing Lenders, the Increasing Lenders and the Assuming Lenders shall make and
receive payments among themselves, in a manner acceptable to the Administrative Agent, so that, after giving effect thereto, the Loans
of such Class are held ratably by the Lenders of such Class in accordance with the respective Commitments of such Class of
such Lenders (after giving effect to such Commitment Increase) and (C) pay to the Lenders of such Class the amounts, if any,
payable under Section 2.15 as a result of any such prepayment. Concurrently therewith, the Lenders of such Class shall
be deemed to have adjusted their participation interests in any outstanding Letters of Credit of such Class so that such interests
are held ratably in accordance with their Commitments of such Class as so increased. The Administrative Agent shall amend Schedule
1.01(b) to reflect the aggregate amount of each Lender’s Commitments (including Increasing Lenders and Assuming Lenders). Each
reference to Schedule 1.01(b) in this Agreement shall be to Schedule 1.01(b) as amended pursuant to this Section.

 

(v)            Terms
of Loans issued on the Commitment Increase Date. For the avoidance of doubt, the terms and provisions of any new Loans issued by any
Assuming Lender or Increasing Lender, and the Commitment Increase of any Assuming Lender or Increasing Lender, shall be identical to the
terms and provisions of Loans of the applicable Class issued by, and the Commitments of the applicable Class of, the Lenders
immediately prior to the applicable Commitment Increase Date.

 

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SECTION 2.09.     Repayment
of Loans; Evidence of Debt.

 

(a)            Repayment.
The Borrower hereby unconditionally promises to pay the Loans of each Class to the Administrative Agent for the account of the Lenders
of such Class the outstanding principal amount of the Syndicated Loans of such Class and all other amounts due and owing hereunder
and under the other Loan Documents on the Final Maturity Date. Each repayment in part under this Section 2.09 shall be in a minimum
amount of $1,000,000 (or, if the total amount of such Borrowing is less than $1,000,000, the entire remaining outstanding amount of such
Borrowing) or a larger multiple of $1,000,000.

 

In addition, on the Commitment
Termination Date, the Borrower shall deposit Cash into the Letter of Credit Collateral Account (denominated in the Currency of the Letter
of Credit under which such LC Exposure arises) in an amount equal to 102% of the undrawn face amount of all Letters of Credit outstanding
on the close of business on the Commitment Termination Date, such deposit to be held by the Administrative Agent as collateral security
for the LC Exposure under this Agreement in respect of the undrawn portion of such Letters of Credit.

 

(b)            Manner
of Payment. Prior to any repayment or prepayment of any Borrowings to any Lenders of any Class hereunder, the Borrower shall
select the Borrowing or Borrowings of such Class to be paid and shall notify the Administrative Agent by telephone (confirmed by
telecopy or e-mail) of such selection not later than the time set forth in Section 2.10(f) prior to the scheduled
date of such repayment; provided that, each repayment of Borrowings in Dollars to any Lenders of a Class shall be applied
to repay any outstanding ABR Borrowings of such Class before any other Borrowings of such Class. If the Borrower fails to make a
timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied to repay Borrowings in the same
Currency and, (i) solely in the case of any such payment in Dollars, first, to pay any outstanding ABR Borrowings of the applicable
Class and, second, to other Borrowings of such Class in order of the remaining duration of their respective Interest Period
(the Borrowings with the shortest remaining Interest Period to be repaid first), and (ii) if the repayment or prepayment is denominated
in a particular Agreed Foreign Currency, such repayment or prepayment shall be applied ratably between or among, as applicable, any remaining
Borrowings denominated in such Agreed Foreign Currency (based on the then outstanding principal amounts of such Loans) in each case in
the order of the remaining duration of their respective Interest Periods (the Borrowing with the shortest remaining Interest Period to
be repaid first).

 

(c)            Maintenance
of Records by Lenders. Each Lender shall maintain in accordance with its usual practice records evidencing the indebtedness of the
Borrower to such Lender resulting from each Loan made by such Lender, including the amounts and Currency of principal and interest payable
and paid to such Lender from time to time hereunder.

 

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(d)       Maintenance
of Records by the Administrative Agent. The Administrative Agent shall maintain records in which it shall record (i) the amount
and Currency of each Loan made hereunder, the Class and Type thereof and each Interest Period therefor, (ii) the amount and
Currency of any principal or interest due and payable or to become due and payable from the Borrower to each Lender of such Class hereunder
and (iii) the amount and Currency of any sum received by the Administrative Agent hereunder for the account of the Lenders and each
Lender’s share thereof.

 

(e)       Effect
of Entries. The entries made in the records maintained pursuant to paragraph(c) or (d) of this Section shall
be prima facie evidence, absent manifest error, of the existence and amounts of the obligations recorded therein;
provided that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in
any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. In the event of any
conflict between the accounts and records maintained by any Lender and the accounts and records of the Administrative Agent in respect
of such matters, the accounts and records of the Administrative Agent shall control in the absence of manifest error.

 

(f)       Promissory
Notes. Any Lender may request that Loans of any Class made by it be evidenced by a Note; in such event, the Borrower shall prepare,
execute and deliver to such Lender a Note payable to such Lender (or, if requested by such Lender, to such Lender and its registered
assigns) substantially in the form of Exhibit E (or such other form as shall be reasonably satisfactory to the Administrative
Agent). Thereafter, the Loans evidenced by such Note and interest thereon shall at all times (including after assignment pursuant to
Section 9.04) be represented by one or more Notes in such form payable to the payee named therein (or to such payee
and its registered assigns).

 

SECTION 2.10.     Prepayment
of Loans.

 

(a)       Optional
Prepayments. The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, without
premium or penalty except for payments under Section 2.15, subject to the requirements of this Section.

 

(b)       Mandatory
Prepayments due to Changes in Exchange Rates.

 

(i)       Determination
of Amount Outstanding. On each Quarterly Date and, in addition, promptly upon the receipt by the Administrative Agent of a Currency
Valuation Notice (as defined below), the Administrative Agent shall determine the aggregate Revolving Multicurrency Credit Exposure.
For the purpose of this determination, the outstanding principal amount of any Loan that is denominated in any Foreign Currency shall
be deemed to be the Dollar Equivalent of the amount in the Foreign Currency of such Loan, determined as of such Quarterly Date or, in
the case of a Currency Valuation Notice received by the Administrative Agent prior to 11:00 a.m., New York City time, on a Business Day,
on such Business Day or, in the case of a Currency Valuation Notice otherwise received, on the first Business Day after such Currency
Valuation Notice is received. Upon making such determination, the Administrative Agent shall promptly notify the Multicurrency Lenders
and the Borrower thereof.

 

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(ii)       Prepayment.
If on the date of such determination the aggregate Revolving Multicurrency Credit Exposure minus the Multicurrency LC Exposure
fully Cash Collateralized on such date exceeds 105% of the aggregate amount of the Multicurrency Commitments as then in effect, the Borrower
shall prepay the Syndicated Multicurrency Loans (and/or provide Cash Collateral for Multicurrency LC Exposure as specified in Section 2.05(k)) within
15 Business Days following the Borrower’s receipt of notice from the Administrative Agent pursuant to clause (b)(i) above
in such amounts as shall be necessary so that after giving effect thereto the aggregate Revolving Multicurrency Credit Exposure does
not exceed the Multicurrency Commitments.

 

For purposes hereof “Currency Valuation
Notice” means a notice given by the Required Multicurrency Lenders to the Administrative Agent stating that such notice is a
 “Currency Valuation Notice” and requesting that the Administrative Agent determine the aggregate Revolving Multicurrency Credit
Exposure. The Administrative Agent shall not be required to make more than one valuation determination pursuant to Currency Valuation
Notices within any rolling three month period.

 

Any prepayment pursuant to this
clause (b) of this Section shall be applied, first to Syndicated Multicurrency Loans outstanding and second,
to Cash Collateralize Multicurrency LC Exposure.

 

(c)       Mandatory
Prepayments due to Borrowing Base Deficiency. In the event that at any time any Borrowing Base Deficiency shall exist, the Borrower
shall, within five Business Days after delivery of the applicable Borrowing Base Certificate, prepay the Loans (or provide Cash Collateral
for Letters of Credit as contemplated by Section 2.05(k)) or reduce Other Covered Indebtedness or any other Indebtedness
that is included in the Covered Debt Amount at such time in such amounts as shall be necessary so that such Borrowing Base Deficiency
is immediately cured; provided that (i) the aggregate amount of such prepayment of Loans (and Cash Collateral for Letters
of Credit) shall be at least equal to the Revolving Percentage times the aggregate prepayment of the Covered Debt Amount, and (ii) if,
within five Business Days after delivery of a Borrowing Base Certificate demonstrating such Borrowing Base Deficiency, the Borrower shall
present the Lenders with a reasonably feasible plan acceptable to the Required Lenders in their sole discretion to enable such Borrowing
Base Deficiency to be cured within 30 Business Days (which 30-Business Day period shall (A) include the five Business Days permitted
for delivery of such plan and (B) be subject to extension beyond 30 Business Days with the consent of the Administrative Agent in
its sole discretion), then such prepayment or reduction shall not be required to be effected immediately but may be effected in accordance
with such plan (with such modifications as the Borrower may reasonably determine), so long as such Borrowing Base Deficiency is cured
within such 30-Business Day period (or any extended period consented to by the Administrative Agent in its sole discretion). Notwithstanding
the foregoing, the Borrower shall pay interest in accordance with Section 2.12(e) for so long as the Covered Debt Amount exceeds
the Borrowing Base during such 30-Business Day period. For clarity, in the event that the Borrowing Base Deficiency is not cured prior
to the end of such 5-Business Day period (or, if applicable, such 30-Business Day period or any extended period consented to by the Administrative
Agent in its sole discretion), it shall constitute an Event of Default under clause (a) of Article VII.

 

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(d)       Mandatory
Prepayments During Amortization Period. During the period commencing on the date immediately following the Commitment Termination
Date and ending on the Final Maturity Date:

 

(i)       Asset
Disposition. If the Borrower or any of its Subsidiaries (other than a Financing Subsidiary) Disposes of any property which results
in the receipt by such Person of Net Cash Proceeds in excess of $2,000,000 in the aggregate since the Commitment Termination Date, the
Borrower shall prepay Loans and/or Cash Collateralize outstanding Letters of Credit in an aggregate principal amount equal to 100% of
such Net Cash Proceeds (and the Commitments shall be permanently reduced by such amount of Loans prepaid) no later than the fifth Business
Day following the receipt of such Net Cash Proceeds (such prepayments to be applied as set forth in Section 2.09(b)).

 

(ii)       Equity
Issuance. Upon the sale or issuance by the Borrower or any of its Subsidiaries (other than a Financing Subsidiary) of any of its
Equity Interests (other than any sales or issuances of Equity Interests to the Borrower or any Subsidiary Guarantor), the Borrower shall
prepay Loans and/or Cash Collateralize outstanding Letters of Credit in an aggregate principal amount equal to 75% of all Net Cash Proceeds
received therefrom (and the Commitments shall be permanently reduced by such amount of Loans prepaid) no later than the fifth Business
Day following the receipt of such Net Cash Proceeds (such prepayments to be applied as set forth in Section 2.09(b)).

 

(iii)      Indebtedness.
Upon the incurrence or issuance by the Borrower or any of its Subsidiaries (other than a Financing Subsidiary) of any Indebtedness, the
Borrower shall prepay Loans and/or Cash Collateralize outstanding Letters of Credit in an aggregate principal amount equal to 100% of
all Net Cash Proceeds received therefrom (and the Commitments shall be permanently reduced by such amount of Loans prepaid) no later
than the fifth Business Day following the receipt of such Net Cash Proceeds (such prepayments to be applied as set forth in Section 2.09(b)).

 

(iv)      Extraordinary
Receipt. Upon any Extraordinary Receipt (which, when taken with all other Extraordinary Receipts received after the Commitment Termination
Date, exceeds $5,000,000 in the aggregate) received by or paid to or for the account of the Borrower or any of its Subsidiaries (other
than a Financing Subsidiary), and not otherwise included in clause (i), (ii) or (iii) of this Section 2.10(d),
the Borrower shall prepay Loans and/or Cash Collateralize outstanding Letters of Credit in an aggregate principal amount equal to 100%
of all Net Cash Proceeds received therefrom (and the Commitments shall be permanently reduced by such amount of Loans prepaid) no later
than the fifth Business Day following the receipt of such Net Cash Proceeds (such prepayments to be applied as set forth in Section 2.09(b)).

 

(v)       Return
of Capital. If any Obligor shall receive any Return of Capital (other than from any Financing Subsidiary), and is not otherwise included
in clauses (i), (ii), (iii) or (iv) of this Section 2.10(d), the Borrower shall prepay Loans
and/or Cash Collateralize outstanding Letters of Credit in an aggregate principal amount equal to 100% of such Return of Capital (excluding
amounts payable by the Borrower pursuant to Section 2.15) (and the Commitments shall be permanently reduced by such amount
of Loans prepaid) no later than the fifth Business Day following the receipt of such Return of Capital (such prepayments to be applied
as set forth in Section 2.09(b)).

 

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Notwithstanding the foregoing,
Net Cash Proceeds and Return of Capital required to be applied to the prepayment of the Loans pursuant to this Section 2.10(d) shall
(A) be applied in accordance with Section 8.06 of the Guarantee and Security Agreement except as otherwise set forth in Section 2.10(e),
(B) exclude the amounts necessary for the Borrower to make all required dividends and distributions (which shall be no less than
the amount estimated in good faith by Borrower under Section 6.05(b)) to maintain its Tax status as a RIC under the Code and
its election to be treated as a “business development company” under the Investment Company Act for so long as the Borrower
retains such status and to avoid payment by the Borrower of federal excise Taxes imposed by Section 4982 of the Code for so long
as the Borrower retains the status of a RIC under the Code, and (C) if the Loans to be prepaid are Eurocurrency Loans or, if the
then-current Benchmark is Adjusted Term SOFR, SOFR Loans, the Borrower may defer such prepayment (and permanent Commitment reduction)
until the last day of the Interest Period applicable to such Loans, so long as the Borrower deposits an amount equal to such Net Cash
Proceeds or Return of Capital, as applicable, no later than the fifth Business Day following the receipt of such Net Cash Proceeds or
Return of Capital, as applicable, into a segregated collateral account in the name and under the dominion and control of the Administrative
Agent, pending application of such amount to the prepayment of the Loans (and permanent Commitment reduction) the last day of such Interest
Period; provided, further, that the Administrative Agent may direct the application of such deposits as set forth in Section 2.09(b) at
any time and if the Administrative Agent does so, no amounts will be payable by the Borrower pursuant to Section 2.15.

 

(e)       Payments
Following the Commitment Termination Date or During an Event of Default. Notwithstanding any provision to the contrary in Section 2.09
or this Section 2.10, following the Commitment Termination Date or if an Event of Default shall have occurred and be continuing:

 

(i)       no
optional prepayment of the Loans of any Class shall be permitted unless at such time, the Borrower also prepays the Loans of the
other Class or, to the extent no Loans of the other Class are outstanding, provides cash collateral as contemplated by Section 2.05(k) for
outstanding Letters of Credit of such Class, which prepayment (and cash collateralization) shall be made on a pro-rata basis (based on
the outstanding principal amounts of such Indebtedness) between each outstanding Class of Revolving Credit Exposure;

 

(ii)       any
prepayment of Loans in Dollars required to be made pursuant to clause (d) above shall be applied ratably between the Dollar Lenders
and the Multicurrency Lenders based on the then outstanding principal amounts of Loans denominated in Dollars; provided that, each prepayment
in an Agreed Foreign Currency (including as a result of the Borrower’s receipt of proceeds from a prepayment event in such Agreed
Foreign Currency (it being the understanding that any receipt of proceeds in an Agreed Foreign Currency shall first be used to make a
payment on an account of the Loans denominated in such Agreed Foreign Currency)) shall be applied ratably among just the Multicurrency
Lenders to prepay the Loans denominated in such Agreed Foreign Currency and, if the balance of the Loans denominated in such Agreed Foreign
Currency remaining is zero (0), then, if there are any remaining proceeds, the Borrower shall prepay (in Dollars) the remaining Loans
on a pro rata basis (based on the aggregate outstanding Dollar Equivalent principal amount of such Loans) between each outstanding Class of
Loans; and

 

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(iii)      notwithstanding
any other provision to the contrary in this Agreement, if an Event of Default has occurred and is continuing, then any payment or repayment
of the Loans shall be made and applied ratably (based on the aggregate outstanding Dollar Equivalents of the outstanding principal amounts
of such Loans) between Dollar Loans and Multicurrency Loans and to Cash Collateralize Letters of Credit.

 

(f)       Notices,
Etc. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or electronic communication) of any
repayment or prepayment hereunder (i) in the case of repayment or prepayment of a Eurocurrency Borrowing denominated in a
Foreign Currency (other than in the case of a repayment or prepayment pursuant to Section 2.10(d)), not later than 11:00
a.m., London time, four Business Days before the date of repayment or prepayment, as applicable, (ii) in the case of repayment
or prepayment of a RFR Borrowing (other than in the case of a repayment or prepayment pursuant to Section 2.10(d)), not
later than 11:00 a.m., London time, five Business Days before the date of repayment or prepayment, as applicable, (iii) in the
case of prepayment of a Syndicated ABR Borrowing (other than in the case of a repayment or prepayment pursuant to Section 2.10(d)),
not later than 11:00 a.m., New York City time, one Business Day before the date of repayment or prepayment, as applicable,
(iv) in the case of a repayment or prepayment of a SOFR Borrowing under Section 2.10(d), (x) if the then-current
Benchmark is Adjusted Term SOFR, not later than 11:00 a.m., New York City time, three U.S. Government Securities Business Days
before the date of repayment or prepayment and (y) if the then-current Benchmark is Daily Compounded SOFR, not later than 11:00
a.m., New York City time, five U.S. Government Securities Business Days before the date of repayment or prepayment, or (v) in
the case of any repayment or prepayment pursuant to Section 2.10(d), not later than 11:00 a.m., New York City time, one
Business Day before the date of repayment or prepayment, or, in each case of the notice periods described in this paragraph (f),
such lesser period as the Administrative Agent may reasonably agree. Each such notice shall be irrevocable and shall specify the
repayment or prepayment date, the principal amount of each Borrowing or portion thereof to be repaid or prepaid and, in the case of
a mandatory repayment or prepayment, a reasonably detailed calculation of the amount of such repayment or prepayment; provided
that, if (i) a notice of repayment or prepayment is given in connection with a conditional notice of termination of the
Commitments of a Class as contemplated by Section 2.08, then such notice of repayment or prepayment may be revoked
if such notice of termination is revoked in accordance with Section 2.08 and (ii) any notice given in connection
with Section 2.10(d) may be conditioned on the consummation of the applicable transaction contemplated by such
Section and the receipt by the Borrower or any such Subsidiary (other than a Financing Subsidiary) of Net Cash Proceeds.
Promptly following receipt of any such notice relating to a Syndicated Borrowing, the Administrative Agent shall advise the affected
Lenders of the contents thereof. Each partial repayment or prepayment of any Borrowing shall be in an amount that would be permitted
in the case of a Borrowing of the same Type as provided in Section 2.02, except as necessary to apply fully the required
amount of a mandatory repayment or prepayment. Each repayment or prepayment of a Syndicated Borrowing of a Class shall be
applied ratably to the Loans of such Class included in the repaid or prepaid Borrowing. Repayment or prepayments shall
be accompanied by accrued interest to the extent required by Section 2.12 and shall be made in the manner specified in Section 2.09(b).

 

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SECTION 2.11.     Fees.

 

(a)       Commitment
Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at
a rate per annum equal to 0.375% on the average daily unused amount of the Dollar Commitment and Multicurrency Commitment, as applicable,
of such Lender during the period from and including the Effective Date to but excluding the earlier of the date such Commitment terminates
and the Commitment Termination Date. Commitment fees accrued through and including the applicable Quarterly Date shall be payable within
five Business Days after such Quarterly Date and on the earlier of the date the Commitments of the respective Class terminate and
the Commitment Termination Date. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the
actual number of days elapsed (including the first day but excluding the last day). For purposes of computing commitment fees, (i) the
daily unused amount of the applicable Commitment shall be determined as of the end of each day and (ii) the Commitment of any Class of
a Lender shall be deemed to be used to the extent of the outstanding Syndicated Loans and LC Exposure of such Class of such Lender.

 

(b)       Letter
of Credit Fees. The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee
with respect to its participations in Letters of Credit of each Class, which shall accrue at a rate per annum equal to the Applicable
Margin applicable to interest on Eurocurrency Loans (or, if such Letter of Credit is denominated in Sterling or Japanese Yen, RFR Loans)
on the average daily amount of such Lender’s LC Exposure of such Class (excluding any portion thereof attributable to unreimbursed
LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s
Commitment of such Class terminates and the date on which such Lender ceases to have any LC Exposure of such Class, and (ii) to
each Issuing Bank a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily amount of such Issuing Bank’s
LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the
Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC
Exposure, as well as each Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter
of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including each Quarterly Date
shall be payable on the fifth Business Day following such Quarterly Date; provided that all such fees with respect to the Letters
of Credit shall be payable on the Termination Date and the Borrower shall pay any such fees that have accrued and that are unpaid on the
Termination Date and, in the event any Letters of Credit shall be outstanding that have expiration dates after the Termination Date, the
Borrower shall prepay on the Termination Date the full amount of the participation and fronting fees that will accrue on such Letters
of Credit subsequent to the Termination Date through but not including the date such outstanding Letters of Credit are scheduled to expire.
Any other fees payable to an Issuing Bank pursuant to this paragraph shall be payable within 10 Business Days after demand. All participation
fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed
(including the first day but excluding the last day).

 

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(c)       Administrative
Agent Fees. The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times
separately agreed upon between the Borrower and the Administrative Agent.

 

(d)       Payment
of Fees. All fees payable hereunder shall be paid on the dates due, in Dollars (or, at the election of the Borrower with respect
to any fees payable to an Issuing Bank on account of Letters of Credit issued by such Issuing Bank in any Foreign Currency, in such Foreign
Currency) and immediately available funds, to the Administrative Agent (or to the applicable Issuing Bank, in the case of fees payable
to it) for distribution, in the case of commitment fees and participation fees, to the Lenders entitled thereto. Fees paid shall not
be refundable under any circumstances absent manifest error.

 

SECTION 2.12.     Interest.

 

(a)       ABR
Loans. The Loans constituting each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus
the Applicable Margin.

 

(b)       Eurocurrency
Loans. The Loans constituting each Eurocurrency Borrowing shall bear interest at a rate per annum equal to the applicable Relevant
Rate for the related Interest Period for such Borrowing plus the Applicable Margin.

 

(c)       SOFR
Loans. (i) If the then-current Benchmark is Daily Compounded SOFR, the Loans constituting each SOFR Borrowing shall bear interest
at a rate per annum equal to Daily Compounded SOFR plus the Applicable Margin (computed in the manner described in Section 2.12(g))
and (ii) if the then-current Benchmark is Adjusted Term SOFR, the Loans constituting each SOFR Borrowing shall bear interest at a
rate per annum equal to Adjusted Term SOFR for the related Interest Period for such Borrowing plus the Applicable Margin.

 

(d)       RFR
Loans. The Loans constituting each RFR Borrowing shall bear interest at a rate per annum equal to the Daily Simple RFR for the applicable
Currency plus the Applicable Margin.

 

(e)       Default
Interest. Notwithstanding the foregoing, (i) if any Event of Default described in clause (a), (b), (i), (j) or (k) of
Article VII has occurred and is continuing, the interest rates applicable to the Loans shall accrue, and any fee or other amount
due and payable by the Borrower hereunder shall bear interest, after as well as before judgment, at a rate per annum equal to (A) in
the case of principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above, (B) in the case
of any Letter of Credit, 2% plus the fee otherwise applicable to such Letter of Credit as provided in Section 2.11(b)(i),
or (C) in the case of any fee or other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of
this Section and (ii) if any other Event of Default has occurred and is continuing (A) for any Eurocurrency Loan, at the
end of the current applicable Interest Period, and (B) for any ABR Loan or RFR Loan, immediately, interest shall (if requested by
the Administrative Agent upon instructions of the Required Lenders) accrue, after as well as before judgment, (A) in the case of
Dollar Loans, at the Alternate Base Rate plus the Applicable Margin plus 2% per annum, (B) for Loans in any Foreign Currency (other
than Sterling or Japanese Yen), at the one month Relevant Rate plus 2% per annum and (C) for Loans in Sterling or Japanese Yen,
the rate applicable to RFR Loans for the applicable Currency as provided in paragraph (d) of this Section.

 

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(f)       Payment
of Interest. Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan in the Currency
in which such Loan is denominated and, in the case of Syndicated Loans, upon the Termination Date; provided that (i) interest
accrued pursuant to paragraph (e) of this Section shall be payable on demand, (ii) in the event of any repayment
or prepayment of any Loan (other than a prepayment of a Syndicated ABR Loan prior to the Final Maturity Date), accrued interest on the
principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion
of any SOFR Borrowing prior to the end of the Interest Period therefor, accrued interest on such Borrowing shall be payable on the effective
date of such conversion.

 

(g)       Computation.
All interest hereunder shall be computed on the basis of a year of 360 days, except that (i) interest on Eurocurrency Borrowings
denominated in Canadian Dollars and Australian Dollars, and ABR Borrowings at times when the Alternate Base Rate is based on the Prime
Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), (ii) interest on RFR Borrowings shall be
computed on the basis of a year of 365 days (or 366 days in a leap year), and, in each case, shall be payable for the actual number of
days elapsed (including the first day but excluding the last day) and (iii) the basis on which interest hereunder shall be computed
on Eurocurrency Borrowings in an Agreed Foreign Currency other than Canadian Dollars, Euros, Australian Dollars and New Zealand Dollars
shall be agreed by each Multicurrency Lender and the Borrower at the time such Agreed Foreign Currency is consented to in accordance with
the definition of “Agreed Foreign Currency”. All interest hereunder on any Loan computed by reference to Daily Compounded
SOFR shall be computed as of any applicable date of determination on a daily basis based upon (x) the outstanding principal amount
of such Loan as of such date of determination plus (y) the accrued, unpaid interest on such Loan attributable to Daily Compounded
SOFR (and not, for the avoidance of doubt, attributable to the Applicable Margin) as of the immediately preceding U.S. Government Securities
Business Day. The applicable Alternate Base Rate, each Daily Simple RFR and each Benchmark shall be determined by the Administrative Agent
and such determination shall be conclusive absent manifest error.

 

SECTION 2.13.     Inability
to Determine Interest Rates.

 

(a)       Temporary
Inability. If (x) prior to the commencement of the Interest Period for any Eurocurrency Borrowing or, if the then-current Benchmark
is Adjusted Term SOFR, any SOFR Borrowing of a Class or (y) at any time for any RFR Borrowing or, if the then-current Benchmark
is Daily Compounded SOFR, any SOFR Borrowing (the Currency of such Borrowing herein called the “Affected Currency”):

 

(i)       the
Administrative Agent shall have determined (which determination shall be conclusive and binding absent manifest error) that, by reason
of circumstances affecting the relevant interbank market, adequate and reasonable means do not exist for ascertaining the Benchmark for
the Affected Currency (including, without limitation, because the applicable Screen Rate is not available or published on a current basis)
for such Interest Period (if applicable); or

 

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(ii)       the
Administrative Agent shall have received notice from the Required Lenders of such Class of Commitments that the Benchmark for the
Affected Currency for such Interest Period (if applicable) will not adequately and fairly reflect the cost to such Lenders of making,
funding or maintaining their respective Loans included in such Borrowing for such Interest Period (if applicable),

 

and, in each case, the provisions of
Section 2.13(c) are not applicable, then the Administrative Agent shall give notice thereof to the Borrower and the
affected Lenders by telephone, telecopy or e-mail as promptly as practicable thereafter. Until the Administrative Agent shall notify
the Borrower and such Lenders that the circumstances giving rise to such notice no longer exist, (i) any obligation of such
Lender (x) to make RFR Borrowings or, if the then-current Benchmark is Daily Compounded SOFR, SOFR Borrowings, (y) if the
then-current Benchmark is Adjusted Term SOFR, to make or continue SOFR Borrowings or (z) to convert ABR Borrowings to SOFR
Borrowings shall be suspended, (ii) any Interest Election Request that requests the conversion of any Eurocurrency Borrowing or
SOFR Borrowing to, or the continuation of any Syndicated Borrowing as, a Eurocurrency Borrowing or SOFR Borrowing denominated in the
Affected Currency shall be ineffective and, in each case, unless prepaid, (x) if the Affected Currency is Dollars, such
Syndicated Borrowing shall be continued as, or converted to, a Syndicated ABR Borrowing and (y) if the Affected Currency is a
Foreign Currency, such Borrowing shall be converted to Dollars based on the Dollar Equivalent at such time and shall be an ABR
Borrowing (and, upon the Borrower’s receipt of notice from the Administrative Agent that the circumstances giving rise to the
aforementioned notice no longer exist and with the Borrower’s consent (which may be given in its sole discretion), the
resulting ABR Loan denominated in Dollars shall then be converted by the Administrative Agent to, and shall constitute, a
Eurocurrency Loan denominated in such original Currency (in an amount equal to the Foreign Currency Equivalent of such Loan) on the
day of such notice being given to the Borrower by the Administrative Agent), (iii) if the Affected Currency is Dollars, any
Borrowing Request that requests a Eurocurrency Borrowing or SOFR Borrowing denominated in the Affected Currency shall be made as an
ABR Borrowing and (iv) if the Affected Currency is a Foreign Currency, any Borrowing Request that requests a Eurocurrency
Borrowing or an RFR Borrowing denominated in the Affected Currency shall be ineffective. Furthermore, if any Eurocurrency Loan or
SOFR Loan in any Currency is outstanding on the date of the Borrower’s receipt of the notice from the Administrative Agent
referred to in this Section 2.13(a) with respect to the Benchmark applicable to such Eurocurrency Loan or SOFR Loan, then
(1) if any such Eurocurrency Loan is denominated in Dollars, on the last day of the Interest Period applicable to such Loan,
such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars on such day,
(2) if any such Eurocurrency Loan is denominated in any Foreign Currency, such Loan shall, on the last day of the Interest
Period applicable to such Loan, at the Borrower’s election prior to such day: (A) be prepaid on such day or (B) be
converted by the Administrative Agent to, and (subject to the remainder of this subclause (B)) shall constitute, an ABR Loan
denominated in Dollars (in an amount equal to the Dollar Equivalent of such Loan) on such day (it being understood and agreed that
if the Borrower does not so prepay such Loan on such day by 12:00 noon, New York City time, the Administrative Agent is authorized
to effect such conversion of such Eurocurrency Loan into an ABR Loan denominated in Dollars), and, in the case of this subclause
(B), upon the Borrower’s receipt of notice from the Administrative Agent that the circumstances giving rise to the
aforementioned notice no longer exist and with the Borrower’s consent (which may be given in its sole discretion), such ABR
Loan denominated in Dollars shall then be converted by the Administrative Agent to, and shall constitute, a Eurocurrency Loan
denominated in such original Currency (in an amount equal to the Foreign Currency Equivalent of such Loan) on the day of such notice
being given to the Borrower by the Administrative Agent, (3) if the then-current Benchmark is Adjusted Term SOFR, on the last
day of the Interest Period applicable to any such SOFR Loan, such Loan shall be converted by the Administrative Agent to, and shall
constitute, an ABR Loan denominated in Dollars on such day or (4) if the then-current Benchmark is Daily Compounded SOFR,
immediately, such Loan shall be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars
on such day. Furthermore, if any RFR Loan is outstanding on the date of the Borrower’s receipt of the notice from the
Administrative Agent referred to in this Section 2.13(a) with respect to the Daily Simple RFR applicable to such RFR Loan,
then such Loan shall, at the Borrower’s election prior to such day: (A) be prepaid on such day or (B) be converted
by the Administrative Agent to, and (subject to the remainder of this subclause (B)) shall constitute, an ABR Loan denominated in
Dollars (in an amount equal to the Dollar Equivalent of such Loan) on such day (it being understood and agreed that if the Borrower
does not so prepay such Loan on such day by 12:00 noon, New York City time, the Administrative Agent is authorized to effect such
conversion of such RFR Loan into an ABR Loan denominated in Dollars), and, in the case of this subclause (B), upon the
Borrower’s receipt of notice from the Administrative Agent that the circumstances giving rise to the aforementioned notice no
longer exist and with the Borrower’s consent (which may be given in its sole discretion), such ABR Loan denominated in Dollars
shall then be converted by the Administrative Agent to, and shall constitute, an RFR Loan (in an amount equal to the Foreign
Currency Equivalent of such Loan) on the day of such notice being given to the Borrower by the Administrative Agent. If the
Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Daily
Compounded SOFR or Adjusted Term SOFR, as applicable, cannot be determined pursuant to the applicable definition thereof, the
Alternate Base Rate shall be determined by the Administrative Agent without reference to clause (c) of the definition of
 “Alternate Base Rate” until the Administrative Agent revokes such determination. Upon any such prepayment or conversion,
the Borrower shall also pay accrued interest on the amount so prepaid or converted, as applicable, together with any additional
amounts required pursuant to Section 2.13.

 

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(b)       Illegality.
Without duplication of any other rights that any Lender has hereunder, if any Lender determines that any law has made it unlawful, or
that any Governmental Authority has asserted that it is unlawful for any Lender to make, maintain or fund Loans whose interest is determined
by reference to any Benchmark, or to determine or charge interest rates based upon any Benchmark, or any Governmental Authority has imposed
material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, any Currency in any relevant market,
then, on notice thereof by such Lender to the Borrower and the Administrative Agent, (i) any obligation of such Lender (x) to
make RFR Borrowings or, if the then-current Benchmark is Daily Compounded SOFR, SOFR Borrowings, (y) to make or continue Eurocurrency
Borrowings or, if the then-current Benchmark is Adjusted Term SOFR, SOFR Borrowings, or (z) to convert ABR Borrowings to SOFR Borrowings
shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Eurocurrency Borrowings
the interest rate on which is determined by reference to the Adjusted Term SOFR or Daily Compounded SOFR, as applicable, component of
the Alternate Base Rate, the interest rate on which ABR Borrowings of such Lender shall, if necessary to avoid such illegality, be determined
by the Administrative Agent without reference to clause (c) of the definition of “Alternate Base Rate”, in each case
until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer
exist. Upon receipt of such notice, (x) (A) all SOFR Borrowings of such Lender shall automatically convert to ABR Borrowings
and (B) all RFR Borrowings and Eurocurrency Borrowings denominated in the Foreign Currency shall automatically convert to Dollars
based on the Dollar Equivalent at such time and shall be ABR Borrowings (in each case, the interest rate on which ABR Borrowings of such
Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to clause (c) of
the definition of “Alternate Base Rate”) (1) with respect to RFR Borrowings and, if the then-current Benchmark is Daily
Compounded SOFR, SOFR Borrowings, on the immediately succeeding Business Day or (2) with respect to Eurocurrency Borrowings and,
if the then-current Benchmark is Adjusted Term SOFR, SOFR Borrowings, on the last day of the Interest Period therefor, if such Lender
may lawfully continue to maintain such Eurocurrency Borrowings and SOFR Borrowings to such day, or immediately, if such Lender may not
lawfully continue to maintain such Eurocurrency Borrowings and SOFR Borrowings and (y) if such notice asserts the illegality of
such Lender determining or charging interest rates based upon the Daily Compounded SOFR or Adjusted Term SOFR, as applicable, the Administrative
Agent shall during the period of such suspension compute the Alternate Base Rate applicable to such Lender without reference to clause
(c) of the definition of “Alternate Base Rate” until the Administrative Agent is advised in writing by such Lender that
it is no longer illegal for such Lender to determine or charge interest rates based upon the Daily Compounded SOFR or Adjusted Term SOFR,
as applicable. Upon any such conversion, the Borrower shall also pay accrued interest on the amount so converted, together with any additional
amounts required pursuant to Section 2.13.

 

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(c)       Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document:

 

(i)        Replacing
the Benchmark.

 

(A)       On
the earlier of (x) the occurrence of a Benchmark Transition Event and (y) an Early Opt-in Election, the Benchmark Replacement
will replace the then-current Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at
or after 5:00 p.m. on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders
without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as the
Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising
the Required Lenders of each Class.

 

(B)       At
any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such
Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication
of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure
and that representativeness will not be restored, the Borrower may revoke any request for a borrowing of, conversion to or continuation
of Loans to be made, converted or continued that would bear interest by reference to such Benchmark until the Borrower’s receipt
of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, (x) the Borrower
will be deemed to have converted any request for a SOFR Borrowing into a request for a Borrowing of or conversion to ABR Loans or (y) any
request by the Borrower for an RFR Borrowing or a Eurocurrency Borrowing in an Agreed Foreign Currency shall be ineffective. During the
period referenced in the foregoing sentence, (a) clause (c) of the definition of “Alternate Base Rate” will not
be used in any determination of Alternate Base Rate, (b) if any Eurocurrency Loan in any Currency is outstanding, then such Loan
shall, on the last day of the Interest Period applicable to such Loan, at the Borrower’s election prior to such day: (1) be
prepaid by the Borrower on such day or (2) be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated
in Dollars on such date or (y) if such Eurocurrency Loan is denominated in any Agreed Foreign Currency, then such Loan shall, on
the last day of the Interest Period applicable to such Loan, at the Borrower’s election prior to such day: (1) be prepaid
by the Borrower on such day or (2) be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in
Dollars (in an amount equal to the Dollar Equivalent of such Loan) on such day (it being understood and agreed that if the Borrower does
not so prepay such Loan on such day by 12:00 noon, New York City time, the Administrative Agent is authorized to effect such conversion
of such Eurocurrency Loan into an ABR Loan denominated in Dollars), (c) any outstanding affected RFR Loans shall, at the Borrower’s
election prior to such day: (1) be prepaid by the Borrower on such day or (2) be converted by the Administrative Agent to,
and shall constitute, an ABR Loan denominated in Dollars (in an amount equal to the Dollar Equivalent of such RFR Loan) on the immediately
succeeding Business Day (it being understood and agreed that if the Borrower does not so prepay such Loan on such day by 12:00 noon,
New York City time, the Administrative Agent is authorized to effect such conversion of such RFR Loan into an ABR Loan denominated in
Dollars), (d) if the then-current Benchmark is Adjusted Term SOFR, any outstanding affected SOFR Loan shall, on the last day of
the Interest Period applicable to such Loan, at the Borrower’s election prior to such day: (1) be prepaid by the Borrower
on such day or (2) be converted by the Administrative Agent to, and shall constitute, an ABR Loan denominated in Dollars on such
date and (e) if the then-current Benchmark is Daily Compounded SOFR, any outstanding affected SOFR Loan shall, at the Borrower’s
election prior to such day: (1) be prepaid by the Borrower on such day or (2) be converted by the Administrative Agent to,
and shall constitute, an ABR Loan denominated in Dollars on the immediately succeeding Business Day.

 

(ii)       Term
SOFR Transition Event. Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso at
the end of this sentence, if a Term SOFR Transition Event and its related Term SOFR Transition Event Effective Date have occurred, then
the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Loan Document in
respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other
party to, this Agreement or any other Loan Document; provided that, this clause (ii) shall not be effective unless the Administrative
Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not
be required to deliver a Term SOFR Notice after a Term SOFR Transition Event and may do so in its sole discretion (provided the Administrative
Agent’s determination shall be generally consistent with determinations made for other U.S. dollar-denominated syndicated credit
facilities where it serves as administrative agent).

 

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(iii)      Benchmark
Replacement Conforming Changes. In connection with the use, implementation or administration of a Benchmark Replacement (or,
with respect to any Benchmark Replacement of the Daily Simple RFR, Term SOFR or Daily Compounded SOFR, at any time), the
Administrative Agent (after consulting with the Borrower) will have the right to make Benchmark Replacement Conforming Changes from
time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing
such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this
Agreement or any other Loan Document.

 

(iv)      Notices;
Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (w) any
occurrence of a Benchmark Transition Event, or an Early Opt-in Election, as applicable, (x) the implementation of any Benchmark
Replacement and (y) the effectiveness of any Benchmark Replacement Conforming Changes, and (z) the removal or reinstatement
of any tenor of a Benchmark pursuant to clause (f) below. Any determination, decision or election that may be made by the Administrative
Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.13(c), including any determination with
respect to Benchmark Replacement Conforming Changes, a tenor, rate or adjustment or of the occurrence or non-occurrence of an event,
circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent
manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other
Loan Document, except, in each case, as expressly required pursuant to this Section 2.13(c).

 

(v)       Unavailability
of Tenor of Benchmark. At any time (including in connection with the implementation of a Benchmark Replacement), (x) if the
then-current Benchmark is a term rate (including Adjusted Term SOFR, EURIBO Screen Rate, AUD Screen Rate, CDOR Screen Rate or NZD Screen
Rate), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable, non-representative, non-compliant or
non-aligned for Benchmark (including Benchmark Replacement) settings and (y) the Administrative Agent may reinstate any such previously
removed tenor for Benchmark (including Benchmark Replacement) settings.

 

(vi)      Tax
Matters. The Administrative Agent, the Lenders and the Borrower agree to
cooperate in good faith and use commercially reasonable efforts to satisfy any applicable requirements under final United States Treasury
Regulations or other IRS guidance such that the use of an alternative rate of interest pursuant to this Section 2.13(c) shall
not result in a deemed exchange of any Loan or Obligation under Section 1001 of the Code.

 

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SECTION 2.14.     Increased
Costs.

 

(a)       Increased
Costs Generally. If any Change in Law shall:

 

(i)        impose,
modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits
with or for the account of, or credit extended or participated in by, any Lender or any Issuing Bank;

 

(ii)        impose
on the Administrative Agent, any Lender or any Issuing Bank or the relevant local market any other condition, cost or expense (other than
Taxes) affecting this Agreement or Eurocurrency Loans made by such Lender or such Letter of Credit or participation therein; or

 

(iii)      subject
the Administrative Agent, any Lender or any Issuing Bank to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described
in clauses (b) through (d) of the definition of Excluded Taxes, and (C) Connection Income Taxes) on its loans,
loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto;

 

and the result of any of the foregoing shall be
to increase the cost to such Lender of making, converting to, continuing or maintaining any Eurocurrency Loan (or of maintaining its obligation
to make any such Loan) or to increase the cost to such Lender or such Issuing Bank of participating in, issuing or maintaining any
Letter of Credit or to reduce the amount of any sum received or receivable by such Lender or such Issuing Bank hereunder (whether of principal,
interest or otherwise), then the Borrower will pay to such Lender or such Issuing Bank, as the case may be, in Dollars, such additional
amount or amounts as will compensate such Lender or such Issuing Bank, as the case may be, for such additional costs incurred or reduction
suffered.

 

(b)       Capital
and Liquidity Requirements. If any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Lender’s or such Issuing Bank’s capital
or on the capital of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this Agreement or
the Loans made by, or participations in Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing
Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding
company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s
policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital
adequacy and liquidity requirements), by an amount deemed to be material by such Lender or such Issuing Bank, then from time to time
the Borrower will pay to such Lender or such Issuing Bank, as the case may be, in Dollars, such additional amount or amounts as will
compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such
reduction suffered.

 

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(c)       Certificates
from Lenders. A certificate of a Lender or an Issuing Bank setting forth in reasonable detail the basis for and the calculation of
the amount or amounts in Dollars, necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be,
as specified in paragraph (a) or (b) of this Section shall be promptly delivered to the Borrower and shall
be conclusive absent manifest error (it being understood that no Lender shall be required to disclose (i) any confidential or price
sensitive information or (ii) any information to the extent prohibited by applicable law). The Borrower shall pay such Lender or
such Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof.

 

(d)       Delay
in Requests. Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section shall
not constitute a waiver of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the
Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions
incurred more than six months prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Borrower of the
Change in Law giving rise to such increased costs or reductions and of such Lender’s or such Issuing Bank’s intention to claim
compensation therefor; provided, further, that, if the Change in Law giving rise to such increased costs or reductions is
retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof.

 

SECTION 2.15.     Break
Funding Payments; Foreign Currency Losses. In the event of (a) the payment of any principal of any Eurocurrency Loan, SOFR Loan
or RFR Loan other than on the last day of an Interest Period therefor (including as a result of the occurrence of any Commitment Increase
Date or an Event of Default), (b) the conversion of any Eurocurrency Loan, SOFR Loan or RFR Loan other than on the last day of an
Interest Period therefor, (c) the failure to borrow, convert, continue or prepay any Syndicated Loan on the date specified in any
notice delivered pursuant hereto (including in connection with any Commitment Increase Date and regardless of whether such notice is permitted
to be revocable under Section 2.10(f) and is revoked in accordance herewith), (d) the assignment as a result of
a request by the Borrower pursuant to Section 2.18(b) of any Eurocurrency Loan, SOFR Loan or RFR Loan other than on the
last day of an Interest Period therefor, or (e) the conversion of any Eurocurrency Loan, SOFR Loan or RFR Loan (other than on the
last day of an Interest Period therefor) as a result of the occurrence of a CAM Exchange or otherwise, including without limitation in
connection with Section 2.15, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and reasonable
expense attributable to such event (excluding loss of anticipated profits). In the case of a Eurocurrency Loan, SOFR Loan or RFR Loan,
the loss to any Lender attributable to any such event shall be deemed to include an amount determined by such Lender to be equal to the
excess, if any, of

 

(i)        the
amount of interest that such Lender would pay for a deposit equal to the principal amount of such Loan denominated in the Currency of
such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest
Period for such Loan (or, in the case of a failure to borrow, convert or continue, the duration of the Interest Period that would have
resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the applicable
Benchmark for such Currency for such Interest Period, over

 

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(ii)       the
amount of interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal
amount for such period at the interest rate that would be bid by such Lender (or an affiliate of such Lender) for deposits denominated
in such Currency from other banks in the relevant market for such Currency at the commencement of such period.

 

Payments under this Section shall be made upon written
request of a Lender delivered not later than ten Business Days following the payment, conversion, or failure to borrow, convert,
continue or prepay that gives rise to a claim under this Section accompanied by a certificate of such Lender setting forth in
reasonable detail the basis for and the calculation of the amount or amounts that such Lender is entitled to receive pursuant to
this Section (provided that such Lender shall not be required to disclose any confidential or pricing information or any other
information prohibited to be disclosed by applicable law), which certificate shall be conclusive absent manifest error. The Borrower
shall pay such Lender the amount shown as due on any such certificate within ten Business Days after receipt thereof.

 

SECTION 2.16.     Taxes.

 

(a)       Payments
Free of Taxes. Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document
shall be made free and clear of and without deduction or withholding for any Taxes, except as required by applicable law. If any applicable
law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Taxes
from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding
and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and,
if such Taxes are Indemnified Taxes, the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding
has been made (including such deduction and withholding applicable to additional sums payable under this Section) the Administrative
Agent, applicable Lender or applicable Issuing Bank (as the case may be) receives an amount equal to the sum it would have received
had no such deduction or withholding been made.

 

(b)       Payment
of Other Taxes by the Borrower. In addition, the Borrower shall pay timely any Other Taxes to the relevant Governmental Authority
in accordance with applicable law or, at the option of the Administrative Agent, timely reimburse it for the payment of any Other Taxes.

 

(c)       Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent, each Lender and each Issuing Bank for and, within 10 Business
Days after written demand therefor, pay the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other
Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by, or required to be withheld
or deducted from a payment to, the Administrative Agent, such Lender or such Issuing Bank, as the case may be, and any penalties, interest
and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered
to the Borrower by a Lender or an Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or an Issuing
Bank, shall be conclusive absent manifest error.

 

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(d)       Indemnification
by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 Business Days after written demand therefor,
for (i) any Indemnified Taxes or Other Taxes attributable to such Lender (but only to the extent that the Borrower has not already
indemnified the Administrative Agent for such Indemnified Taxes or Other Taxes without limiting the obligation of the Borrower to do
so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(f) relating
to the maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable
or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect
thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest
error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender
under any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to
the Administrative Agent under this paragraph (d).

 

(e)       Evidence
of Payments. As soon as practicable after any payment of Taxes by the Borrower to a Governmental Authority pursuant to Section 2.16,
the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the
Administrative Agent.

 

(f)       Tax
Documentation. (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to
payments under this Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times
reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced
rate of withholding. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the
Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information
reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and
submission of such documentation (other than such documentation set forth in Section 2.16(f)(ii)(A), (ii)(B) and
(ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission
would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial
position of such Lender.

 

(i)        Without
limiting the generality of the foregoing:

 

(A)       any
Lender that is a “United States person” (as defined under Section 7701(a)(30) of the Code) shall deliver to the Borrower
and the Administrative Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time
thereafter upon the reasonable request of the Borrower or the Administrative Agent), duly completed and executed copies of Internal Revenue
Service Form W-9 or any successor form certifying that such Lender is exempt from U.S. federal backup withholding tax;

 

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(B)       each
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number
of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this
Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the
following is applicable:

 

(w)       duly
completed and executed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E or any applicable successor form claiming eligibility
for benefits of an income tax treaty to which the United States is a party,

 

(x)       duly
completed and executed copies of Internal Revenue Service Form W-8ECI or any applicable successor form certifying that the income
receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States,

 

(y)       in
the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(1) a certificate substantially in the form of Exhibit F-1 (or such other form as shall be reasonably satisfactory to
the Administrative Agent) to the effect that such Foreign Lender is not (I) a “bank” within the meaning of Section 881(c)(3)(A) of
the Code, (II) a “10 percent shareholder” of the Borrower within the meaning of Section 871(h)(3)(B) of the
Code, or (III) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S.
Tax Compliance Certificate”) and (2) duly completed and executed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E
(or any applicable successor form) certifying that the Foreign Lender is not a United States Person, or

 

(z)       to
the extent a Foreign Lender is not the beneficial owner, duly completed and executed copies of Internal Revenue Service Form W-8IMY
(or any applicable successor form), accompanied by Internal Revenue Service Form W-8ECI (or any applicable successor form), Internal
Revenue Service Form W-8BEN or W-8BEN-E (or any applicable successor form), a U.S. Tax Compliance Certificate substantially in the
form of Exhibit F-2 or Exhibit F-3 (or, in each case, such other form as shall be reasonably satisfactory to
the Administrative Agent), Internal Revenue Service Form W-9 (or any applicable successor form), and/or other certification
documents from each beneficial owner, as applicable; provided that if the Foreign Lender is a partnership and one or more direct
or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax
Compliance Certificate substantially in the form of Exhibit F-4 (or such other form as shall be reasonably satisfactory to
the Administrative Agent) on behalf of each such direct and indirect partner;

 

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(C)       any
Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such
number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under
this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed
copies of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal
withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the
Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(D)       If
a payment made to a Lender under this Agreement would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were
to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent, at the time or times prescribed by
law and at such time or times reasonably requested by the Borrower or the Administrative Agent, such documentation prescribed by applicable
law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested
by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their respective
obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine
the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.16(f)(ii)(D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

(ii)       In
addition, each Lender shall deliver to the Borrower and the Administrative Agent updated forms or certifications promptly upon the obsolescence,
expiration or invalidity of any form or certification previously delivered by such Lender; provided such Lender is legally able
to do so at the time. Each Lender shall promptly notify the Borrower and the Administrative Agent in writing if such Lender no longer
satisfies the legal requirements to provide any previously delivered form or certificate to the Borrower (or any other form of certification
adopted by the U.S. or other taxing authorities for such purpose).

 

(g)       Treatment
of Certain Refunds. If the Administrative Agent, any Lender or an Issuing Bank determines, in its sole discretion exercised in good
faith, that it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by the Borrower or with respect
to which the Borrower has paid additional amounts pursuant to this Section, it shall pay to the Borrower an amount equal to such refund
(but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section with respect
to the Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of the Administrative Agent, such
Lender or such Issuing Bank, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority
with respect to such refund); provided that the Borrower, upon the request of the Administrative Agent, such Lender or such Issuing
Bank, as the case may be, agrees to repay to the Administrative Agent, such Lender or such Issuing Bank, respectively, the amount that
the Administrative Agent, such Lender or such Issuing Bank, respectively, paid over to the Borrower pursuant to this clause (g) (plus
any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event the Administrative Agent, such
Lender or such Issuing Bank, respectively, is required to repay such refund to such Governmental Authority. Notwithstanding anything
to the contrary in this clause (g), in no event will the Administrative Agent, any Lender or an Issuing Bank be required to pay
any amount to the Borrower pursuant to this clause (g), the payment of which would place such Person in a less favorable net after-Tax
position than such Person would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted,
withheld, or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This
subsection shall not be construed to require the Administrative Agent, any Lender or an Issuing Bank to make available its tax returns
or its books or records (or any other information relating to its taxes that it deems confidential) to the Borrower or any other
Person.

 

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SECTION 2.17.     Payments
Generally; Pro Rata Treatment: Sharing of Set-offs.

 

(a)            Payments
by the Borrower. The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees
or reimbursement of LC Disbursements, or under Section 2.14, 2.15 or 2.16, or otherwise) or under any
other Loan Document (except to the extent otherwise provided therein) prior to 2:00 p.m., New York City time, on the date when
due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the
discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of
calculating interest thereon. All such payments shall be made to the Administrative Agent at the Administrative Agent’s
Account, except as otherwise expressly provided in the relevant Loan Document and except payments to be made directly to any Issuing
Bank as expressly provided herein and payments pursuant to Sections 2.14, 2.15, 2.16 and 9.03, which
shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it
for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder
shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in
the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.

 

All amounts owing under this
Agreement (including commitment fees, payments required under Section 2.14, and payments required under Section 2.15
relating to any Loan denominated in Dollars, but not including principal of and interest on any Loan denominated in any Foreign Currency
or payments relating to any such Loan required under Section 2.15 or any reimbursement or Cash Collateralization of any LC
Exposure denominated in any Foreign Currency, which are payable in such Foreign Currency) or under any other Loan Document (except
to the extent otherwise provided therein) are payable in Dollars. Notwithstanding the foregoing, if the Borrower shall fail to pay
any principal of any Loan or LC Disbursement when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise),
the unpaid portion of such Loan or LC Disbursement shall, if such Loan or LC Disbursement is not denominated in Dollars, automatically
be redenominated in Dollars on the due date thereof (or, if such due date is a day other than the last day of the Interest Period therefor,
on the last day of such Interest Period) in an amount equal to the Dollar Equivalent thereof on the date of such redenomination and
such principal shall be payable on demand; and if the Borrower shall fail to pay any interest on any Loan or LC Disbursement that is not
denominated in Dollars, such interest shall automatically be redenominated in Dollars on the due date therefor (or, if such due date is
a day other than the last day of the Interest Period therefor, on the last day of such Interest Period) in an amount equal to the
Dollar Equivalent thereof on the date of such redenomination and such interest shall be payable on demand.

 

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Notwithstanding the foregoing
provisions of this Section, if, after the making of any Borrowing in any Foreign Currency, currency control or exchange regulations are
imposed in the country which issues such currency with the result that the type of currency in which the Borrowing was made (the “Original
Currency”) no longer exists or the Borrower is not able to make payment to the Administrative Agent for the account of the Lenders
in such Original Currency, then all payments to be made by the Borrower hereunder in such currency shall instead be made when due in Dollars
in an amount equal to the Dollar Equivalent (as of the date of repayment) of such payment due, it being the intention of the parties hereto
that the Borrower takes all risks of the imposition of any such currency control or exchange regulations.

 

(b)            Application
of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully
all amounts of principal, unreimbursed LC Disbursements, interest and fees of a Class then due hereunder, such funds shall be applied
(i) first, to pay interest and fees of such Class then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of interest and fees of such Class then due to such parties, and (ii) second, to pay principal and unreimbursed
LC Disbursements of such Class then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal
and unreimbursed LC Disbursements of such Class then due to such parties.

 

(c)            Pro
Rata Treatment. Except to the extent otherwise provided herein: (i) each Syndicated Borrowing of a Class shall be made from
the Lenders of such Class, each payment of commitment fees under Section 2.11 shall be made for the account of the Lenders
of the applicable Class, pro rata according to the average daily unutilized amounts of the respective Commitments, and each termination
or reduction of the amount of the Commitments of a Class under Section 2.08 shall be applied to the respective Commitments
of the Lenders of such Class, pro rata according to the amounts of their respective Commitments of such Class; (ii) each Syndicated
Borrowing of a Class shall be allocated pro rata among the Lenders of such Class according to the amounts of their respective
Commitments of such Class (in the case of the making of Syndicated Loans) or their respective Loans of such Class that
are to be included in such Borrowing (in the case of conversions and continuations of Loans); (iii) [reserved]; (iv) each payment
or prepayment of principal of Syndicated Loans of a Class by the Borrower shall be made for the account of the Lenders of such Class pro
rata in accordance with the respective unpaid principal amounts of the Syndicated Loans of such Class held by them; and (v) each
payment of interest on Syndicated Loans of a Class by the Borrower shall be made for the account of the Lenders of such Class pro
rata in accordance with the amounts of interest on such Loans of such Class then due and payable to the respective Lenders.

 

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(d)            Sharing
of Payments by Lenders. If any Lender of any Class shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Syndicated Loans, or participations in LC Disbursements, of
such Class resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Syndicated Loans,
and participations in LC Disbursements, and accrued interest thereon of such Class then due than the proportion received by any
other Lender of such Class, then the Lender receiving such greater proportion shall purchase (for cash at face
value) participations in the Syndicated Loans, and participations in LC Disbursements, of other Lenders of such Class to
the extent necessary so that the benefit of all such payments shall be shared by the Lenders of such Class ratably in
accordance with the aggregate amount of principal of and accrued interest on their respective Syndicated Loans, and participations
in LC Disbursements, of such Class; provided that (i) if any such participations are purchased and all or any portion of
the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent
of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment
made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as
consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any
assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this
paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable
law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of
set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the
amount of such participation.

 

(e)            Presumptions
of Payment. Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is
due to the Administrative Agent for the account of the Lenders or the Issuing Banks hereunder that the Borrower will not make such payment,
the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders or the Issuing Banks, as the case may be, the amount due. In such event, if the Borrower has
not in fact made such payment, then each of the Lenders or the Issuing Banks, as the case may be, severally agrees to repay to the Administrative
Agent forthwith on demand the amount so distributed to such Lender or such Issuing Bank with interest thereon, for each day from and including
the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent at the applicable Overnight
Rate.

 

(f)            Certain
Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(e),
2.06(a) or (b) or 2.17(e), then the Administrative Agent may, in its discretion (notwithstanding any
contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for account of such Lender to satisfy such
Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid.

 

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SECTION 2.18.     Mitigation
Obligations; Replacement of Lenders.

 

(a)            Designation
of a Different Lending Office. If any Lender requests compensation under Section 2.14, or if the Borrower is required
to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant
to Section 2.16, then, at the request of the Borrower, such Lender shall use reasonable efforts to designate a different lending
office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches
or affiliates, if in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant
to Section 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender to any cost
or expense not required to be reimbursed by the Borrower and would not otherwise be disadvantageous to such Lender. The Borrower hereby
agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

 

(b)            Replacement
of Lenders. If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any
Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16,
and, in each case, such Lender has not designated a different lending office in accordance with clause (a) above, or if any
Lender becomes a Defaulting Lender or is a Non-Consenting Lender (as provided in Section 9.02(d)), then the Borrower
may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its
interests, rights (other than its existing rights to payments pursuant to Sections 2.14 and 2.16) and obligations
under this Agreement and the other Loan Documents to an assignee (which has met the restrictions contained in Section 9.04
and has received the required consents under Section 9.04) that shall assume such obligations (which assignee may be
another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior
written consent of the Administrative Agent (and, if a Commitment is being assigned, each Issuing Bank), which consent shall not
unreasonably be withheld, conditioned or delayed, (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other
amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and
fees) or the Borrower (in the case of all other amounts), (iii) in the case of any such assignment resulting
from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16,
such assignment will result in a reduction or elimination of such compensation or payments and (iv) in the case of any
assignment as a result of a Non-Consenting Lender (as provided in Section 9.02(d)), the applicable assignee shall have
consented to the applicable amendment, waiver or consent. A Lender shall not be required to make any such assignment and delegation
if prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation cease to apply.

 

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SECTION 2.19.     Defaulting
Lenders.

 

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

 

(i)            Defaulting
Lender Waterfall. Any payment of principal, interest, fees or other amounts received by Administrative Agent for the account of such
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) or received by Administrative
Agent from a Defaulting Lender pursuant to Section 9.08 shall be applied at such time or times as may be determined by Administrative
Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to Administrative Agent hereunder; second,
to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Bank hereunder; third, to Cash
Collateralize each Issuing Bank’s Fronting Exposure with respect to such Defaulting Lender in the manner described in Section 2.09(a);
fourth, as Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting
Lender has failed to fund its portion thereof as required by this Agreement, as determined by Administrative Agent; fifth, if so
determined by Administrative Agent and Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such
Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize
each Issuing Bank’s future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued
under this Agreement, in the manner described in Section 2.09(a); sixth, to the payment of any amounts owing to the
Lenders or Issuing Banks as a result of any judgment of a court of competent jurisdiction obtained by any Lender or any Issuing Bank against
such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so
long as no Event of Default exists and no Default exists under clause (a), (b), (e) or (i) of Article VII,
to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower
against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and eighth,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment
is a payment of the principal amount of any Loans or reimbursement obligations in respect of any LC Disbursement for which such Defaulting
Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a
time when the conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the
Loans of, and reimbursement obligations in respect of any LC Disbursement that is owed to, all Non-Defaulting Lenders on a pro rata basis
prior to being applied to the payment of any Loans of, or reimbursement obligations in respect of any LC Disbursement that is owed to,
such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letters of Credit are held by the Lenders
pro rata in accordance with the applicable Commitments without giving effect to Section 2.19(a)(iii). Any payments, prepayments
or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post
Cash Collateral pursuant to this Section 2.19(a)(i) shall be deemed paid to and redirected by such Defaulting Lender,
and each Lender irrevocably consents hereto.

 

(ii)            Certain
Fees.

 

(A)            No
Defaulting Lender shall be entitled to receive any fee pursuant to Sections 2.11(a) and (b) for any period during
which that Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have been required
to have been paid to that Defaulting Lender); provided that such Defaulting Lender shall be entitled to receive fees pursuant to
Section 2.11(b) for any period during which that Lender is a Defaulting Lender only to extent allocable to its Applicable
Percentage of the stated amount of Letters of Credit for which such Defaulting Lender (but not the Borrower) has provided Cash Collateral
pursuant to Section 2.19(d).

 

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(B)            With
respect to any fees pursuant to Section 2.11(b) not required to be paid to any Defaulting Lender pursuant to clause
(A) above, Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting
Lender with respect to such Defaulting Lender’s participation in Letters of Credit that has been reallocated to such Non-Defaulting
Lender pursuant to clause (iii) below, (y) pay to each Issuing Bank the amount of any such fee otherwise payable to such
Defaulting Lender to the extent allocable to such Issuing Bank’s Fronting Exposure to such Defaulting Lender, and (z) not be
required to pay the remaining amount of any such fee.

 

(iii)            Reallocation
of Participations to Reduce Fronting Exposure. All or any part of such Defaulting Lender’s participation in Letters of Credit
shall be reallocated (effective no later than one (1) Business Day after the Administrative Agent has actual knowledge that such
Lender has become a Defaulting Lender) among the Non-Defaulting Lenders in accordance with their respective Applicable Dollar Percentages,
Applicable Multicurrency Percentages and Applicable Percentages, as the case may be (in each case calculated without regard to such Defaulting
Lender’s Commitment), but only to the extent that (x) the conditions set forth in Section 4.02 are satisfied at
the time of such reallocation (and, unless Borrower shall have otherwise notified Administrative Agent at such time, Borrower shall be
deemed to have represented and warranted that such conditions are satisfied at such time), and (y) such reallocation does not cause
the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender’s Commitment. Subject
to Section 9.16, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against
a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result
of such Non-Defaulting Lender’s increased exposure following such reallocation.

 

(iv)            Cash
Collateral. If the reallocation described in clause (iii) above cannot, or can only partially, be effected, the Borrower
shall not later than two (2) Business Days after demand by the Administrative Agent (at the direction of any Issuing Bank), without
prejudice to any right or remedy available to it hereunder or under law, (x) Cash Collateralize each Issuing Bank’s Fronting
Exposure in accordance with the procedures set forth in Section 2.19(d) or (y) make other arrangements reasonably
satisfactory to the Administrative Agent, the Issuing Banks in their sole discretion to protect them against the risk of non-payment by
such Defaulting Lender.

 

(b)            Defaulting
Lender Cure. If the Borrower, the Administrative Agent and the Issuing Banks agree in writing that a Lender is no longer a Defaulting
Lender, Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject
to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that such former Defaulting
Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions
as Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit to
be held pro rata by the Lenders in accordance with the applicable Commitments (without giving effect to Section 2.19(a)(iii)),
and if Cash Collateral has been posted with respect to such Defaulting Lender, the Administrative Agent will promptly return or release
such Cash Collateral to the Borrower, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments
will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while that Lender was a Defaulting
Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder
from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender having
been a Defaulting Lender.

 

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(c)            New
Letters of Credit. So long as any Lender is a Defaulting Lender, no Issuing Bank shall be required to issue, extend, renew or increase
any Letter of Credit unless it is satisfied that the participations in any existing Letters of Credit as well as the new, extended, renewed
or increased Letter of Credit has been or will be fully allocated among the Non-Defaulting Lenders in a manner consistent with clause
(a)(iii) above and such Defaulting Lender shall not participate therein except to the extent such Defaulting Lender’s participation
has been or will be fully Cash Collateralized in accordance with Section 2.19(d).

 

(d)            Cash
Collateral. At any time that there shall exist a Defaulting Lender, promptly following the written request of Administrative Agent
or any Issuing Bank (with a copy to Administrative Agent) Borrower shall Cash Collateralize each Issuing Bank’s Fronting Exposure
with respect to such Defaulting Lender (determined after giving effect to Section 2.19(a)(iii) and any Cash Collateral
provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

 

(i)            Grant
of Security Interest. Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to (and
subjects to the control of) Administrative Agent, for the benefit of the Issuing Banks, and agrees to maintain, a first priority security
interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of Letters
of Credit, to be applied pursuant to clause (ii) below. If at any time Administrative Agent determines that such Cash Collateral
is subject to any right or claim of any Person other than Administrative Agent and the Issuing Banks as herein provided, or that the total
amount of such Cash Collateral is less than the Minimum Collateral Amount, Borrower will, promptly upon demand by Administrative Agent,
pay or provide to Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency (after giving effect
to any Cash Collateral provided by the Defaulting Lender). All Cash Collateral (other than credit support not constituting funds subject
to deposit) shall be maintained in the Letter of Credit Collateral Account. Borrower shall pay on demand therefor from time to time all
reasonable and customary account opening, activity and other administrative fees and charges in connection with the maintenance and disbursement
of Cash Collateral.

 

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(ii)            Application.
Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided under this Section 2.19 in
respect of Letters of Credit shall be applied to the satisfaction of the Defaulting Lender’s obligation to fund participations in
respect of Letters of Credit (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation)
for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

 

(iii)            Termination
of Requirement. Cash Collateral (or the appropriate portion thereof) provided to reduce Issuing Bank’s Fronting Exposure shall
no longer be required to be held as Cash Collateral pursuant to this Section 2.19 following (i) the elimination or reduction
of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender or giving effect
to Section 2.19(a)(iii)) or (ii) the determination by Administrative Agent and the Issuing Banks that there exists excess
Cash Collateral; provided that, subject to the other provisions of this Section 2.19, the Person providing Cash Collateral
and each Issuing Bank may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure; provided, further,
that to the extent that such Cash Collateral was provided by Borrower, such Cash Collateral shall remain subject to the security interest
granted pursuant to the Loan Documents.

 

ARTICLE III

 

REPRESENTATIONS
AND WARRANTIES

 

The Borrower represents and
warrants to the Lenders that:

 

SECTION 3.01.     Organization;
Powers. Each of the Borrower and its Subsidiaries is duly organized, validly existing and in good standing under the laws of the jurisdiction
of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to
do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business
in, and is in good standing in, every jurisdiction where such qualification is required of the Borrower or such Subsidiary, as applicable.

 

SECTION 3.02.     Authorization;
Enforceability. The Transactions are within the Borrower’s corporate powers and have been duly authorized by all necessary corporate
and, if required, by all necessary shareholder action. This Agreement has been duly executed and delivered by the Borrower and each of
the other Loan Documents to which any Obligor is a party have been or will be duly executed and delivered by each such Obligor. This Agreement
constitutes, and each of the other Loan Documents when executed and delivered by each Obligor party thereto will constitute, a legal,
valid and binding obligation of such Obligor, enforceable in accordance with its terms, except as such enforceability may be limited by
(a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’
rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding
in equity or at law).

 

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SECTION 3.03.     Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing with, or
any other action by, any applicable Governmental Authority, except for (i) such as have been or will be obtained or made and
are in full force and effect and (ii) filings and recordings in respect of the Liens created pursuant to this Agreement or the
Security Documents, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational
documents of the Borrower or any other Obligor or any order of any Governmental Authority applicable to the Borrower or any other
Obligor, or their respective property, (c) will not violate or result in a default in any material respect under any indenture,
agreement or other instrument binding upon the Borrower or any other Obligor or their respective assets, or give rise to a right
thereunder to require any payment to be made by any such Person, and (d) except for the Liens created pursuant to this
Agreement or the Security Documents, will not result in the creation or imposition of any Lien (other than Liens permitted by Section 6.02)
on any asset of the Borrower or any other Obligor.

 

SECTION 3.04.     Financial
Condition; No Material Adverse Effect.

 

(a)            Financial
Statements. The Borrower has heretofore delivered to the Lenders unaudited consolidated balance sheet and statement of operations,
changes in net assets and cash flows of the Borrower and its Subsidiaries as of and for the year ended December 31, 2021, certified
by a Financial Officer of the Borrower. Such financial statements present fairly, in all material respects, the consolidated financial
position and results of operations and cash flows of the Borrower and its Subsidiaries as of such date and for such period in accordance
with GAAP, subject to normal year-end audit adjustments and the absence of footnotes.

 

(b)            Material
Adverse Effect. Since the date of the most recent Applicable Financial Statements, there has not been any event, development or circumstance that
has had or could reasonably be expected to have a Material Adverse Effect.

 

SECTION 3.05.     Litigation.
There are no actions, suits, investigations or proceedings by or before any arbitrator or Governmental Authority now pending against or,
to the knowledge of the Borrower, threatened in writing against or affecting the Borrower or any of its Subsidiaries (i) as to which
there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually
or in the aggregate, to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions (other than
any action brought by the Borrower against a Defaulting Lender).

 

SECTION 3.06.     Compliance
with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders of any
Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property,
except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect. Neither the Borrower nor any other Obligor is subject to any contract or other arrangement, the performance of which by the Borrower
or the other Obligors could reasonably be expected to result in a Material Adverse Effect.

 

SECTION 3.07.     Taxes.
Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all material Tax returns and reports required to have
been filed and has paid or caused to be paid all material Taxes required to have been paid by it, except (a) Taxes that are being
contested in good faith by appropriate proceedings and for which such Person has set aside on its books adequate reserves maintained in
accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse
Effect.

 

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SECTION 3.08.     ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability
is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.

 

SECTION 3.09.     Disclosure.
As of the Effective Date, the Borrower has disclosed to the Lenders all agreements, instruments and corporate or other restrictions to
which it or any of its Subsidiaries is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably
be expected to result in a Material Adverse Effect. None of the reports, financial statements, certificates or other written information
(other than projected financial information, other forward looking information relating to third parties and information of a general
economic or general industry nature) furnished by or on behalf of the Borrower to the Administrative Agent in connection with the negotiation
of this Agreement and the other Loan Documents or delivered hereunder or thereunder (as modified or supplemented by other information
so furnished) when taken as a whole (and after giving effect to all updates, modifications and supplements) contains any material misstatement
of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading at the time made; provided that with respect to projected financial information, the Borrower represents
only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.

 

SECTION 3.10.     Investment
Company Act; Margin Regulations.

 

(a)            Status
as Business Development Company. The Borrower has elected to be regulated as a “business development company” within the
meaning of the Investment Company Act and qualifies as a RIC.

 

(b)            Compliance
with Investment Company Act. The business and other activities of the Borrower and its Subsidiaries, including the borrowing of the
Loans hereunder, the application of the proceeds and repayment thereof by the Borrower and the consummation of the Transactions contemplated
by the Loan Documents do not result in a violation or breach in any material respect of the provisions of the Investment Company Act or
any rules, regulations or orders issued by the Securities and Exchange Commission thereunder, in each case that are applicable to the
Borrower and its Subsidiaries.

 

(c)            Investment
Objectives. The Borrower is in compliance in all respects with the Investment Objectives (after giving effect to any Permitted
Policy Amendments), except to the extent that the failure to so comply could not reasonably be expected to have a Material Adverse Effect.

 

(d)            Use
of Credit. Neither the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the
business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part
of the proceeds of any extension of credit hereunder will be used to buy or carry any Margin Stock.

 

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SECTION 3.11.     Material
Agreements and Liens.

 

(a)            Material
Agreements. Part A of Schedule 3.11 is a complete and correct list, as of the Effective Date, of each credit agreement,
loan agreement, indenture, note purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating
to any Indebtedness for borrowed money or any extension of credit (or commitment for any extension of credit) to, or guarantee for
borrowed money by, the Borrower or any of its Subsidiaries outstanding, and the aggregate principal or face amount outstanding or that
is, or may become, outstanding under each such arrangement, in each case, as of the Effective Date, is correctly described in Part A
of Schedule 3.11.

 

(b)            Liens.
Part B of Schedule 3.11 is a complete and correct list, as of the Effective Date, of each Lien securing Indebtedness
of any Person outstanding on the Effective Date covering any property of the Borrower or any of the Subsidiary Guarantors, and the aggregate
amount of such Indebtedness secured (or that may be secured) by each such Lien and the property covered by each such Lien as of the
Effective Date is correctly described in Part B of Schedule 3.11.

 

SECTION 3.12.     Subsidiaries
and Investments.

 

(a)            Subsidiaries.
Set forth in Schedule 3.12(a) is a complete and correct list of all of the Subsidiaries of the Borrower on the Effective Date
together with, for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary, (ii) each Person holding ownership
interests in such Subsidiary, (iii) the nature of the ownership interests held by each such Person and the percentage of ownership
of such Subsidiary represented by such ownership interests and (iv) whether such Subsidiary is a Financing Subsidiary, an Immaterial
Subsidiary, a Foreign Subsidiary or other Subsidiary. Except as disclosed in Schedule 3.12(a), (x) the Borrower owns, free
and clear of Liens (other than any lien permitted by Section 6.02 hereof), and has (and will have) the unencumbered right to vote,
all outstanding ownership interests in each Person shown to be held by it in Schedule 3.12(a), (y) all of the issued and outstanding
capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and (z) there are no
outstanding Equity Interests with respect to such Person. Each Subsidiary identified on said Schedule 3.12(a) as a “Financing
Subsidiary”, “Immaterial Subsidiary” or “Foreign Subsidiary” qualifies as such under the definition of “Financing
Subsidiary “Immaterial Subsidiary” or “Foreign Subsidiary”, as applicable, set forth in Section 1.01.

 

(b)            Investments.
Set forth on Schedule 3.12(b) is a complete and correct list, as of the Effective Date, of all Investments (other than Investments
of the types referred to in clauses (b), (c) and (d) of Section 6.04) held by the Borrower
or any of the Subsidiary Guarantors in any Person on the Effective Date and, for each such Investment, (x) the identity of the Person
or Persons holding such Investment and (y) the nature of such Investment. Except as disclosed in Schedule 3.12, each of the
Borrower and the Subsidiary Guarantors owns, free and clear of all Liens (other than Liens created pursuant to this Agreement or the Security
Documents and Permitted Liens), all such Investments as of the Effective Date.

 

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SECTION 3.13.     Properties.

 

(a)            Title
Generally. Each of the Borrower and its Subsidiaries (other than any Financing Subsidiary) has good title to, or valid leasehold interests
in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability
to conduct its business as currently conducted or to utilize such properties for their intended purposes.

 

(b)            Intellectual
Property. Each of the Borrower and its Subsidiaries (other than any Financing Subsidiary) owns, or is licensed to use, all trademarks,
trade names, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its
Subsidiaries (other than any Financing Subsidiary) does not infringe upon the rights of any other Person, except for any such infringements
that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION 3.14.     Affiliate
Agreements. As of the Effective Date, the Borrower has heretofore delivered to the Administrative Agent true and complete copies of
each of the Affiliate Agreements as in effect as of the Effective Date (including schedules and exhibits thereto, and any amendments,
supplements or waivers executed and delivered thereunder). As of the Effective Date, (a) each of the Affiliate Agreements is in full
force and effect and (b) other than the Affiliate Agreements and the transactions set forth on Schedule 6.08, there is no contract,
agreement or understanding, in writing, between or among the Borrower or any of its Subsidiaries, on the one hand, and any Affiliate of
the Borrower, on the other hand.

 

SECTION 3.15.     Sanctions.

 

(a)            None
of the Borrower or any of its Subsidiaries nor, to the knowledge of the Borrower, any of their respective directors, officers or authorized
signors, (i) is a person on the list of Specially Designated Nationals and Blocked Persons or subject to, or the subject or target
of, applicable sanctions under (A) any U.S. Department of Treasury’s Office of Foreign Assets Control or U.S. Department of
State regulation or executive order or (B) any applicable international economic sanction administered or enforced by the United
Nations Security Council, Her Majesty’s Treasury or the European Union (collectively “Sanctions”) or (ii) is
located, organized or resident in a Sanctioned Country.

 

(b)            The
Borrower has implemented and maintains in effect policies and procedures reasonably designed to promote and achieve compliance by the
Borrower, its Subsidiaries and their respective directors, officers, employees and investment advisors with Anti-Corruption Laws and applicable
Sanctions in all material respects. The Borrower, its Subsidiaries and to the knowledge of the Borrower, their respective employees, officers,
and directors are in compliance with applicable Anti-Corruption Laws and applicable Sanctions in all material respects.

 

SECTION 3.16.     Patriot
Act. Each of the Borrower and its Subsidiaries is in material compliance, to the extent applicable with (a) the Trading with
the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle
B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b) the Uniting And Strengthening
America By Providing Appropriate Tools Required To Intercept And Obstruct Terrorism (USA Patriot Act of 2001). No part of the proceeds
of the Loans will be used, directly or, to the knowledge of a Responsible Officer of the Borrower, indirectly, for any payments to (i) any
governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting
in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, all in violation by the Borrower
or its Subsidiaries of the United States Foreign Corrupt Practices Act of 1977, as amended, or in material violation of any applicable
US or UK regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions
(collectively, the “Anti-Corruption Laws”) or (ii) any Person for the purpose of financing the activities of any
Person, at the time of such financing (A) subject to, or the subject of, any Sanctions or (B) located, organized or resident
in a Sanctioned Country, in each case as would result in a violation of Sanctions.

 

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SECTION 3.17.     Collateral
Documents. The provisions of the Security Documents are effective to create in favor of the Collateral Agent for the benefit of
the Secured Parties a legal, valid and enforceable first priority Lien (in each case, subject to no Liens other than Liens permitted
by Section 6.02) on all right, title and interest of the Borrower and each Subsidiary Guarantor in the Collateral
described therein to secure the Secured Obligations (as defined in the Guarantee and Security Agreement), except for any failure
that would not constitute an Event of Default under clause (p) of Article VII. Except for filings and actions
completed on or prior to the Effective Date or as contemplated hereby and by the Security Documents, no filing or other
action will be necessary to perfect such Liens to the extent required thereunder, except for the failure to make any filing or take
any other action that would not constitute an Event of Default under clause (p) of Article VII.

 

SECTION 3.18.     EEA
Financial Institutions. Neither the Borrower nor any Subsidiary is an EEA Financial Institution.

 

SECTION 3.19.     Beneficial
Ownership Certification. To the best knowledge of the Borrower, the information included in any Beneficial Ownership Certification
provided prior to, on or after the Effective Date to the Administrative Agent or any Lender in connection with this Agreement is true
and correct in all material respects.

 

ARTICLE IV

 

CONDITIONS

 

SECTION 4.01.     Effective
Date. The effectiveness of this Agreement and of the obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters
of Credit hereunder shall not become effective until completion of each of the following conditions precedent (unless a condition shall
have been waived in accordance with Section 9.02):

 

(a)            Documents.
Administrative Agent shall have received each of the following documents, each of which shall be satisfactory to the Administrative Agent
(and to the extent specified below to each Lender) in form and substance:

 

(i)            Executed
Counterparts. From each party hereto either (x) a counterpart of this Agreement signed on behalf of such party or (y) written
evidence satisfactory to the Administrative Agent (which may include telecopy or electronic (e.g. pdf) transmission of a signed signature
page to this Agreement) that such party has signed a counterpart of this Agreement.

 

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(ii)            Opinion
of Counsel to the Obligors. Favorable written opinion (addressed to the Administrative Agent, the Collateral Agent and the Lenders
and dated the Effective Date) of: Latham & Watkins LLP, special counsel for the Obligors, in form and substance reasonably
acceptable to the Administrative Agent (and the Borrower hereby instructs such counsel to deliver such opinion to the Lenders, the Administrative
Agent and the Collateral Agent).

 

(iii)            Corporate
Documents. Such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization,
existence and good standing of the Obligors, the authorization of the Transactions and any other legal matters relating to the Obligors,
this Agreement or the Transactions.

 

(iv)            Opinion
of Special New York Counsel to ING. An opinion, dated the Effective Date, of Dechert LLP, special New York counsel to ING in form
and substance reasonably acceptable to the Administrative Agent (and ING hereby instructs such counsel to deliver such opinion to the
Lenders, the Administrative Agent and the Collateral Agent).

 

(v)            Officer’s
Certificate. A certificate, dated the Effective Date and signed by the President, the Chief Executive Officer, a Vice President or
a Financial Officer of the Borrower, confirming compliance with the conditions set forth in the lettered clauses of the first sentence
of Section 4.02.

 

(vi)            Guarantee
and Security Agreement. The Guarantee and Security Agreement, duly executed and delivered by each of the parties to the Guarantee
and Security Agreement.

 

(vii)            Control
Agreement. A control agreement (the “Custodian Control Agreement”), duly executed and delivered by the Borrower,
the Administrative Agent and State Street Bank and Trust Company.

 

(b)            Liens.
The Administrative Agent shall have received results of a recent lien search in each relevant jurisdiction with respect to the
Borrower and the Subsidiary Guarantors, (i) confirming that each financing statement in respect of the Liens in favor of the
Collateral Agent created pursuant to the Security Documents is otherwise prior to all other financing statements or other interests
reflected therein and (ii) revealing no Liens on any of the assets of the Obligors (in the case of this clause (ii), other
than any financing statement or interest in respect of liens permitted under Section 6.02 or Liens to be discharged on
or prior to the Effective Date pursuant to documentation satisfactory to the Administrative Agent). All UCC financing statements,
(subject to Section 5.14) control agreements, stock certificates and other documents or instruments required to
be filed or executed or delivered in order to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a
first priority perfected security interest in the Collateral (to the extent that such a security interest may be perfected by
filing, possession or control under the Uniform Commercial Code) shall have been properly filed (or provided to the Administrative
Agent) or executed and delivered in each jurisdiction required (or arrangements for such filings acceptable to the Administrative
Agent and the Collateral Agent shall have been made).

 

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(c)            Consents.
The Borrower shall have obtained and delivered to the Administrative Agent certified copies of all consents, approvals, authorizations,
registrations, or filings required to be made or obtained by the Borrower and all Subsidiary Guarantors in connection with the Transactions
and any transaction being financed with the proceeds of the Loans, and such consents, approvals, authorizations, registrations, filings
and orders shall be in full force and effect and all applicable waiting periods shall have expired and no investigation or inquiry by
any Governmental Authority regarding the Transactions or any transaction being financed with the proceeds of the Loans shall be ongoing.

 

(d)            Fees
and Expenses. The Borrower shall have paid in full to the Administrative Agent and the Lenders all fees and expenses related to this
Agreement and the other Loan Documents (including the fees set forth in the Fee Letter and the legal fees of Dechert LLP) owing on the
Effective Date.

 

(e)            Patriot
Act. The Administrative Agent and the Lenders shall have received, sufficiently in advance of the Effective Date, all documentation
and other information required by bank regulatory authorities under applicable “know your customer” and anti-money laundering
rules and regulations, including the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

(f)             Beneficial
Ownership Regulation. The Administrative Agent and the Lenders shall have received, to the extent the Borrower qualifies as a “legal
entity customer” under the Beneficial Ownership Regulation, prior to the Effective Date, a Beneficial Ownership Certification.

 

(g)            Investment
Objectives. The Administrative Agent shall have received the Investment Objectives as in effect on the Effective Date in form and
substance reasonably satisfactory to the Administrative Agent.

 

(h)            Minimum
Shareholders’ Equity. The Borrower’s Shareholders’ Equity shall be equal to or greater than $313,950,000.

 

(i)             Broadway
Funding Acquisition. The Facility End Date (as defined therein) shall have occurred and an Acquisition (as defined therein) by the
Borrower of Broadway Funding Holdings LLC shall have been consummated in accordance with Section 2.2(b) of that certain Second
Amended and Restated Facility Agreement, dated as of December 29, 2021, by and among Broadway Funding Holdings LLC, Cliffwater Corporate
Lending Fund and the Borrower.

 

(j)             Other
Documents. The Administrative Agent shall have received such other documents as the Administrative Agent or any Lender may reasonably
request in form and substance reasonably satisfactory to the Administrative Agent.

 

The Administrative Agent shall notify the Borrower
and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

 

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SECTION 4.02.     Each
Credit Event. The obligation of each Lender to make any Loan, and of each Issuing Bank to issue, amend, renew or extend any Letter
of Credit, is additionally subject to the satisfaction of the following conditions:

 

(a)            the
representations and warranties of the Obligors set forth in this Agreement and in the other Loan Documents shall be true and correct in
all material respects (or, in the case of any portion of any representations and warranties already subject to a materiality qualifier,
true and correct in all respects) on and as of the date of such Loan or the date of issuance, amendment, renewal or extension of such
Letter of Credit, as applicable, or, as to any such representation or warranty that refers to a specific date, as of such specific date;

 

(b)            at
the time of and immediately after giving effect to such Loan or the issuance, amendment, renewal or extension of such Letter of Credit,
as applicable, no Default shall have occurred and be continuing or would result therefrom; and

 

(c)            either
(i) the aggregate Covered Debt Amount (after giving effect to such extension of credit) shall not exceed the Borrowing Base
reflected on the Borrowing Base Certificate most recently delivered to the Administrative Agent or (ii) the Borrower shall have delivered
an updated Borrowing Base Certificate demonstrating that the Covered Debt Amount (after giving effect to such extension of credit) shall
not exceed the Borrowing Base after giving effect to such extension of credit as well as any concurrent acquisitions of Investments by
the Obligors or payment of outstanding Indebtedness that is included in the Covered Debt Amount at such time; provided that, in connection
with the first extension of credit on or after the Effective Date, the Borrower shall have delivered to the Administrative Agent, in connection
with its request for such extension of credit, a Borrowing Base Certificate in form and substance satisfactory to the Administrative Agent
showing a calculation of the Borrowing Base as of such request date.

 

Each Borrowing and each issuance,
amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the
date thereof as to the matters specified in the preceding sentence.

 

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ARTICLE V

 

AFFIRMATIVE
COVENANTS

 

Until the Commitments have expired
or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all
Letters of Credit shall (x) have expired, (y) been terminated or (z) been Cash Collateralized as set forth herein or backstopped
in a manner satisfactory to the Administrative Agent and the Issuing Banks in their sole discretion, and all LC Disbursements shall have
been reimbursed, the Borrower covenants and agrees with the Lenders that:

 

SECTION 5.01.     Financial
Statements and Other Information. The Borrower will furnish to the Administrative Agent and each Lender:

 

(a)            within
90 days after the end of each fiscal year of the Borrower, commencing with the year ended December 31, 2021, the audited consolidated
balance sheet, statement of operations, changes in net assets, cash flows and schedule of investments of the Borrower and its Subsidiaries
as of the end of and for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all
reported on by Deloitte & Touche LLP or other independent public accountants of recognized national standing to the effect that
such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the
Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP consistently (except as disclosed therein) applied;

 

(b)            within
45 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, the consolidated balance sheet,
statement of operations, changes in net assets, cash flows and schedule of investments of the Borrower and its Subsidiaries as of the
end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the
figures for (or, in the case of the statements of assets and liabilities, operations, changes in net assets, cash flows and schedule of
investments, as of the end of) the corresponding period or periods of the previous fiscal year, all certified by a Financial Officer
of the Borrower as presenting fairly in all material respects the financial condition and results of operations of the Borrower and its
Subsidiaries on a consolidated basis in accordance with GAAP consistently (except as disclosed therein) applied, subject to normal year-end
audit adjustments and the absence of footnotes;

 

(c)            concurrently
with any delivery of financial statements under clause (a) or (b) of this Section, a certificate of a Financial
Officer of the Borrower (i) certifying that such statements are consistent with the financial statements filed by the Borrower with
the Securities and Exchange Commission, (ii) certifying as to whether the Borrower has knowledge that a Default or Event of Default
has occurred during the applicable period and, if a Default or Event of Default has occurred, specifying the details thereof and any action
taken or proposed to be taken with respect thereto, (iii) setting forth reasonably detailed calculations demonstrating compliance
with each of the clauses of Sections 6.01, 6.02, 6.04 and 6.07, (iv) stating whether any change in GAAP
as applied by (or in the application of GAAP by) the Borrower has occurred since the Effective Date and, if any such change has occurred,
specifying the effect of such change on the financial statements accompanying such certificate and (v) attaching a list of Financing
Subsidiaries, Immaterial Subsidiaries, Foreign Subsidiaries and other Subsidiaries as of the date of delivery of such certificate
or a confirmation that there is no change in such information since the date of the last such list;

 

(d)            as
soon as available and in any event not later than 20 days after the end of each monthly accounting period (ending on the last day of each
calendar month) of the Borrower and its Subsidiaries, a Borrowing Base Certificate as at the last day of such accounting period presenting
the Borrower’s computation (which Borrowing Base Certificate shall include: an Excel schedule containing information substantially
similar to the information included on the Excel schedule included in the Borrowing Base Certificate delivered to the Administrative Agent
on the Effective Date);

 

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(e)            promptly
but no later than five Business Days after any Responsible Officer of the Borrower shall at any time have knowledge that there is a Borrowing
Base Deficiency, a Borrowing Base Certificate as at the date such Person has knowledge of such Borrowing Base Deficiency indicating the
amount of the Borrowing Base Deficiency as at the date such Person obtained knowledge of such deficiency and the amount of the Borrowing
Base Deficiency as of the date not earlier than one Business Day prior to the date the Borrowing Base Certificate is delivered pursuant
to this paragraph;

 

(f)             promptly
upon receipt thereof copies of (x) all significant reports and (y) reports stating that material deficiencies exist in the Borrower’s
internal controls or procedures or any other matter that could reasonably be expected to result in a Material Adverse Effect submitted
by the Borrower’s independent public accountants in connection with each annual, interim or special audit or review of any type
of the financial statements or related internal control systems of the Borrower or any of its Subsidiaries delivered by such accountants
to the management or Board of Directors of the Borrower;

 

(g)            promptly
after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the
Borrower or any of the Subsidiary Guarantors with the Securities and Exchange Commission, or any Governmental Authority succeeding to
any or all of the functions of said Commission, or with any national securities exchange, as the case may be;

 

(h)            promptly
following any request therefor, such other information regarding the operations, business affairs and financial condition of the Borrower
or any of its Subsidiaries, or compliance with the terms of this Agreement and the other Loan Documents, as the Administrative Agent or
any Lender may reasonably request, including without limitation, all documentation and other information required by bank regulatory authorities
under applicable “know your customer”, anti-money laundering and anti-terrorism rules and regulations, including the
USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) and the Administrative Agent’s or such
Lender’s policies and procedures relating thereto;

 

(i)             to
the extent not otherwise provided by State Street Bank and Trust Company, within thirty (30) days after the end of each month, full, correct
and complete updated copies of custody reports (including, to the extent available, (i) activity reports with respect to Cash and
Cash Equivalents included in the calculation of the Borrowing Base, (ii) an itemized list of each account and the amounts therein
with respect to Cash and Cash Equivalents included in the calculation of the Borrowing Base and (iii) an itemized list of each Investment
held in any account with State Street Bank and Trust Company owned by the Borrower or any Subsidiary) reflecting all assets being held
in any account with State Street Bank and Trust Company owned by the Borrower or any of its Subsidiaries or otherwise subject to any Custodian
Control Agreement.

 

(j)             Borrower
and each Lender acknowledge that certain of the Lenders may be Public Lenders and, if documents or notices required to be delivered pursuant
to this Section 5.01 or otherwise are being distributed through IntraLinks/IntraAgency, SyndTrak, Debtdomain or another relevant
website or other information platform (the “Platform”), any document or notice that Borrower has indicated contains
Non-Public Information shall not be posted by Administrative Agent on that portion of the Platform designated for such Public Lenders.
Borrower agrees to clearly designate all information provided to Administrative Agent by or on behalf of Borrower or any of its Subsidiaries
which is suitable to make available to Public Lenders. If Borrower has not indicated whether a document or notice delivered pursuant to
this Section 5.01 contains Non-Public Information, the Administrative Agent reserves the right to post such document or notice
solely on that portion of the Platform designated for Lenders who wish to receive material Non-Public Information with respect to Borrower,
its Subsidiaries and their Securities (as such term is defined in Section 5.13 of this Agreement).

 

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(k)            Notwithstanding
anything to the contrary herein, the requirements to deliver documents set forth in Sections 5.01(a), (b) and (g) will
be fulfilled by filing by the Borrower of the applicable documents for public availability on the SEC’s Electronic Data
Gathering and Retrieval system; provided, that the Borrower shall notify the Administrative Agent (by telecopier or
electronic mail) at or prior to the time period required by this Section 5.01 of the posting of any such documents.

 

SECTION 5.02.     Notices
of Material Events. The Borrower will furnish to the Administrative Agent (for distribution to each Lender) prompt written notice
upon any Responsible Officer obtaining actual knowledge of the following:

 

(a)            the
occurrence of any Default (unless the Borrower first became aware of such Default from a notice delivered by the Administrative Agent);

 

(b)            the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting the
Borrower or any of its Affiliates that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect;

 

(c)            the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred after the Effective Date, could reasonably
be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $20,000,000; and

 

(d)            any
other development (excluding matters of a general economic, financial or political nature to the extent that they could not reasonably
be expected to have a disproportionate effect on the Borrower and its Subsidiaries, taken as a whole) that results in, or could reasonably
be expected to result in, a Material Adverse Effect.

 

Each notice delivered under
this Section shall be accompanied by a statement of a Responsible Officer or other executive officer of the Borrower setting forth
the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

SECTION 5.03.     Existence;
Conduct of Business. The Borrower will, and will cause each of its Subsidiaries (other than Immaterial Subsidiaries) to, do or cause
to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits,
privileges and franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation,
liquidation or dissolution permitted under Section 6.03.

 

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SECTION 5.04.     Payment
of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay its obligations, including U.S. federal income
Tax and any other material Tax liabilities and material contractual obligations, that, if not paid, could reasonably be expected to result
in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof
is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate
reserves with respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest could not reasonably
be expected to result in a Material Adverse Effect.

 

SECTION 5.05.     Maintenance
of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries (other than Immaterial Subsidiaries) to, (a) keep
and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted,
and (b) maintain, with financially sound and reputable insurance companies, insurance in such amounts and against such risks as are
customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations.

 

SECTION 5.06.     Books
and Records; Inspection and Audit Rights. The Borrower will, and will cause each of its Subsidiaries to, keep books of record
and account in accordance with GAAP. The Borrower will, and will cause each other Obligor to, permit any representatives designated
by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties during business hours,
to examine and make extracts from its books and records (including books and records maintained by it in its capacity as a
 “servicer” in respect of any Financing Subsidiary, or in a similar capacity with respect to any other Financing
Subsidiary, but only to the extent the Borrower is not prohibited from disclosing such information or providing access to such
information pursuant to applicable law or an agreement any Obligor entered into with a third party in the ordinary course of its
business, and any books, records and documents held by the State Street Bank and Trust Company), and to discuss its affairs,
finances and condition with its officers and independent accountants, all at such reasonable times and as often as reasonably
requested, in each case, to the extent such inspection or requests for such information are reasonable and such information can be
provided or discussed without (x) violation of law, rule, regulation or contract (it being understood that the Obligors will
use their commercially reasonable efforts to be able to provide such information not in violation of law, rule or regulation)
or (y) waiver by any Obligor of attorney-client privilege with respect to information prepared by Borrower’s counsel; provided that
(i) the Borrower or such other Obligor shall be entitled to have its representatives and advisers present during any inspection
of its books and records and (ii) unless an Event of Default shall have occurred and be continuing, the Borrower’s
obligation to reimburse any costs and expenses incurred by the Administrative Agent and the Lenders in connection with any such
inspections shall be limited to one inspection per calendar year under this Section 5.06 and Section 7.01(a) of
the Guarantee and Security Agreement.

 

SECTION 5.07.     Compliance
with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws, rules, regulations, including the
Investment Company Act, and orders of any Governmental Authority applicable to it or its property, except where the failure to do so,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. Without limiting the generality
of the foregoing, the Borrower will, and will cause its Subsidiaries to, conduct its business and other activities in compliance in all
material respects with the provisions of the Investment Company Act and any applicable rules, regulations or orders issued by the Securities
and Exchange Commission thereunder. The Borrower shall maintain policies, procedures and internal controls reasonably designed to ensure
compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and investment advisers with Anti-Corruption
Laws and applicable Sanctions in all material respects.

 

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SECTION 5.08.     Certain
Obligations Respecting Subsidiaries; Further Assurances.

 

(a)            Subsidiary
Guarantors. In the event that (1) the Borrower or any Subsidiary Guarantor shall form or acquire any new Subsidiary (other than
a Financing Subsidiary, a Foreign Subsidiary, an Immaterial Subsidiary or a Subsidiary of a Foreign Subsidiary), (2) any Financing
Subsidiary, Foreign Subsidiary, Immaterial Subsidiary or Subsidiary of a Foreign Subsidiary shall no longer constitute a “Financing
Subsidiary”, “Foreign Subsidiary”, “Immaterial Subsidiary” or “Subsidiary of a Foreign Subsidiary”,
respectively, in each case, pursuant to the definition thereof (in which case such Person shall be deemed to be a “new” Subsidiary
for purposes of this Section 5.08) or (3) any Subsidiary guarantees or otherwise becomes liable at any time, whether as a borrower
or an additional or co-borrower or otherwise, for or in respect of any Material Indebtedness (other than Material Indebtedness of a Financing
Subsidiary), for which an Obligor is a borrower or guarantor, the Borrower will within thirty (30) days thereof (or such longer period
as shall be reasonably agreed by the Administrative Agent) cause such Subsidiary to become a “Subsidiary Guarantor” (and,
thereby, an “Obligor”) under the Guarantee and Security Agreement and the other Loan Documents pursuant to a Guarantee Assumption
Agreement and to deliver such proof of corporate or other action, incumbency of officers, opinions of counsel (unless waived by the Administrative
Agent) and other documents as is consistent with those delivered by the Borrower pursuant to Section 4.01 upon the Effective
Date or as the Administrative Agent shall have reasonably requested.

 

(b)            Ownership
of Subsidiaries. The Borrower will, and will cause each Subsidiary to, take such action from time to time as shall be necessary to
ensure that each Subsidiary is a wholly owned Subsidiary; provided, that the foregoing shall not prohibit any transactions permitted
under Section 6.03 or 6.04, so long as after giving effect to such permitted transaction, each of the remaining Subsidiaries
of the Borrower is a wholly-owned Subsidiary.

 

(c)            Further
Assurances. The Borrower will, and will cause each of the Subsidiary Guarantors to, take such action from time to time as shall reasonably
be requested by the Administrative Agent to effectuate the purposes and objectives of this Agreement. Without limiting the generality
of the foregoing, the Borrower will, and will cause each of the Subsidiary Guarantors to, take such action from time to time (including
filing appropriate Uniform Commercial Code financing statements and executing and delivering such assignments, security agreements and
other instruments) as shall be reasonably requested by the Administrative Agent:

 

(i)            to
create, in favor of the Collateral Agent for the benefit of the Secured Parties (and any affiliate thereof that is a party to any Hedging
Agreement entered into with the Borrower) and the holders of any Secured Longer-Term Indebtedness or Secured Shorter-Term Indebtedness,
perfected security interests and Liens in the Collateral; provided that any such security interest or Lien shall be subject to
the relevant requirements of the Security Documents,

 

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(ii)            subject
to Section 7.04 of the Guarantee and Security Agreement, to cause any bank or securities intermediary (within the meaning of
the Uniform Commercial Code) to enter into such arrangements with the Collateral Agent as shall be appropriate in order that the
Collateral Agent has “control” (within the meaning of the Uniform Commercial Code) over each bank account or
securities account of the Obligors (other than “Excluded Accounts” as defined in the Guarantee and Security Agreement),
and in that connection, the Borrower agrees to cause all cash and other proceeds of Investments received by any Obligor to be
promptly deposited into such an account (or otherwise delivered to, or registered in the name of, the Collateral Agent) and, until
such deposit, delivery or registration such cash and other proceeds shall be held in trust by the Borrower for and as the property
of the Collateral Agent and shall not be commingled with any other funds or property of such Obligor or of any Financing Subsidiary
or other Person (including with any money or financial assets of any Obligor in its capacity as “servicer” for any
Financing Subsidiary),

 

(iii)            in
the case of any Investment held by a Financing Subsidiary, including any cash collection related thereto, ensure that such Investment
shall not be held in the account subject to the Custodian Control Agreement or any other account of any Obligor,

 

(iv)            in
the case of any Investment consisting of a Bank Loan (as defined in Section 5.13) that does not constitute all of the credit
extended to the underlying borrower under the relevant underlying loan documents and a Financing Subsidiary holds any interest in the
loans or other extensions of credit under such loan documents, (x) to cause such Financing Subsidiary to be party to such underlying
loan documents as a “lender” having a direct interest (or a participation not acquired from an Obligor) in such underlying
loan documents and the extensions of credit thereunder and (y) to ensure that all amounts owing to such Obligor or Financing Subsidiary
by the underlying borrower or other obligated party are remitted by such borrower or obligated party directly to separate accounts of
such Obligor and such Financing Subsidiary,

 

(v)            in
the event that any Obligor is acting as an agent or administrative agent under any loan documents with respect to any Bank Loan that does
not constitute all of the credit extended to the underlying borrower under the relevant underlying loan documents, to ensure that all
funds held by such Obligor in such capacity as agent or administrative agent are segregated from all other funds of such Obligor and clearly
identified as being held in an agency capacity, and

 

(vi)            to
cause all executed amendments, consents, forbearances and other modifications and assignment agreements relating to any Investment constituting
part of the Collateral, in each case, to be held by the Collateral Agent or a custodian pursuant to the terms of a custodian agreement
and/or (subject to Section 5.14), control agreement reasonably satisfactory to the Administrative Agent (and the Administrative
Agent hereby acknowledges that the Custodian Control Agreement is satisfactory for this purpose).

 

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SECTION 5.09.     Use
of Proceeds. The Borrower will use the proceeds of the Loans and the issuances of Letters of Credit only for general corporate purposes
of the Borrower, including the acquisition and funding (either directly or through one or more wholly-owned Subsidiaries) of leveraged
loans, mezzanine loans, high-yield securities, convertible securities, preferred stock, common stock and other Investments; provided
that neither the Administrative Agent nor any Lender shall have any responsibility as to the use of any of such proceeds. No part of the
proceeds of any Loan or Letter of Credit will be used in violation of (a) applicable law or, directly or indirectly, for the purpose,
whether immediate, incidental or ultimate, of buying or carrying any Margin Stock or (b) Section 3.16. Margin Stock shall
be purchased by the Obligors only with the proceeds of Indebtedness not directly or indirectly secured by Margin Stock, or with the proceeds
of equity capital of the Borrower. Upon the reasonable request of the Administrative Agent or any Lender and the first day (if any) an
Obligor acquires any Margin Stock, the Borrower shall furnish to the Administrative Agent and each Lender a statement to the foregoing
effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable, referred to in Regulation U. For the
avoidance of doubt, Letters of Credit may be issued to support obligations of any underlying issuer; provided that the underlying obligations
of such underlying issuer to the applicable Obligors in respect of such Letters of Credit shall not be included in the Borrowing Base.

 

SECTION 5.10.     Status
of RIC and BDC. The Borrower shall elect to be taxed as a RIC effective for its taxable year ending December 31, 2022, upon filing
applicable tax returns in 2023. Throughout its taxable year ending December 31, 2022, and throughout subsequent taxable years, the
Borrower shall at all times maintain its status as a RIC under the Code. The Borrower shall at all times, including at all times during
its taxable year ending December 31, 2022, maintain its status as a “business development company” under the Investment
Company Act.

 

SECTION 5.11.     Investment
Objectives. The Borrower shall at all times be in compliance in all material respects with its Investment Objectives (after giving
effect to any Permitted Policy Amendments).

 

SECTION 5.12.     Portfolio
Valuation and Diversification Etc.

 

(a)            Industry
Classification Groups. For purposes of this Agreement, the Borrower shall assign each Portfolio Investment included in the Borrowing
Base to an Industry Classification Group. To the extent the Borrower determines that any Portfolio Investment included in the Borrowing
Base is not adequately correlated with the risks of other Portfolio Investments in an Industry Classification Group, such Portfolio Investment
may be assigned by the Borrower to an Industry Classification Group that is most closely correlated to such Portfolio Investment. In the
absence of any adequate correlation, the Borrower shall be permitted, upon prior notice to the Administrative Agent (for distribution
to each Lender), to create up to three additional industry classification groups for purposes of this Agreement.

 

(b)            Portfolio
Valuation Etc.

 

(i)            Settlement
Date Basis. For purposes of this Agreement, all determinations of whether an investment is to be included as a Portfolio Investment
shall be determined on a settlement-date basis (meaning that any investment that has been purchased will not be treated as a Portfolio
Investment until such purchase has settled, and any Portfolio Investment which has been sold will not be excluded as a Portfolio Investment
until such sale has settled); provided that no such investment shall be included as a Portfolio Investment to the extent it has
not been paid for in full.

 

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(ii)            Determination
of Values. The Borrower will conduct reviews of the value to be assigned to each of its Portfolio Investments included in the Borrowing
Base as follows:

 

(A)          Quoted
Investments - External Review. With respect to Portfolio Investments (including Cash Equivalents) for which market quotations
are readily available (each, a “Quoted Investment”), the Borrower shall, not less frequently than once each calendar
week, determine the market value of such Quoted Investments which shall, in each case, be determined in accordance with one of the following
methodologies (as selected by the Borrower):

 

(w)          in
the case of public and 144A securities, the average of the bid prices as determined by two Approved Dealers selected by the Borrower,

 

(x)            in
the case of bank loans, the average of the bid prices as determined by two Approved Dealers selected by the Borrower,

 

(y)           in
the case of any Quoted Investment traded on an exchange, the closing price for such Quoted Investment most recently posted on such exchange,
and

 

(z)           in
the case of any other Quoted Investment, the fair market value thereof as determined by an Approved Pricing Service (as selected by the
Borrower) which makes reference to at least two Approved Dealers with respect to such Quoted Investment.

 

(B)          Unquoted
Investments – External Review. With respect to each Portfolio Investment for which market quotations are not readily available
(each, an “Unquoted Investment”), the Borrower shall value such Unquoted Investments in a manner consistent with its
Investment Objectives, but in any event including that it shall request an Approved Third-Party Appraiser to assist the Board of Directors
of the Borrower in determining the fair market value of each such Unquoted Investment (other than any Unquoted Investment that the Administrative
Agent has most recently notified the Borrower that it intends to have an Approved Third Party Appraiser selected by the Administrative
Agent value), as at the last day of each fiscal quarter, commencing with the fiscal quarter ending June 30, 2022, in each case, as
selected by the Borrower in its sole discretion (with respect to such Unquoted Investment) (each, a “Testing Quarter”);
provided that:

 

(w)          the
Value of any such Unquoted Investment acquired shall be deemed to be equal to the lower of (x) the internal value of such Unquoted
Investment as determined by the Borrower pursuant to Section 5.12(b)(ii)(C) and (y) the cost of such Unquoted Investment
until such time as the fair market value of such Unquoted Investment is determined in accordance with the foregoing provisions of this
subclause (B) as at the last day of the next succeeding Testing Quarter with respect to such Unquoted Investment; and

 

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(x)           notwithstanding
the foregoing, the Board of Directors of the Borrower may, without the assistance of an Approved Third-Party Appraiser, determine the
fair market value of such Unquoted Investment so long as the aggregate Value thereof of all Unquoted Investments so determined does not
at any time exceed 65% of the aggregate Value of all Unquoted Investments as set forth in the Borrowing Base Certificate last delivered
to the Administrative Agent pursuant to Section 5.01(d), except that the fair market value of any Unquoted Investment that has been
determined without the assistance of an Approved Third-Party Appraiser for more than three fiscal quarters shall be deemed to be zero
until such Unquoted Investment is valued by an Approved Third-Party Appraiser.

 

(C)          Internal
Review. The Borrower shall conduct internal reviews of all Portfolio Investments in accordance with its Investment Objectives, but
in any event at least once each calendar week which shall take into account any events of which any Responsible Officer of the Borrower
has knowledge that materially adversely affect the value of the Portfolio Investments. If the value of any Portfolio Investment as most
recently determined by the Borrower pursuant to this Section 5.12(b)(ii)(C) is lower than the value of such Portfolio
Investment as most recently determined pursuant to Section 5.12(b)(ii)(A) and (B), such lower value shall be deemed
to be the “Value” of such Portfolio Investment for purposes hereof; provided that the Value of any Portfolio Investment
of the Borrower and its Subsidiaries shall be increased by the net unrealized gain as at the date such Value is determined of any Hedging
Agreement entered into to hedge risks associated with such Portfolio Investment and reduced by the net unrealized loss as at such date
of any such Hedging Agreement (such net unrealized gain or net unrealized loss, on any date, to be equal to the aggregate amount receivable
or payable under the related Hedging Agreement if the same were terminated on such date). If, based upon such weekly internal review,
the Borrower determines that a Borrowing Base Deficiency exists, then the Borrower shall, within five Business Days after such determination,
as provided in Section 5.01(e), deliver a Borrowing Base Certificate reflecting the new amount of the Borrowing Base and shall take
the actions, and make the payments and prepayments (and provide cover for Letters of Credit), all as more specifically set forth in Section 2.10(c).

 

(D)          Failure
to Determine Values. If the Borrower shall fail to determine the value of any Portfolio Investment as at any date pursuant to the
requirements of the foregoing subclauses (A), (B) or (C) (or if the Administrative Agent shall fail to
determine the value of any Portfolio Investment as described in the following subclause (E) as a result of any action, inaction or
lack of cooperation of the Borrower or any of its Affiliates), then the “Value” of such Portfolio Investment as at such date
shall be deemed to be zero until such time as the value of such Portfolio Investment is otherwise determined or reviewed, as applicable,
in accordance herewith.

 

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(E)          Testing
of Values. At least six (6) weeks prior to the end of each fiscal quarter, commencing with the fiscal quarter ending June 30,
2022 (the last such fiscal quarter is referred to herein as, the “Testing Period”), the Administrative Agent in its
reasonable discretion shall select (and inform the Borrower of) the particular Unquoted Investments included in the Borrowing Base to
be valued by an Approved Third-Party Appraiser selected by the Administrative Agent that collectively have an aggregate Value approximately
equal to the Calculation Amount. For the avoidance of doubt, all calculations of value pursuant to this Section 5.12(b)(ii)(E) shall
be determined without application of the Advance Rates. The Testing Period shall not be required to coincide with the timing of any valuations
conducted by the Board of Directors of the Borrower pursuant to Section 5.12(b)(ii)(B). The reasonable and documented out-of-pocket
costs of any such valuation shall be at the expense of the Borrower.

 

(F)          Valuation
Dispute Resolution. Notwithstanding the foregoing, the Administrative Agent shall at any time have the right to request, in its
reasonable discretion, any Unquoted Investment included in the Borrowing Base with a value determined pursuant to Section 5.12(b)(ii) to
be independently valued by an Approved Third-Party Appraiser selected by the Administrative Agent. There shall be no limit on the
number of such appraisals requested by the Administrative Agent in its reasonable discretion; provided, that (i) any
appraisal shall be conducted in a manner that is not disruptive in any material respect to the Borrower’s business and
(ii) the values determined by any appraisal shall be treated as confidential information by the Administrative Agent and the
Lenders and shall be deemed to be “Information” hereunder and subject to Section 9.13 hereof. The reasonable and
documented out-of-pocket costs of any such valuation shall be at the expense of the Borrower. The Administrative Agent shall notify
the Borrower of its receipt of results from an Approved Third-Party Appraiser of any appraisal and provide a copy of the results and
any related reports to the Borrower. If the difference between the Borrower’s valuation pursuant to Section 5.12(b)(ii)(B) and
the valuation of any Approved Third-Party Appraiser selected by the Administrative Agent pursuant to Section 5.12(b)(ii)(E) or (F) is
(1) less than 5% of the Borrower’s valuation thereof, then the Borrower’s valuation shall be used, (2) between
5% and 20% of the Borrower’s valuation thereof, then the valuation of such Portfolio Investment shall be the average of the
value determined by the Borrower and the value determined by the Approved Third-Party Appraiser selected by the Administrative Agent
and (3) greater than 20% of the Borrower’s valuation thereof, then the Borrower and the Administrative Agent shall select
an additional Approved Third-Party Appraiser and the valuation of such Portfolio Investment shall be the average of the three
valuations (with the Administrative Agent’s Approved Third-Party Appraiser’s valuation to be used until the third
valuation is obtained).

 

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(c)            Investment
Company and RIC Diversification Requirements. The Borrower will, and will cause its Subsidiaries (other than Financing Subsidiaries
that are exempt from the Investment Company Act) at all times to (i) comply in all material respects with the portfolio diversification
and similar requirements set forth in the Investment Company Act applicable to business development companies and, (ii) subject to
applicable grace periods set forth in the Code, comply with the portfolio diversification requirements set forth in the Code applicable
to RICs, in each case of clauses (i) and (ii), to the extent applicable.

 

SECTION 5.13.     Calculation
of Borrowing Base. For purposes of this Agreement, the “Borrowing Base” shall be determined, as at any date of
determination, as the sum of the Advance Rates of the Value of each Portfolio Investment (excluding any Cash Collateral held by the Administrative
Agent pursuant to Section 2.05(k) or the last paragraph of Section 2.09(a)); provided that, solely
for purposes of clauses (a), (b) and (c) below, (x) for the period from the Effective Date through and including August 1,
2022, “the aggregate Value of all Portfolio Investments in the Collateral Pool” shall instead be “the greater of $500,000,000
and the aggregate Value of all Portfolio Investments in the Collateral Pool” and (y) thereafter shall be as written below;
provided further that:

 

(a)            if,
as of such date, the Relevant Asset Coverage Ratio is (i) greater than or equal to 2.00:1.00, the Advance Rate applicable to that
portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base of all issuers in a consolidated group of corporations
or other entities in accordance with GAAP (collectively, a “Consolidated Group”) exceeding 6% of the aggregate
Value of all Portfolio Investments in the Collateral Pool (which, for purposes of this calculation shall exclude the aggregate amount
of Equity Interests in Financing Subsidiaries), shall be 50% of the otherwise applicable Advance Rate; (ii) less than 2.00:1.00 and
greater than or equal to 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included
in the Borrowing Base of all issuers in a Consolidated Group exceeding 5% of the aggregate Value of all Portfolio Investments in
the Collateral Pool (which, for purposes of this calculation shall exclude the aggregate amount of Equity Interests in Financing Subsidiaries),
shall be 50% of the otherwise applicable Advance Rate or (iii) less than 1.75:1.00, the Advance Rate applicable to that portion of
the aggregate Value of the Portfolio Investments included in the Borrowing Base of all issuers in a Consolidated Group exceeding 4% of
the aggregate Value of all Portfolio Investments in the Collateral Pool (which, for purposes of this calculation shall exclude the aggregate
amount of Equity Interests in Financing Subsidiaries), shall be 50% of the otherwise applicable Advance Rate;

 

(b)            if,
as of such date, the Relevant Asset Coverage Ratio is (i) greater than or equal to 2.00:1.00, the Advance Rate applicable to that
portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base of all issuers in a Consolidated Group exceeding
12% of the aggregate Value of all Portfolio Investments in the Collateral Pool (which, for purposes of this calculation shall exclude
the aggregate amount of Equity Interests in Financing Subsidiaries) shall be 0%; (ii) less than 2.00:1.00 and greater than or
equal to 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing
Base of all issuers in a Consolidated Group exceeding 10% of the aggregate Value of all Portfolio Investments in the Collateral Pool (which,
for purposes of this calculation shall exclude the aggregate amount of Equity Interests in Financing Subsidiaries) shall be 0% or
(iii) less than 1.75:1.00, the Advance Rate applicable to that portion of the aggregate Value of the Portfolio Investments included
in the Borrowing Base of all issuers in a Consolidated Group exceeding 8% of the aggregate Value of all Portfolio Investments in
the Collateral Pool (which, for purposes of this calculation shall exclude the aggregate amount of Equity Interests in Financing Subsidiaries)
shall be 0%;

 

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(c)            if,
as of such date, the Relevant Asset Coverage Ratio is (i) greater than or equal to 2.00:1.00, the Advance Rate applicable to that
portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base in any single Industry Classification Group
that exceeds 25% of the aggregate Value of all Portfolio Investments in the Collateral Pool shall be 0%, provided that, with
respect to Portfolio Investments in a single Industry Classification Group from time to time designated by the Borrower to the Administrative
Agent, such 25% figure shall be increased to 30%, (ii) less than 2.00:1.00 and greater than or equal to 1.75:1.00, the Advance Rate
applicable to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base in any single Industry Classification
Group that exceeds 22.5% of the aggregate Value of all Portfolio Investments in the Collateral Pool shall be 0%, provided
that, with respect to Portfolio Investments in a single Industry Classification Group from time to time designated by the Borrower to
the Administrative Agent, such 22.5% figure shall be increased to 25%, or (iii) less than 1.75:1.00, the Advance Rate applicable
to that portion of the aggregate Value of the Portfolio Investments included in the Borrowing Base in any single Industry Classification
Group that exceeds 20% of the aggregate Value of all Portfolio Investments in the Collateral Pool shall be 0%, provided that,
with respect to Portfolio Investments in a single Industry Classification Group from time to time designated by the Borrower to the Administrative
Agent, such 20% figure shall be increased to 22.5%;

 

(d)            if,
as of such date, (i)(A) the Borrowing Base (without giving effect to any adjustment required pursuant to this paragraph (d),
the “Gross Borrowing Base”) is less than 1.5 times the Senior Debt Amount and (B) the Relevant Asset Coverage
Ratio is less than 2.00:1.00 and greater than or equal to 1.75:1.00, then the Borrowing Base shall be reduced to the extent necessary
such that the portion of the Borrowing Base attributable to Senior Investments is not less than 60% of the Covered Debt Amount, (ii)(A) the
Gross Borrowing Base is less than 1.5 times the Senior Debt Amount and (B) the Relevant Asset Coverage Ratio is less than 1.75:1.00,
then the Borrowing Base shall be reduced to the extent necessary such that the portion of the Borrowing Base attributable to Senior Investments
is not less than 75% of the Covered Debt Amount or (iii)(A) the Gross Borrowing Base is greater than or equal to 1.5 times the Senior
Debt Amount and (B) the Relevant Asset Coverage Ratio is less than 1.75:1.00, then the Borrowing Base shall be reduced to the extent
necessary such that the portion of the Borrowing Base attributable to Senior Investments is not less than 25% of the Covered Debt Amount;

 

(e)            if,
as of such date, the Relevant Asset Coverage Ratio is (i) less than 2.00:1.00 and greater than or equal to 1.75:1.00, the Advance
Rate applicable to that portion of the Borrowing Value of Junior Investments and Non-Core Investments shall be 0% to the extent necessary
so that no more than 30% of the Borrowing Base is attributable to such investments; or (ii) less than 1.75:1.00, the Advance Rate
applicable to the portion of the Borrowing Value of Junior Investments and Non-Core Investments shall be 0% to the extent necessary so
that no more than 20% of the Borrowing Base is attributable to such investments;

 

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(f)            if,
as of such date, the Relevant Asset Coverage Ratio is (i) greater than or equal to 2.00:1.00, the Advance Rate applicable to that
portion of the Borrowing Value of Non-Core Investments shall be 0% to the extent necessary so that no more than 15% of the Borrowing
Base is attributable to such investments, (ii) less than 2.00:1.00 and greater than or equal to 1.75:1.00, the Advance Rate applicable
to that portion of the Borrowing Value of Non-Core Investments shall be 0% to the extent necessary so that no more than 10% of the
Borrowing Base is attributable to such investments or (iii) less than 1.75:1.00, the Advance Rate applicable to that portion of the
Borrowing Value of Non-Core Investments shall be 0% to the extent necessary so that no more than 5% of the Borrowing Base is
attributable to such investments

 

(g)            no
Portfolio Investment may be included in the Borrowing Base unless the Collateral Agent maintains a first priority, perfected Lien (subject
to Permitted Liens) on such Portfolio Investment and such Portfolio Investment has been Delivered (as such term is used in and to the
extent required under Section 7.01(a) of the Guarantee and Security Agreement) to the Collateral Agent, and then only for
so long as such Portfolio Investment continues to be Delivered as contemplated therein;

 

(h)            the
portion of the Borrowing Base attributable to Portfolio Investments invested in a Permitted Foreign Jurisdiction shall not exceed 10%
and (ii) in any other jurisdiction outside of the United States shall not exceed 0%, in each case of this clause (h), without the
consent of the Administrative Agent; and

 

(i)            the
Advance Rate applicable to that portion of the aggregate Value of the Borrower’s Portfolio Investments in Lien Restricted Investments
shall be 0% to the extent necessary so that no more than 2% of the Borrowing Base is attributable to such investments.

 

To the extent any Portfolio Investment is required
to be removed from the Borrowing Base to comply with any of the portfolio limitations set forth in this Section 5.13, the
Borrower shall be permitted to choose the Portfolio Investments, or portions of such Portfolio Investments, to be so removed to effect
such compliance.

 

    112 

     

    

 

As used herein, the following terms have the following
meanings:

 

“Advance Rate”
means, as to any Portfolio Investment and subject to adjustment as provided in Section 5.13(a) through (i), and
as provided below based on the Relevant Asset Coverage Ratio as of such date, the following percentages with respect to such Portfolio
Investment:

 

	 	 	Relevant Asset 

Coverage Ratio ≥ 

2.00:1.00	 	 	2.00:1.00 > Relevant 

Asset Coverage Ratio ≥ 

1.75:1.00	 	 	1.75:1.00 > Relevant 

Asset Coverage Ratio ≥ 

1.50:1.00	 
	Portfolio
    

Investment1	 	Quoted	 	 	Unquoted	 	 	Quoted	 	 	Unquoted	 	 	Quoted	 	 	Unquoted	 
	Cash, Cash Equivalents and Short-Term U.S. Government Securities	 	 	100	%	 	 	n.a.	 	 	 	100	%	 	 	n.a.	 	 	 	100	%	 	 	n.a.	 
	Long-Term U.S. Government Securities	 	 	90	%	 	 	n.a.	 	 	 	90	%	 	 	n.a.	 	 	 	90	%	 	 	n.a.	 
	Performing First Lien Bank Loans	 	 	85	%	 	 	75	%	 	 	85	%	 	 	75	%	 	 	85	%	 	 	75	%
	Performing First Lien Unitranche Bank Loans	 	 	85	%	 	 	75	%	 	 	80	%	 	 	70	%	 	 	75	%	 	 	65	%
	Performing Last Out Loans	 	 	80	%	 	 	70	%	 	 	75	%	 	 	65	%	 	 	70	%	 	 	60	%
	Performing Second Lien Bank Loans	 	 	75	%	 	 	65	%	 	 	70	%	 	 	60	%	 	 	65	%	 	 	55	%
	Performing High Yield Securities	 	 	70	%	 	 	60	%	 	 	65	%	 	 	55	%	 	 	60	%	 	 	50	%
	Performing Mezzanine Investments	 	 	65	%	 	 	55	%	 	 	60	%	 	 	50	%	 	 	55	%	 	 	45	%
	Performing PIK Obligations	 	 	60	%	 	 	50	%	 	 	55	%	 	 	45	%	 	 	50	%	 	 	40	%
	Performing DIP Loans	 	 	40	%	 	 	35	%	 	 	35	%	 	 	30	%	 	 	30	%	 	 	25	%
	Non-Performing First Lien Bank Loans	 	 	45	%	 	 	45	%	 	 	40	%	 	 	40	%	 	 	35	%	 	 	35	%
	Non-Performing First Lien Unitranche Loans	 	 	45	%	 	 	45	%	 	 	40	%	 	 	40	%	 	 	35	%	 	 	35	%
	Non-Performing Last Out Loans	 	 	40	%	 	 	35	%	 	 	35	%	 	 	30	%	 	 	30	%	 	 	25	%
	Non-Performing Second Lien Bank Loans	 	 	40	%	 	 	30	%	 	 	35	%	 	 	25	%	 	 	30	%	 	 	20	%
	Non-Performing High Yield Securities	 	 	30	%	 	 	30	%	 	 	25	%	 	 	25	%	 	 	20	%	 	 	20	%
	Non-Performing Mezzanine Investments	 	 	30	%	 	 	25	%	 	 	25	%	 	 	20	%	 	 	20	%	 	 	20	%
	Performing Common Equity	 	 	30	%	 	 	20	%	 	 	25	%	 	 	20	%	 	 	20	%	 	 	20	%
	Non-Performing Common Equity	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%
	Structured Finance Obligations and Finance Leases	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%	 	 	0	%

 

 

1 For
the avoidance of doubt, the above categories are intended to be indicative of the traditional investment types. All determinations of
whether a particular Portfolio Investment belongs to one (1) category or another shall be made by the Borrower on a consistent basis
with the definitions in Section 5.13.

    113 

     

    

 

“Bank Loans”
means debt obligations (including term loans, notes, revolving loans, debtor-in-possession financings, the funded and unfunded portion
of revolving credit lines and letter of credit facilities and other similar loans and investments including interim loans, bridge loans
and senior subordinated loans) which are generally documented under a loan or credit facility (whether or not syndicated) or note
purchase agreement.

 

“Capital Stock”
has the meaning given to such term in Section 1.01.

 

“Cash” has
the meaning assigned to such term in Section 1.01.

 

“Cash Equivalents”
has the meaning assigned to such term in Section 1.01.

 

“Defaulted
Obligation” means any Investment in Indebtedness (a) as to which, (x) a default as to the payment of principal
and/or interest has occurred and is continuing for a period of thirty two (32) consecutive days with respect to such Indebtedness
(without regard to any grace period applicable thereto, or waiver thereof) or (y) a default not set forth in clause
(x) has occurred and the holders of such Indebtedness have accelerated all or a portion of the principal amount thereof as a
result of such default; (b) as to which a default as to the payment of principal and/or interest has occurred and is continuing
for a period of thirty two (32) consecutive days with respect to another material debt obligation of the issuer under such
Indebtedness which is senior or pari passu in right of payment to such Indebtedness (without regard to any grace period applicable
thereto, or waiver thereof); (c) as to which the issuer under such Indebtedness or others have instituted proceedings to have
such issuer adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or
such issuer has filed for protection under the United States Bankruptcy Code or under any foreign bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person
charged with reorganization or liquidation of its business or custodian, appointed for it (unless, in the case of clause (b) or
(c), such Indebtedness is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation under such clause);
(d) as to which a default rate of interest has been and continues to be charged for more than 120 consecutive days, or
foreclosure on collateral for such Indebtedness has been commenced and is being pursued by or on behalf of the holders thereof;
(e) as to which any lender or agent thereunder has delivered written notice to the issuer declaring such Indebtedness in
default or as to which any lender or agent thereunder otherwise exercises significant remedies following a default; or (f) that
the Borrower has in its reasonable commercial judgment otherwise declared to be a Defaulted Obligation.

 

    114 

     

    

 

“DIP Loan”
means a Bank Loan, whether revolving or term, that is originated after the commencement of a case under Chapter 11 of the Bankruptcy Code
by an issuer, which is a debtor in possession as described in Section 1107 of the Bankruptcy Code or a debtor as defined in Section 101(13)
of the Bankruptcy Code in such case (a “Debtor”) organized under the laws of the United States or any state therein
and domiciled in the United States, and which satisfies the following criteria: (a) the DIP Loan is duly authorized by a final order
of the applicable bankruptcy court or federal district court under the provisions of subsection (b), (c) or (d) of 11 U.S.C.
Section 364; (b) the Debtor’s bankruptcy case is still pending as a case under the provisions of Chapter 11 of Title 11
of the Bankruptcy Code and has not been dismissed or converted to a case under the provisions of Chapter 7 of Title 11 of the Bankruptcy
Code; (c) the Debtor’s obligations under such loan have not been (i) disallowed, in whole or in part, or (ii) subordinated,
in whole or in part, to the claims or interests of any other Person under the provisions of 11 U.S.C. Section 510; (d) the DIP
Loan is secured and the Liens granted by the applicable bankruptcy court or federal district court in relation to the Loan have not been
subordinated or junior to, or are pari passu with, in whole or in part, to the Liens of any other lender under the provisions of 11 U.S.C.
Section 364(d) or otherwise; (e) the Debtor is not in default on its obligations under the loan; (f) neither the Debtor
nor any party in interest has filed a Chapter 11 plan with the applicable federal bankruptcy or district court that, upon confirmation,
would (i) disallow or subordinate the loan, in whole or in part, (ii) subordinate, in whole or in part, any Lien granted in
connection with such loan, (iii) fail to provide for the repayment, in full and in cash, of the loan upon the effective date of such
plan or (iv) otherwise impair, in any manner, the claim evidenced by the loan; (g) the DIP Loan is documented in a form that
is commercially reasonable; (h) the DIP Loan shall not provide for more than 50% (or a higher percentage with the consent of the
Required Lenders) of the proceeds of such loan to be used to repay prepetition obligations owing to all or some of the same lender(s) in
a “roll-up” or similar transaction; (i) no portion of the DIP Loan is payable in consideration other than cash; and (j) no
portion of the DIP Loan has been credit bid under Section 363(k) of the Bankruptcy Code or otherwise. For the purposes of this
definition, an order is a “final order” if the applicable period for filing a motion to reconsider or notice of appeal in
respect of a permanent order authorizing the Debtor to obtain credit has lapsed and no such motion or notice has been filed with the applicable
bankruptcy court or federal district court or the clerk thereof.

 

“Finance Lease”
means any transaction representing the obligation of a lessee to pay rent or other amounts under a lease which is required to be classified
and accounted for as a capital lease on the balance sheet of such lessee under GAAP.

 

“First Lien Bank Loan”
means a Bank Loan that is entitled to the benefit of a first lien and first priority perfected security interest on all or substantially
all of the assets of the respective borrower and guarantors obligated in respect thereof, and which has the most senior pre-petition priority
in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings in such collateral; provided, however, that, in
the case of accounts receivable and inventory (and the proceeds thereof), such lien and security interest may be second in priority to
a Permitted Prior Working Capital Lien. For the avoidance of doubt, in no event shall a First Lien Bank Loan include a Last Out Loan or
a Performing DIP Loan.

 

    115 

     

    

 

“First Lien Unitranche
Bank Loan” means a First Lien Bank Loan with a ratio of first lien debt to EBITDA that exceeds 5.25:1.00, and where the underlying
borrower does not also have a Second Lien Bank Loan outstanding.

 

“High Yield Securities”
means debt Securities and Preferred Stock, in each case (a) issued by public or private issuers, (b) issued pursuant to an effective
registration statement or pursuant to Rule 144A under the Securities Act (or any successor provision thereunder) or other exemption
to the Securities Act and (c) that are not Cash Equivalents, Mezzanine Investments or Bank Loans.

 

“Junior Investments”
means any Performing High Yield Securities and Performing Mezzanine Investments.

 

“Last Out Loan”
means, with respect to any First Lien Bank Loan that is a term loan structured in a first out tranche and a last out tranche (with the
first out tranche entitled to a lower interest rate but priority with respect to payments), that portion of such First Lien Bank Loan
that is the last out tranche; provided that:

 

(a) such last out tranche
is entitled (along with the first out tranche) to the benefit of a first lien and first priority perfected security interest on all or
substantially all of the assets of the respective borrower and guarantors obligated in respect thereof (subject to customary exceptions),
and which has the most senior pre-petition priority in any bankruptcy, reorganization, arrangement, insolvency, or liquidation proceedings
(taking into account the payment priority of the first out tranche and subject to customary permitted liens as contemplated by the applicable
Bank Loan documents);

 

(b) the ratio of (x) (A) the
amount of the first out tranche to (B) EBITDA of the underlying obligor does not at any time exceed 2.25 to 1.00 and the ratio of
(y) (A) the amount of the first out tranche and the last out tranche to (B) EBITDA of the underlying obligor does not at
any time exceed 5.25 to 1.00;

 

(c) such last out tranche
(i) gives the holders of such last out tranche full enforcement rights during the existence of an event of default (subject to customary
standstill and other customary limitations and exceptions, including if the holders of the first out tranche have previously exercised
enforcement rights), (ii) shall have the same maturity date as the first out tranche, (iii) is entitled to the same representations,
covenants and events of default as the holders of the first out tranche, and (iv) provides the holders of such last out tranche with
customary protections (including consent rights with respect to (1) any increase of the principal balance of the first out tranche,
(2) any increase of the margins (other than as a result of the imposition of default interest) applicable to the interest rates with
respect to the first out tranche, (3) any reduction of the final maturity of the first out tranche, and (4) amending or waiving
any provision in the underlying loan documents that is specific to the holders of such last out tranche);

 

    116 

     

    

 

(d) such first out tranche is not subject to
multiple drawings (unless, at the time of such drawing and after giving effect thereto, the ratio referenced in clause (b) above
is not exceeded); and

 

(e) the aggregate principal amount of the last
out tranche is at least 50% of the aggregate principal amount of any first out tranche.

 

For clarity, any last out loan
that complies with subsection (a) above, but fails to qualify under any of (b), (c) and/or (d) above, shall be deemed a
Second Lien Bank Loan for all purposes hereunder (to the extent it otherwise meets the definition of Second Lien Bank Loan).

 

“Lien Restricted Investment”
means a Portfolio Investment consisting of an Obligor’s equity investment in an entity that holds Investments subject to underlying
agreements that restrict the granting of a direct Lien on such Investments under this Agreement; provided, that (a) there are
no greater restrictions or limitations in any material respect on the ability of the Borrower to liquidate such entity or its Investments
therein (including any material redemption restrictions or penalties) and use the proceeds thereof than would be applicable if each Investment
held by such entity was held directly as a Portfolio Investment by the Borrower and (b) there is no leverage employed by such entity.

 

“Long-Term U.S. Government
Securities” means U.S. Government Securities maturing more than one year from the applicable date of determination.

 

“Mezzanine Investments”
means debt Securities (including convertible debt Securities (other than the “in-the-money” equity component thereof)) and
Preferred Stock in each case (a) issued by public or private issuers, (b) issued without registration under the Securities Act,
(c) not issued pursuant to Rule 144A under the Securities Act (or any successor provision thereunder), (d) that are not
Cash Equivalents and (e) contractually subordinated in right of payment to other debt of the same issuer.

 

“Non-Core Investments”
means, collectively, (a) Performing Common Equity, (b) Non-Performing Bank Loans, (c) Non-Performing High Yield Securities,
(d) Non-Performing Mezzanine Investments, (e) Performing PIK Obligations and (f) Performing DIP Loans.

 

“Non-Performing Bank
Loans” means, collectively, Non-Performing First Lien Bank Loans, Non-Performing First Lien Unitranche Bank Loans, Non-Performing
Last Out Loans and Non-Performing Second Lien Bank Loans.

 

“Non-Performing Common
Equity” means Capital Stock (other than Preferred Stock) and warrants of an issuer having any debt outstanding that is non-Performing.

 

“Non-Performing First
Lien Bank Loans” means funded First Lien Bank Loans other than Performing First Lien Bank Loans.

 

“Non-Performing First
Lien Unitranche Bank Loans” means funded First Lien Unitranche Bank Loans other than Performing First Lien Unitranche Bank Loans.

 

    117 

     

    

 

“Non-Performing High
Yield Securities” means funded High Yield Securities other than Performing High Yield Securities.

 

“Non-Performing Last
Out Loans” means funded Last Out Loans other than Performing Last Out Loans.

 

“Non-Performing Mezzanine
Investments” means funded Mezzanine Investments other than Performing Mezzanine Investments.

 

“Non-Performing Second
Lien Bank Loans” means funded Second Lien Bank Loans other than Performing Second Lien Bank Loans.

 

“Performing”
means (a) with respect to any Portfolio Investment that is debt, the issuer of such Portfolio Investment is, at the time of determination,
(i) not in default of any payment obligations outstanding with respect to accrued and unpaid interest or principal in respect thereof
after the receipt of any notice and/or expiration of any applicable grace period and (ii) not placed on non-accrual status as disclosed
on a Form 10-K or Form 10-Q as filed by the Borrower with the Securities and Exchange Commission, and (b) with respect
to any Portfolio Investment that is Preferred Stock, the issuer of such Portfolio Investment has not failed to meet any scheduled redemption
obligations or to pay its latest declared cash dividend, after the expiration of any applicable grace period.

 

“Performing Common
Equity” means Capital Stock (other than Preferred Stock) and warrants of an issuer all of whose outstanding debt is Performing
(it being understood that in no event shall Equity Interests of Financing Subsidiaries be included in the Borrowing Base).

 

“Performing DIP Loans”
means funded DIP Loans that (a) are not PIK Obligations and (b) are not Defaulted Obligations.

 

“Performing First Lien
Bank Loans” means funded First Lien Bank Loans that (a) are not PIK Obligations, DIP Loans or Last Out Loans and (b) are
Performing.

 

“Performing First Lien
Unitranche Bank Loans” means First Lien Unitranche Bank Loans that (a) are not PIK Obligations, DIP Loans or Last Out Loans
and (b) are Performing.

 

“Performing High Yield
Securities” means funded High Yield Securities that (a) are not PIK Obligations or DIP Loans and (b) are Performing.

 

“Performing Joint Venture
Investments” means Joint Venture Investments which are Performing.

 

“Performing Last Out
Loans” means funded Last Out Loans that (a) are not PIK Obligations or DIP Loans and (b) are Performing.

 

“Performing Mezzanine
Investments” means funded Mezzanine Investments that (a) are not PIK Obligations or DIP Loans and (b) are Performing.

 

    118 

     

    

 

“Performing PIK Obligations”
means funded PIK Obligations that (a) are not DIP Loans and (b) are Performing.

 

“Performing Second
Lien Bank Loans” means funded Second Lien Bank Loans that (a) are not PIK Obligations, DIP Loans or Last Out Loans and
(b) are Performing.

 

“Permitted Foreign
Jurisdiction” means Canada, the United Kingdom, Ireland, Australia, Germany, France, Belgium, the Netherlands, Luxembourg,
Switzerland, Denmark, Finland, Norway and Sweden.

 

“Permitted Prior Working
Capital Lien” means, with respect to an issuer that is a borrower under a Bank Loan, a security interest to secure a working
capital facility for such issuer in the accounts receivable and/or inventory (and the proceeds thereof) of such issuer and any of its
subsidiaries that are guarantors of such working capital facility; provided that (i) such Bank Loan has a second priority
lien on such accounts receivable and/or inventory, as applicable (and the proceeds thereof), (ii) such working capital facility is
not secured by any other assets (other than a second priority lien, subject to the first priority lien of the Bank Loan on such other
assets) and does not benefit from any standstill rights or other agreements (other than customary rights) with respect to any other assets
and (iii) the maximum principal amount of such working capital facility is not at any time greater than 15% of the aggregate enterprise
value of such issuer (as determined in accordance with the valuation methodology for determining the enterprise value of the applicable
issuer as established by an Approved Third Party Appraiser).

 

“PIK Obligation”
means an obligation that provides that any portion of the interest accrued for a specified period of time or until the maturity thereof
is, or at the option of the obligor may be, added to the principal balance of such obligation or otherwise deferred and accrued rather
than being paid in cash, provided that any such obligation shall not constitute a PIK Obligation if, at the time of determination,
not less than 2/3rds of the interest (including accretions and “pay-in-kind” interest) for the current monthly, quarterly,
or semi-annual period (as applicable) is payable in cash.

 

“Preferred Stock,”
as applied to the Capital Stock of any Person, means Capital Stock of such Person of any class or classes (however designated) that
ranks prior, as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution
or winding up of such Person, to any shares (or other interests) of other Capital Stock of such Person, and shall include cumulative
preferred, non-cumulative preferred, participating preferred and convertible preferred Capital Stock; provided that such Preferred Stock
(a) pays a cash dividend on a monthly or quarterly basis and (b) has a maturity date or is subject to a mandatory redemption
on a date certain that is not greater than ten (10) years from the date of initial issuance of such Preferred Stock.

 

“Restructured
Investment” means, as of any date of determination, (a) any Investment that has been a Defaulted Obligation within the
past six months, or (b) any Investment that has in the past six months been (x) on cash non-accrual, or (y) amended or
subject to a deferral or waiver the effect of which is to (i) change the amount of previously required scheduled debt amortization
(other than by reason of repayment thereof) or (ii) extend the tenor of previously required scheduled debt amortization, in each
case such that the remaining weighted average life of such Investment is extended by more than 20% and the reason for such amendment,
deferral or waiver is related to the deterioration of the credit profile of the underlying borrower such that, in the absence of such
amendment, deferral or waiver, it is reasonably expected by the Borrower that such underlying borrower either (x) will not be able
to make any such previously required scheduled debt amortization payment or (y) is anticipated to incur a breach of a material financial
covenant. A DIP Loan shall not be deemed to be a Restructured Investment, so long as it does not meet the conditions of the definition
of Restructured Investment. An “exit” financing for an obligor that emerges from a case under Chapter 11 of the Bankruptcy
Code in accordance with a Chapter 11 plan that has been duly confirmed by the federal bankruptcy court exercising jurisdiction over the
obligor pursuant to a final non-appealable order and such “exit” financing has been duly approved by a final non-appealable
order of the federal bankruptcy court exercising jurisdiction over the obligor in connection with the confirmed Chapter 11 plan of the
obligor shall not be deemed to be a Restructured Investment, so long as such “exit” financing is a new facility and does not
otherwise meet the conditions of the definition of Restructured Investment.

 

    119 

     

    

 

 

“Second Lien Bank Loan”
means a Bank Loan (other than a First Lien Bank Loan or a Last Out Bank Loan) that is entitled to the benefit of a first and/or second
lien and first and/or second priority perfected security interest on all or substantially all of the assets of the respective borrower
and guarantors obligated in respect thereof.

 

“Securities”
means common and preferred stock, units and participations, member interests in limited liability companies, partnership interests in
partnerships, notes, bonds, debentures, trust receipts and other obligations, instruments or evidences of indebtedness, including debt
instruments of public and private issuers and tax-exempt securities (including warrants, rights, put and call options and other options
relating thereto, representing rights, or any combination thereof) and other property or interests commonly regarded as securities
or any form of interest or participation therein, but not including Bank Loans.

 

“Securities Act”
means the United States Securities Act of 1933, as amended.

 

“Senior Debt Amount”
means, as of any date, the greater of (i) the Covered Debt Amount and (ii) the Combined Debt Amount.

 

“Senior Investments”
means Cash, Cash Equivalents, Short-Term U.S. Government Securities, Long-Term U.S. Government Securities, and Performing First Lien Bank
Loans.

 

“Short-Term U.S. Government
Securities” means U.S. Government Securities maturing within one year of the applicable date of determination.

 

“Structured Finance
Obligation” means any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing
ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed
securities. For the avoidance of doubt, if an obligation satisfies this definition of “Structured Finance Obligation”, such
obligation (a) shall not qualify as any other category of Portfolio Investment and (b) shall not be included in the Borrowing
Base.

 

    120 

     

    

 

“U.S. Government Securities”
has the meaning assigned to such term in Section 1.01.

 

“Value” means,
with respect to any Portfolio Investment, the most recent value as determined pursuant to Section 5.12.

 

SECTION 5.14.     Post-Closing
Matters. Notwithstanding anything to the contrary contained herein, to the extent not delivered on the Effective Date, (a) the
Borrower agrees that it will, and will cause each of its Subsidiaries to, complete each of the actions described on Schedule 5.14 as soon
as commercially reasonable and by no later than the date set forth in Schedule 5.14 with respect to such action, and (b) the Borrower
and the Administrative Agent agree to use commercially reasonable efforts to enter into the Prohibited Assignees and Participants Side
Letter within 10 Business Days after the Effective Date (or such later date as the Administrative Agent and the Borrower mutually agree),
in form and substance reasonably acceptable to the Administrative Agent and the Borrower.

 

ARTICLE VI

 

NEGATIVE
COVENANTS

 

Until the Commitments have expired
or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of
Credit have (x) expired, (y) been terminated, or (z) been Cash Collateralized as set forth herein or backstopped in a manner
satisfactory to the Administrative Agent and the Issuing Banks in their sole discretion, and all LC Disbursements shall have been reimbursed,
the Borrower covenants and agrees with the Lenders that:

 

SECTION 6.01.     Indebtedness.
The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, create, incur, assume or permit to exist any Indebtedness,
except:

 

(a)            Indebtedness
created under this Agreement or any other Loan Document;

 

(b)            Secured
Longer-Term Indebtedness, Special Unsecured Longer-Term Indebtedness and Unsecured Longer-Term Indebtedness so long as (i) no
Default exists at the time of the incurrence thereof (before and after giving effect thereto), (ii) at the time of incurrence
thereof (before and after giving effect thereto), the aggregate amount of such Secured Longer-Term Indebtedness, Special Unsecured
Longer-Term Indebtedness and Unsecured Longer-Term Indebtedness (determined at the time of the incurrence thereof), taken together
with other then-outstanding Indebtedness that constitutes senior securities, does not exceed the amount required to comply with the
provisions of Sections 6.07(b), and (iii) prior to and immediately after giving effect to the incurrence of any
Secured Longer-Term Indebtedness and any other Indebtedness included in the Covered Debt Amount concurrently incurred, the Covered
Debt Amount does not or would not exceed the Borrowing Base then in effect (for clarity, with respect to revolving loan facilities
or staged advance loan facilities, “incurrence” shall be deemed to take place only at the time such facility is entered
into or the aggregate commitments thereunder are increased or extended); provided that in no event shall the aggregate amount
of all such Special Unsecured Longer-Term Indebtedness exceed an amount equal to $500,000,000 on or after the Effective Date at any
one time outstanding;

 

    121 

     

    

 

(c)            Other
Permitted Indebtedness;

 

(d)            [reserved];

 

(e)            Indebtedness
of any Obligor owing to any other Obligor or, if such Indebtedness is subject to subordination terms and conditions that are satisfactory
to the Administrative Agent, any other Subsidiary of the Borrower;

 

(f)            repurchase
obligations arising in the ordinary course of business with respect to U.S. Government Securities;

 

(g)            obligations
payable or payments of margin or posting of margin collateral to clearing agencies, brokers, dealers or others in connection with the
purchase or sale of securities or other Investments, credit default swaps or other derivative transactions, in each case in the ordinary
course of business;

 

(h)            Secured
Shorter-Term Indebtedness so long as (i) no Default exists at the time of the incurrence thereof (before and after giving effect
thereto), (ii) at the time of incurrence thereof (before and after giving effect thereto), the aggregate outstanding principal amount
(determined at the time of the incurrence thereof) of such Indebtedness incurred pursuant to this clause (h) does not exceed
the greater of (A) $20,000,000 and (B) 5% of Borrower Net Worth, (iii) at the time of incurrence thereof (before and after
giving effect thereto), the aggregate amount of such Indebtedness (determined at the time of incurrence thereof), taken together with
other then-outstanding Indebtedness that constitutes senior securities, does not exceed the amount required to comply with the provisions
of Section 6.07(b), and (iv) prior to and immediately after giving effect to the incurrence of any such Indebtedness
and any other Indebtedness included in the Covered Debt Amount concurrently incurred, the Covered Debt Amount does not or would not exceed
the Borrowing Base then in effect (for clarity, with respect to revolving loan facilities or staged advance loan facilities, “incurrence”
shall be deemed to take place only at the time such facility is entered into or the aggregate commitments thereunder are increased or
extended);

 

(i)            obligations
(including Guarantees) in respect of Standard Securitization Undertakings;

 

(j)            Permitted
SBIC Guarantees and any SBIC Equity Commitment or analogous commitment;

 

(k)            Unsecured
Shorter-Term Indebtedness so long as (i) no Default exists at the time of the incurrence thereof (before and after giving effect
thereto), (ii) at the time of incurrence thereof (before and after giving effect thereto), the aggregate outstanding principal amount
(determined at the time of the incurrence thereof) of such Indebtedness incurred pursuant to this clause (k) does not exceed
the greater of (x) $20,000,000 and (y) 5% of Borrower Net Worth, (iii) at the time of incurrence thereof (before and after
giving effect thereto), the aggregate amount of such Indebtedness (determined at the time of incurrence thereof), taken together with
other then-outstanding Indebtedness that constitutes senior securities, does not exceed the amount required to comply with the provisions
of Section 6.07(b), and (iv) prior to and immediately after giving effect to the incurrence of any such Indebtedness
and any other Indebtedness included in the Covered Debt Amount concurrently incurred, the Covered Debt Amount does not or would not exceed
the Borrowing Base then in effect (for clarity, with respect to revolving loan facilities or staged advance loan facilities, “incurrence”
shall be deemed to take place only at the time such facility is entered into or the aggregate commitments thereunder are increased or
extended);

 

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(l)            Special
Unsecured Shorter-Term Indebtedness so long as (i) no Default exists at the time of the incurrence thereof (before and after
giving effect thereto), (ii) at the time of incurrence thereof (before and after giving effect thereto), the aggregate
outstanding principal amount (determined at the time of the incurrence thereof) of such Indebtedness incurred pursuant to this
clause (l) does not exceed $300,000,000, (iii) at the time of incurrence thereof (before and after giving effect thereto),
the aggregate amount of such Indebtedness (determined at the time of incurrence thereof), taken together with other then-outstanding
Indebtedness that constitutes senior securities, does not exceed the amount required to comply with the provisions of
Section 6.07(b), and (iv) prior to and immediately after giving effect to the incurrence of any such Indebtedness and any
other Indebtedness included in the Covered Debt Amount concurrently incurred, the Covered Debt Amount does not or would not exceed
the Borrowing Base then in effect (for clarity, with respect to revolving loan facilities or staged advance loan facilities,
 “incurrence” shall be deemed to take place only at the time such facility is entered into or the aggregate commitments
thereunder are increased or extended); and

 

(m)            other
unsecured Indebtedness at any time in an aggregate principal amount outstanding not to exceed $10,000,000.

 

SECTION 6.02.     Liens.
The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, create, incur, assume or permit to exist any Lien on any
property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or
rights in respect of any thereof (which, for the avoidance of doubt, shall not include participations in Investments to the extent that
the portion of such Investment represented by such participation is not treated as a Portfolio Investment), except:

 

(a)            any
Lien on any property or asset of the Borrower or any Subsidiary Guarantor existing on the Effective Date and set forth in Part B
of Schedule 3.11; provided that (i) no such Lien shall extend to any other property or asset of the Borrower or any
of the Subsidiary Guarantors, and (ii) any such Lien shall secure only those obligations which it secures on the Effective Date and
extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;

 

(b)            Liens
created pursuant to this Agreement (including Section 2.19) or any of the Security Documents (including Liens in favor of
the Designated Indebtedness Holders (as defined in the Guarantee and Security Agreement));

 

(c)            Liens
on Special Equity Interests included in the Investments of the Borrower but only to the extent securing obligations in the manner provided
in the definition of “Special Equity Interests” in Section 1.01;

 

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(d)            Liens
securing Indebtedness or other obligations in an aggregate principal amount not exceeding the greater of (i) $20,000,000 and (ii) 5%
of Borrower’s Net Worth at any one time outstanding (which may cover Portfolio Investments, but only to the extent released from,
or otherwise not covered by, the Lien in favor of the Collateral Agent pursuant to Section 10.03 of the Guarantee and Security Agreement),
so long as (x) at the time of incurrence of such Indebtedness or other obligations (before and after giving effect thereto), the
aggregate amount of such Indebtedness (determined at the time of incurrence thereof), taken together with other then-outstanding Indebtedness
that constitutes senior securities, does not exceed the amount required to comply with the provisions of Section 6.07(b),
and (y) prior to and immediately after giving effect to the incurrence of any such Indebtedness and any other Indebtedness included
in the Covered Debt Amount concurrently incurred, the Covered Debt Amount does not or would not exceed the Borrowing Base then in effect;

 

(e)            Permitted
Liens;

 

(f)            Liens
on Equity Interests in any SBIC Subsidiary created in favor of the SBA or its designee and Liens on Equity Interests in any SPE Subsidiary
in favor of and required by any lender providing third party financing to such SPE Subsidiary;

 

(g)            (x) Liens
securing Hedging Agreements permitted under Section 6.04(c) and not otherwise permitted under clause (b) above
in an aggregate amount not to exceed $25,000,000 at any time and (y) Liens incurred in connection with any Hedging Agreement either
entered into with a Lender (or an Affiliate of a Lender) on an uncleared basis or cleared through a Lender (or Affiliate of a Lender)
as futures commission merchant in the ordinary course of business and not for speculative purposes to the extent reasonably necessary
to cash collateralize any margining requirements (it being understood that such Lien shall continue to be permitted pursuant to this sub-clause
(y) even if such Lender has assigned all of its Loans and other interests in this Agreement and thus has ceased to be a Lender
hereunder); provided that in no event shall any Obligor be permitted to create, incur or assume any Lien pursuant to
this clause (g) or increase the aggregate amount of collateral securing any Liens previously permitted under
this clause (g)  unless both before and after giving effect to the creation, incurrence or assumption of such Lien or
such increase in the aggregate amount of collateral securing such Lien, in each case, after giving effect to the exclusion of all such
collateral from the Borrowing Base, (A) the Covered Debt Amount does not exceed the Borrowing Base (it being understood that any
Cash, Cash Equivalents, or other collateral subject to such Liens shall not be required to be subject to any account control agreement
hereunder and shall not be included in the Borrowing Base), and (B) no Default or Event of Default shall have occurred and be continuing
or would result therefrom; and

 

(h)            Liens
securing repurchase obligations arising in the ordinary course of business with respect to U.S. Government Securities.

 

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SECTION 6.03.     Fundamental
Changes. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, enter into any transaction of merger
or consolidation or amalgamation, or liquidate, wind up or dissolve or divide itself (or suffer any liquidation or dissolution or division).
The Borrower will not reorganize under the laws of a jurisdiction other than any jurisdiction in the United States. The Borrower will
not, nor will it permit any of the Subsidiary Guarantors to, acquire any business or property from, or Capital Stock of, or be a
party to any acquisition of, any Person, except for purchases or acquisitions of Investments and other assets in the normal course of
the day-to-day business activities of the Borrower and its Subsidiaries and not in violation of the terms and conditions of this Agreement
or any other Loan Document. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, convey, sell, lease, transfer
or otherwise dispose of, in one transaction or a series of transactions, any part of its assets, whether now owned or hereafter acquired,
but excluding (w) any transaction permitted under Section 6.05 or 6.12, (x) assets (other than Investments)
sold or disposed of in the ordinary course of business (including to make expenditures of Cash and Cash Equivalents in the normal course
of the day-to-day business activities of the Borrower and its Subsidiaries) and (y) subject to the provisions of clauses (d) and
(e) below, Investments.

 

Notwithstanding the foregoing
provisions of this Section:

 

(a)            any
Subsidiary Guarantor may be merged or consolidated with or (subject to the conditions set forth in clause (f) below) into the Borrower
or any other Subsidiary Guarantor; provided that if any such transaction shall be between a Subsidiary Guarantor and a wholly owned
Subsidiary Guarantor, the wholly owned Subsidiary Guarantor shall be the continuing or surviving entity;

 

(b)            any
Obligor may sell, lease, transfer (including a deemed transfer resulting from a division or plan of division) or otherwise dispose of
any or all of its assets (upon voluntary liquidation or otherwise) to the Borrower or any wholly owned Subsidiary Guarantor of the
Borrower;

 

(c)            the
Capital Stock of any Subsidiary of the Borrower may be sold, transferred (including a deemed transfer resulting from a division or plan
of division) or otherwise disposed of (including by way of consolidation or merger) (i) to the Borrower or any wholly owned Subsidiary
Guarantor of the Borrower or (ii) so long as such transaction results in an Obligor receiving the proceeds of such disposition, to
any other Person, provided, that in the case of this clause (ii), if such Subsidiary is a Subsidiary Guarantor or holds any
Portfolio Investments, the Borrower would not have been prohibited from disposing of any such Portfolio Investments to such other Person
under any other term of this Agreement;

 

(d)            the
Obligors may sell, transfer (including a deemed transfer resulting from a division or plan of division) or otherwise Dispose of Investments
(other than to a Financing Subsidiary) so long as after giving effect to such Disposition (and any concurrent acquisitions of Investments
by the Obligors or payment of outstanding Indebtedness that is included in the Covered Debt Amount at such time) the Covered Debt Amount
does not exceed the Borrowing Base;

 

(e)            the
Obligors may sell, transfer (including a deemed transfer resulting from a division or plan of division) or otherwise Dispose of Investments
to a Financing Subsidiary so long as (i) after giving effect to such Disposition (and any concurrent acquisitions of Investments
by the Obligors or payment of outstanding Indebtedness that is included in the Covered Debt Amount at such time) the Covered Debt
Amount does not exceed the Borrowing Base and the Borrower delivers to the Administrative Agent a certificate of a Financial Officer to
such effect and (ii) either (x) the amount by which the Borrowing Base exceeds the Covered Debt Amount immediately prior to
such Disposition is not diminished as a result of such Disposition or (y) the Borrowing Base immediately after giving effect to such
Disposition is at least 110% of the Covered Debt Amount;

 

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(f)            the
Borrower may merge or consolidate with (or acquire all or substantially all of the assets of) any other Person so long as (i)  the
Borrower is the continuing or surviving entity in such transaction and (ii) at the time thereof and after giving effect thereto (and
any concurrent acquisitions of Investments by the Borrower or payment of outstanding Indebtedness that is included in the Covered Debt
Amount at such time), no Default shall have occurred or be continuing; provided that, in no event shall the Borrower enter in any
transaction of merger or consolidation or amalgamation, or effect any internal reorganization, if the surviving entity would be organized
under any jurisdiction other than a jurisdiction of the United States;

 

(g)            the
Borrower and each of the Subsidiary Guarantors may Dispose of equipment or other property or assets that do not consist of Investments
so long as the aggregate amount of all such sales, leases, transfers and dispositions does not exceed $10,000,000 in any fiscal year;
and

 

(h)            the
Obligors may dissolve or liquidate (i) any Immaterial Subsidiary or (ii) any other Subsidiary so long as (x) in connection
with such dissolution or liquidation, any and all of the assets of such Subsidiary shall be distributed or otherwise transferred to an
Obligor and (y) such dissolution or liquidation is not materially adverse to the Lenders and the Borrower determines in good faith
that such dissolution or liquidation is in the best interests of the Borrower.

 

SECTION 6.04.     Investments.
The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, acquire, make or enter into, or hold, any Investments except:

 

(a)            operating
deposit accounts with banks;

 

(b)            Investments
by the Borrower and the Subsidiary Guarantors in the Borrower and the Subsidiary Guarantors;

 

(c)            Hedging
Agreements entered into in the ordinary course of any Obligor’s financial planning and not for speculative purposes;

 

(d)            Investments
by the Borrower and its Subsidiary Guarantors to the extent such Investments are permitted under the Investment Company Act (if applicable)
and in compliance in all material respects with the Borrower’s Investment Objectives, in each case as in effect as of the date
such Investments are acquired; provided that, if such Investment is not included in the Collateral Pool, then (i) after giving
effect to such Investment (and any concurrent acquisitions of Investments by the Borrower or payment of outstanding Indebtedness that
is included in the Covered Debt Amount at such time), the Covered Debt Amount does not exceed the Borrowing Base and (ii) either
(x) the amount by which the Borrowing Base exceeds the Covered Debt Amount immediately prior to such Investment is not diminished
as a result of such Investment or (y) the Borrowing Base immediately after giving effect to such Investment is at least 110% of
the Covered Debt Amount; provided further that no Obligor shall be permitted to make an Investment in a Joint Venture
Investment that is a Non-Performing Joint Venture Investment under this Section 6.04 unless, after giving effect to such
Investment (and any concurrent acquisitions of Investments by the Borrower or payment of outstanding Indebtedness that is included in
the Covered Debt Amount at such time), the Covered Debt Amount does not exceed the Borrowing Base;

 

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(e)            Investments
in Financing Subsidiaries so long as, (i) after giving effect to such Investment, either (x) the amount by which the Borrowing
Base exceeds the Covered Debt Amount immediately prior to such Investment is not diminished as a result of such Investment or (y) the
Borrowing Base immediately after giving effect to such Investment is at least 110% of the Covered Debt Amount and (ii) the sum of
(x) all Investments under this clause (e) that occur after the Commitment Termination Date and (y) all Investments under
clause (f) below that occur after the Commitment Termination Date, shall not exceed $10,000,000 in the aggregate;

 

(f)            additional
Investments, determined at the time any such Investment is made (or, if earlier, committed to be made), up to but not exceeding $15,000,000
in the aggregate made after the Effective Date; provided that the sum of (i) all Investments under this clause (f) that
occur after the Commitment Termination Date and (ii) all Investments under clause (e) above that occur after the Commitment
Termination Date, shall not exceed $10,000,000 in the aggregate;

 

(g)            Investments
in Cash and Cash Equivalents;

 

(h)            Investments
described on Schedule 3.12(b); and

 

(i)            Investments
in the form of Guarantees permitted pursuant to Section 6.01.

 

For purposes of clauses
(e) and (f) of this Section, the aggregate amount of an Investment at any time shall be deemed to be equal to
(A) the aggregate amount of cash, together with the aggregate fair market value of property, loaned, advanced, contributed,
transferred or otherwise invested that gives rise to such Investment minus (B) the aggregate amount of, without
duplication, the Return of Capital and dividends, distributions or other payments received in cash in respect of such Investment and
the values (valued in accordance with Section 5.12(b)) of other Investments received in respect of such Investment; provided
that in no event shall the aggregate amount of such Investment be deemed to be less than zero; the amount of an Investment shall not
in any event be reduced by reason of any write-off of such Investment nor increased by any increase in the amount of earnings
retained in the Person in which such Investment is made that have not been dividended, distributed or otherwise paid out.

 

SECTION 6.05.     Restricted
Payments. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, declare or make, or agree to pay or make,
directly or indirectly, any Restricted Payment, except that the Borrower may declare and pay:

 

(a)            dividends
with respect to the Capital Stock of the Borrower payable solely in additional shares of the Borrower’s common stock, which may
include a combination of cash and common stock; provided that such cash dividend would otherwise be permitted pursuant to another
clause of this Section;

 

(b)            dividends
and distributions in either case in cash or other property (excluding for this purpose the Borrower’s common stock) in any
taxable year of the Borrower (or for such year under Section 855 of the Code) in amounts not to exceed the amount that is determined
in good faith by the Borrower to be required to (i) maintain the status of the Borrower as a RIC, or (ii) avoid federal income
and excise taxes imposed by Section 4982 of the Code in any case for such taxable year or other relevant period;

 

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(c)           dividends
and distributions in each case in cash or other property (excluding for this purpose the Borrower’s common stock) in addition
to the dividends and distributions permitted under the foregoing clauses (a) and (b), so long as on the date of such
Restricted Payment and after giving effect thereto:

 

(i)            no
Default or Event of Default shall have occurred and be continuing or would result therefrom; and

 

(ii)            the
aggregate amount of Restricted Payments made (after the Effective Date) during any taxable year (or for such year under Section 855
of the Code) of the Borrower ending after the Effective Date under this clause (c) shall not exceed the amount (not less than
zero) equal to (x) an amount equal to 10% of the taxable income of the Borrower for such taxable year determined under section 852(b)(2) of
the Code, but without regard to subparagraphs (A), (B) or (D) thereof, minus (y) the amount,
if any, by which dividends and distributions made during such taxable year (or for such year under Section 855 of the Code) pursuant
to the foregoing clause (b) (whether in respect of such taxable year or the previous taxable year) based upon the Borrower’s
estimate of taxable income exceeded the actual amounts specified in subclauses (i) and (ii) of such foregoing
clause (b) for such taxable year; and

 

(d)           other
Restricted Payments so long as (i) on the date of such other Restricted Payment and after giving effect thereto (x) the Covered
Debt Amount does not exceed 90% of the Borrowing Base and (y) no Default or Event of Default shall have occurred and be continuing
or would result therefrom and (ii) on the date of such other Restricted Payment (or such later date that the Administrative Agent
may agree in its sole discretion) the Borrower delivers to the Administrative Agent and each Lender a Borrowing Base Certificate as at
such date demonstrating compliance with subclause (x) after giving effect to such Restricted Payment. For purposes of preparing
such Borrowing Base Certificate, (A) the Value of Quoted Investments shall be the most recent quotation available for such Quoted
Investment and (B) the Value of Unquoted Investments shall be the Value set forth in the Borrowing Base Certificate most recently
delivered by the Borrower to the Administrative Agent and the Lenders pursuant to Section 5.01(a)(iv); provided that
the Borrower shall reduce the Value of any Unquoted Investment referred to in this subclause (B) to the extent necessary to
take into account any events of which the Borrower has knowledge that adversely affect the value of such Unquoted Investment.

 

In calculating the amount of
Restricted Payments made by the Borrower during any period referred to in paragraphs (b) or (c) above, any Restricted Payments
made by Financing Subsidiaries during such period (other than any such Restricted Payments that are made directly or indirectly to Obligors
or ratably to any Obligor and any other direct shareholder in any such Financing Subsidiary) shall be treated as Restricted Payments made
by the Borrower during such period.

 

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Nothing herein shall be deemed
to prohibit the payment of Restricted Payments by any Subsidiary of the Borrower to the Borrower or to any other Subsidiary Guarantor.

 

SECTION 6.06.     Certain
Restrictions on Subsidiaries. The Borrower will not permit any of its Subsidiaries (other than Financing Subsidiaries) to
enter into or suffer to exist any indenture, agreement, instrument or other arrangement (other than the Loan Documents) that
prohibits or restrains, in each case in any material respect, or imposes materially adverse conditions upon, the incurrence
or payment of Indebtedness, the declaration or payment of dividends, the making of loans, advances, guarantees or Investments or the
sale, assignment, transfer or other disposition of property by the Borrower or any Subsidiary (other than a Financing Subsidiary)
(except for restrictions imposed by the underlying governing agreements of an entity the equity interests of which constitute a Lien
Restricted Investment, and applicable only to such asset held by an entity the equity interests of which constitute a Lien
Restricted Investment); provided, that the foregoing shall not apply to (i) indentures,
agreements, instruments or other arrangements pertaining to other Indebtedness permitted hereby (provided that such restrictions
would not adversely affect the exercise of rights or remedies of the Administrative Agent or the Lenders hereunder or under the
Security Documents or restrict any Subsidiary in any manner from performing its obligations under the Loan Documents) and
(ii) indentures, agreements, instruments or other arrangements pertaining to any Disposition of any asset permitted by this
Agreement or any Lien permitted by this Agreement on such asset so long as the applicable restrictions (A) only apply to the
assets subject to such Disposition or Lien and (B) do not restrict prior to the consummation of such sale or disposition the
creation or existence of the Liens in favor of the Collateral Agent pursuant to the Security Documents or otherwise required by this
Agreement, or the incurrence or payment of Indebtedness under this Agreement or the ability of the Borrower and its Subsidiaries to
perform any other obligation under any of the Loan Documents.

 

SECTION 6.07.     Certain
Financial Covenants.

 

(a)            Minimum
Shareholders’ Equity. The Borrower will not permit Shareholders’ Equity at the last day of any fiscal quarter of the Borrower
to be less than $313,950,000, plus 50% of the net proceeds from the sale of Equity Interests by the Borrower and its Subsidiaries
after the Effective Date, other than proceeds of sales of Equity Interests by and among the Borrower and its Subsidiaries.

 

(b)            Consolidated
Asset Coverage Ratio. The Borrower will not permit the Consolidated Asset Coverage Ratio at the last day of any fiscal quarter of
the Borrower to be less than 1.50 to 1.

 

SECTION 6.08.     Transactions
with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to enter into any transactions with any of its
Affiliates, even if otherwise permitted under this Agreement, except:

 

(a)            transactions
in the ordinary course at prices and on terms and conditions, taken as a whole, not materially less favorable to the Borrower or such
Subsidiary (other than an SBIC Subsidiary) other than in good faith is believed to be obtained on an arm’s-length basis from unrelated
third parties,

 

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(b)          transactions
between or among the Borrower and any other Obligors not involving any other Affiliate,

 

(c)          Restricted
Payments permitted by Section 6.05,

 

(d)          the
Affiliate Agreements and the transactions provided in the Affiliate Agreements (as amended, supplemented, restated or otherwise modified
so long as such amendment, supplement, restatement or other modification is not materially adverse to the Lenders),

 

(e)          transactions
described on Schedule 6.08 (as amended, supplemented, restated or otherwise modified by notice from the Borrower to the Administrative
Agent so long as (x) in the aggregate, payments by the Borrower and its Subsidiaries are not materially increased, or (y) such
amendment, supplement, restatement or other modification is not materially adverse to the Lenders),

 

(f)           any
Investment that results in the creation of an Affiliate,

 

(g)          transactions
between or among the Obligors and any SBIC Subsidiary or any “downstream affiliate” (as such term is used under the rules promulgated
under the Investment Company Act) company of an Obligor at prices and on terms and conditions, taken as a whole, not materially less favorable
to the Obligors than in good faith is believed could be obtained at the time on an arm’s-length basis from unrelated third parties,
or

 

(h)          transactions
with Morgan Stanley or its Affiliates in accordance with clause (a) above whereby Morgan Stanley or its Affiliates may act as a placement
agent or an underwriter in any securities offering of the Borrower or its Affiliates.

 

SECTION 6.09.     Lines
of Business. The Borrower will not, nor will it permit any of its Subsidiaries (other than Immaterial Subsidiaries) to, engage
to any material extent in any business other than in accordance with its Investment Objectives. The Borrower will not, nor
will it permit any of its Subsidiaries to amend or modify the Investment Objectives (other than a Permitted Policy Amendment).

 

SECTION 6.10.     No
Further Negative Pledge. The Borrower will not, and will not permit any of the Subsidiary Guarantors to, enter into any agreement,
instrument, deed or lease which prohibits or limits in any material respect the ability of any Obligor to create, incur, assume or suffer
to exist any Lien upon any of its properties, assets or revenues, whether now owned or hereafter acquired, or which requires the grant
of any security for an obligation if security is granted for another obligation, except the following:

 

(a)          this
Agreement, the other Loan Documents and documents with respect to Indebtedness permitted under Section 6.01(b) or (i);

 

(b)          documents
creating Liens permitted by Section 6.02 (including with respect to the Designated Indebtedness Obligations or Designated
Indebtedness Holders under (and, in each case, as defined in) the Security Documents) prohibiting further Liens on the assets encumbered
thereby;

 

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(c)          any
such agreement that imposes restrictions on investments or other interests in Financing Subsidiaries (but no other assets of any Obligor);

 

(d)          any
such agreement that imposes restrictions on Joint Venture Investments (solely to the extent such restrictions relate to Joint Venture
Investments);

 

(e)          customary
restrictions contained in leases not subject to a waiver;

 

(f)            for
the avoidance of doubt, any such document, agreement or instrument that imposes customary restrictions on any Equity Interest;

 

(g)          any
other agreement that does not restrict in any manner (directly or indirectly) Liens created pursuant to the Loan Documents on any Collateral
securing the “Secured Obligations” under and as defined in the Guarantee and Security Agreement and does not require (other
than pursuant to a grant of a Lien under the Loan Documents) the direct or indirect granting of any Lien securing any Indebtedness or
other obligation (other than such “Secured Obligations”) by virtue of the granting of Liens on or pledge of property of any
Obligor to secure the Loans or any Hedging Agreement; and

 

(h)          the
underlying governing agreements of any minority equity interest that impose restrictions on such minority equity interest (solely to the
extent such restrictions relate to such minority equity interest).

 

SECTION 6.11.     Modifications
of Certain Documents. The Borrower will not, and will not permit any other Obligor to, consent to any modification, supplement or
waiver of:

 

(a)            any
of the provisions of any agreement, instrument or other document evidencing or relating to any Secured Shorter-Term Indebtedness, Secured
Longer-Term Indebtedness, Unsecured Shorter-Term Indebtedness, Special Unsecured Shorter-Term Indebtedness, Special Unsecured Longer-Term
Indebtedness or Unsecured Longer-Term Indebtedness that would result in such Indebtedness not meeting the requirements of the respective
definition thereof, set forth in Section 1.01 of this Agreement, in each case, unless following such modification, supplement or
waiver, such Indebtedness would be permitted to be incurred under Section 6.01 if newly incurred as of such date; or

 

(b)            any
of the Affiliate Agreements, unless such modification, supplement or waiver is not materially less favorable to the Borrower than could
be obtained on an arm’s-length basis from unrelated third parties, in each case, without the prior consent of the Administrative
Agent (with the approval of the Required Lenders) or permitted pursuant to Section 6.08.

 

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SECTION 6.12.     Payments
of Longer-Term Indebtedness. The Borrower will not, nor will it permit any of the Subsidiary Guarantors to, purchase, redeem, retire
or otherwise acquire for value, or set apart any money for a sinking, defeasance or other analogous fund for the purchase, redemption,
retirement or other acquisition of or make any voluntary or involuntary payment or prepayment of the principal of or interest on, or any
other amount owing in respect of, any Secured Longer-Term Indebtedness, Special Unsecured Longer-Term Indebtedness or Unsecured Longer-Term
Indebtedness (other than the refinancing of Secured Longer-Term Indebtedness, Special Unsecured Longer-Term Indebtedness or Unsecured
Longer-Term Indebtedness with Indebtedness permitted under Section 6.01), except for:

 

(a)            regularly
scheduled payments, prepayments or redemptions of principal and interest in respect thereof required pursuant to the instruments evidencing
such Indebtedness and the payment when due of the types of fees and expenses that are customarily paid in connection with such Indebtedness
(it being understood that: (w) the conversion features into Permitted Equity Interests under Permitted Convertible Indebtedness;
(x) the triggering of such conversion and/or settlement thereof solely with Permitted Equity Interests; and (y) any cash payment
on account of interest or expenses on such Permitted Convertible Indebtedness (or any cash payment on account of fractional shares issued
upon conversion provisions of such Permitted Convertible Indebtedness) made by the Borrower or any Subsidiary Guarantor for another in
respect of such triggering and/or settlement thereof shall be permitted under this clause (a));

 

(b)            so
long as no Default or Event of Default shall exist or be continuing or would result therefrom, any payment that, if treated as a Restricted
Payment for purposes of Section 6.05(d), would be permitted to be made pursuant to the provisions set forth in Section 6.05(d);

 

(c)            [reserved];

 

(d)            mandatory
payments, required prepayments or mandatory redemptions of any Permitted Convertible Indebtedness constituting Unsecured Longer-Term Indebtedness
in Cash on account of interest or expenses on such Permitted Convertible Indebtedness (or any cash payment on account of fractional shares
issued upon conversion provisions of such Permitted Convertible Indebtedness), so long as both before and after giving effect to such
payment (i) the Borrower is in pro forma compliance with the financial covenants set forth in Section 6.07, (ii) no
Default or Event of Default shall exist or be continuing and (iii) the Covered Debt Amount does not exceed 90% of the Borrowing Base;

 

(e)            payments
or prepayments of Secured Longer-Term Indebtedness, Special Unsecured Longer-Term Indebtedness or Unsecured Longer-Term Indebtedness prior
to the Commitment Termination Date solely from the proceeds of any issuance of Equity Interests, so long as both before and after giving
effect to such payment no Default or Event of Default shall exist or be continuing; and

 

(f)            payments
or prepayments of any Indebtedness that is included in the Covered Debt Amount required to comply with the requirements of Section 2.10(c).

 

SECTION 6.13.     Accounting
Changes. The Borrower will not, nor will it permit any of its Subsidiaries to, make any change in (a) accounting policies or
reporting practices, except as permitted under GAAP or required by law or rule or regulation of any Governmental Authority, or (b) its
fiscal year.

 

SECTION 6.14.     SBIC
Guarantee. The Borrower will not, nor will it permit any of its Subsidiaries to, cause or permit the occurrence of any event or condition
that would result in any recourse to any Obligor under any Permitted SBIC Guarantee.

 

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SECTION 6.15.     Sanctions.
No Obligor will use any of the funds advanced under this Agreement directly or knowingly indirectly in any way (including but not limited
to engaging in prohibited business activities with Persons named on any sanctions lists issued by any of the following bodies) that would
breach or contravene any Anti-Corruption Laws, Sanctions, restrictions or embargoes imposed by (a) the United States Department of
State, the United Nations, the European Union, or Her Majesty’s Treasury and/or (b) any other Governmental Authority notified
in writing by the Administrative Agent (acting on behalf of any Lender) to the Borrower from time to time, in each case under this clause
(b) if and to the extent that (i) any such Governmental Authority has jurisdiction over such Obligor and/or such Sanctions,
restrictions or embargoes of any Governmental Authority referred to under this clause (b) are binding on such Obligor or (ii) upon
prior written notice to the Obligors from the Administrative Agent, any Issuing Bank or any Lender, such Sanctions, restrictions or embargoes
of any Governmental Authority referred to under this clause (b) are binding on any Lender or any Issuing Bank.

 

ARTICLE VII

 

EVENTS
OF DEFAULT

 

If any of the following events
(each, an “Event of Default”) shall occur and be continuing:

 

(a)            the
Borrower shall (i) fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement when
and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or
otherwise (including, for the avoidance of doubt, any failure to pay all principal on the Loans in full on the Final Maturity Date)
or (ii) fail to deposit any amount into the Letter of Credit Collateral Account as required by Section 2.05(k);

 

(b)            the
Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of
this Article) payable under this Agreement or under any other Loan Document, when and as the same shall become due and payable, and such
failure shall continue unremedied for a period of five or more Business Days;

 

(c)            any
covenant, representation, warranty or certification made or deemed made by or on behalf of the Borrower or any of its Subsidiaries in
or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report,
certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document
or any amendment or modification hereof or thereof, shall prove to have been incorrect when made or deemed made in any material respect
(except that such materiality qualifier shall not be applicable to any representation or warranty already qualified by materiality or
Material Adverse Effect);

 

(d)            the
Borrower shall fail to observe or perform any covenant, condition or agreement contained in (i) Section 5.03 (with respect
to the Borrower’s and any Subsidiary Guarantor’s existence), Sections 5.08(a) and (b), Section 5.09,
Section 5.14 or in Article VI or any Obligor shall default in the performance of any of its obligations contained
in Sections 3 (subject to the cure period specified in clause (b) above) and 7 of the Guarantee and Security Agreement
(other than Section 7.01 thereof) or (ii) Sections 5.01(e), (f) and (g) or 5.02 and
such failure in the case of this clause (ii) shall continue unremedied for a period of five or more Business Days after the
earlier of notice thereof by the Administrative Agent (given at the request of any Lender) to the Borrower and knowledge thereof
by a Financial Officer; it being acknowledged and agreed that a failure of an Obligor to “Deliver” (as defined in the
Guarantee and Security Agreement) any particular Portfolio Investment to the extent required by Section 7.01 of the Guarantee
and Security Agreement shall result in such Portfolio Investment not being included in the Borrowing Base but shall not (in and of itself)
be, or result in, a Default or an Event of Default;

 

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(e)            a
Borrowing Base Deficiency shall occur and continue unremedied for a period of five or more Business Days after delivery of a Borrowing
Base Certificate demonstrating such Borrowing Base Deficiency pursuant to Section 5.01(e); provided that it shall not
be an Event of Default hereunder if the Borrower shall present the Administrative Agent with a reasonably feasible plan acceptable to
the Administrative Agent in its sole discretion to enable such Borrowing Base Deficiency to be cured within 30 Business Days (which 30-Business
Day period shall include the five Business Days permitted for delivery of such plan), so long as such Borrowing Base Deficiency is cured
within such 30-Business Day period;

 

(f)            the
Borrower or any other Obligor, as applicable, shall fail to observe or perform any covenant, condition or agreement contained in this
Agreement (other than those specified in clause (a), (b), (d), (e) or (r) of this Article)
or any other Loan Document and such failure (if susceptible of cure) shall continue unremedied for a period of 30 or more days after the
earlier of notice thereof from the Administrative Agent (given at the request of any Lender) to the Borrower and knowledge thereof
by a Financial Officer;

 

(g)            the
Borrower or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in
respect of any Material Indebtedness, when and as the same shall become due and payable, taking into account (other than with respect
to payments of principal) any applicable grace period;

 

(h)            any
event or condition occurs that (i) results in all or any portion of any Material Indebtedness becoming due prior to its
scheduled maturity or (ii) shall continue unremedied for any applicable period of time sufficient to enable or permit the
holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to, as a result of an event of default
under such Material Indebtedness, cause any Material Indebtedness to become due, or to require the prepayment, repurchase,
redemption or defeasance thereof, prior to its scheduled maturity (for the avoidance of doubt, after giving effect to any applicable
grace period), unless, in the case of this clause (ii), such event or condition is no longer continuing or has been waived in
accordance with the terms of such Material Indebtedness such that the holder or holders thereof or any trustee or agent on its or
their behalf are no longer enabled or permitted to cause such Material Indebtedness to become due, or to require the prepayment,
repurchase, redemption, or defeasance thereof, prior to its scheduled maturity; provided, that this clause
(h) shall not apply to (1) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the
property or assets securing such Indebtedness; (2) convertible debt that becomes due as a result of a conversion or redemption
event, other than to the extent it becomes due or is paid in cash (other than interest, expenses or fractional shares, which may be
paid in cash in accordance with conversion provisions of convertible Indebtedness) as a result of an “event of
default” (as defined in the documents governing such convertible Material Indebtedness); (3) for the avoidance of
doubt, Other Covered Indebtedness to the extent of required prepayment, repurchase, redemption, or defeasance triggered by required
prepayment of less than all of the Loans and other amounts under this Agreement or other Loan Documents; or (4) in the case of clause (h)(ii),
any Indebtedness of a Financing Subsidiary to the extent the event or condition giving rise to the circumstances in clause (h)(ii) was
not a payment or insolvency default.

 

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(i)            an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other
relief in respect of the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) or its debts, or of a substantial part
of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Subsidiaries
(other than Immaterial Subsidiaries) or for a substantial part of its assets, and, in any such case, such proceeding or petition shall
continue undismissed and unstayed for a period of 60 or more days or an order or decree approving or ordering any of the foregoing shall
be entered;

 

(j)            the
Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) shall (i) voluntarily commence any proceeding or file any
petition seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, receivership
or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner,
any proceeding or petition described in clause (i) of this Article, (iii) apply for or consent to the appointment of
a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any of its Subsidiaries (other than
Immaterial Subsidiaries) or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition
filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action
to authorize or effectuate any of the foregoing;

 

(k)            the
Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) shall become unable, admit in writing its inability or fail generally
to pay its debts as they become due;

 

(l)            one
or more judgments for the payment of money in an aggregate amount (as to all such judgments and orders) in excess of $20,000,000 shall
be rendered against the Borrower or any of its Subsidiaries (other than Immaterial Subsidiaries) or any combination thereof since the
Effective Date and the same shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively
stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any of its Subsidiaries
(other than Immaterial Subsidiaries) to enforce any such judgment;

 

(m)            an
ERISA Event shall have occurred that when taken together with all other ERISA Events that have occurred, could reasonably be expected
to result in a Material Adverse Effect;

 

(n)            a
Change in Control shall occur;

 

(o)            the
Borrower shall cease to be managed by the Investment Adviser or an Affiliate thereof;

 

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(p)            the
Liens created by the Security Documents shall, at any time with respect to Portfolio Investments, having an aggregate Value in excess
of 5% of the aggregate Value of all Portfolio Investments, not be valid and perfected (to the extent perfection by filing, registration,
recordation, possession or control is required herein or in any Security Document) in favor of the Collateral Agent (or any Obligor
or any Affiliate of an Obligor shall so assert in writing), free and clear of all other Liens (other than Liens permitted under Section 6.02
or under the respective Security Documents) except to the extent that any such loss of perfection results from the failure of the Collateral
Agent (or any Obligor or any Affiliate of an Obligor shall so assert in writing) to maintain possession of the certificates representing
the securities pledged under the Loan Documents; provided, that if such default is as a result of any action of the Administrative
Agent or the Collateral Agent or a failure of the Administrative Agent or the Collateral Agent to take any action that it has agreed to
take pursuant to this Agreement or the Guarantee and Security Agreement, then there shall be no Default or Event of Default hereunder
unless such default shall continue unremedied for a period of ten (10) consecutive Business Days after the Borrower receives written
notice of such default thereof from the Administrative Agent unless the continuance thereof is a result of a failure of the Administrative
Agent or the Collateral Agent to take an action that it has agreed to take pursuant to this Agreement or the Guarantee and Security Agreement;

 

(q)            except
for expiration or termination in accordance with its terms, any of the Loan Documents shall for whatever reason be terminated or cease
to be in full force and effect in any material respect, or the enforceability thereof shall be contested by the Borrower, any other Obligor
or any Affiliate of an Obligor;

 

(r)            the
Obligors shall at any time, without the consent of the Required Lenders fail to comply with the covenant contained in Section 5.11,
and such failure shall continue unremedied for a period of 30 or more days after the earlier of notice thereof by the Administrative Agent
(given at the request of any Lender) to the Borrower and knowledge thereof by a Financial Officer;

 

(s)            the
Borrower or any of its Subsidiaries shall cause or permit the occurrence of any condition or event that would result in any recourse to
any Obligor under any Permitted SBIC Guarantee; or

 

(t)            any
SBIC Subsidiary shall become the subject of an enforcement action and be transferred into liquidation status by the SBA;

 

then, and in every such event (other than an event
described in clause (i) or (j) of this Article), and at any time thereafter during the continuance of such event,
the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the
following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately,
and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared
to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due
and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder and under the
other Loan Documents, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all
of which are hereby waived by the Borrower; and in case of any event described in clause (i) or (j) of this Article,
the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon
and all fees and other obligations of the Borrower accrued hereunder and under the other Loan Documents, shall automatically become due
and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower.

 

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In the event that the Loans
shall be declared, or shall become, due and payable pursuant to the immediately preceding paragraph then, upon notice from the Administrative
Agent, any Issuing Bank or Lenders with LC Exposure representing more than 50% of the total LC Exposure demanding the deposit of Cash
Collateral pursuant to this paragraph, the Borrower shall immediately deposit into the Letter of Credit Collateral Account cash in an
amount equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation
to deposit such cash shall become effective immediately, and such deposit shall become immediately due and payable, without demand or
other notice of any kind, upon the occurrence of any Event of Default described in clause (i) or (j) of this Article.

 

Notwithstanding anything
to the contrary contained herein, on the CAM Exchange Date, to the extent not otherwise prohibited by law, (a) (i) the
Commitments shall automatically and without further act be terminated and (ii) the Lenders shall automatically and without
further act be deemed to have exchanged interests in the Designated Obligations such that, in lieu of the interests of each Lender
in the Designated Obligations under each Loan in which it shall participate as of such date, such Lender shall own an interest equal
to such Lender’s CAM Percentage in the Designated Obligations under each of the Loans and (b) simultaneously with the
deemed exchange of interests pursuant to clause (a) above, the interests in the Designated Obligations to be received in
such deemed exchange shall, automatically and with no further action required, be converted into the Dollar Equivalent of such
amount (as of the Business Day immediately prior to the CAM Exchange Date) and on and after such date all amounts accruing and owed
to the Lenders in respect of such Designated Obligations shall accrue and be payable in Dollars at the rate otherwise applicable
hereunder. Each Lender, each Person acquiring a participation from any Lender as contemplated by Section 9.04 and the
Borrower hereby consents and agrees to the CAM Exchange. The Borrower and the Lenders agree from time to time to execute and deliver
to the Administrative Agent all such promissory notes and other instruments and documents as the Administrative Agent shall
reasonably request to evidence and confirm the respective interests and obligations of the Lenders after giving effect to the CAM
Exchange, and each Lender agrees to surrender any promissory notes originally received by it in connection with its Loans hereunder
to the Administrative Agent against delivery of any promissory notes so executed and delivered; provided that the failure of the
Borrower to execute or deliver or of any Lender to accept any such promissory note, instrument or document shall not affect the
validity or effectiveness of the CAM Exchange. As a result of the CAM Exchange, on and after the CAM Exchange Date, each payment
received by the Administrative Agent pursuant to any Loan Document in respect of the Designated Obligations shall (except as
otherwise expressly stated in this Agreement with respect to fees or Defaulting Lenders) be distributed to the Lenders pro rata in
accordance with their respective CAM Percentages (to be redetermined as of each such date of payment). Any direct payment received
by a Lender on or after the CAM Exchange Date, including by way of set-off, in respect of a Designated Obligation shall be paid over
to the Administrative Agent for distribution to the Lenders in accordance herewith.

 

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ARTICLE VIII

 

THE
ADMINISTRATIVE AGENT

 

SECTION 8.01.     Appointment
of the Administrative Agent. Each of the Lenders and the Issuing Banks hereby irrevocably appoints the Administrative Agent as its
agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise
such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. Each of the Lenders and the Issuing Banks hereby irrevocably appoints the Collateral Agent as its agent
hereunder and under the other Loan Documents and authorizes the Collateral Agent to take such actions on its behalf and to exercise such
powers as are delegated to the Collateral Agent by the terms hereof or thereof, together with such actions and powers as are reasonably
incidental thereto. In addition to the rights, privileges and immunities in the Guarantee and Security Agreement, the Collateral Agent
has been and shall be entitled to all rights, privileges, immunities, exculpations and indemnities of the Administrative Agent for such
purpose and each reference to the Administrative Agent in this Article VIII shall be deemed to include the Collateral Agent.

 

SECTION 8.02.     Capacity
as Lender. The Person serving as the Administrative Agent hereunder and any other Loan Document shall have the same rights and powers
in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such Person
and its Affiliates may (without having to amount therefor to any other Lender) accept deposits from, lend money to and generally engage
in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder,
and such Person and its Affiliates may accept fees and other consideration from the Borrower or any Subsidiary or other Affiliate thereof
for services in connection with this Agreement or otherwise without having to account for the same to the other Lenders.

 

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SECTION 8.03.     Limitation
of Duties; Exculpation. The Administrative Agent shall not have any duties or obligations except those expressly set forth
herein and in the other Loan Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing,
(b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers,
except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is
required to exercise upon receipt of and pursuant to specific instruction in writing to do so delivered by the Required Lenders (or
such other number or percentage of Lenders as is expressly provided for herein or in the other Loan Documents); provided that the
Administrative Agent is not required to take any action that, in its reasonable opinion or the opinion of its counsel made in good
faith, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable law, including, for
the avoidance of doubt, any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a
forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law, and
(c) except as expressly set forth herein and in the other Loan Documents, the Administrative Agent shall not have any duty to
disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries
that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. The
Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required
Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents)
or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to have knowledge
of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the
Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or
representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate,
report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or
observance of any of the covenants, agreements or other terms or conditions set forth herein or therein, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or
document, (v) the satisfaction of any condition set forth in Article IV or elsewhere herein or therein, other than
to confirm receipt of items expressly required to be delivered to the Administrative Agent or (vi) the creation, perfection or
priority of any Lien purported to be created by the Loan Documents or the value or the sufficiency of any Collateral. 
Notwithstanding anything to the contrary contained herein, in no event shall the Administrative Agent be liable or responsible in
any way or manner for the failure to obtain or receive an external market value for any asset or for the failure to send any
notice required under Section 5.12. The Administrative Agent shall not be responsible or have any liability for, or have any
duty to ascertain, inquire into, monitor or enforce, compliance with the provisions hereof relating to Persons listed in the
Prohibited Assignees and Participants Side Letter. Without limiting the generality of the foregoing, the Administrative Agent shall
not (x) be obligated to ascertain, monitor or inquire as to whether any Lender or Participant or prospective Lender or
Participant is a Person listed in the Prohibited Assignees and Participants Side Letter or (y) have any liability with respect
to or arising out of any assignment or participation of Loans, or disclosure of confidential information, to any Person listed in
the Prohibited Assignees and Participants Side Letter. Notwithstanding anything to the contrary contained herein, the Administrative
Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration,
submission or any other matter related to any alternative or successor rate to, or replacement rate of, the London interbank offered
rate (including, without limitation, (i) Adjusted Term SOFR, Daily Compounded SOFR or any RFR Rate, (ii) any such
alternative, successor or replacement rate implemented pursuant to Section 2.13(c)(i), whether upon the occurrence of an Early
Opt-in Election or otherwise, and (iii) the implementation of any Benchmark Replacement Conforming Changes pursuant to
Section 2.13(c)(iii)), including without limitation, whether the composition or characteristics of any such alternative,
successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the London
interbank offered rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or
unavailability.

 

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SECTION 8.04.     Reliance.
The Administrative Agent 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 (including any electronic message, Internet or intranet website posting
or other distribution) believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent
also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur
any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan that by its terms must
be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender
unless the Administrative Agent has received notice to the contrary from such Lender prior to the making of such Loan. The Administrative
Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it,
and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

SECTION 8.05.     Sub-Agents.
The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents
appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise
its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to
any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.
The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent that a court
of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with gross negligence
or willful misconduct in the selection of such sub-agents.

 

SECTION 8.06.     Resignation;
Successor Administrative Agent. The Administrative Agent may resign by providing not less than thirty (30) days advance written
notice to the Lenders, the Issuing Banks and the Borrower. Upon any such notice of resignation, the Required Lenders shall have the
right, with the consent of the Borrower not to be unreasonably withheld (or, if an Event of Default has occurred and is continuing
in consultation with the Borrower), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and
shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then
the retiring Administrative Agent’s resignation shall nonetheless become effective at the end of such thirty (30) days period
(except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders or the Issuing Banks
under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until
such time as a successor Administrative Agent is appointed) and (1) the retiring Administrative Agent shall be discharged from
its duties and obligations hereunder and (2) the Required Lenders shall perform the duties of the Administrative Agent (and all
payments and communications provided to be made by, to or through the Administrative Agent shall instead be made by or to each
Lender directly) until such time as the Required Lenders appoint a successor agent as provided for above in this paragraph. Upon the
acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested
with all the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent and the retiring
Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as provided
above in this paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to
its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s resignation
hereunder, the provisions of this Article and Section 9.03 shall continue in effect for its benefit in respect of
any actions taken or omitted to be taken by it while it was acting as Administrative Agent. The Collateral Agent may resign in
accordance with the Guarantee and Security Agreement.

 

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Any resignation by ING as Administrative
Agent pursuant to this Section shall also constitute its resignation as an Issuing Bank. Upon the acceptance of a successor’s
appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the retiring Issuing Bank, (b) the retiring Issuing Bank shall be discharged from all of their respective
duties and obligations hereunder or under the other Loan Documents, and (c) the successor Issuing Bank shall issue letters of credit
in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory
to the retiring Issuing Bank to effectively assume the obligations of the retiring Issuing Bank with respect to such Letters of Credit.

 

SECTION 8.07.     Reliance
by Lenders. Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender
and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this
Agreement. Each Lender also acknowledges 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 decisions in taking
or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder
or thereunder. The Administrative Agent shall have no duty or responsibility, either initially or on a continuing basis, to make any such
investigation or any such appraisal on behalf of Lenders or 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, and the Administrative Agent shall
have no responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.

 

Each Lender, by delivering its
signature page to this Agreement or any Assignment and Assumption and funding any Loan shall be deemed to have acknowledged receipt
of, and consented to and approved, each Loan Document and each other document required to be approved by the Administrative Agent, Required
Lenders or Lenders.

 

SECTION 8.08.     Modifications
to Loan Documents. Except as otherwise provided in Section 2.13(b) or Section 9.02(b) or (c) of
this Agreement or the Security Documents with respect to this Agreement, the Administrative Agent may, with the prior consent of the Required
Lenders (but not otherwise), consent to any modification, supplement or waiver under any of the Loan Documents; provided that,
without the prior consent of each Lender, the Administrative Agent shall not (except as provided herein or in the Security Documents) release
all or substantially all of the Collateral or otherwise terminate all or substantially all of the Liens under any Security Document providing
for collateral security, agree to additional obligations being secured by all or substantially all of such collateral security, or alter
the relative priorities of the obligations entitled to the benefits of the Liens created under the Security Documents with respect to
all or substantially all of the Collateral, except that no such consent shall be required, and the Administrative Agent is hereby authorized,
(x) to release any Subsidiary Guarantor (and any property of such Subsidiary Guarantor) from its guarantee obligations to the extent
it may be released in accordance with Section 10.03 of the Guarantee and Security Agreement, (y) to release any Lien covering
property that is the subject of either a Disposition of property permitted hereunder or a Disposition to which the Required Lenders have
consented and (z) for the avoidance of doubt, to execute and deliver agreements, instruments and other documents reasonably requested
by the Borrower to implement collateral sharing with respect to Secured Longer-Term Indebtedness and Secured Shorter-Term Indebtedness
in accordance with the Guarantee and Security Agreement.

 

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SECTION 8.09.     Erroneous
Payments.

 

(a)            If
the Administrative Agent notifies a Lender, an Issuing Bank or an Indemnitee, or any Person who has received funds on behalf of a
Lender, an Issuing Bank or an Indemnitee (any such Lender, Issuing Bank, Indemnitee or other recipient, a
 “Payment Recipient”), that the Administrative Agent has determined in its sole discretion (whether or
not after receipt of any notice under immediately succeeding clause (b)) that any funds received by such Payment Recipient
from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly
received by, such Payment Recipient (whether or not known to such Lender, Issuing Bank, Indemnitee or other Payment
Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees,
distribution or otherwise, individually and collectively, an “Erroneous Payment”) and demands the return of such
Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent
and shall be segregated by the Payment Recipient and held in trust for the benefit of the Administrative Agent, and such
Lender, Issuing Bank or Indemnitee shall (or, with respect to any Payment Recipient who received such funds on its behalf,
shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the
Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in
same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such
Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the
Administrative Agent in same day funds at the applicable Overnight Rate. A notice of the Administrative Agent to any Payment
Recipient under this clause (a) shall be conclusive, absent manifest error.

 

(b)            Without
limiting the immediately preceding clause (a), each Lender, Issuing Bank or Indemnitee, or any Person who has received
funds on behalf of a Lender, Issuing Bank or Indemnitee, hereby further agrees that if it receives a payment, prepayment or repayment
(whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative
Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice
of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment
or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative
Agent (or any of its Affiliates), or (z) that such Lender, Issuing Bank or Indemnitee, or other such recipient, otherwise becomes
aware was transmitted, or received, in error or by mistake (in whole or in part) in each case:

 

(i)            (A) in
the case of immediately preceding clause (x) or (y), an error shall be presumed to have been made (absent written confirmation
from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)),
in each case, with respect to such payment, prepayment or repayment; and

 

(ii)            such
Lender, Issuing Bank or Indemnitee shall (and shall cause any other recipient that receives funds on its respective behalf to) promptly
(and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment,
prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant to this
Section 8.09(b).

 

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(c)            Each
Lender, Issuing Bank and Indemnitee hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any
time owing to such Lender, Issuing Bank or Indemnitee under any Loan Document, or otherwise payable or distributable by the Administrative
Agent to such Lender, Issuing Bank or Indemnitee from any source, against any amount due to the Administrative Agent under the immediately
preceding clause (a) or under the indemnification provisions of this Agreement.

 

(d)            In
the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand
therefor by the Administrative Agent in accordance with the immediately preceding clause (a), from any Lender or Issuing Bank
that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment
(or portion thereof) on its respective behalf) (such unrecovered amount, an “Erroneous Payment Return
Deficiency”), upon the Administrative Agent’s notice to such Lender or Issuing Bank at any time, (i) such
Lender or Issuing Bank shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect
to which such Erroneous Payment was made (the “Erroneous Payment Impacted Class”) in an amount equal to the
Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Loans
(but not Commitments) of the Erroneous Payment Impacted Class, the “Erroneous Payment Deficiency Assignment”) at
par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is
hereby (together with the Borrower) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an
agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative Agent and
such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender or Issuing Bank shall
deliver any notes evidencing such Loans to the Borrower or the Administrative Agent, (ii) the Administrative Agent as the
assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed
acquisition, the Administrative Agent as the assignee Lender shall become a Lender or Issuing Bank, as applicable, hereunder with
respect to such Erroneous Payment Deficiency Assignment and the assigning Lender or assigning Issuing Bank shall cease to be a
Lender or Issuing Bank, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the
avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which
shall survive as to such assigning Lender or assigning Issuing Bank and (iv) the Administrative Agent may reflect in the
Register its ownership interest in the Loans subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may,
in its discretion, sell any Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds
of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender or Issuing Bank shall be reduced by the net
proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and
claims against such Lender or Issuing Bank (and/or against any recipient that receives funds on its respective behalf). For the
avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender or Issuing Bank and such
Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that,
except to the extent that the Administrative Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment
Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent
shall be contractually subrogated to all the rights and interests of the applicable Lender, Issuing Bank or Indemnitee under
the Loan Documents with respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation
Rights”).

 

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(e)            The
parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Revolving Credit Exposure
or other obligations owed by the Borrower or any other Obligor, except, in each case, to the extent such Erroneous Payment is, and solely
with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower
or any other Obligor.

 

(f)            To
the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives,
and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim
by the Administrative Agent for the return of any Erroneous Payment received, including without limitation waiver of any defense based
on “discharge for value” or any similar doctrine.

 

(g)            Each
party’s obligations, agreements and waivers under this Section 8.09 shall survive the resignation or replacement of
the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or Issuing Bank, the termination of
the Commitments and/or the repayment, satisfaction or discharge of all obligations (or any portion thereof) under any Loan Document.

 

SECTION 8.10.     Collateral
Matters. (a) Except with respect to the exercise of setoff rights in accordance with Section 9.08 or with respect
to a Secured Party’s right to file a proof of claim in an insolvency proceeding, no Secured Party shall have any right individually
to realize upon any of the Collateral or to enforce any Guarantee of the Guaranteed Obligations (as defined in the Guarantee and Security
Agreement), it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the
Administrative Agent and/or the Collateral Agent on behalf of the Secured Parties in accordance with the terms thereof.

 

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(b)         .In
furtherance of the foregoing and not in limitation thereof, no arrangements in respect of any Hedging Agreement the obligations under
which constitute Hedging Agreement Obligations, will create (or be deemed to create) in favor of any Secured Party that is a party thereto
any rights in connection with the management or release of any Collateral or of the obligations of any Obligor under any Loan Document.
By accepting the benefits of the Collateral, each Secured Party that is a party to any such arrangement in respect of Hedging Agreements
shall be deemed to have appointed the Administrative Agent and Collateral Agent to serve as administrative agent and collateral agent,
respectively, under the Loan Documents and agreed to be bound by the Loan Documents as a Secured Party thereunder, subject to the limitations
set forth in this paragraph.

 

(c)          Neither
the Administrative Agent nor the Collateral Agent shall be responsible for or have a duty to ascertain or inquire into any
representation or warranty regarding the existence, value or collectability of the Collateral, the existence, priority or perfection
of the Administrative Agent’s or the Collateral Agent’s Lien thereon or any certificate prepared by any Obligor in
connection therewith, nor shall the Administrative Agent or the Collateral Agent be responsible or liable to the Lenders or
any other Secured Party for any failure to monitor or maintain any portion of the Collateral.

 

SECTION 8.11.     Credit
Bidding. The Secured Parties hereby irrevocably authorize the Collateral Agent, at the direction of the Required Lenders, to credit
bid all or any portion of the Secured Obligations (including by accepting some or all of the Collateral in satisfaction of some or all
of the Secured Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through
one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of
the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions
to which an Obligor is subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or
with the consent or at the direction of) the Collateral Agent (whether by judicial action or otherwise) in accordance with any applicable
law and the terms of the Loan Documents. In connection with any such credit bid and purchase, the Secured Obligations owed to the Secured
Parties shall be entitled to be, and shall be, credit bid by the Collateral Agent at the direction of the Required Lenders on a ratable
basis (with Secured Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets
on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent
claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments
of the acquisition vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the
Collateral Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition
vehicle or vehicles, (ii) each of the Secured Parties’ ratable interests in the Secured Obligations which were credit bid shall
be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale,
(iii) the Collateral Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles
(provided that any actions by the Collateral Agent with respect to such acquisition vehicle or vehicles, including any disposition of
the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for,
control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing documents
of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving
effect to the limitations on actions by the Required Lenders contained in Section 9.02 of this Agreement), (iv) the Collateral
Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account
of the relevant Secured Obligations which were credit bid, interests, whether as equity, partnership, limited partnership interests or
membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need
for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Secured Obligations that are
assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better,
because the amount of Secured Obligations assigned to the acquisition vehicle exceeds the amount of Secured Obligations credit bid by
the acquisition vehicle or otherwise), such Secured Obligations shall automatically be reassigned to the Secured Parties pro rata with
their original interest in such Secured Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle
on account of such Secured Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle
to take any further action. Notwithstanding that the ratable portion of the Secured Obligations of each Secured Party are deemed assigned
to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide
such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments
issued by such acquisition vehicle) as the Collateral Agent may reasonably request in connection with the formation of any acquisition
vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.

 

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SECTION 8.12.     Third
Party Beneficiaries. The provisions of this Article VIII are solely for the benefit of the Secured Parties, and no Obligor
will have rights as a third party beneficiary of any of such provisions.

 

SECTION 8.13.     Administrative
Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding
relative to the Borrower, the Administrative Agent (irrespective of whether the principal of any Loan or LC Disbursements will then be
due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent has made any demand
on the Borrower) will be entitled and empowered (but not obligated), by intervention in such proceeding or otherwise:

 

(b)          to
file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, LC Disbursements
and all other Secured Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in
order to have the claims of the Secured Parties (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Secured Parties and their respective agents and counsel and all other amounts due the Secured Parties under Section 2.11
and otherwise hereunder) allowed in such judicial proceeding; and

 

(c)          to
collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 

and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and Issuing Bank
to make such payments to the Administrative Agent and, in the event that the Administrative Agent consents to the making of such payments
directly to the Lenders and Issuing Banks, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent
hereunder.

 

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ARTICLE IX

 

MISCELLANEOUS

 

SECTION 9.01.     Notices;
Electronic Communications.

 

(a)          Notices
Generally. Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified
or registered mail or sent by telecopy or to the extent permitted herein, by email, as follows:

 

(i)          if
to the Borrower, to it at:

 

North Haven Private Income Fund LLC 

1585 Broadway 

New York, NY 10036 

Attention: Venugopal Rathi

 

(ii)         if
to the Administrative Agent or ING, in its capacity as a Lender or Issuing Bank, to it at:

 

ING Capital LLC 

1133 Avenue of the Americas 

New York, New York 10036 

Attention: Grace Fu

 

(iii)       if
to any other Lender or Issuing Bank, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Any party hereto may change
its address, telecopy number or email address for notices and other communications hereunder by notice to the other parties hereto. All
notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have
been given on the date of receipt. Notices delivered through electronic communications to the extent provided in paragraph (b) below,
shall be effective as provided in said paragraph (b).

 

(b)          Electronic
Communications. Notices and other communications to the Lenders and the Issuing Banks hereunder may be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; provided
that the foregoing shall not apply to notices to any Lender or any Issuing Bank pursuant to Section 2.06 if such Lender or
such Issuing Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by
electronic communication. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications
to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may
be limited to particular notices or communications.

 

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Unless the Administrative Agent
otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal
business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next
Business Day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received
upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification
that such notice or communication is available and identifying the website address therefor.

 

Each party hereto understands
that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other
risks associated with such distribution and agrees and assumes the risks associated with such electronic distribution, except to the extent
caused by the willful misconduct or gross negligence of Administrative Agent, any Lender or their respective Related Parties, as determined
by a final, non-appealable judgment of a court of competent jurisdiction. The Platform and any electronic communications media approved
by the Administrative Agent as provided herein are provided “as is” and “as available”. None of the Administrative
Agent or its Related Parties warrant the accuracy, adequacy, or completeness of such media or the Platform and each expressly disclaims
liability for errors or omissions in the Platform and such media. No warranty of any kind, express, implied or statutory, including any
warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or freedom from viruses or other
code defects is made by the Administrative Agent and any of its Related Parties in connection with the Platform or the electronic communications
media approved by the Administrative Agent as provided for herein.

 

(c)          Private
Side Information Contacts. Each Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at
all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform
in order to enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance procedures and applicable
law, including United States federal and state securities laws, to make reference to information that is not made available through the
 “Public Side Information” portion of the Platform and that may contain Non-Public Information with respect to the Borrower,
its Subsidiaries or their Securities for purposes of United States federal or state securities laws. In the event that any Public Lender
has determined for itself to not access any information disclosed through the Platform or otherwise, such Public Lender acknowledges that
(i) other Lenders may have availed themselves of such information and (ii) neither Borrower nor Administrative Agent has any
responsibility for such Public Lender’s decision to limit the scope of the information it has obtained in connection with this Agreement
and the other Loan Documents.

 

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(d)          Posting
of Communications.

 

(i)           For
so long as an IntralinksTM or equivalent website is available to each of the Lenders hereunder, the Borrower may satisfy its obligation
to deliver documents to the Administrative Agent or the Lenders under Sections 5.01 by delivering either an electronic copy or
a notice identifying the website where such information is located for posting by the Administrative Agent on IntralinksTM or such
equivalent website; provided that the Administrative Agent shall have no responsibility to maintain access to IntralinksTM
or an equivalent website

 

 

(ii)          The
Obligors agree that the Administrative Agent may, but shall not be obligated to, make any Communications (as defined below) available
to the Lenders by posting the Communications on IntraLinksTM, DebtdomainTM, SyndTrak, ClearPar or any other electronic platform
chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).

 

(iii)         Although
the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies
implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password
authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may
access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders and each of the Obligors acknowledges and
agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is
not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic
Platform, and that there are confidentiality and other risks associated with such distribution. Each of the Lenders and each
Obligor hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the
risks of such distribution.

 

(iv)         THE
APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE APPLICABLE
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC
PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS.
NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR
PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES
IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY LEAD ARRANGER,
ANY CO-DOCUMENTATION AGENT, ANY SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE PARTIES”)
HAVE ANY LIABILITY TO ANY OBLIGOR, ANY LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT,
SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF ANY OBLIGOR’S
OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.

 

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(v)          Each
Lender agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic
Platform shall constitute effective delivery of the Communications to such Lender for purposes of the Loan Documents; provided
that the foregoing shall not apply to notices to any Lender pursuant to Section 2.03 if such Lender has notified the Administrative
Agent that it is incapable of receiving notices under such Article by electronic communication. Each Lender agrees (A) to notify
the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender’s
email address to which the foregoing notice may be sent by electronic transmission and (B) that the foregoing notice may be sent
to such email address.

 

(vi)        .Each
of the Lenders and Obligors agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated
to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally applicable
document retention policies and procedures.

 

(vii)        Nothing
herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to any Loan
Document in any other manner specified in such Loan Document.

 

(viii)       “Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Obligor
pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent or any Lender
by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform..

 

SECTION 9.02.     Waivers;
Amendments.

 

(a)          No
Deemed Waivers Remedies Cumulative. No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in exercising
any right or power hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any such right or power, or
any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise
of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Banks and the Lenders hereunder are cumulative
and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent
to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of
this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without
limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of
any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default
at the time.

 

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(b)          Amendments
to this Agreement. Except as provided in Section 2.19, neither this Agreement nor any provision hereof may be waived, amended
or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower
and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall:

 

(i)           increase
the Commitment of any Lender without the written consent of such Lender,

 

(ii)          reduce
the principal amount of any Loan or LC Disbursement or reduce the rate of interest thereon (other than with respect to the election of
or the failure to elect the default rate in accordance with Section 2.12(c) or as specifically contemplated herein),
or reduce any fees payable hereunder, without the written consent of each Lender directly and adversely affected thereby,

 

(iii)         postpone
the scheduled date of payment of the principal amount of any Loan or LC Disbursement, or any interest thereon, or any fees payable hereunder,
or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the
written consent of each Lender directly and adversely affected thereby,

 

(iv)         change
Section 2.17(b), (c) or (d) (or other sections referred to therein to the extent relating to pro rata
payments) in a manner that would alter the pro rata reduction to commitments, sharing of payments or making of disbursements required
thereby without the written consent of each Lender directly and adversely affected thereby,

 

(v)          change
any of the provisions of this Section or the definition of the term “Required Lenders” or any other provision hereof
specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant
any consent hereunder, without the written consent of each Lender directly and adversely affected thereby, or

 

(vi)         change
any of the provisions of the definition of “Agreed Foreign Currencies” or any other provision specifying the Foreign Currencies
in which Multicurrency Loans may be made hereunder, or make any determination or grant any consent hereunder with respect to the definition
of “Agreed Foreign Currencies”, in each case, without the consent of each Multicurrency Lender directly and adversely affected
thereby;

 

provided
further that (x) no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the
Collateral Agent or the Issuing Banks hereunder without the prior written consent of the Administrative Agent, the Collateral Agent or
the Issuing Banks, as the case may be, and (y) the consent of Lenders (other than Defaulting Lenders) holding not less than two-thirds
of the Revolving Credit Exposure and unused Commitments (other than of Defaulting Lenders) will be required (A) for any adverse change
(from the Lenders’ perspective) affecting the provisions of this Agreement relating to the determination of the Borrowing Base (excluding
changes to the provisions of Section 5.12(b)(ii)(E) and (F), but including changes to the provisions of Sections 5.12(b)(i),
(ii)(A), (ii)(B), (ii)(C) and (ii)(D) and the definitions set forth in Section 5.13),
and (B) for any release of any material portion of the Collateral other than for fair value or as otherwise permitted hereunder
or under the other Loan Documents.

 

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In addition, whenever a waiver,
amendment or modification requires the consent of a Lender “affected” thereby, such waiver, amendment, or modification shall,
upon consent of such Lender, become effective as to such Lender whether or not it becomes effective as to any other Lender, so long as
the Required Lenders consent to such waiver, amendment, or modification as provided above.

 

Anything in this Agreement to
the contrary notwithstanding, no waiver or modification of any provision of this Agreement or any other Loan Document that could reasonably
be expected to adversely affect the Lenders of any Class in a manner that does not affect all Classes equally shall be effective
against the Lenders of such Class unless the Required Lenders of such Class shall have concurred with such waiver or modification.

 

(c)          Amendments
to Security Documents. Except to the extent otherwise expressly set forth in the Guarantee and Security Agreement or the other
Loan Documents, no Security Document nor any provision thereof may be waived, amended or modified, nor may the Liens thereof be
spread to secure any additional obligations (including any increase in Loans hereunder, but excluding (x) any such increase
pursuant to a Commitment Increase under Section 2.08(e) or (y) the spreading of such Liens to any Secured
Longer-Term Indebtedness, Secured Shorter-Term Indebtedness, Hedging Agreement Obligations or other Designated Indebtedness
Obligations as provided for in the Guarantee and Security Agreement), except pursuant to an agreement or agreements in writing
entered into by the Borrower, and by the Collateral Agent with the consent of the Required Lenders; provided that, except as
permitted by the Loan Documents, (i) without the written consent of each Lender, no such agreement shall release all or
substantially all of the Obligors from their respective obligations under the Security Documents, (ii) without the written
consent of each Lender, no such agreement shall amend or waive Section 8.06 of the Guarantee and Security Agreement and
(iii) without the written consent of each Lender, no such agreement shall release all or substantially all of the collateral
security or otherwise terminate all or substantially all of the Liens under the Security Documents, alter the relative priorities of
the obligations entitled to the Liens created under the Security Documents (except in connection with securing additional
obligations equally and ratably with the Loans and other obligations hereunder, including any Secured Longer-Term Indebtedness,
Secured Shorter-Term Indebtedness, Hedging Agreement Obligations or other Designated Indebtedness Obligations as provided for in the
Guarantee and Security Agreement) with respect to all or substantially all of the collateral security provided thereby, or release
all or substantially all of the guarantors under the Guarantee and Security Agreement from their guarantee obligations thereunder,
except that no such consent shall be required, and the Administrative Agent is hereby authorized (and so agrees with the
Borrower) to direct the Collateral Agent under the Guarantee and Security Agreement, (w) to release from the Guarantee and
Security Agreement any “Subsidiary Guarantor” (and any property of such Subsidiary Guarantor) that is designated as a
 “Financing Subsidiary”, a “Foreign Subsidiary”, an “Immaterial Subsidiary” or a
 “Subsidiary of a Foreign Subsidiary” or which is otherwise no longer required to be a “Subsidiary
Guarantor,” in each case of this clause (w), in accordance with this Agreement and the Guarantee and Security Agreement,
(x) to release any Lien covering property (and to release any such guarantor) that is the subject of either a Disposition
of property permitted hereunder or a Disposition to which the Required Lenders or the required number or percentage of Lenders have
consented, (y) to release any Lien and/or guarantee obligation in accordance with Section 10.03 of the Guarantee and
Security Agreement, and (z) to release (and to acknowledge the release of) all Liens and guarantees of Obligors upon the date
on which the Commitments have expired or been terminated and the principal of and accrued interest on each Loan and all fees and
other amounts payable hereunder by the Borrower or any other Obligor shall have been paid in full (excluding, for the avoidance of
doubt, any amount in connection with any contingent, unasserted indemnification obligations or other obligations that expressly
survive the termination of this Agreement), all Letters of Credit shall have (x) expired, (y) been terminated or
(z) been Cash Collateralized as set forth herein or backstopped in a manner satisfactory to the Administrative Agent and the
Issuing Banks in their sole discretion, and, in each case, all LC Disbursements then outstanding have been reimbursed (including in
connection with a complete refinancing).

 

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(d)          Replacement
of Non-Consenting Lender. If, in connection with any proposed change, waiver, amendment, consent, discharge or termination to any
of the provisions of this Agreement as contemplated by this Section 9.02 requiring (i) the consent of “each Lender”
or “each Lender affected thereby” or (ii) the consent of “two-thirds of the Revolving Credit Exposure and unused
Commitments”, the consent of the Required Lenders shall have been obtained but the consent of one or more Lenders whose consent
is required for such proposed change, waiver, amendment, consent, discharge or termination (each a “Non-Consenting Lender”)
is not obtained, then (so long as no Event of Default has occurred and is continuing) the Borrower shall have the right, at its sole cost
and expense, to replace each such Non-Consenting Lender or Lenders with one or more replacement Lenders pursuant to Section 2.18(b) so
long as at the time of such replacement, each such replacement Lender consents to the proposed change, waiver, discharge or termination.

 

(e)          Technical
Error or Omission. If the Administrative Agent and the Borrower shall have jointly identified an obvious error or any error or omission
of a technical nature in any of the Loan Documents, then the Administrative Agent and the Borrower shall be permitted to amend such provision
to cure such error or omission without any further action or consent of any other party if the same is not objected to in writing by the
Required Lenders to the Agent within 5 Business Days following receipt of notice thereof.

 

SECTION 9.03.     Expenses;
Indemnity; Damage Waiver.

 

(a)          Costs
and Expenses. The Borrower shall pay (i) all reasonable and documented out-of-pocket costs and expenses incurred by the
Administrative Agent, the Collateral Agent and their Affiliates, including the reasonable and documented out-of-pocket fees, charges
and disbursements of one outside counsel and of any necessary special and/or local counsel for the Administrative Agent and the
Collateral Agent (but only one of each type of counsel for all such Persons together), in connection with the syndication of the
credit facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents and any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or
thereby shall be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by any Issuing Bank in
connection with the issuance, amendment, renewal or extension of any Letter of Credit by such Issuing Bank or any demand for
payment thereunder, (iii) all reasonable and documented out-of-pocket costs and expenses incurred by the Administrative Agent,
the Collateral Agent, any Issuing Bank or any Lender, including the reasonable and documented fees, charges and disbursements of one
outside counsel (and of any necessary special and/or local counsel for the Administrative Agent, the Collateral Agent and each
Issuing Bank as well as one outside counsel for the Lenders and additional counsel should any conflict of interest arise, in
connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents,
including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all
such documented out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect thereof and
(iv) all reasonable and documented out-of-pocket costs, expenses, taxes, assessments and other charges reasonably incurred in
connection with any filing, registration, recording or perfection of any security interest contemplated by any Security Document or
any other document referred to therein.

 

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(b)          Indemnification
by the Borrower. The Borrower shall indemnify the Administrative Agent, the Collateral Agent, the Joint Lead Arrangers, each Issuing
Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against,
and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, actions, judgments, suits, costs, expenses and
disbursements of any kind or nature whatsoever (including the reasonable and documented out-of-pocket fees and disbursements of one outside
counsel for all Indemnitees (and, if reasonably necessary, of one local counsel in any relevant jurisdiction for all Indemnitees) unless,
in the reasonable opinion of an Indemnitee, representation of all Indemnitees by such counsel would be inappropriate due to the existence
of an actual or potential conflict of interest) (collectively, “Losses”) in connection with any investigative, administrative
or judicial proceeding or hearing commenced or threatened by any Person, whether or not any such Indemnitee shall be designated as a party
or a potential party thereto, and any fees or expenses incurred by Indemnitees in enforcing this indemnity), whether based on any federal,
state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules or regulations
and laws, statutes, rules or regulations relating to environmental, occupational safety and health or land use matters), on common
law or equitable cause or on contract or otherwise and related expenses or disbursements of any kind, including the fees, charges and
disbursements of outside counsel for any such affected Indemnitee for the Indemnitees collectively as specified above, incurred by or
asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement
or any agreement or instrument contemplated hereby, the performance by the parties hereto of their respective obligations hereunder or
the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use
of the proceeds therefrom (including any refusal by an Issuing Bank to honor a demand for payment under a Letter of Credit if the documents
presented in connection with such demand do not strictly comply with the terms of such Letter of Credit) or (iii) any actual
or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any
other theory and whether brought by the Borrower or a third party and regardless of whether any Indemnitee is a party thereto; provided
that such indemnity shall not as to any Indemnitee, be available to the extent that such Losses (A) are determined by a court of
competent jurisdiction by final and nonappealable judgment to have resulted from (i) the willful misconduct or gross negligence
of such Indemnitee or its Related Parties or (ii) a breach in bad faith of such Indemnitee’s obligations under this Agreement
or the other Loan Documents, if the Borrower or other Obligor has obtained a final and nonappealable judgment in its favor on such claim
as determined by a court of competent jurisdiction, (B) result from the settlement of any such claim, investigation, litigation,
or other proceedings described in clause (iii) above unless the Borrower has consented to such settlement (which consent shall not
be unreasonably withheld or delayed (provided that nothing in this clause (B) shall restrict the right of any person to settle
any claim for which it has waived its right of indemnity by the Borrower)), or (C) result from disputes solely among Indemnitees
and not involving any act or omission of an Obligor or any Affiliate thereof (other than any dispute against the Administrative Agent,
the Collateral Agent or any Issuing Bank, in each case, in their respective capacities as such). The Borrower shall not be liable to any
Indemnitee for any special, indirect, consequential or punitive damages. Paragraph (b) of this Section shall not apply
with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

 

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None of the Joint Lead Arrangers
shall have obligations or duties whatsoever in such capacity under this Agreement or any other Loan Document and shall incur no liability
hereunder or thereunder in such capacity, but all such persons shall have the benefit of the indemnities provided for hereunder.

 

(c)          Reimbursement
by Lenders. To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, the
Collateral Agent or any Issuing Bank under paragraph (a) or (b) of this Section (and without
limiting its obligation to do so) or against any Related Party of any of the foregoing acting for any Agent (or any sub-agent) in
connection with such capacity, each Lender severally agrees to pay to the Administrative Agent, the Collateral Agent or the
applicable Issuing Bank, as the case may be, such Lender’s Applicable Percentage (determined as of the time that the
applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed
Loss was incurred by or asserted against the Administrative Agent, the Collateral Agent or the applicable Issuing Bank in its
capacity as such or against any Related Party of any of the foregoing acting for any Agent (or any
sub-agent) in connection with such capacity.

 

(d)          Waiver
of Consequential Damages, Etc. To the extent permitted by applicable law, no party hereto shall assert, and each party hereto hereby
waives, any claim against any other party (or any Related Party to such party), on any theory of liability, for special, indirect, consequential
or punitive Losses (as opposed to direct or actual Losses) arising out of, in connection with, or as a result of, this Agreement
or any agreement or instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof;
provided that the foregoing limitation shall not be deemed to impair or affect the obligations of the Obligors under clause (b) above
with respect to Losses not expressly described in the foregoing limitation. No Indemnitee shall be liable for any damages arising from
the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other
information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby
or thereby, except to the extent caused by the willful misconduct or gross negligence of such Indemnitee or its Related Parties, as determined
by a final, non-appealable judgment of a court of competent jurisdiction.

 

(e)          Payments.
All amounts due under this Section shall be payable promptly after written demand therefor.

 

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SECTION 9.04.     Successors
and Assigns.

 

(a)            Assignments
Generally. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit), except that (i) the
Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender
(and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign
or otherwise transfer its rights or obligations hereunder except in accordance with this Section (and any attempted assignment or
transfer by any Lender which is not in accordance with this Section shall be treated as provided in the second sentence of Section 9.04(b)(iii)).
Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective
successors and assigns permitted hereby (including any Affiliate of an Issuing Bank that issues any Letter of Credit) and, to the
extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent, the Issuing Banks and the Lenders) any
legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)          Assignments
by Lenders.

 

(i)           Assignments
Generally. Subject to the conditions set forth in clause (ii) below, any Lender may assign to one or more assignees (other
than natural persons (or a holding company, investments vehicle, investment vehicle or trust for, or owned and operated by or for the
primary benefit of a natural person), any Defaulting Lender or Persons listed in the Prohibited Assignees and Participants Side Letter)
all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans and LC
Exposure at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of:

 

(A)            the
Borrower; provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, or,
if an Event of Default has occurred and is continuing, any other assignee; provided, further, that the Borrower shall be
deemed to have consented to any such assignment unless it shall have objected thereto by written notice to the Administrative Agent within
ten Business Days after having received notice thereof; and

 

(B)            the
Administrative Agent and each Issuing Bank: provided that no consent of the Administrative Agent or the Issuing Banks shall be
required for an assignment by a Lender to an Affiliate of such Lender.

 

(ii)          Certain
Conditions to Assignments. Assignments shall be subject to the following additional conditions:

 

(A)            except
in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning
Lender’s Commitment or Loans and LC Exposure of a Class, the amount of the Commitment or Loans and LC Exposure of such Class of
the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment
is delivered to the Administrative Agent) shall not be less than U.S. $5,000,000 unless each of the Borrower and the Administrative Agent
otherwise consent; provided that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing;

 

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(B)            each
partial assignment of any Class of Commitments or Loans and LC Exposure shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement in respect of such Class of Commitments, Loans and LC
Exposure;

 

(C)            the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption in substantially the form
of Exhibit A hereto (or any other form approved by the Administrative Agent and, to the extent Borrower’s consent is
required in connection with such assignment, the Borrower), together with a processing and recordation fee of U.S. $3,500 (which fee shall
not be payable in connection with an assignment to a Lender or to an Affiliate of a Lender), for which the Borrower and the Subsidiary
Guarantors shall not be obligated;

 

(D)            the
assignee, if it shall not already be a Lender of the applicable Class, shall deliver to (x) the Administrative Agent, an Administrative
Questionnaire, and (y) to the Administrative Agent and the Borrower, any tax forms or certifications required by Section 2.16;
and

 

(E)            any
assignment by a Multicurrency Lender shall (unless the Borrower otherwise consents in writing) be made only to an assignee that has agreed
to make Loans pursuant to its Multicurrency Commitment and receive payments in the Agreed Foreign Currencies for which Loans may be made
at the time of such proposed assignments without the need to obtain any authorization referred to in clause (b)(z) of the definition
of “Agreed Foreign Currency”.

 

(iii)         Effectiveness
of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (c) of this Section, from and after
the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the
interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under
this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under
this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.14,
2.15, 2.16 and 9.03 with respect to facts and circumstances occurring prior to the effective date of such assignment).
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04
shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance
with paragraph (f) of this Section (but only to the extent such assignment or other transfer otherwise complies with
the provisions of such paragraph). Notwithstanding anything to the contrary herein, in connection with any assignment of rights and obligations
of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions set forth
in Section 9.04(b)(ii) or otherwise, the parties to the assignment shall make such additional payments to Administrative
Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee
of participations or subparticipations, or other compensating actions, including funding, with the consent of Borrower and Administrative
Agent, the Applicable Percentage of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable
assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting
Lender to Administrative Agent, each Issuing Bank and each Lender hereunder (and interest accrued thereon), and (y) acquire (and
fund as appropriate) its full Applicable Percentage of all Loans and participations in Letters of Credit. Notwithstanding the foregoing,
in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective under applicable
law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender
for all purposes of this Agreement until such compliance occurs.

 

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(iv)         Notwithstanding
anything to the contrary set forth herein or in any other Loan Document, each Lender hereunder must at all times be a “qualified
purchaser” as that term is defined in and under the Investment Company Act (a “Qualified Purchaser”). Each Lender
(x) represents and warrants to the Borrower, as of the later of the date such Person became a Lender party hereto and the Effective
Date, and (y) covenants, from such date to the date such Person ceases being a Lender party hereto, that it is and will remain a
Qualified Purchaser.

 

(c)          Maintenance
of Registers by Administrative Agent. The Administrative Agent, acting solely for this purpose as a non-fiduciary agent of the Borrower,
shall maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered to it and a register for the
recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount (and stated interest) of the Loans
and LC Disbursements owing to, each Lender pursuant to the terms hereof from time to time (the “Registers” and each
individually, a “Register”). The entries in the Registers shall be conclusive absent manifest error, and the Borrower,
the Administrative Agent, the Issuing Banks and the Lenders may treat each Person whose name is recorded in the Registers pursuant to
the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Registers shall
be available for inspection by the Borrower, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable
prior notice.

 

(d)          Acceptance
of Assignments by Administrative Agent. Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender
and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder),
the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment
required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record
the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph.

 

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(e)          Special
Purposes Vehicles. Notwithstanding anything to the contrary contained herein, any Lender (a “Granting Lender”)
may grant to a special purpose funding vehicle (an “SPC”) owned or administered by such Granting Lender, identified
as such in writing from time to time by such Granting Lender to the Administrative Agent and the Borrower, the option to provide all or
any part of any Loan that such Granting Lender would otherwise be obligated to make; provided that (i) nothing herein shall
constitute a commitment to make any Loan by any SPC, (ii) if an SPC elects not to exercise such option or otherwise fails to provide
all or any part of such Loan, such Granting Lender shall, subject to the terms of this Agreement, make such Loan pursuant to the terms
hereof, (iii) the rights of any such SPC shall be derivative of the rights of such Granting Lender, and such SPC shall be subject
to all of the restrictions upon such Granting Lender herein contained, and (iv) no SPC shall be entitled to the benefits of Sections
2.14 (or any other increased costs protection provision), 2.15 or 2.16. Each SPC shall be conclusively presumed to have
made arrangements with its Granting Lender for the exercise of voting and other rights hereunder in a manner which is acceptable to the
SPC, the Administrative Agent, the Lenders and the Borrower, and each of the Administrative Agent, the Lenders and the Obligors shall
be entitled to rely upon and deal solely with the Granting Lender with respect to Loans made by or through its SPC. The making of a Loan
by an SPC hereunder shall utilize the Commitment of the Granting Lender to the same extent, and as if, such Loan were made by the Granting
Lender.

 

Each party hereto hereby
agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day
after the payment in full of all outstanding senior indebtedness of any SPC, it will not institute against, or join any other person
in instituting against, such SPC, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or similar
proceedings under the laws of the United States or any State thereof, in respect of claims arising out of this Agreement; provided
that the Granting Lender for each SPC hereby agrees to indemnify, save and hold harmless each other party hereto for any Losses
arising out of their inability to institute any such proceeding against its SPC. In addition, notwithstanding anything to the
contrary contained in this Section, any SPC may (i) without the prior written consent of the Borrower and the Administrative
Agent and without paying any processing fee therefor, assign all or a portion of its interests in any Loans to its Granting Lender
or to any financial institutions providing liquidity and/or credit facilities to or for the account of such SPC to fund the Loans
made by such SPC or to support the securities (if any) issued by such SPC to fund such Loans (but nothing contained herein
shall be construed in derogation of the obligation of the Granting Lender to make Loans hereunder); provided that neither the
consent of the SPC nor of any such assignee shall be required for amendments or waivers hereunder except for those amendments or
waivers for which the consent of participants is required under paragraph (f) below, and (ii) disclose on a
confidential basis (in the same manner described in Section 9.13(b)) any non-public information relating to its
Loans to any rating agency, commercial paper dealer or provider of a surety, guarantee or credit or liquidity enhancement to such
SPC.

 

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(f)           Participations.
Any Lender may, with the consent of the Borrower (such consent not to be unreasonably withheld or delayed), sell participations to one
or more banks or other entities (other than natural persons (or a holding company, investments vehicle, investment vehicle or trust for,
or owned and operated by or for the primary benefit of a natural person), a Defaulting Lender or any Person listed on the Prohibited Assignees
and Participants Side Letter) (a “Participant”) in all or a portion of such Lender’s rights and obligations
under this Agreement and the other Loan Documents (including all or a portion of its Commitments and the Loans and LC Disbursements owing
to it); provided that (i) the consent of the Borrower shall not be required (A) for a participation to a Lender or an
Affiliate of a Lender or (B) so long as an Event of Default has occurred and is continuing, (ii) such Lender’s obligations
under this Agreement and the other Loan Documents shall remain unchanged, (iii) such Lender shall remain solely responsible to the
other parties hereto for the performance of such obligations,(iv) the Borrower, the Administrative Agent, the Issuing Banks and the
other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement and the other Loan Documents and (v) the Borrower shall be deemed to have consented to any such participation
unless it shall have objected thereto by written notice to the Administrative Agent within ten Business Days after having received notice
thereof. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain
the sole right to enforce this Agreement and the other Loan Documents and to approve any amendment, modification or waiver of any provision
of this Agreement or any other Loan Document; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that
directly affects such Participant. Subject to paragraph (g) of this Section, the Borrower agrees that each Participant shall
be entitled to the benefits of Sections 2.14, 2.15 and 2.16 to the same extent as if it were a Lender and had acquired
its interest by assignment pursuant to paragraph (b) of this Section; provided that (A) such Participant agrees
to be subject to the provisions of Sections 2.18 as if it were an assignee under paragraph (b) of this Section and (B) such
Participant shall not be entitled to receive any greater payment under Sections 2.14, 2.15 or 2.16, with respect
to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive
a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation; provided,
further, that no Participant shall be entitled to the benefits of Section 2.16 unless the Borrower is notified of the
participation granted to such Participant and such Participant shall have complied with the requirements of Section 2.16 as
if such Participant is a Lender. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable
efforts to cooperate with the Borrower to effectuate the provisions of Section 2.18 with respect to any Participant. To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender; provided
such Participant agrees to be subject to Section 2.17(d) as though it were a Lender hereunder. Each Lender that sells
a participation shall, acting solely for this purpose as a non-fiduciary 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 Loan 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 other information
relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan Document)
to any person except to the extent that such disclosures are necessary to establish that such commitment, loan, letter of credit or other
obligation is in registered form under Section 5f.103-1(c) and proposed Section 1.163-5(b) 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, the Administrative Agent (in its capacity as Administrative Agent) shall have
no responsibility for maintaining a Participant Register.

 

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(g)          Limitations
on Rights of Participants. A Participant shall not be entitled to receive any greater payment under Section 2.14, 2.15
or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would
be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.16 unless the Borrower is notified
of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with paragraphs
(f) and (h) of Section 2.16 as though it were a Lender and in the case of a Participant claiming exemption
for portfolio interest under Section 871(h) or 881(c) of the Code, the applicable Lender shall provide the Borrower with
satisfactory evidence that the participation is in registered form and shall permit the Borrower to review such register as reasonably
needed for the Borrower to comply with its obligations under applicable laws and regulations.

 

(h)          Certain
Pledges. Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement
to secure obligations of such Lender, including any such pledge or assignment to a Federal Reserve Bank or any other central bank having
jurisdiction over such Lender, and this Section 9.04 shall not apply to any such pledge or assignment of a security interest;
provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder
or substitute any such assignee for such Lender as a party hereto.

 

(i)           No
Assignments to the Borrower or Affiliates. Anything in this Section to the contrary notwithstanding, no Lender may assign or
participate any interest in any Loan or LC Exposure held by it hereunder to (a) the Borrower or any of its Affiliates or Subsidiaries
without the prior consent of each Lender or (b) any Person listed in the Prohibited Assignees and Participants Side Letter.

 

SECTION 9.05.     Survival.
All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments delivered
in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive
the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation
made by any such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have
had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall
continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable
under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired
or terminated. The provisions of Sections 2.14, 2.15, 2.16 and 9.03 and Article VIII shall survive
and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans,
the expiration or termination, Cash Collateralization or backstop of the Letters of Credit and the Commitments or the termination of this
Agreement or any provision hereof.

 

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SECTION 9.06.     Counterparts;
Integration; Effectiveness; Electronic Execution.

 

(a)          Counterparts;
Integration; Effectiveness. 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. This Agreement, the
other Loan Documents and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire
contract between and among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings,
oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement shall become effective
when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof
which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page to
this Agreement by telecopy or electronically (e.g. pdf) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

(b)          Electronic
Execution of Loan Documents. The words “execution,” “signed,” “signature,” and words of like import
in this Agreement and the other Loan Documents including any Assignment and Assumption shall be deemed to include electronic signatures
or the keeping of records in electronic form, each of which shall be of the same legal effect validity or enforceability as a manually
executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act.

 

SECTION 9.07.     Severability.
Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining
provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any
other jurisdiction.

 

SECTION 9.08.     Right
of Setoff. If an Event of Default shall have occurred and be continuing, the Administrative Agent, the Collateral Agent, each
Issuing Bank, each Lender and each of its Affiliates is hereby authorized at any time and from time to time (with the prior consent
of the Administrative Agent or the Required Lenders), to the fullest extent permitted by law, to set off and apply any and all
deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time
owing by the Administrative Agent, the Collateral Agent, such Issuing Bank, such Lender or Affiliate to or for the credit or the
account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held
by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such
obligations may be unmatured, or are owed to a branch, office or Affiliate of such Lender or Issuing
Bank different from the branch, office or Affiliate holding such deposit or obligated on such Indebtedness; provided that in
the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over
immediately to Administrative Agent for further application in accordance with the provisions of Sections 2.17(d) and,
pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of
Administrative Agent, the Issuing Banks, and the Lenders, and (y) the Defaulting Lender shall provide promptly to
Administrative Agent a statement describing in reasonable detail the amounts owing to such Defaulting Lender hereunder as to which
it exercised such right of setoff. The rights of the Administrative Agent, the Collateral Agent, each Issuing Bank and each Lender
under this Section are in addition to other rights and remedies (including other rights of setoff) which such Person may
have. Each Issuing Bank and Lender agrees to notify the Borrower and the Administrative Agent promptly after any such setoff and
application; provided that the failure to give such notice shall not affect the validity of such setoff and
application.

 

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SECTION 9.09.     Governing
Law; Jurisdiction; Etc.

 

(a)          Governing
Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York.

 

(b)          Submission
to Jurisdiction. Each party to this Agreement hereby irrevocably and unconditionally submits, for itself and its property, to the
exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court
of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating
to this Agreement and any other Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such
New York State or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, any Issuing Bank or any Lender may otherwise
have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction.

 

(c)          Waiver
of Venue. The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to
this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives,
to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such
court.

 

(d)          Service
of Process. Each party to this Agreement (i) irrevocably consents to service of process in the manner provided for notices in
Section 9.01 and (ii) agrees that service as provided in the manner provided for notices in Section 9.01
is sufficient to confer personal jurisdiction over such party in any proceeding in any court and otherwise constitutes effective and binding
service in every respect. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other
manner permitted by law.

 

SECTION 9.10.     WAIVER
OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A
TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN
INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

SECTION 9.11.     Judgment
Currency. This is an international loan transaction in which the specification of Dollars or any Foreign Currency, as the case may
be (the “Specified Currency”), and payment in New York City or the country of the Specified Currency, as the case may
be (the “Specified Place”), is of the essence, and the Specified Currency shall be the currency of account in all events
relating to Loans denominated in the Specified Currency. The payment obligations of the Borrower under this Agreement shall not be discharged
or satisfied by an amount paid in another currency or in another place, whether pursuant to a judgment or otherwise, to the extent that
the amount so paid on conversion to the Specified Currency and transfer to the Specified Place under normal banking procedures does not
yield the amount of the Specified Currency at the Specified Place due hereunder. If for the purpose of obtaining judgment in any court
it is necessary to convert a sum due hereunder in the Specified Currency into another currency (the “Second Currency”),
the rate of exchange that shall be applied shall be the rate at which in accordance with normal banking procedures the Administrative
Agent could purchase the Specified Currency with the Second Currency on the Business Day next preceding the day on which such judgment
is rendered. The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder
or under any other Loan Document (in this Section called an “Entitled Person”) shall, notwithstanding the
rate of exchange actually applied in rendering such judgment be discharged only to the extent that on the Business Day following receipt
by such Entitled Person of any sum adjudged to be due hereunder in the Second Currency such Entitled Person may in accordance with normal
banking procedures purchase and transfer to the Specified Place the Specified Currency with the amount of the Second Currency so adjudged
to be due; and the Borrower hereby, as a separate obligation and notwithstanding any such judgment, agrees to indemnify such Entitled
Person against, and to pay such Entitled Person on demand, in the Specified Currency, the amount (if any) by which the sum originally
due to such Entitled Person in the Specified Currency hereunder exceeds the amount of the Specified Currency so purchased and transferred.

 

SECTION 9.12.     Headings.
Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this
Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

 

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SECTION 9.13.   Treatment
of Certain Information; No Fiduciary Duty; Confidentiality.

 

(a)            Treatment
of Certain Information. The Borrower acknowledges that from time to time financial advisory, investment banking and other services
may be offered or provided to the Borrower or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by
any Lender or by one or more subsidiaries or affiliates of such Lender and the Borrower hereby authorizes each Lender to share any information
delivered to such Lender by the Borrower and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender
to enter into this Agreement, to any such subsidiary or affiliate, it being understood that any such subsidiary or affiliate receiving
such information shall be bound by the provisions of paragraph (b) of this Section as if it were a Lender hereunder.
Such authorization shall survive the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments
or the termination of this Agreement or any provision hereof. Each Lender shall use all information delivered to such Lender by the Borrower
and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender to enter into this Agreement, in connection
with providing services to the Borrower. The Administrative Agent, the Collateral Agent, each Lender and their Affiliates (collectively,
solely for purposes of this paragraph, the “Lenders”), may have economic interests that conflict with those of the Borrower
or any of its Subsidiaries, their stockholders and/or their affiliates. The Borrower, on behalf of itself and each of its Subsidiaries,
agrees that nothing in the Loan Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or fiduciary
or other implied duty between any Lender, on the one hand, and the Borrower or any of its Subsidiaries, its stockholders or its affiliates,
on the other. The Borrower and each of its Subsidiaries each acknowledge and agree that (i) the transactions contemplated by the
Loan Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s-length commercial transactions
between the Lenders, on the one hand, and the Borrower and its Subsidiaries, on the other, and (ii) in connection therewith and with
the process leading thereto, (x) no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrower or any of
its Subsidiaries, any of their stockholders or affiliates with respect to the transactions contemplated hereby (or the exercise of rights
or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising
or will advise the Borrower or any of its Subsidiaries, their stockholders or their affiliates on other matters) or any other obligation
to the Borrower or any of its Subsidiaries except the obligations expressly set forth in the Loan Documents and (y) each Lender is
acting solely as principal and not as the agent or fiduciary of the Borrower or any of its Subsidiaries, their management, stockholders,
creditors or any other Person. The Borrower and each of its Subsidiaries each acknowledge and agree that it has consulted its own legal
and financial advisers to the extent it deemed appropriate and that it is responsible for making its own independent judgment with respect
to such transactions and the process leading thereto. The Borrower and each of its Subsidiaries each agree that it will not claim that
any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Borrower or any of its
Subsidiaries, in connection with such transaction or the process leading thereto.

 

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(b)            Confidentiality.
Each of the Administrative Agent, the Lenders and the Issuing Banks agrees to maintain the confidentiality of the Information (as defined
below), except that Information may be disclosed (i) to its Affiliates and to its and its Affiliates’ respective partners,
directors, officers, employees, agents, advisers, market data collectors, similar service providers to the lending industry and service
providers to the Administrative Agent and the Lenders in connection with the administration of this Agreement, the other Loan Documents,
and the Commitments, and other representatives (it being understood that the Persons to whom such disclosure is made will be informed
of the confidential nature of such Information and instructed to keep such Information confidential on terms substantially similar to
the terms set forth in this clause (b) and on a confidential and need to know basis), (ii) to the extent requested by any regulatory
authority purporting to have jurisdiction over it or its Affiliates (including any self-regulatory authority), (iii) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process (provided, that except in the case of any
ordinary course examination by a regulatory, self-regulatory or governmental agency, it will use its commercially reasonable efforts to
notify the Borrower of any such disclosure prior to making such disclosure to the extent legally permitted and timely practicable), (iv) to
any other party hereto, (v) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action
or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (vi) other
than to any Person listed in the Prohibited Assignees and Participants Side Letter, subject to an agreement containing provisions substantially
the same as those of this Section, to (x) any assignee of or Participant in, or any prospective assignee of or Participant in, any
of its rights or obligations under this Agreement or (y) any actual or prospective counterparty (or its advisers) to any swap
or derivative transaction or credit insurance provider, in each case in this clause (vi), relating to the Borrower and its obligations,
(vii) with the written (which may be by email) consent of the Borrower, (viii) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this Section or (y) becomes available to the Administrative Agent,
any Lender, any Issuing Bank or any of their respective Affiliates on a non-confidential basis from a source other than the Borrower or
its Affiliates, or (ix) on a confidential basis to (x) any rating agency in connection with rating the Borrower or its Subsidiaries
or the credit facilities provided hereunder or (y) the CUSIP Service Bureau or any similar agency in connection with the issuance
and monitoring of CUSIP numbers with respect to the credit facilities provided hereunder.

 

For
purposes of this Section, “Information” means all information received from or on behalf of the Borrower or any of
its Subsidiaries relating to the Borrower or any of its Subsidiaries or any of their respective businesses or any Portfolio Investment,
other than any such information that is available to the Administrative Agent, any Lender or any Issuing Bank on a non-confidential basis
prior to disclosure by the Borrower or any of its Subsidiaries; provided that, in the case of Information received from the Borrower
or any of its Subsidiaries after the Effective Date, such Information shall be deemed confidential at the time of delivery unless
clearly identified therein as nonconfidential. Any Person required to maintain the confidentiality of Information as provided in this
Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to
maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 

SECTION 9.14.   USA
PATRIOT Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub.
L. 107-56 (signed into law October 26, 2001)), it is required to obtain, verify and record information that identifies the Borrower
and each other Obligor and each designee of a Letter of Credit, which information includes the name and address of the Borrower, each
other Obligor and each designee of a Letter of Credit and other information that will allow such Lender to identify the Borrower, each
other Obligor and each designee of a Letter of Credit in accordance with said Act.

 

SECTION 9.15.   Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected
Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the Write-Down and
Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)            the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an Affected Financial Institution; and

 

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(b)            the
effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)            a
reduction in full or in part or cancellation of any such liability;

 

(ii)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document;
or

 

(iii)            the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution
Authority.

 

SECTION 9.16.   Certain
ERISA Matters.

 

(a)            Each
Lender (x) represents and warrants, as of the later of the date such Person became a Lender party hereto and the Effective Date,
to, and (y) covenants, from such date to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent, each Joint Lead Arranger, and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower
or any other Obligor, that at least one of the following is and will be true:

 

(i)            such
Lender is not using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA)
of one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments,

 

(ii)            the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to and covers such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

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(iii)            (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements
of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in,
administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(iv)            such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender with respect to the Loan Documents.

 

(b)            In
addition, unless subclause (i) in the immediately preceding clause (a) is true with respect to a Lender or such
Lender has not provided another representation, warranty and covenant as provided in subclause (iv) in the immediately preceding
clause (a), such Lender further (x) represents and warrants, as of the later of the date such Person became a Lender party
hereto and the Effective Date, to, and (y) covenants, from such date to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent, each Joint Lead Arranger, and their respective Affiliates, and not, for the avoidance of
doubt, to or for the benefit of the Borrower or any other Obligor, that:

 

(i)            none
of the Administrative Agent, the Joint Lead Arrangers, or any of their respective Affiliates is a fiduciary with respect to the assets
of such Lender (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement,
any Loan Document or any documents related to hereto or thereto),

 

(ii)            the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR §
2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management
or control, total assets of at least $50 million, in each case as described in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E),

 

(iii)            the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment risks independently,
both in general and with regard to particular transactions and investment strategies (including in respect of the Secured Obligations
(as defined in the Guarantee and Security Agreement)),

 

(iv)            the
Person making the investment decision on behalf of such Lender with respect to the entrance into, participation in, administration of
and performance of the Loans, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both,
with respect to the Loans, the Letters of Credit, the Commitments and this Agreement and is responsible for exercising independent judgment
in evaluating the transactions hereunder, and

 

(v)            no
fee or other compensation is being paid directly to the Administrative Agent, any Joint Lead Arranger or any their respective Affiliates
for investment advice (as opposed to other services) in connection with the Loans, the Letters of Credit, the Commitments or this Agreement.

 

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(c)            The
Administrative Agent and each Joint Lead Arranger hereby inform the Lenders that each such Person is not undertaking to provide impartial
investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person
has a financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest
or other payments with respect to the Loans, the Letters of Credit, the Commitments and this Agreement, (ii) may recognize a gain
if it extended the Loans, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the
Loans, the Letters of Credit or the Commitments by such Lender or (iii) may receive fees or other payments in connection with the
transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility
fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum
usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums,
banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing.

 

SECTION 9.17.   Acknowledgement
Regarding Any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedging
Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support”, and each such QFC,
a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal
Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such
Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC
may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United
States):

 

(a)            In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding
under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest
and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or
such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S.
Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property)
were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of
a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that
might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted
to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported
QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event
affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

    168 

     

    

 

(b)            As
used in this Section 9.17, the following terms have the following meanings:

 

(i)            “BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with,
12 U.S.C. 1841(k)) of such party.

 

(ii)            “Covered
Entity” means any of the following:

 

(A)            a
 “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(B)            a
 “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(C)            a
 “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

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

 

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

 

SECTION 9.18.   Interest
Rate Limitation. Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under
the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).
If Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be
applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to Borrower. In determining whether the interest
contracted for, charged, or received by Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted
by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude
voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total
amount of interest throughout the contemplated term of the Secured Obligations hereunder.

 

    169 

     

    

  

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

 

 

	 	NORTH HAVEN PRIVATE INCOME FUND LLC
	 	 
	 	By:	/s/ Venugopal Rathi 
	 	 	Name: Venugopal Rathi
 Title: Chief Financial
    Officer and Treasurer
	 	 
	 	ING CAPITAL LLC, as Administrative
    Agent, an Issuing Bank and a Lender
	 	 
	 	By:	/s/ Patrick Frisch 
	 	 	Name: Patrick Frisch
 Title: Managing Director
	 	 
	 	By:	/s/ Grace Fu 
	 	 	Name: Grace Fu
 Title: Managing DirectorExhibit 10.11

 

Execution Version

 

JOINDER AGREEMENT

 

JOINDER AGREEMENT dated as
of February 4, 2022 by SUMITOMO MITSUI BANKING CORPORATION (the “Assuming Lender”), in favor of North Haven Private
Income Fund LLC, a Delaware limited liability company (the “Borrower”), and ING Capital LLC, as administrative agent
under the Credit Agreement referred to below (in such capacity, together with its successors in such capacity, the “Administrative
Agent”).

 

The Borrower, the Lenders
from time to time party thereto and the Administrative Agent are parties to a Senior Secured Revolving Credit Agreement, dated as of February 1,
2022 (as amended by that certain Amendment No. 1 to Senior Secured Revolving Credit Agreement, dated as of February 4, 2022,
and as further amended, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”).

 

The Borrower has requested
that the Assuming Lender be designated as a Joint Lead Arranger under the Credit Agreement, and each of the Borrower, the Assuming Lender
and the Administrative Agent hereby consents to such designation.

 

Pursuant to Section 2.05(o) 
of the Credit Agreement, the Assuming Lender hereby agrees to (and does hereby) become an “Issuing Bank” under and for all
purposes of the Credit Agreement with a maximum LC Exposure as set forth in Schedule I hereto. Without limiting the foregoing, the Assuming
Lender hereby agrees to be bound by and comply with all of the terms and provisions of the Credit Agreement applicable to it as an “Issuing
Bank” thereunder.

 

Pursuant to Section 2.08(e) of
the Credit Agreement, the Assuming Lender hereby agrees to (and does hereby) become a “Lender” under and for all purposes
of the Credit Agreement with a Commitment as set forth in Schedule II hereto. Without limiting the foregoing, the Assuming Lender hereby
agrees to be bound by and comply with all of the terms and provisions of the Credit Agreement applicable to it as a “Lender”
thereunder.

 

The terms and provisions of
any new Loans issued by the Assuming Lender, and the new Commitment described herein, shall be identical to the terms and provisions of
Loans of the applicable Class issued by, and the Commitments of the applicable Class of, the Lenders immediately prior to the
date hereof.

 

Sections 9.06, 9.09 and 9.10
of the Credit Agreement apply to this Joinder Agreement mutatis mutandis.

 

     

     

    

 

IN WITNESS WHEREOF, the Assuming
Lender has caused this Joinder Agreement to be duly executed and delivered as of the day and year first above written.

 

SUMITOMO MITSUI BANKING CORPORATION

 

	By:	/s/ Shane Klein	 

	Name:	Shane Klein	 

	Title: 	Managing Director	 

 

     

     

    

 

Accepted and agreed:

NORTH HAVEN PRIVATE INCOME FUND LLC

 

	By:	/s/ Venu Rathi	 

	Name:	Venu Rathi	 

	Title:	Chief Financial Officer	 

 

     

     

    

 

ING CAPITAL LLC,

as Administrative Agent and an Issuing Bank

 

	By:	/s/ Patrick Frisch	 

	Name:	Patrick Frisch	 

	Title:	Managing Director	 

 

	By:	/s/ Grace Fu	 

	Name:	Grace Fu	 

	Title:	Managing Director	 

 

     

     

    

 

Schedule I

 

ISSUING BANK EXPOSURES

 

	Issuing Bank	 	Letter of Credit Sublimit	 
	SUMITOMO MITSUI BANKING CORPORATION	 	$	16,666,666.67	 

 

     

     

    

 

Schedule II

 

COMMITMENTS

 

	Lender	 	Dollar
 Commitment	 	 	Multicurrency
 Commitment	 	 	Aggregate
 Commitment	 
	Sumitomo Mitsui Banking Corporation	 	$	100,000,000.00	 	 	$	100,000,000.00	 	 	$	200,000,000.00

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