Document:

Unassociated Document

    EXHIBIT
      10.2

    
      

    

    
      

    

     

    

    PURCHASE
      AND SALE AGREEMENT

     

    Dated
      as
      of May 1, 2007

     

    Between

     

    

     

    GSC
      INVESTMENT CORP.

     

    as
      Buyer

    

     

    and

     

     

    GSC
      PARTNERS CDO FUND LIMITED

     

    as
      Seller

     

    

    

    

    
       

      
        
          
          

        

        
          
          

          
          

        

        
          
          

        

      

    

    

     

    TABLE
      OF CONTENTS

     

    

      

        
          	
                  ARTICLE
                    I GENERAL

                	
                  1

                
	
                  Section
                    1.1

                	 	
                  Certain
                    Defined Terms.

                	
                  1

                
	
                  Section
                    1.2

                	 	
                  Other
                    Definitional Provisions.

                	
                  2

                
	 	 
	
                  ARTICLE
                    II SALE AND CONVEYANCE

                	
                  2

                
	
                  Section
                    2.1

                	 	
                  Sale.

                	
                  2

                
	
                  Section
                    2.2

                	 	
                  Assignments,
                    Etc.

                	
                  3

                
	 	 
	
                  ARTICLE
                    III PURCHASE PRICE AND PAYMENT

                	
                  3

                
	
                  Section
                    3.1

                	 	
                  Purchase
                    Price.

                	
                  3

                
	
                  Section
                    3.2

                	 	
                  Payment
                    of Purchase Price.

                	
                  3

                
	 	 
	
                  ARTICLE
                    IV REPRESENTATIONS AND WARRANTIES

                	
                  4

                
	
                  Section
                    4.1

                	 	
                  Seller’s
                    Representations and Warranties.

                	
                  4

                
	
                  Section
                    4.2

                	 	
                  Representations
                    and Warranties of the Buyer.

                	
                  6

                
	 	 
	
                  ARTICLE
                    V COVENANTS

                	
                  6

                
	
                  Section
                    5.1

                	 	
                  Delivery
                    of Collections.

                	
                  6

                
	 	 
	
                  ARTICLE
                    VI MISCELLANEOUS PROVISIONS

                	
                  7

                
	
                  Section
                    6.1

                	 	
                  Amendment.

                	
                  7

                
	
                  Section
                    6.2

                	 	
                  Governing
                    Law.

                	
                  7

                
	
                  Section
                    6.3

                	 	
                  Notices.

                	
                  7

                
	
                  Section
                    6.4

                	 	
                  Severability
                    of Provisions.

                	
                  8

                
	
                  Section
                    6.5

                	 	
                  No
                    Waiver; Cumulative Remedies.

                	
                  8

                
	
                  Section
                    6.6

                	 	
                  Counterparts.

                	
                  8

                
	
                  Section
                    6.7

                	 	
                  Merger
                    and Integration.

                	
                  8

                
	
                  Section
                    6.8

                	 	
                  Headings.

                	
                  8

                
	
                  Section
                    6.9

                	 	
                  Schedules
                    and Exhibits.

                	
                  9

                
	
                  Section
                    6.10

                	 	
                  Taxes.

                	
                  9

                
	
                  Section
                    6.11

                	 	
                  No
                    Petition.

                	
                  9

                
	 	 	 	 
	Schedule
                  I	 	Schedule
                  of Collateral
                  Debt Obligations	 
	 	 	 	 
	Exhibit
                  A	 	Form of
                  Assignment	 

        

      

    

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

     

    PURCHASE
      AND SALE AGREEMENT

     

    PURCHASE
      AND SALE AGREEMENT, dated as of May 1, 2007 by and between GSC PARTNERS CDO
      FUND
      LIMITED, a company incorporated under the laws of The Cayman Islands, as seller
      (the “Seller”),
      and
      GSC INVESTMENT CORP., a Maryland corporation, as buyer (the “Buyer”).

     

    W I T N E S S E T H:

     

    WHEREAS,
      the Buyer desires to purchase from the Seller and the Seller desires to sell
      to
      the Buyer certain securities and loans originated or purchased by the Seller
      in
      its normal course of business, together with, among other things, the related
      rights of payment thereunder and the interest of the Seller in the related
      property and other interests securing the payments to be made under such
      securities and loans.

     

    NOW,
      THEREFORE, it is hereby agreed by and between the Buyer and the Seller as
      follows:

     

     

    ARTICLE
      I

    GENERAL

     

    Section
      1.1 Certain
      Defined Terms.

     

    Certain
      capitalized terms used throughout this Agreement (as defined hereunder) are
      defined above or in this Section
      1.1.
      

     

    “Agreement”
means
      this Purchase and Sale Agreement, as the same shall be amended, supplemented,
      restated or modified from time to time.

     

    “Buyer”
is
      defined in preamble.

     

    “Collateral
      Debt Obligation” means any security or loan offered for sale by the Seller to
      the Buyer pursuant to this Agreement.

     

    “Collateral
      Debt Obligation Documents” means with respect to any Collateral Debt
      Obligation, the related documentation that has been executed and delivered
      to
      the Seller or its agent by the obligor thereof or by any other person on such
      obligor’s behalf in respect of such Collateral Debt Obligation and related
      instrument, including, without limitation, general or limited guaranties and,
      for each Collateral Debt Obligation secured by real property, an assignment
      of
      mortgage.

     

    “Collateral
      Debt Obligation File” means with respect to any Collateral Debt Obligation
      each of the Collateral Debt Obligation Documents related thereto.

     

    “Purchase”
      means any transfer made hereunder pursuant to Section 2.1.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Purchase
      Date”
means
      the date of this Agreement. 

     

    “Purchase
      Price”
is
      defined in Section
      3.1.

     

    “Purchased
      Collateral Debt Obligation” means any security or loan sold or purported to
      be sold by the Seller to the Buyer pursuant to this Agreement.

     

    “Related
      Property” means with respect to a Collateral Debt Obligation, any property
      or other assets of the obligor thereunder pledged as collateral to secure the
      repayment of such Collateral Debt Obligation.

     

    “Sale
      Documents”
      is
      defined in Section
      4.1(c).

     

    “Schedule
      of Collateral Debt Obligations” is defined in Section 2.1(b).

     

    “Seller”
is
      defined in the preamble.

     

    Section
      1.2 Other
      Definitional Provisions.

     

    The
      words
“hereof,” “herein” and “hereunder” and words of similar import when used in this
      Agreement or any Sale Document shall refer to this Agreement as a whole and
      not
      to any particular provision of this Agreement; and Section, Subsection, Schedule
      and Exhibit references contained in this Agreement are references to Sections,
      Subsections, Schedules and Exhibits in or to this Agreement unless otherwise
      specified.

     

     

    ARTICLE
      II

    SALE
      AND CONVEYANCE

     

    Section
      2.1 Sale.

     

    (a)          On
      the
      Purchase Date, the Seller will sell, transfer, assign and set over and otherwise
      convey to the Buyer and the Buyer will purchase from the Seller, without
      recourse, all right, title and interest of the Seller in, to and under the
      following property, whether now existing or hereafter created or
      acquired:

     

    (i) the
      Collateral Debt Obligations identified on the applicable Schedule of Collateral
      Debt Obligations delivered by the Seller to the Buyer at least one (1) Business
      Day before the requested Purchase Date, together with all monies due or to
      become due in payment of such Collateral Debt Obligations on and after such
      Purchase Date;

     

    (ii) the
      Related Property securing such Collateral Debt Obligations, including all
      Proceeds from any sale or other disposition of such Related
      Property;

     

    (iii) the
      Collateral Debt Obligation Documents related to such Collateral Debt
      Obligations; and

     

    (iv) all
      collections and all other payments made or to be made in the future to the
      Seller with respect to such Collateral Debt Obligations by, or on behalf of,
      the

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    Obligor
      thereunder and under any guarantee or similar credit enhancement with respect
      to
      such Collateral Debt Obligations; 

     

    (b) The
      Seller
      further agrees to deliver to the Buyer a computer file or microfiche list
      containing a true and complete list of all Collateral Debt Obligations,
      identified by account number and Outstanding Obligation Balance as of the
      Purchase Date (as supplemented or modified from time to time in accordance
      with
      the provisions hereof, the “Schedule
      of Collateral Debt Obligations”).
      Such
      file or list shall be marked as Schedule
      I
      to this
      Agreement, shall be delivered to the Buyer as confidential and proprietary,
      and
      is hereby incorporated into and made a part of this Agreement.

     

    (c) In
      connection with the sale of the Collateral Debt Obligations, the Seller further
      agrees that it will, at its own expense, indicate clearly and unambiguously
      in
      its computer files, on or prior to the Purchase Date, that such Collateral
      Debt
      Obligations have been sold to the Buyer pursuant to this Agreement.

     

    Section
      2.2 Assignments,
      Etc.

     

    The
      Seller
      shall, on or prior to the Purchase Date with respect to the Collateral Debt
      Obligations, execute and deliver to the Buyer a written assignment from Seller
      to the Buyer substantially in the form of Exhibit
      A
      hereto.
      From and after the Purchase Date, such Collateral Debt Obligations and related
      interests and property shall be deemed to be part of the Purchased Collateral
      Debt Obligations hereunder.

     

     

    ARTICLE
      III

    PURCHASE
      PRICE AND PAYMENT

     

    Section
      3.1 Purchase
      Price.

     

    The
      purchase price for each Collateral Debt Obligation sold to the Buyer by the
      Seller under this Agreement (the “Purchase
      Price”)
      shall
      be the fair market value thereof as determined by the Buyer and Seller in
      accordance with the requirements of Rule 17a-7 under the Investment Company
      Act
      of 1940, as amended.

     

    Section
      3.2 Payment
      of Purchase Price.

     

    The
      Purchase Price shall be paid by, or on behalf of, the Buyer on the Purchase
      Date
      in cash, to be made
      not
      later than 3:30 p.m. (New York City time) on the date specified therefor in
      lawful money of the United States in same day funds by depositing such amounts
      in the bank account designated in writing by the Seller to the
      Buyer.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    ARTICLE
      IV

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      4.1 Seller’s
      Representations and Warranties.

     

    The
      Seller
      hereby represents and warrants to the Buyer, as of the Purchase Date,
      that:

     

    (a) Organization
      and Good Standing.
      The
      Seller is a company duly incorporated under the laws of The Cayman Islands,
      validly existing, and in good standing under the laws of the jurisdiction of
      its
      formation, and has full power, authority and legal right to own or lease its
      properties and conduct its business as such business is presently
      conducted.

     

    (b) Due
      Qualification.
      The
      Seller is qualified to do business as a corporation, is in good standing, and
      has obtained all licenses and approvals as required under the laws of all
      jurisdictions in which the ownership or lease of its property or the conduct
      of
      its business (other than the performance of its obligations hereunder) requires
      such qualification, standing, license or approval, except to the extent that
      the
      failure to so qualify, maintain such standing or be so licensed or approved
      would not have an adverse effect on the interests of the Buyer. The Seller
      is
      qualified to do business as a corporation, is in good standing, and has obtained
      all licenses and approvals as required under the laws of all states in which
      the
      performance of its obligations pursuant to this Agreement requires such
      qualification, standing, license or approval and where the failure to qualify
      or
      obtain such license or approval would have a material adverse effect on its
      ability to perform hereunder or under any other Sale Document.

     

    (c) Due
      Authorization.
      The
      execution and delivery of and performance under this Agreement and each other
      document or instrument to be delivered by the Seller hereunder or in connection
      herewith (collectively, the “Sale
      Documents”),
      and
      the consummation of the transactions provided for herein and therein have been
      duly authorized by the Seller by all necessary action on the part of the
      Seller.

     

    (d) No
      Conflict.
      The
      execution and delivery of this Agreement and each of the Sale Documents, the
      performance by the Seller of the transactions contemplated hereby and thereby
      and the fulfillment of the terms hereof and thereof will not conflict with,
      result in any breach of any of the terms and provisions of, or constitute (with
      or without notice or lapse of time or both) a default under the Seller’s bylaws
      or any material Contractual Obligation of the Seller.

     

    (e) Compliance
      With Indenture.
      All
      requirements under the Indenture dated as of April 27, 2000, as amended and
      supplemented, between GSC Partners CDO Fund Limited, as Issuer, GSC Partners
      CDO
      Fund Corp., as Co-Issuer, Financial Security Assurance Inc., as Insurer, and
      First Union National Bank, as Trustee, relating to the sale of the property
      sold
      by Seller to Buyer pursuant to this Agreement, and the application of the
      purchase price paid therefore, have been and will be complied with.

     

    (f) No
      Violation.
      The
      execution and delivery of this Agreement and each of the Sale Documents, the
      performance of the transactions contemplated hereby and thereby and the
      fulfillment of the terms hereof and thereof will not conflict with or violate
      any applicable law in a manner that could reasonably be expected to have a
      material adverse effect on its ability to perform hereunder or under any other
      Sale Document.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    (g) No
      Proceedings.
      There
      are no proceedings or investigations pending or, to the best knowledge of the
      Seller, threatened against the Seller, before any Governmental Authority (i)
      asserting the invalidity of this Agreement or any of the Sale Documents, (ii)
      seeking to prevent the consummation of any of the transactions contemplated
      by
      this Agreement or any of the Sale Documents or (iii) seeking any determination
      or ruling that could reasonably be expected to have a material adverse effect
      on
      its ability to perform hereunder or under any other Sale Document.

     

    (h) All
      Consents Required.
      All
      material approvals, authorizations, consents, orders or other actions of any
      Person or of any Governmental Authority (if any) required in connection with
      the
      due execution, delivery and performance by the Seller of this Agreement and
      the
      Sale Documents have been obtained.

     

    (i) Solvency.
      The
      transactions contemplated under this Agreement and each Sale Document do not
      and
      will not render the Seller not Solvent.

     

    (j) Taxes.
      The
      Seller has filed or caused to be filed all Tax returns required to be filed
      by
      it. The Seller has paid all Taxes and all assessments made against it or any
      of
      its property (other than any amount of Tax the validity of which is currently
      being contested in good faith by appropriate proceedings and with respect to
      which reserves in accordance with GAAP have been provided on the books of the
      Seller), and no Tax lien has been filed and, to the Seller’s knowledge, no claim
      is being asserted, with respect to any such Tax, fee or other
      charge.

     

    (k) Agreements
      Enforceable.
      This
      Agreement and each Sale Document constitutes the legal, valid and binding
      obligation of the Seller, enforceable against the Seller in accordance with
      their respective terms, except as such enforceability may be limited by
      Insolvency Laws and except as such enforceability may be limited by general
      principles of equity (whether considered in a suit at law or in
      equity).

     

    (l) No
      Liens.
      Upon the
      sale, transfer or assignment of the Collateral Debt Obligations hereunder,
      the
      Buyer shall acquire absolute title to and valid ownership of each such
      Collateral Debt Obligation, free and clear of any Lien. 

     

    (m) Value
      Given.
      The
      Purchase Price received by the Seller for each Purchased Collateral Debt
      Obligation under this Agreement constitutes reasonably equivalent value therefor
      and the transfer by the Seller thereof to the Buyer was not made for or on
      account of an antecedent debt owed by the Seller to the Buyer, and such transfer
      was not and is not voidable or subject to avoidance under any Insolvency
      Law.

     

    (n) ERISA.
      The
      Seller is in compliance in all material respects with all applicable provisions
      of ERISA and has not incurred and does not expect to incur any liabilities
      (except for premium payments arising in the ordinary course of business) payable
      to the Pension Benefit Guaranty Corporation under ERISA.

     

    (o) Investment
      Company Act.
      The
      Seller is not required to registered as an “investment company” within the
      meaning of the Investment Company Act of 1940, as amended (the “1940
      Act”);

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    The
      representations and warranties set forth in this Section
      4.1
      shall
      survive the sale, transfer and assignment of the Collateral Debt Obligations
      to
      the Buyer. Upon discovery by the Seller or the Buyer of a breach of any of
      the
      foregoing representations and warranties, the party discovering such breach
      shall give prompt written notice thereof to the other immediately upon obtaining
      knowledge of such breach.

     

    Section
      4.2 Representations
      and Warranties of the Buyer.

     

    The
      Buyer
      hereby represents and warrants to the Seller, as of the Purchase Date,
      that:

     

    (a) Organization
      and Good Standing.
      The
      Buyer is a Maryland corporation duly organized, validly existing, and in good
      standing under the laws of the jurisdiction of its formation, and has full
      power, authority and legal right to own or lease its properties and conduct
      its
      business as such business is presently conducted.

     

    (b) Due
      Qualification.
      The
      Buyer is duly qualified to do business and is in good standing as a limited
      liability company, and has obtained or will obtain all necessary licenses and
      approvals, in each jurisdiction in which the nature of its business requires
      it
      to be so qualified.

     

    (c) Due
      Authorization.
      The
      execution and delivery of this Agreement and the consummation of the
      transactions provided for herein have been duly authorized by the Buyer by
      all
      necessary action on the part of the Buyer.

     

    (d) No
      Conflict.
      The
      execution and delivery of this Agreement, the performance by the Buyer of the
      transactions contemplated hereby and the fulfillment of the terms hereof will
      not conflict with or result in any breach of any of the terms and provisions
      of,
      and will not constitute (with or without notice or lapse of time or both) a
      default under, the Buyer’s limited liability company agreement.

     

    (e) No
      Violation.
      The
      execution and delivery of this Agreement, the performance of the transactions
      contemplated hereby and the fulfillment of the terms hereof will not conflict
      with or violate, in any material respect, any requirements of laws applicable
      to
      the Buyer.

     

    (f) No
      Proceedings.
      There
      are no proceedings or investigations pending or, to the best knowledge of the
      Buyer, threatened against the Buyer, before any court, regulatory body,
      administrative agency, or other tribunal or Governmental Authority (i) asserting
      the invalidity of this Agreement, (ii) seeking to prevent the consummation
      of
      any of the transactions contemplated by this Agreement, or (iii) seeking any
      determination or ruling that could reasonably be expected to be adversely
      determined which would, if adversely determined, materially and adversely affect
      the performance by the Buyer of its obligations under this
      Agreement.

     

     

    ARTICLE
      V

    COVENANTS

     

    Section
      5.1 Delivery
      of Collections.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    The
      Seller
      hereby covenants that if the Seller shall receive any collections or other
      payments with respect to any Purchased Collateral Debt Obligations by, or on
      behalf of, the Obligor thereunder and under any guarantee or similar credit
      enhancement with respect to such Collateral Debt Obligations, the Seller agrees
      to promptly pay to the Buyer, or an account designated by the Buyer, such
      collections and other payments. Further, on or before the Purchase Date, the
      Seller shall instruct the applicable obligors or payment agents for the
      Purchased Collateral Debt Obligations to make payments in respect of such
      Purchased Collateral Debt Obligations to the Buyer, or an account designated
      by
      the Buyer.

     

     

    ARTICLE
      VI

    MISCELLANEOUS
      PROVISIONS

     

    Section
      6.1 Amendment.

     

    This
      Agreement and the rights and obligations of the parties hereunder may not be
      amended, waived or changed orally, but only by an instrument in writing signed
      by the Buyer and the Seller. The Buyer shall provide not less than ten (10)
      Business Days prior written notice of any such amendment to the Administrative
      Agent.

     

    Section
      6.2 Governing
      Law.

     

    THIS
      AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
      OF
      THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO HEREBY AGREES TO THE
      JURISDICTION OF ANY FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH
      OF
      THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS,
      AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE
      AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE
      RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

     

    Section
      6.3 Notices.

     

    All
      notices and other communications provided for hereunder shall, unless otherwise
      stated herein, be in writing (including telex communication and communication
      by
      facsimile copy) and mailed, telexed, transmitted or delivered, as to each party
      hereto, at its address set forth below or at such other address as shall be
      designated by such party in a written notice to the other party hereto. All
      such
      notices and communications shall be effective upon receipt, or in the case
      of
      (a) notice by mail, five days after being deposited in the United States mail,
      first class postage prepaid, (b) notice by telex, when telexed against receipt
      of answer back, or (c) notice by facsimile copy, when verbal communication
      of
      receipt is obtained.

     

    (a) In
      the
      case of notice to the Buyer, to:

    
       

      GSC
        INVESTMENT CORP.

      
        12
          East
          49th Street, Suite 3200

        New
          York,
          New York 10017

      

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Attention:
      General Counsel

    Facsimile
      No.: (212) 884-6184

    Confirmation
      No.: (212) 884-6200

     

    (b) In
      the
      case of notice to the Seller, to:

     

    GSC
      PARTNERS CDO FUND LIMITED

    P.O.
      Box
      1984 GT

    Elizabethan
      Square

    George
      Town, Grand Cayman KY1-1104

    Cayman
      Islands

     

    Section
      6.4 Severability
      of Provisions.

     

    If
      any one
      or more of the covenants, agreements, provisions or terms of this Agreement
      or
      any of the Sale Documents shall for any reason whatsoever be held invalid,
      then
      such covenants, agreements, provisions, or terms shall be deemed severable
      from
      the remaining covenants, agreements, provisions, or terms of this Agreement
      and
      the Sale Documents and shall in no way affect the validity or enforceability
      of
      the other provisions of this Agreement or any of the Sale
      Documents.

     

    Section
      6.5 No
      Waiver; Cumulative Remedies.

     

    No
      failure
      to exercise and no delay in exercising, on the part of the Buyer or the Seller,
      any right, remedy, power or privilege hereunder, shall operate as a waiver
      thereof; nor shall any single or partial exercise of any right, remedy, power
      or
      privilege hereunder preclude any other or further exercise thereof or the
      exercise of any other right, remedy, power or privilege. The rights, remedies,
      powers and privileges herein provided are cumulative and not exhaustive of
      any
      rights, remedies, powers and privilege provided by law.

     

    Section
      6.6 Counterparts.

     

    This
      Agreement may be executed in two or more counterparts including facsimile
      transmission thereof (and by different parties on separate counterparts), each
      of which shall be an original, but all of which together shall constitute one
      and the same instrument.

     

    Section
      6.7 Merger
      and Integration.

     

    Except
      as
      specifically stated otherwise herein, this Agreement, together with the Credit
      Agreement and the other Transaction Documents, to the extent that a party is
      a
      signatory thereto, sets forth the entire understanding of the parties relating
      to the subject matter hereof, there are no other agreements between the parties
      for transactions relating to or similar to the transactions contemplated by
      this
      Agreement, and all prior understandings, written or oral, are superseded by
      this
      Agreement. This Agreement may not be modified, amended, waived or supplemented
      except as provided herein.

     

    Section
      6.8 Headings.

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    The
      headings herein are for purposes of reference only and shall not otherwise
      affect the meaning or interpretation of any provision hereof.

     

    Section
      6.9 Schedules
      and Exhibits.

     

    The
      schedules and exhibits attached hereto and referred to herein shall constitute
      a
      part of this Agreement and are incorporated into this Agreement for all
      purposes.

     

    Section
      6.10 Taxes.

     

    The
      Seller
      shall pay on demand any and all stamp, sales, excise and other taxes (excluding
      income and franchise taxes of the Buyer) and fees payable or determined to
      be
      payable in connection with the execution, delivery, filing and recording of
      this
      Agreement or any agreement or other document delivered in connection with this
      Agreement.

     

    Section
      6.11 No
      Petition.

     

    From
      the
      date hereof to and until the date which is one year and one day following the
      date on which all amounts due with respect to any indebtedness of the Seller
      shall have been paid in full in cash, the Buyer shall not, directly or
      indirectly, institute or cause to be instituted against the Seller any
      bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding
      or
      other proceeding under any federal or state bankruptcy or similar law or
      cooperate with or encourage any other Person to take such action; provided,
      that the
      foregoing shall not in any way limit the Buyer’s right to pursue any other
      creditor rights or remedies that the Seller may have under applicable law.
      The
      Buyer agrees that any amounts payable by the Seller hereunder are solely
      corporate obligations of the Seller and shall be payable solely to the extent
      that the Seller has funds available to make such payments in accordance with
      its
      organizational documents and the Transaction Documents. The provisions of this
      Section
      6.11
      shall
      survive the termination of this Agreement for any reason
      whatsoever.

     

    

     

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

     

     

     

     

     

     

    

    
      
        
          

           

        

        
        

      

      
        9

        
          

        

      

      
        
        

        
        

      

    

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

     

    
      	 	 	 
	 	
              GSC
                INVESTMENT CORP.

            	 
	 	 	 
	 	 	 
	 	
              By:

            	/s/
              Thomas V. Inglesby	 
	 	
               

            	
              Name:
                Thomas V. Inglesby

            	 
	 	
               

            	
              Title:
                President

            	 
	 	 	 
	 	 	 
	 	
              GSC
                PARTNERS CDO FUND LIMITED

            	 
	 	 	 
	 	 	 
	 	
              By:

            	/s/
              Alan Corkish	 
	 	 	Name: Alan
              Corkish	 
	 	 	Title:
              Director	 

    

    
    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    SCHEDULE
      I

     

    SCHEDULE
      OF COLLATERAL DEBT OBLIGATIONS 

     

    

     

    

     

    

     

    

    
      
        
           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

    EXHIBIT
      A

     

    FORM
      OF
      ASSIGNMENT

     

    ASSIGNMENT,
      dated as of ____________, from GSC PARTNERS CDO FUND LIMITED, a company
      incorporated under the laws of The Cayman Islands (the “Seller”),
      to GSC
      INVESTMENT CORP, a Maryland corporation (the “Buyer”).

     

    1. We
      refer
      to the Purchase and Sale Agreement, dated as of May 1, 2007 (as amended,
      modified, supplemented or restated from time to time, the “Agreement”),
      by and
      between the Seller and the Buyer. All capitalized terms used herein shall have
      the meanings set forth in the Agreement.

     

    2. The
      Seller
      does hereby convey, set over and assign to the Buyer, without recourse, all
      of
      the Seller’s right, title and interest in and to the following, in each case
      whether now or hereafter existing or in which the Seller now has or hereafter
      acquires an interest and wherever the same may be located:

     

    (i) the
      Collateral Debt Obligations identified on the applicable Schedule of Collateral
      Debt Obligations delivered by the Seller to the Buyer at least one (1) Business
      Day before the requested Purchase Date, together with all monies due or to
      become due in payment of such Collateral Debt Obligations on and after such
      Purchase Date;

     

    (ii) the
      Related Property securing such Collateral Debt Obligations, including all
      proceeds from any sale or other disposition of such Related
      Property;

     

    (iii) the
      Collateral Debt Obligation Documents related to such Collateral Debt
      Obligations;

     

    (iv) all
      Supplemental Interests related to such Collateral Debt Obligations;

     

    (v) all
      Collections and all other payments made or to be made in the future with respect
      to such Collateral Debt Obligations or by the obligor thereunder and under
      any
      guarantee or similar credit enhancement with respect to such Collateral Debt
      Obligations; and

     

    (vi) all
      income
      and proceeds of the foregoing.

     

    3. Simultaneously
      with the execution and delivery hereof the Seller has delivered to or at the
      direction of the Buyer such endorsements and assignments, made without recourse,
      of the Collateral Debt Obligation Files as are necessary to properly complete
      the absolute assignment of the Collateral Debt Obligations to the
      Buyer.

     

    4. THIS
      CERTIFICATE OF ASSIGNMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
      WITH
      THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CHOICE OF LAW
      PROVISIONS.

     

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    IN
      WITNESS
      WHEREOF, the Seller has caused this Assignment to be executed by its authorized
      officer as of the date first above written.

     

    
      	 	
              GSC
                PARTNERS CDO FUND LIMITED

            	 
	 	 	 
	 	 	 
	 	
              By:

            	 	 
	 	 	
              Name:

            	 	 
	 	 	
              Title:Unassociated Document

    EXHIBIT
      10.3

    
      

    

    
      

    

    
      	
               

              $25,708,119

               

              CREDIT
                AGREEMENT

               

              Dated
                as of May 1, 2007

               

              Among

               

              GSC
                INVESTMENT FUNDING II LLC

               

              as
                the Borrower

               

              GSC
                INVESTMENT CORP.

               

              as
                the Performance Guarantor

               

              GSCP
                (NJ), L.P.

               

              as
                the Servicer

               

              THE
                FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO

               

              as
                Committed Lenders

               

              THE
                COMMERCIAL PAPER LENDERS FROM TIME TO TIME PARTY HERETO

               

              as
                CP Lenders

               

              THE
                FINANCIAL INSTITUTIONS FROM TIME TO TIME PARTY HERETO

               

              as
                Managing Agents

               

              DEUTSCHE
                BANK AG, NEW YORK BRANCH

              as
                the Administrative Agent

               

              and

               

              U.S.
                BANK NATIONAL ASSOCIATION

              as
                Trustee and Backup Servicer

            

    

    

    

    
       

    

     

    
      
        
        

      

      
        
        

        
        

      

      
        
        

      

    

     

    TABLE
      OF CONTENTS

     

    
      	 	 	 	Page
	 	 	 	 
	
              ARTICLE
                I DEFINITIONS

            	
              1

            
	
              Section
                1.1

            	 	
              Certain
                Defined Terms

            	
              1

            
	
              Section
                1.2

            	 	
              Other
                Terms.

            	
              26

            
	
              Section
                1.3

            	 	
              Computation
                of Time Periods.

            	
              27

            
	
              Section
                1.4

            	 	
              Interpretation.

            	
              27

            
	 	 
	
              ARTICLE
                II THE LOAN

            	
              27

            
	
              Section
                2.1

            	 	
              The
                Loans.

            	
              27

            
	
              Section
                2.2

            	 	
              [Reserved].

            	
              28

            
	
              Section
                2.3

            	 	
              Prepayments.

            	
              28

            
	
              Section
                2.4

            	 	
              Principal
                Repayments.

            	
              28

            
	
              Section
                2.5

            	 	
              The
                Notes.

            	
              29

            
	
              Section
                2.6

            	 	
              Interest
                Payments.

            	
              29

            
	
              Section
                2.7

            	 	
              Settlement
                Procedures.

            	
              30

            
	
              Section
                2.8

            	 	
              Collections
                and Allocations.

            	
              32

            
	
              Section
                2.9

            	 	
              Payments,
                Computations, Etc.

            	
              33

            
	
              Section
                2.10

            	 	
              Breakage
                Costs.

            	
              33

            
	
              Section
                2.11

            	 	
              Increased
                Costs; Capital Adequacy; Illegality.

            	
              34

            
	
              Section
                2.12

            	 	
              Taxes.

            	
              35

            
	
              Section
                2.13

            	 	
              [Reserved].

            	
              37

            
	
              Section
                2.14

            	 	
              Liquidation
                of Collateral Debt Obligations.

            	
              37

            
	
              Section
                2.15

            	 	
              Certain
                Trading Restrictions.

            	
              38

            
	 	 
	
              ARTICLE
                III CONDITIONS OF EFFECTIVENESS AND ADVANCES

            	
              39

            
	
              Section
                3.1

            	 	
              Conditions
                to Effectiveness and Loans.

            	
              39

            
	 	 
	
              ARTICLE
                IV REPRESENTATIONS AND WARRANTIES

            	
              39

            
	
              Section
                4.1

            	 	
              Representations
                and Warranties of the Borrower.

            	
              39

            
	 	 
	
              ARTICLE
                V GENERAL COVENANTS OF THE BORROWER

            	
              43

            
	
              Section
                5.1

            	 	
              Covenants
                of the Borrower.

            	
              43

            
	
              Section
                5.2

            	 	
              Hedging
                Agreement.

            	
              49

            
	
              Section
                5.3

            	 	
              Accounts.

            	
              50

            
	
              Section
                5.4

            	 	
              Delivery
                of Collateral Debt Obligation Files.

            	
              51

            
	 	 
	
              ARTICLE
                VI SECURITY INTEREST

            	
              52

            
	
              Section
                6.1

            	 	
              Security
                Interest.

            	
              52

            
	
              Section
                6.2

            	 	
              Remedies.

            	
              53

            
	
              Section
                6.3

            	 	
              Release
                of Liens.

            	
              53

            
	
              Section
                6.4

            	 	
              Assignment
                of the Purchase Agreement.

            	
              54

            
	 	 
	
              ARTICLE
                VII ADMINISTRATION, SERVICING AND MANAGEMENT OF COLLATERAL DEBT
                OBLIGATIONS

            	
              55

            

    

     

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    
 

    
      	
              Section
                7.1

            	 	
              Appointment
                of the Servicer.

            	
              55

            
	
              Section
                7.2

            	 	
              Duties
                and Responsibilities of the Servicer.

            	
              55

            
	
              Section
                7.3

            	 	
              Authorization
                of the Servicer.

            	
              56

            
	
              Section
                7.4

            	 	
              Collection
                of Payments.

            	
              57

            
	
              Section
                7.5

            	 	
              Representations
                and Warranties of the Servicer.

            	
              58

            
	
              Section
                7.6

            	 	
              Covenants
                of the Servicer.

            	
              59

            
	
              Section
                7.7

            	 	
              Payment
                of Certain Expenses by Servicer.

            	
              62

            
	
              Section
                7.8

            	 	
              Reports.

            	
              62

            
	
              Section
                7.9

            	 	
              Limitation
                on Liability of the Servicer and Others.

            	
              62

            
	
              Section
                7.10

            	 	
              The
                Servicer Not to Resign.

            	
              62

            
	
              Section
                7.11

            	 	
              Access
                to Certain Documentation and Information Regarding the Collateral
                Debt
                Obligations.

            	
              63

            
	
              Section
                7.12

            	 	
              Servicer
                Termination Events.

            	
              63

            
	
              Section
                7.13

            	 	
              Appointment
                of Successor Servicer.

            	
              65

            
	
              Section
                7.14

            	 	
              Market
                Servicing Fee.

            	
              66

            
	
              Section
                7.15

            	 	
              The
                Trustee.

            	
              66

            
	
              Section
                7.16

            	 	
              [Reserved].

            	
              71

            
	
              Section
                7.17

            	 	
              Representations
                and Warranties of the Trustee.

            	
              71

            
	
              Section
                7.18

            	 	
              Covenants
                of the Trustee.

            	
              72

            
	
              Section
                7.19

            	 	
              The
                Backup Servicer.

            	
              73

            
	
              Section
                7.20

            	 	
              Representations
                and Warranties of the Backup Servicer.

            	
              77

            
	
              Section
                7.21

            	 	
              Covenants
                of the Backup Servicer.

            	
              77

            
	 	 
	
              ARTICLE
                VIII EVENTS OF DEFAULT

            	
              78

            
	
              Section
                8.1

            	 	
              Events
                of Default.

            	
              78

            
	
              Section
                8.2

            	 	
              Remedies.

            	
              80

            
	 	 
	
              ARTICLE
                IX INDEMNIFICATION

            	
              81

            
	
              Section
                9.1

            	 	
              Indemnities
                by the Borrower.

            	
              81

            
	
              Section
                9.2

            	 	
              Indemnities
                by the Servicer.

            	
              83

            
	 	 
	
              ARTICLE
                X THE ADMINISTRATIVE AGENT AND THE MANAGING AGENTS

            	
              84

            
	
              Section
                10.1

            	 	
              Authorization
                and Action.

            	
              84

            
	
              Section
                10.2

            	 	
              Delegation
                of Duties.

            	
              85

            
	
              Section
                10.3

            	 	
              Exculpatory
                Provisions.

            	
              85

            
	
              Section
                10.4

            	 	
              Reliance.

            	
              86

            
	
              Section
                10.5

            	 	
              Non-Reliance
                on Administrative Agent, Managing Agents and Other
                Lenders.

            	
              87

            
	
              Section
                10.6

            	 	
              Reimbursement
                and Indemnification.

            	
              87

            
	
              Section
                10.7

            	 	
              Administrative
                Agent and Managing Agents in their Individual Capacities.

            	
              87

            
	
              Section
                10.8

            	 	
              Successor
                Administrative Agent or Managing Agent.

            	
              88

            
	 	 
	
              ARTICLE
                XI ASSIGNMENTS; PARTICIPATIONS

            	
              88

            
	
              Section
                11.1

            	 	
              Assignments
                and Participations.

            	
              88

            
	 	 
	
              ARTICLE
                XII MISCELLANEOUS

            	
              91

            

    

     

     

    
      
        
        

      

      
        ii

        
          

        

      

      
        
        

      

    

    
 

    
      	
              Section
                12.1

            	 	
              Amendments
                and Waivers.

            	
              91

            
	
              Section
                12.2

            	 	
              Notices,
                Etc.

            	
              92

            
	
              Section
                12.3

            	 	
              No
                Waiver, Rights and Remedies.

            	
              92

            
	
              Section
                12.4

            	 	
              Binding
                Effect.

            	
              93

            
	
              Section
                12.5

            	 	
              Term
                of this Agreement.

            	
              93

            
	
              Section
                12.6

            	 	
              GOVERNING
                LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO
                VENUE.

            	
              93

            
	
              Section
                12.7

            	 	
              WAIVER
                OF JURY TRIAL.

            	
              93

            
	
              Section
                12.8

            	 	
              Costs,
                Expenses and Taxes.

            	
              94

            
	
              Section
                12.9

            	 	
              No
                Proceedings.

            	
              94

            
	
              Section
                12.10

            	 	
              Recourse
                Against Certain Parties.

            	
              95

            
	
              Section
                12.11

            	 	
              Protection
                of Security Interest; Appointment of Administrative Agent as
                Attorney-in-Fact.

            	
              95

            
	
              Section
                12.12

            	 	
              Confidentiality.

            	
              96

            
	
              Section
                12.13

            	 	
              Execution
                in Counterparts; Severability; Integration.

            	
              97

            
	
              Section
                12.14

            	 	
              Performance
                Undertaking.

            	
              98

            

    

    

    

    EXHIBITS

     

    
      	
              EXHIBIT
                A

            	
              Form
                of Periodic Report

            
	
              EXHIBIT
                B

            	
              Form
                of Note

            
	
              EXHIBIT
                C

            	
              Form
                of Assignment and Acceptance

            
	
              EXHIBIT
                D

            	
              Reserved

            
	
              EXHIBIT
                E

            	
              [Reserved]

            
	
              EXHIBIT
                F

            	
              Form
                of Servicer’s Certificate

            
	
              EXHIBIT
                G

            	
              Form
                of Trust Receipt and Initial Certification

            
	
              EXHIBIT
                H

            	
              Form
                of Trust Receipt and Monthly Certification

            
	
              EXHIBIT
                I

            	
              Form
                of Assignment of Mortgage

            
	
              EXHIBIT
                J

            	
              Form
                of Request for Release of Collateral Debt Obligation File and
                Receipt

            
	
              EXHIBIT
                K

            	
              Reserved

            
	
              EXHIBIT
                L

            	
              Form
                of Account Control Agreement

            
	
              EXHIBIT
                M

            	
              Credit
                Report and Transaction Summary

            

    

     

    SCHEDULES

     

    
      	
              SCHEDULE
                I

            	
              Schedule
                of Documents

            
	
              SCHEDULE
                II

            	
              List
                of Collection Account and Securities Accounts

            
	
              SCHEDULE
                III

            	
              Schedule
                of Collateral Debt Obligation

            
	
              SCHEDULE
                IV

            	
              Reserved

            
	
              SCHEDULE
                V

            	
              Location
                of Collateral Debt Obligation Files

            
	 	 

    

    

    

    
      
        
        

      

      
        iii

        
          

        

      

      
        
        

      

    

    

    THIS
      CREDIT AGREEMENT is
      made as
      of May
      1,
      2007,
      among:

     

    (1) GSC
      INVESTMENT FUNDING II LLC, a Delaware limited liability company, as borrower
      (the “Borrower”);

     

    (2) GSC
      INVESTMENT CORP., a Maryland corporation, as Performance Guarantor (the
“Performance
      Guarantor”);

     

    (3) GSCP
      (NJ),
      L.P., a Delaware limited partnership, as Servicer (the “Servicer”);
      

     

    (4) Each
      financial institution from time to time party hereto as a “Committed Lender” and
      their respective successors and assigns (collectively, the “Committed
      Lenders”);

     

    (5) Each
      commercial paper issuer from time to time party hereto as a “CP Lender” and
      their respective successors and assigns (collectively, the “CP
      Lenders”);

     

    (6) Each
      financial institution from time to time party hereto as a “Managing Agent” and
      their respective successors and assigns (collectively, the “Managing
      Agents”);

     

    (7) DEUTSCHE
      BANK AG, NEW
      YORK
      BRANCH,
      as
“Administrative Agent” and its respective successors and assigns (the
“Administrative
      Agent”);
      and

     

    (8) U.S.
      BANK
      NATIONAL ASSOCIATION, a national banking association (“U.S.
      Bank”),
      not in
      its individual capacity, but solely as the trustee (together with its successors
      and assigns in such capacity, the “Trustee”)
      and as
      backup servicer (the “Backup
      Servicer”).

     

    IT
      IS
      AGREED as follows:

     

    ARTICLE
      I

     

    DEFINITIONS

     

    Section
      1.1 Certain
      Defined Terms.

     

    (a) Certain
      capitalized terms used throughout this Agreement are defined above or in
this
      Section
      1.1.

     

    (b) As
      used in
      this Agreement and its exhibits, the following terms shall have the following
      meanings (such meanings to be equally applicable to both the singular and plural
      forms
      of
      the terms defined).

     

    “1940
      Act”
is
      defined in Section
      4.1(x).

     

    “Account
      Control Agreement”
means
      the Securities Account Control Agreement, dated as of May 1, 2007, by and among
      U.S. Bank National Association as Trustee and Securities Intermediary, the
      Borrower, the Servicer and the Administrative Agent, substantially in the form
      of Exhibit
      L.

     

    “Additional
      Amount”
is
      defined in Section
      2.12.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    “Adjusted
      Collateral Balance”
means
      on
      any day, the sum of (i) the Aggregate Outstanding Principal Balance and (ii)
      the
      amount of cash and cash equivalents held in the Collection Account.

     

    “Adjusted
      Eurodollar Rate”
means
      for any Settlement Period, an interest rate per annum equal to the quotient,
      expressed as a percentage and rounded upwards (if necessary), to the nearest
      1/100 of 1%, (i) the numerator of which is equal to the LIBO Rate for such
      Settlement Period and (ii) the denominator of which is equal to 100%
minus
      the
      Eurodollar Reserve Percentage for such Settlement Period.

     

    “Administrative
      Agent”
is
      defined in the preamble hereto.

     

    “Adverse
      Claim”
means
      a
      lien, security interest, pledge, charge, encumbrance or other right or claim
      of
      any Person.

     

    “Affected
      Committed Lender”
is
      defined
      in
Section
      11.1(c).

     

    “Affected
      Party”
is
      defined in Section
      2.11(a).

     

    “Affiliate”
with
      respect to a Person, means any other Person controlling, controlled by or under
      common control with such Person. For purposes of this definition, “control” when
      used with respect to any specified Person means the power to direct the
      management and policies of such Person, directly or indirectly, through the
      ownership of voting securities; and the terms “controlling” or “controlled” have
      meanings correlative to the foregoing.

     

    “Agent’s
      Account”
means
      Account number 1300221710 at Deutsche Bank AG, New York Branch.

     

    “Aggregate
      Outstanding Principal Balance”
means,
      on any day, the sum of (i) the Outstanding Principal Balances of all Collateral
      Debt Obligations (except Defaulted Obligations) included as part of the
      Collateral on such date and (ii) the Moody’s Collateral Value of all Defaulted
      Obligations on such date.

     

    “Agreement”
or
      “Credit
      Agreement”
      means
      this Credit Agreement, dated as of May 1, 2007, as hereafter amended, modified,
      supplemented or restated from time to time.

     

    “Alternative
      Rate”
means
      an
      interest rate per annum equal to the Adjusted Eurodollar Rate; provided,
      however,
      that the
      Alternative Rate shall be the Base Rate if a Eurodollar Disruption Event occurs;
      and, provided,
      further,
      that the
      Alternative Rate for the first two (2) Business Days following any Loan funded
      by a Committed Lender shall be the Base Rate unless such Committed Lender has
      received at least two (2) Business Days’ prior notice of such
      funding.

     

    “Applicable
      Law”
means,
      for any Person, all existing and future applicable laws, rules, regulations
      (including proposed, temporary and final income tax regulations), statutes,
      treaties, codes, ordinances, permits, certificates, orders and licenses of
      and
      interpretations by any Governmental Authority (including, without limitation,
      usury laws, the Federal Truth in Lending Act, and Regulation Z, Regulation
      W,
      Regulation U and Regulation B of the Federal Reserve

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    Board),
      and applicable judgments, decrees, injunctions, writs, orders, or line action
      of
      any court, arbitrator or other administrative, judicial, or quasi-judicial
      tribunal or agency of competent jurisdiction.

     

    “Applicable
      Margin”
      is
      defined
      in
      the Fee Letter.

     

    “Assigned
      Moody’s Rating”
means,
      with respect to any Collateral Debt Obligation as of any date of determination,
      the monitored publicly available rating expressly assigned to such Collateral
      Debt Obligation by Moody’s or S&P that addresses the full amount of the
      principal and interest payable on such Collateral Debt Obligation; provided,
      however,
      (i) that
      any such rating, if assigned by S&P, shall be converted to the equivalent
      Moody’s rating and (ii) that if a Collateral Debt Obligation is rated by both
      Moody’s and S&P, the Assigned Moody’s Rating shall be the lower of the two
      assigned ratings.

     

    “Assignment
      and Acceptance”
is
      defined in Section
      11.1(b).

     

    “Assignment
      of Mortgage”
means
      as
      to each Collateral Debt Obligation secured by an interest in real property,
      one
      or more assignments, notices of transfer or equivalent instruments, each in
      recordable form and sufficient under the laws of the relevant jurisdiction
      to
      reflect the transfer of the related mortgage, deed of trust, security deed
      or
      similar security instrument and all other documents related to such Collateral
      Debt Obligation and to the Borrower, each such Assignment of Mortgage to be
      substantially in the form of Exhibit
      I
      hereto.

     

    “Available
      Collections”
is
      defined in Section
      2.7(a).

     

    “Backup
      Servicer”
means
      U.S. Bank National Association, in its capacity as Backup Servicer hereunder,
      together with its successors and assigns.

     

    “Backup
      Servicer and Trustee Fee Letter”
means
      the Backup Servicer and Trustee Fee Letter, dated as of the date hereof among
      the Borrower, the Trustee, the Administrative Agent and the Backup Servicer,
      as
      the same may from time to time be amended, waived or modified. 

     

    “Backup
      Servicer Expenses”
      means
      the
      out-of-pocket expenses to be paid to the Backup Servicer under the Backup
      Servicer and Trustee Fee Letter.

     

    “Backup
      Servicer Fee”
means
      the fee to be paid to the Backup Servicer as set forth in the Backup
      Servicer and Trustee Fee Letter.

     

    “Bankruptcy
      Code”
means
      The United States Bankruptcy Reform Act of 1978 (11 U.S.C. §§ 101, et seq.),
      as
      amended from time to time.

     

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

     

    “Benefit
      Plan”
means
      any employee benefit plan as defined in Section 3(3) of ERISA in respect of
      which the Borrower or any ERISA Affiliate of the Borrower is, or at any time
      during the immediately preceding six years was, an “employer” as defined in
      Section 3(5) of ERISA.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    “Borrower”
means
      GSC Investment Funding II LLC, a Delaware limited liability company, or any
      permitted successor thereto.

     

    “Breakage
      Costs”
is
      defined in Section
      2.10.

     

    “Business
      Day”
means
      any day of the year other than a Saturday or a Sunday on which (a) (i) banks
      are
      not required or authorized to be closed in New York, New York, New Jersey and
      North Carolina or (ii) which is not a day on which the Bond Market Association
      recommends a closed day for the U.S. Bond Market, and (b) if the term “Business
      Day” is used in connection with the Adjusted Eurodollar Rate, means the
      foregoing only if such day is also a day of year on which dealings in United
      States dollar deposits are carried on in the London interbank
      market.

     

    “Change-in-Control”
means
      with respect to any entity, the date on which (i) any Person or “group” acquires
      any “beneficial ownership” (as such terms are defined under Rule 13d-3 of, and
      Regulation 13D under, the Securities Exchange Act of 1934, as amended), either
      directly or indirectly, of membership interests or other equity interests or
      any
      interest convertible into any such interest in such entity having more than
      50%
      of the voting power for the election of managers of such entity, if any, under
      ordinary circumstances, or (ii) (with regard to the Borrower, except in
      connection with any permitted Liquidation) such entity sells, transfers,
      conveys, assigns or otherwise disposes of all or substantially all of the assets
      of such entity.

     

    “Closing
      Date”
means
      May 1, 2007.

     

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

     

    “Collateral”
means
      all right, title and interest of the Borrower in, to and under the securities,
      loans, investment property, general intangibles, financial assets and other
      personal property of the Borrower, whether now owned or hereafter acquired
      or
      arising, and wherever located, including, without limitation the
      following:

     

    (i) the
      Collateral Debt Obligations, and all monies due or to become due in payment
      of
      such Collateral Debt Obligations on and after the related Purchase
      Date;

     

    (ii) any
      Related Property securing the Collateral Debt Obligations including all Proceeds
      from any sale or other disposition of such Related Property;

     

    (iii) the
      Collateral Debt Obligation Documents relating to the Collateral Debt
      Obligations;

     

    (iv) the
      Collection Account and the Reserve Account, all funds held in such accounts,
      and
      all certificates and instruments, if any, from time to time representing or
      evidencing such accounts or such funds;

     

    (v) all
      Collections and all other payments made or to be made in the future with respect
      to the Collateral Debt Obligations, including such payments under any guarantee
      or similar credit enhancement with respect to such Collateral Debt
      Obligations;

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (vi) all
      Hedge
      Collateral;

     

    (vii) all
      right,
      title and interest (but none of the obligations) in, to and under the Purchase
      Agreement; and

     

    (viii) all
      income
      and Proceeds of the foregoing.

     

    In
      no
      event shall Collateral include Supplemental Interests.

     

    “Collateral
      Debt Obligation”
means
      on
      any date of determination, a security or loan which satisfies each of the
      following requirements:

     

    (i) such
      security or loan is denominated in Dollars;

     

    (ii) such
      security or loan is not an equity security;

     

    (iii) such
      security or loan has not been amended to (A) reduce the amount (other than
      by
      reason of the repayment thereof) or extend the time for payment of principal
      or
      (B) reduce the rate or extend the time of payment of interest (or any component
      thereof), in each case (x) unless done in accordance with the Servicing
      Standards or (y) otherwise with the consent of the Required Committed
      Lenders;

     

    (iv) such
      security or loan will not cause the Borrower to be deemed to own 5.0% or more
      of
      the voting securities of any publicly registered issuer or any securities that
      are immediately convertible into or immediately exercisable or exchangeable
      for
      5.0% or more of the voting securities of any publicly registered issuer, as
      determined by the Servicer;

     

    (v) the
      Obligor with respect to such security or loan is an Eligible Obligor;

     

    (vi) the
      repayment of such security or loan is not subject to non-credit related
      risks;

     

    (vii) such
      security or loan does not contain a confidentiality provision that restricts
      the
      ability of the Trustee, on behalf of the Secured Parties, to exercise its rights
      under the Transaction Documents, including, without limitation, its rights
      to
      review the Collateral Debt Obligation and related Collateral Debt Obligation
      File; provided,
      however,
      that a
      provision which requires the Trustee or other prospective recipient of
      confidential information to maintain the confidentiality of such information
      shall not be deemed to restrict the exercise of such rights;

     

    (viii) such
      security or loan has an original term to maturity of no more than 120
      months;

     

    (ix) such
      security or loan is not a Revolver;

     

    (x) such
      security or loan is not a Real Estate Obligation;

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (xi) the
      proceeds of such security or loan are not used to finance construction projects
      or activities;

     

    (xii) with
      respect to which the Trustee has received, or will receive, within five (5)
      Business Days of the date on which the Borrower acquires an interest in such
      security or loan, the related Collateral Debt Obligation File;

     

    (xiii) the
      Obligor of such security or loan has executed all appropriate documentation
      required by the Originator or the Borrower, as applicable;

     

    (xiv) such
      security or loan is (i) a “general intangible”, an “instrument”, an “account”,
      or “chattel paper” within the meaning of the Article 9 of the UCC or (ii) a
“financial asset”, “security” or “security entitlement” within the meaning of
      Article 8 of the UCC, in each case, in all jurisdictions that govern the
      perfection of the security interest granted therein;

     

    (xv) all
      material consents, licenses, approvals or authorizations of, or registrations
      or
      declarations with, any Governmental Authority required to be obtained, effected
      or given in connection with the making of such security or loan have been duly
      obtained, effected or given and are in full force and effect;

     

    (xvi) such
      security or loan, together with the Collateral Debt Obligation Documents related
      thereto, does not contravene in any material respect any Applicable Laws
      (including, without limitation, laws, rules and regulations relating to usury,
      truth in lending, fair credit billing, fair credit reporting, equal credit
      opportunity, fair debt collection practices and privacy);

     

    (xvii) such
      security or loan, together with the related Collateral Debt Obligation
      Documents, is fully assignable, subject to receipt of any necessary consents
      (and if such security or loan is secured by an interest in real property, an
      Assignment of Mortgage executed in blank has been delivered to the
      Trustee);

     

    (xviii) the
      Borrower’s interest in such security or loan and all Related Property is owned
      by the Borrower free and clear of any Liens except for Permitted Liens, and
      all
      filings and other actions required to perfect the security interest of the
      Trustee on behalf of the Secured Parties in such security or loan have been
      made
      or taken;

     

    (xix) no
      right
      of rescission, set off, counterclaim, defense or other material dispute has
      been
      asserted with respect to such security or loan;

     

    (xx) the
      financing of such security or loan by the Lenders does not contravene in any
      material respect Regulation U of the Federal Reserve Board, nor require the
      Lenders to undertake reporting thereunder which it would not otherwise have
      cause to make;

     

    (xxi) such
      security or loan will not cause the Borrower or the Originator to be deemed
      an
      Insider or an Affiliate of the related Obligor;

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    (xxii)
      no
      claim has been asserted or proceeding commenced in respect of such security
      or
      loan challenging the enforceability or validity of any of the related Collateral
      Debt Obligation Documents;

     

    (xxiii)
      such security or loan does not by its terms permit the payment obligation of
      the
      Obligor thereunder to be converted into or exchanged for equity capital of
      such
      Obligor; and

     

    (xxiv) such
      security or loan is not a PIK
      Obligation.

     

    “Collateral
      Debt Obligation Checklist”
means,
      with respect to any Collateral Debt Obligation, the index prepared by the
      Servicer identifying the type of Collateral Debt Obligation (including whether
      such Collateral Debt Obligation is a Noteless Collateral Debt Obligation) and
      each of the Collateral Debt Obligation Documents related thereto which are
      included in the related Collateral Debt Obligation File.

     

    “Collateral
      Debt Obligation Documents”
means
      with respect to any Collateral Debt Obligation, the related documentation that
      has been delivered or should, consistent with the Servicing Standards, have
      been
      delivered to the Borrower or Servicer, including, without limitation, any
      related instrument, promissory note, loan agreement, security agreement,
      mortgage, assignment of Collateral Debt Obligations, all guarantees, and UCC
      financing statements and continuation statements (including amendments or
      modifications thereof) executed by the Obligor thereof or by another Person
      on
      the Obligor’s behalf in respect of such Collateral Debt Obligation and related
      instrument, including, without limitation, general or limited guaranties and,
      for each Collateral Debt Obligation secured by real property, an Assignment
      of
      Mortgage.

     

    “Collateral
      Debt Obligation File”
means
      with
      respect to any Collateral Debt Obligation, each of the Collateral Debt
      Obligation Documents related thereto.

     

    “Collection
      Account”
is
      defined in Section
      5.3(a).

     

    “Collection
      Date”
means
      the date following the Maturity Date on which all Loans Outstanding have been
      reduced to zero, the Lenders have received all accrued Interest, fees, and
      all
      other amounts owing to them under this Agreement and the Hedging Agreement,
      the
      Hedge Counterparties have received all amounts due and owing hereunder and
      under
      the Hedge Transactions, and each of the Backup Servicer, the Trustee, the
      Administrative Agent and the Managing Agents have each received all amounts
      due
      to them in connection with the Transaction Documents.

     

    “Collections”
means
      (a) all cash collections or other cash proceeds of a Collateral Debt Obligation
      received by or on behalf of the Borrower by the Servicer or Originator from
      or
      on behalf of any Obligor in payment of any amounts owed in respect of such
      Collateral Debt Obligation, including, without limitation, fees, interest,
      Principal Collections, Deemed Collections, Insurance Proceeds, all Recoveries
      and any payments made by the Performance Guarantor pursuant to Section
      12.14,
      (b) all
      amounts or Proceeds received by the Administrative Agent in connection with
      a
      Liquidation pursuant to Section
      2.14,
      (c) all
      payments received

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    pursuant
      to any Hedging Agreement or Hedge Transaction, and (d) interest earnings in
      the
      Collection Account.

     

    “Commercial
      Paper Notes”
means
      on
      any day, any short-term promissory notes issued by any CP Lender with respect
      to
      financing any Loan hereunder that are allocated, in whole or in part, by such
      CP
      Lender to fund or maintain the Loans Outstanding.

     

    “Commitment”
means
      (a) for each Committed Lender, the commitment of such Committed Lender to fund
      any Loan to the Borrower in an amount not to exceed the amount set forth
      opposite such Committed Lender’s name on the signature pages of this Agreement,
      as such amount may be modified in accordance with the terms hereof and (b)
      with
      respect to any Person who becomes a Committed Lender pursuant to an Assignment
      and Acceptance, the commitment of such Person to fund any Loan to the Borrower
      in an amount not to exceed the amount set forth in such Assignment and
      Acceptance, as such amount may be modified in accordance with the terms
      hereof.

     

    “Committed
      Lenders”
is
      defined in the preamble hereto.

     

    “Contractual
      Obligation”
means
      with respect to any Person, any provision of any securities issued by such
      Person or any indenture, mortgage, deed of trust, contract, undertaking,
      agreement, instrument or other document to which such Person is a party or
      by
      which it or any of its property is bound or is subject.

     

    “CP
      Lenders”
is
      defined in the preamble hereto.

     

    “CP
      Rate”
means
      for any Settlement Period for any Loans made by a CP Lender, the per annum
      rate
      equivalent to the weighted average of the per annum rates paid or payable by
      such CP Lender from time to time as interest on or otherwise (by means of
      interest rate hedges or otherwise taking into consideration any incremental
      carrying costs associated with short-term promissory notes issued by such CP
      Lender maturing on dates other than those certain dates on which such CP Lender
      is to receive funds) in respect of the Commercial Paper Notes issued by such
      CP
      Lender during such period, as determined by such CP Lender and reported to
      the
      Borrower and the Servicer, which rates shall reflect and give effect to the
      commissions of placement agents and dealers in respect of such promissory notes,
      to the extent such commissions are allocated, in whole or in part, to such
      promissory notes by such CP Lender, provided,
      however,
      that if
      any component of such rate is a discount rate, in calculating the CP Rate,
      such
      CP Lender shall for such component use the rate resulting from converting such
      discount rate to an interest bearing equivalent rate per annum.

     

    “DB”
means
      Deutsche Bank AG, New York Branch, in its individual capacity, and its
      successors or assigns.

     

    “Deemed
      Collections”
means
      on
      any day, the aggregate of all amounts Borrower shall have been deemed to have
      received as a Collection of a Collateral Debt Obligation. Borrower shall be
      deemed to have received a Collection in an amount equal to the unpaid balance
      (including any accrued interest thereon) of a Collateral Debt Obligation if
      at
      any time the Outstanding Principal Balance of any such Collateral Debt
      Obligation is either (i) reduced as a result of any discount or any adjustment
      or otherwise by Borrower (other than receipt of cash

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    Collections)
      or (ii) reduced or canceled as a result of a setoff in respect of any claim
      by
      any Person (whether such claim arises out of the same or a related transaction
      or an unrelated transaction).

     

    “Default”
means
      an
      event that, with the giving of notice or lapse of time, or both, would become
      an
      Event of Default.

     

    “Defaulted
      Obligation”
means
      any Collateral Debt Obligation (i) that is sixty (60) days past due with respect
      to any interest or principal payments, (ii) in respect of which the Servicer
      or
      Originator shall have taken or permitted to be taken any of the following
      actions: charging a default rate of interest, restricting Obligor’s right to
      make subordinated payments (other than payments in respect of owner’s debts and
      seller financings), acceleration of the Collateral Debt Obligation, foreclosure
      on collateral for the Collateral Debt Obligation, increasing its representation
      on the Obligor’s Board of Directors or similar governing body, or increasing the
      frequency of its inspection rights to permit inspection on demand, (iii) for
      which an Insolvency Event has occurred with respect to the related Obligor
      or
      (iv) has an Assigned Moody’s Rating of Ca or below.

     

    “Derivatives”
means
      any exchange-traded or over-the-counter (i) forward, future, option, swap,
      cap,
      collar, floor, foreign exchange contract, any combination thereof, whether
      for
      physical delivery or cash settlement, relating to any interest rate, interest
      rate index, currency, currency exchange rate, currency exchange rate index,
      debt
      instrument, debt price, debt index, depository instrument, depository price,
      depository index, equity instrument, equity price, equity index, commodity,
      commodity price or commodity index, (ii) any similar transaction, contract,
      instrument, undertaking or security, or (iii) any transaction, contract,
      instrument, undertaking or security containing any of the
      foregoing.

     

    “Determination
      Date”
means
      the last day of each Settlement Period.

     

    “Dollars”
or
      “$”
means
      the lawful currency of the United States of America.

     

    “DPW
      Opinion”
means
      the “true sale/non-consolidation” opinion letter of Davis Polk & Wardwell
      delivered on the Closing Date, as such opinion letter may be modified,
      supplemented or replaced in any subsequent opinion letter covering such subject
      matter delivered to the Administrative Agent.

     

    “Eligible
      Assignee”
means
      a
      Person (a) whose short-term rating is at least A-1 from S&P and P-1 from
      Moody’s, or whose obligations under this Agreement are guaranteed by a Person
      whose short-term rating is at least A-1 from S&P and P-1 from Moody’s and
      (b) who is approved by the Administrative Agent (such approval not to be
      unreasonably withheld) and, if such Person will become a Liquidity Bank for
      a CP
      Lender, by such CP Lender.

     

    “Eligible
      Obligor”
means
      on
      any day, any Obligor that satisfies each of the following
      requirements:

     

    (i) such
      Obligor’s principal office and any Related Property are located in the United
      States or any territory of the United States;

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    (ii) such
      Obligor is not a Governmental Authority; and

     

    (iii) such
      Obligor is not (A) an Affiliate of the Borrower or the Originator or (B) an
      entity to which the Borrower or the Originator would be deemed an Insider,
      unless such Obligor has been approved by the Administrative Agent.

     

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

     

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

     

    “Euro”
means,
      the lawful currency of the participating member states of the European community
      in accordance with the Treaty of Rome of March 25, 1957, as amended, inter
      alia,
      by the Single European Act and the Treaty of European Union of February 7,
      1992,
      establishing the European Union and which has adopted the single currency in
      accordance with legislation of the European Union relating to the European
      Monetary Union.

     

    “Eurodollar
      Disruption Event”
means
      with respect to any Loan as to which Interest accrues or is to accrue at a
      rate
      based upon the Adjusted Eurodollar Rate, any of the following: (a) a
      determination by a Lender that it would be contrary to law or to the directive
      of any central bank or other governmental authority (whether or not having
      the
      force of law) to obtain United States dollars in the London interbank market
      to
      make, fund or maintain any Loan; (b) the inability of any Lender to obtain
      timely information for purposes of determining the Adjusted Eurodollar Rate;
      (c)
      a determination by a Lender that the rate at which deposits of United States
      dollars are being offered to such Lender in the London interbank market does
      not
      accurately reflect the cost to such Lender of making, funding or maintaining
      any
      Loan; or (d) the inability of a Lender to obtain United States dollars in the
      London interbank market to make, fund or maintain any Loan.

     

    “Eurodollar
      Reserve Percentage”
means
      on
      any day, the then applicable percentage (expressed as a decimal) prescribed
      by
      the Federal Reserve Board (or any successor) for determining reserve
      requirements applicable to “Eurocurrency Liabilities” pursuant to Regulation D
      or any other then applicable regulation of the Federal Reserve Board (or any
      successor) that prescribes reserve requirements applicable to “Eurocurrency
      Liabilities” as presently defined in Regulation D.

     

    “Event
      of Default”
is
      defined in Section
      8.1.

     

    “Facility
      Obligations”
means
      all loans, advances, debts, liabilities and obligations, for monetary amounts
      owing by the Borrower to the Lenders, the Administrative Agent, the Managing
      Agents or any of their assigns, as the case may be, whether due or to become
      due, matured or unmatured, liquidated or unliquidated, contingent or
      non-contingent, and all covenants and duties regarding such amounts, of any
      kind
      or nature, present or future, arising

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    under
      or
      in respect of any of this Agreement, the Fee Letter, any other Transaction
      Document delivered in connection with the transactions contemplated by this
      Agreement, or any Hedging Agreement, as amended or supplemented from time to
      time, whether or not evidenced by any separate note, agreement or other
      instrument. This term includes, without limitation, all principal, interest
      (including interest that accrues after the commencement against the Borrower
      of
      any action under the Bankruptcy Code), Breakage Costs, Hedge Breakage Costs,
      fees, including, without limitation, any and all arrangement fees, loan fees,
      facility fees, and any and all other fees, expenses, costs or other sums
      (including attorney costs) chargeable to the Borrower under any of the
      Transaction Documents or under any Hedging Agreement.

     

    “Fair
      Value”
means
      with respect to each Collateral Debt Obligation, the lower of (a) the remaining
      outstanding principal amount of such Collateral Debt Obligation, and (b) if
      such
      Collateral Debt Obligation has been reduced in value on the books of the
      Originator below the remaining principal amount thereof, the value of such
      Collateral Debt Obligation on such books as required by, and in accordance
      with,
      the 1940 Act, as amended, and any orders of the SEC issued to the Originator,
      to
      be determined by the authorized financial officer of the
      Originator.

     

    “FASB”
is
      defined in Section
      2.11(a).

     

    “Federal
      Funds Rate”
means
      for any period, a fluctuating interest rate per annum for each day during such
      period equal to (a) the weighted average of the rates on overnight federal
      funds
      transactions with members of the Federal Reserve System arranged by federal
      funds brokers, as published for such day (or, if such day is not a Business
      Day,
      for the preceding Business Day) by the Federal Reserve Bank of New York; or
      (b)
      if such rate is not so published for any day which is a Business Day, the
      average of the quotations at approximately 10:30 a.m. (New York City time)
      for
      such day on such transactions received by DB from three federal funds brokers
      of
      recognized standing selected by it.

     

    “Federal
      Reserve Board”
means
      the Board of Governors of the Federal Reserve System.

     

    “Fee
      Letter”
means
      the letter agreement in respect of fees among the Borrower, the Originator,
      the
      Managing Agents, Deutsche Bank Securities Inc., as arranger and the
      Administrative Agent, as it may be amended or modified and in effect from time
      to time.

     

    “Fixed
      Rate Collateral Debt Obligation”
means
      a
Collateral
      Debt Obligation that bears interest at a fixed rate.

     

    “Foreign
      Lender”
is
      defined in Section
      2.12(d).

     

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

     

    “Governmental
      Authority”
means
      with respect to any Person, any nation or government, any state or other
      political subdivision thereof, any central bank (or similar monetary or
      regulatory authority) thereof, any entity exercising executive, legislative,
      judicial, regulatory or administrative functions of or pertaining to government
      and any court or arbitrator having jurisdiction over such Person.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    “Group
      Loan Limit”
means
      for
      each
      Lender Group, the sum of the Commitments of the Committed Lenders in such Lender
      Group.

     

    “GSC
      Investment”
means
      GSC Investment Corp., a Maryland corporation, or any permitted successor
      thereto.

     

    “Hedge
      Breakage Costs”
means
      for any Hedge Transaction, any amount payable by the Borrower for the early
      termination of that Hedge Transaction or any portion thereof.

     

    “Hedge
      Collateral”
is
      defined in Section
      5.2(b).

     

    “Hedge
      Counterparty”
means
      DB
      or any entity that (a) on the date of entering into any Hedge Transaction (i)
      is
      an interest rate swap dealer that is either a Lender or an Affiliate of a
      Lender, or has been approved in writing by the Administrative Agent (which
      approval shall not be unreasonably withheld), and (ii) has a short-term
      unsecured debt rating of not less than A-1 by S&P and not less than P-1 by
      Moody’s, and (b) in a Hedging Agreement (i) consents to the assignment of the
      Borrower’s rights under the Hedging Agreement to the Trustee pursuant to
Section
      5.2(b)
      and (ii)
      agrees that in the event that S&P or Moody’s reduces its short-term
      unsecured debt rating below A-1 or P-1, respectively, it shall transfer its
      rights and obligations under each Hedging Transaction to another entity that
      meets the requirements of clause (a) and (b) hereof or make other arrangements
      acceptable to the Administrative Agent.

     

    “Hedge
      Transaction”
means
      each interest rate cap transaction between the Borrower and a Hedge Counterparty
      that is entered into pursuant to Section
      5.2(a)
      and is
      governed by an Hedging Agreement.

     

    “Hedging
      Agreement”
means
      each agreement between the Borrower and a Hedge Counterparty that governs one
      or
      more Hedge Transactions entered into pursuant to Section
      5.2,
      which
      agreement shall consist of a “Master Agreement” in a form published by the
      International Swaps and Derivatives Association, Inc., together with a
“Schedule” thereto substantially in a form as the Administrative Agent shall
      approve in writing, and each “Confirmation” thereunder confirming the specific
      terms of each such Hedge Transaction.

     

    “Increased
      Costs”
means
      any amounts required to be paid by the Borrower to an Affected Party pursuant
      to
Section
      2.11.

     

    “Indebtedness”
means
      with respect to the Borrower or the initial Servicer at any date, (a) all
      indebtedness of such Person for borrowed money or for the deferred purchase
      price of property or services (other than current liabilities incurred in the
      ordinary course of business and payable in accordance with customary trade
      practices) or that is evidenced by a note, bond, debenture or similar
      instrument, (b) all obligations of such Person under capital leases, (c) all
      obligations of such Person in respect of acceptances issued or created for
      the
      account of such Person, (d) all liabilities secured by any Adverse Claims on
      any
      property owned by such Person even though such Person has not assumed or
      otherwise become liable for the payment thereof, and (e) all indebtedness,
      obligations or liabilities of that Person in respect of Derivatives, and (f)
      obligations under direct or indirect guaranties in respect of obligations
      (contingent or otherwise) to purchase or otherwise acquire, or to otherwise
      assure a creditor against loss in respect of, clauses
      (a)
      through
(e)
      above.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    “Indemnified
      Amounts”
is
      defined in Section
      9.1.

     

    “Indemnified
      Party”
is
      defined in Section
      9.1.

     

    “Independent”
means,
      as to any Person, any other Person (including, in the case of an accountant,
      or
      lawyer, a firm of accountants or lawyers and any member thereof or an investment
      bank and any member thereof) who (i) does not have and is not committed to
      acquire any material direct or any material indirect financial interest in
      such
      Person or in any Affiliate of such Person, and (ii) is not connected with such
      Person as an officer, employee, promoter, underwriter, voting trustee, partner,
      director or Person performing similar functions. “Independent” when used with
      respect to any accountant may include an accountant who audits the books of
      such
      Person if in addition to satisfying the criteria set forth above the accountant
      is independent with respect to such Person within the meaning of Rule 101 of
      the
      Code of Ethics of the American Institute of Certified Public
      Accountants.

     

    “Ineligible
      Collateral Debt Obligation”
is
      defined in Section
      2.4(c).

     

    “Initial
      Loan-to-Value Ratio”
means
      37%.

     

    “Insider”
is
      defined in Section 101(31) of the Bankruptcy Code.

     

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

     

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

     

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

     

    “Insurance
      Policy”
means
      with respect to any Collateral Debt Obligation included in the Collateral,
      an
      insurance policy covering physical damage to or loss to any assets or Related
      Property of the Obligor securing such Collateral Debt Obligation.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    “Insurance
      Proceeds”
means
      any amounts payable or any payments made, to the Borrower or to the Servicer
      on
      its behalf under any Insurance Policy.

     

    “Interest”
means
      for each Settlement Period and each Loan outstanding during such Settlement
      Period, the product of:

     

    
      	 	
              [IR
                + AP] x P x    

            	
              AD

              360

            

    

     

    where

     

    
      	 	IR	
              =

            	the Interest Rate applicable
              to
              such Loan;
	 	 	 	 
	 	AP	=	the Applicable Margin
	 	 	 	 
	 	P	=	the principal amount of
              such Loan
              on the first day of such Settlement Period, or if such Loan was first
              made
              during such Settlement Period, the principal amount of such Loan on
              the
              day such Loan is made; and
	 	 	 	 
	 	AD	=	the actual number of days
              in such
              Settlement Period, or if such Loan was first made during such Settlement
              Period, the actual number of days beginning on the day such Loan was
              first
              made through the end of such Settlement Period;
	 	 	 	 
	 	 	 	 

    

     

    provided,
      however,
      that (i)
      no provision of this Agreement shall require or permit the collection of
      Interest in excess of the maximum permitted by Applicable Law and (ii) Interest
      shall not be considered paid by any distribution if at any time such
      distribution is rescinded or must otherwise be returned for any
      reason.

     

    “Interest
      Collections”
means
      any and all Collections which do not constitute Principal
      Collections.

     

    “Interest
      Rate”
      means,
      for each Settlement Period and for each Loan outstanding for each day during
      such Settlement Period:

     

    (a) to
      the
      extent the Lender is a CP Lender that is funding the applicable Loan or portion
      thereof through the issuance of Commercial Paper Notes, a rate equal to the
      CP
      Rate for such Settlement Period on such portion; or

     

    (b) to
      the
      extent the relevant Lender is not funding the applicable Loan or portion thereof
      through the issuance of Commercial Paper Notes, a rate equal to the Alternative
      Rate on such portion;

     

    provided that:
      (i) the
      Interest Rate shall be the Base Rate for any Settlement Period for any Loan
      as
      to which a CP Lender has funded the making or maintenance thereof by a sale
      of
      an interest therein to any Liquidity Bank under the applicable Liquidity
      Agreement on any day other than the first day of such Settlement Period and
      without giving such Liquidity Bank at least two

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    Business
      Days’ prior notice of such assignment; (ii) the Interest Rate shall be the Base
      Rate if such CP Lender or Liquidity Bank shall have notified the Administrative
      Agent that a Eurodollar Disruption Event has occurred; and (iii) the Interest
      Rate shall be the Prime Rate plus the Applicable Margin for each day during
      any
      Settlement Period following the occurrence of an Event of Default that is
      continuing.

    
      “Investment”
means
        with respect to any Person, any direct or indirect loan, advance or investment
        by such Person in any other Person, whether by means of share purchase, capital
        contribution, loan or otherwise, excluding the acquisition of assets pursuant
        to
        the Purchase Agreement and excluding commission, travel and similar advances
        to
        officers, employees and directors made in the ordinary course of
        business.

       

      “Lender
        Group”
means
        any
        CP
        Lender, its related Committed Lenders and their related Managing
        Agent.

       

      “Lenders”
means
        collectively, the CP Lenders, the Committed Lenders and any other Person
        that
        agrees, pursuant to the pertinent Assignment and Acceptance, as applicable,
        to
        fund or maintain Loans pursuant to this Agreement.

       

      “LIBO
        Rate”
means
        for any Settlement Period and any Loan, an interest rate per annum equal
        to:

       

      (i) the
        posted
        rate for thirty (30) day deposits in United States dollars appearing on Reuters
        Screen LIBOR01 Page as of 11:00 a.m. (London time) on the Business Day that
        is
        the second Business Day immediately preceding the date on which such Loan
        was
        funded (with respect to the initial Settlement Period for such Loan) and
        as of
        the second Business Day immediately preceding the first day of the applicable
        Settlement Period (with respect to all subsequent Settlement Periods for
        such
        Loan); or

       

      (ii) if
        no rate
        appears on Reuters Screen LIBOR01 Page at such time and day, then the LIBO
        Rate
        shall be determined by DB at its principal office in New York, New York as
        its
        rate at which thirty (30) day deposits in United States dollars are being,
        have
        been, or would be offered or quoted by DB to major banks in the applicable
        interbank market for Eurodollar deposits at or about 11:00 a.m. (New York
        City
        time) on such day.

       

      “Lien”
means
        with respect to any Collateral, (a) any mortgage, lien, pledge, charge, security
        interest or encumbrance of any kind in respect of such Collateral, or (b)
        the
        interest of a vendor or lessor under any conditional sale agreement, financing
        loan or other title retention agreement relating to such
        Collateral.

       

      “Liquidation”
is
        defined in Section
        2.14.

       

      “Liquidation
        Expenses”
means
        with respect to any Defaulted Obligation, the aggregate amount of out-of-pocket
        expenses reasonably incurred by the Borrower or on behalf of the Borrower
        by the
        Servicer (including amounts paid to any subservicer) in connection with the
        repossession, refurbishing and disposition of any related assets securing
        such
        Collateral Debt Obligation including the attempted collection of any amount
        owing pursuant to such Collateral Debt Obligation.

       

      
        
          
          

        

        
          15

          
            

          

        

        
          
          

        

      

       

      “Liquidation
        Settlement Date”
means
        the Business Day specified by the Borrower to the Administrative Agent and
        the
        Trustee as the proposed settlement date of a Liquidation.

       

      “Liquidation
        Trade Date”
means
        the Business Day specified by the Borrower to the Administrative Agent and
        the
        Trustee as the proposed trade date of a Liquidation.

       

      “Liquidity
        Agreement”
means
        a
        liquidity agreement entered into by a CP Lender with a group of financial
        institutions in connection with this Agreement.

       

      “Liquidity
        Bank”
means
        each financial institution that is a party to a Liquidity
        Agreement.

       

      “Loan”
is
        defined in Section
        2.1(a).

       

      “Loan-to-Value
        Ratio”
means,
        on any day, the ratio, expressed as a percentage of (i) the Loans Outstanding
        on
        such day to (ii) the Aggregate Outstanding Principal Balance on such
        day.

       

      “Loan-to-Value
        Ratio Test”
to
        be
        satisfied means, on any day, that the Loan-to-Value Ratio on such day shall
        not
        exceed the Initial Loan-to-Value Ratio.

       

      “Loans
        Outstanding”
means
        on
        any day, the aggregate principal amount of the Loan outstanding on such day,
        after giving effect to all repayments in respect of the Loan prior to or
        on such
        day.

       

      “Managing
        Agent”
means
        as
        to any
        CP Lender, the financial institution identified as such on the signature
        pages
        hereof or in the applicable Assignment and Acceptance Agreement.

       

      “Mandatory
        Prepayment”
is
        defined in Section
        2.4(a).

       

      “Market
        Servicing Fee”
is
        defined in Section
        7.14.

       

      “Market
        Servicing Fee Differential”
means
        on
        any date of determination, an amount equal to the positive difference between
        the Market Servicing Fee and Servicing Fee.

       

      “Market
        Value”
means
        the value of a Collateral Debt Obligation (expressed in Dollars) calculated
        by
        the Servicer (or, if a Successor Servicer shall have been appointed pursuant
        to
Section
        7.13,
        by the
        Borrower in consultation with the Administrative Agent) and based upon (i)
        the
        average bid price or valuation for such Collateral Debt Obligation obtained
        by
        the Servicer from a nationally recognized pricing service selected by the
        Servicer that is (a) Independent of the Servicer and any of its Affiliates
        or
        (b) approved in writing by the Administrative Agent (in its sole discretion),
        (ii) if such pricing service is not available, then the average of bid prices
        for such Collateral Debt Obligation obtained by the Servicer from two nationally
        recognized broker/dealers Independent of each other and of the Servicer and
        any
        of its Affiliates (provided that, in each case, any such bid prices must
        be for
        an amount of the Collateral Debt Obligation equal to the amount of the
        Collateral Debt Obligation to be sold or valued) or (iii) if the Servicer
        shall
        not receive two such bids, the lower of (x) if one such bid is received,
        the bid
        price of a nationally recognized broker/dealer Independent of the Servicer
        and
        any of its Affiliates (provided that, in each case, any such bid prices must
        be
        for an amount of the Collateral Debt

       

      
        
          
          

        

        
          16

          
            

          

        

        
          
          

        

      

       

      Obligation
        equal to the amount of the Collateral Debt Obligation to be sold or valued)
        or
        (y) the Fair Value.

       

      “Material
        Adverse Change”
means
        with respect to any Person, any material adverse change in the business,
        condition (financial or otherwise), operations, performance or properties
        of
        such Person.

       

      “Material
        Adverse Effect”
means
        with respect to any event or circumstance, a material adverse effect on (a)
        the
        business, condition (financial or otherwise), operations, performance or
        properties of the Servicer or the Borrower, (b) the validity, enforceability
        or
        collectibility of this Agreement or any other Transaction Document or any
        Liquidity Agreement or the validity, enforceability or collectibility of
        the
        Collateral Debt Obligations, (c) the rights and remedies of the Trustee,
        on
        behalf of the Secured Parties, the Administrative Agent or any Secured Party
        under this Agreement or any Transaction Document or any Liquidity Agreement
        or
        (d) the ability of the Borrower or the Servicer to perform its obligations
        under
        this Agreement or any other Transaction Document, or (e) the status, existence,
        perfection, priority, or enforceability of the Trustee’s or Secured Parties’
interest in the Collateral.

       

      “Maturity
        Date”
means
        the earliest to occur of (a) the date declared by the Administrative Agent
        or
        occurring automatically in respect of the occurrence of an Event of Default,
        (b)
        a date selected by the Borrower upon at least thirty (30) days’ prior written
        notice to the Administrative Agent and each Managing Agent and (c) May 1,
        2011.

       

      “Maximum
        Lawful Rate”
is
        defined in Section
        2.6(d).

       

      “Mezzanine
        Loan”
means
        any assignment of or participation interest or other interest in a loan that
        is
        of a rank lower than a Senior Secured Loan or a Second Lien Loan.

       

      “Periodic
        Report”
is
        defined in Section
        5.1(s)(iii).

       

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

       

      “Moody’s
        Collateral Value”
means,
        with respect to any Defaulted Obligation as of any date of determination,
        (a)
        for a period not to exceed 12 months since the date such Collateral Debt
        Obligation was determined to be a Defaulted Obligation, the lesser of (i)
        the
        Moody’s Recovery Amount of such Collateral Debt Obligation and (ii) the Fair
        Value of such Collateral Debt Obligation and (b) zero thereafter.

       

      “Moody’s
        Recovery Amount”
means,
        with respect to any Collateral Debt Obligation as of any date of determination,
        the product of (a) the Outstanding Principal Balance of such Collateral Debt
        Obligation on such date and (b) the Moody’s Recovery Rate applicable to such
        Collateral Debt Obligation.

       

      “Moody’s
        Recovery Rate”
means,
        with
        respect to any Collateral Debt Obligation, as of any date of determination,
        the
        recovery rate determined in accordance with the following:

       

      
        
          
          

        

        
          17

          
            

          

        

        
          
          

        

      

       

      First,
        if the
        Collateral Debt Obligation has been specifically assigned a recovery rate
        by
        Moody’s (for example, in connection with the assignment by Moody’s of an
        estimated rating), such recovery rate; or

       

      Second,
        if no
        recovery rate has been specifically assigned with respect to Collateral Debt
        Obligation pursuant to clause (i) above, the rate determined pursuant to
        the
        table below:

       

      
        	
                Type
                  of Collateral Debt Obligation

              	
                Moody’s
                  Recovery Rate

              
	
                Senior
                  Secured Loans

              	
                45%

              
	
                Second
                  Lien Loans

              	
                35%

              
	
                Secured
                  Bonds

              	
                30%

              
	
                Mezzanine
                  Loans

              	
                15%

              
	
                Unsecured
                  Collateral Debt Obligations

              	
                10%

              

      

      

      “Multiemployer
        Plan”
means
        a
“multiemployer plan” as defined in Section 4001(a)(3) of ERISA that is or was at
        any time during the current year or the immediately preceding five years
        contributed to by the Borrower or any ERISA Affiliate on behalf of its
        employees.

       

      “Net
        Worth”
means,
        with regard to any Person, the total of such Person’s stockholder’s equity
        (determined in accordance with GAAP) plus such Person’s Subordinated
        Debt.

       

      “Noteless
        Collateral Debt Obligation”
means
        a
        Collateral Debt Obligation with respect to which the underlying Collateral
        Debt
        Obligation Documents (i) do not require the Obligor to execute and deliver
        a
        promissory note to evidence the indebtedness created under such Collateral
        Debt
        Obligation and (ii) do not require any holder of the indebtedness created
        under
        such Collateral Debt Obligation to affirmatively request a promissory note
        from
        the related Obligor.

       

      “Notes”
is
        defined in Section
        2.5(a).

       

      “Obligor”
means
        with respect to any Collateral Debt Obligation, the Person or Persons obligated
        to make payments pursuant to such Collateral Debt Obligation, including any
        guarantor thereof.

       

      “Offer”
means,
        with respect to any Collateral Debt Obligation, (i) any offer by the issuer
        of
        such security or by any other Person made to all of the holders of such security
        to purchase or otherwise acquire such security (other than pursuant to any
        redemption in accordance with the terms of any related collateral instrument)
        or
        to convert or exchange such security into or for cash, securities or any
        other
        type of consideration or (ii) any solicitation by the issuer of such security
        or
        any other Person to amend, modify or waive any provision of such security
        or any
        related collateral instrument.

       

      
        
          
          

        

        
          18

          
            

          

        

        
          
          

        

      

       

      “Officer’s
        Certificate”
means
        a
        certificate signed by any officer of the Borrower or the Servicer, as the
        case
        may be, and delivered to the Administrative Agent, the Trustee and the Backup
        Servicer.

       

      “Opinion
        of Counsel”
means
        a
        written opinion of counsel, who may be counsel for the Borrower or the Servicer,
        as the case may be, and who shall be reasonably acceptable to the Administrative
        Agent.

       

      “Originator”
means
        GSC Investment.

       

      “Other
        Costs”
is
        defined in Section
        12.8.

       

      “Outstanding
        Principal Balance”
means,
        on any date of determination with respect to any Collateral Debt Obligation
        the
        lesser of (i) the outstanding principal balance of such Collateral Debt
        Obligation, (ii) the Fair Value of such Collateral Debt Obligation and (iii)
        the
        Market Value of such Collateral Debt Obligation.

       

      “Participant”
is
        defined
        in
Section
        11.1(g).

       

      “Payment
        Date”
means
        the seventh (7th)
        Business
        Day following the end of a Settlement Period.

       

      “Performance
        Guarantor”
is
        defined in Section
        12.14.

       

      “Permitted
        Investments”
means
        any one or more of the following types of investments:

       

      (a) marketable
        obligations of the United States, the full and timely payment of which are
        backed by the full faith and credit of the United States and that have a
        maturity of not more than 270 days from the date of acquisition;

       

      (b) marketable
        obligations, the full and timely payment of which are directly and fully
        guaranteed by the full faith and credit of the United States and that have
        a
        maturity of not more than 270 days from the date of acquisition;

       

      (c) bankers’
        acceptances and certificates of deposit and other interest-bearing obligations
        (in each case having a maturity of not more than 270 days from the date of
        acquisition) denominated in dollars and issued by any bank with capital,
        surplus
        and undivided profits aggregating at least $100,000,000, the short-term
        obligations of which are rated A-1 by S&P and P-1 by Moody’s;

       

      (d) repurchase
        obligations with a term of not more than ten (10) days for underlying securities
        of the types described in clauses (a), (b) and (c) above entered into with
        any
        bank of the type described in clause (c) above;

       

      (e) commercial
        paper rated at least A-1 by S&P and P-1 by Moody’s; and

       

      (f) demand
        deposits, time deposits or certificates of deposit (having original maturities
        of no more than 365 days) of depository institutions or trust companies
        incorporated

       

      
        
          
          

        

        
          19

          
            

          

        

        
          
          

        

      

       

      under
        the
        laws of the United States or any state thereof (or domestic branches of any
        foreign bank) and subject to supervision and examination by federal or state
        banking or depository institution authorities; provided,
        however
        that at
        the time such investment, or the commitment to make such investment, is entered
        into, the short-term debt rating of such depository institution or trust
        company
        shall be at least A-1 by S&P and P-1 by Moody’s.

       

      “Permitted
        Liens”
means
        liens created pursuant to the Transaction Documents in favor of the Trustee,
        for
        the benefit of the Secured Parties.

       

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

       

      “PIK
        Obligation”
means
        a
        Collateral Debt Obligation that, as of the date of determination, by its
        terms,
        permits the payment of a fixed or floating rate of interest through the issuance
        of additional debt securities identical to such debt security or through
        additions to the principal amount thereof for a specified period in the future
        or for the remainder of its life.

       

      “Prime
        Rate”
means
        the rate publicly announced by DB from time to time as its prime rate in
        the
        United States, such rate to change as and when such designated rate changes.
        The
        Prime Rate is not intended to be the lowest rate of interest charged by DB
        in
        connection with extensions of credit to debtors.

       

      “Principal
        Balance”
means,
        with respect to any Collateral Debt Obligation, as of any date of determination,
        the outstanding principal amount of such Collateral Debt
        Obligation.

       

      “Principal
        Collections”
means
        any and all amounts received in respect of any principal due and payable
        under
        any Collateral Debt Obligation from or on behalf of Obligors that are deposited
        into the Collection Account, or received by the Borrower or on behalf of
        the
        Borrower by the Servicer or Originator in respect of the Collateral Debt
        Obligations, in the form of cash, checks, wire transfers, electronic transfers
        or any other form of cash payment.

       

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

       

      “Pro-Rata
        Share”
means
        with respect to any Committed Lender on any day, the percentage equivalent
        of a
        fraction the numerator of which is such Committed Lender’s Commitment and the
        denominator of which is the Group Loan Limit of the related CP Lender’s Lender
        Group.

       

      “Purchase
        Agreement”
means
        that certain Purchase and Sale Agreement dated as of May 1, 2007 between
        the
        Borrower, as buyer and the Originator, as seller, as amended, modified,
        supplemented or restated from time to time.

       

      
        
          
          

        

        
          20

          
            

          

        

        
          
          

        

      

       

      “Purchase
        Date”
means
        the date a Collateral Debt Obligation is acquired under a Purchase
        Agreement.

       

      “Purchase
        Price”
means
        the net price paid by the Borrower in purchasing a Collateral Debt Obligation,
        taking into account upfront fees or any other costs or fees paid or
        received.

       

      “Purchased
        Accrued Interest”
means
        all payments of interest on Collateral Debt Obligations accrued to, and unpaid
        on, the date of original purchase thereof (for any Collateral Debt Obligation,
        such amount shall equal the product of (i) the principal amount of the
        Collateral Debt Obligation divided by 1,000 and (ii) the difference between
        (A)
        the amount paid per $1,000 principal amount of such Collateral Debt Obligation
        and (B) the amount paid per $1,000 principal amount of such Collateral Debt
        Obligation that is allocable to the principal thereof.

       

      “Purchasing
        Committed Lender”
is
        defined
        in
Section
        11.1(b).

       

      “Qualified
        Institution”
is
        defined in Section
        5.3(a).

       

      “Quarterly
        Determination Dates”
means
        the last Business Day of each of February, May, August and
        November.

       

      “Rating
        Agency”
means
        any rating agency that has been requested to issue a rating with respect
        to the
        Commercial Paper Notes issued by a CP Lender.

       

      “Real
        Estate Obligation”
means
        a
        Collateral Debt Obligation that is (a)(i) underwritten primarily by a mortgage,
        deed of trust or similar lien on commercial real estate (other than hotels,
        restaurants and casinos) or residential real estate and (ii) primary repayment
        of the payment obligations thereof is derived from rental or other real estate
        related income or (b) a loan or debt obligation which falls within the Moody’s
        industry classification “Buildings and Real Estate”.

       

      “Records”
means
        with respect to any Collateral Debt Obligations, all documents, books, records
        and other information (including without limitation, computer programs, tapes,
        disks, punch cards, data processing software and related property and rights)
        maintained with respect to any item of Collateral and the related Obligors,
        other than the Collateral Debt Obligation Documents.

       

      “Recoveries”
means
        with respect to any Defaulted Obligation, Proceeds of the sale of any Related
        Property, Insurance Proceeds, and any other recoveries with respect to such
        Collateral Debt Obligation and Related Property, and amounts representing
        late
        fees and penalties, net of Liquidation Expenses and amounts, if any, received
        that are required to be refunded to the Obligor on such Collateral Debt
        Obligation.

       

      “Reference
        Bank”
means
        any bank that furnishes information for purposes of determining the Adjusted
        Eurodollar Rate.

       

      “Register”
is
        defined in Section
        11.1(e).

       

      “Regulatory
        Change”
is
        defined in Section
        2.11(a).

       

      
        
          
          

        

        
          21

          
            

          

        

        
          
          

        

      

       

      “Related
        Property”
means
        with respect to a Collateral Debt Obligation, any property or other assets
        of
        the Obligor thereunder pledged as collateral to secure the repayment of such
        Collateral Debt Obligation.

       

      “Reporting
        Date”
means
        the date that is three (3) Business Days prior to each Payment
        Date.

       

      “Required
        Committed Lenders”
means
        at
        a particular time, Committed Lenders with Commitments in excess of 50% of
        the
        aggregate Commitments, provided,
        that at
        any time there are not more than three (3) Lender Groups party hereto,
“Required
        Committed Lenders”
shall
        mean all Committed Lenders.

       

      “Required
        Ratings”
means
        with respect to any Committed Lender, the short
        term
        ratings from S&P and Moody’s equal to or greater than the ratings required
        in order to maintain the rating of the commercial paper issued by the related
        CP
        Lender.

       

      “Required
        Reports”
means
        collectively, the Periodic Report, the Servicer’s Certificate and the annual and
        quarterly financial statements of the Originator required to be delivered
        to the
        Managing Agents, the Administrative Agent and the Backup Servicer pursuant
        to
Section
        5.1(s)
        hereof.

       

      “Reserve
        Account”
means
        an
        account established in accordance with Section
        5.3(c)
        for the
        purpose of receiving deposits with respect to, and maintaining therein, the
        Reserve Account Required Amount (including any amounts in excess of the Reserve
        Account Required Amount, to the extent not distributed to the parties entitled
        thereto pursuant to Section
        2.7)
        and, to
        the extent required pursuant to Section
        2.7,
        to fund
        payments thereunder.

       

      “Reserve
        Account Required Amount”
means
        $437,000.

       

      “Responsible
        Officer”
means
        as
        to the Borrower, the President, any Vice President or the Treasurer of the
        Borrower, and as to any other Person, any officer of such Person with direct
        responsibility for the administration of this Agreement and also, with respect
        to a particular matter, any other officer to whom such matter is referred
        because of such officer’s knowledge of and familiarity with the particular
        subject. The Borrower may designate other Responsible Officers from time
        to time
        by notice to the Administrative Agent.

       

      “Revolver”
means
        any security or loan with respect to which there is a revolving credit
        commitment to advance amounts to the applicable obligor during a specified
        term.

       

      “RIC/BDC
        Requirements”
means
        the requirements (including, without limitation, requirements pertaining
        to
        asset diversification) GSC Investment must satisfy to maintain its status
        as a
“business development company,” within the meaning of the Small Business
        Incentive Act of 1980, and its election to be treated as a “registered
        investment company” under the Code.

       

      “S&P”
means
        Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
        Inc. and any successor thereto.

       

      
        
          
          

        

        
          22

          
            

          

        

        
          
          

        

      

       

      “Schedule
        of Collateral Debt Obligations”
means,
        the Collateral Debt Obligations listed on Schedule III
        hereto,
        and the information included therewith, as such schedule shall be updated
        in
        connection with each Periodic Report, and may be further amended from time
        to
        time to reflect the release of Collateral Debt Obligations or the inclusion
        of
        Collateral Debt Obligations as provided in this Agreement.

       

      “Scheduled
        Payment”
means
        on
        any Determination Date, with respect to any Collateral Debt Obligation, each
        periodic payment (whether principal, interest or principal and interest)
        scheduled to be made by the Obligor thereof after such Determination Date
        under
        the terms of such Collateral Debt Obligation.

       

      “Second
        Lien Loan”
means
        a
        secured loan (i) that is not subordinated in right of payment by its terms
        to
        unsecured indebtedness of the Obligor for borrowed money (other than with
        respect to liquidation, trade claims, capitalized leases or other similar
        obligations), but the lien of which is subordinated to a Senior Secured Loan
        of
        the Obligor secured by all or a portion of the collateral securing such secured
        loan; (ii) that is secured by a valid second priority perfected security
        interest or lien in, to or on specified collateral securing the Obligor's
        obligations under such secured loan; and (iii) with respect to which the
        value
        of the collateral securing such secured loan, together with other attributes
        of
        the Obligor (including, without limitation, its general financial condition,
        ability to generate cash flow available for debt service and other demands
        for
        that cash flow) is adequate (in the sole business judgment of the Servicer,
        which judgment shall not be called into question as a result of subsequent
        events (or, if a Successor Servicer shall have been appointed pursuant to
        Section
        7.13,
        in the
        judgment of the Borrower in consultation with the Administrative Agent))
        to
        repay such secured loan in accordance with its terms, and to repay all other
        loans of equal or higher seniority secured by a first or second lien or security
        interest in the same collateral.

       

      “Section
        2.4 Obligation”
is
        defined in Section
        12.14.

       

      “Secured
        Bond”
means
        a
        secured bond (i) that by its terms is not (and cannot by its terms become)
        subordinate (except with respect to liquidation preferences with respect
        to
        pledged collateral) in right of payment to any secured or unsecured obligation
        of the Obligor, including without limitation, in any bankruptcy, reorganization,
        arrangement, insolvency, moratorium or liquidation proceedings, (ii) that
        is
        secured by a valid perfected security interest or lien in, to or on specified
        collateral securing the Obligor’s obligations under such obligation, (iii) with
        respect to which the Servicer determines in good faith that the value of
        the
        collateral securing the bond, together with other attributes of the Obligor
        (including, without limitation, its general financial condition, ability
        to
        generate cash flow available for debt service and other demands for that
        cash
        flow) is adequate (in the sole business judgment of the Servicer, which judgment
        shall not be called into question as a result of subsequent events) to repay
        such bond plus all other obligations of equal or higher seniority secured
        by the
        same collateral, and (iv) that is not secured solely or primarily by the
        common
        stock or other equity interests of its Obligor or any of its
        affiliates.

       

      “Secured
        Party”
        means (i)
        each Lender, (ii) each Managing Agent, (iii) each Liquidity Bank and (iv)
        each
        Hedge Counterparty that is either a Lender or an Affiliate of a Lender if
        that
        Affiliate executes a counterpart of this Agreement agreeing to be bound by
        the
        terms of this Agreement applicable to a Secured Party.

       

      
        
          
          

        

        
          23

          
            

          

        

        
          
          

        

      

       

      “Senior
        Portion of Servicing Fee”
means
        for each Settlement Period or portion thereof (a) ending on or prior to May
        31,
        2007 an amount equal to the sum, for all Collateral Debt Obligations and
        all
        days in the Settlement Period, of the product of (i) the value of each
        Collateral Debt Obligation as set forth in the books and records of the Borrower
        for each date in the Settlement Period and (ii) the applicable Senior Portion
        of
        Servicing Fee Rate, computed on a 30/360 basis; and (b) thereafter, an amount
        equal to the sum, for all Collateral Debt Obligations, of the product of
        (i) the
        average value of each Collateral Debt Obligation as set forth in the books
        and
        records of the Borrower on each of the two immediately preceding Quarterly
        Determination Dates (or, in the case of the October 2007 Payment Date, the
        immediately preceding Quarterly Determination Date) and (ii) the applicable
        Senior Portion of Servicing Fee Rate, computed on a 30/360 basis.

       

      “Senior
        Portion of Servicing Fee Rate”
is
        defined in the Fee Letter.

       

      “Senior
        Secured Loan”
means
        a
        secured loan (i) that is not subordinated in right of payment by its terms
        to
        unsecured indebtedness of the Obligor for borrowed money (other than with
        respect to liquidation, trade claims, capitalized leases or other similar
        obligations) and the lien of which is not subordinated to any other secured
        obligation of the Obligor secured by all or a portion of the collateral securing
        such secured loan; (ii) that is secured by the most senior priority perfected
        security interest or lien in, to or on specified collateral securing the
        Obligor's obligations under such secured loan; and (iii) with respect to
        which
        the value of the collateral securing such secured loan, together with other
        attributes of the Obligor (including, without limitation, its general financial
        condition, ability to generate cash flow available for debt service and other
        demands for that cash flow) is adequate (in the sole business judgment of
        the
        Servicer, which judgment shall not be called into question as a result of
        subsequent events) to repay such secured loan in accordance with its
        terms.

       

      “Servicer”
        means
        GSCP (NJ), L.P., a Delaware limited partnership, and its permitted successors
        and assigns.

       

      “Servicer’s
        Certificate”
is
        defined in Section
        5.1(s)(iv).

       

      “Servicer
        Termination Event”
is
        defined in Section
        7.12.

       

      “Servicing
        Fee”
        means
        for
        each Settlement Period or portion thereof (a) ending on or prior to May 31,
        2007
        an amount equal to the sum, for all Collateral Debt Obligations and all days
        in
        the Settlement Period, of the product of (i) the value of each Collateral
        Debt
        Obligation as set forth in the books and records of the Borrower for each
        date
        in the Settlement Period and (ii) the applicable Servicing Fee Rate, computed
        on
        a 30/360 basis; and (b) thereafter, an amount equal to the sum, for all
        Collateral Debt Obligations, of the product of (i) the average value of each
        Collateral Debt Obligation as set forth in the books and records of the Borrower
        on each of the two immediately preceding Quarterly Determination Dates (or,
        in
        the case of the October 2007 Payment Date, the immediately preceding Quarterly
        Determination Date) and (ii) the applicable Servicing Fee Rate, computed
        on a
        30/360 basis. For
        any
        Successor Servicer, the “Servicing
        Fee”
shall
        be
        determined in accordance with Section
        7.14.

       

      “Servicing
        Fee Rate”
is
        defined in the Fee Letter.

       

      
        
          
          

        

        
          24

          
            

          

        

        
          
          

        

      

       

      “Servicing
        Records”
means
        all documents, books, records and other information (including, without
        limitation, computer programs, tapes, disks, data processing software and
        related property rights) prepared and maintained by the Servicer with respect
        to
        the Collateral Debt Obligations and the related Obligors.

       

      “Servicing
        Standards”
means
        the collection and servicing procedures the Servicer follows with respect
        to
        assets comparable to the Collateral Debt Obligations that it services for
        itself, its Affiliates or others, which shall be procedures that the Servicer
        reasonably believes to be consistent with the procedures used by institutional
        servicers of national standing of comparable assets.

       

      “Settlement
        Period”
means
        each three month period ending on the 20th
        of the
        calendar months of July, October, January and April, or, with respect to
        the
        initial Settlement Period, the period from the Closing Date to the
        20th
        of July,
        2007.

       

      “Solvent”
means
        as
        to any Person at any time, having a state of affairs such that all of the
        following conditions are met: (a) the fair value of the property owned by
        such
        Person is greater than the amount of such Person’s liabilities (including
        disputed, contingent and unliquidated liabilities) as such value is established
        and liabilities evaluated for purposes of Section 101(32) of the Bankruptcy
        Code; (b) the present fair salable value of the property owned by such Person
        in
        an orderly liquidation of such Person is not less than the amount that will
        be
        required to pay the probable liability of such Person on its debts as they
        become absolute and matured; (c) such Person is able to realize upon its
        property and pay its debts and other liabilities (including disputed, contingent
        and unliquidated liabilities) as they mature in the normal course of business;
        (d) such Person does not intend to, and does not believe that it will, incur
        debts or liabilities beyond such Person’s ability to pay as such debts and
        liabilities mature; and (e) such Person is not engaged in business or a
        transaction, and is not about to engage in a business or a transaction, for
        which such Person’s property would constitute unreasonably small
        capital.

       

      “Stated
        Maturity”
means,
        with respect to any Collateral Debt Obligation, the maturity date specified
        with
        respect to such loan or security (subject to any business day convention
        specified under the applicable Collateral Debt Obligation
        Documents).

       

      “Subordinated
        Debt”
means
        any debt that is subordinated in right of payment to another class of
        indebtedness of a Person.

       

      “Subordination
        Event”
is
        defined in Section
        5.1(t).

       

      “Substitute
        Collateral Debt Obligation”
means
        any Collateral Debt Obligation, approved by the Administrative Agent in its
        sole
        discretion, which is substituted for an Ineligible Collateral Debt Obligation
        pursuant to Section
        2.4(c).

       

      “Successor
        Servicer”
is
        defined in Section
        7.13(a).

       

      “Supplemental
        Interests”
means
        with respect to any Collateral Debt Obligation, any warrants, equity or other
        equity interests or interests convertible into or exchangeable for any such
        interests received from the Obligor in connection with such Collateral Debt
        Obligation.

       

      
        
          
          

        

        
          25

          
            

          

        

        
          
          

        

      

       

      “Tape”
is
        defined in Section
        7.19(b).

       

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

       

      “Termination
        Notice”
is
        defined in Section
        7.12.

       

      “Transaction
        Documents”
means
        this Agreement, the Purchase Agreement, all Hedging Agreements, the Account
        Control Agreement and any additional document, letter, fee letter, certificate,
        opinion, agreement or writing the execution of which is necessary or incidental
        to carrying out the terms of the foregoing documents.

       

      “Transition
        Costs”
means
        the reasonable costs and expenses incurred by the Backup Servicer in
        transitioning to Servicer; provided,
        however,
        that the
        Administrative Agent’s consent shall be required if such Transition Costs exceed
        $50,000.00 in the aggregate.

       

      “Trustee”
means
        U.S. Bank National Association, in its capacity as Trustee, together with
        its
        successors and assigns.

       

      “Trustee
        Expenses”
means
        the out-of-pocket expenses to be paid to the Trustee under the Backup Servicer
        and Trustee Fee Letter.

       

      “Trustee
        Fee”
means
        the fee to be paid to the Trustee as set forth in the Backup Servicer and
        Trustee Fee Letter.

       

      “UCC”
means
        the Uniform Commercial Code as from time to time in effect in the specified
        jurisdiction or, if no jurisdiction is specified, the State of New
        York.

       

      “Underlying
        Note”
means
        the promissory note of an Obligor evidencing a Collateral Debt
        Obligation.

       

      “United
        States”
means
        The United States of America.

       

      “Unsecured
        Collateral Debt Obligation”
means
        a
        Collateral Debt Obligation which is not a Senior Secured Loan, a Second Lien
        Loan, a Mezzanine Loan or a Secured Bond.

       

      “U.S.
        Bank”
means
        U.S. Bank National Association, or any permitted successor thereto.

       

      Section
        1.2 Other
        Terms.

       

      All
        accounting terms not specifically defined herein shall be construed in
        accordance with GAAP. All terms used in Article 9 of the UCC in the State
        of New
        York, and not specifically defined herein, are used herein as defined in
        such
        Article 9.

       

      
        
          
          

        

        
          26

          
            

          

        

        
          
          

        

      

       

      Section
        1.3 Computation
        of Time Periods.

       

      Unless
        otherwise stated in this Agreement, in the computation of a period of time
        from
        a specified date to a later specified date, the word “from” means “from and
        including” and the words “to” and “until” each mean “to but
        excluding.”

       

      Section
        1.4 Interpretation.

       

      In
        each
        Transaction Document, unless a contrary intention appears:

       

      (i) the
        singular number includes the plural number and vice versa;

       

      (ii) reference
        to any Person includes such Person’s successors and assigns but, if applicable,
        only if such successors and assigns are permitted by the Transaction
        Document;

       

      (iii) reference
        to any gender includes each other gender;

       

      (iv) reference
        to any agreement (including any Transaction Document), document or instrument
        means such agreement, document or instrument as amended, supplemented or
        modified and in effect from time to time in accordance with the terms thereof
        and, if applicable, the terms of the other Transaction Documents and reference
        to any promissory note includes any promissory note that is an extension
        or
        renewal thereof or a substitute or replacement therefor; and

       

      (v) reference
        to any Applicable Law means such Applicable Law as amended, modified, codified,
        replaced or reenacted, in whole or in part, and in effect from time to time,
        including rules and regulations promulgated thereunder and reference to any
        section or other provision of any Applicable Law means that provision of
        such
        Applicable Law from time to time in effect and constituting the substantive
        amendment, modification, codification, replacement or reenactment of such
        section or other provision.

       

      ARTICLE
        II

       

      THE
        LOAN

       

      Section
        2.1 The
        Loans.

       

      (a) Commitments.
        Subject
        to the terms and conditions hereof, each CP Lender may make, and if a CP
        Lender
        does not make, each Committed Lender severally agrees to make, on the Closing
        Date, a loan (the “Loans”)
        to the
        Borrower in an amount not to exceed such Committed Lender’s Commitment. The
        Borrower may make only one borrowing under the Commitments, which shall be
        on
        the Closing Date. Any amount borrowed under this Section 2.1 and subsequently
        repaid or prepaid may not be reborrowed. Subject to Sections
        2.3
        and
2.4,
        all
        amounts owed hereunder with respect to the Loans shall be paid in full no
        later
        than the Maturity Date. Each Lender’s Commitment shall terminate immediately and
        without further action on the Closing Date after giving effect to the funding
        of
        such Lender’s Commitment on such date. Notwithstanding the foregoing, all the
        Commitments shall automatically terminate at 5:00 p.m.,

       

      
        
          
          

        

        
          27

          
            

          

        

        
          
          

        

      

       

      New
        York
        City time, on the date that is three Business Days after the effective date
        of
        this Agreement, if the Closing Date shall not have occurred by such
        time.

       

      (b) Borrowing
        Mechanics for the Loans.
        In order
        to borrow the Loans, the Borrower shall deliver to the Administrative Agent
        a
        Periodic Report no later than 12:00 noon (New York City time) one (1) Business
        Day prior to the Closing Date. On or before the Closing Date, each Managing
        Agent shall request the CP Lender in its Lender Group to make the Loans,
        and
        such CP Lender may agree or decline to make the Loan. If any CP Lender declines
        to make the Loans, it shall so notify the Committed Lenders in its Lender
        Group
        and the Loans will be made by the Committed Lenders in such CP Lender’s Lender
        Group in accordance with their Pro-Rata Shares. Each Lender making a Loan
        hereunder shall make such Loan available to the Administrative Agent not
        later
        than 12:00 p.m. (New York City time) on the Closing Date, by wire transfer
        of
        same day funds in Dollars, at the Administrative Agent’s principal office. Upon
        satisfaction or waiver of the conditions precedent specified herein, the
        Administrative Agent shall make the proceeds of the Loans available to the
        Borrower on the Closing Date by causing an amount of same day funds in Dollars
        equal to the proceeds of all such Loans received by the Administrative Agent
        from the applicable Lenders to be credited to the account of the Borrower
        at the
        Administrative Agent’s principal office or to such other account as may be
        designated in writing to the Administrative Agent by the Borrower.

       

      Section
        2.2 [Reserved].

       

      Section
        2.3 Prepayments.

       

      From
        time
        to time the Borrower may prepay any portion or all of the Loans Outstanding
        (from amounts on deposit in the Collection Account or otherwise available
        to the
        Borrower), other than with respect to Mandatory Prepayments, by delivering to
        the Administrative Agent, the Trustee and each Managing Agent a written notice
        of such prepayment and a Periodic Report at least two (2) Business Days prior
        to
        the date of such repayment; provided,
        that no
        such prepayment shall be given effect unless the Borrower has complied with
        the
        terms of any Hedging Agreement requiring that one or more Hedge Transactions
        be
        terminated in whole or in part as the result of any such prepayment of the
        Loans
        Outstanding, and the Borrower has paid all Hedge Breakage Costs owing to
        the
        relevant Hedge Counterparty for any such termination. If any notice relating
        to
        any prepayment is given, the amount specified in such notice shall be due
        and
        payable on the date specified therein, together with accrued Interest to
        the
        payment date on the amount prepaid and any Breakage Costs (including Hedge
        Breakage Costs) related thereto. Any partial prepayment by the Borrower of
        Loans
        hereunder, other than with respect to Mandatory Prepayments, shall be in
        a
        minimum amount of $1,000,000 with integral multiples of $250,000 above such
        amount.

       

      Section
        2.4 Principal
        Repayments.

       

      (a) The
        Loans
        Outstanding shall be due and payable on the Maturity Date. In addition, Loans
        Outstanding shall be repaid as and when necessary to cause the Loan-to-Value
        Ratio to be not greater than 68% and in accordance with Section
        2.7
        (each
        such payment, a “Mandatory
        Prepayment”).

       

      
        
          
          

        

        
          28

          
            

          

        

        
          
          

        

      

       

      (b) All
        repayments of any Loan or any portion thereof shall be made together with
        payment of (i) all Interest accrued and unpaid on the amount repaid to (but
        excluding) the date of such repayment, (ii) any and all Breakage Costs, and
        (iii) all Hedge Breakage Costs and any other amounts payable by the Borrower
        under or with respect to any Hedging Agreement.

       

      (c) In
        the
        event of a breach of any representation or warranty set forth in Section
        4.1(y)
        with
        respect to any Collateral Debt Obligation (each such Collateral Debt Obligation,
        an “Ineligible
        Collateral Debt Obligation”),
        no
        later than 5 Business Days after the earlier of (A) knowledge of such breach
        on
        the part of the Borrower and (B) receipt by the Borrower of written notice
        thereof given by the Administrative Agent, the Servicer or any Managing Agent,
        the Borrower shall (1) repay Loans Outstanding, or (2) substitute for such
        Ineligible Collateral Debt Obligation a Substitute Collateral Debt Obligation,
        in each case, in an amount equal to the greater of (i) the Market Value of
        such
        Ineligible Collateral Debt Obligation or (ii) the amount sufficient to cause
        the
        Loan-to-Value Ratio to be equal to the Initial Loan-to-Value Ratio; provided,
        however,
        that no
        such repayment or substitution shall be required to be made with respect
        to such
        Ineligible Collateral Debt Obligation (and such Collateral Debt Obligation
        shall
        cease to be an Ineligible Collateral Debt Obligation) if, on or before the
        expiration of such 5-Business Day period, the representations and warranties
        in
Section
        4.1(y)
        with
        respect to such Ineligible Collateral Debt Obligation shall be made true
        and
        correct in all material respects with respect to such Ineligible Collateral
        Debt
        Obligation as made on such day.

       

      Section
        2.5 The
        Notes.

       

      (a) Upon
        the
        request of any Managing Agent, the Loans made by the Lenders in the related
        Lender Group hereunder shall be evidenced by a duly executed promissory note
        of
        the Borrower payable to each Managing Agent, on behalf of the applicable
        Lenders
        in the related Lender Group, in substantially the form of Exhibit
        B
        hereto
        (collectively, the “Notes”).
        The
        Notes shall be dated the Closing Date and shall be in a maximum principal
        amount
        equal to the applicable Lender Group’s Group Loan Limit, and shall otherwise be
        duly completed.

       

      (b) Each
        Managing Agent is hereby authorized to enter on a schedule attached to its
        Notes
        the following notations (which may be computer generated) with respect to
        each
        Loan made by each Lender in the applicable Lender Group: (i) the date and
        principal amount thereof and (ii) each payment and repayment of principal
        thereof, and any such recordation shall constitute prima
        facie evidence
        of the accuracy of the information so recorded. The failure of a Managing
        Agent
        to make any such notation on the schedule attached to the applicable Note
        shall
        not limit or otherwise affect the obligation of the Borrower to repay the
        Loans
        in accordance with their respective terms as set forth herein.

       

      Section
        2.6 Interest
        Payments.

       

      (a) Interest
        shall accrue on each Loan during each Settlement Period at the applicable
        Interest Rate. The Borrower shall pay Interest on the unpaid principal amount
        of
        each Loan for the period commencing on and including the date such Loan is
        funded until but excluding the date that such Loan shall be paid in full.
        Interest shall accrue during each Settlement Period and be payable on the
        Loans
        Outstanding on each Payment Date, unless earlier paid pursuant to (i) a
        prepayment in accordance with Section
        2.3
        or (ii) a
        repayment in accordance with Section
        2.4(b).

       

      
        
          
          

        

        
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      (b) Each
        Managing Agent shall determine (in accordance with information provided by
        the
        relevant CP Lender and/or Committed Lenders in the related Lender Group,
        as
        applicable) its estimate of the Interest (including unpaid Interest, if any
        due
        and payable on a prior Payment Date) to be paid to the Lenders in the applicable
        Lender Group on each Payment Date for the related Settlement Period and shall
        advise the Administrative Agent and the Servicer, on behalf of the Borrower
        and
        the Trustee, thereof three (3) Business Days prior to each Payment Date.
        In the
        event that any Managing Agent’s, CP Lender’s or Committed Lender’s, as
        applicable, estimate of the Interest payable for a related Settlement Period
        is
        different from the actual amount of Interest for such Settlement Period,
        the
        Managing Agent shall increase or decrease its estimate of Interest for the
        next
        succeeding Settlement Period by the amount of such difference, plus interest
        thereon at such rate.

       

      (c) If
        any
        Managing Agent, on behalf of the applicable Lenders, shall notify the
        Administrative Agent that a Eurodollar Disruption Event as described in clause
        (a) of the definition of “Eurodollar Disruption Event” has occurred, the
        Administrative Agent shall in turn so notify the Borrower, whereupon all
        affected Loans in respect of which Interest accrues at the LIBO Rate shall
        immediately be converted into Loans in respect of which Interest accrues
        at the
        Base Rate.

       

      (d) Anything
        in this Agreement or the other Transaction Documents to the contrary
        notwithstanding, if at any time the rate of interest payable by any Person
        under
        this Agreement and the Transaction Documents exceeds the highest rate of
        interest permissible under Applicable Law (the “Maximum
        Lawful Rate”),
        then,
        so long as the Maximum Lawful Rate would be exceeded, the rate of interest
        under
        this Agreement and the Transaction Documents shall be equal to the Maximum
        Lawful Rate. If at any time thereafter the rate of interest payable under
        this
        Agreement and the Transaction Documents is less than the Maximum Lawful Rate,
        such Person shall continue to pay interest under this Agreement and the
        Transaction Documents at the Maximum Lawful Rate until such time as the total
        interest received from such Person is equal to the total interest that would
        have been received had Applicable Law not limited the interest rate payable
        under this Agreement and the Transaction Documents. In no event shall the
        total
        interest received by a Lender under this Agreement and the Transaction Documents
        exceed the amount that such Lender could lawfully have received, had the
        interest due under this Agreement and the Transaction Documents been calculated
        since the Closing Date at the Maximum Lawful Rate.

       

      (e) The
        Borrower shall pay the fees specified hereunder and in the other Transaction
        Documents in accordance with Section 2.7.

       

      Section
        2.7 Settlement
        Procedures.

       

      On
        each
        Payment Date the Servicer on behalf of the Borrower shall pay for receipt
        by the
        applicable Lender no later than 11:00 a.m. (New York City time) to the following
        Persons, from (i) the Collection Account, to the extent of available funds
        and
        (ii) amounts received in respect of any Hedge Agreement during such Settlement
        Period (the sum of such amounts described in clauses (i) and (ii) being the
        “Available
        Collections”)
        the
        following amounts in the following order of priority:

       

      
        
          
          

        

        
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      (a) To
        the
        extent of available Interest Collections and any amounts on deposit in the
        Reserve Account in excess of the Reserve Account Required Amount:

       

      (i) First,
        to the
        Backup Servicer (including in its capacity as Successor Servicer, if
        applicable), in amount equal to any accrued and unpaid currently due Backup
        Servicer Fee, all unpaid Backup Servicer Fees due from a prior Payment Date,
        any
        unpaid Backup Servicer Expenses and amounts due to the Backup Servicer as
        an
        Indemnified Party, and any Transition Costs, for the payment thereof; provided
        that the amount of Transition Costs payable under this clause Second shall
        not
        exceed $100,000 in the aggregate with respect to such Payment Date;

       

      (ii) Second,
        to the
        Trustee in an amount equal to any accrued and unpaid currently due Trustee
        Fee,
        all unpaid Trustee Fees due from a prior Payment Date, all unpaid Trustee
        Expenses, and any other amounts due to the Trustee as an Indemnified Party,
        for
        the payment thereof;

       

      (iii) Third,
        (A) to
        the initial Servicer, in an amount equal to its accrued and unpaid Senior
        Portion of Servicing Fee and (B) to any Successor Servicer, the accrued and
        unpaid Servicing Fee and Market Servicing Fee Differential to the end of
        the
        preceding Collection Period, for the payment thereof; provided that the amount
        of Market Servicing Fee Differential payable in any 12-month period under
        this
        clause Third shall not exceed 0.25% of the Aggregate Outstanding Principal
        Balance;

       

      (iv) Fourth,
        pro rata
        to each Lender in an amount equal to any accrued and unpaid Interest and
        Breakage Costs, for the payment thereof;

       

      (v) Fifth,
        to the
        Reserve Account, an amount, if necessary, required for the amount on deposit
        in
        the Reserve Account to equal the Reserve Account Required Amount;

       

      (vi) Sixth,
        pro rata
        to the Lenders, (A) if an Event of Default shall not have occurred and be
        continuing, (x) in the first twelve months following the Closing Date, if
        the
        Loan-to-Value Ratio shall exceed 52%, in an amount necessary to reduce the
        Loans
        Outstanding such that the Loan-to-Value Ratio shall not exceed 52%, for the
        payment thereof and (y) thereafter, if the Loan-to-Value Test shall not be
        satisfied, in an amount necessary to reduce the Loans Outstanding such that
        the
        Loan-to-Value Ratio Test shall be satisfied, for the payment thereof and
        (B) if
        an Event of Default has occurred and is continuing, pro rata to the Lenders,
        in
        an amount necessary to reduce the Loans Outstanding to zero, for the payment
        thereof;

       

      (vii) Seventh,
        to the
        Servicer, (x) all Indemnified Amounts and (y) reimbursement of all expenses
        payable to it pursuant to Section 7.7 and any other amounts then due to it
        under
        this Agreement, for the payment thereof; and

       

      (viii) Eighth,
        all
        remaining amounts shall be distributed to the Borrower.

       

      (b) To
        the
        extent of available Principal Collections:

       

      
        
          
          

        

        
          31

          
            

          

        

        
          
          

        

      

       

      (i) First,
        to the
        parties listed above, any amount remaining unpaid pursuant to clauses First
        through Fifth under clause (a) above, in accordance with the priority set
        forth
        thereunder;

       

      (ii) Second,
        pro rata
        to the Lenders, in an amount necessary to reduce the Loans Outstanding to
        zero,
        for the payment thereof;

       

      (iii) Third,
        to the
        Administrative Agent, the Lenders, the Affected Parties and the Indemnified
        Parties (other than the Servicer, if the Servicer is an Affiliate of the
        Borrower), pro rata in accordance with the amount owed to such Person under
        this
        clause Fourth, all other amounts (other than Loans Outstanding) then due
        under
        this Agreement, for the payment thereof;

       

      (iv) Fourth,
        to the
        extent not paid by the Servicer, to the Backup Servicer, to the Trustee,
        and to
        any Successor Servicer, as applicable, pro rata in accordance with the amount
        owed to such Person under this clause Fourth, in an amount equal to any accrued
        and unpaid Backup Servicer Expenses, Trustee Expenses, Market Servicing Fee
        Differential, Servicing Fee and Transition Costs, for the payment
        thereof;

       

      (v) Fifth,
        to the
        Servicer (if an Affiliate of the Borrower), (x) all Indemnified Amounts and
        (y)
        reimbursement of all expenses payable to it pursuant to Section 7.7 and any
        other amounts then due to it under this Agreement, for the payment thereof;
        and

       

      (vi) Sixth,
        all
        remaining amounts shall be distributed to the Borrower.

       

      Section
        2.8 Collections
        and Allocations.

       

      (a) The
        Borrower or the Servicer on behalf of the Borrower shall promptly (but in
        no
        event later than two (2) Business Days after the receipt thereof) identify
        any
        Collections received by it as being on account of Interest Collections or
        Principal Collections and deposit all such Interest Collections or Principal
        Collections received directly by it into the Collection Account. The Servicer
        on
        behalf of the Borrower shall make such deposits or payments on the date
        indicated by wire transfer, in immediately available funds.

       

      (b) Until
        the
        occurrence of an Event of Default, to the extent there are uninvested amounts
        deposited in the Collection Account, all amounts shall be invested in Permitted
        Investments selected by the Servicer on behalf of the Borrower that mature
        no
        later than the Business Day immediately preceding the next Payment Date;
        from
        and after (i) the occurrence of an Event of Default or (ii) the appointment
        of a
        Successor Servicer, to the extent there are uninvested amounts deposited
        in the
        Collection Account, all amounts may be invested in Permitted Investments
        selected by the Administrative Agent that mature no later than the next Business
        Day. Any earnings (and losses) thereon shall be for the account of the
        Borrower.

       

      (c) Notwithstanding
        anything to the contrary contained herein or in any other Transaction Document,
        all payments required to be made by the Borrower hereunder shall be made
        by the
        Borrower, or the Servicer acting on its behalf, directing the Trustee to
        make
        such payments. The Trustee shall make such payments to the Secured Parties
        and
        any other Persons pursuant to this Agreement based solely on the information
        set
        forth in instructions, including the

       

      
        
          
          

        

        
          32

          
            

          

        

        
          
          

        

      

       

      Periodic
        Report, furnished by the Borrower or the Servicer acting on behalf of the
        Borrower, and shall be entitled to conclusively rely on such information
        and
        reports, and on the calculations contained therein when making such
        payments.

       

      Section
        2.9 Payments,
        Computations, Etc.

       

      (a) Unless
        otherwise expressly provided herein, all amounts to be paid or deposited
        by the
        Borrower or the Servicer on behalf of the Borrower hereunder shall be paid
        or
        deposited in accordance with the terms hereof no later than 10:00 a.m. (New
        York
        City time) on the day when due in lawful money of the United States in
        immediately available funds to the Agent’s Account. The Borrower shall, to the
        extent permitted by law, pay to the Secured Parties interest on all amounts
        not
        paid or deposited when due hereunder at 2.0% per annum above the Base Rate,
        payable on demand; provided,
        however,
        that
        such interest rate shall not at any time exceed the Maximum Lawful Rate.
        All
        computations of interest and all computations of the Interest Rate (other
        than
        Base Rate calculations) shall be made on the basis of a year of 360 days
        for the
        actual number of days (including the first but excluding the last day) elapsed.
        All computations of interest calculated with reference to the Base Rate and
        calculations of fees hereunder (other than the Servicing Fee) shall be made
        on
        the basis of a year of 365/366 days for the actual number of days (including
        the
        first but excluding the last day) elapsed.

       

      (b) Whenever
        any payment hereunder shall be stated to be due on a day other than a Business
        Day, such payment shall be made on the next succeeding Business Day, and
        such
        extension of time shall in such case be included in the computation of payment
        of Interest, other interest or any fee payable hereunder, as the case may
        be.

       

      (c) All
        payments hereunder shall be made without set-off or counterclaim and in such
        amounts as may be necessary in order that all such payments shall not be
        less
        than the amounts otherwise specified to be paid under this Agreement (after
        withholding for or on account of any Taxes).

       

      Section
        2.10 Breakage
        Costs.

       

      The
        Borrower shall pay to the Administrative Agent for the account of the applicable
        Managing Agent, on behalf of the related Lenders, upon the request of any
        Managing Agent, any Lender or the Administrative Agent on each date on which
        a
        prepayment is made, such amount or amounts as shall, without duplication,
        compensate the Lenders for any actual loss, cost or expense (the “Breakage
        Costs”)
        incurred by the Lenders (as reasonably determined by the applicable Lender)
        as a
        result of any prepayment of a Loan (and interest thereon) arising under this
        Agreement and the Liquidity Agreements. The determination by any Managing
        Agent,
        on behalf of the related Lenders, of the amount of any such loss or expense
        shall be set forth in a written notice to the Borrower delivered by the
        applicable Lender prior to the date of such prepayment in the case where
        notice
        of such prepayment is delivered to such Lender in accordance with Section
        2.3
        or within
        two (2) Business Days following such prepayment in the case where no such
        notice
        is delivered (in which case, Breakage Costs shall include interest thereon
        from
        the date of such prepayment) and shall be conclusive absent manifest error.
        No
        Breakage Costs shall be payable to any Lender to the extent that (i) notice
        of
        such prepayment

       

      
        
          
          

        

        
          33

          
            

          

        

        
          
          

        

      

       

      shall
        have
        been delivered to such Lender in accordance with the provisions of Section
        2.3
        or (ii)
        such prepayment is made on a Payment Date.

       

      Section
        2.11 Increased
        Costs; Capital Adequacy; Illegality.

       

      (a) If
        after
        the date hereof, any Managing Agent, Lender, Liquidity Bank or any Affiliate
        thereof (each of which, an “Affected
        Party”)
        shall
        be charged any fee, expense or increased cost on account of the adoption
        of any
        applicable law, rule or regulation (including any applicable law, rule or
        regulation regarding capital adequacy), any accounting principles or any
        change
        in any of the foregoing, or any change in the interpretation or administration
        thereof by any governmental authority, the Financial Accounting Standards
        Board
        (“FASB”),
        any
        central bank or any comparable agency charged with the interpretation or
        administration thereof, or compliance with any request or directive (whether
        or
        not having the force of law) of any such authority or agency (a “Regulatory
        Change”):
        (i)
        that subjects any Affected Party to any charge or withholding on or with
        respect
        to any Transaction Document or an Affected Party’s obligations under a
        Transaction Document, or on or with respect to the Loans, or changes the
        basis
        of taxation of payments to any Affected Party of any amounts payable under
        any
        Transaction Document (except for changes in the rate of tax on the overall
        net
        income of an Affected Party or taxes excluded by Section
        2.12)
        or (ii)
        that imposes, modifies or deems applicable any reserve, assessment, insurance
        charge, special deposit or similar requirement against assets of, deposits
        with
        or for the account of an Affected Party, or credit extended by an Affected
        Party
        pursuant to a Transaction Document or (iii) that imposes any other condition
        the
        result of which is to increase the cost to an Affected Party of performing
        its
        obligations under a Transaction Document, or to reduce the rate of return
        on an
        Affected Party’s capital as a consequence of its obligations under a Transaction
        Document, or to reduce the amount of any sum received or receivable by an
        Affected Party under a Transaction Document or to require any payment calculated
        by reference to the amount of interests or loans held or interest received
        by
        it, then, upon demand by the applicable Managing Agent, the Borrower shall
        pay
        to the Administrative Agent, for payment to the applicable Managing Agent
        for
        the benefit of the relevant Affected Party, such amounts charged to such
        Affected Party or such amounts to otherwise compensate such Affected Party
        for
        such increased cost or such reduction.

       

      (b) If
        as a
        result of any event or circumstance similar to those described in clause
        (a)
        of this
Section
        2.11,
        an
        Affected Party is required to compensate a bank or other financial institution
        providing liquidity support, credit enhancement or other similar support
        to such
        Affected Party in connection with this Agreement or the funding or maintenance
        of Loans hereunder, then within ten (10) days after demand by such Affected
        Party, the Borrower shall pay to such Affected Party such additional amount
        or
        amounts as may be necessary to reimburse such Affected Party for any such
        amounts paid by it.

       

      (c) In
        determining any amount provided for in this section, the Affected Party may
        use
        any reasonable averaging and attribution methods. Any Affected Party making
        a
        claim under this section shall submit to the Borrower a certificate as to
        such
        additional or increased cost or reduction, which certificate shall calculate
        in
        reasonable detail any such charges and shall be conclusive absent demonstrable
        error.

       

      
        
          
          

        

        
          34

          
            

          

        

        
          
          

        

      

       

      Section
        2.12 Taxes.

       

      (a) All
        payments made by the Borrower in respect of any Loan and all payments made
        by
        the Borrower under this Agreement will be made free and clear of and without
        deduction or withholding for or on account of any Taxes, unless such withholding
        or deduction is required by law. In such event, the Borrower shall pay to
        the
        appropriate taxing authority any such Taxes required to be deducted or withheld
        and the amount payable to each Lender or the Administrative Agent (as the
        case
        may be) will be increased (such increase, the “Additional
        Amount”)
        such
        that every net payment made under this Agreement after deduction or withholding
        for or on account of any Taxes (including, without limitation, any Taxes
        on such
        increase) is not less than the amount that would have been paid had no such
        deduction or withholding been deducted or withheld. The foregoing obligation
        to
        pay Additional Amounts, however, will not apply with respect to, and the
        term
“Additional Amount” shall be deemed not to include (i) net income or franchise
        taxes imposed on a Lender, any Managing Agent or the Administrative Agent,
        respectively, with respect to payments required to be made by the Borrower
        or
        Servicer on behalf of the Borrower under this Agreement, by a taxing
        jurisdiction in which such Lender, such Managing Agent or the Administrative
        Agent is organized, has its applicable lending office, conducts business
        or is
        paying taxes as of the Closing Date (as the case may be) (ii) any branch
        profits
        taxes imposed by the United States of America or any similar tax imposed
        by any
        other jurisdiction in which the Borrower is located and (iii) in the case
        of a
        Foreign Lender, any withholding tax that is imposed on amounts payable to
        such
        Foreign Lender, at the time such Foreign Lender becomes a party, attributable
        to
        such Foreign Lender’s failure to comply with Section
        2.12(d).
        If a
        Lender, any Managing Agent or the Administrative Agent pays any Taxes in
        respect
        of which the Borrower is obligated to pay Additional Amounts under this
Section
        2.12(a),
        the
        Borrower shall promptly reimburse such Lender or Administrative Agent in
        full.

       

      (b) The
        Borrower will indemnify each Lender, each Managing Agent and the Administrative
        Agent for the full amount of Taxes in respect of which the Borrower is required
        to pay Additional Amounts (including, without limitation, any Taxes imposed
        by
        any jurisdiction on such Additional Amounts) actually paid by such Lender,
        Managing Agent or the Administrative Agent (as the case may be) and any
        liability (including penalties, interest and expenses) arising therefrom
        or with
        respect thereto (other than such liabilities (x) for which the relevant party
        shall have already been indemnified or (y) that are attributable to the
        applicable Lender’s, Managing Agent’s or the Administrative Agent’s gross
        negligence or willful misconduct); provided,
        however,
        that
        such Lender, Managing Agent or the Administrative Agent, as appropriate,
        making
        a demand for indemnity payment, shall provide the Borrower, at its address
        set
        forth under its name on the signature pages hereof, with a certificate from
        the
        relevant taxing authority or from a Responsible Officer of such Lender, Managing
        Agent or the Administrative Agent stating or otherwise evidencing that such
        Lender, Managing Agent or the Administrative Agent has made payment of such
        Taxes and will provide a copy of or extract from documentation, if available,
        furnished by such taxing authority evidencing assertion or payment of such
        Taxes. This indemnification shall be made within ten (10) days from the date
        such Lender, Managing Agent or the Administrative Agent (as the case may
        be)
        makes written demand therefor and provides the documentation set forth in
        this
Section
        2.12(b).

       

      
        
          
          

        

        
          35

          
            

          

        

        
          
          

        

      

       

      (c) Within
        thirty (30) days after the date of any payment by the Borrower of any Taxes,
        the
        Borrower will furnish to the Administrative Agent, the Managing Agent or
        the
        Lender, as applicable, at its address set forth under its name on the signature
        pages hereof, appropriate evidence of payment thereof.

       

      (d) If
        a
        Lender is not created or organized under the laws of the United States or
        a
        political subdivision thereof (each such Lender being sometimes referred
        to as a
“Foreign
        Lender”),
        such
        Lender shall, to the extent that it may then do so under Applicable Laws,
        deliver to the Borrower with a copy to each of the Trustee and the
        Administrative Agent (i) within fifteen (15) days after the date hereof,
        or, if
        later, the date on which such Lender becomes a Lender hereof, and thereafter
        at
        the reasonable request by the Borrower, two (or such other number as may
        from
        time to time be prescribed by Applicable Laws) duly completed copies of IRS
        Form
        W-8ECI, Form W-8IMY (with the appropriate attachments) or Form W-8BEN or
        any
        successor forms or other certificates or statements that may be required
        from
        time to time by the relevant United States taxing authorities or Applicable
        Laws), as appropriate, to permit the Borrower to make payments hereunder
        for the
        account of such Lender, as the case may be, without deduction or withholding
        of
        United States federal income or similar Taxes or at a reduced rate of such
        Taxes
        and (ii) upon the obsolescence of or after the occurrence of any event requiring
        a change in, any form or certificate previously delivered pursuant to this
        Section
        2.12(d),
        two
        copies (or such other number as may from time to time be prescribed by
        Applicable Laws) of such additional, amended or successor forms, certificates
        or
        statements as may be required under Applicable Laws to permit the Borrower
        to
        make payments hereunder for the account of such Lender, without deduction
        or
        withholding of United States federal income or similar Taxes or at a reduced
        rate of such Taxes. 

       

      (e) Within
        thirty (30) days of the written request of the Borrower therefor, the
        Administrative Agent, the Managing Agent or the Lender, as appropriate, shall
        execute and deliver to the Borrower such certificates, forms or other documents
        that can be furnished consistent with the facts and that are reasonably
        necessary to assist the Borrower in applying for refunds of Taxes remitted
        hereunder; provided,
        however,
        that the
        Administrative Agent, the Managing Agent and the Lender shall not be required
        to
        deliver such certificates forms or other documents if in their respective
        sole
        discretion it is determined in good faith that the delivery of such certificate,
        form or other document would have a material adverse effect on the
        Administrative Agent, the Managing Agent or the Lender and provided further,
        however,
        that the
        Borrower shall reimburse the Administrative Agent, the Managing Agent or
        the
        Lender for any reasonable expenses incurred in the delivery of such certificate,
        form or other document.

       

      (f) If,
        in
        connection with an agreement or other document providing liquidity support,
        credit enhancement or other similar support to the Lenders in connection
        with
        this Agreement or the funding or maintenance of Loans hereunder, the Lenders
        are
        required to compensate a bank or other financial institution in respect of
        Taxes
        under circumstances similar to those described in this section then within
        ten
        (10) days after demand by the Lenders, the Borrower shall pay to the Lenders
        such additional amount or amounts as may be necessary to reimburse the Lenders
        for any amounts paid by them.

       

      (g) In
        the
        event that the Borrower is obligated to make an indemnification payment pursuant
        to this Section
        2.12
        and the
        recipient receives a refund of, or credit to, Taxes with

       

      
        
          
          

        

        
          36

          
            

          

        

        
          
          

        

      

       

      respect
        to
        which the Borrower made an indemnification payment, the recipient promptly
        shall
        remit the amount of such refund or credit to the Borrower.

       

      (h) In
        the
        event that the Borrower becomes obligated to make an indemnification payment
        pursuant to this Section
        2.12
        to any
        Lender, or becomes obligated to pay Additional Amounts or increased Additional
        Amounts to any Lender as a result of changes in the tax laws after the date
        hereof or as a result of an assignment pursuant to Article
        XI,
        the
        Borrower may request that such Lender designate an alternative applicable
        lending office in order to avoid the need for any such indemnification or
        Additional Amount payment which may thereafter accrue. Such Lender shall
        use
        reasonable efforts (consistent with its internal policy and legal and regulatory
        restrictions) to change the jurisdiction of its lending office, if such change
        would not, in the reasonable determination of such Lender, cause such Lender
        to
        be in violation of any applicable law, regulation, treaty or guideline, cause
        such Lender to incur any additional material costs or expenses, or otherwise
        be
        materially disadvantageous to such Lender.

       

      (i) Upon
        request of the Borrower or the Servicer, each Lender that is not a Foreign
        Lender shall deliver to the Borrower and the Servicer two duly completed
        copies
        of Internal Revenue Service form W-9 or applicable successor form. If such
        Lender fails to deliver such forms, then the Borrower or the Servicer may
        withhold from any payment to such Lender an amount equivalent to the applicable
        backup withholding tax imposed with respect to such payment under the Code
        and
        the Borrower shall not be liable to pay additional Taxes in respect of such
        backup withholding.

       

      Section
        2.13 [Reserved].

       

      Section
        2.14 Liquidation
        of Collateral Debt Obligations. 

       

      On
        any
        Liquidation Settlement Date, the Borrower shall have the right to prepay
        all or
        a portion of the Loans Outstanding in connection with the sale and assignment
        by
        the Borrower of, and the release of the Lien by the Trustee over, one or
        more
        Collateral Debt Obligations, in whole but not in part (a “Liquidation”),
        subject to the following terms and conditions and subject to the other
        restrictions contained herein:

       

      (a) any
        Liquidation shall be made by the Borrower upon a determination by the Servicer
        (or, if a Successor Servicer shall have been appointed pursuant to Section
        7.13,
        arranged by the Borrower with the approval of the Administrative Agent) in
        accordance with the customary management practices of prudent institutions
        which
        manage financial assets similar to the Collateral Debt Obligations for their
        own
        account or for the account of others that such Collateral Debt Obligation
        (A)
        has suffered a deterioration of credit quality warranting disposition, (B)
        may
        be disposed of in a transaction which (x) does not contravene the requirements
        of Section
        2.15
        and (y)
        reflects arm’s-length market terms and (C) in connection with which the Borrower
        makes no representations, warranties or covenants and provides no
        indemnification for the benefit of any other party to the Liquidation (other
        than any representations, warranties or covenants relating to the Borrower’s
        ownership of or title to the Collateral Debt Obligation that is the subject
        of
        the Liquidation that are standard and customary in connection with such a
        sale);

       

      
        
          
          

        

        
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      (b) after
        giving effect to the Liquidation on the related Liquidation Trade Date and
        the
        payment to the Trustee required under Section
        2.14(d),
        (A)
        neither a Event of Default nor Default shall have occurred and be continuing,
        (B) all representations and warranties of the Borrower contained in Section
        4.1
        shall be
        true and correct as of the Liquidation Trade Date, (C) unless the Administrative
        Agent otherwise agrees, the Loan-to-Value Ratio Test shall be satisfied and
        (D)
        the RIC/BDC Requirements are satisfied;

       

      (c) on
        the
        Liquidation Trade Date, the Borrower and the Servicer shall be deemed to
        have
        represented and warranted that the requirements of Section
        2.14(b)
        shall
        have been satisfied as of the related Liquidation Trade Date after giving
        effect
        to the contemplated Liquidation;

       

      (d) on
        the
        related Liquidation Settlement Date, the Administrative Agent shall have
        received into the Collection Account, in immediately available funds, an
        amount
        equal to the proceeds of such Liquidation; and

       

      (e) in
        connection with such Liquidation, the Servicer shall solicit bids from at
        least
        3 market participants. If it is unable to obtain at least 3 such bids despite
        reasonable efforts, then it will obtain as many bids as commercially feasible.
        Any sale shall be made to the highest bidder, which may be an Affiliate of
        the
        Borrower. In case of a tie for the highest bid, the Servicer shall select
        the
        winning bid.

       

      In
        connection with any Liquidation, following receipt by the Trustee of the
        amounts
        referred to in Section 2.14(d) above (receipt of which shall be confirmed
        to the
        Administrative Agent), there shall be released to the Borrower (for further
        sale
        to a purchaser) without recourse, representation or warranty of any kind
        all of
        the right, title and interest of the Trustee and the Secured Parties in,
        to and
        under the portion of the Collateral subject to such Liquidation and such
        portion
        of the Collateral so released shall be released from any Lien and the Loan
        Documents (subject to the requirements set forth above in this Section
        2.14).

       

      In
        connection with any Liquidation, on the related Liquidation Settlement Date,
        the
        Trustee on behalf of the Secured Parties shall (i) execute such instruments
        of
        release with respect to the portion of the Collateral to be released to the
        Borrower, in recordable form if necessary, in favor of the Borrower as the
        Servicer on behalf of the Borrower may reasonably request, (ii) deliver any
        portion of the Collateral to be released to the Borrower in its possession
        to
        the Borrower and (iii) otherwise take such actions, as are determined by
        the
        Borrower or Servicer to be reasonably necessary and appropriate to release
        the
        Lien on the portion of the Collateral to be released to the Borrower and
        release
        and deliver to the Borrower such portion of the Collateral to be released
        to the
        Borrower.

       

      Section
        2.15 Certain
        Trading Restrictions.

       

      Notwithstanding
        anything to the contrary herein, the Borrower shall not take, or allow any
        other
        Person to take on its behalf, any action (including, without limitation,
        acquiring or disposing of any Collateral Debt Obligations for the primary
        purpose of recognizing gains or decreasing losses resulting from market value
        changes) that would cause the Borrower to be required to register as an
“investment company” within the meaning of the 1940 Act. 

       

      
        
          
          

        

        
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      ARTICLE
        III

       

      CONDITIONS
        OF EFFECTIVENESS AND ADVANCES

       

      Section
        3.1 Conditions
        to Effectiveness and Loans.

       

      No
        Lender
        shall be obligated to make any Loan hereunder from and after the Closing
        Date,
        nor shall any Lender, the Trustee, the Administrative Agent or the Managing
        Agents be obligated to take, fulfill or perform any other action hereunder,
        until the following conditions have been satisfied, in the sole discretion
        of,
        or waived in writing by, the Managing Agents:

       

      (a) This
        Agreement and all other Transaction Documents and each Liquidity Agreement
        or
        counterparts hereof or thereof shall have been duly executed by, and delivered
        to, the parties hereto and thereto and the Administrative Agent shall have
        received such other documents, instruments, agreements and legal opinions
        as any
        Managing Agent shall reasonably request in connection with the transactions
        contemplated by this Agreement, on or prior to the Closing Date, each in
        form
        and substance satisfactory to the Administrative Agent;

       

      (b) The
        Borrower shall have paid all fees required to be paid by it on the Closing
        Date,
        including all fees required hereunder and under the Fee Letter to be paid
        as of
        such date, and shall have reimbursed each Lender and the Administrative Agent
        for all fees, costs and expenses related to the transactions contemplated
        hereunder and under the other Transaction Documents and each Liquidity
        Agreement, including the legal and other document preparation costs incurred
        by
        any Lender and/or the Administrative Agent; and

       

      (c) Each
        CP
        Lender whose commercial paper is being rated by one or more Rating Agency
        shall
        have received, to the extent required under the terms of such CP Lender’s
        program documents, the written confirmation of each such Rating Agency that
        the
        execution and delivery of this Agreement will not result in a withdrawal
        or
        downgrading of the then-current rating of such commercial paper by such Rating
        Agency.

       

      The
        Administrative Agent shall promptly notify the Borrower and each Lender of
        the
        satisfaction or waiver of the conditions set forth above.

       

      ARTICLE
        IV

       

      REPRESENTATIONS
        AND WARRANTIES

       

      Section
        4.1 Representations
        and Warranties of the Borrower.

       

      The
        Borrower represents and warrants as follows:

       

      (a) Organization
        and Good Standing.
        The
        Borrower is a Delaware limited liability company duly organized, validly
        existing, and in good standing under the laws of the jurisdiction of its
        formation, and has full power, authority and legal right to own or lease
        its
        properties and conduct its business as such business is presently
        conducted.

       

      
        
          
          

        

        
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      (b) Due
        Qualification.
        The
        Borrower is qualified to do business as a limited liability company, is in
        good
        standing, and has obtained all licenses and approvals as required under the
        laws
        of all jurisdictions in which the ownership or lease of its property and
        or the
        conduct of its business (other than the performance of its obligations
        hereunder) requires such qualification, standing, license or approval, except
        to
        the extent that the failure to so qualify, maintain such standing or be so
        licensed or approved would not have an adverse effect on the interests of
        the
        Lenders. The Borrower is qualified to do business as a limited liability
        company, is in good standing, and has obtained all licenses and approvals
        as
        required under the laws of all states in which the performance of its
        obligations pursuant to this Agreement requires such qualification, standing,
        license or approval and where the failure to qualify or obtain such license
        or
        approval would have material adverse effect on its ability to perform
        hereunder.

       

      (c) Due
        Authorization.
        The
        execution and delivery of this Agreement and each Transaction Document to
        which
        the Borrower is a party and the consummation of the transactions provided
        for
        herein and therein have been duly authorized by the Borrower by all necessary
        action on the part of the Borrower.

       

      (d) No
        Conflict.
        The
        execution and delivery of this Agreement and each Transaction Document to
        which
        the Borrower is a party, the performance by the Borrower of the transactions
        contemplated hereby and thereby and the fulfillment of the terms hereof and
        thereof will not conflict with or result in any breach of any of the terms
        and
        provisions of, and will not constitute (with or without notice or lapse of
        time
        or both) a default under, the Borrower’s limited liability company agreement or
        any material Contractual Obligation of the Borrower.

       

      (e) No
        Violation.
        The
        execution and delivery of this Agreement and each Transaction Document to
        which
        the Borrower is a party, the performance of the transactions contemplated
        hereby
        and thereby and the fulfillment of the terms hereof and thereof will not
        conflict with or violate any Applicable Law in a manner that could reasonably
        be
        expected to have a Material Adverse Effect.

       

      (f) No
        Proceedings.
        There
        are no proceedings or investigations pending or, to the best knowledge of
        the
        Borrower, threatened against the Borrower, before any Governmental Authority
        (i)
        asserting the invalidity of this Agreement or any Transaction Document to
        which
        the Borrower is a party, (ii) seeking to prevent the consummation of any
        of the
        transactions contemplated by this Agreement or any Transaction Document to
        which
        the Borrower is a party or (iii) seeking any determination or ruling that
        could
        reasonably be expected to have a Material Adverse Effect.

       

      (g) All
        Consents Required.
        All
        material approvals, authorizations, consents, orders or other actions of
        any
        Person or of any Governmental Authority (if any) required in connection with
        the
        due execution, delivery and performance by the Borrower of this Agreement
        and
        any Transaction Document to which the Borrower is a party, have been
        obtained.

       

      (h) Reports
        Accurate.
        All
        Periodic Reports (if prepared by the Borrower, or to the extent that information
        contained therein is supplied by the Borrower), information, exhibit, financial
        statement, document, book, record or report furnished or to be furnished
        by
        the

       

      
        
          
          

        

        
          40

          
            

          

        

        
          
          

        

      

       

      Borrower
        to the Administrative Agent, the Trustee or a Lender in connection with this
        Agreement are true, complete and accurate in all material respects.

       

      (i) Solvency.
        The
        transactions contemplated under this Agreement and each Transaction Document
        to
        which the Borrower is a party do not and will not render the Borrower not
        Solvent.

       

      (j) Selection
        Procedures.
        No
        procedures believed by the Borrower to be materially adverse to the interests
        of
        the Secured Parties were utilized by the Borrower in identifying and/or
        selecting the Collateral Debt Obligations that are part of the
        Collateral.

       

      (k) Taxes.
        The
        Borrower has filed or caused to be filed all Tax returns required to be filed
        by
        it. The Borrower has paid all Taxes and all assessments made against it or
        any
        of its property (other than any amount of Tax the validity of which is currently
        being contested in good faith by appropriate proceedings and with respect
        to
        which reserves in accordance with GAAP have been provided on the books of
        the
        Borrower), and no Tax lien has been filed and, to the Borrower’s knowledge, no
        claim is being asserted, with respect to any such Tax, fee or other
        charge.

       

      (l) Agreements
        Enforceable.
        This
        Agreement and each Transaction Document to which the Borrower is a party
        constitute the legal, valid and binding obligation of the Borrower enforceable
        against the Borrower in accordance with their respective terms, except as
        such
        enforceability may be limited by Insolvency Laws and except as such
        enforceability may be limited by general principles of equity (whether
        considered in a suit at law or in equity).

       

      (m) No
        Liens.
        The
        Collateral is owned by the Borrower free and clear of any Liens except for
        Permitted Liens as provided herein, and the Trustee, for the benefit of the
        Secured Parties, has a valid and perfected first priority security interest
        in
        the Collateral then existing or thereafter arising, free and clear of any
        Liens
        except for Permitted Liens. No effective financing statement or other instrument
        similar in effect covering any Collateral is on file in any recording office
        except such as may be filed in favor of the Trustee, for the benefit of the
        Secured Parties, relating to this Agreement or reflecting the transfer of
        the
        Collateral from the Originator to the Borrower.

       

      (n) Security
        Interest.
        The
        Borrower has granted a security interest (as defined in the UCC) to the Trustee,
        for the benefit of the Secured Parties, in the Collateral, which is enforceable
        in accordance with Applicable Law. All filings (including, without limitation,
        such UCC filings) as are necessary in any jurisdiction to perfect the interest
        of the Trustee, for the benefit of the Secured Parties, in the Collateral
        have
        been made.

       

      (o) Location
        of Offices.
        The
        Borrower’s jurisdiction of organization is Delaware, and its principal place of
        business and chief executive office and the office where the Borrower keeps
        all
        the Records is located at the address of the Borrower referred to in
Section
        12.2
        hereof
        (or at such other locations as to which the notice and other requirements
        specified in Section
        5.1(m)
        shall
        have been satisfied).

       

      (p) Tradenames.
        The
        Borrower has no trade names, fictitious names, assumed names or “doing business
        as” names or other names under which it has done or is doing
        business.

       

      
        
          
          

        

        
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      (q) Value
        Given.
        The
        Borrower gave reasonably equivalent value to the Originator in consideration
        for
        the transfer to the Borrower of the applicable Collateral Debt Obligations
        under
        the Purchase Agreement, no such transfer was made for or on account of an
        antecedent debt owed by the Originator to the Borrower, and no such transfer
        is
        voidable or subject to avoidance under any Insolvency Law.

       

      (r) Accounting.
        The
        Borrower accounts for the applicable transfers to it from the Originator
        of
        interests in the Collateral Debt Obligations under the Purchase Agreement
        as
        sales or contributions of such Collateral Debt Obligations in its books,
        records
        and financial statements (although the financial statements of the Borrower
        and
        Originator may be consolidated), in each case consistent with GAAP.

       

      (s) Separate
        Entity.
        The
        Borrower is operated as an entity with assets and liabilities distinct from
        those of the Originator and any Affiliates thereof (other than the Borrower),
        and the Borrower hereby acknowledges that the Administrative Agent and the
        Lenders are entering into the transactions contemplated by this Agreement
        in
        reliance upon the Borrower’s identity as a separate legal entity from the
        Originator and from each such other Affiliate of the Originator. 

       

      (t) Investments.
        Except
        for Supplemental Interests or Supplemental Interests that convert into an
        equity
        interest in any Person, the Borrower does not own or hold directly or
        indirectly, any capital stock or equity security of, or any equity interest
        in,
        any Person.

       

      (u) Business.
        Since
        its formation, the Borrower has conducted no business other than the purchase
        and receipt of Collateral Debt Obligations and Related Property, the borrowing
        of funds under this Agreement and such other activities as are incidental
        to the
        foregoing.

       

      (v) ERISA.
        The
        Borrower is in compliance in all material respects with all applicable
        provisions of ERISA and has not incurred and does not expect to incur any
        liabilities (except for premium payments arising in the ordinary course of
        business) payable to the Pension Benefit Guaranty Corporation under
        ERISA.

       

      (w) Investment
        Company Act.
        The
        Borrower represents and warrants that the Borrower is exempt and will remain
        exempt from registration as an “investment company” within the meaning of the
        Investment Company Act of 1940, as amended (the “1940
        Act”).

       

      (x) Government
        Regulations.
        The
        Borrower is not engaged in the business of extending credit for the purpose
        of
“purchasing” or “carrying” any “margin security,” as such terms are defined in
        Regulation U of the Federal Reserve Board as now and from time to time hereafter
        in effect (such securities being referred to herein as “Margin
        Stock”).
        The
        Borrower owns no Margin Stock, and no portion of the proceeds of any Loan
        hereunder will be used, directly or indirectly, for the purpose of purchasing
        or
        carrying any Margin Stock, for the purpose of reducing or retiring any
        Indebtedness that was originally incurred to purchase or carry any Margin
        Stock
        or for any other purpose that might cause any portion of such proceeds to
        be
        considered a “purpose credit” within the meaning of Regulation T, U or X of the
        Federal Reserve Board. The Borrower will not take or permit to be taken any
        action that might cause any Related Document to violate any regulation of
        the
        Federal Reserve Board.

       

      
        
          
          

        

        
          42

          
            

          

        

        
          
          

        

      

       

      (y) Eligibility
        of Collateral Debt Obligations.
        As of
        the Closing Date and each date on which a Periodic Report is delivered
        hereunder, (i) the information contained in the Schedule of Collateral Debt
        Obligations (in the case of the Closing Date) or the information contained
        in
        the Periodic Report, as applicable, with respect to the identity of such
        Collateral Debt Obligations and the amounts owing thereunder is true and
        correct
        in all material respects as of the applicable date and (ii) each security
        or
        loan listed thereon as a Collateral Debt Obligation satisfies the requirements
        in the definition of “Collateral Debt Obligation” as of the applicable
        date.

       

      (z) USA
        PATRIOT Act.
        Neither
        the Borrower nor any Affiliate of the Borrower is (1) a country, territory,
        organization, person or entity named on an OFAC list, (2) a Person that resides
        or has a place of business in a country or territory named on such lists
        or
        which is designated as a Non-Cooperative Jurisdiction by the Financial Action
        Task Force on Money Laundering (“FATF”), or whose subscription funds are
        transferred from or through such a jurisdiction; (3) a “Foreign Shell Bank”
within the meaning of the USA PATRIOT Act, i.e., a foreign bank that does
        not
        have a physical presence in any country and that is not affiliated with a
        bank
        that has a physical presence and an acceptable level of regulation and
        supervision; or (4) a person or entity that resides in or is organized under
        the
        laws of a jurisdiction designated by the United States Secretary of the Treasury
        under Section 311 or 312 of the USA PATRIOT Act as warranting special measures
        due to money laundering concerns.

       

      ARTICLE
        V

       

      GENERAL
        COVENANTS OF THE BORROWER

       

      Section
        5.1 Covenants
        of the Borrower.

       

      The
        Borrower hereby covenants that:

       

      (a) Compliance
        with Laws.
        The
        Borrower will comply with all Applicable Laws with respect to it, its business
        and properties and all Collateral, except where the failure to do so,
        individually or in the aggregate, could not reasonably be expected to have
        a
        Material Adverse Effect.

       

      (b) Preservation
        of Corporate Existence.
        The
        Borrower will preserve and maintain its existence, rights, franchises and
        privileges in the jurisdiction of its formation, and qualify and remain
        qualified in good standing in each jurisdiction where the failure to maintain
        such existence, rights, franchises, privileges and qualification has had,
        or
        could reasonably be expected to have, a Material Adverse Effect.

       

      (c) Security
        Interests.
        Except
        as contemplated in this Agreement, the Borrower will not sell, pledge, assign
        or
        transfer to any other Person, or grant, create, incur, assume or suffer to
        exist
        any Lien on any Collateral (other than Permitted Liens). The Borrower will
        promptly notify the Trustee and the Administrative Agent of the existence
        of any
        Lien on any Collateral (other than Permitted Liens) once the Borrower obtains
        knowledge thereof and the Borrower shall defend the right, title and interest
        of
        the Trustee on behalf of the Secured Parties in, to and under any Collateral,
        against all claims of third parties; provided,
        however,
        that
        nothing in this

       

      
        
          
          

        

        
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      Section
        5.1(c)
        shall
        prevent or be deemed to prohibit the Borrower from suffering to exist Permitted
        Liens upon any Collateral.

       

      (d) Delivery
        of Collections.
        The
        Borrower agrees to cause the delivery to the Servicer promptly (but in no
        event
        later than two (2) Business Days after receipt) all Collections (including
        any
        Deemed Collections) received by Borrower in respect of the Collateral Debt
        Obligations that are part of the Collateral.

       

      (e) Activities
        of Borrower.
        The
        Borrower shall not engage in any business or activity of any kind, or enter
        into
        any transaction or indenture, mortgage, instrument, agreement, contract,
        loan or
        other undertaking, which is not incidental to the transactions contemplated
        and
        authorized by this Agreement or the Purchase Agreement.

       

      (f) Indebtedness.
        The
        Borrower shall not create, incur, assume or suffer to exist any Indebtedness
        or
        other liability whatsoever, except (i) obligations incurred under this
        Agreement, under any Hedging Agreement required by Section
        5.2(a),
        or the
        Purchase Agreement, or (ii) liabilities incident to the maintenance of its
        existence in good standing.

       

      (g) Guarantees.
        The
        Borrower shall not become or remain liable, directly or indirectly, in
        connection with any Indebtedness or other liability of any other Person,
        whether
        by guarantee, endorsement (other than endorsements of negotiable instruments
        for
        deposit or collection in the ordinary course of business), agreement to purchase
        or repurchase, agreement to supply or advance funds, or otherwise.

       

      (h) Investments.
        The
        Borrower shall not make or suffer to exist any loans or advances to, or extend
        any credit to, or make any investments (by way of transfer of property,
        contributions to capital, purchase of stock or securities or evidences of
        indebtedness, acquisition of the business or assets, or otherwise) in, any
        Person except for purchases of Collateral Debt Obligations and Supplemental
        Interests, or investments in Permitted Investments in accordance with the
        terms
        of this Agreement.

       

      (i) Merger;
        Sales.
        The
        Borrower shall not enter into any transaction of merger or consolidation,
        or
        liquidate or dissolve itself (or suffer any liquidation or dissolution),
        or
        acquire or be acquired by any Person, or convey, sell, loan or otherwise
        dispose
        of all or substantially all of its property or business, except as provided
        for
        in this Agreement.

       

      (j) Distributions.
        The
        Borrower may not declare or pay or make, directly or indirectly, any
        distribution (whether in cash or other property) with respect to any Person’s
        equity interest in the Borrower (collectively, a “Distribution”);
        provided,
        however,
        if the
        following shall be true, both before and after giving effect to such
        Distribution (A) neither an Event of Default nor a Default under Section
        8.1(a)
        shall
        have occurred and be continuing, (B) (x) in the first twelve months following
        the Closing Date, the Loan-to-Value Ratio shall not exceed 52% and (y)
        thereafter, the Loan-to-Value Ratio Test shall be satisfied and (C) the RIC/BDC
        Requirements are satisfied, the Borrower may make Distributions.

       

      (k) Agreements.
        The
        Borrower shall not amend or modify (i) the provisions of its limited liability
        company agreement or (ii) the Purchase Agreement without the consent of
        the

       

      
        
          
          

        

        
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      Administrative
        Agent and prior written notice to each Managing Agent, or issue any power
        of
        attorney except to the Administrative Agent or the Servicer.

       

      (l) Separate
        Existence.
        The
        Borrower shall:

       

      (i) Maintain
        its own deposit account or accounts, separate from those of any Affiliate,
        with
        commercial banking institutions. The funds of the Borrower will not be diverted
        to any other Person or for other than corporate uses of the
        Borrower.

       

      (ii) Ensure
        that, to the extent that it shares the same persons as officers or other
        employees as any of its Affiliates, the salaries of and the expenses related
        to
        providing benefits to such officers or employees shall be fairly allocated
        among
        such entities, and each such entity shall bear its fair share of the salary
        and
        benefit costs associated with all such common officers and
        employees.

       

      (iii) Ensure
        that, to the extent that it jointly contracts with any of its Affiliates
        to do
        business with vendors or service providers or to share overhead expenses,
        the
        costs incurred in so doing shall be allocated fairly among such entities,
        and
        each such entity shall bear its fair share of such costs. To the extent that
        the
        Borrower contracts or does business with vendors or service providers when
        the
        goods and services provided are partially for the benefit of any other Person,
        the costs incurred in so doing shall be fairly allocated to or among such
        entities for whose benefit the goods and services are provided, and each
        such
        entity shall bear its fair share of such costs. All material transactions
        between Borrower and any of its Affiliates shall be only on an arm’s length
        basis.

       

      (iv) Maintain
        a
        principal executive and administrative office through which its business
        is
        conducted separate from those of its Affiliates (but such offices may be
        at the
        same location as those of its Affiliates). To the extent that Borrower and
        any
        of its Affiliates have offices in the same location, there shall be a fair
        and
        appropriate allocation of overhead costs among them, and each such entity
        shall
        bear its fair share of such expenses.

       

      (v) Conduct
        its affairs strictly in accordance with its limited liability company agreement
        and observe all necessary, appropriate and customary legal formalities,
        including, but not limited to, holding all regular and special director’s
        meetings appropriate to authorize all action, keeping separate and accurate
        records of such meetings, passing all resolutions or consents necessary to
        authorize actions taken or to be taken, and maintaining accurate and separate
        books, records and accounts, including, but not limited to, payroll and
        transaction accounts.

       

      (vi) Take
        or
        refrain from taking, as applicable, each of the activities specified or assumed
        in the DPW Opinion, upon which the conclusions expressed therein are
        based.

       

      (m) Change
        of Name or Jurisdiction of Borrower; Records.
        The
        Borrower (x) shall not change its name or jurisdiction of organization, without
        thirty (30) days’ prior written notice to the Administrative Agent and (y) shall
        not move, or consent to the Servicer or Trustee moving, the Collateral Debt
        Obligation Documents without thirty (30) days’ prior written notice

       

      
        
          
          

        

        
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      to
        the
        Administrative Agent and (z) will promptly take all actions required of each
        relevant jurisdiction in order to continue the first priority perfected security
        interest of the Trustee, for the benefit of the Secured Parties (except for
        Permitted Liens) in all Collateral, and such other actions as the Trustee
        or the
        Administrative Agent may reasonably request, including but not limited to
        delivery of an Opinion of Counsel.

       

      (n) ERISA
        Matters.
        The
        Borrower will not, if individually or in the aggregate, the following could
        reasonably be expected to have a Material Adverse Effect (a) engage or permit
        any ERISA Affiliate to engage in any prohibited transaction for which an
        exemption is not available or has not previously been obtained from the United
        States Department of Labor; (b) permit to exist any accumulated funding
        deficiency, as defined in Section 302(a) of ERISA and Section 412(a) of the
        Code, or funding deficiency with respect to any Benefit Plan other than a
        Multiemployer Plan; (c) fail to make any payments to a Multiemployer Plan
        that
        the Borrower or any ERISA Affiliate may be required to make under the agreement
        relating to such Multiemployer Plan or any law pertaining thereto; (d) terminate
        any Benefit Plan so as to result in any liability; or (e) permit to exist
        any
        occurrence of any reportable event described in Title IV of ERISA.

       

      (o) Originator
        Collateral.
        With
        respect to each item of Collateral acquired by the Borrower from the Originator,
        the Borrower will (i) acquire such Collateral pursuant to and in accordance
        with
        the terms of the Purchase Agreement, (ii) take all action necessary to perfect,
        protect and more fully evidence the Borrower’s ownership of such Collateral,
        including, without limitation, (A) filing and maintaining, effective financing
        statements (Form UCC-1) naming the Originator as seller/debtor and the Borrower
        as purchaser/creditor in all necessary or appropriate filing offices, and
        filing
        continuation statements, amendments or assignments with respect thereto in
        such
        filing offices and (B) executing or causing to be executed such other
        instruments or notices as may be necessary or appropriate, including, without
        limitation, Assignments of Mortgage, and (iii) take all additional action
        that
        the Administrative Agent may reasonably request to perfect, protect and more
        fully evidence the respective interests of the parties to this Agreement
        in the
        Collateral.

       

      (p) Transactions
        with Affiliates.
        The
        Borrower will not enter into, or be a party to, any transaction with any
        of its
        Affiliates, except (i) the transactions permitted or contemplated by this
        Agreement, the Purchase Agreement and any Hedging Agreements and (ii) other
        transactions (including, without limitation, transactions related to the
        use of
        office space or computer equipment or software by the Borrower to or from
        an
        Affiliate) (A) in the ordinary course of business, (B) pursuant to the
        reasonable requirements of the Borrower’s business, (C) upon fair and reasonable
        terms that are no less favorable to the Borrower than could be obtained in
        a
        comparable arm’s-length transaction with a Person not an Affiliate of the
        Borrower, and (D) not inconsistent with the factual assumptions set forth
        in the
        DPW Opinion, as such assumptions may be modified in any subsequent opinion
        letters delivered to the Administrative Agent pursuant to Section
        3.2
        or
        otherwise. It is understood that any compensation arrangement for any officer
        or
        employee shall be permitted under clause
        (ii)(A)
        through
(C)
        above if
        such arrangement has been expressly approved by the managers of the Borrower
        in
        accordance with the Borrower’s limited liability company agreement.

       

      
        
          
          

        

        
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      (q) Change
        in the Transaction Documents.
        The
        Borrower will not amend, modify, waive or terminate any terms or conditions
        of
        any of the Transaction Documents to which it is a party, without the prior
        written consent of Administrative Agent.

       

      (r) Extension
        or Amendment of Collateral Debt Obligations.
        The
        Borrower will not extend, amend or otherwise modify, or permit the Servicer
        on
        its behalf to extend, amend or otherwise modify, the terms of any Collateral
        Debt Obligation in a manner inconsistent with the Servicing Standards, and
        in
        any case will not amend or otherwise modify any Collateral Debt Obligation
        to
        extend the maturity date thereof without the consent of the Administrative
        Agent.

       

      (s) Reporting.
        The
        Borrower will furnish to the Administrative Agent, the Trustee and each Managing
        Agent:

       

      (i) as
        soon as
        possible and in any event within three (3) Business Days after the occurrence
        of
        each Event of Default and each Default, a written statement, signed by a
        Responsible Officer, setting forth the details of such event and the action
        that
        the Borrower proposes to take with respect thereto;

       

      (ii) promptly,
        but in no event later than three (3) Business Days after its receipt thereof,
        copies of any and all notices, certificates, documents, or reports delivered
        to
        it by the Originator under the Purchase Agreement, if any; 

       

      (iii) with
        respect to each Determination Date and the related Settlement Period, the
        Borrower, or the Servicer on its behalf, will provide to the Backup Servicer,
        each Managing Agent, the Trustee and the Administrative Agent, on the related
        Reporting Date, a statement incorporating an updated Schedule of Collateral
        Debt
        Obligations (a “Periodic
        Report”)
        signed
        by a Responsible Officer of the Servicer and substantially in the form of
        Exhibit
        A;

       

      (iv) together
        with each Periodic Report, the Borrower, or the Servicer on its behalf, shall
        submit to the Backup Servicer, each Managing Agent, the Trustee and the
        Administrative Agent a certificate (a “Servicer’s
        Certificate”),
        signed
        by a Responsible Officer of the Servicer and substantially in the form of
        Exhibit
        F;

       

      (v) the
        Borrower will submit to the Backup Servicer, each Managing Agent, the Trustee
        and the Administrative Agent, promptly upon receipt thereof, the quarterly
        and
        annual financial statements received from the Originator pursuant to Section
        5.1(a) of the Purchase Agreement;

       

      (vi) the
        Borrower hereby appoints Ernst & Young as the firm of Independent certified
        public accountants of recognized national reputation for purposes of preparing
        and delivering the reports or certificates of such accountants required by
        this
        Agreement. The Borrower, or the Servicer on behalf of the Borrower, shall
        have
        the right to remove such firm or any successor firm. Upon any resignation
        by or
        removal of such firm, the Borrower, or the Servicer on behalf of the Borrower,
        shall promptly appoint a successor thereto that shall also be a firm of
        Independent certified public accountants of recognized national reputation.
        If
        the Borrower, or the Servicer on behalf of the Borrower, shall fail to appoint
        a
        successor to a firm of Independent certified public accountants which
        has

       

      
        
          
          

        

        
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      resigned
        or been removed within 30 days after such resignation or removal, the Borrower
        shall promptly notify the Administrative Agent of such failure in writing.
        If
        the Borrower, or the Servicer on behalf of the Borrower, shall not have
        appointed a successor within ten days thereafter, the Administrative Agent
        shall
        promptly notify the Servicer, who shall appoint a successor firm of Independent
        certified public accountants of recognized national reputation. The fees
        of such
        Independent certified public accountants and its successor shall be payable
        by
        the Borrower. On or before the 45th
        day
        following each Payment Date, the Borrower shall cause to be delivered to
        the
        Administrative Agent and the Servicer, (i) a report relating to such Payment
        Date to the effect that (A) such firm has reviewed certain documents and
        records
        relating to the calculations set forth in the related Periodic Report, and
        (B)
        based on such examination, such firm is of the opinion that such Periodic
        Report
        was prepared in compliance with this Agreement, except for such exceptions
        as it
        believes to be immaterial and such other exceptions as will be set forth
        in such
        firm’s report and (ii) a report to the effect that such accountants have applied
        certain agreed-upon procedures (which procedures shall not be amended from
        those
        procedures in effect as of the Closing Date without the prior approval of
        the
        Borrower and Administrative Agent) to certain documents and records relating
        to
        the calculations set forth in the related Periodic Report, compared the
        information contained in such Periodic Report and the Servicer’s Certificate
        delivered in conjunction therewith with such documents and records and that
        no
        matters came to the attention of such accountants that caused them to believe
        that such calculations were not made in compliance with Article
        VII
        of this
        Agreement, except for such exceptions as such accountants shall believe to
        be
        immaterial and such other exceptions as shall be set forth in such statement;
        provided that,
        in the
        event of a conflict between such firm of Independent certified public
        accountants of recognized national reputation and the Borrower with respect
        to
        any matter in this clause
        (s)(vi),
        the
        determination by such firm of Independent public accountants of recognized
        national reputation shall be conclusive.

       

      (vii) On
        or
        before the day which is 90 days following the end of Borrower’s fiscal year,
        commencing in 2008, the Borrower, or the Servicer on its behalf, will provide
        to
        each Managing Agent, the Trustee, the Administrative Agent, and the Backup
        Servicer, an annual report signed by a Responsible Officer of the Servicer
        certifying that (a) a review of the activities of the Servicer, and the
        Servicer’s performance pursuant to this Agreement, for the period ending on the
        last day of such fiscal year has been made under such Person’s supervision and
        (b) the Servicer has performed or has caused to be performed in all material
        respects all of its obligations under this Agreement throughout such year and no
        Servicer Termination Event has occurred and is continuing (or if a Servicer
        Termination Event has so occurred and is continuing, specifying each such
        event,
        the nature and status thereof and the steps necessary to remedy such event,
        and,
        if a Servicer Termination Event occurred during such year and no notice thereof
        has been given to the Administrative Agent, specifying such Servicer Termination
        Event and the steps taken to remedy such event); and

       

      (viii) promptly
        upon request, such other information, documents, records or reports respecting
        the Collateral Debt Obligations or the condition or operations, financial
        or
        otherwise, of the Borrower or Originator as the Administrative Agent or the
        Trustee

       

      
        
          
          

        

        
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      may
        from
        time to time reasonably request in order to protect the interests of the
        Trustee, on behalf of the Secured Parties, under or as contemplated by this
        Agreement.

       

      (t) Subordination
        Events.
        The
        Borrower will not engage or permit any Affiliate to engage in any activities
        relating to any Obligor and/or with respect to any Collateral Debt Obligation
        that would subject a Collateral Debt Obligation to the risk of (i) equitable
        subordination under Section 510(c) of the Bankruptcy Code, or (ii)
        recharacterization as an equity security under Section 105(a) of the Bankruptcy
        Code or otherwise, as a result of the conduct of the Borrower, the Servicer,
        the
        Originator or any of their respective Affiliates (items
        (i),
        and
(ii)
        above,
        each a “Subordination
        Event”).

       

      (u) Compliance
        With Collateral Debt Obligation Documents.
        The
        Borrower will act in conformity with all material terms and conditions of
        the
        Collateral Debt Obligation Documents, including the prompt enforcement of
        its
        rights thereunder.

       

      (v) Investment.
        The
        Borrower shall use commercially reasonable efforts to facilitate the acquisition
        and settlement of Collateral Debt Obligations, and shall seek to obtain the
        best
        prices and execution for all orders placed with respect to the Collateral
        Debt
        Obligations, considering all reasonable circumstances. The Borrower shall
        select
        all Collateral Debt Obligations which shall be acquired or sold by it in
        accordance with the criteria set forth herein, and in so doing shall take
        into
        consideration, among other things, its payment obligations hereunder on each
        Payment Date, such that Scheduled Payments on the Collateral Debt Obligations
        permit timely performance of such payment obligations.

       

      (w) Arm’s
        Length Transaction.
        The
        Borrower shall cause any acquisition or sale or other disposition of any
        Collateral Debt Obligation to be conducted on an arm’s length basis and in
        accordance with the terms of this Agreement. 

       

      Section
        5.2 Hedging
        Agreement.

       

      (a) The
        Borrower shall, on or before the Closing Date and on each date on which a
        Substitute Collateral Debt Obligation shall become part of the Collateral
        hereunder, with regard to each Fixed Rate Collateral Debt Obligation outstanding
        at such time, enter into and maintain one or more Hedge Transactions, which
        Hedge Transactions shall:

       

      (i) be
        entered
        into with a Hedge Counterparty and governed by a Hedging Agreement;

       

      (ii) have
        a
        notional amount and amortization schedule as shall be agreed upon by the
        Borrower and the Administrative Agent, it being understood that such schedule
        shall be based on the weighted average life of the applicable Fixed Rate
        Collateral Debt Obligations; and

       

      (iii) provide
        for payments to the Borrower to the extent that the LIBO Rate shall exceed
        a
        rate agreed upon between the Hedge Counterparty and the Borrower.

       

      (b) As
        additional security hereunder, the Borrower hereby pledges to the Trustee,
        for
        the benefit of the Secured Parties, all right, title and interest of the
        Borrower in, but none of the

       

      
        
          
          

        

        
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      obligations
        of the Borrower under, any and all Hedging Agreements, any and all Hedge
        Transactions, and any and all present and future amounts payable by a Hedge
        Counterparty to the Borrower under or in connection with its respective Hedging
        Agreement and Hedge Transaction(s) (collectively, the “Hedge
        Collateral”),
        and
        grants a security interest to the Trustee, for the benefit of the Secured
        Parties, in the Hedge Collateral. Nothing herein shall have the effect of
        releasing the Borrower from any of its obligations under any Hedging Agreement
        or any Hedge Transaction, nor be construed as requiring the consent of the
        Trustee, the Administrative Agent or any Secured Party for the performance
        by
        the Borrower of any such obligations.

       

      Section
        5.3 Accounts.

       

      (a) Establishment
        of the Collection Account.
        The
        Borrower or the Servicer on its behalf shall cause to be established, on
        or
        before the Closing Date, and maintained in the name of the Borrower but subject
        to the Lien of the Trustee on behalf of the Secured Parties, with an office
        or
        branch of a depository institution or trust company organized under the laws
        of
        the United States or any one of the States thereof or the District of Columbia
        (or any domestic branch of a foreign bank) a segregated corporate trust account,
        which may be a securities account or a deposit account (the “Collection
        Account”)
        for the
        purpose of receiving Collections from the Collateral; provided,
        however,
        that at
        all times such depository institution or trust company shall be a depository
        institution organized under the laws of the United States or any one of the
        States thereof or the District of Columbia (or any domestic branch of a foreign
        bank), (i) (A) that has either (1) a long-term unsecured debt rating of A-
        or
        better by S&P and A-3 or better by Moody’s or (2) a short-term unsecured
        debt rating or certificate of deposit rating of A-1 or better by S&P or P-1
        or better by Moody’s, (B) the parent corporation of which has either (1) a
        long-term unsecured debt rating of A- or better by S&P and A-3 or better by
        Moody’s or (2) a short-term unsecured debt rating or certificate of deposit
        rating of A-1 or better by S&P and P-1 or better by Moody’s or (C) is
        otherwise acceptable to the Administrative Agent and (ii) whose deposits
        are
        insured by the Federal Deposit Insurance Corporation (any such depository
        institution or trust company, a “Qualified
        Institution”)
        which
        Qualified Institution has agreed with the Borrower, the Servicer, the
        Administrative Agent and the Trustee to comply with any and all orders, notices,
        requests and other instructions originated by the Administrative Agent or
        the
        Trustee acting on the instructions of the Administrative Agent directing
        disposition of the funds in the Collection Account and any and all entitlement
        orders originated by the Trustee with respect to financial assets credited
        to
        the Collection Account, without any further consent from the Borrower or
        the
        Servicer in each case after a Notice of Exclusive Control (as defined in
        the
        Account Control Agreement) has been issued. In order to provide the Trustee
        with
        control over the Collection Account within the meaning of Section 9-104(a)
        or
        Section 9-106(c) of the UCC and any other Applicable Law, the Borrower and
        the
        Servicer hereby agree that the Trustee, acting on the instructions of the
        Administrative Agent, may at any time following an Event of Default, provide
        U.S. Bank or any successor Person that maintains the Collection Account with
        instructions as to the disposition of funds in the Collection Account,
        entitlement orders with respect to financial assets in the Collection Account
        or
        instructions as to any other matters relating to the Collection Account without
        any further consent from the Borrower or the Servicer. U.S. Bank, to the
        extent
        and for so long as the Collection Account is maintained with it, agrees with
        the
        Borrower, the Servicer and the Administrative Agent to comply with any and
        all
        orders, entitlement orders, notices, requests and other instructions so
        originated by the

       

      
        
          
          

        

        
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      Trustee,
        acting on the instructions of the Administrative Agent, directing disposition
        of
        the funds or financial assets in the Collection Account without any further
        consent from the Borrower or the Servicer. Subject in every respect to the
        foregoing, U.S. Bank and any successor Person that maintains the Collection
        Account shall only comply with such orders, notices, requests, entitlement
        orders and other instructions originated by the Borrower or the Servicer
        as the
        Borrower or the Servicer shall expressly deliver and cause U.S. Bank to
        effectuate pursuant to the terms of the Transaction Documents, it being
        understood and acknowledged that neither the Borrower nor the Servicer shall
        give any orders, notices, requests, entitlement orders or instructions not
        authorized or permitted by the Transaction Documents. The Administrative
        Agent
        and the other Secured Parties shall not cause the Trustee to issue, and the
        Trustee shall not issue a Notice of Exclusive Control (as defined in the
        Account
        Control Agreement), or any entitlement orders or other instructions to U.S.
        Bank
        (or any successor Person that then maintains the Collection Account) unless
        an
        Event of Default has occurred and is continuing; provided that none of the
        Originator, the Servicer or the Borrower shall have any right of withdrawal
        over
        the Collection Account (including any subaccounts thereof) except in accordance
        with Sections
        2.3
        and
2.7.

       

      (b) Adjustments.
        If (i)
        the Servicer makes a deposit into the Collection Account in respect of a
        Collection of a Collateral Debt Obligation in the Collateral and such Collection
        was received by the Servicer in the form of a check that is not honored for
        any
        reason or (ii) the Servicer makes a mistake with respect to the amount of
        any
        Collection and deposits an amount that is less than or more than the actual
        amount of such Collection, the Servicer shall appropriately adjust the amount
        subsequently deposited into the Collection Account to reflect such dishonored
        check or mistake. Any Scheduled Payment in respect of which a dishonored
        check
        is received shall be deemed not to have been paid.

       

      (c) Establishment
        of Reserve Account.
        The
        Borrower or the Servicer on its behalf shall cause to be established, on
        or
        before the Closing Date, and maintained in the name of the Borrower but under
        the control of the Trustee for the benefit of the Secured Parties with an
        office
        or branch of a Qualified Institution a segregated corporate trust account,
        which
        may be a securities account or a deposit account (the “Reserve
        Account”);
        provided that at all times such depository institution or trust company shall
        be
        a Qualified Institution. On any Business Day preceding a Payment Date, if
        the
        amounts on deposit in the Collection Amount are insufficient to make the
        payments required by Sections
        2.7(a)(i)
        through
(iv),
        the
        Servicer or the Administrative Agent, as applicable, shall direct a deposit
        of
        the lesser of (i) the additional amount necessary to make such payments or
        (ii)
        the amount on deposit in the Reserve Account, to be applied as Interest
        Collections. Upon the occurrence and during the continuation of an Event
        of
        Default, the Administrative Agent may, and shall, at the direction of the
        Required Committed Lenders, direct the Trustee or the Servicer, as applicable,
        to withdraw all remaining amounts on deposit in the Reserve Account and apply
        them in accordance with Section
        2.7
        hereof.

       

      Section
        5.4 Delivery
        of Collateral Debt Obligation Files.

       

      (a) The
        Borrower, or the Servicer on its behalf, shall deliver possession of all
        “instruments” (within the meaning of Article 9 of the UCC) not constituting part
        of “chattel paper” (within the meaning of Article 9 of the UCC) that evidence
        any Collateral Debt Obligation being transferred and set forth on a Schedule
        of
        Collateral Debt Obligations,

       

      
        
          
          

        

        
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      including
        all Underlying Notes (other than in the case of Noteless Collateral Debt
        Obligations), and all portions of the Collateral Debt Obligation Files to
        the
        Trustee on behalf of the Secured Parties within five Business Days of the
        Closing Date, in each case endorsed in blank or to the Administrative Agent,
        without recourse. Pursuant to Section
        7.15,
        the
        Borrower is required to deliver such instruments and Collateral Debt Obligation
        Files to the Trustee for the benefit of the Secured Parties. Accordingly,
        the
        Borrower hereby authorizes and directs the Servicer to deliver possession
        of all
        such instruments and Collateral Debt Obligation Files to the Trustee on behalf
        of the Secured Parties, and agrees that such delivery shall satisfy the
        condition set forth in the first sentence of this Section
        5.4(a).
        The
        Servicer shall also identify on the Collateral Debt Obligation List (including
        any amendment thereof), whether by attached schedule or marking or other
        effective identifying designation, all Collateral Debt Obligations being
        transferred that are not evidenced by such instruments.

       

      (b) Prior
        to
        the occurrence of an Event of Default or Servicer Termination Event, the
        Trustee
        shall not record the Assignments of Mortgage delivered pursuant to Section
        5.4(a)
        and the
        definition of Collateral Debt Obligation Documents. Upon the occurrence of
        an
        Event of Default or a Servicer Termination Event, the Trustee shall, if so
        directed by the Administrative Agent, cause to be recorded in the appropriate
        offices each Assignment of Mortgage delivered to it with respect to all
        Collateral Debt Obligations being transferred. Each such recording shall
        be at
        the expense of the Borrower; provided,
        that
        to the
        extent the Borrower does not pay such expenses, the Trustee shall be reimbursed
        pursuant to the provisions of Section
        2.7.

       

      ARTICLE
        VI

       

      SECURITY
        INTEREST

       

      Section
        6.1 Security
        Interest.

       

      As
        collateral security for the prompt, complete and indefeasible payment and
        performance in full when due, whether by lapse of time, acceleration or
        otherwise, of the Facility Obligations, the Borrower hereby assigns, pledges
        and
        grants to the Trustee, for the benefit of the Secured Parties, a lien on
        and
        security interest in all of the Borrower’s right, title and interest in, to and
        under (but none of its obligations under) the Collateral, whether now existing
        or owned or hereafter arising or acquired by the Borrower, and wherever located.
        The assignment under this Section
        6.1
        does not
        constitute and is not intended to result in a creation or an assumption by
        the
        Administrative Agent, the Trustee, the Managing Agents or any of the Secured
        Parties of any obligation of the Borrower or any other Person in connection
        with
        any or all of the Collateral or under any agreement or instrument relating
        thereto. Anything herein to the contrary notwithstanding, (a) the Borrower
        shall
        remain liable under the Collateral Debt Obligations to the extent set forth
        therein to perform all of its duties and obligations thereunder to the same
        extent as if this Agreement had not been executed, (b) the exercise by the
        Trustee, for the benefit of the Secured Parties, of any of its rights in
        the
        Collateral shall not release the Borrower from any of its duties or obligations
        under the Collateral, and (c) none of the Administrative Agent, the Trustee,
        the
        Managing Agents or any Secured Party shall have any obligations or liability
        under the Collateral by reason of this Agreement, nor shall the Administrative
        Agent, the Managing Agents or any Secured Party be obligated to perform any
        of
        the obligations or duties of the Borrower thereunder or to take any action
        to
        collect or enforce any claim for payment

       

      
        
          
          

        

        
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      assigned
        hereunder. The Borrower hereby authorizes the Trustee or the Administrative
        Agent, on its behalf, to file an “all assets” financing statement against it
        which covers all of its personal property.

       

      Section
        6.2 Remedies.

       

      The
        Trustee, for the benefit of the Secured Parties, shall have all of the rights
        and remedies of a secured party under the UCC and other Applicable Law. Upon
        the
        occurrence and during the continuance of an Event of Default, the Administrative
        Agent or its designees may (i) deliver a notice of exclusive control to the
        Trustee; (ii) instruct the Trustee to deliver any or all of the Collateral
        to
        the Administrative Agent or its designees and otherwise give all instructions
        and entitlement orders to the Trustee regarding the Collateral; (iii) require
        that the Borrower or the Trustee immediately take action to liquidate the
        Collateral to pay amounts due and payable in respect of the Facility
        Obligations; (iv) direct the Trustee to sell or otherwise dispose of the
        Collateral in a commercially reasonable manner, all without judicial process
        or
        proceedings; (v) take control of the Proceeds of any such Collateral; (vi)
        direct the Trustee to exercise any consensual or voting rights in respect
        of the
        Collateral; (vii) direct the Trustee to release, make extensions, discharges,
        exchanges or substitutions for, or surrender all or any part of the Collateral;
        (viii) direct the Trustee to enforce the Borrower’s rights and remedies with
        respect to the Collateral; (ix) direct the Trustee to institute and prosecute
        legal and equitable proceedings to enforce collection of, or realize upon,
        any
        of the Collateral; (x) remove from the Borrower’s, the Servicer’s, the Trustee’s
        and their respective agents’ place of business copies of all books, records and
        documents relating to the Collateral and, in the case of the Collateral Debt
        Obligation Documents themselves, the originals of any such Collateral Debt
        Obligation Documents not held by the Trustee on behalf of the Administrative
        Agent; and/or (xi) direct the Trustee to endorse the name of the Borrower
        upon
        any items of payment relating to the Collateral or upon any proof of claim
        in
        bankruptcy against an account debtor. For purposes of taking the actions
        described in subsections
        (i)
        through
(xi)
        of this
Section
        6.2
        the
        Borrower hereby irrevocably appoints the Administrative Agent as its
        attorney-in-fact (which appointment being coupled with an interest is
        irrevocable while any of the Facility Obligations remain unpaid), with power
        of
        substitution, in the name of the Administrative Agent or in the name of the
        Borrower or otherwise, for the use and benefit of the Administrative Agent,
        but
        at the cost and expense of the Borrower and without notice to the Borrower;
        provided that the Administrative Agent hereby agrees to exercise such power
        only
        so long as an Event of Default shall be continuing.

       

      Section
        6.3 Release
        of Liens.

       

      (a) If
        no
        Event of Default or Default has occurred and is continuing, at the same time
        as
        any Collateral Debt Obligation that is part of the Collateral matures or
        expires
        by its terms and all amounts in respect thereof have been paid by the related
        Obligor and deposited in the Collection Account, the Trustee, on behalf of
        the
        Secured Parties, shall be deemed to have automatically released its interest
        in
        such Collateral Debt Obligation without any further action on its part. In
        connection with any such release on or after the occurrence of the above,
        the
        Trustee, on behalf of the Secured Parties, will execute and deliver to the
        Borrower or the Servicer on behalf of the Borrower any termination statements
        and any other releases and

       

      
        
          
          

        

        
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      instruments
        as the Borrower or the Servicer on behalf of the Borrower may reasonably
        request
        in order to effect the release of such Collateral Debt Obligation and
        Supplemental Interest.

       

      (b) Upon
        any
        request for a release of certain Collateral Debt Obligations in connection
        with
        a proposed Liquidation, if, upon application of the proceeds of such transaction
        in accordance with this Agreement, the requirements of Section
        2.14(b)
        shall be
        satisfied, the Trustee, on behalf of the Secured Parties will, to the extent
        requested by the Borrower or the Servicer on behalf of the Borrower, release
        its
        interest in such Collateral Debt Obligation. In connection with any such
        release
        on or after the occurrence of the above, the Trustee, on behalf of the Secured
        Parties, will execute and deliver to the Borrower or the Servicer on behalf
        of
        the Borrower any termination statements and any other releases and instruments
        as the Borrower or the Servicer on behalf of the Borrower may reasonably
        request
        in order to effect the release of such Collateral Debt Obligation; provided,
        that,
        the
        Trustee, on behalf of the Secured Parties, will make no representation or
        warranty, express or implied, with respect to any such Collateral Debt
        Obligation in connection with such liquidation.

       

      (c) Upon
        receipt by the Trustee of the Proceeds of a repayment in respect of an
        Ineligible Collateral Debt Obligation pursuant to Section
        2.4(c),
        the
        Trustee, on behalf of the Secured Parties, shall be deemed to have automatically
        released its interest in such Ineligible Collateral Debt Obligation without
        any
        further action on its part. In connection with any such release on or after
        the
        occurrence of such repurchase, the Trustee, on behalf of the Secured Parties,
        will execute and deliver to the Borrower or the Servicer on behalf of the
        Borrower any releases and instruments as the Borrower or the Servicer on
        behalf
        of the Borrower may reasonably request in order to effect the release of
        such
        Ineligible Collateral Debt Obligation.

       

      Section
        6.4 Assignment
        of the Purchase Agreement.

       

      The
        Borrower hereby represents, warrants and confirms to the Administrative Agent
        that the Borrower has assigned to the Trustee, for the ratable benefit of
        the
        Secured Parties hereunder, all of the Borrower’s right and title to and interest
        in the Purchase Agreement. The Borrower confirms that following an Event
        of
        Default the Administrative Agent (by direction to the Trustee) shall have
        the
        sole right to enforce the Borrower’s rights and remedies under the Purchase
        Agreement for the benefit of the Secured Parties, but without any obligation
        on
        the part of the Administrative Agent, the Trustee, the Secured Parties or
        any of
        their respective Affiliates to perform any of the obligations of the Borrower
        under the Purchase Agreement. The Borrower further confirms and agrees that
        such
        assignment to the Trustee shall terminate upon the Collection Date; provided,
        however,
        that the
        rights of the Trustee and the Secured Parties pursuant to such assignment
        with
        respect to rights and remedies in connection with any indemnities and any
        breach
        of any representation, warranty or covenants made by the Originator pursuant
        to
        the Purchase Agreement, which rights and remedies survive the termination
        of the
        Purchase Agreement, shall be continuing and shall survive any termination
        of
        such assignment.

       

      
        
          
          

        

        
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      ARTICLE
        VII

       

      ADMINISTRATION,
        SERVICING AND MANAGEMENT OF COLLATERAL DEBT OBLIGATIONS

       

      Section
        7.1 Appointment
        of the Servicer.

       

      The
        Borrower hereby appoints the Servicer to service the Collateral Debt Obligations
        and enforce its respective rights and interests in and under each Collateral
        Debt Obligation in accordance with the terms and conditions of this Article
        VII
        and to
        serve in such capacity until the termination of its responsibilities pursuant
        to
Section
        7.12.
        The
        Servicer hereby agrees to perform the duties and obligations with respect
        thereto set forth herein.

       

      Section
        7.2 Duties
        and Responsibilities of the Servicer.

       

      (a) The
        Servicer shall conduct the servicing, administration and collection of the
        Collateral Debt Obligations and shall take, or cause to be taken, all such
        actions as may be necessary or advisable to service, administer and collect
        Collateral Debt Obligations from time to time on behalf of the Borrower and
        as
        the Borrower’s agent.

       

      (b) The
        duties
        of the Servicer, as the Borrower’s agent, shall include, without
        limitation:

       

      (i) preparing
        and submitting of claims to, and post-billing liaison with, Obligors on
        Collateral Debt Obligations;

       

      (ii) maintaining
        all necessary Servicing Records with respect to the Collateral Debt Obligations
        and providing such reports to the Borrower, the Managing Agents and the
        Administrative Agent in respect of the servicing of the Collateral Debt
        Obligations (including information relating to its performance under this
        Agreement) as may be required hereunder or as the Borrower, any Managing
        Agent
        or the Administrative Agent may reasonably request;

       

      (iii) maintaining
        and implementing administrative and operating procedures (including, without
        limitation, an ability to recreate Servicing Records evidencing the Collateral
        Debt Obligations in the event of the destruction of the originals thereof)
        and
        keeping and maintaining all documents, books, records and other information
        reasonably necessary or advisable for the collection of the Collateral Debt
        Obligations (including, without limitation, records adequate to permit the
        identification of each new Collateral Debt Obligation and all Collections
        of and
        adjustments to each existing Collateral Debt Obligation); provided,
        however,
        that any
        Successor Servicer shall only be required to recreate the Servicing Records
        of
        each prior Servicer to the extent such records have been delivered to it
        in a
        format reasonably acceptable to such Successor Servicer;

       

      (iv) promptly
        delivering to the Borrower, any Managing Agent, the Trustee or the
        Administrative Agent, from time to time, such information and Servicing Records
        (including information relating to its performance under this Agreement)
        as
        the

       

      
        
          
          

        

        
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      Borrower,
        such Managing Agent, the Trustee or the Administrative Agent from time to
        time
        reasonably request;

       

      (v) identifying
        each Collateral Debt Obligation clearly and unambiguously in its Servicing
        Records to reflect that such Collateral Debt Obligation is owned by the Borrower
        and pledged to the Trustee for the benefit of the Secured Parties;

       

      (vi) complying
        in all material respects with the Servicing Standards in regard to each
        Collateral Debt Obligation;

       

      (vii) complying
        with all Applicable Laws with respect to it, its business and properties
        and all
        Collateral, except where failure to do so, individually or in the aggregate,
        could not reasonably be expected to have a Material Adverse Effect;

       

      (viii) preserving
        and maintaining its existence, rights, licenses, franchises and privileges
        as a
        corporation in the jurisdiction of its organization, and qualifying and
        remaining qualified in good standing as a foreign corporation and qualifying
        to
        and remaining authorized and licensed to perform obligations as Servicer
        (including enforcement of collection of Collateral Debt Obligations on behalf
        of
        the Borrower, Lenders, each Hedge Counterparty and the Trustee) in each
        jurisdiction where the failure to preserve and maintain such existence, rights,
        franchises, privileges and qualification would materially adversely affect
        (A)
        the rights or interests of the Borrower, Lenders, each Hedge Counterparty
        and
        the Trustee in the Collateral Debt Obligations, (B) the collectibility of
        any
        Collateral Debt Obligation, or (C) the ability of the Servicer to perform
        its
        obligations hereunder; and

       

      (ix) notifying
        the Borrower, each Managing Agent and the Administrative Agent of any material
        action, suit, proceeding, dispute, offset deduction, defense or counterclaim
        that is or is threatened to be (A) asserted by an Obligor with respect to
        any
        Collateral Debt Obligation; or (B) reasonably expected to have a Material
        Adverse Effect; and

       

      (c) The
        Borrower and Servicer hereby acknowledge that the Secured Parties, the
        Administrative Agent and the Trustee shall not have any obligation or liability
        with respect to any Collateral Debt Obligations, nor shall any of them be
        obligated to perform any of the obligations of the Servicer
        hereunder.

       

      Section
        7.3 Authorization
        of the Servicer.

       

      (a) Each
        of
        the Borrower, each Managing Agent, on behalf of itself and the related Lenders,
        the Administrative Agent, the Trustee and each Hedge Counterparty hereby
        authorizes the Servicer (including any successor thereto) to take any and
        all
        reasonable steps in its name and on its behalf necessary or desirable and
        not
        inconsistent with the pledge of the Collateral to the Trustee, on behalf
        of the
        Secured Parties, to collect all amounts due under any and all Collateral
        Debt
        Obligations, including, without limitation, endorsing any of their names
        on
        checks and other instruments representing Collections, executing and delivering
        any and all instruments of satisfaction or cancellation, or of partial or
        full
        release or discharge, and all other comparable instruments, with respect
        to the
        Collateral Debt Obligations and, after the delinquency of any

       

      
        
          
          

        

        
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      Collateral
        Debt Obligation and to the extent permitted under and in compliance with
        Applicable Law, to commence proceedings with respect to enforcing payment
        thereof, to the same extent as the Borrower could have done if it had continued
        to own such Collateral free of any Liens. The Borrower shall furnish the
        Servicer (and any successors thereto) with any powers of attorney and other
        documents necessary or appropriate to enable the Servicer to carry out its
        servicing and administrative duties hereunder, and shall cooperate with the
        Servicer to the fullest extent in order to ensure the collectibility of the
        Collateral Debt Obligations. In no event shall the Servicer be entitled to
        make
        the Borrower, any Lender, any Managing Agent, any Hedge Counterparty, the
        Trustee or the Administrative Agent a party to any litigation without such
        party’s express prior written consent, or to make the Borrower a party to any
        litigation (other than any routine foreclosure or similar collection procedure)
        without such Person’s and the Administrative Agent’s consent.

       

      (b) After
        an
        Event of Default has occurred and is continuing, at the Administrative Agent’s
        direction, the Servicer shall take such action as the Administrative Agent
        may
        deem necessary or advisable to enforce collection of the Collateral Debt
        Obligations; provided,
        however,
        that the
        Administrative Agent may, at any time that an Event of Default has occurred
        and
        is continuing, notify any Obligor with respect to any Collateral Debt
        Obligations of the assignment of such Collateral Debt Obligations to the
        Administrative Agent and direct that payments of all amounts due or to become
        due to the Borrower thereunder be made directly to the Administrative Agent
        or
        any servicer, collection agent or lock-box or other account designated by
        the
        Administrative Agent and, upon such notification and at the expense of the
        Borrower, the Administrative Agent may enforce collection of any such Collateral
        Debt Obligations and adjust, settle or compromise the amount or payment thereof.
        The Administrative Agent shall give written notice to any Successor Servicer
        of
        the Administrative Agent’s actions or directions pursuant to this Section
        7.3(b).

       

      Section
        7.4 Collection
        of Payments.

       

      (a) Collection
        Efforts, Modification of Collateral Debt Obligations.
        The
        Servicer will make reasonable efforts to collect all payments called for
        under
        the terms and provisions of the Collateral Debt Obligations as and when the
        same
        become due, and will follow its Servicing Standards. The Servicer will use
        reasonable efforts to maximize collections with respect to a Defaulted
        Obligation. The Servicer may not waive, modify or otherwise vary any provision
        of a Collateral Debt Obligation, except as may be done in accordance with
        the
        Servicing Standards. 

       

      (b) Acceleration.
        The
        Servicer may, and shall (to the extent it is permitted to do so under the
        related Collateral Debt Obligation Documents), at the direction of the
        Administrative Agent following an Event of Default, accelerate the maturity
        of
        all or any Scheduled Payments under any Collateral Debt Obligation under
        which a
        default under the terms thereof has occurred and is continuing (after the
        lapse
        of any applicable grace period) promptly after such Collateral Debt Obligation
        becomes a Defaulted Obligation or such earlier or later time as is consistent
        with its Servicing Standards.

       

      
        
          
          

        

        
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      Section
        7.5 Representations
        and Warranties of the Servicer.

       

      The
        initial Servicer, and any Successor Servicer (mutatis mutandis), hereby
        represents and warrants as follows:

       

      (a) Organization
        and Good Standing.
        The
        Servicer is a limited partnership duly organized, validly existing and in
        good
        standing under the laws of the jurisdiction of its organization with all
        requisite power and authority to own its properties and to conduct its business
        as presently conducted and to enter into and perform its obligations pursuant
        to
        this Agreement.

       

      (b) Due
        Qualification.
        The
        Servicer is qualified to do business as a limited partnership, is in good
        standing, and has obtained all licenses and approvals as required under the
        laws
        of all jurisdictions in which the ownership or lease of its property and
        or the
        conduct of its business (other than the performance of its obligations
        hereunder) requires such qualification, standing, license or approval, except
        to
        the extent that the failure to so qualify, maintain such standing or be so
        licensed or approved would not have a Material Adverse Effect. The Servicer
        is
        qualified to do business as a limited partnership, is in good standing, and
        has
        obtained all licenses and approvals as required under the laws of all states
        in
        which the performance of its obligations pursuant to this Agreement requires
        such qualification, standing, license or approval.

       

      (c) Power
        and Authority.
        The
        Servicer has the power and authority to execute and deliver this Agreement
        and
        to carry out its terms. The Servicer has duly authorized the execution, delivery
        and performance of this Agreement by all requisite action.

       

      (d) No
        Violation.
        The
        consummation of the transactions contemplated by, and the fulfillment of
        the
        terms of, this Agreement by the Servicer (with or without notice or lapse
        of
        time) will not (i) conflict with, result in any breach of any of the terms
        or
        provisions of, or constitute a default under, the articles of organization
        or
        partnership agreement of the Servicer, or any Contractual Obligation to which
        the Servicer is a party or by which it or any of its property is bound, (ii)
        result in the creation or imposition of any Adverse Claim upon any of its
        properties pursuant to the terms of any such Contractual Obligation (other
        than
        this Agreement), or (iii) violate any Applicable Law in a manner that could
        reasonably be expected to have a Material Adverse Effect.

       

      (e) No
        Consent.
        No
        consent, approval, authorization, order, registration, filing, qualification,
        license or permit of or with any Governmental Authority having jurisdiction
        over
        the Servicer or any of its properties is required to be obtained by or with
        respect to the Servicer in order for the Servicer to enter into this Agreement
        or perform its obligations hereunder.

       

      (f) Binding
        Obligation.
        This
        Agreement constitutes a legal, valid and binding obligation of the Servicer,
        enforceable against the Servicer in accordance with its terms, except as
        such
        enforceability may be limited by (i) applicable Insolvency Laws and (ii)
        general
        principles of equity (whether considered in a suit at law or in
        equity).

       

      (g) No
        Proceeding.
        There
        are no proceedings or investigations pending or threatened against the Servicer,
        before any Governmental Authority (i) asserting the invalidity of this
        Agreement, (ii) seeking to prevent the consummation of any of the transactions
        contemplated by

       

      
        
          
          

        

        
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      this
        Agreement or (iii) seeking any determination or ruling that could reasonably
        be
        expected to have a Material Adverse Effect.

       

      (h) Reports
        Accurate.
        If
        prepared by the Borrower, or the Servicer on its behalf, or to the extent
        that
        the information contained therein is supplied by the Servicer, all Servicer’s
        Certificates, Periodic Reports, information, exhibits, financial statements,
        documents, books, Servicer Records or other reports furnished or to be furnished
        by the Servicer to the Trustee, the Administrative Agent or a Lender in
        connection with this Agreement are and will be accurate, true and correct
        in all
        material respects.

       

      (i) No
        Servicer Default.
        No event
        has occurred and is continuing and no condition exists, or would result from
        the
        inclusion of any Collateral Debt Obligation in the Collateral or from the
        application of the proceeds therefrom, which constitutes or may reasonably
        be
        expected to constitute a Servicer Termination Event.

       

      (j) No
        Adverse Selection.
        The
        initial Servicer has not utilized any selection procedures believed to be
        adverse to the Secured Parties in exercising its powers to dispose of the
        Collateral Debt Obligations or acquire Substitute Collateral Debt Obligations
        from time to time pursuant to Section
        7.6(l)
        below.

       

      Section
        7.6 Covenants
        of the Servicer.

       

      The
        Servicer hereby covenants that:

       

      (a) Compliance
        with Law.
        The
        Servicer will comply with all Applicable Laws with respect to it, its business
        and properties and all Collateral, except where the failure to do so,
        individually or in the aggregate, could not reasonably be expected to have
        a
        Material Adverse Effect.

       

      (b) Preservation
        of Corporate Existence.
        The
        Servicer will preserve and maintain its corporate existence, rights, franchises
        and privileges in the jurisdiction of its formation, and qualify and remain
        qualified in good standing as a foreign limited partnership in each jurisdiction
        where the failure to maintain such existence, rights, franchises, privileges
        and
        qualification has had, or could reasonably be expected to have, a Material
        Adverse Effect.

       

      (c) Obligations
        with Respect to Collateral Debt Obligations.
        The
        Servicer will take any actions, consistent with its Servicing Standards,
        which
        are required to ensure the Borrower shall duly fulfill and comply with all
        material obligations on the part of the Borrower to be fulfilled or complied
        with under or in connection with each Collateral Debt Obligation and will
        do
        nothing to impair the rights of the Borrower or the Trustee, for the benefit
        of
        the Secured Parties, or of the Secured Parties in, to and under the
        Collateral.

       

      (d) Preservation
        of Security Interest.
        The
        Servicer on behalf of the Borrower will execute and file (or cause the execution
        and filing of) such financing and continuation statements and any other
        documents that may be required by any law or regulation of any Governmental
        Authority to preserve and protect fully the interest of the Trustee, for
        the
        benefit of the Secured Parties in, to and under the Collateral.

       

      
        
          
          

        

        
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      (e) Change
        of Name or Jurisdiction; Records.
        The
        Servicer shall not move, or consent to the Trustee moving, the Collateral
        Debt
        Obligation Documents relating to the Collateral Debt Obligations without
        thirty
        (30) days’ prior written notice to the Borrower, the Trustee and the
        Administrative Agent and, in either case, will promptly take all actions
        required of each relevant jurisdiction in order to continue the first priority
        perfected security interest of the Trustee, for the benefit of the Secured
        Parties, on all collateral, and such other actions as the Trustee or the
        Administrative Agent may reasonably request, including but not limited to
        delivery of an Opinion of Counsel.

       

      (f) Servicing
        Standards.
        The
        Servicer will comply in all material respects with the Servicing Standards
        in
        regard to each Collateral Debt Obligation.

       

      (g) Event
        of Defaults.
        The
        Servicer will furnish to each Managing Agent and the Administrative Agent,
        as
        soon as possible and in any event within three (3) Business Days after the
        occurrence of each Event of Default or Default, a written statement setting
        forth the details of such event and the action that the Servicer proposes
        to
        take with respect thereto.

       

      (h) Extension
        or Amendment of Collateral Debt Obligations.
        The
        Servicer will not, except as otherwise permitted hereunder, agree, on behalf
        of
        the Borrower, to extend, amend or otherwise modify the terms of any Collateral
        Debt Obligation in a manner inconsistent with the Servicing Standards, and
        in
        any case will not amend or otherwise modify any Revolver or other Collateral
        Debt Obligation to extend the maturity date thereof without the consent of
        the
        Administrative Agent.

       

      (i) Other.
        The
        Servicer will furnish to the Borrower, any Managing Agent, the Trustee and
        the
        Administrative Agent such other information, documents records or reports
        respecting the Collateral Debt Obligations or the condition or operations,
        financial or otherwise of the Servicer that are in the Servicer’s possession, as
        the Borrower, the Trustee such Managing Agent or the Administrative Agent
        may
        from time to time reasonably request in order to protect the respective
        interests of the Borrower, such Managing Agent, the Trustee, the Administrative
        Agent or the Secured Parties under or as contemplated by this
        Agreement.

       

      (j) Subordination
        Events.
        The
        Servicer will not engage in any activities relating to any Obligor and/or
        with
        respect to any Collateral Debt Obligation that would subject a Collateral
        Debt
        Obligation to the risk of a Subordination Event.

       

      (k) Compliance
        With Collateral Debt Obligation Documents.
        The
        Servicer will, on behalf of the Borrower, act in conformity with all material
        terms and conditions of the Collateral Debt Obligation Documents, including
        the
        prompt enforcement of the Borrower’s rights thereunder.

       

      (l) Investment
        and Disposition.
        The
        initial Servicer, subject to and in accordance with the provisions of this
        Agreement and the other Transaction Documents, may at any time dispose of
        any or
        all of the Collateral Debt Obligations in the open market or otherwise, or
        acquire, in substitution for any Ineligible Collateral Debt Obligations,
        one or
        more Collateral Debt Obligations; provided,
        that the
        initial Servicer will not dispose of Collateral Debt Obligations (or acquire
        new
        assets in substitution for any Ineligible Collateral Debt
        Obligations)

       

      
        
          
          

        

        
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      for
        the
        primary purpose of recognizing gains or decreasing losses resulting from
        market
        value changes. The initial Servicer may, as agent of the Borrower, take the
        following actions with respect to any Collateral Debt Obligations (in each
        case
        subject to and in accordance with the provisions of this
        Agreement):

       

      
        	 	
                (i)

              	
                retain
                  such Collateral Debt Obligations;
                  or

              

      

       

      
        	 	
                (ii)

              	
                dispose
                  of such Collateral Debt Obligations, in the open market or otherwise;
                  or

              

      

       

      
        	 	
                (iii)

              	
                if
                  applicable, tender such Collateral Debt Obligations pursuant to
                  an Offer;
                  or

              

      

       

      
        	 	
                (iv)

              	
                if
                  applicable, consent to any proposed amendment, modification or
                  waiver
                  pursuant to an Offer; or

              

      

       

      
        	 	
                (v)

              	
                retain
                  or dispose of any securities or other property (if other than cash)
                  received pursuant to an Offer; or

              

      

       

      
        	 	
                (vi)

              	
                waive
                  any default with respect to any Defaulted Obligation (provided,
                  that for
                  the avoidance of doubt, no such waiver by the Servicer, on behalf
                  of the
                  Borrower, shall, in and of itself, affect the classification of
                  such
                  Collateral Debt Obligation as a Defaulted Obligation under this
                  Agreement); or

              

      

       

      
        	 	
                (vii)

              	
                vote
                  to accelerate (or rescind the acceleration of) the maturity of
                  any
                  Defaulted Obligation; or

              

      

       

      
        	 	
                (viii)

              	
                participate
                  on behalf of the Borrower in a committee or group formed by creditors
                  of
                  an Obligor under a Collateral Debt Obligation and agree on behalf
                  of the
                  Borrower to any restructuring of any Collateral Debt Obligation
                  (including
                  the acceptance of any security or other property in exchange for
                  or in
                  satisfaction of such Collateral Debt Obligation) and/or the reorganization
                  of any Person obligated on or with respect to any Collateral Debt
                  Obligation; or

              

      

       

      
        	 	
                (ix)

              	
                exercise
                  any other rights or remedies with respect to such Collateral Debt
                  Obligations as provided in the related underlying instruments,
                  including
                  any exercise of creditor rights, or take any other action consistent
                  with
                  the terms of this Agreement which it believes to be in the best
                  interests
                  of the Borrower and the Lenders.

              

      

       

      provided,
        however,
        that if
        a Successor Servicer shall be appointed, the Borrower shall perform each
        of
        these functions with the consent of the Administrative Agent or such designee
        as
        the Administrative Agent may appoint; and provided,
        further
        that the
        initial Servicer shall not utilize any selection procedures reasonably believed
        by it to be adverse to the Secured Parties in selecting the Collateral Debt
        Obligations to be acquired or disposed of from time to time in accordance
        herewith. 

       

      
        
          
          

        

        
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      Section
        7.7 Payment
        of Certain Expenses by Servicer.

       

      The
        Servicer, so long as it shall be an Affiliate of the Borrower, will be required
        to pay all expenses incurred by it in connection with its activities under
        this
        Agreement, including fees and disbursements of legal counsel and independent
        accountants, Taxes imposed on the Servicer, expenses incurred in connection
        with
        payments and reports pursuant to this Agreement, and all other fees and expenses
        not expressly stated under this Agreement for the account of the Borrower.
        The
        Borrower shall, subject to Section
        2.7,
        reimburse the Servicer for the foregoing expenses incurred by it in connection
        with its obligations hereunder. 

       

      Section
        7.8 Reports.

       

      The
        initial Servicer will provide all reports, certificates and other documentation
        required to enable the Borrower to satisfy its reporting obligations hereunder
        and under the other Transaction Documents, including, without limitation,
        the
        requirements of Section
        5.1(s),
        as and
        when such reports, certificates or other documentation are required hereunder
        or
        thereunder. Any Successor Servicer’s responsibilities shall be limited to the
        delivery of the Periodic Report, and such other reports, certificates or
        other
        documentation as may be agreed between such Successor Servicer and the
        Administrative Agent at the time of the appointment of such Successor
        Servicer.

       

      Section
        7.9 Limitation
        on Liability of the Servicer and Others.

       

      Except
        as
        provided herein, neither the Servicer (including any Successor Servicer)
        nor any
        of the directors or officers or employees or agents of the Servicer shall
        be
        under any liability to the Borrower, the Administrative Agent, the Lenders
        or
        any other Person for any action taken or for refraining from the taking of
        any
        action expressly provided for in this Agreement; provided,
        however,
        that
        this provision shall not protect the Servicer or any such Person against
        any
        liability that would otherwise be imposed by reason of its willful misfeasance,
        bad faith or gross negligence in the performance of duties or by reason of
        its
        willful misconduct hereunder.

       

      The
        Servicer shall not be under any obligation to appear in, prosecute or defend
        any
        legal action that is not incidental to its duties to service the Collateral
        Debt
        Obligations in accordance with this Agreement that in its reasonable opinion
        may
        involve it in any expense or liability. The Servicer may, in its sole
        discretion, undertake any legal action relating to the servicing, collection
        or
        administration of Collateral Debt Obligations and the Related Property that
        it
        may reasonably deem necessary or appropriate for the benefit of the Borrower
        and
        the Secured Parties with respect to this Agreement and the rights and duties
        of
        the parties hereto and the respective interests of the Borrower and the Secured
        Parties hereunder.

       

      Section
        7.10 The
        Servicer Not to Resign.

       

      The
        Servicer, so long as it shall be an Affiliate of the Borrower, shall not
        resign
        from the obligations and duties hereby imposed on it except upon its
        determination that (i) the performance of its duties hereunder is or becomes
        impermissible under Applicable Law and (ii) there is no reasonable action
        that
        it could take to make the performance of its duties hereunder permissible
        under
        Applicable Law. Any such determination permitting the resignation of the
        Servicer shall be evidenced as to clause
        (i)
        above by
        an Opinion of Counsel to such effect

       

      
        
          
          

        

        
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      delivered
        to the Borrower and the Administrative Agent. Subject to Applicable Law,
        no such
        resignation shall become effective until a Successor Servicer shall have
        assumed
        the responsibilities and obligations of the Servicer in according with the
        terms
        of this Agreement.

       

      Section
        7.11 Access
        to Certain Documentation and Information Regarding the Collateral Debt
        Obligations.

       

      The
        Borrower, or the Servicer on its behalf, as applicable, shall provide to
        the
        Administrative Agent, the Trustee and each Managing Agent:

       

      (a) access
        to
        the Collateral Debt Obligation Documents and all other documentation regarding
        the Collateral Debt Obligations included as part of the Collateral and the
        Related Property, such access being afforded without charge but only (i)
        upon
        reasonable prior notice, (ii) during normal business hours and (iii) subject
        to
        the Servicer’s normal security and confidentiality procedures. From and after
        (x) the Closing Date and annually thereafter at the discretion of the
        Administrative Agent, the Administrative Agent, on behalf of and with the
        input
        of each Managing Agent, may review the Borrower’s and the Servicer’s collection
        and administration of the Collateral Debt Obligations in order to assess
        compliance by the Servicer with the Servicer’s written policies and procedures,
        as well as with this Agreement and may conduct an audit of the Collateral
        Debt
        Obligations, Collateral Debt Obligation Documents and Records in conjunction
        with such a review, which audit shall be reasonable in scope and shall be
        completed in a reasonable period of time and (y) the occurrence, and during
        the
        continuation of an Event of Default, the Administrative Agent and each Managing
        Agent may review the Borrower’s and the Servicer’s collection and administration
        of the Collateral Debt Obligations in order to assess compliance by the Servicer
        with the Servicer’s written policies and procedures, as well as with this
        Agreement, which review shall not be limited in scope or frequency, nor
        restricted in period. The Administrative Agent may also conduct an audit
        (as
        such term is used in clause (x) above) of the Collateral Debt Obligations,
        Collateral Debt Obligation Documents and Records in conjunction with such
        a
        review. The Borrower shall bear the cost of such reviews and audits;
        and

       

      (b) promptly
        upon request, such other information, documents, records or reports respecting
        the Collateral Debt Obligations or the condition or operations, financial
        or
        otherwise, of the Borrower or Originator as the Administrative Agent may
        from
        time to time reasonably request in order to protect the interests of the
        Trustee, the Administrative Agent or the Secured Parties under or as
        contemplated by this Agreement.

       

      Section
        7.12 Servicer
        Termination Events.

       

      (a) If
        any one
        of the following events (a “Servicer
        Termination Event”)
        shall
        occur and be continuing on any day:

       

      (i) any
        failure by the Servicer to make any payment, transfer or deposit as required
        by
        this Agreement and such failure shall continue for three (3) Business
        Days;

       

      (ii) any
        failure by the Servicer to give instructions or notice to the Borrower, any
        Managing Agent and/or the Administrative Agent as required by this Agreement
        or
        to deliver any Required Reports hereunder on or before the date occurring
        three
        (3)

       

      
        
          
          

        

        
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      Business
        Days after the date such instructions, notice or report is required to be
        made
        or given, as the case may be, under the terms of this Agreement;

       

      (iii) any
        failure on the part of the Servicer duly to observe or perform in any material
        respect any other covenants or agreements of the Servicer set forth in this
        Agreement or any other Transaction Document to which it is a party as Servicer
        that continues unremedied for a period of thirty (30) days after the first
        to
        occur of (i) the date on which written notice of such failure requiring the
        same
        to be remedied shall have been given to the Servicer by the Administrative
        Agent, any Managing Agent or the Borrower and (ii) the date on which the
        Servicer becomes or should have become aware thereof;

       

      (iv) any
        representation, warranty or certification made by the Servicer in this Agreement
        or in any certificate delivered pursuant to this Agreement shall prove to
        have
        been false or incorrect in any material respect when made and such failure,
        if
        susceptible to a cure, shall continue unremedied for a period of thirty (30)
        days after the first to occur of (i) the date on which written notice of
        such
        failure requiring the same to be remedied shall have been given to the Servicer
        by the Administrative Agent, any Managing Agent or the Borrower and (ii)
        the
        date on which the Servicer becomes or should have become aware
        thereof;

       

      (v) the
        Servicer shall fail to service the Collateral Debt Obligations in accordance
        with the Servicing Standards;

       

      (vi) an
        Insolvency Event shall occur with respect to the Servicer;

       

      (vii) the
        rendering against the Servicer of a final non-appealable judgment, decree
        or
        order for the payment of money in excess of U.S. $5,000,000 (individually
        or in
        the aggregate) and the continuance of such judgment, decree or order unsatisfied
        and in effect for any period of thirty (30) consecutive days without a stay
        of
        execution;

       

      (viii) any
        Material Adverse Change occurs in the financial condition of the
        Servicer;

       

      (ix) if
        the
        Servicer is an Affiliate of the Borrower or Originator, any Change-in-Control
        of
        the Servicer (other than pursuant to an initial public offering of its equity
        securities) is made without the prior written consent of the Borrower and
        the
        Administrative Agent; or

       

      (x) if
        the
        Servicer is an Affiliate of the Borrower or Originator, the Servicer shall
        fail
        to maintain its status as a registered investment advisor under the Investment
        Advisers Act of 1940, as amended.

       

      then,
        notwithstanding anything herein to the contrary, so long as any such Servicer
        Termination Events shall not have been remedied at the expiration of any
        applicable cure period, the Administrative Agent may, or at the direction
        of the
        Required Committed Lenders shall, by written notice to the Servicer and the
        Backup Servicer (a “Termination
        Notice”),
        subject to the provisions of Section
        7.13,
        terminate all of the rights and obligations of the Servicer as
        Servicer

       

      
        
          
          

        

        
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      under
        this
        Agreement. The Borrower shall pay all reasonable set-up and conversion costs
        associated with the transfer of servicing rights to the Successor
        Servicer.

       

      Section
        7.13 Appointment
        of Successor Servicer.

       

      (a) On
        and
        after the receipt by the Servicer of a Termination Notice pursuant to
Section
        7.12,
        the
        Servicer shall continue to perform all servicing functions under this Agreement
        until the date specified in the Termination Notice or otherwise specified
        by the
        Administrative Agent, to the Servicer and the Backup Servicer in writing.
        The
        Administrative Agent may at the time described in the immediately preceding
        sentence in its sole discretion, appoint the Backup Servicer as the Servicer
        hereunder, and the Backup Servicer shall within seven (7) days assume all
        obligations of the Servicer hereunder, and all authority and power of the
        Servicer under this Agreement shall pass to and be vested in the Backup Servicer
        unless the Backup Servicer is unwilling to accept such appointment; provided,
        however,
        that any
        Successor Servicer (including, without limitation, the Backup Servicer) shall
        not (i) be responsible or liable for any past actions or omissions of the
        outgoing Servicer or (ii) be obligated to make servicer advances. The
        Administrative Agent may appoint (i) the Backup Servicer as successor servicer,
        or (ii) if the Administrative Agent does not so appoint the Backup Servicer,
        there is no Backup Servicer or the Backup Servicer is unwilling or unable
        to
        assume such obligations on such date, the Administrative Agent shall as promptly
        as possible appoint an alternate successor servicer to act as Servicer (in
        each
        such case, the “Successor
        Servicer”),
        and
        such Successor Servicer shall accept its appointment by a written assumption
        in
        a form acceptable to the Administrative Agent.

       

      (b) Upon
        its
        appointment as Successor Servicer, the Backup Servicer (subject to Section
        7.13(a))
        or the
        alternate successor servicer, as applicable, shall be the successor in all
        respects to the Servicer with respect to servicing functions under this
        Agreement, shall assume all servicing duties hereunder and shall be subject
        to
        all the responsibilities, duties and liabilities relating thereto placed
        on the
        Servicer by the terms and provisions hereof, and all references in this
        Agreement to the Servicer shall be deemed to refer to the Backup Servicer
        or the
        Successor Servicer, as applicable. Any Successor Servicer shall be entitled,
        with the prior consent of the Administrative Agent, to appoint agents to
        provide
        some or all of its duties hereunder, provided that no such appointment shall
        relieve such Successor Servicer of the duties and obligations of the Successor
        Servicer pursuant to the terms hereof and that any such subcontract may be
        terminated upon the occurrence of a Servicer Termination Event.

       

      (c) All
        authority and power granted to the Servicer under this Agreement shall
        automatically cease and terminate upon termination of the Servicer under
        this
        Agreement and shall pass to and be vested in the Successor Servicer, and,
        without limitation, the Successor Servicer is hereby authorized and empowered
        to
        execute and deliver, on behalf of the Servicer, as attorney-in-fact or
        otherwise, all documents and other instruments, and to do and accomplish
        all
        other acts or things necessary or appropriate to effect the purposes of such
        transfer of servicing rights. The Servicer agrees to cooperate with the
        Successor Servicer in effecting the termination of the responsibilities and
        rights of the Servicer to conduct servicing on the Collateral.

       

      (d) Upon
        the
        Backup Servicer receiving notice that it is required to serve as the Successor
        Servicer hereunder pursuant to the foregoing provisions of this Section
        7.13,
        the

       

      
        
          
          

        

        
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      Backup
        Servicer will promptly begin the transition to its role as Successor Servicer,
        unless the Backup Servicer is unwilling to accept such appointment.

       

      (e) To
        the
        extent of funds available therefor pursuant to the provisions of Section
        2.7,
        the
        Backup Servicer shall be entitled to receive its Transition Costs incurred
        in
        transitioning to Servicer.

       

      Section
        7.14 Market
        Servicing Fee.

       

      Notwithstanding
        anything to the contrary herein, in the event that a Successor Servicer is
        appointed Servicer, the Servicing Fee shall equal a fee calculated at the
        Senior
        Portion of Servicing Fee Rate, plus any additional amount required to achieve
        a
        rate equal to the market rate for comparable servicing duties, any such
        additional amount to be fixed upon the date of such appointment by such
        Successor Servicer with the consent of the Administrative Agent (such additional
        amount, the “Market
        Servicing Fee”).

       

      Section
        7.15 The
        Trustee.

       

      (a) Appointment.
        The
        Borrower and the Administrative Agent each hereby appoints U.S. Bank to act
        as
        Trustee hereunder, for the benefit of the Administrative Agent and the Secured
        Parties, as provided herein. U.S. Bank hereby accepts such appointment and
        agrees to perform the duties and responsibilities with respect thereto set
        forth
        herein. The Borrower acknowledges and agrees that the Trustee is agent solely
        for the Secured Parties and shall have no obligation to the
        Borrower.

       

      (b) Custodial
        Duties.
        The
        Trustee shall act as collateral agent for the Secured Parties and as custodian
        for, and take and retain custody of the Collateral Debt Obligation Files
        delivered by, the Borrower or on its behalf pursuant to Section
        5.4
        in
        accordance with the terms and conditions of this Agreement, all for the benefit
        of the Secured Parties and subject to the Lien thereon in favor of the Secured
        Parties. Within one Business Day of receipt of any such Collateral Debt
        Obligation File, the Trustee shall deliver to the Administrative Agent a
        custodial receipt in form of Exhibit
        G
        hereto.
        Within five Business Days of its receipt of any Collateral Debt Obligation
        File
        and the related Collateral Debt Obligation Checklist, the Trustee shall review
        the related Collateral Debt Obligation Documents to verify that each Collateral
        Debt Obligation Document listed on the Collateral Debt Obligation Checklist
        has
        been received, is executed (where applicable) and has no missing or mutilated
        pages and that each Underlying Note with respect to each Collateral Debt
        Obligation (other than a Noteless Collateral Debt Obligation) is an original
        note, and to confirm (in reliance on the Obligor name and other identifying
        information listed on the Schedule of Collateral Debt Obligations) that such
        Collateral Debt Obligation is referenced on the related Schedule of Collateral
        Debt Obligations and shall, each calendar month on the date which is two
        Business Days prior to the Reporting Date occurring in such month, deliver
        to
        the Administrative Agent a certification in the form of Exhibit
        H
        hereto.
        Except as described in the preceding sentence with respect to Underlying
        Notes,
        the Trustee may fulfill its obligations hereunder by accepting and reviewing
        copies of all Collateral Debt Obligation Documents in a Collateral Debt
        Obligation File. In order to facilitate the foregoing review by the Trustee,
        in
        connection with each delivery of Collateral Debt Obligation Files hereunder
        to
        the Trustee, the Servicer shall provide to the Trustee an
        electronic

       

      
        
          
          

        

        
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      file
        in a
        mutually acceptable electronic format that contains the related Schedule
        of
        Collateral Debt Obligations. If, at the conclusion of such review, the Trustee
        shall determine that any such Collateral Debt Obligation Document is not
        executed (where applicable), is missing pages or has mutilated pages, that
        any
        Underlying Note is not an original as required, that any Collateral Debt
        Obligation Document listed on the Collateral Debt Obligation Checklist is
        missing from the Collateral Debt Obligation File or that any such Collateral
        Debt Obligation Document received in the Collateral Debt Obligation File
        is not
        listed on the related Collateral Debt Obligation Checklist, the Trustee shall
        promptly notify the Borrower and the Administrative Agent of such determination
        by providing an exception report to such Persons setting forth, with
        particularity, such of the foregoing defects as may exist. In addition, unless
        instructed otherwise in writing by the Borrower and the Administrative Agent
        within ten days of the Trustee’s delivery of such report, the Trustee shall
        return any Collateral Debt Obligation File not referenced on such Schedule
        of
        Collateral Debt Obligations to the Borrower. Other than the foregoing, the
        Trustee shall not have any responsibility for reviewing any Collateral Debt
        Obligation File. In taking and retaining custody of the Collateral Debt
        Obligation Files, the Trustee shall be acting as the agent of the Administrative
        Agent and the other Secured Parties; provided that the Trustee makes no
        representations as to the existence, perfection or priority of any Lien on
        the
        Collateral Debt Obligation Files or the instruments therein; provided further
        that the Trustee’s duties as Administrative Agent shall be limited to those
        expressly contemplated herein. All Collateral Debt Obligation Files shall
        be
        kept in fire-resistant vaults or cabinets at the locations specified on
Schedule
        VI
        attached
        hereto, or at such other office as shall be specified to the Administrative
        Agent and the Borrower by the Trustee in a written notice delivered at least
        45
        days prior to such change. All Collateral Debt Obligation Files shall be
        segregated with an appropriate identifying label and maintained in such a
        manner
        so as to permit retrieval and access. All Collateral Debt Obligation Files
        shall
        be clearly segregated from any other documents or instruments maintained
        by the
        Trustee. The Trustee shall clearly indicate that such Collateral Debt Obligation
        Files are the sole property of Borrower, subject to the security interest
        of the
        Trustee on behalf of the Secured Parties. In performing its duties, the Trustee
        shall use the same degree of care and attention as it employs with respect
        to
        similar files that it holds as custodian for others. Except as otherwise
        provided herein, the Trustee shall have no power or authority to assign,
        hypothecate or otherwise dispose of Collateral Debt Obligation
        Files.

       

      (c) Concerning
        the Trustee.

       

      (i) Except
        for
        its willful misconduct, gross negligence or bad faith, the Trustee may
        conclusively rely on and shall be fully protected in acting upon any
        certificate, instrument, opinion, notice, letter, telegram or other document
        delivered to it and that in good faith it reasonably believes to be genuine
        and
        that has been signed by the proper party or parties. Except for its willful
        misconduct, gross negligence or bad faith, the Trustee may rely conclusively
        on
        and shall be fully protected in acting upon the written instructions of any
        designated officer of the Administrative Agent.

       

      (ii) The
        Trustee may consult counsel satisfactory to it and the advice or opinion
        of such
        counsel shall be full and complete authorization and protection in respect
        of
        any action taken, suffered or omitted by it hereunder in good faith and in
        accordance with the advice or opinion of such counsel.

       

      
        
          
          

        

        
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      (iii) The
        Trustee shall not be liable for any error of judgment, or for any act done
        or
        step taken or omitted by it, in good faith, or for any mistakes of fact or
        law,
        or for anything that it may do or refrain from doing in connection herewith
        except in the case of its willful misconduct, gross negligence or bad
        faith.

       

      (iv) The
        Trustee makes no warranty or representation and shall have no responsibility
        (except as expressly set forth in this Agreement) as to the content,
        enforceability, completeness, validity, sufficiency, value, genuineness,
        ownership or transferability of the Collateral Debt Obligations or the
        Collateral Debt Obligation Documents, and will not be required to and will
        not
        make any representations as to the validity, collectibility, sufficiency
        or
        value of any of the Collateral Debt Obligations. The Trustee shall not be
        obligated to take any legal action hereunder that might in its judgment involve
        any expense or liability unless it has been furnished with an indemnity
        reasonably satisfactory to it.

       

      (v) The
        Trustee shall have no duties or responsibilities except such duties and
        responsibilities as are specifically set forth in this Agreement and no
        covenants or obligations shall be implied in this Agreement against the
        Trustee.

       

      (vi) The
        Trustee shall not be required to expend or risk its own funds in the performance
        of its duties hereunder.

       

      (vii) It
        is
        expressly agreed and acknowledged that the Trustee is not guaranteeing
        performance of or assuming any liability for the obligations of the other
        parties hereto or any parties to the Collateral Debt Obligations.

       

      (viii) In
        case
        any reasonable question arises as to its duties hereunder, the Trustee may
        request instructions from the Administrative Agent, and shall be entitled
        at all
        times to refrain from taking any action unless it has received instructions
        from
        the Administrative Agent. Notwithstanding the preceding sentence, and subject
        to
Section
        7.15(d),
        the
        Administrative Agent hereby instructs the Trustee, prior to the occurrence
        of
        the Maturity Date, to take any action in respect of the Collateral Debt
        Obligations and the Collateral Debt Obligation Documents solely in accordance
        with instructions of the Servicer unless and until a notice of exclusive
        control
        has been delivered and is in effect pursuant to the terms of the Account
        Control
        Agreement, and thereafter to take any action in respect of the Collateral
        Debt
        Obligations and the Collateral Debt Obligation Documents solely in accordance
        with instructions of the parties specified in such notice of exclusive control.
        The Trustee shall in all events have no liability, risk or cost for any action
        taken pursuant to and in compliance with the instruction of the Administrative
        Agent or, prior to the occurrence of the Maturity Date, the
        Servicer.

       

      (d) Release
        for Servicing.
        From
        time to time and as appropriate for the enforcement or servicing of any of
        the
        Collateral Debt Obligations, the Trustee is hereby authorized, upon receipt
        from
        the Servicer on behalf of the Borrower, of a written request for release
        of
        Collateral Debt Obligation Files substantially in the form annexed hereto
        as
Exhibit
        J,
        to
        release to the Servicer the related Collateral Debt Obligation File set forth
        in
        such request and receipt to the Servicer; provided,
        that
        notwithstanding the foregoing or any other provision of this
        Agreement,

       

      
        
          
          

        

        
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      at
        any
        time following the occurrence of an Event of Default and upon its receipt
        of
        written instructions from the Administrative Agent, the Trustee shall cease
        releasing Collateral Debt Obligation Files to the Servicer without the prior
        consent of the Administrative Agent. All Collateral Debt Obligation Files
        so
        released to the Servicer on behalf of the Borrower shall be held by the Servicer
        in trust for the benefit of the Borrower, the Administrative Agent, the Trustee
        and the other Secured Parties, with respect to their respective interests,
        in
        accordance with the terms of this Agreement. The Servicer, on behalf of the
        Borrower, shall return to the Trustee the Collateral Debt Obligation File
        when
        the Servicer’s need therefor in connection with such foreclosure or servicing no
        longer exists, unless the Collateral Debt Obligation shall be liquidated,
        in
        which case, upon receipt of an additional request for release of Collateral
        Debt
        Obligation Files and certification as to such liquidation from the Servicer
        to
        the Trustee substantially in the form annexed hereto as Exhibit
        J,
        such
        Collateral Debt Obligation File shall be released by the Trustee to the
        Servicer.

       

      (e) Release
        for Payment.
        Upon
        receipt by the Trustee (with a copy to the Administrative Agent) of the
        Servicer’s request for release of Collateral Debt Obligation Files and receipt
        in the form annexed hereto as Exhibit
        J
        (which
        certification shall include a statement to the effect that all amounts received
        in connection with such payment, repurchase or sale have been credited to
        the
        Collection Account as provided in this Agreement), the Trustee shall promptly
        release the related Collateral Debt Obligation File to the Servicer, on behalf
        of the Borrower.

       

      (f) Trustee
        Compensation.
        As
        compensation for its activities hereunder, the Trustee shall be entitled
        to a
        Trustee Fee and any unpaid Trustee Expenses to the extent of funds available
        therefor pursuant to the provision of Section
        2.7.
        The
        Trustee’s entitlement to receive the Trustee Fee (other than due and unpaid
        Trustee Fees owed through such date) shall cease on the earlier to occur
        of: (i)
        its removal as Trustee or (ii) the termination of this Agreement.

       

      (g) Replacement
        of the Trustee.
        The
        Trustee may be replaced by the Borrower with the prior consent of the
        Administrative Agent; provided that
        no such
        replacement shall be effective until a successor Trustee has been appointed,
        has
        agreed to act as Trustee hereunder and has received all Collateral Debt
        Obligation Files held by the previous Trustee. The Trustee may resign upon
        ten
        (10) Business Days notice to the Administrative Agent and the Borrower,
provided that
        any such
        resignation shall not be effective until the date on which a successor Trustee
        has been appointed, has agreed to act as Trustee hereunder and has received
        all
        Collateral Debt Obligation Files held by the previous Trustee. Notwithstanding
        anything in this Agreement to the contrary, no successor Trustee may be
        appointed unless such successor Trustee meets the requirements of Section
        26(a)(1) of the 1940 Act and provides a representation to this effect,
        reasonably satisfactory to the Borrower, the Servicer and the Administrative
        Agent.

       

      (h) Release
        of Collateral Debt Obligation Documents Following a Liquidation.
        To the
        extent that portions of Collateral Debt Obligations are transferred pursuant
        to
        a Liquidation under Section
        2.14,
        the
        Trustee shall release the original Collateral Debt Obligation
        Documents.

       

      (i) Notices;
        Consents.
        The
        Trustee shall provide to the Servicer and the Backup Servicer (if the Backup
        Servicer is not the Trustee) a copy of all written notices and communications
        identified as being sent to it in connection with the Collateral Debt
        Obligations

       

      
        
          
          

        

        
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      and
        the
        other Collateral held hereunder which it receives from the related Obligor,
        participating bank and/or agent bank. In no instance shall the Trustee be
        under
        any duty or obligation to take any action on behalf of the Servicer or the
        Borrower in respect of the exercise of any voting or consent rights, or similar
        actions, unless it receives specific and timely written instructions from
        the
        Administrative Agent, in which event the Trustee shall vote, consent or take
        such other action in accordance with such instructions. The Administrative
        Agent
        hereby instructs the Trustee to take any such action solely in accordance
        with
        the written instructions of the Servicer unless and until a notice of exclusive
        control has been delivered to the Trustee and is in effect pursuant to the
        terms
        of the Account Control Agreement, and thereafter to take any such action
        solely
        in accordance with the written instructions of the parties specified in such
        notice of exclusive control.

       

      (j) Perfection
        of Security Interests.
        The
        Administrative Agent and the Lenders hereby appoint U.S. Bank, in its capacity
        as Trustee hereunder, as their agent for the purposes of perfection of a
        security interest in the Collateral Debt Obligations. U.S. Bank, in its capacity
        as Trustee hereunder, hereby accepts such appointment and agrees to perform
        the
        express duties set forth in this Section
        7.15
        and
        subject to the provisions hereof.

       

      (i) Each
        of
        the Administrative Agent and each other Secured Party further authorizes
        the
        Trustee to take such action as agent on its behalf and to exercise such powers
        under this Agreement and the other Transaction Documents as are expressly
        delegated to the Trustee by the terms hereof and thereof, together with such
        powers as are reasonably incidental thereto. In furtherance, and without
        limiting the generality of the foregoing, each Secured Party hereby appoints
        the
        Trustee as its agent to execute and deliver all further instruments and
        documents, and take all further action that the Administrative Agent deems
        necessary or desirable in order to perfect, protect or more fully evidence
        the
        security interests granted by the Borrower hereunder, or to enable any of
        them
        to exercise or enforce any of their respective rights hereunder, including,
        without limitation, the execution by the Trustee as secured party/assignee
        of
        such financing or continuation statements, or amendments thereto or assignments
        thereof, relative to all or any of the Collateral Debt Obligations now existing
        or hereafter arising, and such other instruments or notices, as may be necessary
        or appropriate for the purposes stated hereinabove. Nothing in this Section
        7.15(j)
        shall be
        deemed to relieve the Borrower of its obligation to protect the interest
        of the
        Trustee (for the benefit of the Secured Parties) in the Collateral, including
        to
        file financing and continuation statements in respect of the Collateral in
        accordance with this Agreement. 

       

      (ii) With
        respect to other actions which are incidental to the actions specifically
        delegated to the Trustee hereunder, the Trustee shall not be required to
        take
        any such incidental action hereunder, but shall be required to act or to
        refrain
        from acting (and shall be fully protected in acting or refraining from acting)
        upon the direction of the Administrative Agent; provided that
        the
        Trustee shall not be required to take any action hereunder at the request
        of the
        Administrative Agent, any Secured Parties or otherwise if the taking of such
        action, in the reasonable determination of the Trustee, (x) shall be in
        violation of any Applicable Law or contrary to any provisions of this Agreement
        or (y) shall expose the Trustee to liability hereunder or otherwise (unless
        it
        has received indemnity which it reasonably deems to be satisfactory with
        respect
        thereto). In the event

       

      
        
          
          

        

        
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      the
        Trustee requests the consent of the Administrative Agent and the Trustee
        does
        not receive a consent (either positive or negative) from the Administrative
        Agent with 10 Business Days of its receipt of such request, then the
        Administrative Agent shall be deemed to have declined to consent to the relevant
        action.

       

      (iii) Except
        as
        expressly provided herein, the Trustee shall not be under any duty or obligation
        to take any affirmative action to exercise or enforce any power, right or
        remedy
        available to it under this Agreement or any of the Collateral Debt Obligation
        Documents (i) unless and until (and to the extent) expressly so directed
        by the
        Administrative Agent or (ii) prior to the occurrence of the Maturity Date,
        the
        Servicer (and upon such occurrence, the Trustee shall act in accordance with
        the
        written instructions of the Administrative Agent pursuant to Section
        7.15(j)(i)). The Trustee shall not be liable for any action taken, suffered
        or
        omitted by it in accordance with the request or direction of any Secured
        Party,
        to the extent that this Agreement provides such Secured Party the right to
        so
        direct the Trustee or the Administrative Agent. The Trustee shall not be
        deemed
        to have notice or knowledge of any matter hereunder, including an Event of
        Default or Servicer Termination Event, unless a Responsible Officer of the
        Trustee has actual knowledge of such matter or written notice thereof is
        received by the Trustee.

       

      (k) Any
        Person
        (i) into which the Trustee may be merged or consolidated, (ii) that may result
        from any merger or consolidation to which the Trustee shall be a party or
        (iii)
        that may succeed to the properties and assets of the Trustee substantially
        as a
        whole, shall be the successor to the Trustee under this Agreement without
        further act of any of the parties to this Agreement.

       

      (l) The
        parties hereunder further acknowledge and agree that U.S. Bank also serves
        in
        the capacity of custodian for GSC Investment Corp. and all assets belonging
        to
        GSC Investment Corp. are held in the custody of U.S. Bank subject to agreement
        thereof, to the extent they are required to be held in custody pursuant to
        the
        1940 Act. Nothing in this Agreement shall be interpreted to jeopardize GSC
        Investment Corp.’s compliance with Applicable Law and requirements to maintain
        assets with such custodian.

       

      Section
        7.16 [Reserved].

       

      Section
        7.17 Representations
        and Warranties of the Trustee.

       

      The
        Trustee represents and warrants as follows:

       

      (a) Organization
        and Good Standing.
        It is a
        national banking association duly organized, validly existing and in good
        standing under the laws of the United States with all requisite power and
        authority to own its properties and to conduct its business as presently
        conducted and to enter into and perform its obligations pursuant to this
        Agreement.

       

      (b) Due
        Qualification.
        It is
        duly qualified to do business as a national banking association and is in
        good
        standing, has obtained all necessary licenses and approvals in all jurisdictions
        in which the ownership or lease of its property or the conduct of its business
        requires such qualification, licenses or approval except where the failure
        to so
        qualify or have

       

      
        
          
          

        

        
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      such
        licenses or approvals has not had, and would not be reasonably expected to
        have,
        a Material Adverse Effect.

       

      (c) Power
        and Authority.
        It has
        the power and authority to execute and deliver this Agreement and each other
        Transaction Document to which it is a party and to carry out their respective
        terms. It has duly authorized the execution, delivery and performance of
        this
        Agreement and each other Transaction Document to which it is a party by all
        requisite action.

       

      (d) No
        Violation.
        The
        consummation of the transactions contemplated by, and the fulfillment of
        the
        terms of, this Agreement and each other Transaction Document to which it
        is a
        party by it will not (i) conflict with, result in any breach of any of the
        terms
        or provisions of, or constitute a default under, its articles of association,
        or
        any Contractual Obligation to which it is a party or by which it or any of
        its
        property is bound, (ii) result in the creation or imposition of any Lien
        upon
        any of its properties pursuant to the terms of any Contractual Obligation,
        or
        (iii) violate any Applicable Law.

       

      (e) No
        Consents.
        No
        consent, approval, authorization, order, registration, filing, qualification,
        license or permit of or with any Governmental Authority having jurisdiction
        over
        it or any of its respective properties is required to be obtained in order
        for
        it to enter into this Agreement or perform its obligations
        hereunder.

       

      (f) Binding
        Obligation.
        This
        Agreement constitutes its legal, valid and binding obligation, enforceable
        in
        accordance with its terms, except as such enforceability may be limited by
        (i)
        applicable Insolvency Laws and (ii) general principles of equity (whether
        considered in a suit at law or in equity).

       

      (g) No
        Proceedings.
        There
        are no proceedings or investigations pending or, to the best of its knowledge,
        threatened, against it before any Governmental Authority (i) asserting the
        invalidity of this Agreement, (ii) seeking to prevent the consummation of
        any of
        the transactions contemplated by this Agreement or (iii) seeking any
        determination or ruling that might (in its reasonable judgment) have a Material
        Adverse Effect.

       

      (h) Non-Affiliation.
        The
        Trustee is not affiliated, as that term is defined in Rule 405 under the
        Securities Act, with the Borrower or the Servicer or with any Person involved
        in
        the organization or operation of the Borrower and does not provide credit
        or
        credit enhancement to the Borrower.

       

      Section
        7.18 Covenants
        of the Trustee.

       

      The
        Trustee hereby covenants that:

       

      (a) Compliance
        with Law.
        The
        Trustee will comply in all material respects with all Applicable
        Laws.

       

      (b) Preservation
        of Existence.
        The
        Trustee will preserve and maintain its existence, rights, franchises and
        privileges as a national banking association in good standing under the laws
        of
        the United States.

       

      
        
          
          

        

        
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      (c) No
        Bankruptcy Petition.
        With
        respect to each CP Lender, prior to the date that is one year and one day
        (or
        such longer preference period as shall then be in effect) after the payment
        in
        full of all amounts owing in respect of all outstanding commercial paper
        issued
        by such CP Lender and, with respect to the Borrower, prior to the date that
        is
        one year and one day (or such longer preference period as shall then be in
        effect) after the Collection Date, it will not institute against the Borrower
        or
        such CP Lender, or join any other Person in instituting against the Borrower
        or
        such CP Lender, any Insolvency Proceedings or other similar proceedings under
        the laws of the United States or any state of the United States. In addition,
        each Committed Lender, each CP Lender, each Managing Agent, the Administrative
        Agent and the Backup Servicer agree that, with respect to the Borrower, prior
        to
        the date that is one year and one day (or such longer preference period as
        shall
        then be in effect) after the Collection Date, it will not institute against
        the
        Borrower, or join any other Person in instituting against the Borrower or
        such
        CP Lender, any Insolvency Proceedings or other similar proceedings under
        the
        laws of the United States or any state of the United States. This Section
        7.18(c)
        will
        survive the termination of this Agreement. 

       

      (d) Collateral
        Debt Obligation Files.
        The
        Trustee will not dispose of any documents constituting the Collateral Debt
        Obligation Files in any manner that is inconsistent with the performance
        of its
        obligations as the Trustee pursuant to this Agreement and will not dispose
        of
        any Collateral Debt Obligation except as contemplated by this
        Agreement.

       

      (e) Location
        of Collateral Debt Obligation Files.
        The
        Collateral Debt Obligation Files shall remain at all times in the possession
        of
        the Trustee at the address set forth on Schedule
        VI.

       

      (f) No
        Changes in Trustee Fee.
        The
        Trustee will not make any changes to the Trustee Fee set forth in the Backup
        Servicer and Trustee Fee Letter without the prior written approval of the
        Administrative Agent.

       

      Section
        7.19 The
        Backup Servicer.

       

      (a) Appointment.
        The
        Borrower and the Administrative Agent hereby appoint U.S. Bank to act as
        Backup
        Servicer for the benefit of the Borrower, the Administrative Agent and the
        other
        Secured Parties in accordance with the terms of this Agreement. U.S. Bank
        hereby
        accepts such appointment and agrees to perform the duties and responsibilities
        with respect thereto set forth herein.

       

      (b) Duties.
        On or
        before the Closing Date, and until such time (if applicable) as it shall
        become
        the Successor Servicer, the Backup Servicer shall perform, on behalf of the
        Borrower and the Administrative Agent and the other Secured Parties, the
        following duties and obligations:

       

      (i) On
        or
        before the Closing Date, the Backup Servicer shall accept from the Servicer
        delivery of the information required to be set forth in the Periodic Reports
        in
        hard copy and in an agreed upon electronic format.

       

      (ii) Not
        later
        than 1:00 p.m. (New York City time) on the third Business Day prior to each
        Reporting Date, the Servicer shall provide to the Backup Servicer and
        the

       

      
        
          
          

        

        
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      Backup
        Servicer shall accept delivery of an electronic file in an agreed upon
        electronic format (the “Tape”)
        from
        the Servicer, which shall include but not be limited to the following
        information: (x) for each Collateral Debt Obligation being transferred, the
        name
        and number of the related Obligor, the collection status, the Collateral
        Debt
        Obligation status, the date of each Scheduled Payment, and the Outstanding
        Principal Balance, and (y) the Aggregate Outstanding Principal
        Balance.

       

      (iii) Prior
        to
        the related Payment Date, the Backup Servicer shall review the Periodic Report
        to ensure that it is complete on its face and that all items in such Periodic
        Report have been accurately calculated, if applicable, and reported based
        upon
        the Tape or such other information provided to the Backup Servicer by the
        Servicer which is required by the Backup Servicer to perform its obligations
        hereunder. The Backup Servicer shall notify the Administrative Agent, the
        Borrower and the Servicer of any disagreements with the Periodic Report based
        on
        such review not later than the Business Day preceding such Payment Date to
        such
        Persons.

       

      (iv) If
        the
        Borrower or the Servicer disagrees with the report provided under Section
        7.19(b)(iii)
        by the
        Backup Servicer or if the Borrower or the Servicer or any subservicer has
        not
        reconciled such discrepancy, the Backup Servicer agrees to confer with the
        Borrower or the Servicer to resolve such disagreement on or prior to the
        next
        succeeding Determination Date and shall settle such discrepancy with the
        Borrower or the Servicer if possible, and notify the Administrative Agent
        of the
        resolution thereof. The Borrower or the Servicer hereby agree to cooperate
        at
        their own expense, with the Backup Servicer in reconciling any discrepancies
        herein. If within 20 days after the delivery of the report provided under
        Section
        7.19(b)(iii)
        by the
        Backup Servicer, such discrepancy is not resolved, the Backup Servicer shall
        promptly notify the Borrower and the Administrative Agent of the continued
        existence of such discrepancy. Following receipt of such notice by the
        Administrative Agent, the Servicer shall deliver to the Borrower, the
        Administrative Agent, the Secured Parties and the Backup Servicer no later
        than
        the related Payment Date a certificate describing the nature and amount of
        such
        discrepancies and the actions the Servicer proposes to take with respect
        thereto.

       

      (v) With
        respect to the duties described in this Section
        7.19(b),
        in the
        absence of bad faith or gross negligence, the Backup Servicer, in the
        performance of its duties and obligations hereunder, is entitled to rely
        conclusively, and shall be fully protected in so relying, on the contents
        of
        each Tape, including, but not limited to, the completeness and accuracy thereof,
        provided by the Servicer. The parties acknowledge that the Backup Servicer’s
        ability to perform hereunder is subject to its timely receipt of the Tape
        and
        Periodic Report, if applicable.

       

      (c) Transition
        to Servicer Role.
        After
        the receipt by the Servicer of an effective Termination Notice, all authority,
        power, rights and responsibilities of the Servicer, under this Agreement,
        whether with respect to the Collateral Debt Obligations or otherwise, shall
        pass
        to and be vested in the Backup Servicer, subject to and in accordance with
        the
        provisions of Section
        7.13,
        as long
        as the Backup Servicer is not prohibited by Applicable Law from fulfilling
        the
        same, as evidenced by an Opinion of Counsel, or is not `unwilling to accept
        such
        appointment.

       

      
        
          
          

        

        
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      (d) Merger
        or Consolidation.
        Any
        Person (i) into which the Backup Servicer may be merged or consolidated,
        (ii)
        that may result from any merger or consolidation to which the Backup Servicer
        shall be a party, or (iii) that may succeed to the properties and assets
        of the
        Backup Servicer substantially as a whole, shall be the successor to the Backup
        Servicer under this Agreement without further act on the part of any of the
        parties to this Agreement.

       

      (e) Backup
        Servicing Compensation.
        As
        compensation for its backup servicing activities hereunder, the Backup Servicer
        shall be entitled to receive the Backup Servicer Fee and any unpaid Backup
        Servicer Expenses to the extent of funds available therefor pursuant to the
        provisions of Section
        2.7.
        The
        Backup Servicer’s entitlement to receive the Backup Servicer Fee (other than due
        and unpaid Backup Servicer Fees owed through such date) shall cease on the
        earliest to occur of: (i) it becoming the Successor Servicer, (ii) its removal
        as Backup Servicer, or (iii) the termination of this Agreement.

       

      (f) Backup
        Servicer Removal.
        The
        Backup Servicer may be removed with or without cause by the Administrative
        Agent, or by the Borrower with the prior written approval of the Administrative
        Agent, by notice given in writing to the Backup Servicer. In the event of
        any
        such removal, a replacement Backup Servicer may be appointed by (i) the
        Borrower, acting with the written consent of the Administrative Agent or
        (ii) if
        no such replacement is appointed within 30 days following such removal, by
        the
        Administrative Agent. The Backup Servicer may resign upon ten (10) Business
        Days
        notice to the Administrative Agent and the Borrower, provided that
        any such
        resignation shall not be effective until the earlier of (i) the date on which
        a
        replacement Backup Servicer has been appointed, has agreed to act as Backup
        Servicer hereunder and has received copies of all Tapes submitted by the
        Borrower or the Servicer hereunder or (ii) 45 days following the date of
        such
        notice.

       

      (g) Scope
        of Backup Servicing Duties.
        The
        Backup Servicer undertakes to perform only such duties and obligations as
        are
        specifically set forth in this Agreement, it being expressly understood by
        all
        parties hereto that there are no implied duties or obligations of the Backup
        Servicer hereunder. Without limiting the generality of the foregoing, the
        Backup
        Servicer, except as expressly set forth herein, shall have no obligation
        to
        supervise, verify, monitor or administer the performance of the Servicer
        or the
        Trustee. The Backup Servicer may act through its Administrative Agents,
        attorneys and custodians in performing any of its duties and obligations
        under
        this Agreement, it being understood by the parties hereto that the Backup
        Servicer will be responsible for any misconduct or negligence on the part
        of
        such agents, attorneys or custodians acting on the routine and ordinary
        day-to-day operations for and on behalf of the Backup Servicer. Neither the
        Backup Servicer nor any of its officers, directors, employees or agents shall
        be
        liable, directly or indirectly, for any damages or expenses arising out of
        the
        services performed under this Agreement other than damages or expenses that
        result from the gross negligence or bad faith of it or them or the failure
        to
        perform materially in accordance with this Agreement.

       

      (h) Limitation
        on Liability.
        Except
        for its willful misconduct, gross negligence or bad faith, the Backup Servicer
        shall not be liable for any obligation of the Servicer contained in this
        Agreement or for any errors of the Servicer contained in any computer tape,
        certificate or other data or document delivered to the Backup Servicer hereunder
        or on which the Backup Servicer must rely in order to perform its obligations
        hereunder, and the Borrower, the

       

      
        
          
          

        

        
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      Administrative
        Agent, the Trustee, the Backup Servicer and the other Secured Parties each
        agree
        to look only to the Servicer to perform such obligations. Except for its
        willful
        misconduct, gross negligence or bad faith, the Backup Servicer shall have
        no
        responsibility and shall not be in default hereunder or incur any liability
        for
        any failure, error, malfunction or any delay in carrying out any of their
        respective duties under this Agreement if such failure or delay results from
        the
        Backup Servicer acting in accordance with information prepared or supplied
        by a
        Person other than the Backup Servicer or the failure of any such other Person
        to
        prepare or provide such information. Except for its gross negligence or bad
        faith, the Backup Servicer shall have no responsibility, shall not be in
        default
        and shall incur no liability for (i) any act or failure to act of any third
        party, including the Servicer or the Borrower, (ii) any inaccuracy or omission
        in a notice or communication received by the Backup Servicer from any third
        party, (iii) the invalidity or unenforceability of any Collateral Debt
        Obligation or Collateral Debt Obligation Document under Applicable Law, (iv)
        the
        breach or inaccuracy of any representation or warranty made with respect
        to any
        Collateral Debt Obligation, or (v) the acts or omissions of any successor
        Backup
        Servicer. No provision of this Agreement shall require the Backup Servicer
        to
        expend or risk its own funds or otherwise incur any financial liability in the
        performance of any of its duties hereunder or in the exercise of any of its
        rights and powers, if, in its sole judgment, it shall believe that repayment
        of
        such funds or adequate indemnity against such risk or liability is not assured
        to it. In the absence of bad faith, gross negligence or willful misfeasance
        on
        the part of the Backup Servicer, the Backup Servicer may conclusively rely,
        as
        to the truth of the statements and correctness of the opinions expressed
        therein
        upon any request, instructions, certificate, opinion or other document furnished
        to the Backup Servicer, reasonably believed by it to be genuine and to have
        been
        signed or presented by the proper party or parties and conforming to the
        requirements of this Agreement.

       

      (i) Possible
        Dual Capacity.
        The
        parties expressly acknowledge and consent to U.S. Bank acting in the possible
        dual capacity of Backup Servicer or Successor Servicer and in the capacity
        of
        Trustee. U.S. Bank may, in such dual capacity, discharge its separate functions
        fully, without hindrance or regard to conflict of interest principles, duty
        of
        loyalty principles or other breach of fiduciary duties to the extent that
        any
        such conflict or breach arises from the performance by U.S. Bank of express
        duties set forth in this Agreement in any of such capacities, all of which
        defenses, claims or assertions are hereby expressly waived by the other parties
        hereto except in the case of negligence, acts of bad faith and willful
        misconduct by U.S. Bank.

       

      (j) Subservicers.
        The
        Backup Servicer may, with the prior written consent of the Administrative
        Agent,
        subservice any and all of its duties and responsibilities hereunder, including
        but not limited to its duties as Successor Servicer hereunder should the
        Backup
        Servicer become the Successor Servicer pursuant to Section
        7.13.
        Notwithstanding any subservicing agreement or other delegation of duties
        to a
        subservicer, so long as this Agreement shall remain effective, the Backup
        Servicer (solely in its capacity as Successor Servicer, if applicable) shall
        remain obligated and primarily liable to the Trustee and the other Secured
        Parties, for the servicing and administering of the Collateral Debt Obligations
        in accordance with the provisions of this Agreement, without diminution of
        such
        obligation or liability by virtue of such subservicing agreement or other
        arrangements with third parties pursuant to this clause (j) or by virtue
        of
        indemnification from any subservicer and to the same extent and under the
        same
        terms and conditions as if the Backup Servicer alone were, as applicable,
        servicing and administering the Collateral Debt Obligations.

       

      
        
          
          

        

        
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      Section
        7.20 Representations
        and Warranties of the Backup Servicer.

       

      The
        Backup
        Servicer hereby represents and warrants as follows:

       

      (a) Organization
        and Good Standing.
        It is a
        national banking association duly organized, validly existing and in good
        standing under the laws of the United States with all requisite power and
        authority to own its properties and to conduct its business as presently
        conducted and to enter into and perform its obligations pursuant to this
        Agreement.

       

      (b) Due
        Qualification.
        It is
        duly qualified to do business as a national banking association and is in
        good
        standing, and has obtained all necessary licenses and approvals in all
        jurisdictions in which the ownership or lease of its property and the conduct
        of
        its business requires such qualification, licenses or approvals except where
        the
        failure to so qualify or have such licenses or approvals has not had, and
        would
        not be reasonably expected to have, a Material Adverse Effect.

       

      (c) Power
        and Authority.
        It has
        the power and authority to execute and deliver this Agreement and each other
        Transaction Document to which it is a party and to carry out their respective
        terms. It has duly authorized the execution, delivery and performance of
        this
        Agreement by all requisite action.

       

      (d) No
        Violation.
        The
        consummation of the transactions contemplated by, and the fulfillment of
        the
        terms of, this Agreement and each other Transaction Document to which it
        is a
        party by it will not (i) conflict with, result in any breach of any of the
        terms
        or provisions of, or constitute a default under, its articles of association
        or
        any Contractual Obligation by which it is a party or by which it or any of
        its
        property is bound, (ii) result in the creation or imposition of any Lien
        upon
        any of its properties pursuant to the terms of any Contractual Obligation,
        or
        (iii) violate any Applicable Law.

       

      (e) No
        Consents.
        No
        consent, approval, authorization, order, registration, filing, qualification,
        license or permit of or with any Governmental Authority having jurisdiction
        over
        it or any of its respective properties is required to be obtained in order
        for
        it to enter into this Agreement or perform its obligations
        hereunder.

       

      (f) Binding
        Obligation.
        This
        Agreement constitutes its legal, valid and binding obligation, enforceable
        in
        accordance with its terms, except as such enforceability may be limited by
        (i)
        applicable Insolvency Laws and (ii) general principles of equity (whether
        considered in a suit at law or in equity).

       

      (g) No
        Proceedings.
        There
        are no proceedings or investigations pending or, to the best of its knowledge,
        threatened, against it before any Governmental Authority (i) asserting the
        invalidity of this Agreement, (ii) seeking to prevent the consummation of
        any of
        the transactions contemplated by this Agreement, or (iii) seeking any
        determination or ruling that might (in its reasonable judgment) have a Material
        Adverse Effect.

       

      Section
        7.21 Covenants
        of the Backup Servicer.

       

      The
        Backup
        Servicer hereby covenants that:

       

      
        
          
          

        

        
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      (a) Compliance
        with Law.
        The
        Backup Servicer will comply in all material respects with all Applicable
        Laws.

       

      (b) Preservation
        of Existence.
        The
        Backup Servicer will preserve and maintain its existence, rights, franchises
        and
        privileges as a national banking association in good standing under the laws
        of
        the United States.

       

      (c) No
        Bankruptcy Petition.
        With
        respect to each CP Lender, prior to the date that is one year and one day
        (or
        such longer preference period as shall then be in effect) after the payment
        in
        full of all amounts owing in respect of all outstanding commercial paper
        issued
        by such CP Lender and, with respect to the Borrower, prior to the date that
        is
        one year and one day (or such longer preference period as shall then be in
        effect) after the Collection Date, it will not institute against the Borrower
        or
        such CP Lender, or join any other Person in instituting against the Borrower
        or
        such CP Lender, any Insolvency Proceedings or other similar proceedings under
        the laws of the United States or any state of the United States. This
Section
        7.21(c)
        will
        survive the termination of this Agreement.

       

      (d) No
        Changes in Backup Servicer Fee.
        The
        Backup Servicer will not make any changes to Backup Servicer Fee set forth
        in
        the Backup Servicer and Trustee Fee Letter without the prior written approval
        of
        the Administrative Agent.

       

      ARTICLE
        VIII

       

      EVENTS
        OF DEFAULT

       

      Section
        8.1 Events
        of Default.

       

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

       

      (a) the
        Borrower shall fail to (i) make payment of any amount required to be made
        under
        the terms of this Agreement and such failure shall continue for more than
        three
        (3) Business Days; or (ii) repay all Loans Outstanding on or prior to the
        Maturity Date; or

       

      (b) the
        Loan-to-Value Ratio shall be greater than 68%; or

       

      (c) (i)
        the
        Borrower shall fail to perform or observe in any material respect any other
        covenant or other agreement of the Borrower set forth in this Agreement and
        any
        other Transaction Document to which it is a party, or (ii) the Originator
        shall
        fail to perform or observe in any material respect any term, covenant or
        agreement of such Originator set forth in any other Transaction Document
        to
        which it is a party, in each case when such failure continues unremedied
        for
        more than thirty (30) days after the first to occur of (i) the date on which
        written notice of such failure requiring the same to be remedied shall have
        been
        given to such Person by the Administrative Agent, any Managing Agent or the
        Trustee and (ii) the date on which such Person becomes or should have become
        aware thereof; or

       

      (d) any
        representation or warranty made or deemed made by the Borrower hereunder
        shall
        be incorrect in any material respect as of the time when the same shall have
        been when

       

      
        
          
          

        

        
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      made
        and
        such failure, if susceptible to a cure, shall continue unremedied for a period
        of thirty (30) days after the first to occur of (i) the date on which written
        notice of such failure requiring the same to be remedied shall have been
        given
        to the Borrower by the Administrative Agent or any Managing Agent and (ii)
        the
        date on which the Borrower becomes or should have become aware thereof;
        or

       

      (e) the
        Trustee, for the benefit of the Secured Parties, shall fail for any reason
        to
        have a valid and perfected first priority security interest in any portion
        of
        the Collateral having a value, individually or in the aggregate, in excess
        of
        $5,000,000; or

       

      (f) (i)
        a
        final non-appealable judgment for the payment of money shall have been rendered
        in an amount in excess of (A) $5,000,000 against the Originator or any of
        its
        material subsidiaries (which, for avoidance of doubt, shall include any special
        purpose entity subsidiary created to facilitate a structured finance
        transaction) or (B) $100,000 against the Borrower by a court of competent
        jurisdiction and, if such judgment relates to the Originator or any of its
        material subsidiaries, such judgment, decree or order shall continue unsatisfied
        and in effect for any period of thirty (30) consecutive days without a stay
        of
        execution, or (ii) the Originator, the Originator’s material subsidiaries or the
        Borrower, as the case may be, shall have made payments of amounts in excess
        of
        $5,000,000 or $50,000, respectively, in settlement of any litigation;
        or

       

      (g) an
        Insolvency Event shall occur with respect to the Borrower, the Originator
        or the
        Servicer (if an Affiliate of the Borrower or the Originator); or

       

      (h) any
        Material Adverse Change occurs with respect to the Borrower, the Originator
        or
        the Servicer; or

       

      (i) the
        Borrower, the Originator or any of the Originator’s material subsidiaries
        (which, for avoidance of doubt, shall include any special purpose entity
        subsidiary created to facilitate a structured finance transaction) defaults
        under any material agreement for borrowed money to which either is a party
        and
        which, in the case of the Originator and its material subsidiaries only,
        shall
        evidence Indebtedness in excess of $5,000,000, and such default is not cured
        within the relevant cure period, or any such recourse debt or other obligation
        shall be declared to be due and payable or required to be prepaid (other
        than by
        scheduled payment) prior to its maturity; or

       

      (j) GSC
        Investment’s leverage ratio (taking into account all on and off-balance sheet
        Indebtedness) shall exceed 1:1; or

       

      (k) any
        Change-in-Control of the Borrower or the Originator occurs; or

       

      (l) the
        Borrower shall become an “investment company” subject to registration under the
        1940 Act or the business and other activities of the Borrower or the Originator,
        including but not limited to, the acceptance of the Loans by the Borrower
        made
        by the Lenders, the application and use of the proceeds thereof by the Borrower
        and the consummation and conduct of the transactions contemplated by the
        Transaction Documents to which the Borrower or the Originator is a party
        result
        in a violation by the Originator, the Borrower, or any other party to the
        Transaction Documents of the 1940 Act or the rules and regulations promulgated
        thereunder;

       

      
        
          
          

        

        
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      (m) the
        Originator shall fail to maintain a minimum Net Worth equal to the sum of
        (i) of
        $88,000,000 plus (ii) 75% of any equity issued by the Originator after the
        Closing Date; or

       

      (n) the
        Originator shall fail to satisfy the RIC/BDC Requirements; or

       

      (o) the
        Servicer shall willfully violate, or take any action that it knows breaches,
        any
        material provision of this Agreement or any other Transaction Document
        applicable to it.

       

      Upon
        its
        receipt of written notice thereof, the Administrative Agent shall promptly
        notify each Lender of the occurrence of any Event of Default.

       

      Section
        8.2 Remedies.

       

      (a) Upon
        the
        occurrence of an Event of Default, the Administrative Agent shall, at the
        request, or may with the consent, of the Required Committed Lenders, by notice
        to the Borrower declare the Maturity Date to have occurred, without demand,
        protest or further notice of any kind, all of which are hereby expressly
        waived
        by the Borrower, and all Loans Outstanding and all other amounts owing by
        the
        Borrower under this Agreement shall be accelerated and become immediately
        due
        and payable, provided, that in the event that the Event of Default described
        in
Section
        8.1(g)
        herein
        has occurred, the Maturity Date shall automatically occur, without demand,
        protest or any notice of any kind, all of which are hereby expressly waived
        by
        the Borrower.

       

      (b) Upon
        any
        such declaration or automatic occurrence of the Maturity Date as specified
        under
Section
        8.2(a),
        the
        Administrative Agent and the other Secured Parties shall have, in addition
        to
        all other rights and remedies under this Agreement or otherwise, all rights
        and
        remedies provided under the UCC of each applicable jurisdiction and other
        Applicable Laws, including the right to sell the Collateral, which rights
        and
        remedies shall be cumulative. 

       

      (c) At
        any
        time on and after the Maturity Date, the Borrower and the Servicer hereby
        agree
        that they will, at the expense of Borrower or, if such Maturity Date occurred
        as
        a result of a Servicer Termination Event, at the expense of the initial Servicer
        or any Affiliate of the initial Servicer if appointed as Successor Servicer
        hereunder, and upon request of the Administrative Agent, forthwith, (i) assemble
        all or any part of the Collateral as directed by the Administrative Agent,
        and
        make the same available to the Administrative Agent, at a place to be designated
        by the Administrative Agent, and (ii) without notice except as specified
        below,
        sell the Collateral or any part thereof in one or more parcels at a public
        or
        private sale, at any of the Administrative Agent’s offices or elsewhere, for
        cash, on credit or for future delivery, and upon such other terms as the
        Administrative Agent may deem commercially reasonable. The Borrower agrees
        that,
        to the extent notice of sale shall be required by law, at least ten days’ notice
        to the Borrower of the time and place of any public sale or the time after
        which
        any private sale is to be made shall constitute reasonable notification.
        The
        Administrative Agent shall not be obligated to make any sale of Collateral
        regardless of notice of sale having been given. The Administrative Agent,
        may
        adjourn any public or private sale from time to time by announcement at the
        time
        and place fixed therefor, and such sale may, without further notice, be made
        at
        the time and place to which it was so adjourned. All cash Proceeds received
        by
        the Administrative Agent in respect of any sale of, collection from, or other
        realization upon, all or any part of the Collateral (after payment of
        any

       

      
        
          
          

        

        
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      amounts
        incurred by the Administrative Agent or any of the Secured Parties in connection
        with such sale) shall be deposited into the Collection Account and to be
        applied
        against all or any part of the Obligations pursuant to Section
        2.7.

       

      If
        the
        Administrative Agent proposes to sell the Collateral or any part thereof
        in one
        or more parcels at a public or private sale, the Borrower shall have the
        right
        of first refusal to repurchase the Collateral, in whole but not in part,
        prior
        to such sale at a price not less than the Obligations as of the date of such
        proposed repurchase. The aforementioned rights and remedies shall be without
        limitation, and shall be in addition to all other rights and remedies of
        the
        Administrative Agent and the Secured Parties otherwise available under any
        provision of this Agreement by operation of law, at equity or otherwise,
        each of
        which are expressly preserved.

       

      ARTICLE
        IX

       

      INDEMNIFICATION

       

      Section
        9.1 Indemnities
        by the Borrower.

       

      (a) Without
        limiting any other rights that any such Person may have hereunder or under
        Applicable Law, the Borrower hereby agrees to indemnify the Administrative
        Agent, the Managing Agents, the Servicer, the Backup Servicer, any Successor
        Servicer, the Trustee, any Secured Party or its assignee and each of their
        respective Affiliates and officers, directors, employees, members and agents
        thereof (collectively, the “Indemnified
        Parties”),
        forthwith on demand, from and against any and all damages, losses, claims,
        liabilities and related costs and expenses, including reasonable attorneys’ fees
        and disbursements (all of the foregoing being collectively referred to as
        “Indemnified
        Amounts”)
        awarded
        against or incurred by, any such Indemnified Party or other non-monetary
        damages
        of any such Indemnified Party any of them arising out of or as a result of
        this
        Agreement, excluding, however, Indemnified Amounts to the extent (i) resulting
        from gross negligence or willful misconduct on the part of any Indemnified
        Party
        or (ii) arising in respect of Taxes excluded from the definition of Additional
        Amount pursuant to Section
        2.12(a).
        Notwithstanding anything in this Agreement to the contrary, Indemnified Amounts
        owed to the initial Servicer shall be paid in accordance with Section
        2.7.
        Without
        limiting the foregoing, the Borrower shall indemnify the Indemnified Parties
        for
        Indemnified Amounts relating to or resulting from:

       

      (i) any
        security or loan treated as or represented by the Borrower to be a Collateral
        Debt Obligation that is not at the applicable time a Collateral Debt
        Obligation;

       

      (ii) reliance
        on any representation or warranty made or deemed made by the Borrower or
        the
        Servicer (or one of their respective Affiliates) or any of their respective
        officers under or in connection with this Agreement, which shall have been
        false
        or incorrect in any material respect when made or deemed made or
        delivered;

       

      (iii) the
        failure by the Borrower or the Servicer (or one of their respective Affiliates)
        to comply with any term, provision or covenant contained in this Agreement
        or
        any agreement executed in connection with this Agreement, or with any Applicable
        Law with respect to any Collateral Debt Obligation comprising a portion of
        the

       

      
        
          
          

        

        
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      Collateral,
        or the nonconformity of any Collateral Debt Obligation, the Related Property
        with any such Applicable Law or any failure by the Originator, the Borrower
        or
        any Affiliate thereof to perform its respective duties under the Collateral
        Debt
        Obligations included as a part of the Collateral;

       

      (iv) the
        failure to vest and maintain vested in the Administrative Agent a first priority
        perfected security interest in the Collateral;

       

      (v) the
        failure to file, or any delay in filing, financing statements or other similar
        instruments or documents under the UCC of any applicable jurisdiction or
        other
        Applicable Laws with respect to any Collateral whether at the time of any
        Loan
        or at any subsequent time and as required by the Transaction
        Documents;

       

      (vi) any
        dispute, claim, offset or defense (other than the discharge in bankruptcy
        of the
        Obligor) of the Obligor to the payment of any security or loan included as
        part
        of the Collateral that is, or is purported to be, an Collateral Debt Obligation
        (including, without limitation, a defense based on such Collateral Debt
        Obligation not being a legal, valid and binding obligation of such Obligor
        enforceable against it in accordance with its terms);

       

      (vii) any
        failure of the Borrower or the Servicer (if the Originator or one of its
        Affiliates) to perform its duties or obligations in accordance with the
        provisions of this Agreement or any failure by the Originator, the Borrower
        or
        any Affiliate thereof to perform its respective duties under the Collateral
        Debt
        Obligations;

       

      (viii) any
        products liability claim or personal injury or property damage suit or other
        similar or related claim or action of whatever sort arising out of or in
        connection with merchandise or services that are the subject of any Collateral
        Debt Obligation included as part of the Collateral or the Related Property
        included as part of the Collateral;

       

      (ix) the
        failure by Borrower to pay when due any Taxes for which the Borrower is liable,
        including without limitation, sales, excise or personal property taxes payable
        in connection with the Collateral;

       

      (x) any
        repayment by the Administrative Agent, any Managing Agent or a Secured Party
        of
        any amount previously distributed in reduction of Loans Outstanding or payment
        of Interest or any other amount due hereunder or under any Hedging Agreement,
        in
        each case which amount the Administrative Agent, such Managing Agent or a
        Secured Party believes in good faith is required to be repaid;

       

      (xi) any
        investigation, litigation or proceeding related to this Agreement or the
        use of
        proceeds of Loans or in respect of any Collateral Debt Obligation included
        as
        part of the Collateral or the Related Property included as part of the
        Collateral;

       

      (xii) any
        failure by the Borrower to give reasonably equivalent value to the Originator
        in
        consideration for the transfer by the Originator to the Borrower of any
        Collateral Debt Obligation or the Related Property or any attempt by any
        Person
        to void

       

      
        
          
          

        

        
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      or
        otherwise avoid any such transfer under any statutory provision or common
        law or
        equitable action, including, without limitation, any provision of the Bankruptcy
        Code; 

       

      (xiii) the
        failure of the Borrower, the Originator or any of their respective agents
        or
        representatives to remit to the Servicer or the Administrative Agent,
        Collections on the Collateral remitted to the Borrower or any such agent
        or
        representative in accordance with the terms hereof or the commingling by
        the
        Borrower or any Affiliate of any collections; or

       

      (xiv) the
        occurrence of a Subordination Event.

       

      (b) Any
        amounts subject to the indemnification provisions of this Section
        9.1
        shall be
        paid by the Borrower to the applicable Indemnified Party pursuant to the
        terms
        of Section
        2.7.

       

      (c) If
        for any
        reason the indemnification provided above in this Section
        9.1
        is
        unavailable to the Indemnified Party or is insufficient to hold an Indemnified
        Party harmless, then the Borrower shall contribute to the amount paid or
        payable
        by such Indemnified Party as a result of such loss, claim, damage or liability
        in such proportion as is appropriate to reflect not only the relative benefits
        received by such Indemnified Party on the one hand and the Borrower, on the
        other hand but also the relative fault of such Indemnified Party as well
        as any
        other relevant equitable considerations.

       

      (d) The
        obligations of the Borrower under this Section
        9.1
        shall
        survive the removal of the Administrative Agent or any Managing Agent and
        the
        termination of this Agreement.

       

      (e) The
        parties hereto agree that the provisions of Section
        9.1
        shall not
        be interpreted to provide recourse to the Borrower against loss by reason
        of the
        bankruptcy or insolvency (or other credit condition) of, or default by, an
        Obligor on, any Collateral Debt Obligation.

       

      Section
        9.2 Indemnities
        by the Servicer.

       

      (a) Without
        limiting any other rights that any such Person may have hereunder or under
        Applicable Law, the Servicer (if an Affiliate of the Borrower or the Originator)
        hereby agrees to indemnify each Indemnified Party, forthwith on demand, from
        and
        against any and all Indemnified Amounts (calculated without duplication of
        Indemnified Amounts paid by the Borrower pursuant to Section
        9.1
        above)
        awarded against or incurred by any such Indemnified Party by reason of any
        acts,
        omissions or alleged acts or omissions of the Servicer, including, but not
        limited to (i) any representation or warranty made by the Servicer under
        or in
        connection with any Transaction Documents to which it is a party, any Periodic
        Report, Servicer’s Certificate or any other information or report delivered by
        or on behalf of the Servicer pursuant hereto, which shall have been false,
        incorrect or misleading in any material respect when made or deemed made,
        (ii)
        the failure by the Servicer to comply with any Applicable Law, (iii) the
        failure
        of the Servicer to comply with its duties or obligations in accordance with
        the
        Agreement, (iv) any litigation, proceedings or investigation against the
        Servicer, or (v) the occurrence of a Subordination Event occurring as a result
        of the conduct of the Servicer, excluding,
        however,
        Indemnified Amounts to the extent (i) resulting from gross negligence or
        willful
        misconduct on the part of the applicable Indemnified Party or (ii) arising
        in
        respect of Taxes excluded from the definition of Additional Amount pursuant
        to
Section
        2.12(a).
        The
        provisions of this indemnity

       

      
        
          
          

        

        
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      shall
        run
        directly to and be enforceable by an injured party subject to the limitations
        hereof. If the Servicer has made any indemnity payment pursuant to this
Section
        9.2
        and such
        payment fully indemnified the recipient thereof and the recipient thereafter
        collects any payments from others in respect of such Indemnified Amounts,
        the
        recipient shall repay to the Servicer an amount equal to the amount it has
        collected from others in respect of such indemnified amounts.

       

      (b) If
        for any
        reason the indemnification provided above in this Section
        9.2
        is
        unavailable to the Indemnified Party or is insufficient to hold an Indemnified
        Party harmless, then the Servicer shall contribute to the amount paid or
        payable
        to such Indemnified Party as a result of such loss, claim, damage or liability
        in such proportion as is appropriate to reflect not only the relative benefits
        received by such Indemnified Party on the one hand and the Servicer on the
        other
        hand but also the relative fault of such Indemnified Party as well as any
        other
        relevant equitable considerations.

       

      (c) The
        obligations of the Servicer under this Section
        9.2
        shall
        survive the resignation or removal of the Administrative Agent or any Managing
        Agents and the termination of this Agreement.

       

      (d) The
        parties hereto agree that the provisions of this Section
        9.2
        shall not
        be interpreted to provide recourse to the Servicer against loss by reason
        of the
        bankruptcy or insolvency (or other credit condition) of, or default by, related
        Obligor on, any Transferred Collateral Debt Obligation.

       

      (e) Any
        indemnification pursuant to this Section
        9.2
        shall not
        be payable from the Collateral.

       

      ARTICLE
        X

       

      THE
        ADMINISTRATIVE AGENT AND THE MANAGING AGENTS

       

      Section
        10.1 Authorization
        and Action.

       

      (a) Each
        Secured Party hereby designates and appoints DB as Administrative Agent
        hereunder, and authorizes DB to take such actions as agent on its behalf
        and to
        exercise such powers as are delegated to the Administrative Agent by the
        terms
        of this Agreement together with such powers as are reasonably incidental
        thereto. The Administrative Agent shall not have any duties or responsibilities,
        except those expressly set forth herein, or any fiduciary relationship with
        any
        Secured Party, and no implied covenants, functions, responsibilities, duties,
        obligations or liabilities on the part of the Administrative Agent shall
        be read
        into this Agreement or otherwise exist for the Administrative Agent. In
        performing its functions and duties hereunder, the Administrative Agent shall
        act solely as agent for the Secured Parties and does not assume nor shall
        be
        deemed to have assumed any obligation or relationship of trust or agency
        with or
        for the Borrower or any of its successors or assigns. The Administrative
        Agent
        shall not be required to take any action that exposes the Administrative
        Agent
        to personal liability or that is contrary to this Agreement or Applicable
        Law.
        The appointment and authority of the Administrative Agent hereunder shall
        terminate at the indefeasible payment in full of the Facility
        Obligations.

       

      
        
          
          

        

        
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      (b) Each
        Lender hereby designates and appoints the Managing Agent for such Lender’s
        Lender Group as its Managing Agent hereunder, and authorizes such Managing
        Agent
        to take such actions as agent on its behalf and to exercise such powers as
        are
        delegated to the Managing Agents by the terms of this Agreement together
        with
        such powers as are reasonably incidental thereto. No Managing Agent shall
        have
        any duties or responsibilities, except those expressly set forth herein,
        or any
        fiduciary relationship with any Lender, and no implied covenants, functions,
        responsibilities, duties, obligations or liabilities on the part of the
        applicable Managing Agent shall be read into this Agreement or otherwise
        exist
        for the applicable Managing Agent. In performing its functions and duties
        hereunder, each Managing Agent shall act solely as agent for the Lenders
        in the
        related Lender Group and does not assume nor shall be deemed to have assumed
        any
        obligation or relationship of trust or agency with or for the Borrower or
        any of
        its successors or assigns. No Managing Agent shall be required to take any
        action that exposes it to personal liability or that is contrary to this
        Agreement or Applicable Law. The appointment and authority of each Managing
        Agent hereunder shall terminate at the indefeasible payment in full of the
        Facility Obligations.

       

      Section
        10.2 Delegation
        of Duties.

       

      (a) The
        Administrative Agent may execute any of its duties under this Agreement by
        or
        through agents or attorneys-in-fact and shall be entitled to advice of counsel
        concerning all matters pertaining to such duties. The Administrative Agent
        shall
        not be responsible for the negligence or misconduct of any agents or
        attorneys-in-fact selected by it with reasonable care.

       

      (b) Each
        Managing Agent may execute any of its duties under this Agreement by or through
        agents or attorneys-in-fact and shall be entitled to advice of counsel
        concerning all matters pertaining to such duties. No Managing Agent shall
        be
        responsible for the negligence or misconduct of any agents or attorneys-in-fact
        selected by it with reasonable care.

       

      Section
        10.3 Exculpatory
        Provisions.

       

      (a) Neither
        the Administrative Agent nor any of its directors, officers, agents or employees
        shall be (i) liable for any action lawfully taken or omitted to be taken
        by it
        or them under or in connection with this Agreement (except for its, their
        or
        such Person’s own gross negligence or willful misconduct or, in the case of the
        Administrative Agent, the breach of its obligations expressly set forth in
        this
        Agreement), or (ii) responsible in any manner to any of the Secured Parties
        for
        any recitals, statements, representations or warranties made by the Borrower
        contained in this Agreement or in any certificate, report, statement or other
        document referred to or provided for in, or received under or in connection
        with, this Agreement for the value, validity, effectiveness, genuineness,
        enforceability or sufficiency of this Agreement or any other document furnished
        in connection herewith, or for any failure of the Borrower to perform its
        obligations hereunder, or for the satisfaction of any condition specified
        in
Article
        III.
        The
        Administrative Agent shall not be under any obligation to any Secured Party
        to
        ascertain or to inquire as to the observance or performance of any of the
        agreements or covenants contained in, or conditions of, this Agreement, or
        to
        inspect the properties, books or records of the Borrower. The Administrative
        Agent shall not be deemed to have knowledge of any Event of Default unless
        the
        Administrative Agent has received notice of such Event of Default, in a document
        or other

       

      
        
          
          

        

        
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      written
        communication titled “Notice of Event of Default” from the Borrower or a Secured
        Party.

       

      (b) Neither
        any Managing Agent nor any of its respective directors, officers, agents
        or
        employees shall be (i) liable for any action lawfully taken or omitted to
        be
        taken by it or them under or in connection with this Agreement (except for
        its,
        their or such Person’s own gross negligence or willful misconduct or, in the
        case of a Managing Agent, the breach of its obligations expressly set forth
        in
        this Agreement), or (ii) responsible in any manner to the Administrative
        Agent
        or any of the Secured Parties for any recitals, statements, representations
        or
        warranties made by the Borrower contained in this Agreement or in any
        certificate, report, statement or other document referred to or provided
        for in,
        or received under or in connection with, this Agreement or for the value,
        validity, effectiveness, genuineness, enforceability or sufficiency of this
        Agreement or any other document furnished in connection herewith, or for
        any
        failure of the Borrower to perform its obligations hereunder, or for the
        satisfaction of any condition specified in Article
        III.
        No
        Managing Agent shall be under any obligation to the Administrative Agent
        or any
        Secured Party to ascertain or to inquire as to the observance or performance
        of
        any of the agreements or covenants contained in, or conditions of, this
        Agreement, or to inspect the properties, books or records of the Borrower.
        No
        Managing Agent shall be deemed to have knowledge of any Event of Default
        unless
        such Managing Agent has received notice of such Event of Default, in a document
        or other written communication titled “Notice of Event of Default” from the
        Borrower, the Administrative Agent or a Secured Party.

       

      Section
        10.4 Reliance.

       

      (a) The
        Administrative Agent shall in all cases be entitled to rely, and shall be
        fully
        protected in relying, upon any document or conversation believed by it to
        be
        genuine and correct and to have been signed, sent or made by the proper Person
        or Persons and upon advice and statements of legal counsel (including, without
        limitation, counsel to the Borrower), independent accountants and other experts
        selected by the Administrative Agent. The Administrative Agent shall in all
        cases be fully justified in failing or refusing to take any action under
        this
        Agreement or any other document furnished in connection herewith unless it
        shall
        first receive such advice or concurrence of the Required Committed Lenders
        or
        all of the Secured Parties, as applicable, as it deems appropriate or it
        shall
        first be indemnified to its satisfaction by the Lenders, provided,
        that,
        unless
        and until the Administrative Agent shall have received such advice, the
        Administrative Agent may take or refrain from taking any action, as the
        Administrative Agent shall deem advisable and in the best interests of the
        Secured Parties. The Administrative Agent shall in all cases be fully protected
        in acting, or in refraining from acting, in accordance with a request of
        the
        Required Committed Lenders or all of the Secured Parties, as applicable,
        and
        such request and any action taken or failure to act pursuant thereto shall
        be
        binding upon all the Secured Parties.

       

      (b) Each
        Managing Agent shall in all cases be entitled to rely, and shall be fully
        protected in relying, upon any document or conversation believed by it to
        be
        genuine and correct and to have been signed, sent or made by the proper Person
        or Persons and upon advice and statements of legal counsel (including, without
        limitation, counsel to the Borrower), independent accountants and other experts
        selected by such Managing Agent. Each Managing Agent shall in all cases be
        fully
        justified in failing or refusing to take any action under this Agreement
        or
        any

       

      
        
          
          

        

        
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      other
        document furnished in connection herewith unless it shall first receive such
        advice or concurrence of the Committed Lenders in its related Lender Group
        as it
        deems appropriate or it shall first be indemnified to its satisfaction by
        the
        Committed Lenders in its related Lender Group, provided that unless and until
        such Managing Agent shall have received such advice, the Managing Agent may
        take
        or refrain from taking any action, as the Managing Agent shall deem advisable
        and in the best interests of the Lenders in its Lender Group. Each Managing
        Agent shall in all cases be fully protected in acting, or in refraining from
        acting, in accordance with a request of the Committed Lenders in such Managing
        Agent’s Lender Group and such request and any action taken or failure to act
        pursuant thereto shall be binding upon all the Lenders in such Managing Agent’s
        Lender Group.

       

      Section
        10.5 Non-Reliance
        on Administrative Agent, Managing Agents and Other
        Lenders.

       

      Each
        Secured Party expressly acknowledges that neither the Administrative Agent,
        any
        other Secured Party nor any of their respective officers, directors, employees,
        agents, attorneys-in-fact or affiliates has made any representations or
        warranties to it and that no act by the Administrative Agent or any other
        Secured Party hereafter taken, including, without limitation, any review
        of the
        affairs of the Borrower, shall be deemed to constitute any representation
        or
        warranty by the Administrative Agent or any other Secured Party. Each Secured
        Party represents and warrants to the Administrative Agent and to each other
        Secured Party that it has and will, independently and without reliance upon
        the
        Administrative Agent or any other Secured Party and based on such documents
        and
        information as it has deemed appropriate, made its own appraisal of and
        investigation into the business, operations, property, prospects, financial
        and
        other conditions and creditworthiness of the Borrower and made its own decision
        to enter into this Agreement

       

      Section
        10.6 Reimbursement
        and Indemnification.

       

      The
        Committed Lenders agree to reimburse and indemnify the Administrative Agent,
        and
        the Committed Lenders in each Lender Group agree to reimburse the Managing
        Agent
        for such Lender Group, and their respective officers, directors, employees,
        representatives and agents ratably according to their Commitments, as
        applicable, to the extent not paid or reimbursed by the Borrower (i) for
        any
        amounts for which the Administrative Agent, acting in its capacity as
        Administrative Agent, or any Managing Agent, acting in its capacity as a
        Managing Agent, is entitled to reimbursement by the Borrower hereunder and
        (ii)
        for any other expenses incurred by the Administrative Agent, in its capacity
        as
        Administrative Agent, or any Managing Agent, acting in its capacity as a
        Managing Agent, and acting on behalf of the related Lenders, in connection
        with
        the administration and enforcement of this Agreement and the other Transaction
        Documents.

       

      Section
        10.7 Administrative
        Agent and Managing Agents in their Individual
        Capacities.

       

      The
        Administrative Agent, each Managing Agent and each of their respective
        Affiliates may make loans to, accept deposits from and generally engage in
        any
        kind of business with the Borrower or any Affiliate of the Borrower as though
        the Administrative Agent or such Managing

       

      
        
          
          

        

        
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      Agent,
        as
        the case may be, were not the Administrative Agent or a Managing Agent, as
        the
        case may be, hereunder. With respect to the acquisition of Loans pursuant
        to
        this Agreement, the Administrative Agent, each Managing Agent and each of
        their
        respective Affiliates shall have the same rights and powers under this Agreement
        as any Lender and may exercise the same as though it were not the Administrative
        Agent or a Managing Agent, as the case may be, and the terms “Committed Lender”
“Lender” “Committed Lenders” and “Lenders” shall include the Administrative
        Agent or a Managing Agent, as the case may be, in its individual
        capacity.

       

      Section
        10.8 Successor
        Administrative Agent or Managing Agent.

       

      (a) The
        Administrative Agent may, upon five (5) days’ notice to the Borrower and the
        Secured Parties, and the Administrative Agent will, upon the direction of
        all of
        the Lenders resign as Administrative Agent. If the Administrative Agent shall
        resign, then the Required Committed Lenders during such five (5) day period
        shall appoint from among the Secured Parties a successor agent. If for any
        reason no successor Administrative Agent is appointed by the Required Committed
        Lenders during such five (5) day period, then effective upon the expiration
        of
        such five (5) day period, the Secured Parties shall perform all of the duties
        of
        the Administrative Agent hereunder and the Borrower shall make all payments
        in
        respect of the Facility Obligations or under the Fee Letter delivered by
        the
        Borrower to the Administrative Agent and the Secured Parties directly to
        the
        applicable Managing Agents, on behalf of the Lenders in the applicable Lender
        Group and for all purposes shall deal directly with the Secured Parties.
        After
        any retiring Administrative Agent’s resignation hereunder as Administrative
        Agent, the provisions of Article
        IX
        and
Article
        X
        shall
        inure to its benefit as to any actions taken or omitted to be taken by it
        while
        it was Administrative Agent under this Agreement.

       

      (b) Any
        Managing Agent may, upon five (5) days’ notice to the Borrower, the
        Administrative Agent and the related Lenders, and any Managing Agent will,
        upon
        the direction of all of the related Committed Lenders resign as a Managing
        Agent. If a Managing Agent shall resign, then the related Committed Lenders
        during such five (5) day period shall appoint from among the related Committed
        Lenders a successor Managing Agent. If for any reason no successor Managing
        Agent is appointed by such Committed Lenders during such five (5) day period,
        then effective upon the expiration of such five (5) day period, such Committed
        Lenders shall perform all of the duties of the related Managing Agent hereunder.
        After any retiring Managing Agent’s resignation hereunder as a Managing Agent,
        the provisions of Article
        IX
        and
Article
        X
        shall
        inure to its benefit as to any actions taken or omitted to be taken by it
        while
        it was a Managing Agent under this Agreement.

       

      ARTICLE
        XI

       

      ASSIGNMENTS;
        PARTICIPATIONS

       

      Section
        11.1 Assignments
        and Participations.

       

      (a) Borrower
        and each Committed Lender hereby agree and consent to the complete or partial
        assignment by each CP Lender of all or any portion of its rights under, interest
        in, title to and obligations under this Agreement (i) to its Liquidity Banks
        pursuant to a Liquidity Agreement, (ii) (A) to any other issuer of commercial
        paper notes sponsored or administered by

       

      
        
          
          

        

        
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      the
        Managing Agent of such CP Lender’s Lender Group or (B) to any Lender or any
        Affiliate of a Lender hereunder, or (iii) to any other Person; provided that,
        prior to the occurrence of an Event of Default, such CP Lender may not make
        any
        such assignment pursuant to this clause
        (iii),
        except
        in the event that the circumstances described in Section
        11.1(c)
        occur,
        without the consent of the Borrower (which consent shall not be unreasonably
        withheld or delayed). Upon such assignment, such CP Lender shall be released
        from its obligations so assigned. Further, Borrower and each Committed Lender
        hereby agree that any assignee of any CP Lender of this Agreement or all
        or any
        of the outstanding Loans of such CP Lender shall have all of the rights and
        benefits under this Agreement as if the term “CP Lender” explicitly referred to
        such party, and no such assignment shall in any way impair the rights and
        benefits of such CP Lender hereunder. None of the Borrower or the Servicer
        shall
        have the right to assign its rights or obligations under this
        Agreement.

       

      (b) Any
        Committed Lender may at any time and from time to time assign to one or more
        Persons (“Purchasing
        Committed Lenders”)
        all or
        any part of its rights and obligations under this Agreement pursuant to an
        assignment agreement, substantially in the form set forth in Exhibit
        C
        hereto
        (the “Assignment
        and Acceptance”)
        executed by such Purchasing Committed Lender and such selling Committed Lender.
        The consent of the CP Lender or CP Lenders in such Committed Lender’s Lender
        Group shall be required prior to the effectiveness of any such assignment.
        In
        addition, so long as no Event of Default or Default has occurred and is
        continuing at such time, the consent of the Borrower (such consent not to
        be
        unreasonably withheld or delayed) shall be required prior to the effectiveness
        of any such assignment. Each assignee of a Committed Lender must be an Eligible
        Assignee and must agree to deliver to the Administrative Agent, promptly
        following any request therefor by the Managing Agent for its Lender Group
        or the
        affected CP Lender or CP Lenders, an enforceability opinion in form and
        substance satisfactory to such Managing Agent and such CP Lender or CP Lenders.
        Upon delivery of the executed Assignment and Acceptance to the Administrative
        Agent, such selling Committed Lender shall be released from its obligations
        hereunder to the extent of such assignment. Thereafter the Purchasing Committed
        Lender shall for all purposes be a Committed Lender party to this Agreement
        and
        shall have all the rights and obligations of a Committed Lender under this
        Agreement to the same extent as if it were an original party hereto and no
        further consent or action by Borrower, the Lenders or the Administrative
        Agent
        shall be required.

       

      (c) Each
        of
        the Committed Lenders agrees that in the event that it shall cease to have
        the
        Required Ratings (an “Affected
        Committed Lender”),
        such
        Affected Committed Lender shall be obliged, at the request of the CP Lenders
        in
        such Committed Lender’s Lender Group or the applicable Managing Agent, to assign
        all of its rights and obligations hereunder to (x) another Committed Lender
        or
        (y) another funding entity nominated by such Managing Agent and acceptable
        to
        such affected CP Lenders, and willing to participate in this Agreement through
        the Maturity Date in the place of such Affected Committed Lender; provided
        that the
        Affected Committed Lender receives payment in full, pursuant to an Assignment
        Agreement, of an amount equal to such Committed Lender’s Pro Rata Share of the
        outstanding Loans and Interest owing to the Committed Lenders and all accrued
        but unpaid fees and other costs and expenses payable in respect of its Pro
        Rata
        Share of the outstanding Loans of the Committed Lenders.

       

      (d) By
        executing and delivering an Assignment and Acceptance, the Purchasing Committed
        Lender thereunder and the selling Committed Lender thereunder confirm to
        and

       

      
        
          
          

        

        
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      agree
        with
        each other and the other parties hereto as follows: (i) other than as provided
        in such Assignment and Acceptance, such selling Committed Lender makes no
        representation or warranty and assumes no responsibility with respect to
        any
        statements, warranties or representations made in or in connection with this
        Agreement or the execution, legality, validity, enforceability, genuineness,
        sufficiency or value of this Agreement or any other instrument or document
        furnished pursuant hereto; (ii) such selling Committed Lender makes no
        representation or warranty and assumes no responsibility with respect to
        the
        financial condition of the related CP Lender or the performance or observance
        by
        such CP Lender of any of its obligations under this Agreement or any other
        instrument or document furnished pursuant hereto; (iii) such Purchasing
        Committed Lender confirms that it has received a copy of this Agreement,
        together with copies of such financial statements and other documents and
        information as it has deemed appropriate to make its own credit analysis
        and
        decision to enter into such Assignment and Acceptance; (iv) such Purchasing
        Committed Lender will, independently and without reliance upon the
        Administrative Agent or any Managing Agent, the selling Committed Lender
        or any
        other Committed Lender and based on such documents and information as it
        shall
        deem appropriate at the time, continue to make its own credit decisions in
        taking or not taking action under this Agreement; (v) such Purchasing Committed
        Lender and such selling Committed Lender confirm that such Purchasing Committed
        Lender is an Eligible Assignee; (vi) such Purchasing Committed Lender appoints
        and authorizes each of the Administrative Agent and the applicable Managing
        Agent to take such action as agent on its behalf and to exercise such powers
        under this Agreement as are delegated to such agent by the terms hereof,
        together with such powers as are reasonably incidental thereto; and (vii)
        such
        Purchasing Committed Lender agrees that it will perform in accordance with
        their
        terms all of the obligations which by the terms of this Agreement are required
        to be performed by it as a Committed Lender.

       

      (e) The
        Administrative Agent shall maintain at its address referred to herein a copy
        of
        each Assignment and Acceptance delivered to and accepted by it and a register
        for the recordation of the names and addresses of the Committed Lenders and
        the
        Commitment of, and principal amount of, each Loan owned by each Committed
        Lender
        from time to time (the “Register”).
        The
        entries in the Register shall be conclusive and binding for all purposes,
        absent
        manifest error, and the Lenders, the Borrower and the Managing Agents may
        treat
        each Person whose name is recorded in the Register as a Committed Lender
        hereunder for all purposes of this Agreement. The Register shall be available
        for inspection by the Lenders, any Managing Agent or the Borrower at any
        reasonable time and from time to time upon reasonable prior notice.

       

      (f) Subject
        to
        the provisions of this Section
        11.1,
        upon
        their receipt of an Assignment and Acceptance executed by an selling Committed
        Lender and an Purchasing Committed Lender, the Administrative Agent shall,
        if
        such Assignment and Acceptance has been completed and is in substantially
        the
        form of Exhibit
        C
        hereto,
        accept such Assignment and Acceptance, and the Administrative Agent shall
        then
        (i) record the information contained therein in the Register and (ii) give
        prompt notice thereof to each Managing Agent.

       

      (g) Any
        Committed Lender may, in the ordinary course of its business at any time
        sell to
        one or more Persons (each a “Participant”)
        participating interests in its Pro-Rata Share of the Loans of the Committed
        Lenders or any other interest of such Committed Lender hereunder.
        Notwithstanding any such sale by a Committed Lender of a participating interest
        to a Participant, such Committed Lender’s rights and obligations under this
        Agreement shall remain unchanged,

       

      
        
          
          

        

        
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      such
        Committed Lender shall remain solely responsible for the performance of its
        obligations hereunder, and the Borrower, the CP Lenders, the Managing Agents
        and
        the Administrative Agent shall continue to deal solely and directly with
        such
        Committed Lender in connection with such Committed Lender’s rights and
        obligations under this Agreement. Each Committed Lender agrees that any
        agreement between such Committed Lender and any such Participant in respect
        of
        such participating interest shall not restrict such Committed Lender’s right to
        agree to any amendment, supplement, waiver or modification to this Agreement,
        except for any amendment, supplement, waiver or modification set forth in
        Section
        12.1
        of this
        Agreement.

       

      (h) Each
        Committed Lender may, in connection with any assignment or participation
        or
        proposed assignment or participation pursuant to this Section
        11.1,
        disclose
        to the assignee or participant or proposed assignee or participant any
        information relating to the Borrower, the Servicer or the Originator furnished
        to such Committed Lender by or on behalf of the Borrower, the Servicer or
        the
        Originator.

       

      (i) Nothing
        herein shall prohibit any Committed Lender from pledging or assigning as
        collateral any of its rights under this Agreement to any Federal Reserve
        Bank in
        accordance with Applicable Law and any such pledge or collateral assignment
        may
        be made without compliance with Section
        11.1(a)
        or
Section
        11.1(b).

       

      (j) In
        the
        event any Committed Lender causes increased costs, expenses or taxes to be
        incurred by the Administrative Agent, Managing Agents or the related CP Lender
        in connection with the assignment or participation of such Committed Lender’s
        rights and obligations under this Agreement to an Eligible Assignee then
        such
        Committed Lender agrees that it will make reasonable efforts to assign such
        increased costs, expenses or taxes to such Eligible Assignee in accordance
        with
        the provisions of this Agreement.

       

      ARTICLE
        XII

       

      MISCELLANEOUS

       

      Section
        12.1 Amendments
        and Waivers.

       

      Except
        as
        provided in this Section
        12.1,
        no
        amendment, waiver or other modification of any provision of this Agreement
        shall
        be effective without the written agreement of the Borrower, the Administrative
        Agent, the Managing Agents and the Required Committed Lenders; provided,
        however,
        that (i)
        without the consent of the Committed Lenders in any Lender Group (other than
        the
        Lender Group to which such Committed Lenders are being added), the
        Administrative Agent and the applicable Managing Agent may, with the consent
        of
        Borrower, amend this Agreement solely to add additional Persons as Committed
        Lenders hereunder, (ii) any amendment of this Agreement that is solely for
        the
        purpose of increasing the Commitment of a specific Committed Lender may be
        effected with the written consent of the Borrower, the Administrative Agent
        and
        the affected Committed Lender, (iii) any amendment waiver or other modification,
        the effect of which is to create a commitment by any CP Lender to fund Loans
        hereunder, shall not be effective without the consent of such CP Lender,
        and
        (iv) the consent of each affected Lender shall be required to: (A) extend
        the
        date of any payment or deposit of Collections by the Borrower or the Servicer,
        (B) reduce the amount (other than by

       

      
        
          
          

        

        
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      reason
        of
        the repayment thereof) or extend the time of payment of Loans Outstanding
        or
        reduce the rate or extend the time of payment of Interest (or any component
        thereof) or increase the Group Loan Limit of the related Lender Group, (C)
        reduce any fee payable to the Administrative Agent or any Managing Agent
        for the
        benefit of the Lenders, (D) amend, modify or waive any provision of the
        definition of Required Committed Lenders or Sections
        2.10,
        11.1(a),
        12.1,
        12.9,
        or
12.10,
        (E)
        consent to or permit the assignment or transfer by the Borrower of any of
        its
        rights and obligations under this Agreement, (F) amend or waive any Event
        of
        Default, (G) change the definition of “Loan-to-Value Ratio,” or “Collateral Debt
        Obligation,” or (H) amend or modify any defined term (or any defined term used
        directly or indirectly in such defined term) used in clauses (A) through
        (G)
        above in a manner that would circumvent the intention of the restrictions
        set
        forth in such clauses. Any waiver or consent shall be effective only in the
        specific instance and for the specific purpose for which given.

       

      No
        amendment, waiver or other modification (i) affecting the rights or obligations
        of any Hedge Counterparty (ii) having a material affect on the rights or
        obligations of the Trustee or the Backup Servicer (including any duties of
        the
        Servicer that the Backup Servicer would have to assume as Successor Servicer)
        or
        (iii) amending or modifying the obligations of the Performance Guarantor
        under
Section
        12.14
        shall be
        effective against such Person without the written agreement of such Person.
        The
        Borrower or the Servicer on its behalf will deliver a copy of all waivers
        and
        amendments to the Trustee, the Backup Servicer and the Performance
        Guarantor.

       

      Section
        12.2 Notices,
        Etc.

       

      All
        notices and other communications provided for hereunder shall, unless otherwise
        stated herein, be in writing (including telex communication and communication
        by
        facsimile copy) and mailed, telexed, transmitted or hand delivered, as to
        each
        party hereto, at its address set forth under its name on the signature pages
        hereof or specified in such party’s Assignment and Acceptance Agreement or at
        such other address as shall be designated by such party in a written notice
        to
        the other parties hereto. All such notices and communications shall be
        effective, upon receipt, or in the case of (a) notice by mail, five (5) days
        after being deposited in the United States mail, first class postage prepaid,
        (b) notice by telex, when telexed against receipt of answer back, or (c)
        notice
        by facsimile copy, when verbal communication of receipt is obtained, except
        that
        notices and communications pursuant to this Article
        XII
        shall not
        be effective until received with respect to any notice sent by mail or
        telex.

       

      Section
        12.3 No
        Waiver, Rights and Remedies.

       

      No
        failure
        on the part of the Administrative Agent or any Secured Party or any assignee
        of
        any Secured Party to exercise, and no delay in exercising, any right or remedy
        hereunder shall operate as a waiver thereof; nor shall any single or partial
        exercise of any right or remedy hereunder preclude any other or further exercise
        thereof or the exercise of any other right. The rights and remedies herein
        provided are cumulative and not exclusive of any rights and remedies provided
        by
        law.

       

      
        
          
          

        

        
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      Section
        12.4 Binding
        Effect.

       

      This
        Agreement shall be binding upon and inure to the benefit of the Borrower,
        the
        Administrative Agent, the Secured Parties and their respective successors
        and
        permitted assigns and, in addition, the provisions of Section
        2.7
        shall
        inure to the benefit of each Hedge Counterparty, whether or not that Hedge
        Counterparty is a Secured Party, and the provisions relating to the Backup
        Servicer, including Sections
        2.7,
        7.4,
        9.1
        and
9.2
        shall
        inure to the benefit of the Backup Servicer.

       

      Section
        12.5 Term
        of this Agreement.

       

      This
        Agreement, including, without limitation, the Borrower’s obligation to observe
        its covenants set forth in Article
        V
        and the
        Servicer’s obligation to observe its covenants set forth in Article
        VII,
        shall
        remain in full force and effect until the Collection Date; provided,
        however,
        that the
        rights and remedies with respect to any breach of any representation and
        warranty made or deemed made by the Borrower pursuant to Articles
        III
        and
IV
        and the
        indemnification and payment provisions of Article
        IX
        and
Article
        X
        and the
        provisions of Section
        12.9
        and
Section
        12.10
        shall be
        continuing and shall survive any termination of this Agreement.

       

      Section
        12.6 GOVERNING
        LAW; CONSENT TO JURISDICTION; WAIVER OF OBJECTION TO
        VENUE.

       

      THIS
        AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
        OF
        THE STATE OF NEW YORK. EACH OF THE SECURED PARTIES, THE BORROWER AND THE
        ADMINISTRATIVE AGENT HEREBY AGREES TO THE NON-EXCLUSIVE JURISDICTION OF ANY
        FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK. EACH OF THE PARTIES HERETO
        AND EACH SECURED PARTY HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON
        CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER
        IN ANY
        OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR
        EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT.

       

      Section
        12.7 WAIVER
        OF JURY TRIAL.

       

      TO
        THE
        EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE SECURED PARTIES, THE BORROWER
        AND THE ADMINISTRATIVE AGENT WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE
        IN
        RESOLVING ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE BETWEEN
        THE PARTIES HERETO ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL
        TO
        THE RELATIONSHIP BETWEEN ANY OF THEM IN CONNECTION WITH THIS AGREEMENT OR
        THE
        TRANSACTIONS CONTEMPLATED HEREBY. INSTEAD, ANY SUCH DISPUTE RESOLVED IN COURT
        WILL BE RESOLVED IN A BENCH TRIAL WITHOUT A JURY.

       

      
        
          
          

        

        
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      Section
        12.8 Costs,
        Expenses and Taxes.

       

      (a) In
        addition to the rights of indemnification granted to the Administrative Agent,
        the Managing Agents, the other Secured Parties and its or their Affiliates
        and
        officers, directors, employees and agents thereof under Article
        IX
        hereof,
        the Borrower agrees to pay on demand all reasonable costs and expenses of
        the
        Administrative Agent, the Managing Agents and the other Secured Parties incurred
        in connection with the preparation, execution, delivery, administration
        (including periodic auditing), amendment or modification of, or any waiver
        or
        consent issued in connection with, this Agreement and the other documents
        to be
        delivered hereunder or in connection herewith, including, without limitation,
        the reasonable fees and out-of-pocket expenses of counsel for the Administrative
        Agent, the Managing Agents and the other Secured Parties with respect thereto
        and with respect to advising the Administrative Agent, the Managing Agents
        and
        the other Secured Parties as to their respective rights and remedies under
        this
        Agreement and the other documents to be delivered hereunder or in connection
        herewith, and all costs and expenses, if any (including reasonable counsel
        fees
        and expenses), incurred by the Administrative Agent, the Managing Agents
        or the
        other Secured Parties in connection with the enforcement of this Agreement
        and
        the other documents to be delivered hereunder or in connection herewith
        (including any Hedge Agreement).

       

      (b) The
        Borrower shall pay on demand any and all stamp, sales, excise and other taxes
        and fees payable or determined to be payable in connection with the execution,
        delivery, filing and recording of this Agreement, the other documents to
        be
        delivered hereunder or any agreement or other document providing liquidity
        support, credit enhancement or other similar Support to the Lender in connection
        with this Agreement or the funding or maintenance of Loans
        hereunder.

       

      (c) The
        Borrower shall pay on demand all other costs, expenses and taxes (excluding
        income taxes) (“Other
        Costs”),
        including, without limitation, all reasonable costs and expenses incurred
        by the
        Administrative Agent or any Managing Agent in connection with periodic audits
        of
        the Borrower’s or the Servicer’s books and records, which are incurred as a
        result of the execution of this Agreement.

       

      Section
        12.9 No
        Proceedings.

       

      Each
        party
        hereto (other than the applicable CP Lender) hereby covenants and agrees
        that on
        behalf of itself and each of its affiliates, that prior to the date which
        is one
        year and one (1) day after the payment in full of all indebtedness for borrowed
        money of a CP Lender, such party will not institute against, or join any
        other
        Person in instituting against, such CP Lender any bankruptcy, reorganization,
        arrangement, insolvency or liquidation proceedings or other similar proceeding
        under the laws of the United States or any state of the United States. The
        provisions of this Section
        12.9
        shall
        survive the termination of this Agreement.

       

      Each
        of
        the parties hereto (other than the Administrative Agent) hereby agrees that
        it
        will not institute against, or join any other Person in instituting against
        the
        Borrower any Insolvency Proceeding so long as there shall not have elapsed
        one
        (1) year and one (1) day since the Collection Date.

       

      
        
          
          

        

        
          94

          
            

          

        

        
          
          

        

      

       

      Section
        12.10 Recourse
        Against Certain Parties.

       

      (a) No
        recourse under or with respect to any obligation, covenant or agreement
        (including, without limitation, the payment of any fees or any other
        obligations) of the Administrative Agent, any Secured Party as contained
        in this
        Agreement or any other agreement, instrument or document entered into by
        it
        pursuant hereto or in connection herewith shall be had against any Person
        or any
        manager or administrator of such Person or any incorporator, affiliate,
        stockholder, officer, employee or director of such Person or of the Borrower
        or
        of any such manager or administrator, as such, by the enforcement of any
        assessment or by any legal or equitable proceeding, by virtue of any statute
        or
        otherwise.

       

      (b) Each
        of
        parties hereto hereby acknowledges and agrees that any other transactions
        with a
        CP Lender hereunder shall be without recourse of any kind to such CP Lender.
        A
        CP Lender shall have no obligation to pay any amounts owing hereunder in
        excess
        of any amount available to such CP Lender after paying or making provision
        for
        the payment of any commercial paper notes of such CP Lender. In addition,
        each
        party hereto agrees that a CP Lender shall have no obligation to pay any
        other
        party, any amounts constituting fees, a reimbursement for expenses or
        indemnities (collectively, “Expense Claims”), and such Expense Claims shall not
        constitute a claim against such CP Lender (as defined in Section 101 of Title
        11
        of the United States Bankruptcy Code), unless or until such CP Lender has
        received amounts sufficient to pay such Expense Claims and such amounts are
        not
        required to pay the commercial paper of such CP Lender.

       

      (c) The
        provisions of this Section
        12.10
        shall
        survive the termination of this Agreement.

       

      Section
        12.11 Protection
        of Security Interest; Appointment of Administrative Agent as
        Attorney-in-Fact.

       

      (a) The
        Borrower shall, or shall cause the Servicer to, cause this Agreement, all
        amendments hereto and/or all financing statements and continuation statements
        and any other necessary documents covering the right, title and interest
        of the
        Trustee, for the benefit of the Secured Parties, and of the Secured Parties
        to
        the Collateral to be promptly recorded, registered and filed, and at all
        time to
        be kept recorded, registered and filed, all in such manner and in such places
        as
        may be required by law fully to preserve and protect the right, title and
        interest of the Trustee, for the benefit of the Secured Parties hereunder
        to all
        property comprising the Collateral. The Borrower shall deliver or, shall
        cause
        the Servicer to deliver, to the Trustee and the Administrative Agent
        file-stamped copies of, or filing receipts for, any document recorded,
        registered or filed as provided above, as soon as available following such
        recording, registration or filing. The Borrower and the Servicer shall cooperate
        fully in connection with the obligations set forth above and will execute
        any
        and all documents reasonably required to fulfill the intent of this Section
        12.11.

       

      (b) The
        Borrower agrees that from time to time, at its expense, it will promptly
        execute
        and deliver all instruments and documents, and take all actions, that may
        reasonably be necessary or desirable, or that the Trustee or the Administrative
        Agent may reasonably request, to perfect, protect or more fully evidence
        the
        security interest granted to the Trustee, for the

       

      
        
          
          

        

        
          95

          
            

          

        

        
          
          

        

      

       

      benefit
        of
        the Secured Parties, in the Collateral, or to enable the Trustee, the
        Administrative Agent or the Secured Parties to exercise and enforce their
        rights
        and remedies hereunder.

       

      (c) If
        the
        Borrower or the Servicer fails to perform any of its obligations hereunder
        after
        five (5) Business Days’ notice from the Trustee or the Administrative Agent, the
        Administrative Agent or any Lender may (but shall not be required to) perform,
        or cause performance of, such obligation; and the Administrative Agent’s or such
        Lender’s reasonable costs and expenses incurred in connection therewith shall be
        payable by the Borrower (if the Servicer that fails to so perform is the
        Borrower or an Affiliate thereof) as provided in Article
        IX,
        as
        applicable. The Borrower irrevocably authorizes the Administrative Agent
        and
        appoints the Administrative Agent as its attorney-in-fact to act on behalf
        of
        the Borrower, (i) to authorize on behalf of the Borrower as debtor and to
        file
        financing statements necessary or desirable in the Trustee’s or the
        Administrative Agent’s discretion to perfect and to maintain the perfection and
        priority of the interest of the Secured Parties in the Collateral and (ii)
        to
        file a carbon, photographic or other reproduction of this Agreement or any
        financing statement with respect to the Collateral as a financing statement
        in
        such offices as the Trustee or the Administrative Agent in its discretion
        deems
        necessary or desirable to perfect and to maintain the perfection and priority
        of
        the interests of the Lenders in the Collateral. This appointment is coupled
        with
        an interest and is irrevocable.

       

      (d) Without
        limiting the generality of the foregoing, Borrower will, not earlier than
        six
        (6) months and not later than three (3) months prior to the fifth anniversary
        of
        the date of filing of the financing statement referred to in Section
        3.1
        or any
        other financing statement filed pursuant to this Agreement or in connection
        with
        any Loan hereunder, unless the Collection Date shall have occurred:

       

      (i) execute
        and deliver and file or cause to be filed an appropriate continuation statement
        with respect to such financing statement; and

       

      (ii) deliver
        or
        cause to be delivered to the Trustee and the Administrative Agent an opinion
        of
        the counsel for Borrower, in form and substance reasonably satisfactory to
        the
        Trustee and the Administrative Agent, confirming and updating the opinion
        delivered pursuant to Section
        3.1
        with
        respect to perfection and otherwise to the effect that the Collateral hereunder
        continues to be subject to a perfected security interest in favor of the
        Trustee, for the benefit of the Secured Parties, subject to no other Liens
        of
        record except as provided herein or otherwise permitted hereunder, which
        opinion
        may contain usual and customary assumptions, limitations and
        exceptions.

       

      Section
        12.12 Confidentiality.

       

      (a) Each
        of
        the Administrative Agent, the Managing Agents, the other Secured Parties
        and the
        Borrower shall maintain and shall cause each of its employees and officers
        to
        maintain the confidentiality of the Agreement and the other confidential
        proprietary information with respect to the other parties hereto and their
        respective businesses obtained by it or them in connection with the structuring,
        negotiating and execution of the transactions contemplated herein, except
        that
        each such party and its officers and employees may (i) disclose such information
        to its external accountants and attorneys and as required by an Applicable
        Law,
        as

       

      
        
          
          

        

        
          96

          
            

          

        

        
          
          

        

      

       

      required
        to be publicly filed with SEC, or as required by an order of any judicial
        or
        administrative proceeding, (ii) disclose the existence of this Agreement,
        but
        not the financial terms thereof and (iii) disclose the Agreement and such
        information in any suit, action, proceeding or investigation (whether in
        law or
        in equity or pursuant to arbitration) involving and of the Collateral Debt
        Obligation Documents or any Hedging Agreement for the purpose of defending
        itself, reducing itself, reducing its liability, or protecting or exercising
        any
        of its claims, rights, remedies, or interests under or in connection with
        any of
        the Collateral Debt Obligation Documents or any Hedging Agreement.

       

      (b) Anything
        herein to the contrary notwithstanding, the Borrower hereby consents to the
        disclosure of any nonpublic information with respect to it for use in connection
        with the transactions contemplated herein and in the Transaction Documents
        (i)
        to the Administrative Agent or the Secured Parties by each other, (ii) by
        the
        Administrative Agent or the Secured Parties to any prospective or actual
        Eligible Assignee or participant of any of them or (iii) by the Administrative
        Agent or the Secured Parties to any Rating Agency, commercial paper dealer
        or
        provider of a surety, guaranty or credit or liquidity enhancement to a Secured
        Party and to any officers, directors, members, employees, outside accountants
        and attorneys of any of the foregoing, provided each such Person is informed
        of
        the confidential nature of such information and agree to be bound hereby.
        In
        addition, the Secured Parties and the Administrative Agent may disclose any
        such
        nonpublic information pursuant to any law, rule, regulation, direction, request
        or order of any judicial, administrative or regulatory authority or
        proceedings.

       

      (c) The
        Borrower and the Servicer each agrees that it shall not (and shall not permit
        any of its Affiliates to) issue any news release or make any public announcement
        pertaining to the transactions contemplated by this Agreement and the
        Transaction Documents without the prior written consent of the Administrative
        Agent (which consent shall not be unreasonably withheld) unless such news
        release or public announcement is required by law, in which case the Borrower
        or
        the Servicer shall consult with the Administrative Agent and each Managing
        Agent
        prior to the issuance of such news release or public announcement. The Borrower
        and the Servicer each may, however, disclose the general terms of the
        transactions contemplated by this Agreement and the Transaction Documents
        to
        trade creditors, suppliers and other similarly-situated Persons so long as
        such
        disclosure is not in the form of a news release or public
        announcement.

       

      Section
        12.13 Execution
        in Counterparts; Severability; Integration.

       

      This
        Agreement may be executed in any number of counterparts and by different
        parties
        hereto in separate counterparts, each of which when so executed shall be
        deemed
        to be an original and all of which when taken together shall constitute one
        and
        the same agreement. In case any provision in or obligation under this Agreement
        shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
        legality and enforceability of the remaining provisions or obligations, or
        of
        such provision or obligation in any other jurisdiction, shall not in any
        way be
        affected or impaired thereby. This Agreement contains the final and complete
        integration of all prior expressions by the parties hereto with respect to
        the
        subject matter hereof and shall constitute the entire agreement among the
        parties hereto with respect to the subject matter hereof, superseding all
        prior
        oral or written understandings other than the Fee Letter.

       

      
        
          
          

        

        
          97

          
            

          

        

        
          
          

        

      

       

      Section
        12.14 Performance
        Undertaking.

       

      (a) Performance
        Guaranty.
        GSC
        Investment as guarantor (the “Performance
        Guarantor”),
        hereby
        agrees, for the benefit of the Administrative Agent on behalf of the Lenders
        and
        the other Secured Parties, in connection with the Borrower’s obligations under
        Section 2.4(c) (the “Section
        2.4 Obligation”),
        to
        repurchase such Ineligible Collateral Debt Obligations (or substitute Substitute
        Collateral Debt Obligations therefor), in either case, in an amount sufficient
        to permit the Borrower to satisfy the Section 2.4 Obligation, if the Borrower
        shall fail to perform the Section 2.4 Obligation.

       

      (b) Performance
        Guarantor’s Further Agreements to Pay.
        The
        Performance Guarantor further agrees, to pay to the Administrative Agent
        on
        behalf of the Secured Parties, forthwith upon demand in funds immediately
        available to the Administrative Agent, all reasonable costs and expenses
        (including court costs and reasonable legal expenses) incurred or expended
        by
        the Administrative Agent, or any of the Secured Parties in connection with
        enforcement of the Performance Guarantor’s obligations under this Section
        12.14,
        or
        otherwise incurred as a result of the breach of the Section 2.4 Obligation,
        together with interest on amounts recoverable under this Section
        12.14
        equal to
        the Base Rate.

       

      (c) Waivers
        by Performance Guarantor; Administrative Agent’s, Managing Agents’ and Lenders’
Freedom to Act.
        The
        Performance Guarantor waives (i) notice of acceptance of its obligations
        under
        this Section
        12.14,
        (ii)
        notice of any action taken or omitted by the Administrative Agent, any Managing
        Agent or any Lender in reliance on its obligations under this Section
        12.14,
        and any
        requirement that the Administrative Agent, the Managing Agents and the Lenders
        be diligent or prompt in making demands under this Section
        12.14
        or
        asserting any other rights of the Administrative Agent, any Managing Agent
        or
        any Lender under this Section
        12.14.
        The
        Performance Guarantor also irrevocably waives all defenses that at any time
        may
        be available in respect of these obligations by virtue of any statute of
        limitations, valuation, stay, moratorium law or other similar law now or
        thereafter in effect. Each of the Administrative Agent, the Managing Agents
        and
        the Lenders shall be at liberty, without giving notice to or obtaining the
        consent of the Performance Guarantor, to deal with the Borrower, in such
        manner
        as the Administrative Agent, any Managing Agent or any Lender in its reasonable
        discretion deems fit under the terms of this Agreement, and to this end the
        Performance Guarantor agrees that the validity and enforceability of its
        obligations under this Section
        12.14
        shall not
        be impaired or affected by any of the following: (A) any extension, increase,
        modification or renewal of, or indulgence with respect to, or substitutions
        for,
        the Section 2.4 Obligation or any part thereof or any agreement relating
        thereto
        at any time; (B) any failure or omission to enforce any right, power or remedy
        with respect to the Section 2.4 Obligation or any part thereof or any agreement
        relating thereto, or any collateral securing the Section 2.4 Obligation or
        any
        part thereof; (C) any waiver of any right, power or remedy or of any default
        with respect to the Section 2.4 Obligation or any part thereof or any agreement
        relating thereto; (D) any release, surrender, compromise, settlement, waiver,
        subordination or modification, with or without consideration, of any other
        obligation of any person or entity with respect to the Section 2.4 Obligation
        or
        any part thereof, it being understood that any portion of the Section 2.4
        Obligation which is released, surrendered, compromised, settled, waived,
        subordinated or otherwise modified by the Administrative Agent pursuant to
        the
        terms of the applicable Transaction Document shall no longer be a Section
        2.4
        Obligation hereunder to the extent of such

       

      
        
          
          

        

        
          98

          
            

          

        

        
          
          

        

      

       

      modification;
        (E) the enforceability or validity of the Section 2.4 Obligation or any part
        thereof or the genuineness, enforceability or validity of any agreement relating
        thereto or with respect to the Section 2.4 Obligation or any part thereof;
        (F)
        the existence of any claim, setoff or other rights which the Performance
        Guarantor may have at any time against the Borrower in connection herewith
        or
        any unrelated transaction; (G) any assignment or transfer of the benefits
        of the
        Section 2.4 Obligation or any part thereof permitted under this Credit
        Agreement; or (H) any failure on the part of the Borrower to perform or comply
        with any term of this Credit Agreement or other Transaction Document, all
        whether or not the Performance Guarantor shall have had notice or knowledge
        of
        any act or omission referred to in the foregoing clauses (A) through (H)
        of this
clause
        (c).

       

      (d) Unenforceability
        of Obligations Against Borrower.
        Notwithstanding (a) any change of ownership of the Borrower or the insolvency,
        bankruptcy or any other change in the legal status of the Borrower; (b) the
        change in or the imposition of any law, decree, regulation or other governmental
        act; (c) the failure of the Borrower or the Performance Guarantor to maintain
        in
        full force, validity or effect or to obtain or renew when required all
        governmental and other approvals, licenses or consents required in connection
        with the Section 2.4 Obligation or the Performance Guarantor’s obligations under
        this Section
        12.14,
        or to
        take any other action required in connection with the performance of all
        obligations pursuant to the Section 2.4 Obligation or this Section
        12.14;
        or (d)
        if any of the moneys payable in respect of the Section 2.4 Obligation have
        become irrecoverable from the Borrower for any other reason other than final
        payment in full of the Section 2.4 Obligation which constitute payment
        obligations, in accordance with their terms, the Performance Guarantor’s
        obligations under this Section
        12.14 shall
        nevertheless be binding on the Performance Guarantor.

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

       

       

       

       

       

      

       

      
        
          
          

        

        
          99

          
            

          

        

        
          
          

        

      

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

       

      
        	
                BORROWER:

              	
                GSC
                  INVESTMENT FUNDING II LLC

              
	 	 	 	 
	 	
                By

              	/s/
                Thomas V. Inglesby	 
	 	 	
                Name:
                  Thomas V. Inglesby

                Title:
                  President

              	 
	 	 
	 	 
	 	
                GSC
                  INVESTMENT FUNDING II LLC

                12
                  East 49th
                  Street

                Suite
                  3200

                New
                  York, NY 10022

                Attention:
                  President

                Facsimile
                  No.: 

                Confirmation
                  No.: 212-884-6200

                 

                with
                  copies to:

                 

                GSCP
                  (NJ), L.P.

                300
                  Campus Drive

                Suite
                  110

                Florham
                  Park, NJ 07932-1039

                Attention:
                  Chief Financial Officer and General Counsel

                Facsimile
                  No.: 973-593-5454 

                Confirmation
                  No.: 973-437-1000

              
	 	 	 
	 	 
	
                SERVICER:

              	
                GSCP
                  (NJ), L.P.

                 

                By:
                  GSCP (NJ), Inc., its general partner

              
	 	 	 	 
	 	
                By

              	/s/
                David L. Goret	 
	 	 	
                Name:
                  David L. Goret

                Title:
                  Senior Managing Director and

                General
                  Counsel

              	 
	 	 
	 	
                GSCP
                  (NJ), L.P.

                300
                  Campus Drive

                Suite
                  110

                Florham
                  Park, NJ 07932-1039

                Attention:
                  Chief Financial Officer and General

                Counsel

                Facsimile
                  No.: 973-593-5454 

                Confirmation
                  No.: 973-437-1000

              

      

       

      
        
          
          

        

        
          S-1

          
            

          

        

        
          
          

        

      

       

      
        	
                PERFORMANCE
                  GUARANTOR:

              	
                GSC
                  INVESTMENT CORP.

              
	 	 	 	 
	 	 	 	 
	 	
                By

              	/s/
                Thomas V. Inglesby	 
	 	 	
                Name:
                  Thomas V. Inglesby

                Title:
                  Chief Executive Officer

              	 
	 	 
	 	
                GSC
                  INVESTMENT CORP.

                12
                  East 49th
                  Street

                Suite
                  3200

                New
                  York, NY 10022

                Attention:
                  General Counsel

                Facsimile
                  No.: 

                Confirmation
                  No.: 

              

      

      

       

       

       

       

       

       

      
 

      
        
          
          

        

        
          S-2

          
            

          

        

        
          
          

        

      

       

      
        	
                COMMITTED
                  LENDER:

              	
                DEUTSCHE
                  BANK AG, NEW YORK BRANCH

              	 
	 	 	 	 
	 	
                By

              	/s/
                Daniel Pietrzak	 
	 	 	
                Name:
                  Daniel Pietrzak

                Title:
                  Director

                 

              	 
	 	 	 	 
	 	 	 	 
	 	
                By

              	/s/
                Peter Chuang	 
	 	
                 

              	
                Name:
                  Peter Chuang

                Title:
                  Vice President

              	 
	 	 	 	 
	 	 	 
	 	 	 
	 	
                Commitment:
                  $25,708,119

                 

                60
                  Wall Street

                18th
                  Floor

                New
                  York, New York 10005

                Attention:
                  Tina Gu

                Phone:
                  (212) 250-0357

                Facsimile:
                  (212) 797-5150

              	 

      

       

       

       

       

       

       

       

      
        
          
          

        

        
          S-3

          
            

          

        

        
          
          

        

      

       

      
        	 	 	 
	
                CP
                  LENDER:

              	
                GEMINI
                  SECURITIZATION CORP., LLC

              	 
	 	 	 	 
	 	 	 	 
	 	
                By

              	/s/
                R. Douglas Donaldson	 
	 	 	
                Name:
                  R. Douglas Donaldson

                Title:
                  Treasurer

              	 
	 	 	 
	 	
                GEMINI
                  SECURITIZATION CORP., LLC

                c/o
                  J.H. Management Corporation

                One
                  International Place

                Boston,
                  Massachusetts 02110

                Attention:
                  Doug Donaldson

                Phone:
                  (617) 951-7690

                Facsimile:
                  (617) 951-7050

                 

                with
                  copies to:

                 

                 

                DEUTSCHE
                  BANK AG, NEW YORK BRANCH

                60
                  Wall Street

                18th
                  Floor

                New
                  York, New York 10005

                Attention:
                  Tina Gu

                Phone:
                  (212) 250-0357

                Facsimile:
                  (212) 797-5150

              	 
	 	 	 	 

      

       

       

       

       

       

       

      
        
          
          

        

        
          S-4

          
            

          

        

        
          
          

        

      

       

      
        	
                MANAGING
                  AGENT for the Gemini

              	
                DEUTSCHE
                  BANK AG, NEW YORK BRANCH

              	 
	Lender
                Group:	 	 	 
	 	 	 	 
	 	
                By

              	/s/
                Daniel
                Pietrzak	 
	 	 	
                Name:
                  Daniel
                  Pietrzak

                Title:
                  Director

                 

              	 
	 	 	 	 
	 	 	 	 
	 	By	/s/
                Peter Chuang	 
	 	
                 

              	
                Name:
                  Peter Chuang

                Title:
                  Vice President

              	 
	 	 	 
	 	 	 
	 	
                60
                  Wall Street

                18th
                  Floor

                New
                  York, New York 10005

                Attention:
                  Tina Gu

                Phone:
                  (212) 250-0357

                Facsimile:
                  (212) 797-5150

              	 
	 	 	 
	
                ADMINISTRATIVE
                  AGENT

              	
                DEUTSCHE
                  BANK AG, NEW YORK BRANCH 

              	 
	 	 	 	 
	 	
                By

              	/s/
                Daniel Pietrzak	 
	 	 	
                Name:
                  Daniel Pietrzak

                Title:
                  Director

                 

              	 
	 	 	 	 
	 	 	 	 
	 	By	/s/
                Peter Chuang	 
	 	
                 

              	
                Name:
                  Peter Chuang

                Title:
                  Vice President

              	 
	 	 	 
	 	 	 
	 	
                60
                  Wall Street

                18th
                  Floor

                New
                  York, New York 10005

                Attention:
                  Tina Gu

                Phone:
                  (212) 250-0357

                Facsimile:
                  (212) 797-5150

              	 

      

      

       

      
        
          
          

        

        
          S-5

          
            

          

        

        
          
          

        

      

       

      
        	
                TRUSTEE
                  and BACKUP SERVICER:

              	
                U.S.
                  BANK NATIONAL ASSOCIATION 

              	 
	 	 	 	 
	 	
                By

              	/s/
                Brand Hosford	 
	 	 	
                Name:
                  Brand Hosford

                Title:
                  Vice President

                 

              	 
	 	 	 	 
	 	 	 	 
	 	
                By

              	/s/
                Brand Hosford	 
	 	
                 

              	
                Name:
                  Brand Hosford

                Title:
                  Vice President

              	 
	 	 	 	 
	 	 	 
	 	 	 
	 	
                214
                  N. Tryon Street, 26th
                  Floor

                Charlotte,
                  NC 28202

                 

                Attention:
                  CDO Trust Services - GSC Investment

                Funding
                  II LLC

                Phone:
                  (704) 335-4600

                Facsimile:
                  (704) 335-4678

              	 
	 	 	 	 

      

      

      

      
 

       

       

       

       S-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]