Document:

Exhibit 10.1

SECOND AMENDMENT TO CREDIT AGREEMENT

 

THIS SECOND AMENDMENT
TO CREDIT AGREEMENT (the “Agreement”) dated as of November 6, 2013, is by and between SANTANDER BANK, N.A.
(formerly known as Sovereign Bank, N.A.) as agent for the Lenders hereunder (in such capacity, together with its successors in
such capacity, the “Agent”), each of the lenders that is a party or signatory hereto and identified under the
caption “LENDERS” on the signature pages hereto or that shall become a “Lender” hereunder (individually,
a “Lender” and, collectively, the “Lenders”), and FULL CIRCLE CAPITAL CORPORATION, a Maryland
corporation having an office at 800 Westchester Avenue, Suite S-620, Rye Brook, New York 10573 (the “Borrower”).

 

W I T N E S S E T H:

 

WHEREAS, the Agent,
the Lenders, and the Borrower entered into a certain Credit Agreement dated June 3, 2013, as previously amended (the “Credit
Agreement”), pursuant to which the Lenders agreed to extend certain credit and make certain loans to the Borrower; and

 

WHEREAS, the Borrower
has requested the Agent and the Lenders, and the Agent and the Lenders have agreed, to amend the Credit Agreement to increase the
aggregate Revolving Commitments (as defined in the Credit Agreement) to $45,000,000 and to amend each Lender’s proportionate
share thereof, all as more fully described herein.

 

NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.Defined Terms. Except
as otherwise indicated herein, all words and terms defined in the Credit Agreement shall have the same meanings when used herein.

 

2.Amendments to Credit Agreement
and other Loan Documents.

 

(a)The following
definition appearing in Section 1.1 of the Credit Agreement is hereby amended to read in its entirety as follows:

 

“Revolving Commitment”
means $45,000,000.

 

(b)The maximum amount
of the Revolving Commitment of each Lender, and the percentage of all Commitments represented by each such Revolving Commitment,
is as set forth opposite each Lender’s name on the applicable signature page to this Agreement. From and after the date hereof,
all references to the Revolving Commitment of each Lender in the Credit Agreement and the other Loan Documents shall be as set
forth on the signature page hereto.

 

3.Substitute
Revolving Notes.

 

    	 

    	 

    

(a) Concurrently herewith, the
Borrower is executing and delivering to Santander Bank, N.A. (formerly known as Sovereign Bank, N.A.) a substitute Revolving Note
in the maximum principal amount of $30,000,000 (the “Santander Substitute Note”) in substitution for, but not
in repayment of, the Revolving Note dated September 25, 2013 in the maximum principal amount of $20,000,000 previously issued to
Santander Bank, N.A. (the “Prior Santander Note”). The execution and delivery by the Borrower of the Santander
Substitute Note pursuant to the provisions hereof shall not constitute a refinancing, repayment, accord and satisfaction or novation
of the Prior Santander Note or the indebtedness evidenced thereby.

 

(b) Concurrently herewith, the
Borrower is executing and delivering to AloStar Bank of Commerce a substitute Revolving Note in the maximum principal amount of
$15,000,000 (the “AloStar Substitute Note”) in substitution for, but not in repayment of, the Revolving Note
dated September 25, 2013 in the maximum principal amount of $12,500,000 previously issued to AloStar Bank of Commerce (the “Prior
AloStar Note”). The execution and delivery by the Borrower of the AloStar Substitute Note pursuant to the provisions
hereof shall not constitute a refinancing, repayment, accord and satisfaction or novation of the Prior AloStar Note or the indebtedness
evidenced thereby.

 

(c)The Agent shall promptly return
the Prior Santander Note and AloStar Bank of Commerce shall promptly return the Prior AloStar Note to Borrower marked “cancelled.”

 

4.Reaffirmation of Guaranty.
Concurrently herewith, the Guarantors are executing and delivering to the Agent and the Lenders a Reaffirmation of Guaranty Agreement.

 

5.Amendments
to Other Loan Documents. Each of the other Loan Documents is hereby amended to the extent necessary to reflect the amendments
to the terms of the Credit Agreement effected by this Agreement. Without limiting the generality of the foregoing, each of the
other Loan Documents shall secure the Revolving Loans to the same extent, and with the same effect, as it secured the Prior Santander
Note and the Prior AloStar Note. The Borrower shall take or cause to be taken such actions, and shall execute, deliver, file and/or
record or cause to be executed, delivered, filed and/or recorded such documents and other instruments, as the Agent and the Lenders
shall deem to be necessary or advisable in order to confirm, implement or perfect the amendments to the other Loan Documents effected
by this Section 5.

 

6.Representations and Warranties.
In order to induce the Agent and the Lenders to enter into this Agreement and amend the Credit Agreement as provided herein, the
Borrower hereby represents and warrants to the Agent and the Lenders that:

 

(a)All of the representations and
warranties of the Borrower set forth in the Credit Agreement are true, complete and correct in all material respects on and as
of the date hereof with the same force and effect as if made on and as of the date hereof and as if set forth at length herein
(except to the extent that such representations and warranties relate solely to an earlier date in which case such representations
and warranties were true and correct in all material respects on such earlier date).

 

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(b)No Default or Event of Default
presently exists and is continuing on and as of the date hereof.

 

(c)Since the date of the Borrower’s
most recent financial statements delivered to the Agent, no material adverse change has occurred in the business, assets, liabilities,
financial condition or results of operations of the Borrower, and no event has occurred or failed to occur which has had or could
reasonably be expected to have a material adverse effect on the business, assets, liabilities, financial condition or results of
operations of the Borrower.

 

(d)The Borrower has all corporate
power and authority to execute, deliver and perform any action or step which may be necessary to carry out the terms of this Agreement
and all other documents, if any, executed in connection herewith (together with this Agreement, the “Amendment Documents”),
and each Amendment Document to which the Borrower is a party has been duly executed and delivered by the Borrower and each such
Amendment Document is the legal, valid and binding obligation of the Borrower enforceable in accordance with its terms, subject
to any applicable bankruptcy, insolvency, general equity principles or other similar laws affecting the enforcement of creditors’
rights generally.

 

(e)The execution, delivery and
performance of the Amendment Documents to which the Borrower is a party will not (i) violate any provision of any existing law,
statute, rule, regulation or ordinance, (ii) conflict with, result in a breach of, or constitute a default under (A) the certificate
of incorporation or the bylaws of the Borrower, (B) any order, judgment, award or decree of any court, governmental authority,
bureau or agency, or (C) any mortgage, indenture, lease, contract or other material agreement or undertaking to which the Borrower
is a party or by which the Borrower or any of its properties or assets may be bound, or (iii) result in the creation or imposition
of any lien or other encumbrance upon or with respect to any property or asset now owned or hereafter acquired by the Borrower,
other than liens in favor of the Agent for the benefit of the Lenders.

 

(f)Except for filings required
under applicable securities laws, no consent, license, permit, approval or authorization of, exemption by, notice to, report to,
or registration, filing or declaration with any person is required in connection with the execution, delivery and performance by
the Borrower of the Amendment Documents to which the Borrower is a party or the validity thereof or the transactions contemplated
thereby.

 

7.Costs. The Borrower shall
reimburse the Agent and the Lenders on demand for all costs, including reasonable legal fees and expenses and recording or filing
fees, incurred by them in connection with this Agreement and the transactions referenced herein.

 

8.Commitment Fee. Upon the
execution and delivery of this Agreement, the Borrower shall pay to the Agent for the ratable benefit of the Lenders a commitment
fee in the amount of $78,125, which shall be fully-earned and not subject to rebate or refund for any reason whatsoever.

 

9.Counterparts. This Agreement
may be signed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument.

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10.No Change. Except as
expressly set forth herein, all of the terms and provisions of the Credit Agreement shall continue in full force and effect.

 

11.Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of laws
principles.

 

[Signatures on following page]

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[Signature page to Second Amendment to Credit
Agreement]

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered by their proper and duly authorized representatives
as of the date set forth on the first page hereof.

BORROWER:

 

FULL CIRCLE CAPITAL CORPORATION

 

 

By:________________________

Name:

Title:

 

AGENT:

 

SANTANDER BANK, N.A. (formerly known as Sovereign
Bank, N.A.)

 

 

By: ________________________

Name:

Title:

 

LENDERS:

 

SANTANDER BANK, N.A. (formerly known as Sovereign
Bank, N.A.)

 

 

By: ________________________

Name:

Title:

 

Amount of Revolving Commitment:        $30,000,000

 

Percentage of Revolving Commitment:   66-2/3%

 

ALOSTAR BANK OF COMMERCE

 

 

By: ________________________

Name:

Title:

 

Amount of Revolving Commitment:       $15,000,000

 

Percentage of Revolving Commitment:  33-1/3%

 

    	5Exhibit 10.5

 

FIRST AMENDMENT TO CREDIT AGREEMENT

 

THIS FIRST AMENDMENT
TO CREDIT AGREEMENT (the “Agreement”) dated as of September 25, 2013, is by and between SOVEREIGN BANK, N.A.,
as agent for the Lenders hereunder (in such capacity, together with its successors in such capacity, the “Agent”),
each of the lenders that is a party or signatory hereto and identified under the caption “LENDERS” on the signature
pages hereto or that shall become a “Lender” hereunder (individually, a “Lender” and, collectively,
the “Lenders”), and FULL CIRCLE CAPITAL CORPORATION, a Maryland corporation having an office at 800 Westchester
Avenue, Suite S-620, Rye Brook, New York 10573 (the “Borrower”).

 

WITNESSETH:

 

WHEREAS, the Agent,
the Lenders and the Borrower entered into a certain Credit Agreement dated as of June 3, 2013 (the “Credit Agreement”),
pursuant to which the Agent and the Lenders agreed to extend certain credit and make certain loans to the Borrower; and

 

WHEREAS, the Borrower
has requested the Agent and the Lenders, and the Agent and the Lenders have agreed, to make certain amendments to the Credit Agreement,
all as more fully described herein.

 

NOW, THEREFORE, in
consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

1.           Defined Terms. Except
as otherwise indicated herein, all words and terms defined in the Credit Agreement shall have the same meanings when used herein.

 

2.           Amendments to Credit Agreement
and other Loan Documents.

 

(a)          The following definitions appearing
in Section 1.1 of the Credit Agreement are hereby amended to read in their entirety as follows:

 

“Borrowing Base”
means at any time an amount equal to:

 

(A)          the FCC Loan Availability;
minus

 

(B)          the FCC Borrower
Overage; minus

 

(C)          the Minimum Excess Availability;
minus

 

(D)          such reserves as the Agent
may deem proper and necessary from time to time in its sole discretion.

 

    	 

    	 

    

 

“Eligible Cash-Flow Loan
Receivable” means the principal portion of an FCC Loan that is excluded from being an Eligible Loan Receivable solely
as a result of the advance rate limitations set forth in subsection (b) of the definition Eligible Loan Receivable, with each FCC
Loan, or any portion thereof, being valued at the lesser of (i) the outstanding principal balance thereof, (ii) its fair value
as reflected in the Borrower’s most recent SEC filing that addresses the fair value of FCC Loans or, if a particular FCC
Loan in not referenced in such filing, as reflected in the Borrower’s records and (iii) the amount determined by the Agent
based upon its assessment of the quality and nature of the FCC Loan.

 

(b)          In the definition
“Eligible Loan Receivable” appearing in Section 1.1 of the Credit Agreement, the first clause thereof is hereby amended
to read as follows:

 

“Eligible Loan Receivable”
means a Loan Receivable (valued at the lesser of (i) the outstanding principal balance thereof, (ii) its fair value as reflected
in the Borrower’s most recent SEC filing that addresses the fair value of FCC Loans or, if a particular FCC Loan is not referenced
in such filing, as reflected in the Borrower’s records and (iii) the amount determined by the Agent based upon its assessment
of the quality and nature of the underlying FCC Loan) that meets all of the following requirements on its date of origination and
continuing thereafter until collected:

 

(c)          The following definition is
hereby added, to and inserted alphabetically in, Section 1.1 of the Credit Agreement:

 

“FCC Loan Availability”
means the lesser of:

 

(A)          (i) the Security Value of
Eligible Loans Receivable, plus (ii) the Security Value of Eligible Cash-Flow Loans Receivable; provided, however, the amount
represented by clause (ii) shall in no event exceed fifty percent (50%) of the amount represented by clause (i); or

 

(B)          fifty-five percent (55%)
of the sum of (i) Eligible Loans Receivable, plus (ii) Eligible Cash-Flow Loans Receivable.

 

(d)          The last sentence
of the first paragraph in Section 12.4 of the Credit Agreement is hereby amended to read in its entirety as follows:

 

Notwithstanding the foregoing,
(a) the Agent, in its sole discretion, without the consent of the Required Lenders, may extend the Borrower’s time to comply
with any non-financial covenants for up to fifteen (15) Business Days; and (b) the waiver of an Event of Default described in Section
9.1, 9.5, 9.7 or 9.9 or any Event of Default relating to the Borrower’s financial covenants under Section 8.1, or any amendment,
modification or waiver of any provision relating to any of the following (each a “Major Event”) shall be effective
only if consented to or approved by or on behalf of all Lenders:

 

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(e)          All references
to the Credit Agreement contained therein and in the other Loan Documents shall mean the Credit Agreement as amended by this Agreement.

 

3.           Counterparts. This Agreement
may be signed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument.

 

4.           No
Other Changes. Except as expressly amended hereby, all of the terms and provisions of the Credit Agreement are reaffirmed
in their entirety and shall continue in full force and effect.

 

5.           Governing Law. This Agreement
shall be governed by and construed in accordance with the laws of the State of New York, without regard to any conflict of law
principles.

 

[Signatures on following page]

 

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[Signature page to First Amendment to Credit
Agreement]

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed and delivered by their proper and duly authorized representatives
as of the date set forth on the first page hereof.

 

	 	BORROWER:
	 	 
	 	FULL CIRCLE CAPITAL CORPORATION
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	AGENT:
	 	 
	 	SOVEREIGN BANK, N.A.
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:  

 

	 	LENDERS:
	 	 
	 	SOVEREIGN BANK, N.A.
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:  

 

	 	ALOSTAR BANK OF COMMERCE
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title:  

 

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