Document:

Exhibit 10.1

 

TICC CLO
2012-1 LLC

NOTES

 

U.S.$ 88,000,000
Class A-1 Senior Secured Floating Rate Notes due 2023

U.S.$10,000,000
CLASS B-1 SENIOR SECURED FLOATING RATE NOTES DUE 2023

U.S.$11,500,000
Class C-1 Secured Deferrable Floating Rate Notes due 2023

U.S.$10,500,000
Class D-1 Secured Deferrable Floating Rate Notes due 2023

 

PURCHASE
AGREEMENT

 

as of August 13, 2012

 

Guggenheim Securities, LLC,

as the Initial Purchaser (the “Initial Purchaser”)

135 East 57th Street

7th Floor

New York, NY 10022

Attention: Paul M. Friedman

 

Ladies and Gentlemen:

 

Section 1.Authorization of Notes.

 

TICC Capital Corp.
(the “Company”), as designated manager of the Issuer, has duly authorized the sale of the TICC CLO 2012-1 LLC
Notes, consisting of the Class A-1 Notes, the Class B-1 Notes, the Class C-1 Notes and the Class D-1 Notes (collectively, the “Offered
Notes”) and the Subordinated Notes (the “Subordinated Notes” and, together with the Offered Notes,
the “Notes”) of TICC CLO 2012-1 LLC, a Delaware limited liability company (the “Issuer”).
The Offered Notes will be issued in an aggregate principal amount of $120,000,000 and the Subordinated Notes will be issued in
an aggregate principal amount of $40,000,000. The Offered Notes will be secured by the assets of the Issuer. The Company will be
the sole equity member of the Issuer. The Notes will be issued pursuant to an Indenture, to be dated as of August 23, 2012 (the
“Indenture”), between the Issuer and The Bank of New York Mellon Trust Company, National Association, as the
Trustee (the “Trustee”). The primary assets of the Issuer will be a pool of bank loans, or participation interests
therein (collectively, the “Collateral Obligations”). On the Closing Date, the Company will sell to the Issuer
all of its right, title and interest in and to the initial Collateral Obligations owned by the Issuer pursuant to a Master Loan
Sale Agreement, to be dated as of August 23, 2012 (the “Master Loan Sale Agreement”), between the Company and
the Issuer. Pursuant to the Indenture, as security for the indebtedness represented by the Offered Notes, the Issuer will pledge
and grant to the Trustee a security interest in the Collateral Obligations, and its rights under the Master Loan Sale Agreement.
The Collateral Obligations will be managed by TICC Capital Corp., in its capacity as collateral manager (the “Collateral
Manager”) pursuant to a Collateral Management Agreement, to be dated as of August 23, 2012 (the “Collateral
Management Agreement”), between the Issuer and the Collateral Manager. The Issuer has retained The Bank of New York Mellon
Trust Company, National Association (in such capacity, the “Collateral Administrator”), to perform certain administrative
duties with respect to the Collateral Obligations pursuant to a Collateral Administration Agreement, to be dated as of August 23,
2012 (the “Collateral Administration Agreement”), between the Issuer, the Collateral Manager and the Collateral
Administrator. This Purchase Agreement (the “Agreement”), the Master Loan Sale Agreement, the Indenture, the
Collateral Management Agreement and the Collateral Administration Agreement are referred to collectively herein as the “Transaction
Documents.”

 

    	 

    	 

    

Capitalized terms used
herein but not otherwise defined shall have the meanings set forth in the Indenture.

 

The Offered Notes are
to be offered without being registered under the Securities Act of 1933, as amended (the “Securities Act”),
(i) to “qualified institutional buyers” in compliance with the exemption from registration provided by Rule 144A under
the Securities Act (“QIBs”), (ii) in offshore transactions in reliance on Regulation S under the Securities
Act (“Regulation S”), and (iii) to institutional “accredited investors” (as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act) (“Institutional Accredited Investors”) who, in each case, are “qualified
purchasers” (“Qualified Purchasers”) for purposes of Section 3(c)(7) under the Investment Company Act
of 1940, as amended (the “1940 Act”).

 

In connection with
the sale of the Offered Notes, the Company has prepared a preliminary offering circular dated July 13, 2012 (including any exhibits
thereto and all information incorporated therein by reference, the “Preliminary Offering Circular”), a second
preliminary offering circular dated August 2, 2012 (including any exhibits thereto and all information incorporated therein by
reference, the “Second Preliminary Offering Circular”), a third preliminary offering circular dated August 10,
2012 (including any exhibits thereto and all information incorporated therein by reference, the “Pre-Pricing Offering
Circular”) and a final offering circular dated August 17, 2012 (including any exhibits, amendments or supplements thereto
and all information incorporated therein by reference, the “Final Offering Circular”, and each of the Preliminary
Offering Circular, the Second Preliminary Offering Circular, the Pre-Pricing Offering Circular and the Final Offering Circular,
a “Offering Circular”) including a description of the terms of the Offered Notes, the terms of the offering,
and the Issuer. It is understood and agreed that the close of business on August 13, 2012 constitutes the time of the contract
of sale for each purchaser of the Offered Notes offered to the investors for purposes of Rule 159 under the Securities Act (the
“Time of Sale”) and that (i) the Pre-Pricing Offering Circular and (ii) the information set forth on Schedule
II hereto constitute the entirety of the information conveyed to investors as of the Time of Sale (the “Time of Sale
Information”).

 

It is understood and
agreed that nothing in this Agreement shall prevent the Initial Purchaser from entering into any agency agreements, underwriting
agreements or other similar agreements governing the offer and sale of securities with any issuer or issuers of securities, and
nothing contained herein shall be construed in any way as precluding or restricting the Initial Purchaser’s right to sell
or offer for sale any securities issued by any person, including securities similar to, or competing with, the Notes.

 

During each Interest
Accrual Period, the Class A-1 Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 1.75%
per annum, the Class B-1 Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 3.50%
per annum, the Class C-1 Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus 4.75%
per annum, and the Class D-1 Notes shall bear interest at a per annum rate equal to the then applicable LIBOR plus
5.75% per annum.

 

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Each of the Company
and the Issuer, as applicable, hereby agrees with the Initial Purchaser as follows:

 

Section 2.Purchase and Sale of
Offered Notes.

 

Subject to the terms
and conditions and in reliance upon the representations and warranties set forth herein, the Issuer agrees to sell to the Initial
Purchaser the Offered Notes, and the Initial Purchaser has agreed to use its commercially reasonable efforts to place the aggregate
principal amount of Offered Notes set forth on Schedule I hereto with investors in accordance with the terms hereof. If
purchased, the Offered Notes will be purchased at a price of 100%. It is understood and agreed that the structuring and placement
fee payable by the Issuer to the Initial Purchaser on the Closing Date with respect to the Notes is $1,700,000. Such fees payable
by the Issuer may be netted by the Initial Purchaser against its purchase price payment for the Offered Notes. It is understood
and agreed that the Initial Purchaser is not acquiring, and has no obligation to acquire, the Subordinated Notes (which Subordinated
Notes will be acquired by the Transferor on the Closing Date pursuant to the Master Loan Sale Agreement). It is further understood
and agreed that the Initial Purchaser may retain all or any portion of the Offered Notes, purchase the Offered Notes for its own
account, or sell the Offered Notes to its affiliates or to any other investor in accordance with the applicable provisions hereof
and of the Indenture.

 

(a)In addition, whether
or not the transaction contemplated hereby shall be consummated, the Company agrees to pay (or cause to be paid by the Issuer)
all costs and expenses incident to the performance by the Company of its obligations hereunder and under the documents to be executed
and delivered in connection with the offering, issuance, sale and delivery of the Offered Notes (the “Documents”),
including, without limitation or duplication. (i) the fees and disbursements of counsel to the Company; (ii) the fees and expenses
of the Trustee and the Collateral Administrator incurred in connection with the issuance of the Offered Notes and their or its
counsel, as applicable; (iii) the fees and expenses of any bank establishing and maintaining accounts on behalf of the Issuer or
in connection with the transaction; (iv) the fees and expenses of the accountants for the Company, including the fees for the “comfort
letters” or “agreed—upon procedures letters” required by the Initial Purchaser, any rating agency or any
purchaser in connection with the offering, sale, issuance and delivery of the Offered Notes; (v) all expenses incurred in connection
with the preparation and distribution of each Offering Circular and other disclosure materials prepared and distributed and all
expenses incurred in connection with the preparation and distribution of the Transaction Documents; (vi) the fees charged by any
securities rating agency for rating the Offered Notes; (vii) the fees for any securities identification service for any CUSIP or
similar identification number required by the purchasers or requested by the Initial Purchaser; (viii) the reasonable fees and
disbursements of counsel to the Initial Purchaser; (ix) all expenses in connection with the qualification of the Offered Notes
for offering and sale under state securities laws, including the reasonable fees and disbursements of counsel and, if requested
by the Initial Purchaser, the cost of the preparation and reproduction of any “blue sky” or legal investment memoranda;
(x) any federal, state or local taxes, registration or filing fees (including Uniform Commercial Code financing statements) or
other similar payments to any federal, state or local governmental authority in connection with the offering, sale, issuance and
delivery of the Offered Notes; and (xi) the reasonable fees and expenses of any special counsel or other experts required to be
retained by the Company or the Issuer to provide advice, opinions or assistance in connection with the offering, issuance, sale
and delivery of the Offered Notes.

 

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Section 3.Delivery.

 

Delivery of the Offered
Notes shall be made in the form of one or more global certificates delivered to The Depository Trust Company, except that any Offered
Note to be sold by the Initial Purchaser to an Institutional Accredited Investor that is also a Qualified Purchaser for purposes
of Section 3(c)(7) of the 1940 Act, but that is not a QIB (as such terms are defined herein), shall be delivered in fully registered,
certificated form in an amount not less than the applicable minimum denomination set forth in the Final Offering Circular at the
offices of Dechert LLP at 10:00 a.m. New York City, New York time, on August 23, 2012, or such other place, time or date as may
be mutually agreed upon by the Initial Purchaser and the Company (the “Closing Date”). Subject to the foregoing,
the Offered Notes will be registered in such names and such denominations as the Initial Purchaser shall specify in writing to
the Company and the Trustee. The Subordinated Notes shall be delivered to the Transferor on the Closing Date in fully registered,
certificated form in the permitted denominations and the required proportions set forth in the Final Offering Circular.

 

Section 4.Representations and
Warranties of the Company.

 

The Company represents
and warrants to the Initial Purchaser, as of the date hereof and as of the Closing Date, (a) with respect to the Company, in its
individual capacity, and (b) with respect to the Issuer, in its capacity as designated manager on behalf of the Issuer, that:

 

(i)Each
Offering Circular, the “Referenced Information” (as defined in the Final Offering Circular) and any additional information
and documents concerning the Offered Notes, including but not limited to one or more marketing books or preliminary offering circulars,
delivered by or on behalf of the Company to prospective purchasers of the Offered Notes (collectively, such additional information
and documents, the “Additional Offering Documents”), did not, each as of their respective dates or date on which
such statement was made and, with respect to the Final Offering Circular, as of the Closing Date, include an untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements in each, in light of the circumstances
under which they were made, not misleading; provided that the Company makes no representation or warranty as to the information
contained in or omitted from any Offering Circular or the Additional Offering Documents in reliance upon and in conformity with
information furnished in writing to the Company by or on behalf of the Initial Purchaser referenced in the last sentence of Section
8(a) herein.

 

(ii)The
Time of Sale Information, as of the Time of Sale, did not contain any untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading;
provided that the Company makes no representation or warranty as to the information contained in or omitted from the Time
of Sale Information in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of
the Initial Purchaser referenced in the last sentence of Section 8(a) herein.

 

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(iii)The
Company is a Maryland corporation, duly organized and validly existing under the laws of the State of Maryland, has all corporate
power and authority necessary to own or hold its properties and conduct its business in which it is engaged as described in each
Offering Circular and has all licenses necessary to carry on its business as it is now being conducted and is licensed and qualified
in each jurisdiction in which the conduct of its business (including, without limitation, the origination and acquisition of Collateral
Obligations and performing its obligations hereunder and under the other Transaction Documents) requires such licensing or qualification
except where the failure to be so licensed or qualified would not, individually or in the aggregate, have a material adverse effect
on the business, properties, assets, or condition (financial or otherwise) of the Company (a “Material Adverse Effect”).

 

(iv)This
Agreement has been duly authorized, executed and delivered by the Company and the Issuer and, assuming due authorization, execution
and delivery thereof by the other parties hereto, constitutes a valid and legally binding obligation of the Company and the Issuer
enforceable against the Company and the Issuer in accordance with its terms, subject, as to enforcement only, to the effect of
bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally
or the application of equitable principles in any proceeding, whether at law or in equity.

 

(v)Each
of the other Transaction Documents has been duly authorized, executed and delivered by the Company and the Issuer, as applicable,
and, assuming due authorization, execution and delivery thereof by the other parties thereto, constitutes the valid and binding
agreement of the Company and the Issuer, as applicable, enforceable against the Company and the Issuer, as applicable, in accordance
with their respective terms, subject, as to enforcement only, to the effect of bankruptcy, insolvency, reorganization, moratorium
and other similar laws relating to or affecting creditors’ rights generally or the application of equitable principles in
any proceeding, whether at law or in equity.

 

(vi)The
Offered Notes have been duly authorized, and when executed and authenticated in accordance with the Indenture and delivered to
and paid for by the Initial Purchaser in accordance with this Agreement, the Offered Notes will constitute valid and binding obligations
of the Issuer, enforceable against the Issuer in accordance with their terms, subject, as to enforcement only, to the effect of
bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally
or the application of equitable principles in any proceeding, whether at law or in equity, and will be entitled to the benefits
of the Indenture.

 

(vii)Other
than as set forth in or contemplated by each Offering Circular, there are no legal or governmental proceedings pending to which
the Company or the Issuer is a party or of which any property or assets of the Company or the Issuer are the subject of which could
reasonably be expected to materially adversely affect the financial position, stockholders’ equity or results of operations
of the Company or the Issuer or on the performance by the Company or the Issuer of its obligations hereunder or under the other
Transaction Documents; and to the knowledge of the Company, no such proceedings have been threatened or contemplated by governmental
authorities or threatened by others.

 

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(viii)The
execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party and the consummation
by the Company and the Issuer of the transactions contemplated herein and therein and in all documents relating to the Notes will
not result in any breach or violation of, or constitute a default under, or require any consent under any agreement or instrument
to which the Company or the Issuer is a party or to which any of its properties or assets are subject, except for such of the foregoing
as to which relevant waivers, consents or amendments have been obtained and are in full force and effect, nor will any such action
result in a violation of the organizational documents of the Company or the Issuer or any applicable law, except, in the case of
the Company, for such breaches, violations or defaults that would not, individually or in the aggregate, have a Material Adverse
Effect.

 

(ix)Neither
the Issuer nor the pool of Collateral Obligations is, or after giving effect to the transactions contemplated by the Transaction
Documents will be, required to be registered as an “investment company” under the 1940 Act.

 

(x)Assuming
the Initial Purchaser’s representations herein are true and accurate, it is not necessary in connection with the offer, sale
and delivery of the Offered Notes in the manner contemplated by this Agreement and each Offering Circular to register the Offered
Notes under the Securities Act or to qualify the Indenture under the Trust Indenture Act of 1939, as amended.

 

(xi)The
Offered Notes satisfy the requirements set forth in Rule 144A(d)(3) under the Securities Act. As of the Closing Date, the Offered
Notes will not be (i) of the same class as securities listed on a national securities exchange in the United States that is registered
under Section 6 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or (ii) quoted in any
“automated inter-dealer quotation system” (as such term is used in the Exchange Act) in the United States.

 

(xii)At
the time of execution and delivery of the Master Loan Sale Agreement, the Transferor owned the Collateral Obligations to be conveyed
by it to the Issuer on the Closing Date free and clear of all liens, encumbrances, adverse claims or security interests (“Liens”)
other than Liens permitted by the Transaction Documents, and the Transferor had the power and authority to transfer such Collateral
Obligations to the Issuer.

 

(xiii)Upon
the execution and delivery of the Transaction Documents, payment by the Initial Purchaser for the Offered Notes, delivery to the
Initial Purchaser of the Offered Notes and delivery to the Transferor of the Subordinated Notes, the Issuer will own the Collateral
Obligations conveyed to it on the Closing Date and the Initial Purchaser will acquire title to the Offered Notes, in each case
free of Liens except such Liens as may be created or granted by the Initial Purchaser and those permitted in the Transaction Documents.

 

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(xiv)No
consent, authorization or order of, or filing or registration with, any court or governmental agency is required for the issuance
and sale of the Offered Notes or the execution, delivery and performance by the Company or the Issuer, as applicable, of this Agreement
or the other Transaction Documents to which it is a party, except such consents, approvals, authorizations, filings, registrations
or qualifications as have been obtained or as may be required under the Securities Act or state securities or blue sky laws or
the rules and regulations of the Financial Industry Regulatory Authority in connection with the sale and delivery of the Offered
Notes in the manner contemplated herein.

 

(xv)The
Collateral Obligations in all material respects have the characteristics described in the Time of Sale Information and the Final
Offering Circular.

 

(xvi)Each
of the representations and warranties of the Company and the Issuer set forth in each of the other Transaction Documents is true
and correct in all material respects.

 

(xvii)No
adverse selection procedures were used in selecting the Collateral Obligations from among the loans that meet the representations
and warranties of the Company contained in the Master Loan Sale Agreement and that are included in the Assets.

 

(xviii)Neither
the Issuer nor any affiliate (as defined in Rule 501(b) of Regulation D under the Securities Act (“Regulation D”))
of the Issuer nor anyone acting on their behalf has, directly or indirectly (except to or through the Initial Purchaser), sold
or offered, or attempted to offer or sell, or solicited any offers to buy, or otherwise approached or negotiated in respect of,
any of the Offered Notes and neither the Issuer nor any of its affiliates will do any of the foregoing. As used herein, the terms
“offer” and “sale” have the meanings specified in Section 2(3) of the Securities Act.

 

(xix)Neither
the Issuer nor any affiliate (as defined in Rule 501(b) of Regulation D) of the Issuer has directly, or through any agent, sold,
offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act)
which is or will be integrated with the sale of the Offered Notes in a manner that would require the registration under the Securities
Act of the offering contemplated by each Offering Circular or engaged in any form of general solicitation or general advertising
in connection with the offering of the Offered Notes.

 

(xx)With
respect to any Offered Notes subject to the provisions of Regulation S of the Securities Act, the Issuer has not offered or sold
such Offered Notes during the Distribution Compliance Period to a U.S. person or for the account or benefit of a U.S. person (other
than the Initial Purchaser). For this purpose, the term “Distribution Compliance Period” and “U.S. person”
are defined as such term is defined in Regulation S.

 

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(xxi)Since
the date of the latest un-audited financial statements of the Company as of June 30, 2012, there has been no change nor any development
or event involving a prospective change which has had or could reasonably be expected to have a material adverse change in or effect
on (i) the business, operations, properties, assets, liabilities, stockholders’ equity, earnings, condition (financial or
otherwise), results of operations or management of the Company and its subsidiaries, considered as one enterprise, whether or not
in the ordinary course of business, or (ii) the ability of the Company to perform its obligations hereunder or under the other
Transaction Documents.

 

(xxii)The
Notes and the Transaction Documents conform in all material respects to the descriptions thereof in the Final Offering Circular.

 

(xxiii)Any
taxes, fees, and other governmental charges in connection with the execution and delivery of this Agreement and the other Transaction
Documents and the execution, delivery, and sale of the Notes have been or will be paid at or before the Closing Date.

 

(xxiv)No
proceeds received by the Company or the Issuer in respect of the Notes will be used by the Company or the Issuer to acquire any
security in any transaction which is subject to Section 13 or 14 of the Exchange Act.

 

(xxv)(i)
To the extent applicable thereto, each of the Company, the Issuer and their respective ERISA Affiliates is in compliance in all
material respects with ERISA unless any failure to so comply could not reasonably be expected to have a material adverse effect
and (ii) no lien under Section 303(k) of ERISA or Section 430(k) of the Code exists on any of the Assets. As used in this paragraph,
the term “ERISA Affiliate” means, with respect to any Person, a corporation, trade or business that is, along
with such Person, a member of a controlled group (as described in Section 414 of the Code or Section 4001 of ERISA).

 

(xxvi)
The Company has not paid or agreed to pay to any Person any compensation for soliciting another Person to purchase any of the Offered
Notes (except as contemplated by this Agreement).

 

(xxvii)The
Company has not taken, directly nor indirectly, any action designed to cause or to result in, or that has constituted or which
might reasonably be expected to constitute, the stabilization or manipulation of the price of any Offered Note or to facilitate
the sale or resale of the Offered Notes.

 

(xxviii)On
and immediately after the Closing Date, each of the Company and the Issuer (after giving effect to the issuance of the Notes and
to the other transactions related thereto as described in the Time of Sale Information and the Final Offering Circular) will be
Solvent. As used in this paragraph, the term “Solvent” means, with respect to a particular date such Person,
that on such date (A) the present fair market value (or present fair saleable value) of the assets of such Person is not less than
the total amount required to pay the probable liabilities of such Person on its total existing debts and liabilities (including
contingent liabilities) as they become absolute and matured, (B) such Person is able to realize upon its assets and pay its debts
and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business, (C)
assuming the sale of the Offered Notes as contemplated by this Agreement, Time of Sale Information and the Final Offering Circular,
such Person is not incurring debts or liabilities beyond its ability to pay as such debts and liabilities mature and (D) such Person
is not engaged in any business or transaction, and is not about to engage in any business or transaction, for which its property
would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which
such Person is engaged. In computing the amount of such contingent liabilities at any time, it is intended that such liabilities
will be computed at the amount that, in the light of all the facts and circumstances existing at such time, represents the amount
that can reasonably be expected to become an actual or matured liability.

 

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Section 5.Sale of Offered Notes
to the Initial Purchaser.

 

The sale of the Offered
Notes to the Initial Purchaser will be made without registration of the Offered Notes under the Securities Act, in reliance upon
the exemption therefrom provided by Section 4(2) of the Securities Act.

 

(a)The Company, the
Initial Purchaser and the Issuer hereby agree that the Offered Notes will be offered and sold only in transactions exempt from
registration under the Securities Act. The Company, the Initial Purchaser and the Issuer will each reasonably believe at the time
of any sale of the Offered Notes by the Issuer through the Initial Purchaser (i) that either (A) each purchaser of the Offered
Notes is (1) a QIB who is a Qualified Purchaser purchasing for its own account (or for the accounts of QIBs who are Qualified Purchasers
to whom notice has been given that the resale, pledge or other transfer is being made in reliance on Rule 144A) in transactions
meeting the requirements of Rule 144A, or (2) an Institutional Accredited Investor who is a Qualified Purchaser who purchases for
its own account and provides the Initial Purchaser with a written certification in substantially the form attached to the Indenture,
or (B) each purchaser is acquiring the Offered Notes in an offshore transaction meeting the requirements of Regulation S and is
a Qualified Purchaser, and (ii) that the offering of the Offered Notes will be made in a manner that will enable the offer and
sale of the Offered Notes to be exempt from registration under state securities or Blue Sky laws; and each such party understands
that no action has been taken to permit a public offering in any jurisdiction where action would be required for such purpose.
The Company, the Initial Purchaser and the Issuer each further agree not to (i) engage (and represents that it has not engaged)
in any activity that would constitute a public offering of the Offered Notes within the meaning of Section 4(2) of the Securities
Act or (ii) offer or sell the Offered Notes by (and represents that it has not engaged in) any form of general solicitation or
general advertising (as those terms are used in Regulation D), including the methods described in Rule 502(c) of Regulation D,
in connection with any offer or sale of the Offered Notes.

 

(b)The Initial Purchaser
hereby represents and warrants to and agrees with the Company, that (i) it is a QIB and a Qualified Purchaser and (ii) it will
offer the Offered Notes only (A) to persons who it reasonably believes are QIBs who are Qualified Purchasers in transactions meeting
the requirements of Rule 144A, (B) to institutional investors who it reasonably believes are Institutional Accredited Investors
who are Qualified Purchasers or (C) to persons it reasonably believes are Qualified Purchasers in offshore transactions in accordance
with Regulation S. The Initial Purchaser further agrees that (i) it will deliver to each purchaser of the Offered Notes, at or
prior to the Time of Sale, a copy of the Time of Sale Information, as then amended or supplemented, and (ii) prior to any sale
of the Offered Notes to an Institutional Accredited Investor that it does not reasonably believe is a QIB who is a Qualified Purchaser,
it will receive from such Institutional Accredited Investor a written certification in substantially the applicable form attached
to the Indenture.

 

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(c)The Initial Purchaser
hereby represents that it is duly authorized and possesses the requisite limited liability company power to enter into this Agreement.

 

(d)The Initial Purchaser
hereby represents there is no action, suit or proceeding pending against or, to the knowledge of the Initial Purchaser, threatened
against or affecting, the Initial Purchaser before any court or arbitrator or any government body, agency, or official which could
reasonably be expected to materially adversely affect the ability of the Initial Purchaser to perform its obligations under this
Agreement.

 

(e)The Initial Purchaser
hereby represents and agrees that all offers and sales of the Offered Notes by it to non-United States persons, prior to the expiration
of the Distribution Compliance Period, will be made only in accordance with the provisions of Rule 903 or Rule 904 of Regulation
S and only upon receipt of certification of beneficial ownership of the securities by a non-U.S. person in the form provided in
the Indenture. For this purpose, the term “Distribution Compliance Period” and “U.S. person” are defined
as such terms are defined in Regulation S.

 

(f)The Initial Purchaser
hereby represents that it (i) has not offered or sold, and it will not offer or sell, any Offered Notes to any Person in the United
Kingdom except to (A) investment professionals as defined in Article 19 of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (the “Order”) and investment personnel of the foregoing, (B) persons who fall within any
of the categories of persons described in Articles 49(2)(A) to 49(2)(E) of the Order (high net worth companies, unincorporated
associations, etc.) and investment personnel of the foregoing and (C) any person to whom it may otherwise lawfully be made, or
otherwise in circumstances that have not resulted and will not result in an offer to the public in the United Kingdom within the
meaning of Section 102B of the Financial Services and Markets Act 2000 (the “FSMA”); (ii) has complied and will
comply with all applicable provisions of the FSMA with respect to anything done by it in relation to any Offered Notes in, from
or otherwise involving the United Kingdom; and (iii) has only communicated or caused to be communicated and will only communicate
or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of
the FSMA) received by it in connection with the issue or sale of any Offered Notes in circumstances in which Section 21(1) of the
FSMA does not apply to the Issuer, or to persons to whom such communication may otherwise lawfully be made.

 

(g)In relation to
each Member State of the European Economic Area which has implemented the Prospectus Directive (as defined below) (each, a “Relevant
Member State”), the Initial Purchaser hereby represents and agrees that effective from and including the date on which
the Prospectus Directive is implemented in that Relevant Member State (the “Relevant Implementation Date”) it
has not made and will not make an offer of the Offered Notes to the public in that Relevant Member State prior to the publication
of a prospectus in relation to the Offered Notes which has been approved by the competent authority in that Relevant Member State
or, where appropriate, approved in another Relevant Member State and notified to the competent authority in that Relevant Member
State, all in accordance with the Prospectus Directive, except that it may, effective from and including the Relevant Implementation
Date, make an offer of the Offered Notes to the public in that Relevant Member State at any time:

 

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(i)to legal
entities which are authorized or regulated to operate in the financial markets or, if not so authorized or regulated, whose corporate
purpose is solely to invest in securities:

 

(ii)to
any legal entity which has two or more of (1) an average of at least 250 employees during the last financial year; (2) a total
balance sheet of more than €43,000,000 and (3) an annual net turnover of more than €50,000,000, as shown in its last
annual or consolidated financial statements; or

 

(iii)in
any other circumstances which do not require the publication by the issuer of a prospectus pursuant to Article 3 of the Prospectus
Directive.

 

For the purposes of
this Section 5(g), the expression “offer of Offered Notes to the public” in relation to any Offered Notes in
any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer
and the Offered Notes so as to enable an investor to decide to purchase or subscribe the Offered Notes, as the same may be varied
in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus
Directive” means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.

 

Section 6.Certain Agreements of
the Company.

 

The Company covenants
and agrees with the Initial Purchaser as follows:

 

(a)If, at any time
prior to the 90th day following the Closing Date, any event involving the Company, the Issuer or, to the knowledge of a Responsible
Officer of the Company, the Collateral Manager shall occur as a result of which the Final Offering Circular (as then amended or
supplemented) would include an untrue statement of a material fact or omit to state any material fact necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading, the Company will immediately notify the Initial
Purchaser and will cause the Issuer to prepare and furnish to the Initial Purchaser an amendment or supplement to the Final Offering
Circular that will correct such statement or omission. The Issuer will not at any time amend or supplement the Final Offering Circular
(i) prior to having furnished the Initial Purchaser with a copy of the proposed form of the amendment or supplement and giving
the Initial Purchaser a reasonable opportunity to review the same or (ii) except to the extent the Company may determine it or
the Issuer is required to so disclose pursuant to applicable law and after consultation with the Initial Purchaser (and, in such
a circumstance, shall remove all references to the Initial Purchaser therefrom if so requested by the Initial Purchaser), in a
manner to which the Initial Purchaser or its counsel shall object.

 

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(b)During the period
referred to in Section 6(a), the Company will furnish to the Initial Purchaser, without charge, copies of the Final Offering
Circular (including all exhibits and documents incorporated by reference therein), the Transaction Documents, and all amendments
or supplements to such documents, in each case, as soon as reasonably available and in such quantities as the Initial Purchaser
may from time to time reasonably request.

 

(c)Subject to compliance
with Regulation FD, at all times during the course of the private placement contemplated hereby and prior to the Closing Date,
(i) the Company will make available to each offeree the Additional Offering Documents and such information concerning any other
relevant matters as it or any of its affiliates possess or can acquire without unreasonable effort or expense, as determined in
good faith by it or such affiliate, as applicable, (ii) the Company will provide each offeree the opportunity to ask questions
of, and receive answers from, it concerning the terms and conditions of the offering and to obtain any additional information,
to the extent it or any of its affiliates possess such information or can acquire it without unreasonable effort or expense (as
determined in good faith by it or such affiliate, as applicable), necessary to verify the accuracy of the information furnished
to the offeree, (iii) the Company will not publish or disseminate any material in connection with the offering of the Offered Notes
except as contemplated herein or as consented to by the Initial Purchaser or in connection with the Company’s disclosure
obligations under the Exchange Act, provided that no such disclosure under the Exchange Act would result in a requirement
that the offering of the Notes be registered under §5 of the Securities Act, (iv) the Company will advise the Initial Purchaser
promptly of the receipt by the Company of any communication from the SEC or any state securities authority concerning the offering
or sale of the Offered Notes, (v) the Company will advise the Initial Purchaser promptly of the commencement of any lawsuit or
proceeding to which the Company is a party relating to the offering or sale of the Offered Notes, and (vi) the Company will advise
the Initial Purchaser of the suspension of the qualification of the Offered Notes for offering or sale in any jurisdiction, or
the initiation or threat of any procedure for any such purpose.

 

(d)Subject to compliance
with Regulation FD, the Company will furnish, upon the written request of any Noteholder or of any owner of a beneficial interest
in a Note, such information as is specified in paragraph (d)(4) of Rule 144A under the Securities Act (i) to such Noteholder or
beneficial owner, (ii) to a prospective purchaser of such Note or interest therein who is a QIB and a Qualified Purchaser designated
by such Noteholder or beneficial owner, or (iii) to the Trustee for delivery to such Noteholder, beneficial owner or prospective
purchaser, in order to permit compliance by such Noteholder or beneficial owner with Rule 144A in connection with the resale of
such Note or beneficial interest therein by such holder or beneficial owner in reliance on Rule 144A unless, at the time of such
request, the Issuer is subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 or is
exempt from such reporting requirements pursuant to and in compliance with Rule 12g3-2(b).

 

(e)Except as otherwise
provided in the Indenture, each Offered Note will contain legends in the forms set forth in the Final Offering Circular.

 

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(f)Neither the Issuer
nor any of its affiliates or any other Person acting on their behalf shall engage, in connection with the offer and sale of the
Offered Notes, in any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D under
the Securities Act, including, but not limited to, the following:

 

(i)any
advertisement, article, notice or other communication published in any newspaper, magazine or similar medium or broadcast over
television or radio; and

 

(ii)any
seminar or meeting whose attendees have been invited by any general solicitation or general advertising.

 

(g)The Issuer shall
not solicit any offer to buy from or offer to sell or sell to any Person any Offered Notes, except through the Initial Purchaser
or with the consent of the Initial Purchaser and/or as otherwise specified in the Indenture at any time prior to the Closing Date;
on or prior to the Closing Date, neither the Issuer nor any of its affiliates (except for compliance by the Company with Regulation
FD) shall publish or disseminate any material other than the Additional Offering Documents consented to by the Initial Purchaser,
the Time of Sale Information and the Final Offering Circular in connection with the offer or sale of the Offered Notes as contemplated
by this Agreement, unless the Initial Purchaser shall have consented to the use thereof; if the Issuer or any of its affiliates
makes any press release including “tombstone” announcements, in connection with the Transaction Documents, the Issuer
shall permit the Initial Purchaser to review and approve such release in advance.

 

(h)The Issuer shall
not take, or permit or cause any of its affiliates to take, any action whatsoever which would have the effect of requiring the
registration, under the Securities Act, of the offer or sale of the Offered Notes.

 

(i)The Issuer shall
not take, directly or indirectly, any action designed to or which has constituted or which might reasonably be expected to cause
or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any Offered Note to facilitate
the sale or resale of the Offered Notes.

 

(j)The Company shall
apply the net proceeds from the sale of the Offered Notes as set forth in the Final Offering Circular under the heading “Use
of Proceeds”.

 

Section 7.Conditions of the Initial
Purchaser Obligations.

 

The obligation of the
Initial Purchaser to purchase the Offered Notes on the Closing Date will be subject to the accuracy, in all material respects,
of the representations and warranties of the Company and the Issuer herein, to the performance, in all material respects, by the
Company and the Issuer of their respective obligations hereunder and to the following additional conditions precedent:

 

(a)The Offered Notes
shall have been duly authorized, executed, authenticated, delivered and issued, the Transaction Documents shall have been duly
authorized, executed and delivered by the respective parties thereto and shall be in full force and effect, and the documents required
to be delivered pursuant to the Indenture in respect of the Collateral Obligations shall have been delivered to the Custodian pursuant
to and as required by the Transaction Documents.

 

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(b)The Initial Purchaser
shall have received (I) a certificate, dated as of the Closing Date, of the Chief Executive Officer or Chief Financial Officer
of the Company, in its individual capacity (and, with respect to the Issuer, in its capacity as designated manager on behalf of
the Issuer), to the effect that such officer has carefully examined this Agreement, the Final Offering Circular and the Transaction
Documents and that, to the best of such officer’s knowledge (i) since the date information is given in the Pre-Pricing Offering
Circular, there has not been any material adverse change in the condition, financial or otherwise, or in the earnings, business
affairs or business prospects of the Company or the Issuer whether or not arising in the ordinary course of business, or the ability
of the Company or the Issuer to perform its obligations hereunder or under the Transaction Documents except as contemplated by
the Final Offering Circular, (ii) each of the Company and the Issuer has complied in all material respects with all agreements
and satisfied all conditions on its part to be performed or satisfied hereunder and under the other Transaction Documents, at or
prior to the Closing Date, (iii) the representations and warranties of the Company and the Issuer in the Transaction Documents
are true and correct in all material respects, as of the Closing Date, as though such representations and warranties had been made
on and as of such date, and (iv) nothing has come to the attention of such officer that would lead such officer to believe that
(A) the Time of Sale Information, as of the Time of Sale, contained any untrue statement of a material fact or omits to state a
material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not
misleading, and (B) the Final Offering Circular, as of its date and as of the Closing Date, or any Additional Offering Document,
as of its respective date, contained or contains an untrue statement of a material fact or omits to state any material fact necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading and (II) a certificate,
dated as of the Closing Date, of a senior officer of the Company to the effect that such officer has carefully examined the Final
Offering Circular and that, to the best of such officer’s knowledge, nothing has come to the attention of such officer that
would lead such officer to believe that the “Collateral Manager Information” (as defined in the Final Offering Circular),
as of the date of the Final Offering Circular and as of the Closing Date, contained any untrue statement of a material fact or
omits to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading.

 

(c)The Class A-1
Notes shall have been rated no less than “Aaa (sf)” and “AAA (sf)” by Moody’s and S&P,
respectively, the Class B-1 Notes shall have been rated no less than “Aa2 (sf)” and “AA (sf)”
by Moody’s and S&P, respectively, the Class C-1 Notes shall have been rated no less than “A2 (sf)”
and “A (sf)” by Moody’s and S&P, respectively, and the Class D-1 Notes shall have been rated no less
than “Baa2 (sf)” and “BBB (sf)” by Moody’s and S&P, respectively. Such ratings
shall not have been rescinded, and no public announcement shall have been made by either of Moody’s or S&P that any ratings
of the Offered Notes have been placed under review.

 

(d)On the date of
the Final Offering Circular, Ernst & Young shall have furnished to the Initial Purchaser an “agreed upon procedures”
letter, dated the date of delivery thereof, in form and substance satisfactory to the Initial Purchaser, with respect to certain
financial and statistical information contained in the Final Offering Circular.

 

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(e)The Initial Purchaser
shall have received an opinion, dated the Closing Date, of Seward & Kissel LLP, counsel to the Trustee, in form and substance
satisfactory to the Initial Purchaser.

 

(f)The Initial Purchaser
shall have received legal opinions of Sutherland Asbill & Brennan LLP, counsel to the Company, the Issuer and the Collateral
Manager, (i) with respect to certain corporate matters with respect to the Company and the Collateral Manager and certain securities
law and investment company matters, in form and substance satisfactory to the Initial Purchaser, (ii) with respect to certain “true
sale” and “non—consolidation” issues and (iii) “perfection issues,” in each case, in form and
substance satisfactory to the Initial Purchaser.

 

(g)The Initial Purchaser
shall have received an opinion of Dechert LLP, special U.S. federal income tax counsel to the Issuer, with respect to the treatment
of the Offered Notes as debt for U.S. federal income tax purposes and in form and substance satisfactory to the Initial Purchaser.

 

(h)The Initial Purchaser
shall have received an opinion of Pepper Hamilton LLP, counsel to the Company and the Issuer, with respect to certain limited liability
company matters with respect to the Issuer in form and substance satisfactory to the Initial Purchaser.

 

(i)The Initial Purchaser
shall have received from the Trustee a certificate signed by one or more duly authorized officers of the Trustee, dated as of the
Closing Date, in customary form.

 

(j)The Company shall
have furnished to the Initial Purchaser and its counsel such further information, certificates and documents as the Initial Purchaser
and its counsel may reasonably have requested, and all proceedings in connection with the transactions contemplated by this Agreement,
the other Transaction Documents and all documents incident hereto shall be in all respects satisfactory in form and substance to
the Initial Purchaser and its counsel.

 

(k)The Transferor
shall have purchased or otherwise acquired the Subordinated Notes in accordance with the terms of the Master Loan Sale Agreement.

 

(l)The Indenture,
the Master Loan Sale Agreement, the Collateral Management Agreement and all other documents incident hereto and to the other Transaction
Documents shall be reasonably satisfactory in form and substance to the Initial Purchaser and its counsel.

 

If any of the conditions
specified in this Section 7 shall not have been fulfilled in all material respects when and as provided in this Agreement,
or if any of the opinions and certificates mentioned above shall not be satisfactory in form and substance to the Initial Purchaser,
this Agreement and all of the Initial Purchaser’s obligations hereunder may be canceled by the Initial Purchaser at or prior
to delivery of and payment for the Offered Notes. Notice of such cancellation shall be given to the Company in writing, or by telephone
or facsimile confirmed in writing.

 

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Section 8.Indemnification and
Contribution.

 

(a)The Company and
the Issuer, jointly and severally (each an “indemnifying party” as such term is used in this Agreement), shall
indemnify and hold harmless the Initial Purchaser (whether acting as Initial Purchaser or as placement agent with respect to any
of the Offered Notes), its officers, directors, employees, agents and each person, if any, who controls the Initial Purchaser within
the meaning of either the Securities Act or the Exchange Act and the affiliates of the Initial Purchaser (each an “indemnified
party” as such term is used in this Agreement) from and against any loss, claim, damage or liability, joint or several,
and any action in respect thereof, to which any indemnified party may become subject, under the Securities Act or Exchange Act
or otherwise, insofar as such loss, claim, damage, liability or action arises out of, or is based upon, any untrue statement or
alleged untrue statement of a material fact contained in any Offering Circular, any Additional Offering Document, any “Referenced
Information” (as defined in the Final Offering Circular) or the Time of Sale Information or arises out of, or is based upon,
the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein in light of the circumstances under which they were made not misleading, and shall reimburse any such indemnified party
for any legal and other expenses incurred by such indemnified party in investigating or defending or preparing to defend against
any such loss, claim, damage, liability or action; provided, however, that the indemnifying parties shall not be
liable to any such indemnified party in any such case to the extent that any such loss, claim, damage, liability or action arises
out of, or is based upon, any untrue statement or alleged untrue statement or omission or alleged omission made in the Time of
Sale Information, any Offering Circular or any Additional Offering Document in reliance upon and in conformity with written information
furnished to the Company by such indemnified party specifically for inclusion therein; provided, further, that the
foregoing indemnity shall not inure to the benefit of any indemnified party from whom the person asserting any such loss, claim,
damage or liability purchased the Offered Notes which are the subject thereof if the indemnified party sold Offered Notes to or
placed Offered Notes with the person alleging such loss, claim, damage or liability without sending or giving a copy of the Time
of Sale Information at or prior to the confirmation of the sale of the Offered Notes, if the Company shall have previously furnished
copies thereof to such indemnified party and the loss, claim, damage or liability of such person results from an untrue statement
or omission of a material fact contained in the Pre-Pricing Offering Circular which was corrected in the Time of Sale Information.
The foregoing indemnity is in addition to any liability that the indemnifying parties may otherwise have to any indemnified party.
The indemnifying parties acknowledge that the statements set forth in the Time of Sale Information and any Offering Circular (x)
under the caption: “Plan of Distribution” (but solely the second, fourth, seventh, ninth, eleventh and twelfth paragraphs
under such caption) of such Offering Circular, (y) relating to the Initial Purchaser in the third and fourth sentence of the third
paragraph on page i of the Preliminary Offering Circular, the Second Preliminary Offering Circular and the Pre-Pricing Offering
Circular under the heading “Important Notice Regarding the Offered Securities” and (z) relating to the Initial Purchaser
in the second paragraph on page i of the Final Offering Circular under the heading “Important Notice Regarding the Offered
Securities”, in each case, constitute the only written information furnished to the Company by or on behalf of the indemnified
parties specifically for inclusion in the Time of Sale Information, any Offering Circular or any Additional Offering Document.

 

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(b)Promptly after
receipt by an indemnified party under this Section 8 of notice of any claim or the commencement of any action, the indemnified
party shall, if a claim in respect thereof is to be made against an indemnifying party under this Section 8, notify such
indemnifying party in writing of the claim or commencement of that action, provided, however, that the failure to
notify an indemnifying party shall not relieve such indemnifying party from any liability that it may have to an indemnified party
under this Section 8, except to the extent that such indemnifying party has been materially prejudiced by such failure and,
provided, further, that the failure to notify an indemnifying party shall not relieve such indemnifying party from any liability
that it may have to an indemnified party otherwise than under this Section 8. If any such claim or action shall be brought
against an indemnified party, and it shall notify an indemnifying party thereof, such indemnifying party shall be entitled to participate
therein and, to the extent that it wishes, jointly with any other similarly notified indemnifying party, to assume the defense
thereof with counsel reasonably satisfactory to such indemnified party. After notice from any such indemnifying party or parties
to the indemnified party or parties of its or their election to assume the defense of such claim or action, any such indemnifying
party or parties shall not be liable to the indemnified party under this Section 8 for any legal or other expenses subsequently
incurred by the indemnified party or parties in connection with the defense thereof; provided that the indemnified party
seeking such indemnity shall have the right to employ counsel to represent it and any other indemnified party who may be subject
to liability arising out of any claim or action in respect of which indemnity may be sought by an indemnified party against an
indemnifying party under this Section 8, if (i) in the reasonable judgment of counsel, there may be legal defenses available
to such indemnified party and any other indemnified party different from or in addition to those available to the Company or the
Issuer, or there is an actual conflict of interest between it and any other indemnified party, on one hand, and the Company or
the Issuer, on the other, or (ii) the Company or the Issuer shall fail to select counsel reasonably satisfactory to such indemnified
party or parties, and in such event the fees and expenses of such separate counsel shall be paid by the Company and the Issuer.
No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or
threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought
hereunder by such indemnified party, unless such settlement (i) does not include a statement as to, or admission of, fault, culpability
or a failure to act by or on behalf of any such indemnified party, and (ii) includes an unconditional release of such indemnified
party from all liability on claims that are the subject matter of such proceeding.

 

(c)If the indemnification
provided for in Section 8 shall for any reason be unavailable to an indemnified party under subsection 8(a) hereof
in respect of any loss, claim, damage or liability, or any action in respect thereof, referred to therein, then each indemnifying
party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party
as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate
to reflect the relative benefits received by the Company and the Issuer on the one hand (without duplication) and the Initial Purchaser
on the other from the offering and sale of the Offered Notes or (ii) if the allocation provided by clause (i) above is not
permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause
(i) above but also the relative fault of the Company and the Issuer on the one hand and the Initial Purchaser on the other with
respect to the statements or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as
well as any other relevant equitable considerations. The relative benefits received by the Company and the Issuer on the one hand
(without duplication) and the Initial Purchaser on the other with respect to such offering shall be deemed to be in the same proportion
as the total net proceeds from the offering and sale of the Offered Notes (before deducting expenses) received by the Company and
the Issuer bear (without duplication) to the total fees actually received by the Initial Purchaser with respect to such offering
and sale. The relative fault shall be determined by reference to whether the untrue or alleged untrue statement of a material fact
or omission or alleged omission to state a material fact relates to information supplied by the Company and the Issuer or by the
Initial Purchaser, the intent of the parties and their relative knowledge, access to information and opportunity to correct or
prevent such statement or omission. The Company, the Issuer and the Initial Purchaser agree that it would not be just and equitable
if contributions pursuant to this subsection 8(c) were to be determined by pro rata allocation or by any other method
of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an
indemnified party as a result of the loss, claim, damage or liability, or action in respect thereof, referred to above in this
subsection 8(c) shall be deemed to include, for purposes of this subsection 8(c), any legal or other expenses reasonably
incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the
provisions of this subsection 8(c), the Initial Purchaser shall not be required to contribute any amount in excess of the
aggregate fee actually paid to the Initial Purchaser with respect to the offering of the Offered Notes. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

 

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(d)The indemnity
agreements contained in this Section 8 shall survive the delivery of the Offered Notes, and the provisions of this Section
8 shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation
made by or on behalf of any indemnified party.

 

(e)Notwithstanding
any other provision in this Section 8, no party shall be entitled to indemnification or contribution under this Agreement
in violation of Section 17(i) of the 1940 Act.

 

Section 9.Termination.

 

This Agreement shall
be subject to termination in the absolute discretion of the Initial Purchaser, by notice given to the Company prior to delivery
of and payment for the Offered Notes, if prior to such time (i) trading in securities generally on the New York Stock Exchange
shall have been suspended or materially limited or any setting of minimum prices for trading on such exchange shall have occurred,
(ii) there shall have been, since the respective dates as of which information is given in the Time of Sale Information or the
Final Offering Circular, any material adverse change in the condition, financial or otherwise, or in the properties (including,
without limitation, the Collateral Obligations) or the earnings, business affairs or business prospects of the Company, the Issuer
or the Collateral Manager, whether or not arising in the ordinary course of business, that is so material and adverse, in the reasonable
judgment of the Initial Purchaser, as to make it impractical or inadvisable to market the Offered Notes; (iii) a general moratorium
on commercial banking activities in New York shall have been declared by either U.S. federal or New York State authorities, or
(iv) there shall have occurred any material outbreak or escalation of hostilities or other calamity or crises the effect of which
on the financial markets of the United States is such as to make it, in the reasonable judgment of the Initial Purchaser, impracticable
or inadvisable to market the Offered Notes.

 

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Section 10.Severability Clause.

 

Any part, provision,
representation, or warranty of this Agreement which is prohibited or is held to be void or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining
provisions hereof.

 

Section 11.Notices.

 

All demands, notices
and communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered at or mailed
by overnight mail, certified mail or registered mail, postage prepaid and effective only upon receipt and if sent to the Initial
Purchaser, will be delivered to Guggenheim Securities, LLC, 135 East 57th Street, 7th Floor, New York, New York 10022,
Attention: Chief Operating Officer and to Guggenheim Securities, LLC, 135 East 57th Street, 7th Floor, New York, New
York 10022, Attention: General Counsel; or if sent to the Company or the Issuer will be delivered to such party c/o TICC Capital
Corp., 8 Sound Shore Drive, Suite 255, Greenwich, CT 06830, Attention: Saul Rosenthal, facsimile No. (203) 983-5290.

 

Section 12.Representations and
Indemnities to Survive.

 

The respective agreements,
representations, warranties, indemnities and other statements of the Company, the Issuer and their respective officers and of the
Initial Purchaser set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation
made by or on behalf of the Initial Purchaser, the Company, the Issuer or any indemnified party referred to in Section 8
of this Agreement, and will survive delivery of and payment for the Offered Notes.

 

Section 13.Successors.

 

This Agreement will
inure to the benefit of and be binding upon the parties hereto and their respective successors by merger, consolidation or acquisition
of their assets substantially as an entity and each indemnified party referred to in Section 8 of this Agreement and, except
as specifically set forth herein, no other person will have any right or obligation hereunder.

 

Section 14.Applicable Law.

 

(a)THIS AGREEMENT
WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

 

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(b)EACH PARTY HERETO
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY REQUIREMENTS OF LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (I) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT,
IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (II) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 14(b).

 

(c)ANY LEGAL ACTION
OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW
YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF ITS PROPERTY, TO
THE NON—EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH SUCH PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION
TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY
ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT RELATED HERETO.

 

Section 15.Counterparts, Etc.

 

This Agreement supersedes
all prior or contemporaneous agreements and understandings relating to the subject matter hereof. Neither this Agreement nor any
term hereof may be changed, waived, discharged or terminated except by a writing signed by the party against whom enforcement of
such change, waiver, discharge or termination is sought. This Agreement may be signed in any number of counterparts each of which
shall be deemed an original, which taken together shall constitute one and the same instrument.

 

Section 16.No Petition; Limited
Recourse.

 

(a)The Initial Purchaser
covenants and agrees that, prior to the date that is one year and one day (or such longer preference period as shall then be in
effect plus one day) after the payment in full of each Class of Notes rated by any Rating Agency, it will not institute against
the Issuer or join any other Person in instituting against the Issuer any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or other similar proceedings under the laws of the United States or any state of the United States.

 

(b)Notwithstanding
anything to the contrary herein, the obligations of the Issuer hereunder are limited recourse obligations of the Issuer, payable
solely from the Assets securing the Notes, and following the exhaustion of such Assets, any claims of the Initial Purchaser hereunder
against the Issuer shall be extinguished. All payments by the Issuer to the Initial Purchaser hereunder shall be made subject to
and in accordance with the Priority of Payments set forth in the Indenture.

 

    	20

    	 

    

(c)This Section
16 will survive the termination of this Agreement.

 

Section 17.Arm’s-Length
Transaction; Other Transactions.

 

(a)Each of the Company
and the Issuer acknowledges and agrees that (i) the purchase and sale of the Offered Notes pursuant to this Agreement, including
the determination of the offering price of the Offered Notes and any related discounts and commissions, is an arm’s-length
commercial transaction between the Issuer, on the one hand, and the Initial Purchaser, on the other hand, (ii) in connection with
the offering contemplated hereby and the process leading to such transaction, the Initial Purchaser is and has been acting solely
as a principal and is not an agent or fiduciary of the Issuer or the Company or any of their respective equity holders, creditors,
employees or any other party, (iii) the Initial Purchaser has not assumed and will not assume an advisory or fiduciary responsibility
in favor of the Issuer or the Company with respect to the offering contemplated hereby or the process leading thereto (irrespective
of whether the Initial Purchaser has advised or is currently advising any of the Issuer or the Company on other matters) and the
Initial Purchaser has no obligation to any of the Issuer or the Company with respect to the offering contemplated hereby, except
the obligations expressly set forth in this Agreement, and (iv) the Initial Purchaser has not provided any legal, accounting, regulatory
or tax advice with respect to the offering contemplated hereby and each of the Issuer and the Company has consulted its own legal,
accounting, regulatory and tax advisors to the extent it deemed appropriate.

 

(b)Each of the Company
and the Issuer acknowledges and agrees that the Initial Purchaser and its Affiliates may presently have and may in the future have
investment and commercial banking, trust and other relationships with parties other than the Company and the Issuer, which parties
may have interests with respect to the purchase and sale of the Offered Notes. Although the Initial Purchaser in the course of
such other relationships may acquire information about the purchase and sale of the Offered Notes, potential purchasers of the
Offered Notes or such other parties, the Initial Purchaser shall not have any obligation to disclose such information to any of
the Company or the Issuer. Furthermore, each of the Company and the Issuer acknowledges that the Initial Purchaser may have fiduciary
or other relationships whereby the Initial Purchaser may exercise voting power over securities of various persons, which securities
may from time to time include securities of any of the Company or the Issuer or their respective Affiliates or of potential purchasers.
Each of the Company and the Issuer acknowledges that the Initial Purchaser may exercise such powers and otherwise perform any functions
in connection with such fiduciary or other relationships without regard to its relationship to the Company or the Issuer hereunder.

 

[REST OF
PAGE INTENTIONALLY LEFT BLANK]

 

    	21

    	 

    

If the foregoing is
in accordance with your understanding of our agreement, please sign and return to the undersigned a counterpart hereof, whereupon
this letter and your acceptance shall represent a binding agreement among the Company, the Issuer and the Initial Purchaser.

 

Very truly yours,

 

TICC CAPITAL CORP.

 

By:

Name:

Title:

    	22

    	 

    

TICC CLO 2012-1 LLC

 

By: TICC Capital Corp., its
designated manager

 

By: 

Name:

Title:

 

    	23

    	 

    

The foregoing Agreement is hereby confirmed and

accepted as of the date first above written.

 

GUGGENHEIM SECURITIES, LLC,

as the Initial Purchaser

 

 

By: _______________________________

Name: _____________________________

Title: ______________________________

    	24

    	 

    

SCHEDULE I

 

	Class of Notes	Principal Amount
	A-1	$88,000,000
	B-1	$10,000,000
	C-1	$11,500,000
	D-1	$10,500,000

    	25

    	 

    

SCHEDULE II

 

TIME OF SALE INFORMATION

 

 

 

TICC CLO 2012-1 LLC **Priced** 144A/Reg
S

 

	CLS	SIZE	RATING	COUPON	PRICE
	A-1	$88,000,000	Aaa (sf),

AAA (sf)	LIBOR + 1.75%	100%
	B-1	$10,000,000	Aa2 (sf),

AA (sf)	LIBOR + 3.50%	100%
	C-1	$11,500,000	A2 (sf),

A (sf)	LIBOR + 4.75%	100%
	D-1	$10,500,000	Baa2 (sf),

BBB (sf)	LIBOR + 5.75%	100%

 

    	26Exhibit 10.2

 

 

MASTER LOAN SALE AGREEMENT

 

among

 

TICC CAPITAL CORP.,

as the Transferor,

 

and

 

TICC CLO 2012-1 LLC,

as the Issuer

 

 

 

Dated as of August 23, 2012

 

 

     

     

    
 

 

TABLE OF CONTENTS

 

Page

 

	ARTICLE I	DEFINITIONS	1
	Section 1.1.	Definitions	1
	Section 1.2.	Other Terms	3
	Section 1.3.	Computation of Time Periods	3
	Section 1.4.	Interpretation	3
	Section 1.5.	References	4
	ARTICLE II	TRANSFER OF THE CONVEYED COLLATERAL	4
	Section 2.1.	Transfer of the Conveyed Collateral	4
	Section 2.2.	Conveyance of Conveyed Collateral	5
	Section 2.3.	Acceptance of Conveyed Collateral	6
	Section 2.4.	Delivery of Documents	6
	ARTICLE III	REPRESENTATIONS AND WARRANTIES	6
	Section 3.1.	Representations and Warranties of the Transferor	6
	Section 3.2.	Representations and Warranties Regarding the Collateral Obligations	10
	Section 3.3.	Representations and Warranties of the Issuer	10
	ARTICLE IV	PERFECTION OF TRANSFER AND PROTECTION OF SECURITY INTEREST	12
	Section 4.1.	Custody of Collateral Obligation	12
	Section 4.2.	Filing	12
	Section 4.3.	Changes in Name, Corporate Structure or Location	12
	Section 4.4.	Costs and Expenses	12
	Section 4.5.	Sale Treatment	12
	Section 4.6.	Separateness	13
	ARTICLE V	COVENANTS	13
	Section 5.1.	Covenants of the Transferor	13
	ARTICLE VI	INDEMNIFICATION BY THE TRANSFEROR	14
	Section 6.1.	Indemnification	14
	Section 6.2.	Liabilities to Obligors	15
	Section 6.3.	Operation of Indemnities	15
	ARTICLE VII	MISCELLANEOUS	15

    	i

    	 

    

 

Table of Contents

(continued)

 

Page

 

	Section 7.1.	Amendment	15
	Section 7.2.	Governing Law	16
	Section 7.3.	Notices	16
	Section 7.4.	Severability of Provisions	17
	Section 7.5.	Third Party Beneficiaries	17
	Section 7.6.	Counterparts	17
	Section 7.7.	Headings	17
	Section 7.8.	No Bankruptcy Petition; Disclaimer	17
	Section 7.9.	Jurisdiction	18
	Section 7.10.	Prohibited Transactions with Respect to the Issuer	18
	Section 7.11.	No Partnership	18
	Section 7.12.	Successors and Assigns	18
	Section 7.13.	Duration of Agreement	18
	Section 7.14.	Limited Recourse	18

 

Schedule 1Schedule of Conveyed Collateral

Schedule 2Notice Information

 

 

    	ii

    	 

    

THIS MASTER LOAN
SALE AGREEMENT, dated as of August 23, 2012 (as amended, modified, restated, or supplemented from time to time, this “Agreement”),
is made by and among TICC CAPITAL CORP., a Maryland corporation (together with its successors and assigns in such capacity,
the “Transferor”) and TICC CLO 2012-1 LLC, a Delaware limited liability company (together
with its successors and assigns in such capacity, the “Issuer”).

 

PREAMBLE

 

WHEREAS, in
the regular course of its business, the Transferor originates and/or otherwise acquires Collateral Obligations;

 

WHEREAS, the
Issuer desires to acquire the Collateral Obligations from the Transferor on the Closing Date (the “Collateral Obligations”)
listed on Schedule 1 hereto, together with certain related property, as more fully described as the “Assets”
in the Indenture, dated as of the date hereof (as amended, modified, restated or supplemented from time to time, the “Indenture”),
between the Issuer, as issuer, and The Bank of New York Mellon Trust Company, National Association, as trustee (together with its
successors and assigns in such capacity, the “Trustee”); and

 

WHEREAS, it
is a condition to the Issuer’s acquisition of the Collateral Obligations from the Transferor that the Transferor make certain
representations, warranties and covenants regarding all Collateral Obligations and related Assets transferred pursuant to this
Agreement for the benefit of the Issuer.

 

NOW, THEREFORE,
based upon the above recitals, the mutual premises and agreements contained herein, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as
follows:

 

ARTICLE
I

Definitions

 

Section 1.1.Definitions.

 

Capitalized terms used
but not otherwise defined herein shall have the meanings attributed to such terms in the Indenture. In addition, as used herein,
the following defined terms, unless the context otherwise requires, shall have the following meanings:

 

“Collateral
Obligations”. As defined in the Preamble of this Agreement.

 

“Conveyed
Collateral”: The meaning specified in Section 2.1(a).

 

“Indemnified
Party”: The meaning specified in Section 6.1.

 

“Insolvency
Law”: 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.

 

    	 

    	 

    

“Issuer”:
TICC CLO 2012-1 LLC, together with its successors and assigns.

 

“Noteless
Collateral Obligation”: A Collateral Obligation with respect to which (a) the related Underlying Documents do not require
the Obligor to execute and deliver an Underlying Note to evidence the indebtedness created under such Collateral Obligation and
(b) no Underlying Notes are outstanding with respect to the portion of the Collateral Obligation transferred to the Issuer.

 

“Permitted
Liens”: With respect to the interest of the Transferor and the Issuer in the Collateral Obligations included in the Assets:
(i) security interests, liens and other encumbrances in favor of the Issuer created pursuant to this Agreement, (ii) security interests,
liens and other encumbrances in favor of the Trustee created pursuant to the Indenture and/or this Agreement, (iii) with respect
to agented Collateral Obligations, security interests, liens and other encumbrances in favor of the lead agent, the collateral
agent or the paying agent on behalf of all holders of indebtedness of such Obligor under the related facility, (iv) with respect
to any Equity Security, any security interests, liens and other encumbrances granted on such Equity Security to secure indebtedness
of the related Obligor and/or any security interests, liens and other rights or encumbrances granted under any governing documents
or other agreement between or among or binding upon the Issuer as the holder of equity in such Obligor and (v) security interests,
liens and other encumbrances, if any, which have priority over first priority perfected security interests in the Collateral Obligations
or any portion thereof under the UCC or any other applicable law.

 

“Required
Loan Documents”: For each Collateral Obligation, the items set forth below:

 

(i)(x)
other than in the case of a Noteless Collateral Obligation or a Participation Interest, the original or, if accompanied by a “lost
note” affidavit and indemnity, a copy of the Underlying Note, endorsed by the prior holder of record either in blank or to
the Trustee (and evidencing an unbroken chain of endorsements from the prior holder(s) thereof evidenced in the chain of endorsements
in blank or to the Trustee), with any endorsement to the Trustee to be in the following form: “The Bank of New York Mellon
Trust Company, National Association, its successors and assigns, as Trustee for the Secured Parties,” and (y) in the case
of a Noteless Collateral Obligation or a Participation Interest, a copy of each transfer document or assignment agreement relating
to such Noteless Collateral Obligation or Participation Interest evidencing the assignment of such Noteless Collateral Obligation
or Participation Interest to the Transferor and from the Transferor to the Issuer; and

 

(ii)originals
or copies of each of the following, to the extent applicable to the related Collateral Obligation: any related loan agreement or
credit agreement.

 

“Transferor”:
TICC Capital Corp., together with its successors and assigns.

 

“Trustee”:
As defined in the Preamble of this Agreement.

 

“Underlying
Note”: One or more promissory notes executed by the applicable Obligor evidencing a Collateral Obligation.

 

    	2

    	 

    

Section 1.2.Other Terms.

 

All accounting terms
used but not specifically defined herein shall be construed in accordance with generally accepted accounting principles as in effect
from time to time in the United States.

 

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”, the words “to” and “until” each mean “to but excluding”,
and the word “within” means “from and excluding a specified date and to and including a later specified date”.

 

Section 1.4.Interpretation.

 

In this Agreement,
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 Documents;

 

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

 

(iv)reference
to day or days without further qualification means calendar days;

 

(v)unless
otherwise stated, reference to any time means New York, New York time;

 

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

 

(vii)reference
to any agreement (including any Transaction Document), document or instrument means such agreement, document or instrument as amended,
modified, supplemented, replaced, restated, waived or extended 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;

 

(viii)reference
to any requirement of law means such requirement of 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 requirement of law means that provision of such requirement of law from time to time in effect and constituting the substantive
amendment, modification, codification, replacement or reenactment of such Section or other provision; and

 

    	3

    	 

    

(ix)references
to “including” means “including, without limitation”.

 

Section 1.5.References.

 

All Section references
(including references to the Preamble), unless otherwise indicated, shall be to Sections (and the Preamble) in this Agreement.

 

ARTICLE
II

Transfer of the conveyed COLLATERAL

 

Section 2.1.Transfer of the Conveyed
Collateral.

 

(a)Transfer from
the Transferor to the Issuer. Subject to and upon the terms and conditions set forth herein, the Transferor hereby sells, conveys
and transfers to the Issuer all of the Transferor’s right, title and interest in, to and under the Collateral Obligations
and any related Assets with respect thereto (the “Conveyed Collateral”) for a purchase price on the date hereof
of $50,053,568.44, which purchase price is the fair market value thereof. The consideration for the transfer of the Conveyed Collateral
from the Transferor to the Issuer shall consist of cash paid by the Issuer to the Transferor on the date hereof and the issuance
by the Issuer to the Transferor of all of the Subordinated Notes. In connection with such transfer of the Conveyed Collateral from
the Transferor to the Issuer, the Transferor shall transfer to the Trustee (for the benefit of the Issuer) for deposit into the
Collection Account all proceeds received with respect to such Conveyed Collateral, on and after the Closing Date.

 

(b)Each of the Transferor
and the Issuer acknowledges and agrees that (i) the representations, warranties, covenants and rights of indemnity of the Transferor
set forth herein will run to and be for the benefit of the Issuer and the Trustee, on behalf of the Secured Parties and (ii) the
Trustee for the benefit of the Secured Parties shall be an express third party beneficiary of such representations, warranties,
covenants and rights of indemnity.

 

(c)Each of the Transferor
and the Issuer intends and agrees that (i) the transfer of the Conveyed Collateral by the Transferor to the Issuer pursuant to
this Agreement is intended to be an absolute sale, conveyance and transfer of ownership of the Conveyed Collateral rather than
the mere granting of a security interest to secure a financing and (ii) such Conveyed Collateral shall not be part of the Transferor’s
estate in the event of a filing of a bankruptcy petition or other action by or against the Transferor under any Insolvency Law.
In the event, however, that notwithstanding such intent and agreement, such transfer is deemed to secure indebtedness, the Transferor
hereby Grants to the Issuer a security interest in all of its right, title and interest in, to and under such Conveyed Collateral
(whether now existing or hereafter created), and the Issuer hereby further Grants such security interest to the Trustee for the
benefit of the Secured Parties. For such purposes, this Agreement shall constitute a security agreement under the UCC, securing
the repayment of the purchase price paid hereunder and the obligations or interests represented by the Notes, in the order and
priorities, and subject to the other terms and conditions of this Agreement and the Indenture, together with such other obligations
or interest as may arise hereunder and thereunder in favor of the parties hereto and thereto.

 

    	4

    	 

    

(d)If the transfer
of the Conveyed Collateral by the Transferor to the Issuer is deemed to be the mere granting of a security interest to secure a
financing, the Issuer may, to secure the Issuer’s obligations under the Indenture, repledge and reassign to the Trustee for
the benefit of the Secured Parties (1) all or a portion of the Conveyed Collateral pledged to the Issuer by the Transferor and
with respect to which the Issuer has not released its security interest at the time of such pledge and assignment and (2) all proceeds
thereof. Such repledge and reassignment may be made with or without a repledge and reassignment by the Issuer of its rights under
any agreement with the Transferor, and without further notice to or acknowledgment from the Transferor. The Transferor hereby waives,
to the extent permitted by applicable law, all claims, causes of action and remedies, whether legal or equitable (including any
right of setoff), against the Issuer or any assignee relating to such repledge or reassignment in connection with the transactions
contemplated by this Agreement and the other Transaction Documents. The Issuer and the Transferor shall file or shall cause to
be filed a UCC-1 financing statement naming the Transferor as debtor, the Issuer as secured party and the Trustee as assignee,
listing all of the Conveyed Collateral pledged hereunder as collateral thereunder.

 

(e)To the extent
that the consideration received by the Transferor from the Issuer in exchange for any Conveyed Collateral is less than the fair
market value of such Conveyed Collateral, the difference between such fair market value and the consideration so received shall
be deemed to be a capital contribution by the Transferor to the Issuer. For all purposes of this Agreement, any contributed Conveyed
Collateral shall be treated the same as the Conveyed Collateral sold for cash or other property.

 

Section 2.2.Conveyance of Conveyed
Collateral.

 

(a)On or before the
Closing Date, the Transferor shall deliver or cause to be delivered to the Trustee each of the documents, certificates and other
items as follows:

 

(i)officially
certified recent evidence of due formation and good standing of the Issuer under the laws of the State of Delaware and good standing
of the Transferor under the laws of the State of Maryland;

 

(ii)a
copy of a written consent of the board of directors of TICC Capital Corp., in its capacity as Transferor and in its capacities
as the designated manager of the Issuer, approving the execution, delivery and performance of this Agreement and the transactions
contemplated hereunder, certified, in each case as applicable, by an Officer of TICC Capital Corp., in such capacities;

 

(iii)a
UCC financing statement naming the Transferor as debtor, naming the Issuer as secured party (and the Trustee as assignee for the
benefit of the Secured Parties) and identifying the Conveyed Collateral as collateral for filing with the office of the Secretary
of State for the State of Maryland; and delivery of UCC financing statements naming the Issuer as debtor, naming the Trustee, for
the benefit of the Secured Parties, as secured party and identifying the Conveyed Collateral, as collateral for filing with the
office of the Secretary of State for the State of Delaware;

 

(iv)a
fully executed copy of each Transaction Document; and

 

    	5

    	 

    

(v)all
Opinions of Counsel required to be delivered pursuant to Section 3.1(c) of the Indenture.

 

(b)Concurrently with
the transfer of the Conveyed Collateral by the Transferor to the Issuer, (i) each of the representations and warranties made by
the Transferor pursuant to Article III applicable to the Conveyed Collateral shall be true and correct as of the Closing
Date, and (ii) the Transferor shall, at its own expense and not later than the Closing Date, indicate in its records that ownership
of the Conveyed Collateral has been conveyed by it to the Issuer pursuant to this Agreement.

 

Section 2.3.Acceptance of Conveyed
Collateral

 

On the Closing Date,
upon satisfaction of the conditions set forth in Section 2.2, the Issuer hereby instructs the Transferor, and the Transferor
hereby agrees to deliver, on behalf of the Issuer, the Conveyed Collateral to the Trustee, and such delivery to and acceptance
by the Trustee shall be deemed to be delivery to and acceptance by the Issuer.

 

Section 2.4.Delivery of Documents.

 

With respect to each
Collateral Obligation transferred hereunder as part of the Conveyed Collateral, on or prior to the Closing Date, the Transferor,
on behalf of the Issuer, will deliver or cause to be delivered to the Custodian, to the extent not previously delivered, each of
the Required Loan Documents with respect to such Collateral Obligations.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

 

The Transferor makes
the following representations and warranties, on which the Issuer will rely in acquiring the Conveyed Collateral on the Closing
Date, and on which each of the parties hereto acknowledges and agrees that the Trustee, for the benefit of the Secured Parties,
shall be entitled to rely as an express third party beneficiary as a condition of the Issuer entering into the Transaction Documents
to which it is a party and of the Noteholders purchasing the Notes. Each of the parties hereto acknowledges and agrees that such
representations and warranties are being made by the Transferor for the benefit of the Issuer and the Trustee, for the benefit
of the Secured Parties.

 

The representations
and warranties set forth in this Article III are given as of the Closing Date, but shall survive the sale, transfer and
assignment of the Conveyed Collateral to the Issuer hereunder.

 

The representations
and warranties set forth in Section 3.1(j) may not be waived by any Person and shall survive the termination of this Agreement.

 

Section 3.1.Representations and
Warranties of the Transferor.

 

By its execution of
this Agreement, the Transferor represents and warrants that:

 

    	6

    	 

    

(a)Organization
and Good Standing. The Transferor is a corporation duly incorporated, validly existing and in good standing under the laws
of the State of Maryland, and has full power and authority to own its assets and to transact the business in which it is currently
engaged, and is duly qualified as a foreign corporation and is in good standing under the laws of each jurisdiction where its ownership
or lease of property, the conduct of its business or the performance of this Agreement or any other Transaction Document applicable
to it would require such qualification, except for those jurisdictions in which the failure to be so qualified, authorized or licensed
would not have a material adverse effect on the business operations, assets or financial condition of the Transferor or on the
validity or enforceability of this Agreement or the provisions of any other Transaction Document applicable to the Transferor,
or the performance by the Transferor of its duties hereunder or thereunder.

 

(b)Authorization;
Valid Sale; Binding Obligations. The Transferor has the power and authority to make, execute, deliver and perform this Agreement
and the other Transaction Documents to which it is a party and all of the transactions contemplated under this Agreement and the
other Transaction Documents to which it is a party. This Agreement shall effect a valid sale (or contribution, as the case may
be), transfer and assignment of, or Grant of a security interest in, the Conveyed Collateral being so transferred, conveyed and
assigned from the Transferor to the Issuer, enforceable against the Transferor and creditors of and purchasers from the Transferor.
This Agreement and the other Transaction Documents to which the Transferor is a party constitute the legal, valid and binding obligations
of the Transferor enforceable in accordance with their terms, except as enforcement of such terms may be limited by bankruptcy,
reorganization, insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and general
principles of equity, whether considered in a suit at law or in equity.

 

(c)No Consent
Required. No consent of any other Person and no license, permit, order, approval or authorization of, exemption by, notice
or report to, or registration, filing or declaration with, any governmental authority or court or any other Person is required
to be obtained by the Transferor in connection with this Agreement or any other Transaction Document to which it is a party or
the execution, delivery, performance, validity or enforceability of this Agreement or any other Transaction Document to which it
is a party or the obligations imposed on the Transferor hereunder or under the terms of the Indenture or any other Transaction
Document to which it is a party other than those that have been obtained or made.

 

(d)No Violations.
The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party, and the consummation
of the transactions contemplated hereby and thereby, will not violate the Transferor’s articles of incorporation or bylaws
or any material requirement of law applicable to it, or constitute a material breach of any mortgage, indenture, contract or other
agreement to which the Transferor is a party or by which the Transferor or any of the Transferor’s properties may be bound,
or result in the creation or imposition of any security interest, lien, charge, pledge or encumbrance of any kind upon any of its
properties pursuant to the terms of any such mortgage, indenture, contract or other agreement, other than as contemplated by the
Transaction Documents.

 

(e)Litigation.
No litigation or administrative proceeding of or before any court, tribunal or governmental body is currently pending, or to the
knowledge of the Transferor threatened, against the Transferor or any of its properties or with respect to this Agreement, the
other Transaction Documents to which it is a party or the Notes (1) that could be expected to have a material adverse effect on
(i) the business, properties, assets or condition (financial or otherwise) of the Transferor or (ii) the transactions contemplated
by this Agreement or the other Transaction Documents to which the Transferor is a party or (2) seeking to adversely affect the
federal income tax or other federal, state or local tax attributes of the Notes.

 

    	7

    	 

    

(f)Solvency.
The Transferor, at the time of and after giving effect to the conveyance of the Conveyed Collateral hereunder, is solvent and,
to the best of the Transferor’s knowledge, is not facing any pending insolvency.

 

(g)Taxes.
The Transferor has filed or caused to be filed all tax returns which are required to be filed and has paid all taxes shown to be
due and payable on such returns or on any assessments made against it or any of its property and all other taxes, fees or other
charges imposed on it or any of its property by any governmental authority (other than any amount of tax due, the validity of which
is currently being contested in good faith by appropriate proceedings and with respect to which reserves in accordance with generally
accepted accounting principles have been provided on its books), except for failures to file or pay that could not be expected
to have a material adverse effect on the business operations, assets or financial condition of the Transferor or on the validity
or enforceability of this Agreement or the provisions of any other Transaction Document applicable to the Transferor, or the performance
by the Transferor of its duties hereunder or thereunder.

 

(h)Place of Business;
No Changes. Except for the change in the Transferor’s name from Technology Investment Capital Corp. to TICC Capital Corp.
on December 3, 2007, the Transferor has not changed its name or the State under whose laws it is formed, whether by amendment of
its articles of incorporation, by reorganization or otherwise.

 

(i)Sale Treatment.
Other than for tax and accounting purposes, the Transferor has treated the transfer of the Conveyed Collateral to the Issuer for
all purposes as a sale and purchase on all of its relevant books and records.

 

(j)Security Interest.

 

(i)in
the event that the transfer by the Transferor to the Issuer of any Conveyed Collateral is determined not to be an absolute transfer,
this Agreement is effective to create in favor of the Issuer a valid and continuing security interest (as defined in the UCC) in
all of the right, title and interest of the Transferor in, to and under such Conveyed Collateral, which security interest is perfected
and is prior to all other liens (other than Permitted Liens), and is enforceable as such against, all creditors of and purchasers
from the Transferor;

 

(ii)each
Collateral Obligation transferred hereunder constitutes or is evidenced by a Financial Asset, an Instrument, a Certificated Security
or a general intangible (as defined in the UCC);

 

(iii)the
Transferor owns the Conveyed Collateral being conveyed hereunder, free and clear of any lien, claim or encumbrance of any Person
(other than Permitted Liens), and, upon the transfer by the Transferor to the Issuer of any Conveyed Collateral, the Issuer will
own such Conveyed Collateral free and clear of any and all liens, claims or encumbrances created by, or attaching to property of,
the Transferor (other than Permitted Liens);

 

    	8

    	 

    

(iv)the
Transferor has received all consents and approvals required by the terms of any Conveyed Collateral to the conveyance of such Conveyed
Collateral hereunder to the Issuer;

 

(v)the
Transferor has caused the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions
under applicable law in order to perfect the security interest in such Conveyed Collateral granted to the Issuer under this Agreement
to the extent perfection can be achieved by filing a financing statement;

 

(vi)other
than the conveyance to the Issuer and the security interest granted to the Issuer pursuant to this Agreement, the Transferor has
not pledged, assigned, sold, granted a security interest in or otherwise conveyed any of such Conveyed Collateral. The Transferor
has not authorized the filing of, and is not aware of, any financing statements against the Transferor that include a description
of collateral covering such Conveyed Collateral other than (A) any financing statement relating to the security interest Granted
to the Issuer under this Agreement and (B) any financing statement that has been terminated. The Transferor is not aware of the
filing of any judgment, employee benefit or tax lien filings against it;

 

(vii)on
or prior to the Closing Date, copies (which may be in electronic form) (or originals, if required by the definition of “Required
Loan Documents”) of the Required Loan Documents have been delivered to the Custodian; and

 

(viii)none
of the Underlying Notes that constitute or evidence the Conveyed Collateral has any marks or notations indicating that it has been
pledged, assigned or otherwise conveyed to any Person other than the Issuer or in blank or to the Trustee.

 

(k)Value Given.
The cash payments and corresponding increase in the Transferor’s equity interest in the Issuer received by the Transferor
in respect of the purchase price of all Conveyed Collateral conveyed hereunder constitutes reasonably equivalent value in consideration
for the transfer to the Issuer of such Conveyed Collateral under this Agreement, such transfer was not made for or on account of
an antecedent debt owed by the Issuer to the Transferor, and such transfer was not and is not voidable or subject to avoidance
under any Insolvency Law.

 

(l)No Defaults.
The Transferor is not in default with respect to any order or decree of any court or any order, regulation or demand of any federal,
state, municipal or governmental agency, which default might have consequences that would materially and adversely affect the condition
(financial or otherwise) or operations of it or its respective properties or might have consequences that would materially and
adversely affect its performance hereunder.

 

    	9

    	 

    

(m)Bulk Transfer
Laws. The transfer, assignment and conveyance of the Conveyed Collateral by the Transferor pursuant to this Agreement are not
subject to the bulk transfer laws or any similar statutory provisions in effect in any applicable jurisdiction.

 

(n)Lack of Intent
to Hinder, Delay or Defraud. Neither the Transferor nor any of its Affiliates sold or will sell any interest in any Conveyed
Collateral with any intent to hinder, delay or defraud any of their respective creditors.

 

(o)Nonconsolidation.
The Transferor conducts, and will at all times conduct, its affairs such that the Issuer would not be substantively consolidated
in the estate of the Transferor and the separate existence of the Issuer would not be disregarded in the event of a bankruptcy
of the Transferor.

 

(p)Investment
Company Act. The Transferor: (i) has filed an election to be treated as a business development company under the 1940 Act and
has not withdrawn such election and qualifies as a regulated investment company under the Code; (ii) conducts its business and
other activities (a) in compliance in all material respects with the applicable provisions of the 1940 Act and any applicable rules,
regulations or orders issued by the Securities and Exchange Commission thereunder and (b) in such a way that the consummation of
the transactions contemplated by this Agreement and the other Transaction Documents does not violate in any material respect the
provisions of the 1940 Act or any rules, regulations or orders issued by the Securities and Exchange Commission thereunder.

 

Section 3.2.Representations and
Warranties Regarding the Collateral Obligations.

 

The Transferor hereby
represents to the Issuer and to the Trustee for the benefit of the Secured Parties that each Collateral Obligation conveyed hereunder,
as of the Closing Date, satisfies the definition of “Collateral Obligation” under the Indenture.

 

Section 3.3.Representations and
Warranties of the Issuer.

 

By its execution of
this Agreement, the Issuer represents and warrants to the Transferor that:

 

(a)Organization
and Good Standing. The Issuer is a limited liability company duly organized, validly existing and in good standing under the
laws of the State of Delaware and in each jurisdiction where the conduct of its business requires such license, qualification or
good standing, except where the failure to be so licensed or qualified or in good standing would not have a material adverse effect
the ownership or use of its assets, the validity or enforceability of the Transaction Documents to which it is a party, or the
ability of the Issuer to perform its obligations hereunder or thereunder.

 

    	10

    	 

    

(b)Power and Authority.
The Issuer has the power and authority to execute and deliver the Transaction Documents and all other documents and agreements
contemplated hereby and thereby to which it is a party, as well as to carry out the terms hereof and thereof.

 

(c)Valid Execution;
Binding Obligations. The Issuer has taken all necessary action, including but not limited to all requisite limited liability
company action, to authorize the execution, delivery and performance of the Transaction Documents and all other documents and agreements
contemplated hereby and thereby to which it is a party. When executed and delivered by the Issuer each of the Transaction Documents
will constitute the legal, valid and binding obligation of the Issuer enforceable in accordance with its terms, subject, as to
enforcement, to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter in effect
affecting the enforcement of creditors’ rights in general, except as such enforceability may be limited by general principles
of equity (whether considered in a suit at law or in equity).

 

(d)Authorizations.
All authorizations, licenses, permits, certificates, franchises, consents, approvals and undertakings which are required to be
obtained by the Issuer under any applicable law which are material to (i) the conduct of its business, (ii) the ownership, use,
operation or maintenance of its properties or (iii) the performance by the Issuer of its obligations under or in connection with
the Transaction Documents to which it is a party, have been received and all such authorizations, licenses, permits, certificates,
franchises, consents, approvals and undertakings are in full force and effect.

 

(e)No Violations.
The execution, issuance and delivery of, and performance by the Issuer of its obligations under, the Transaction Documents to which
it is a party and any and all instruments or documents required to be executed or delivered pursuant to or in connection herewith
or therewith were and are within the powers of the Issuer and will not violate any provision of any law, regulation, decree or
governmental authorization applicable to the Issuer or its limited liability company agreement, and will not violate or cause a
default under any provision of any contract, agreement, mortgage, indenture or other undertaking to which the Issuer is a party
or which is binding upon the Issuer or any of its property or assets, and will not result in the imposition or creation of any
lien, charge or encumbrance upon any of the properties or assets of the Issuer pursuant to the provisions of any such contract,
agreement, mortgage, indenture or undertaking, other than as specifically set forth in the Indenture.

 

(f)Litigation.
There are no legal, governmental or regulatory proceedings pending to which the Issuer is a party or to which any of its property
is subject, which if determined adversely to the Issuer could individually or in the aggregate have a material adverse effect on
the performance by the Issuer of the Transaction Documents to which it is a party or the consummation of the transactions contemplated
hereunder or thereunder, and to the best of its knowledge, no such proceedings are threatened or contemplated.

 

    	11

    	 

    

ARTICLE
IV

Perfection of Transfer

and Protection of Security Interests

 

Section 4.1.Custody of Collateral
Obligation.

 

On or prior to the
Closing Date, copies (or originals, if required by the definition of Required Loan Documents) of the Required Loan Documents shall
be delivered to the Custodian.

 

Section 4.2.Filing.

 

On or prior to the
Closing Date, the Transferor shall cause the UCC financing statement(s) referred to in Section 2.2(a)(iii) hereof to be
filed. Notwithstanding the obligation of the Transferor set forth in the preceding sentence, each of the Transferor and the Issuer
hereby authorizes the Collateral Manager to prepare and file, at the expense of the Collateral Manager, such UCC financing statements
(including but not limited to renewal, continuation or in lieu statements) and amendments or supplements thereto or other instruments
as the Collateral Manager may from time to time deem necessary or appropriate in order to perfect and maintain the security interests
granted hereunder in accordance with the UCC.

 

Section 4.3.Changes in Name, Corporate
Structure or Location.

 

(a)During the term
of this Agreement, the Transferor shall not change its name, structure or state of incorporation without first giving at least
30 days’ prior written notice to the Trustee.

 

(b)If any change
in the Transferor’s name, structure, state of formation, location or other action would make any financing or continuation
statement or notice of ownership interest or lien relating to any Conveyed Collateral seriously misleading within the meaning of
applicable provisions of the UCC or any title statute, the Transferor, no later than five Business Days after the effective date
of such change, shall file such amendments as may be required to preserve and protect the Issuer’s and the Trustee’s
respective interests in the Conveyed Collateral.

 

Section 4.4.Costs and Expenses.

 

The Issuer (or the
Collateral Manager pursuant to the Collateral Management Agreement on its behalf) will be obligated to pay all reasonable costs
and disbursements in connection with the perfection and the maintenance of perfection, as against all third parties, of the Issuer’s
and Trustee’s respective right, title and interest in and to the Conveyed Collateral (including, without limitation, the
security interests provided for in the Indenture).

 

Section 4.5.Sale Treatment.

 

Other than for tax
and accounting purposes, the Transferor shall treat the transfer of the Conveyed Collateral made hereunder for all purposes as
a sale and purchase on all of its relevant books and records.

 

    	12

    	 

    

Section 4.6.Separateness.

 

The Transferor agrees
to take, or refrain from taking or engaging in, with respect to the Issuer each of the actions or activities specified in the “substantive
consolidation” opinion of Sutherland Asbill & Brennan LLP (including any certificates delivered in connection therewith)
delivered on the Closing Date, upon which the conclusions and opinions therein are based.

 

ARTICLE
V

Covenants

 

Section 5.1.Covenants of the Transferor.

 

The Transferor makes
the following covenants to the Issuer, and on which the Transferor acknowledges and agrees that the Issuer and the Trustee, for
the benefit of the Secured Parties, shall be entitled to rely as an express third party beneficiary as a condition of the Issuer
and the Trustee entering into the Transaction Documents to which each of them is a party and as a condition to the Noteholders
purchasing the Notes.

 

(a)Corporate Existence.
During the term of this Agreement, the Transferor will keep in full force and effect its existence, rights and franchises as a
corporation under the laws of the jurisdiction of its organization and will obtain and preserve its qualification to do business
in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Agreement,
the other Transaction Documents and each other instrument or agreement necessary or appropriate to the proper administration of
this Agreement and the transactions contemplated hereby. In addition, all transactions and dealings between the Transferor and
the Issuer will be conducted on an arm’s length basis.

 

(b)Collateral
Obligations Not to Be Evidenced by Promissory Notes. In the event that any Collateral Obligation not originally evidenced by
a promissory note is evidenced by an Instrument, the Transferor shall deliver such Instrument to the Custodian.

 

(c)Security Interests.
Except as expressly provided herein, the Transferor will not sell, pledge, assign or transfer to any other Person, or grant, create,
incur, assume or suffer to exist any lien on any Conveyed Collateral. The Transferor will promptly notify the Issuer and the Trustee
of the existence of any lien on any Conveyed Collateral; and the Transferor shall defend the respective right, title and interest
of the Issuer in, to and under the Conveyed Collateral against all claims of third parties; provided that nothing in this
Section 5.1(c) shall prevent or be deemed to prohibit the Transferor from suffering to exist Permitted Liens upon any of
the Conveyed Collateral. The Transferor shall promptly take all actions required (including, but not limited to, all filings and
other acts necessary or advisable under the UCC of each relevant jurisdiction) in order to continue (subject to Permitted Liens)
the first priority perfected security interest of the Issuer in all Conveyed Collateral which has not been released pursuant to
the Indenture.

 

(d)Compliance
with Law. The Transferor hereby agrees to comply in all respects with all requirements of law applicable to it except where
the failure to do so would not have a material adverse effect on the Issuer.

 

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(e)Location.
The Transferor shall not move its jurisdiction of formation outside of the State of Maryland without 30 days’ prior written
notice to the Issuer and the Trustee.

 

(f)Merger or Consolidation
of the Transferor.

 

(i)Any
Person into which the Transferor may be merged or consolidated, or any Person resulting from such merger or consolidation to which
the Transferor is a party, or any Person succeeding by acquisition or transfer to substantially all of the assets and the business
of the Transferor shall be the successor to the Transferor hereunder and the other Transaction Documents to which the Transferor
is a party, without execution or filing of any paper or any further act on the part of any of the parties hereto, notwithstanding
anything herein to the contrary.

 

(ii)Upon
the merger or consolidation of the Transferor or transfer of substantially all of its assets and its business as described in this
Section 5.1(f), the Transferor shall provide the Trustee, the Issuer and the Rating Agencies notice of such merger, consolidation
or transfer of substantially all of the assets and business within 30 days after completion of the same.

 

(g)Regulatory
Filings. The Transferor shall make, or shall cause to be made, any filings, reports, notices, applications and registrations
with, and seek any consents or authorizations from, the Securities and Exchange Commission and any state securities authority on
behalf of the Transferor and the Issuer as may be necessary or that the Transferor deems advisable to comply with any federal or
state securities or reporting requirements, laws relating to the transactions contemplated by the Transaction Documents, or as
may be otherwise required by applicable law.

 

(h)Notice.
The Transferor shall, promptly following the Closing Date, notify the agent bank and the Obligor (if required under the respective
assignment agreement) with respect to the Conveyed Collateral of the Transferor’s sale of the Conveyed Collateral to the
Issuer.

 

ARTICLE
VI

Indemnification by THE TRANSFEROR

 

Section 6.1.Indemnification.

 

The Transferor agrees
to indemnify, defend and hold the Issuer, the Trustee and any of their respective managers, members, officers, directors, employees
and agents (any one of which is an “Indemnified Party”) harmless from and against any and all claims, losses,
penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and any other reasonable costs, fees and expenses
(provided that any indemnification for damages is limited to actual damages, not consequential, special or punitive damages) that
such Person may sustain as a result of the Transferor’s gross negligence, willful misconduct or fraud. An Indemnified Party
shall promptly notify the Transferor if a claim is made by a third party with respect to this Agreement, and the Transferor shall
assume (with the consent of the Indemnified Party) the defense and any settlement of any such claim and pay all expenses in connection
therewith, including reasonable counsel fees, and promptly pay, discharge and satisfy any judgment or decree which may be entered
against the Indemnified Party in respect of such claim. If the consent of the Indemnified Party required in the immediately preceding
sentence is unreasonably withheld with respect to any claim, the Transferor shall be relieved of its indemnification obligations
hereunder with respect to such claim. The parties agree that the provisions of this Section 6.1 shall not be interpreted
to provide recourse to the Transferor against loss by reason of the bankruptcy, insolvency or lack of creditworthiness of an Obligor
with respect to a Collateral Obligation. The Transferor shall have no liability for making indemnification hereunder to the extent
any such indemnification constitutes recourse for uncollectible or uncollected amounts payable under any Collateral Obligation.

 

    	14

    	 

    

Section 6.2.Liabilities to Obligors.

 

Except with respect
to the funding commitment or letter of credit participations assumed by the Issuer with respect to any Delayed Drawdown Collateral
Obligation or Revolving Collateral Obligation, the Transferor hereby acknowledges and agrees that no obligation or liability of
the Transferor to any Obligor under any of the Collateral Obligations is intended to be assumed by the Issuer, the Trustee or the
Noteholders under or as a result of this Agreement and the transactions contemplated hereby and under the other Transaction Documents,
and the Trustee for the benefit of the Secured Parties is expressly named as a third party beneficiary of this Agreement for purposes
of this Section 6.2.

 

Section 6.3.Operation of Indemnities.

 

If the Transferor has
made any indemnity payments to any Indemnified Party pursuant to this Article VI and such Indemnified Party thereafter collects
any such amounts from others, such Indemnified Party will repay such amounts collected to the Transferor.

 

ARTICLE
VII

Miscellaneous

 

Section 7.1.Amendment.

 

(a)This Agreement
may be amended or waived from time to time by the parties hereto by written agreement without consent of the Noteholders, to (i)
cure any ambiguity or to correct or supplement any provisions herein, (ii) comply with any changes in the Code, (iii) to enable
the Issuer to rely upon any exemption from registration under the Securities Act or the 1940 Act, (iv) to enable the Issuer or
Transferor to comply with any applicable securities law or U.S. securities laws (including the regulations implementing such laws),
(v) conform this Agreement to the Offering Circular and (vi) to evidence the succession of another Person to the Issuer or Transferor,
as applicable, and the assumption by any such successor Person of the covenants of the Issuer or Transferor, as applicable herein.
Any other amendment or waiver to this Agreement shall be subject to the consent of a Majority of the Controlling Class; provided
that no such amendment or waiver shall reduce in any manner the amount of, or delay the timing of, any amounts received on Collateral
Obligations which are required to be distributed on any Note without the consent of the related Noteholder, or change the rights
or obligations of any other party hereto without the consent of such party.

 

    	15

    	 

    

(b)Prior to the execution
of any such amendment or waiver, the Transferor shall furnish to the Trustee and the Trustee shall furnish to each Rating Agency
and each Noteholder written notification of the substance of such proposed amendment or waiver, together with a copy thereof.

 

(c)Promptly after
the execution of any such amendment or waiver, the Trustee shall furnish written notification of the substance of such amendment
or waiver to the Rating Agencies and to each Noteholder. It shall not be necessary for the consent of any Noteholders pursuant
to Section 7.1(a) to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such
consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization by Noteholders
of the execution thereof shall be subject to such reasonable requirements as the Trustee may prescribe.

 

(d)Prior to the execution
of any amendment to this Agreement, the Issuer and the Trustee shall be entitled to receive and rely upon an Opinion of Counsel
(which Opinion of Counsel may rely upon an Officer’s certificate of the Issuer or of the Collateral Manager with respect
to the effect of any such amendment or waiver on the economic interests of the Noteholders) stating that the execution of such
amendment is authorized or permitted by this Agreement. The Trustee may, but shall not be obligated to, consent to any such amendment
that affects such Trustee’s own rights, duties or immunities under this Agreement or otherwise.

 

(e)The Trustee, by
its signature below, acknowledges and agrees to be bound by the provisions of this Section 7.1.

 

Section 7.2.Governing Law.

 

(a)This Agreement
shall be construed in accordance with, and this Agreement and all matters arising out of or relating in any way whatsoever (whether
in contract, tort or otherwise) to this Agreement shall be governed by, the law of the State of New York

 

(b)EACH PARTY HERETO
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. Each party hereto (i) certifies that no representative,
agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of
litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other parties hereto have been induced to
enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 7.2(b).

 

Section 7.3.Notices.

 

All notices, demands,
certificates, requests, directions and communications hereunder shall be in writing and shall be effective (a) upon receipt when
sent through the U.S. mails, registered or certified mail, return receipt requested, postage prepaid, with such receipt to be effective
the date of delivery indicated on the return receipt, (b) one Business Day after delivery to an overnight courier, (c) on the date
personally delivered to a Responsible Officer of the party to which sent, or (d) on the date transmitted by legible facsimile transmission
or electronic mail transmission with a confirmation of receipt, in all cases addressed to the recipient at such recipient’s
address for notices set forth in Schedule 2.

 

    	16

    	 

    

 

 

Section 7.4.Severability of Provisions.

 

If one or more of the
covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever prohibited or held invalid or unenforceable,
then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions
or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement
and any such prohibition, invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such
covenant, agreement, provision or term in any other jurisdiction.

 

Section 7.5.Third Party Beneficiaries.

 

The parties hereto
hereby manifest their intent that except as otherwise expressly provided herein, no third party (other than the Trustee, on behalf
of the Secured Parties) shall be deemed a third party beneficiary of this Agreement, and specifically that the Obligors are not
third party beneficiaries of this Agreement.

 

Section 7.6.Counterparts.

 

This Agreement may
be executed by facsimile signature and in several counterparts, each of which shall be an original and all of which shall together
constitute but one and the same instrument.

 

Section 7.7.Headings.

 

The headings of the
various Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

 

Section 7.8.No Bankruptcy Petition;
Disclaimer.

 

(a)The Transferor
covenants and agrees that, prior to the date that is one year and one day after the satisfaction and discharge of the Indenture
or, if longer, the applicable preference period then in effect, it will not institute against the Issuer, or join any other Person
in instituting against the Issuer, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other
similar proceedings under the laws of the United States or any state of the United States. This Section 7.8 will survive
the termination of this Agreement.

 

(b)The provisions
of this Section 7.8 shall be for the third party benefit of those entitled to rely thereon, including the Trustee for the
benefit of the Secured Parties, and shall survive the termination of this Agreement.

 

Section 7.9.

Jurisdiction.

 

Each party hereto hereby
irrevocably submits to the non-exclusive jurisdiction of any New York State or Federal court sitting in the Borough of Manhattan
in The City of New York in any action or proceeding arising out of or relating this Agreement, and hereby irrevocably agrees that
all claims in respect of such action or proceeding may be heard and determined in such New York State or Federal court. Each party
hereto hereby irrevocably waives, to the fullest extent that it may legally do so, the defense of an inconvenient forum to the
maintenance of such action or proceeding. Each party hereto irrevocably consents to the service of any and all process in any action
or proceeding by the mailing or delivery of copies of such process to it the address set forth in Schedule 2. Each party
hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions
by suit on the judgment or in any other manner provided by law.

 

Section 7.10.Prohibited Transactions
with Respect to the Issuer.

 

The Transferor shall
not:

 

(a)Provide credit
to any Noteholder for the purpose of enabling such Noteholder to purchase Notes; or

 

(b)Purchase any Notes
in an agency or trustee capacity.

 

Section 7.11.No Partnership.

 

Nothing herein contained
shall be deemed or construed to create a co-partnership or joint venture between the parties hereto.

 

Section 7.12.Successors and Assigns.

 

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

 

Section 7.13.Duration of Agreement.

 

This Agreement shall
continue in existence and effect until the satisfaction and discharge of the Indenture.

 

Section 7.14.Limited Recourse.

 

The obligations of
the Issuer and the Transferor under this Agreement and the other Transaction Documents are solely the limited liability company
or corporate obligations, as applicable, of the Issuer and Transferor, respectively. No recourse shall be had for the payment of
any amount owing by the Issuer or Transferor under this Agreement, any Transaction Document or for the payment by the Issuer or
Transferor of any fee in respect hereof or any other obligation or claim of or against the Issuer or Transferor arising out of
or based upon this Agreement or any Transaction Document, against any employee, officer, director, shareholder, partner, member
or manager of the Issuer or Transferor or of any Affiliate of such Person (other than the Transferor or the Issuer, as applicable).
The provisions of this Section 7.14 shall survive the termination of this Agreement.

 

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LEFT BLANK]

 

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

 

TICC CAPITAL CORP.

 

By:

Name:

Title:

 

 

TICC CLO 2012-1 LLC

 

By: TICC Capital Corp., its
designated manager

 

By:

Name:

Title:

 

    	19

    	 

    

SCHEDULE 1

 

 

 

Schedule of Conveyed Collateral

 

 

    	S-1-1

    	 

    

SCHEDULE 2

NOTICE INFORMATION

Transferor:

 

TICC Capital Corp.

8 Sound Shore Drive, Suite 255

Greenwich, CT 06830

Telephone No.: (203) 983-5275

Facsimile No.: (203) 983-5290

Attention: Saul Rosenthal

 

Issuer:

 

TICC CLO 2012-1 LLC

8 Sound Shore Drive, Suite 255

Greenwich, CT 06830

Telephone No.: (203) 983-5275

Facsimile No.: (203) 983-5290

Attention: Saul Rosenthal

 

Collateral Manager:

 

TICC Capital Corp.

8 Sound Shore Drive, Suite 255

Greenwich, CT 06830

Telephone No.: (203) 983-5275

Facsimile No.: (203) 983-5290

Attention: Saul Rosenthal

 

Trustee:

 

The Bank of New York Mellon Trust Company, National Association

601 Travis Street, 16th Floor

Houston, TX 77002

Telephone No.: 713-483-6000

Facsimile No.: 713-483-6001

Attention: Global Corp Trust – TICC CLO 2012-1 LLC

    	S-2-1

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