Document:

Exhibit 10

 

 

FIRST SUPPLEMENTAL INDENTURE

 

dated as of December 21, 2020

 

by and between

 

GCIC CLO II LLC,

as Issuer

 

and

 

THE BANK OF NEW YORK MELLON TRUST COMPANY,
NATIONAL ASSOCIATION,

as Trustee

 

to

 

the Indenture, dated as of December 13,
2018,

among the Issuer and the Trustee

 

  

    

     

    

 

THIS
FIRST SUPPLEMENTAL INDENTURE, dated as of December 21, 2020 (the “Supplemental Indenture”), between GCIC CLO
II LLC, a limited liability company organized under the laws of the State of Delaware (the “Issuer”)
and THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as trustee (together with its permitted successors and assigns,
the “Trustee”), is entered into pursuant to the terms of the indenture, dated as of December 13, 2018 (the “Original
Closing Date”), between the Issuer and the Trustee (as amended, restated or supplemented as of the date hereof and as
may be further amended, restated or supplemented from time to time, the “Indenture”). Capitalized terms used
but not defined in this Supplemental Indenture have the meanings assigned thereto in the Indenture.

 

PRELIMINARY STATEMENT

 

WHEREAS, the Issuer
issued subordinated notes on the Original Closing Date (the “Subordinated Notes”), and a Majority of the Holders
of such Subordinated Notes (the “Subordinated Noteholders”) desire to cause an Partial Refinancing of certain
Secured Notes issued on the Original Closing Date;

 

WHEREAS, pursuant to
Sections 9.2 and 8.1(xii) of the Indenture, at the direction of a Majority of the Subordinated Noteholders and with the consent
of the Collateral Manager and the U.S. Retention Provider, the Issuer desires to enter into this Supplemental Indenture to make
changes necessary to issue replacement securities in connection with a Partial Refinancing, occurring on the Refinancing Date,
of the Class A-2 Senior Secured Fixed Rate Notes issued on the Original Closing Date (collectively, the “Redeemed Secured
Notes”);

 

WHEREAS, the foregoing
actions will take place simultaneously, and the Redeemed Secured Notes are being redeemed simultaneously with the execution of
this Supplemental Indenture from proceeds of the issuance of the Refinancing Notes (as defined below) and Partial Refinancing Interest
Proceeds;

 

WHEREAS, pursuant to
Sections 8.1, 8.3, 9.2(a) and 9.4(a) of the Indenture, by affixing its signature hereto, the Collateral Manager and U.S. Retention
Provider have consented to the terms of this Supplemental Indenture;

 

WHEREAS, pursuant to
Section 8.1(a)(xii) and 9.2 of the Indenture, the Holders of at least a Majority of the Subordinated Notes have consented to the
terms of this Supplemental Indenture;

 

WHEREAS, each Holder
or beneficial owner of a Refinancing Note, by its purchase or acquisition thereof, will be deemed to have consented to the execution
of this Supplemental Indenture; and

 

WHEREAS, for purposes
of the amendments effected, a copy of this Supplemental Indenture has been delivered at least 4 Business Days prior to the date
hereof in accordance with Section 8.1 and 9.4(a) of the Indenture.

 

NOW THEREFORE, for
good and valuable consideration the receipt of which is hereby acknowledged, the Issuer and the Trustee hereby agree as follows.

 

Section
1.               Issuance and Authentication
of Refinancing Notes.

 

    

     

    

 

(a)           In accordance with Section 9.2(a) and Section 8.1(xii) of the Indenture, the Issuer hereby redeems the Redeemed Secured
Notes and issues as replacement securities for the Redeemed Secured Notes the Class A-2-R Senior Secured Fixed Rate Notes (the
 “Refinancing Notes”). The Refinancing Notes shall have the designations, original principal amounts, and other
characteristics as follows:

 

 

	Class Designation	A-2-R
	Original Principal Amount	$38,500,000
	Stated Maturity	January 20, 2031 
	Fixed Rate Note	Yes
	Interest Rate	2.498%
	Index	N/A
	Index Maturity	N/A
	Initial Rating(s):	 
	S&P	AAA(sf)
	Fitch	N/A
	Priority Classes	A-1
	Pari Passu Classes	None
	Junior Classes	B-1, B-2, C, D, Subordinated
	Interest Deferrable	No

 

The Refinancing Notes
shall be issued in minimum denominations of U.S.$250,000 and integral multiples of U.S.$1.00 in excess thereof. The Refinancing
Notes shall only be transferred or resold in compliance with the terms of the Indenture, as amended by this Supplemental Indenture.

 

(b)           The Issuer hereby directs the Trustee to (i) deposit the proceeds of the Refinancing Notes into the Payment Account; (ii)
transfer available Partial Refinancing Interest Proceeds in an amount equal to $304,326.46 from the Interest Collection Subaccount
to the Payment Account; and (iii) make payments in the following order of priority: (A) to the extent directed by the Collateral
Manager, to pay for expenses incurred in connection with the issuance of the Refinancing Notes; (B) to pay the Redemption Price
of the Redeemed Secured Notes; and (C) any remaining proceeds from the Refinancing Notes to be deposited in the Collection Account
as Principal Proceeds. For administrative convenience, any of the foregoing described steps or transfers of cash will take place
simultaneously. Amounts to be directed to a certain account and then deposited into another account may be directly deposited into
such other account.

 

(c)           The Refinancing Notes shall be issued as Rule 144A Global Secured Notes and Regulation S Global Secured Notes except that
Refinancing Notes shall be issued in the form of Certificated Notes to a Person that, at the time of the acquisition, purported
acquisition or proposed acquisition of any such Refinancing Note is an Institutional Accredited Investor and a Qualified Purchaser
(or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member
or other equity owner of which is a Qualified Purchaser). The Refinancing Notes shall be issued substantially in the forms attached
to the Indenture and shall be executed by the Issuer and delivered to the Trustee for authentication and thereupon the same shall
be authenticated and delivered to the Issuer by the Trustee upon Issuer Order and upon receipt by the Trustee of the following:

 

    2

     

    

 

(i)            Rating Letter. An Officer’s certificate of the Issuer to the effect that it has received a letter from S&P
confirming that S&P’s rating of the Refinancing Notes is as set forth in Section 1(a) of this Supplemental Indenture.

 

(ii)           Governmental Approvals. From the Issuer either (A) a certificate of the Issuer or other official document evidencing
the due authorization, approval, or consent of any governmental body or bodies, at the time having jurisdiction in the premises,
together with an Opinion of Counsel of the Issuer that no other authorization, approval, or consent of any governmental body is
required for the valid issuance of such Refinancing Notes; or (B) an Opinion of Counsel of the Issuer that no such authorization,
approval, or consent of any governmental body is required for the valid issuance of such Refinancing Notes except as has been given.

 

(iii)          Legal Opinions. Opinions of (A) Dechert LLP, special counsel to the Issuer, (B) Clark Hill PLC, Delaware counsel
to the Issuer and (C) Locke Lord LLP, counsel to the Trustee, in each case dated as of the Refinancing Date.

 

(iv)          Officers’ Certificates of the Issuer Regarding Corporate Matters. An Officer’s certificate of the Issuer
(A) evidencing the authorization by Resolution of the execution and authentication of the securities applied for by it and
specifying the Stated Maturity, principal amount and Interest Rate of the Refinancing Notes to be delivered and authenticated by
it as set forth in Section 1(a) hereto; and (B) certifying that (1) the attached copy of the Resolutions is a true and
complete copy thereof, (2) such Resolutions have not been rescinded and are in full force and effect on and as of the Refinancing
Date and (3) the Officers authorized to execute and deliver such documents hold the offices and have the signatures indicated
thereon.

 

(v)           Officers’ Certificates of Issuer Regarding this Supplemental Indenture. An Officer’s certificate of the
Issuer stating that, to the best of the signing Officer’s knowledge, the Issuer is not in default under the Indenture (before
and after giving effect to this Supplemental Indenture) and that the issuance of the Refinancing Notes applied for by it will not
result in a default or a breach of any of the terms, conditions or provisions of, or constitute a default under, its organizational
documents, any indenture or other agreement or instrument to which it is a party or by which it is bound, or any order of any court
or administrative agency entered in any Proceeding to which it is a party or by which it may be bound or to which it may be subject;
that all conditions precedent provided in the Indenture relating to the authentication and delivery of the Refinancing Notes applied
for by it have been complied with and that the authentication and delivery of the Refinancing Notes is authorized or permitted
under the Indenture; and that all expenses due or accrued with respect to the offering of the Refinancing Notes or relating to
actions taken on or in connection with the Refinancing Date have been paid or reserves therefor have been made. The Officer’s
certificate of the Issuer shall also state that all of its representations and warranties contained in the Indenture (as amended
by this Supplemental Indenture) are true and correct as of the Refinancing Date.

 

    3

     

    

 

(vi)          Officers’ Certificate of Collateral Manager. An Officer’s certificate of the Collateral Manager stating
that the conditions set forth in Section 9.2(f) of the Indenture have been satisfied.

 

(d)           On the Refinancing Date, all Global Notes representing the Redeemed Secured Notes that are held by the Trustee on behalf
of Cede & Co. shall be deemed to be surrendered and shall be deemed to be cancelled in accordance with Section 2.9 of the Indenture.

 

Section
2.              Amendments to the Indenture.
As of the date hereof, the Indenture is hereby amended to delete the stricken text (indicated textually in the same manner as the
following example: stricken text) and to add the bold and double-underlined text
(indicated textually in the same manner as the following example: bold
and double-underlined text) as set forth on the pages of the Indenture attached as Appendix A hereto and
the exhibits to the Indenture are amended and restated in their entirety and replaced with the Exhibits attached to the Indenture
attached as Appendix A hereto.

 

Section
3.              Indenture to Remain in Effect.

 

(a)           Except as expressly modified herein, the Indenture shall continue in full force and effect in accordance with its terms.
Upon issuance and authentication of the Refinancing Notes and redemption in full of the Redeemed Secured Notes, all references
in the Indenture to the Class of Redeemed Secured Notes shall apply mutatis mutandis to the Class of the Refinancing Notes
issued hereunder. All references in the Indenture to the Indenture or to “this Indenture” shall apply mutatis mutandis
to the Indenture as modified by this Supplemental Indenture. The Trustee shall be entitled to all rights, protections, immunities
and indemnities set forth in the Indenture as if fully set forth in this Supplemental Indenture.

 

(b)           For the avoidance of doubt, the changes set forth in Appendix A hereto shall supersede any terms or provisions of
the Indenture that are inconsistent with such changes.

 

Section
4.               Waivers and Acknowledgements

 

(a)           By its purchase of a Refinancing Note issued hereunder, each Holder or beneficial owner waives any notices in connection
with this Supplemental Indenture, and any notice periods pertaining thereto, required to be given to such Holder or beneficial
owner pursuant to the terms of the Indenture, including Section 8.1 of the Indenture.

 

(b)           By its purchase of a Refinancing Note hereunder, each Holder or beneficial owner is deemed to consent to the terms of this
Supplemental Indenture, which consents shall be considered to be “in writing” for purposes of Section 14.2 of the Indenture
and each such Holder or beneficial owner waives any other conditions or requirements applicable to such amendment.

 

Section
5.               Miscellaneous.

 

(a)           THIS Supplemental Indenture SHALL BE CONSTRUED IN ACCORDANCE WITH, AND any matters
arising out of or relating in any way whatsoever to this Supplemental Indenture (whether in contract, tort or otherwise) shall
be GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.

 

    4

     

    

 

(b)           This Supplemental Indenture (and each amendment, modification and waiver in respect of it), the Refinancing Notes may be
executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original, and all
of which together constitute one and the same instrument. This Supplemental Indenture shall be valid, binding, and enforceable
against a party when executed and delivered by ‎an authorized individual on behalf of the party by means of (i) an original
manual signature; (ii) a faxed, ‎scanned, or photocopied manual signature, or (iii) any other electronic signature permitted
by the federal ‎Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic ‎Transactions
Act, and/or any other relevant electronic signatures law, including any relevant provisions of ‎the UCC‎ ‎ (collectively,
 “Signature Law”), in each case to the extent ‎applicable. Each faxed, scanned, or photocopied manual signature,
or other electronic signature, shall for ‎all purposes have the same validity, legal effect, and admissibility in evidence
as an original manual ‎signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability
with ‎respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any ‎other party
and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity ‎thereof. This Supplemental
Indenture may be executed in any number of counterparts, each of which shall be ‎deemed to be an original, but such counterparts
shall, together, constitute one and the same instrument. ‎For the avoidance of doubt, original manual signatures shall be used
for execution or indorsement of ‎writings when required under the UCC or other Signature Law due to the character or intended
character ‎of the writings.‎

 

(c)           Notwithstanding any other provision of this Supplemental Indenture, the obligations of the Issuer under the Refinancing
Notes and the Indenture as supplemented by this Supplemental Indenture are limited recourse obligations of the Issuer payable solely
from the Assets and following realization of the Assets, and application of the proceeds thereof in accordance with the Indenture
as supplemented by this Supplemental Indenture, all obligations of and any claims against the Issuer hereunder or in connection
herewith after such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer,
director, member, manager, partner, employee, shareholder or authorized person of the Issuer, the Collateral Manager, the Retention
Provider or their respective successors or assigns for any amounts payable under the Refinancing Notes (except as otherwise provided
herein) or the Indenture as supplemented by this Supplemental Indenture. It is understood that the foregoing provisions of this
Section 5(c) shall not (i) prevent recourse to the Assets for the sums due or to become due under any security, instrument or agreement
which is part of the Assets or (ii) constitute a waiver, release or discharge of any indebtedness or obligation evidenced by the
Refinancing Notes or secured by the Indenture as supplemented by this Supplemental Indenture until the assets constituting the
Assets have been realized. It is further understood that the foregoing provisions of this Section 5(c) shall not limit the right
of any Person to name the Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under the Refinancing
Notes or the Indenture as supplemented by this Supplemental Indenture, so long as no judgment in the nature of a deficiency judgment
or seeking personal liability shall be asked for or (if obtained) enforced against any such Person.

 

    5

     

    

 

(d)           Notwithstanding any other provision of the Indenture as supplemented by this Supplemental Indenture, neither the Trustee
nor the Holders or beneficial owners of the Refinancing Notes may, prior to the date which is one year (or if longer, any applicable
preference period) and one day after the payment in full of all Notes, institute against, or join any other Person in instituting
against, the Issuer any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation Proceedings, or other Proceedings
under U.S. federal or State bankruptcy or similar laws. Nothing in this Section 5(d) shall preclude, or be deemed to stop, the
Trustee (i) from taking any action prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily
filed or commenced by the Issuer or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Trustee,
or (ii) from commencing against the Issuer any legal action which is not a bankruptcy, reorganization, arrangement, insolvency,
moratorium or liquidation Proceeding.

 

(e)           The Trustee assumes no responsibility for the correctness of the recitals contained herein, which shall be taken as the
statements of the Issuer and, except as provided in the Indenture, the Trustee shall not be responsible or accountable in any way
whatsoever for or with respect to the validity, execution or sufficiency of this Supplemental Indenture and makes no representation
with respect thereto. In entering into this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision
of the Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee.

 

(f)            The Issuer hereby directs the Trustee to execute this Supplemental Indenture and the Issuer hereby acknowledges and agrees
that the Trustee shall be fully protected in relying upon the foregoing direction.

 

(g)           The Issuer represents and warrants to the Trustee that this Supplemental Indenture has been duly and validly executed and
delivered by the Issuer and constitutes its respective legal, valid and binding obligation, enforceable against the Issuer in accordance
with its terms.

 

(h)           The Issuer hereby acknowledges that, to the extent any expenses incurred in connection with this Supplemental Indenture
are not paid on the Refinancing Date, such expenses shall be paid pursuant to Section 11.1 of the Indenture starting on the Payment
Date immediately following the Refinancing Date.

 

(i)            This Supplemental Indenture shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns.

 

[Remainder of the
Page Intentionally Left Blank.]

 

    6

     

    

 

IN WITNESS WHEREOF,
the parties hereto have executed and delivered this Supplemental Indenture as of the date first written above.

 

	 	GCIC CLO II LLC, as Issuer
	 	 
	 	By: Golub Capital BDC, Inc.,
    its designated manager
	 	 
	 	By:	 /s/ Ross A. Teune
	 	 	Name: Ross A. Teune
	 	 	Title: Chief Financial Officer

 

    7

     

    

 

	 	THE
                                         BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION,

                                                                                as Trustee

	 	 
	 	By: 	/s/ Bruce C. Boyd
	 	 	Name: Bruce C. Boyd
	 	 	Title: Vice President

 

    8

     

    

 

	Consented to by:	 
	 	 
	GC
    ADVISORS LLC,

     as Collateral Manager	 
	 	 
	 	 
	By:	/s/
    Joshua M. Levinson	 
	 	Name: Joshua M. Levinson	 
	 	Title: Co-General Counsel and Chief Compliance
    Officer	 

 

    9

     

    

 

	Consented to by:	 
	 	 
	GCIC CLO II DEPOSITOR
    II LLC,	 
	as Majority
    Subordinated Noteholder and U.S. Retention Provider	 
	 	 
	By: 	Golub Capital BDC, Inc., its designated
    manager	 
	 	 
	 	 
	By:	/s/ Ross A. Teune	 
	 	Name: Ross A. Teune	 
	 	Title: Chief Financial Officer	 

 

    10

     

    

 

APPENDIX A

 

[attached below]

 

    11

     

    

 

 

EXECUTION
VERSION

Conformed
Through First Supplemental Indenture

Dated
as of December 21, 2020

  

  

INDENTURE

 

by
and between

 

GCIC
CLO II LLC,

Issuer

 

and

 

THE
BANK OF NEW YORK MELLON TRUST COMPANY,

NATIONAL ASSOCIATION,

Trustee

 

Dated
as of December 13, 2018

  

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I	Definitions	2
	 	 	 
	Section 1.1	Definitions	2
	Section 1.2	Usage of Terms	75
	Section 1.3	Assumptions as to Assets	76
	 	 	 
	ARTICLE II	The Notes	7879
	 	 	 
	Section 2.1	Forms Generally	7879
	Section 2.2	Forms of Notes	7879
	Section 2.3	Authorized Amount; Stated Maturity; Denominations	81
	Section 2.4	Execution, Authentication, Delivery and Dating	82
	Section 2.5	Registration, Registration of Transfer and Exchange	8283
	Section 2.6	Mutilated, Defaced, Destroyed, Lost or Stolen Note	9394
	Section 2.7	Payment of Principal and Interest and Other Amounts; Principal and Interest Rights Preserved	95
	Section 2.8	Persons Deemed Owners	98
	Section 2.9	Cancellation	98
	Section 2.10	DTC Ceases to be Depository	99
	Section 2.11	Non-Permitted Holders	99100
	Section 2.12	Treatment and Tax Certification	101102
	Section 2.13	Additional Issuance	104105
	 	 	 
	ARTICLE III	Conditions Precedent	106107
	 	 	 
	Section 3.1	Conditions to Issuance of Notes on Closing Date	106107
	Section 3.2	Conditions to Additional Issuance	109110
	Section 3.3	Custodianship; Delivery of Collateral Obligations and Eligible Investments	111112
	 	 	 
	ARTICLE IV	Satisfaction And Discharge	112113
	 	 	 
	Section 4.1	Satisfaction and Discharge of Indenture	112113
	Section 4.2	Application of Trust Money	113114
	Section 4.3	Repayment of Monies Held by Paying Agent	113114
	Section 4.4	Liquidation of Assets	114
	 	 	 
	ARTICLE V	Remedies	114115
	 	 	 
	Section 5.1	Events of Default	114115
	Section 5.2	Acceleration of Maturity; Rescission and Annulment	116117
	Section 5.3	Collection of Indebtedness and Suits for Enforcement by Trustee	117118
	Section 5.4	Remedies	119120
	Section 5.5	Optional Preservation of Assets	121121
	Section 5.6	Trustee May Enforce Claims Without Possession of Notes	123
	Section 5.7	Application of Money Collected	123
	Section 5.8	Limitation on Suits	123124

 

    -i-

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	Section
    5.9	Unconditional
    Rights of Secured Noteholders to Receive Principal and Interest	124
	Section 5.10	Restoration of
    Rights and Remedies	124125
	Section 5.11	Rights and Remedies
    Cumulative	124125
	Section 5.12	Delay or Omission
    Not Waiver	124125
	Section 5.13	Control by Supermajority
    of Controlling Class	124125
	Section 5.14	Waiver of Past
    Defaults	125126
	Section 5.15	Undertaking for
    Costs	126
	Section 5.16	Waiver of Stay
    or Extension Laws	126127
	Section 5.17	Sale of Assets	126127
	Section 5.18	Action on the
    Notes	127128
	 	 	 
	ARTICLE VI	The Trustee	127128
	 	 	 
	Section 6.1	Certain Duties
    and Responsibilities	127128
	Section 6.2	Notice of Event
    of Default	129130
	Section 6.3	Certain Rights
    of Trustee	129130
	Section 6.4	Not Responsible
    for Recitals or Issuance of Notes	133134
	Section 6.5	May Hold
    Notes	133134
	Section 6.6	Money Held in
    Trust	133134
	Section 6.7	Compensation and
    Reimbursement	133134
	Section 6.8	Corporate Trustee
    Required; Eligibility	135
	Section 6.9	Resignation and
    Removal; Appointment of Successor	135136
	Section 6.10	Acceptance of
    Appointment by Successor	136137
	Section 6.11	Merger, Conversion,
    Consolidation or Succession to Business of Trustee	137
	Section 6.12	Co-Trustees	137138
	Section 6.13	Certain Duties
    of Trustee Related to Delayed Payment of Proceeds	138139
	Section 6.14	Authenticating
    Agents	138139
	Section 6.15	Withholding	139140
	Section 6.16	Representative
    for Secured Noteholders only; Agent for each other Secured Party and the Holders of the Subordinated Notes	139140
	Section 6.17	Representations
    and Warranties of the Bank	140
	 	 	 
	ARTICLE VII	Covenants	140141
	 	 	 
	Section 7.1	Payment of Principal
    and Interest	140141
	Section 7.2	Maintenance of
    Office or Agency	141
	Section 7.3	Money for Note
    Payments to be Held in Trust	141142
	Section 7.4	Existence of Issuer	143144
	Section 7.5	Protection of
    Assets	145
	Section 7.6	Opinions as to
    Assets	145146
	Section 7.7	Performance of
    Obligations	145146
	Section 7.8	Negative Covenants	145146

 

    -ii-

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page

	Section
    7.9	Statement
    as to Compliance	147148
	Section 7.10	Issuer May Consolidate,
    etc., Only on Certain Terms	147148
	Section 7.11	Successor Substituted	149150
	Section 7.12	No Other Business	149150
	Section 7.13	[Reserved].	149150
	Section 7.14	Annual Rating
    Review	150
	Section 7.15	Reporting	150151
	Section 7.16	Calculation Agent	150151
	Section 7.17	Certain Tax Matters	151152
	Section 7.18	Effective Date;
    Purchase of Additional Collateral Obligations	156157
	Section 7.19	Representations
    Relating to Security Interests in the Assets	159160
	 	 	 
	ARTICLE VIII	Supplemental Indentures	163
	 	 	 
	Section 8.1	Supplemental Indentures
    Without Consent of Holders of Notes	163
	Section 8.2	Supplemental Indentures
    With Consent of Holders of Notes	167
	Section 8.3	Execution of Supplemental
    Indentures	167168
	Section 8.4	Effect of Supplemental
    Indentures	171
	Section 8.5	Reference in Notes
    to Supplemental Indentures	171
	Section 8.6	Hedge Agreements	171172
	 	 	 
	ARTICLE IX	Redemption Of Notes	171172
	 	 	 
	Section 9.1	Mandatory Redemption	171172
	Section 9.2	Optional Redemption	171172
	Section 9.3	Tax Redemption	175176
	Section 9.4	Redemption Procedures	175176
	Section 9.5	Notes Payable
    on Redemption Date	177178
	Section 9.6	Special Redemption	178179
	Section 9.7	Issuer Purchases
    of Secured Notes	178179
	Section 9.8	Optional Re-Pricing	180181
	Section 9.9	Clean-Up Call
    Redemption	184
	 	 	 
	ARTICLE X	Accounts, Accountings
    And Releases	184185
	 	 	 
	Section 10.1	Collection of
    Money	184185
	Section 10.2	Collection Account	185
	Section 10.3	Transaction Accounts.	187188
	Section 10.4	The Revolver Funding
    Account	189190
	Section 10.5	Ownership of the
    Accounts	191
	Section 10.6	Reinvestment of
    Funds in Accounts; Reports by Trustee	190191
	Section 10.7	Accountings	191192
	Section 10.8	Release of Assets	200
	Section 10.9	Reports by Independent
    Accountants	202
	Section 10.10	Reports to the
    Rating Agencies and Additional Recipients	202203

 

    -iii-

     

    

 

TABLE
OF CONTENTS

(continued)

 

	 	 	Page

	 	 	 
	Section 10.11	Procedures Relating
    to the Establishment of Accounts Controlled by the Trustee	203
	Section 10.12	Section 3(c)(7)
    Procedures	203
	Section 10.13	No Further Reporting
    Following the Redemption of the Secured Notes	206207
	 	 	 
	ARTICLE XI	Application Of Monies	206207
	 	 	 
	Section 11.1	Disbursements
    of Monies from Payment Account	206207
	 	 	 
	ARTICLE XII	SALE OF COLLATERAL
    OBLIGATIONS; PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS	213214
	 	 	 
	Section 12.1	Sales of Collateral
    Obligations	214
	Section 12.2	Purchase of Additional
    Collateral Obligations	217
	Section 12.3	Conditions Applicable
    to All Sale and Purchase Transactions	220
	 	 	 
	ARTICLE XIII	Noteholders’
    Relations	221
	 	 	 
	Section 13.1	Subordination	221
	Section 13.2	Standard of Conduct	221222
	 	 	 
	ARTICLE XIV	MISCELLANEOUS	222
	 	 	 
	Section 14.1	Form of Documents
    Delivered to Trustee	222
	Section 14.2	Acts of Holders	223224
	Section 14.3	Notices, etc.,
    to Trustee, the Issuer, the Collateral Manager, the Initial Purchaser, the Collateral Administrator, the Paying Agent and
    each Rating Agency	224225
	Section 14.4	Notices to Holders;
    Waiver	226
	Section 14.5	Effect of Headings
    and Table of Contents	226227
	Section 14.6	Successors and
    Assigns	227
	Section 14.7	Severability	227
	Section 14.8	Benefits of Indenture	227
	Section 14.9	Legal Holidays	227228
	Section 14.10	Governing Law	227228
	Section 14.11	Submission to
    Jurisdiction	227228
	Section 14.12	Waiver of Jury
    Trial	228
	Section 14.13	Counterparts	228
	Section 14.14	Acts of Issuer	228
	Section 14.15	Confidential Information	228229
	Section 14.16	Liability of Issuer	230
	Section 14.17	Notices to S&P;
    Rule 17g-5 Procedures	230231
	Section 14.18	Proceedings	232233
	 	 	 
	ARTICLE XV	Assignment Of Certain
    Agreements	233
	 	 	 
	Section 15.1	Assignment of
    Collateral Management Agreement	233
	 	 	 

 

    -iv-

     

    

 

Schedules
and Exhibits

 

	Schedule 1 	List
    of Collateral Obligations	 
	Schedule 2 	S&P Industry
    Classifications	 
	Schedule 3 	Moody’s
    Rating Definitions	 
	Schedule 4 	S&P Recovery
    Rate Tables	 
	Schedule 5 	[Reserved]	 
	Schedule 6 	Diversity Score
    Calculation	 
	Schedule 7	Fitch Rating Definitions	 
	Schedule 8	S&P Region
    Diversity Table	 
	 	 	 
	 	 	 
	Exhibit A	Forms of Notes	 
	A-1	Form of Global
    Secured Note	 
	A-2	Form of Rule 144A
    Global Subordinated Note	 
	A-3	Form of Certificated
    Secured Note	 
	A-4	Form of Certificated
    Subordinated Note	 
	 	 	 
	Exhibit B	Forms of Transfer
    and Exchange Certificates	 
	B-1	Form of Transferor
    Certificate for Transfer of Rule 144A Global Secured Note or Certificated Secured Note to Regulation S Global Secured Note	 
	B-2	Form
    of Purchaser Representation Letter for Certificated Secured Notes	 
	B-3	Form of Transferor
    Certificate for Transfer of Regulation S Global Secured Note or Certificated Secured Note to Rule 144A Global Secured Note	 
	B-4	Form
    of Purchaser Representation Letter for Certificated Subordinated Notes	 
	B-5	Form
    of Subordinated Note ERISA Certificate	 
	B-6	Form
    of Transferee Certificate of Rule 144A Global Secured Note	 
	B-7	Form of Transferee
    Certificate of Temporary Regulation S Global Secured Note or Regulation S Global Secured Note	 
	 	 	 
	B-8	Form of Transferor
    Certificate for Transfer of Certificated Subordinated Note to Rule 144A Global Subordinated Note	 
	B-9	Form of Transferee
    Certificate of Rule 144A Global Subordinated Note	 

 

	Exhibit
    C	Calculation
    of LIBOR
	Exhibit
    D	Form
    of Beneficial Ownership Certificate
	Exhibit
    E	Form
    of NRSRO Certification
	Exhibit
    F	Form
    of Notice of Contribution

 

    -v-

     

    

 

INDENTURE,
dated as of December 13, 2018, between GCIC CLO II LLC, a limited liability company organized under the laws of the State of Delaware
(the “Issuer”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, NATIONAL ASSOCIATION, as trustee (herein, together
with its permitted successors and assigns in the trusts hereunder, the “Trustee”).

 

PRELIMINARY
STATEMENT

 

The
Issuer is duly authorized to execute and deliver this Indenture to provide for the Notes issuable as provided herein. The Issuer
is entering into this Indenture, and the Trustee is accepting the trusts created hereby, for good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged.

 

All
things necessary to make this Indenture a valid agreement of the Issuer in accordance with the agreement’s terms have been
done.

 

GRANTING
CLAUSES

 

The
Issuer hereby Grants to the Trustee, for the benefit and security of the Holders of the Secured Notes, the Trustee, the Collateral
Manager and the Collateral Administrator (collectively, the “Secured Parties”), all of its right, title and
interest in, to and under, in each case, whether now owned or existing, or hereafter acquired or arising any and all accounts,
chattel paper, deposit accounts, financial assets, general intangibles, instruments, investment property, letter-of-credit rights,
documents, goods and supporting obligations and other assets in which the Issuer has an interest and specifically including: (a) the
Collateral Obligations (listed, as of the Closing Date, in Schedule 1 to this Indenture) which the Issuer causes
to be delivered to the Trustee (directly or through an intermediary or bailee) herewith and all payments thereon or with
respect thereto, and all Collateral Obligations which are delivered to the Trustee in the future pursuant to the terms hereof
and all payments thereon or with respect thereto, (b) each of the Accounts, and in each case any Eligible Investments purchased
with funds on deposit in any of the Accounts, and all income from the investment of funds therein, (c) the Collateral Management
Agreement as set forth in Article XV hereof, the Securities Account Control Agreement, the Master Loan Sale Agreements
and the Collateral Administration Agreement, (d) all Cash or Money delivered to the Trustee (or its bailee) from any
source for the benefit of the Secured Parties or the Issuer, (e) any Equity Securities received by the Issuer; it being understood
that Equity Securities may not be purchased by the Issuer but it is possible that the Issuer may receive an Equity Security in
connection with an insolvency, bankruptcy, reorganization, debt restructuring or workout in such case that would be considered
“received in lieu of debts previously contracted with respect to the Collateral Obligation” under the Volcker Rule,
(f) all accounts, chattel paper, deposit accounts, financial assets, general intangibles, payment intangibles, instruments,
investment property, letter-of-credit rights, securities, money, documents, goods, commercial tort claims and securities entitlements,
and other supporting obligations (as such terms are defined in the UCC), (g) any other property otherwise delivered to the
Trustee by or on behalf of the Issuer (whether or not constituting Collateral Obligations, Equity Securities or Eligible Investments); and
(h) all proceeds (as defined in the UCC) and products with respect to the foregoing (the assets referred to in (a) through
(h) are collectively referred to as the “Assets”).

 

     

     

    

 

The
above Grant is made in trust to secure the Secured Notes, the Issuer’s other obligations to the Secured Parties under this
Indenture, the other Transaction Documents, and certain other amounts payable by the Issuer as described herein. Except as set
forth in the Priority of Payments and Article XIII of this Indenture, the Secured Notes are secured by the Grant equally
and ratably without prejudice, priority or distinction between any Secured Note and any other Secured Note by reason of difference
in time of issuance or otherwise. The Grant is made to secure, in accordance with the priorities set forth in the Priority of
Payments and Article XIII of this Indenture, (i) the payment of all amounts due on the Secured Notes in accordance
with their terms, (ii) the payment of all other sums (other than in respect of the Subordinated Notes) payable under
this Indenture, (iii) the payment of amounts owing by the Issuer under the Collateral Management Agreement, the Collateral
Administration Agreement and the Master Loan Sale Agreements and (iv) compliance with the provisions of this Indenture, all
as provided herein (collectively, the “Secured Obligations”). The foregoing Grant shall, for the purpose of
determining the property subject to the lien of this Indenture, be deemed to include any securities and any investments granted
to the Trustee by or on behalf of the Issuer, whether or not such securities or investments satisfy the criteria set forth in
the definitions of “Collateral Obligation” or “Eligible Investments”, as the case may be.

 

The
Trustee acknowledges such Grant, accepts the trusts hereunder in accordance with the provisions hereof, and agrees to perform
the duties herein in accordance with the terms hereof.

 

ARTICLE
I

 

Definitions

 

Section
1.1            Definitions. Except as otherwise specified herein
or as the context may otherwise require, the following terms have the respective meanings set forth below for all purposes of
this Indenture, and the definitions of such terms are equally applicable both to the singular and plural forms of such terms and
to the masculine, feminine and neuter genders of such terms. The word “including” shall mean “including without
limitation.” All references herein to designated “Articles”, “Sections”, “sub-sections”
and other subdivisions are to the designated articles, sections, sub-sections and other subdivisions of this Indenture. The words
“herein”, “hereof”, “hereunder” and other words of similar import refer to this Indenture
as a whole and not to any particular article, section, sub-section or other subdivision.

 

“1940
Act”: The United States Investment Company Act of 1940, as amended from time to time.

 

“ABL
Facility”: A lending facility pursuant to which the loans thereunder are secured by a perfected, first priority security
interest in accounts receivable, inventory, machinery, equipment, real estate, oil and gas reserves, vessels or periodic revenues,
where such collateral security consists of assets generated or acquired by the related Obligor in its business.

 

“Accountants’
Effective Date AUP Reports”: The meaning specified in Section 7.18(c)(iii).

 

    -2- 

     

    

 

“Accountants’
Effective Date Comparison AUP Report”: The meaning specified in Section 7.18(c)(iii).

 

“Accountants’
Effective Date Recalculation AUP Report”: The meaning specified in Section 7.18(c)(iii).

 

“Accountants’
Report”: An agreed upon procedures report of the firm or firms appointed by the Issuer pursuant to Section 10.9(a).

 

“Accounts”:
(i) The Payment Account, (ii) the Collection Account, (iii) the Ramp-Up Account, (iv) the Revolver Funding Account, (v) the
Expense Reserve Account, (vi) the Custodial Account and (vii) the Supplemental Reserve Account.

 

“Accredited
Investor”: The meaning set forth in Rule 501(a) under the Securities Act.

 

“Act”
and “Act of the Holders”: The meanings specified in Section 14.2.

 

“Additional
Notes”: Any Notes issued pursuant to Section 2.13.

 

“Additional
Notes Closing Date”: The closing date for the issuance of any Additional Notes pursuant to Section 2.13
as set forth in an indenture supplemental to this Indenture pursuant to Section 8.1(a)(xii).

 

“Adjusted
Class Break-even Default Rate”: The rate equal to (a) (i) the Class Break-even Default Rate multiplied by (ii)
(x) the Target Initial Par Amount divided by (y) the Collateral Principal Amount plus the S&P Collateral Value
of all Defaulted Obligations plus (b) (i) (x) the Collateral Principal Amount plus the S&P Collateral Value
of all Defaulted Obligations minus (y) the Target Initial Par Amount, divided by (ii) (x) the Collateral Principal
Amount plus the S&P Collateral Value of all Defaulted Obligations multiplied by (y) 1 minus the Weighted
Average S&P Recovery Rate.

 

“Adjusted
Collateral Principal Amount”: As of any date of determination, (a) the Aggregate Principal Balance of the Collateral
Obligations (other than Defaulted Obligations, Deferring Obligations (except Permitted Deferrable Obligations), Discount Obligations
(to the extent set forth in clause (d) below) and Long-Dated Obligations); plus (b) without duplication, the amounts
on deposit in any Account (including Eligible Investments therein but excluding the Revolver Funding Account) representing
Principal Proceeds; plus (c) the aggregate, for each Defaulted Obligation and Deferring Obligation (other than Permitted
Deferrable Obligations), of the Defaulted Obligation Balance of such Defaulted Obligation or Deferring Obligation; plus
(d) the aggregate, for such portion of a Discount Obligation that does not fall into the Excess CCC Adjustment Amount, of
the purchase price, excluding accrued interest, expressed as a percentage of par and multiplied by the outstanding principal
balance thereof, for such Discount Obligation; minus (e) the Excess CCC Adjustment Amount; plus (f) the sum of the
Long-Dated Obligation Amount for each Long-Dated Obligation; provided that, with respect to any Collateral Obligation that
satisfies more than one of the definitions of Defaulted Obligation, Deferring Obligation (except Permitted Deferrable Obligations),
Discount Obligation, Long-Dated Obligation or any asset that falls into the Excess CCC Adjustment Amount, such Collateral Obligation
shall, for the purposes of this definition, be treated as belonging to the category of Collateral Obligations which results in
the lowest Adjusted Collateral Principal Amount on any date of determination; provided further that Long-Dated Obligations
which are included in the CCC Excess shall be treated as belonging in both categories as set forth in this definition of Adjusted
Collateral Principal Amount.

 

    -3- 

     

    

 

“Administrative
Expense Cap”: An amount equal on any Payment Date (when taken together with any Administrative Expenses in the order
of priority contained in the definition thereof paid during the period since the preceding Payment Date or in the case of
the first Payment Date, the period since the Closing Date), to the sum of (a) 0.02% per annum (prorated for the related
Interest Accrual Period on the basis of a 360-day year and the actual number of days elapsed) of the Fee Basis Amount at
the beginning of the Collection Period relating to such Payment Date and (b) U.S.$200,000 per annum (prorated for
the related Interest Accrual Period on the basis of a 360-day year consisting of twelve 30-day months); provided that (1) in
respect of any Payment Date after the third Payment Date following the Closing Date, if the aggregate amount of Administrative
Expenses paid pursuant to Sections 11.1(a)(i)(A), 11.1(a)(ii)(A) and 11.1(a)(iii)(A) (including any excess
applied in accordance with this proviso) on the three immediately preceding Payment Dates and during the related Collection
Periods is less than the stated Administrative Expense Cap (without regard to any excess applied in accordance with this proviso) in
the aggregate for such three preceding Payment Dates, then the excess may be applied to the Administrative Expense Cap with respect
to the then-current Payment Date; and (2) in respect of the third Payment Date following the Closing Date, such excess amount
shall be calculated based on the Payment Dates preceding such Payment Date.

 

“Administrative
Expenses”: The fees, expenses (including indemnities) and other amounts due or accrued with respect to any Payment
Date (including, with respect to any Payment Date, any such amounts that were due and not paid on any prior Payment Date in accordance
with the Priority of Payments) and payable in the following order by the Issuer: first, to the Trustee pursuant to Section 6.7
and the other provisions of this Indenture, second, to the Collateral Administrator pursuant to the Collateral Administration
Agreement and the Bank in any of its other capacities under the Transaction Documents, third, on a pro rata basis,
the following amounts (excluding indemnities) to the following parties: (i) the Independent accountants, agents (other than
the Collateral Manager) and counsel of the Issuer for fees and expenses; (ii) the Rating Agencies for fees and expenses
(including any annual fee, amendment fees and surveillance fees) in connection with any rating of the Secured Notes or in
connection with the rating of (or provision of credit estimates in respect of) any Collateral Obligations; (iii) the
Collateral Manager under this Indenture and the Collateral Management Agreement, including without limitation reasonable expenses
of the Collateral Manager (including fees for its accountants, agents and counsel) incurred in connection with the purchase
or sale of any Collateral Obligations, any other expenses incurred in connection with the Collateral Obligations and any other
amounts payable pursuant to the Collateral Management Agreement but excluding the Aggregate Collateral Management Fee; (iv) the
Independent Manager for any fees or expenses due under the management agreement between the Issuer and Independent Manager; and
(v) any other Person in respect of any other fees or expenses permitted under this Indenture and the documents delivered pursuant
to or in connection with this Indenture (including without limitation the payment of all legal and other fees and expenses incurred
in connection with the purchase or sale of any Collateral Obligations and any other expenses incurred in connection with the Collateral
Obligations) and the Notes, including but not limited to, amounts owed to the Issuer pursuant to Section 7.1 and any
amounts due in respect of the listing of the Secured Notes on any stock exchange or trading system; and fourth, on a pro
rata basis, indemnities payable to any Person pursuant to any Transaction Document; provided that (x) amounts
due in respect of actions taken on or before the Closing Date shall not be payable as Administrative Expenses but shall be payable
only from the Expense Reserve Account pursuant to this Indenture and (y) for the avoidance of doubt, amounts that are expressly
payable to any Person under the Priority of Payments in respect of an amount that is stated to be payable as an amount other than
as Administrative Expenses (including, without limitation, interest and principal in respect of the Notes) shall not constitute
Administrative Expenses.

 

    -4- 

     

    

 

“Affected
Class”: Any Class of Secured Notes that, as a result of the occurrence of a Tax Event described in the definition of
“Tax Redemption” has not received 100% of the aggregate amount of principal and interest that would otherwise be due
and payable to such Class on any Payment Date.

 

“Affiliate”:
With respect to a Person, (i) any other Person who, directly or indirectly, is in control of, or controlled by, or is under
common control with, such Person or (ii) any other Person who is a director, Officer, employee or general partner (a) of
such Person, (b) of any subsidiary or parent company of such Person or (c) of any Person described in clause (i) above.
For the purposes of this definition, “control” of a Person shall mean the power, direct or indirect, (x) to vote
more than 50% of the securities having ordinary voting power for the election of directors of such Person or (y) to direct
or cause the direction of the management and policies of such Person whether by contract or otherwise.

 

“Agent
Members”: Members of, or participants in, DTC, Euroclear or Clearstream.

 

“Aggregate
Collateral Management Fee”: All accrued and unpaid Collateral Management Fees, Current Deferred Management Fees, Cumulative
Deferred Management Fees and Collateral Management Fee Shortfall Amounts (including accrued interest) due and payable to the Collateral
Manager.

 

“Aggregate
Coupon”: As of any Measurement Date, the sum of the products obtained by multiplying, in the case of each Fixed
Rate Obligation (other than a Defaulted Obligation or Deferrable Obligation (other than a Permitted Deferrable Obligation)) (including,
for any Permitted Deferrable Obligation, only the required current cash interest required by the Underlying Instruments thereon),
(i) the stated coupon on such Collateral Obligation expressed as a percentage and (ii) the outstanding principal balance
of such Collateral Obligation.

 

“Aggregate
Funded Spread”: As of any Measurement Date, the sum of: (a) in the case of each Floating Rate Obligation (excluding
the unfunded portion of any Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation) that bears interest at
a spread over a London interbank offered rate based index, (i) the stated interest rate spread on such Collateral Obligation above
such index as of the immediately preceding Interest Determination Date multiplied by (ii) the outstanding principal balance
of such Collateral Obligation; and (b) in the case of each Floating Rate Obligation (excluding the unfunded portion of any
Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation) that bears interest at a spread over an index other
than a London interbank offered rate based index, (i) the excess of the sum of such spread and such index over LIBOR as of the
immediately preceding Interest Determination Date (which spread or excess may be expressed as a negative percentage) multiplied
by (ii) the outstanding principal balance of each such Collateral Obligation.

 

    -5- 

     

    

 

For
purposes of calculating the Aggregate Funded Spread, (i) such calculation shall exclude any Deferring Obligation until the obligor
thereof has resumed the payment of cash interest in cash, (ii) with respect to any LIBOR Floor Obligation, the stated interest
rate spread on such Collateral Obligation over the applicable index shall be deemed to be equal to the sum of (x) the stated interest
rate spread over the applicable index and (y) the excess, if any, of the specified “floor” rate relating to such Collateral
Obligation over LIBOR as in effect for the current Interest Accrual Period (or portion thereof, in the case of the first Interest
Accrual Period) and (iii) the stated interest rate of a Collateral Obligation will be excluded from such calculation to the extent
the Issuer or the Collateral Manager has actual knowledge that such payment of interest will not be made by the obligor thereof
during the applicable period.

 

“Aggregate
Outstanding Amount”: With respect to any of the Notes as of any date, the aggregate unpaid principal amount of such
Notes Outstanding on such date.

 

“Aggregate
Principal Balance”: When used with respect to all or a portion of the Collateral Obligations or the Assets, the sum
of the Principal Balances of all or of such portion of the Collateral Obligations or Assets, respectively.

 

“Aggregate
Risk Adjusted Par Amount”: The amount specified below for the applicable Interest Accrual Period, listed sequentially,
starting with the Interest Accrual Period commencing on the Closing Date:

 

    -6- 

     

    

 

	Interest
    Accrual Period	 	Aggregate
    Risk Adjusted

    Par Amount ($)	 
	1	 	 	900,000,000	 
	2	 	 	898,095,000	 
	3	 	 	896,747,858	 
	4	 	 	895,402,736	 
	5	 	 	894,059,632	 
	6	 	 	892,718,542	 
	7	 	 	891,379,464	 
	8	 	 	890,042,395	 
	9	 	 	888,707,332	 
	10	 	 	887,374,271	 
	11	 	 	886,043,209	 
	12	 	 	884,714,144	 
	13	 	 	883,387,073	 
	14	 	 	882,061,993	 
	15	 	 	880,738,900	 
	16	 	 	879,417,791	 
	17	 	 	878,098,664	 
	18	 	 	876,781,516	 
	19	 	 	875,466,344	 
	20	 	 	874,153,145	 
	21	 	 	872,841,915	 
	22	 	 	871,532,652	 
	23	 	 	870,225,353	 
	24	 	 	868,920,015	 
	25	 	 	867,616,635	 
	26	 	 	866,315,210	 
	27	 	 	865,015,737	 
	28	 	 	863,718,214	 
	29	 	 	862,422,636	 
	30	 	 	861,129,002	 
	31	 	 	859,837,309	 
	32	 	 	858,547,553	 
	33	 	 	857,259,732	 
	34	 	 	855,973,842	 
	35	 	 	854,689,881	 
	36	 	 	853,407,846	 
	37	 	 	852,127,735	 
	38	 	 	850,849,543	 
	39	 	 	849,573,269	 
	40	 	 	848,298,909	 
	41	 	 	847,026,461	 
	42	 	 	845,755,921	 
	43	 	 	844,487,287	 
	44	 	 	843,220,556	 
	45	 	 	841,955,725	 
	46	 	 	840,692,792	 
	47	 	 	839,431,752	 
	48	 	 	838,172,605	 
	49	 	 	836,915,346	 

 

“Aggregate
Unfunded Spread”: As of any Measurement Date, the sum of the products obtained by multiplying (i) for each
Delayed Drawdown Collateral Obligation and Revolving Collateral Obligation (other than Defaulted Obligations), the related commitment
fee rate then in effect as of such date and (ii) the undrawn commitments of each such Delayed Drawdown Collateral Obligation
and Revolving Collateral Obligation as of such date.

 

“AIFMD
Level 2 Regulation”: The meaning specified in the definition of the term “E.U. Retention Requirement Laws”.

 

“Alternative
Method”: The meaning specified in Section 7.17(l).

 

“Alternative
Rate”: The meaning set forth in Exhibit C hereto.

 

    -7- 

     

    

 

“Asset-backed
Commercial Paper”: Commercial paper or other short-term obligations of a program that primarily issues externally rated
commercial paper backed by assets or exposures held in a bankruptcy-remote, special purpose entity.

 

“Assets”:
The meaning assigned in the Granting Clause hereof.

 

“Assigned
Moody’s Rating”: The meaning specified in Schedule 3 hereto.

 

“Assumed
Reinvestment Rate”: LIBOR (as determined on the most recent Interest Determination Date relating to an Interest Accrual
Period beginning on a Payment Date or the Closing Date) minus 0.25% per annum; provided that the Assumed
Reinvestment Rate shall not be less than 0.00%.

 

“Authenticating
Agent”: With respect to the Notes or a Class of the Notes, the Person designated by the Trustee to authenticate such
Notes on behalf of the Trustee pursuant to Section 6.14 hereof.

 

“Balance”:
On any date, with respect to Cash or Eligible Investments in any account, the aggregate of the (i) current balance of Cash,
demand deposits, time deposits, certificates of deposit and federal funds; (ii) principal amount of interest-bearing corporate
and government securities, money market accounts and repurchase obligations; and (iii) purchase price (but not greater than
the face amount) of non-interest-bearing government and corporate securities and commercial paper.

 

“Bank”:
The Bank of New York Mellon Trust Company, National Association, in its individual capacity and not as Trustee, or any successor
thereto.

 

“Bankruptcy
Code”: The federal Bankruptcy Code, Title 11 of the United States Code, as amended from time to time.

 

“Bankruptcy
Law”: The Bankruptcy Code, as amended from time to time, and any bankruptcy, insolvency, winding up, reorganization
or similar law enacted under the laws of the United States or other applicable jurisdiction.

 

“BDC”:
Golub Capital Investment Corporation, a Maryland corporation

 

“Beneficial
Ownership Certificate”: The meaning specified in Section 14.2(e).

 

“Benefit
Plan Investor”: An employee benefit plan (as defined in Section 3(3) of ERISA) that is subject to the
fiduciary responsibility provisions of Title I of ERISA, a plan to which Section 4975 of the Code applies or an entity whose
underlying assets include “plan assets” by reason of such an employee benefit plan’s or a plan’s investment
in such entity.

 

“Bond”:
A debt security (that is not a loan) that is issued by a corporation, limited liability company, partnership or trust.

 

    -8- 

     

    

 

“Bridge
Loan”: Any loan or other obligation that (x) is incurred in connection with a merger, acquisition, consolidation,
or sale of all or substantially all of the assets of a Person or similar transaction and (y) by its terms, is required to
be repaid within one year of the incurrence thereof with proceeds from additional borrowings or other refinancings (it being understood
that any such loan or debt security that has a nominal maturity date of one year or less from the incurrence thereof but has a
term-out or other provision whereby (automatically or at the sole option of the obligor thereof) the maturity of the indebtedness
thereunder may be extended to a later date is not a Bridge Loan).

 

“Broadly
Syndicated Loan”: A Loan (a) that is part of a credit facility with a Facility Size on the date of origination thereof
at least equal to U.S.$250,000,000 and (b) as to which, on the date of origination thereof, (i) Moody’s has either (x) assigned
a corporate family rating on an Obligor thereon or (y) assigned to such credit facility a monitored publicly available rating
or (ii) S&P has either (x) assigned an issuer credit rating to the issuer thereof or (y) assigned to such credit facility
a monitored publicly available rating.

 

“Business
Day”: Any day other than (i) a Saturday or a Sunday or (ii) a day on which commercial banks are authorized
or required by applicable law, regulation or executive order to close in New York, New York or in the city in which the Corporate
Trust Office of the Trustee is located or, for any final payment of principal, in the relevant place of presentation.

 

“Calculation
Agent”: The meaning specified in Section 7.16(a).

 

“Cash”:
Such funds denominated in currency of the United States of America as at the time shall be legal tender for payment of all public
and private debts, including funds standing to the credit of an Account.

 

“CCC
Collateral Obligation”: A CCC S&P Collateral Obligation or a CCC Fitch Collateral Obligation, as the context requires.

 

“CCC
Excess”: An amount equal to the greater of (i) the excess of the Principal Balance of all CCC S&P Collateral Obligations
over an amount equal to 17.5% of the Collateral Principal Amount as of such date of determination; and (ii) the excess of the
Principal Balance of all CCC Fitch Collateral Obligations over an amount equal to 17.5% of the Collateral Principal Amount as
of such date of determination; provided that, in determining which of the CCC Collateral Obligations shall be included
in the CCC Excess, the CCC Collateral Obligations with the lowest Market Value (expressed as a percentage of the outstanding principal
balance of such Collateral Obligations as of such date of determination) shall be deemed to constitute such CCC Excess.

 

“CCC
Fitch Collateral Obligation”: A Collateral Obligation (other than a Defaulted Obligation or a Deferring Obligation)
with a Fitch Rating of “CCC+” or lower; provided that, for purposes of the “CCC Excess”, each Discount
Obligation will be included at its purchase price.

 

“CCC
S&P Collateral Obligation”: A Collateral Obligation (other than a Defaulted Obligation or a Deferring Obligation)
with an S&P Rating of “CCC+” or lower.

 

“Certificate
of Authentication”: The meaning specified in Section 2.1.

 

“Certificated
Notes”: The meaning specified in Section 2.2(b)(iv).

 

    -9- 

     

    

 

“Certificated
Secured Note”: The meaning specified in Section 2.2(b)(iii).

 

“Certificated
Security”: The meaning specified in Section 8-102(a)(4) of the UCC.

 

“Certificated
Subordinated Note”: The meaning specified in Section 2.2(b)(iv).

 

“CFR”:
The meaning specified in Schedule 3 hereto.

 

“Class”:
In the case of the (x) Secured Notes, all of the Secured Notes having the same Interest Rate, Stated Maturity and class designation
and (y) Subordinated Notes, all of the Subordinated Notes. With respect to any exercise of voting rights, any Pari Passu Classes
of Notes that are entitled to vote on a matter will vote together as a single Class except as otherwise expressly provided or
in connection with any supplemental indenture that affects one such Pari Passu Class in a manner that is distinct from its effect
on the other Class or Classes to which it ranks pari passu.

 

“Class
A/B Coverage Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied with respect
to the Class A Notes and the Class B Notes.

 

“Class
A Notes”: Collectively, the Class A-1 Notes and the Class A-2 Notes.

 

“Class
A-1 Notes”: The Class A-1 Senior Secured Floating Rate Notes issued on the Closing Date pursuant to this Indenture and
having the characteristics specified in Section 2.3.

 

“Class
A-2 Notes”: The Prior
to the Refinancing Date, the Class
A-2 Senior Secured Fixed Rate Notes issued on the Closing Date and,
on and after the Refinancing Date, the Class A-2-R Notes.

 

“Class
A-2-R Notes”: The Class A-2-R Senior Secured Fixed Rate Notes issued on the Refinancing Date pursuant
to this Indenture and having the characteristics specified in Section 2.3.

 

“Class
B Notes”: Collectively, the Class B-1 Notes and the Class B-2 Notes.

 

“Class
B-1 Notes”: The Class B-1 Senior Secured Floating Rate Notes issued on the Closing Date pursuant to this Indenture
and having the characteristics specified in Section 2.3.

 

“Class
B-2 Notes”: The Class B-2 Senior Secured Floating Rate Notes issued on the Closing Date pursuant to this Indenture
and having the characteristics specified in Section 2.3.

 

“Class
Break-even Default Rate”: With respect to the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding,
the most senior Class of Secured Notes Outstanding):

 

(i)           
during any S&P CDO Formula Election Period, the rate equal to (a) 0.161701 plus (b) the product of (x) 2.925789
and (y) the Weighted Average Floating Spread plus (c) the product of (x) 1.238762 and (y) the Weighted Average S&P
Recovery Rate; or

 

    -10- 

     

    

 

(ii)          
 during any S&P CDO Monitor Election Period, the maximum percentage of defaults, at any time, that the Current Portfolio or
the Proposed Portfolio, as applicable, can sustain, determined through application of the S&P CDO Monitor, which, after giving
effect to S&P’s assumptions on recoveries, defaults and timing and to the Priority of Payments, will result in sufficient
funds remaining for the payment of such Class or Classes of Notes in full. After any S&P CDO Monitor Election Date, S&P
will provide the Collateral Manager with the Class Break-even Default Rates for each S&P CDO Monitor input file based upon
the Weighted Average Floating Spread and the Weighted Average S&P Recovery Rate to be associated with such S&P CDO Monitor
input file as selected by the Collateral Manager (with a copy to the Collateral Administrator) from Section 2 of Schedule 4
or any other Weighted Average Floating Spread and Weighted Average S&P Recovery Rate selected by the Collateral Manager
from time to time.

 

“Class
C Coverage Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied with respect
to the Class C Notes.

 

“Class C
Notes”: The Class C Secured Deferrable Floating Rate Notes issued on the Closing Date pursuant to this Indenture
and having the characteristics specified in Section 2.3.

 

“Class
D Coverage Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied with respect
to the Class D Notes.

 

“Class
D Notes”: The Class D Secured Deferrable Floating Rate Notes issued on the Closing Date pursuant to this Indenture
and having the characteristics specified in Section 2.3.

 

“Class
Default Differential”: With respect to the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding, the
most senior Class of Secured Notes Outstanding), the rate calculated by subtracting the Class Scenario Default Rate at such time
for such Class of Notes from (x) during any S&P CDO Formula Election Period, the Adjusted Class Break-even Default Rate or
(y) during any S&P CDO Monitor Election Period, the Class Break-even Default Rate for such Class of Notes at such time.

 

“Class
Scenario Default Rate”: With respect to the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding, the
most senior Class of Secured Notes Outstanding):

 

(i)             during
any S&P CDO Formula Election Period, the rate at such time equal to (a) 0.329915 plus (b) the product of (x) 1.210322
and (y) the Expected Portfolio Default Rate minus (c) the product of (x) 0.586627 and (y) the Default Rate Dispersion plus
(d) (x) 2.538684 divided by (y) the Obligor Diversity Measure plus (e) (x) 0.216729 divided by (y)
the Industry Diversity Measure plus (f) (x) 0.0575539 divided by (y) the Regional Diversity Measure minus
(g) the product of (x) 0.0136662 and (y) the S&P Weighted Average Life; or

 

(ii)          
during any S&P CDO Monitor Election Period, an estimate of the cumulative default rate for the Current Portfolio or the Proposed
Portfolio, as applicable, consistent with S&P’s Initial Rating of such Class of Notes, determined by the Collateral
Manager (which determination shall be made solely by application of the S&P CDO Monitor at such time).

 

    -11- 

     

    

 

“Clean-Up
Call Purchase Price”: The meaning specified in Section 9.9(b).

 

“Clean-Up
Call Redemption”: The meaning specified in Section 9.9(a).

 

“Clearing
Agency”: An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange
Act.

 

“Clearing
Corporation”: (i) Clearstream, (ii) DTC, (iii) Euroclear and (iv) any entity included within the
meaning of “clearing corporation” under Section 8-102(a)(5) of the UCC.

 

“Clearing
Corporation Security”: Securities which are in the custody of or maintained on the books of a Clearing Corporation or
a nominee subject to the control of a Clearing Corporation and, if they are Certificated Securities in registered form, properly
endorsed to or registered in the name of the Clearing Corporation or such nominee.

 

“Clearstream”:
Clearstream Banking, société anonyme, a corporation organized under the laws of the Duchy of Luxembourg (formerly
known as Cedelbank, société anonyme).

 

“Closing
Date”: December 13, 2018.

 

“Closing
Date Master Loan Sale Agreement”: An agreement, dated as of the Closing Date, among the BDC, as seller, the Collateral
Manager, as closing date seller, the Issuer, as buyer, and GCIC Funding LLC, as warehouse borrower.

 

“Closing
Date Participation Condition”: A condition satisfied as of any date of determination if all Closing Date Participation
Interests have been elevated to assignments on or prior to such date.

 

“Closing
Date Participation Interests”: Participation arrangements entered into by the Issuer with the BDC and/or one or more
of its subsidiaries to provide for participation interests in certain Collateral Obligations (whose title is held by the BDC or
a subsidiary thereof) prior to being elevated to a full assignment.

 

“Code”:
The United States Internal Revenue Code of 1986, as amended.

 

“Collateral
Administration Agreement”: An agreement dated as of the Closing Date among the Issuer, the Collateral Manager and the
Collateral Administrator, as amended from time to time in accordance with the terms thereof.

 

“Collateral
Administrator”: The Bank of New York Mellon Trust Company, National Association, in its capacity as collateral administrator
under the Collateral Administration Agreement, and any successor thereto.

 

“Collateral
Interest Amount”: As of any date of determination, without duplication, the aggregate amount of Interest Proceeds that
has been received or that is expected to be received (other than Interest Proceeds expected to be received from Defaulted Obligations
and Deferring Obligations, but including Interest Proceeds actually received from Defaulted Obligations and Deferring Obligations),
in each case during the Collection Period in which such date of determination occurs (or after such Collection Period but on or
prior to the related Payment Date if such Interest Proceeds would be treated as Interest Proceeds with respect to such Collection
Period).

 

    -12- 

     

    

 

“Collateral
Management Agreement”: The agreement dated as of the Closing Date, between the Issuer and the Collateral Manager relating
to the management of the Collateral Obligations and the other Assets by the Collateral Manager on behalf of the Issuer, as amended
from time to time in accordance with the terms thereof.

 

“Collateral
Management Fee”: The fee payable to the Collateral Manager in arrears on each Payment Date (prorated for the related
Interest Accrual Period) pursuant to Section 8(a) of the Collateral Management Agreement and Section 11.1 of this Indenture,
in an amount equal to 0.35% per annum (calculated on the basis of the actual number of days in the applicable Collection
Period divided by 360) of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date.

 

“Collateral
Management Fee Shortfall Amount”: To the extent the Collateral Management Fee is not paid on a Payment Date due to insufficient
Interest Proceeds or Principal Proceeds (and such fee was not voluntarily deferred or waived by the Collateral Manager), the Collateral
Management Fee due on such Payment Date (or the unpaid portion thereof, as applicable). Such amount is automatically deferred
for payment on the succeeding Payment Date, with interest at the rate specified in the Collateral Management Agreement, as certified
to the Trustee by the Collateral Manager (with a copy to the Collateral Administrator), in accordance with the Priority of Payments.

 

“Collateral
Manager”: GC Advisors LLC, a Delaware limited liability company, until a successor Person shall have become the Collateral
Manager pursuant to the provisions of the Collateral Management Agreement, and thereafter “Collateral Manager” shall
mean such successor Person.

 

“Collateral
Manager Notes”: Any Notes owned by the Collateral Manager, an Affiliate thereof, or any account, fund, client or portfolio
established and controlled by the Collateral Manager or an Affiliate thereof or for which the Collateral Manager or an Affiliate
thereof acts as the investment adviser or with respect to which the Collateral Manager or an Affiliate thereof exercises discretionary
control.

 

“Collateral
Manager Standard”: The standard of care applicable to the Collateral Manager set forth in the Collateral Management
Agreement.

 

“Collateral
Obligation”: A Senior Secured Loan (including, but not limited to, interests in Broadly Syndicated Loans and Middle
Market Loans acquired by way of a purchase or assignment), or a Participation Interest therein, or a Second Lien Loan, or a Participation
Interest therein, that as of the date of purchase by the Issuer:

 

(i)           is
not a Bond or letter of credit;

 

(ii)          is
not (A) an Equity Security or (B) by its terms convertible into or exchangeable for an Equity Security;

 

    -13- 

     

    

 

(iii)         
is not a Synthetic Security;

 

(iv)         is
U.S. Dollar denominated and is neither convertible by the issuer thereof into, nor payable in, any other currency;

 

(v)          is
not (A) a Defaulted Obligation or (B) a Credit Risk Obligation;

 

(vi)         is
not a lease (including a finance lease);

 

(vii)        provides
for a fixed amount of principal payable in Cash on scheduled payment dates and/or at maturity and does not by its terms provide
for earlier amortization or prepayment at a price of less than par;

 

(viii)       does
not constitute Margin Stock;

 

(ix)          has
payments that do not and will not subject the Issuer to withholding tax or other similar tax (except for withholding or other
similar taxes on commitment fees or similar fees or fees that by their nature are commitment fees or similar fees) unless the
related obligor is required to make “gross up” payments that ensure that the net amount actually received by the Issuer
(after payment of all such taxes) will equal the full amount that the Issuer would have received had no such taxes been imposed;

 

(x)          
is not a debt obligation whose repayment is subject to substantial non-credit related risk as determined by the Collateral Manager;

 

(xi)          except
for Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations, is not an obligation pursuant to which any future
advances or payments to the borrower or the Obligor thereof may be required to be made by the Issuer; provided that the
Issuer may be required, as a lender under the Underlying Instruments, to make customary protective advances or provide customary
indemnities to the agent of the Collateral Obligation (for which the Issuer may receive a participation interest or other right
of repayment);

 

(xii)         does
not have an “f”, “p”, “pi”, “sf” or “t” subscript assigned by S&P
or an “sf” subscript assigned by Moody’s;

 

(xiii)        is
not a repurchase obligation, a Zero Coupon Bond, an Unsecured Loan, a Bridge Loan, a Commercial Real Estate Loan, a Structured
Finance Obligation, a Non-Recourse Obligation, an Interest Only Obligation, a Step-Up Obligation or a Step-Down Obligation;

 

(xiv)       will
not require the Issuer or the pool of Assets to be registered as an investment company under the 1940 Act;

 

(xv)        is
not the subject of an Offer of exchange, or tender by its issuer, for cash, securities or any other type of consideration other
than a Permitted Offer;

 

    -14- 

     

    

 

 

(xvi)           
 has an S&P Rating of at least “CCC-” and a Fitch Rating of at least “CCC-”;

 

(xvii)          
does not mature after the Stated Maturity of the Secured Notes;

 

(xviii)         
other than in the case of a Fixed Rate Obligation, accrues interest at a floating rate determined by reference to (a) the
Dollar prime rate, federal funds rate or LIBOR or (b) a similar interbank offered rate, commercial deposit rate or any other
index in respect of which the S&P Rating Condition is satisfied;

 

(xix)            
is Registered;

 

(xx)              does
not pay interest less frequently than semi-annually;

 

(xxi)            
is not an interest in a grantor trust;

 

(xxii)           
is purchased at a price of at least equal to 65% of its outstanding principal balance;

 

(xxiii)          
is issued by a Non-Emerging Market Obligor;

 

(xxiv)          
if it is a Participation Interest, the Third Party Credit Exposure Limits are satisfied with respect to the acquisition thereof;

 

(xxv)           
 is not an obligation of a Portfolio Company;

 

(xxvi)          
is not a commodity forward contract;

 

(xxvii)        
does not include or support a letter of credit;

 

(xxviii)       
if it is a Deferrable Obligation, it (a) is a Permitted Deferrable Obligation and (b) is not deferring or capitalizing the payment
of current cash pay interest thereon, paying current cash pay interest “in kind” or otherwise does not have an interest
“in kind” balance outstanding with respect to cash pay interest;

 

(xxix)          
is not issued by a sovereign, or by a corporate issuer located in a country, which sovereign or country on the date on which the
obligation is acquired by the Issuer imposes foreign exchange controls that effectively limit the availability or use of U.S.
Dollars to make when due the scheduled payments of principal thereof and interest thereon; and

 

(xxx)            is
not issued by an Obligor with a most-recently calculated EBITDA (calculated in accordance with the related Underlying Instruments)
of less than $5,000,000.

 

provided
that, notwithstanding anything contained herein to the contrary, any debt obligation received in exchange for a Collateral
Obligation pursuant to the terms of this Indenture shall be deemed a “Collateral Obligation”; provided, further
that, if any obligation received in exchange for a Collateral Obligation is a security, the Issuer may acquire such obligation
only if it would be considered “received in lieu of debts previously contracted with respect to the Collateral Obligation”
under the Volcker Rule, and such security will be treated as an Equity Security for all purposes under the Indenture.

 

    -15- 

     

    

 

“Collateral
Principal Amount”: As of any date of determination, the sum of (a) the aggregate outstanding principal balance
of the Collateral Obligations (other than Defaulted Obligations, except as otherwise expressly set forth herein) and (b) without
duplication, the amounts on deposit in any Account (including Eligible Investments therein but excluding the Revolver Funding
Account) representing Principal Proceeds.

 

“Collateral
Quality Tests”: A test satisfied on any date of determination on or after the Effective Date and during the Reinvestment
Period if, in the aggregate, the Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation
on or after the Effective Date, proposed to be owned) by the Issuer satisfy each of the tests set forth below, calculated in each
case as required by Section 1.3 herein:

 

(i)               
the Minimum Floating Spread Test;

 

(ii)              
the Minimum Weighted Average Coupon Test;

 

(iii)             
the S&P CDO Monitor Test;

 

(iv)             
the Maximum Fitch Rating Factor Test;

 

(v)              
the Minimum Weighted Average Fitch Recovery Rate Test;

 

(vi)             
at any time during the S&P CDO Monitor Election Period, the Minimum Weighted Average S&P Recovery Rate Test;

 

(vii)            
the Minimum Fitch Floating Spread Test; and

 

(viii)           
the Weighted Average Life Test.

 

“Collection
Account”: The trust account established pursuant to Section 10.2 which consists of the Principal Collection
Subaccount and the Interest Collection Subaccount.

 

“Collection
Period”: (i) With respect to the first Payment Date, the period commencing on the Closing Date and ending at the
close of business on the tenth Business Day prior to the first Payment Date; and (ii) with respect to any other Payment Date,
the period commencing on the day immediately following the prior Collection Period and ending (a) in the case of the final Collection
Period preceding the latest Stated Maturity of any Class of Notes, on the day of such Stated Maturity, (b) in the case of the
final Collection Period preceding an Optional Redemption, Tax Redemption or Clean-Up Call Redemption in whole of the Notes, on
the Redemption Date and (c) in any other case, at the close of business on the tenth Business Day prior to the Payment Date; provided
that, with respect to any Payment Date after the date on which no Secured Notes are deemed or considered Outstanding, “Collection
Period” shall mean the period commencing on the third Business Day prior to the preceding Payment Date (or in the case of
the first Payment Date following the date in which the Secured Notes are no longer Outstanding, commencing on the day immediately
following the prior Collection Period) and ending on (but excluding) the third Business Day prior to such Payment Date.

 

    -16- 

     

    

 

“Commercial
Real Estate Loan”: Any Loan for which the underlying collateral consists primarily of real property owned by the obligor
and is evidenced by a note or other evidence of indebtedness.

 

“Commodity
Exchange Act”: The United States Commodity Exchange Act of 1936, as amended.

 

“common
equity”: Any security that by its terms does not provide for periodic payments of interest at a stated coupon rate and
repayment of principal at a stated maturity.

 

“Concentration
Limitations”: Limitations satisfied on any date of determination on or after the Effective Date and during the Reinvestment
Period if, in the aggregate, the Collateral Obligations owned (or in relation to a proposed purchase of a Collateral Obligation
on or after the Effective Date, proposed to be owned) by the Issuer comply with all of the requirements (excluding clause (x)(b))
set forth below, calculated in each case as required by Section 1.3 herein:

 

(i)               
not less than 96.0% of the Collateral Principal Amount may consist of Senior Secured Loans, Cash and Eligible Investments;

 

(ii)              
not more than 4.0% of the Collateral Principal Amount may, in the aggregate, consist of First-Lien Last-Out Loans and Second Lien
Loans;

 

(iii)             
not more than 2.5% of the Collateral Principal Amount may consist of obligations issued by a single Obligor and its Affiliates,
except that, Collateral Obligations issued by up to five Obligors and their respective Affiliates may each constitute up to 3.0%
of the Collateral Principal Amount;

 

(iv)              not
more than 1.5% of the Collateral Principal Amount may consist of First-Lien Last-Out Loans and Second Lien Loans issued by a single
Obligor and its Affiliates;

 

(v)              
(x) not more than 17.5% of the Collateral Principal Amount may consist of CCC S&P Collateral Obligations and (y) not more
than 17.5% of the Collateral Principal Amount may consist of CCC Fitch Collateral Obligations;

 

(vi)             
not more than 5.0% of the Collateral Principal Amount may consist of Fixed Rate Obligations;

 

(vii)            
not more than 5.0% of the Collateral Principal Amount may consist of Current Pay Obligations;

 

(viii)           
not more than 5.0% of the Collateral Principal Amount may consist of DIP Collateral Obligations;

 

    -17- 

     

    

 

(ix)              
 not more than 10.0% of the Collateral Principal Amount may consist, in the aggregate, of unfunded commitments under Delayed Drawdown
Collateral Obligations and unfunded and funded commitments under Revolving Collateral Obligations;

 

(x)              
(a) not more than 5.0% of the Collateral Principal Amount may consist of Participation Interests and (b) the Third Party Credit
Exposure Limits may not be exceeded with respect to any such Participation Interest;

 

(xi)             
not more than 10.0% of the Collateral Principal Amount may have an S&P Rating derived from a Moody’s Rating as set forth
in clause (iii)(a) of the definition of the term “S&P Rating”;

 

(xii)             
(a) all of the Collateral Obligations must be issued by Non-Emerging Market Obligors; and (b) no more than the percentage listed
below of the Collateral Principal Amount may be issued by Obligors Domiciled in the country or countries set forth opposite such
percentage:

 

	%
    Limit	Country or Countries
	 	 
	15.0%	All countries (in the aggregate) other than
    the United States;
	 	 
	15.0%	Canada;
	 	 
	5.0%	all countries (in the aggregate) other than
    the United States, Canada and the United Kingdom;
	 	 
	2.5%	any individual Group I Country;
	 	 
	2.0%	all Group II Countries in the aggregate;
	 	 
	2.0%	any individual Group II Country;
	 	 
	1.5%	all Group III Countries in the aggregate, except
    that up to 5.0% of the Collateral Principal Amount, collectively with all Collateral Obligations issued by Obligors Domiciled
    in Group III Countries, may be issued by Obligors Domiciled in the country of Luxembourg;
	 	 
	0.0%	Greece,
        Italy, Portugal and Spain in the aggregate; and 

	 	 
	1.0%	any individual country other than the United
    States, the United Kingdom, Canada, the Netherlands, any Group I Country, any Group II Country or any Group III Country.

 

    -18- 

     

    

 

(xiii)           
not more than 12.0% of the Collateral Principal Amount may consist of Collateral Obligations that are issued by Obligors that
belong to any single S&P Industry Classification, except that (x) the largest S&P Industry Classification may represent
up to 20.0% of the Collateral Principal Amount; (y) the second-largest S&P Industry Classification may represent up to
17.0% of the Collateral Principal Amount and (z) the third-largest S&P Industry Classification may represent up to 15.0%
of the Collateral Principal Amount;

 

(xiv)           
not more than 5.0% of the Collateral Principal Amount may consist of Collateral Obligations that pay interest less frequently
than quarterly;

 

(xv)            
not more than 10.0% of the Collateral Principal Amount may consist of Collateral Obligations that are Discount Obligations;

 

(xvi)           
not more than 2.5% of the Collateral Principal Amount may consist of Collateral Obligations that are Deferrable Obligations; and

 

(xvii)  
       not more than 25.0% of the Collateral Principal Amount may consist of Cov-Lite Loans;
provided that, 0% of the Collateral Principal Amount may consist of Cov-Lite Loans that are First-Lien Last-Out Loans.

 

“Confidential
Information”: The meaning specified in Section 14.15(b).

 

“Contribution”:
The meaning specified in Section 11.1(e).

 

“Contributor”:
The meaning specified in Section 11.1(e).

 

“Controlling
Class”: The Class A-1 Notes so long as any Class A-1 Notes are Outstanding; then the Class A-2 Notes so long as
any Class A-2 Notes are Outstanding; then the Class B Notes so long as any Class B Notes are Outstanding; then the Class C Notes
so long as any Class C Notes are Outstanding; then the Class D Notes so long as any Class D Notes are Outstanding; and then the
Subordinated Notes.

 

“Controlling
Person”: A Person (other than a Benefit Plan Investor) who has discretionary authority or control with respect
to the assets of an entity or any Person who provides investment advice for a fee (direct or indirect) with respect to such
assets or an affiliate of any such Person. For this purpose, an “affiliate” of a Person includes any Person, directly
or indirectly, through one or more intermediaries, controlling, controlled by, or under common control with the Person. “Control,”
with respect to a Person other than an individual, means the power to exercise a controlling influence over the management or
policies of such Person, and “Controlling” shall have the meaning correlative to the foregoing.

 

“Corporate
Trust Office”: The principal corporate trust office of the Trustee, currently located at (a) for Note transfer purposes
and for presentment and surrender by of the Notes for final payment thereon, The Bank of New York Mellon Trust Company, National
Association, 2001 Bryan Street, 10th Floor, Dallas, Texas 75201, Attention: Global Corporate Trust—GCIC CLO II LLC and (b)
for all other purposes, The Bank of New York Mellon Trust Company, National Association, 601 Travis Street, 16th Floor, Houston,
Texas 77002, e-mail: Golub@bnymellon.com, Attention: Global Corporate Trust—GCIC CLO II LLC or, in each case, such other
address as the Trustee may designate from time to time by notice to the Holders, the Collateral Manager and the Issuer or the
principal corporate trust office of any successor Trustee.

 

    -19- 

     

    

 

“Cov-Lite
Loan”: A Collateral Obligation that is an interest in any Loan, the Underlying Instruments for which (i) do not contain
any financial covenants or (ii) require the borrower to comply with an Incurrence Covenant, but do not require the borrower to
comply with a Maintenance Covenant.

 

“Coverage
Tests”: The Overcollateralization Ratio Test and the Interest Coverage Test, each as applied to each specified Class
or Classes of Secured Notes.

 

“Covered
Audit Adjustment”: The meaning specified in Section 7.17(l).

 

“Credit
Improved Obligation”: (a) If a Restricted Trading Period is not in effect, any Collateral Obligation that in the Collateral
Manager’s commercially reasonable business judgment has significantly improved in credit quality from the condition of its
credit at the time of purchase which judgment may (but need not) be based on one or more of the following facts:

 

(i)                
it has a market price that is greater than the price that is warranted by its terms and credit characteristics, or improved in
credit quality since its acquisition by the Issuer;

 

(ii)                the
issuer of such Collateral Obligation has shown improved financial results since the published financial reports first produced
after it was purchased by the Issuer;

 

(iii)               the
obligor of such Collateral Obligation since the date on which such Collateral Obligation was purchased by the Issuer has raised
significant equity capital or has raised other capital that has improved the liquidity or credit standing of such obligor; or

 

(iv)            
 with respect to which one or more of the following criteria applies:

 

(A)              such
Collateral Obligation has been upgraded or put on a watch list for possible upgrade by either Rating Agency since the date on
which such Collateral Obligation was acquired by the Issuer;

 

(B)             
if such Collateral Obligation is a loan, the Sale Proceeds (excluding Sale Proceeds that constitute Interest Proceeds) of such
loan would be at least 101% of its purchase price;

 

(C)             
if such Collateral Obligation is a loan, the price of such loan has changed during the period from the date on which it was acquired
by the Issuer to the proposed sale date by a percentage either at least 0.25% more positive, or 0.25% less negative, as the case
may be, than the percentage change in the average price of the applicable Eligible Loan Index over the same period;

 

    -20- 

     

    

 

(D)             
 if such Collateral Obligation is a loan, the spread over the applicable reference rate for such Collateral Obligation has been
decreased in accordance with the underlying Collateral Obligation since the date of acquisition by (1) 0.25% or more (in the case
of a loan with a spread (prior to such decrease) less than or equal to 2.00%), (2) 0.375% or more (in the case of a loan with
a spread (prior to such decrease) greater than 2.00% but less than or equal to 4.00%) or (3) 0.50% or more (in the case of a loan
with a spread (prior to such decrease) greater than 4.00%) due, in each case, to an improvement in the related borrower’s
financial ratios or financial results;

 

(E)             
with respect to fixed rate Collateral Obligations, there has been a decrease in the difference between its yield compared to the
yield on the relevant United States Treasury security of more than 7.5% since the date of purchase; or

 

(F)              
it has a projected cash flow interest coverage ratio (earnings before interest and taxes divided by cash interest expense
as estimated by the Collateral Manager) of the underlying borrower or other obligor of such Collateral Obligation that is expected
to be more than 1.15 times the current year’s projected cash flow interest coverage ratio; and

 

(b)       if
a Restricted Trading Period is in effect, any Collateral Obligation:

 

(i)                 that
in the Collateral Manager’s commercially reasonable business judgment has significantly improved in credit quality from
the condition of its credit at the time of purchase and with respect to which one or more of the criteria referred to in clause
(a)(iv) above applies, or

 

(ii)                with
respect to which a Majority of the Controlling Class vote to treat such Collateral Obligation as a Credit Improved Obligation.

 

“Credit
Risk Obligation”: (a) So long as a Restricted Trading Period is not in effect, any Collateral Obligation that in the
Collateral Manager’s commercially reasonable business judgment has a significant risk of declining in credit quality or
market value which judgment may (but need not) be based on one or more of the following facts:

 

(i)                
such Collateral Obligation has been downgraded or put on a watch list for possible downgrade by either Rating Agency since the
date on which such Collateral Obligation was acquired by the Issuer;

 

(ii)               
if such Collateral Obligation is a loan, the price of such loan has changed during the period from the date on which it was acquired
by the Issuer to the proposed sale date by a percentage either at least 0.25% more negative, or at least 0.25% less positive,
as the case may be, than the percentage change in the average price of an Eligible Loan Index;

 

(iii)              
 if such Collateral Obligation is a loan, the Market Value of such Collateral Obligation has decreased by at least 1.00% of the
price paid by the Issuer for such Collateral Obligation;

 

    -21- 

     

    

 

(iv)              
if such Collateral Obligation is a loan, the spread over the applicable reference rate for such Collateral Obligation has been
increased in accordance with the underlying Collateral Obligation since the date of acquisition by (1) 0.25% or more (in the case
of a loan with a spread (prior to such increase) less than or equal to 2.00%), (2) 0.375% or more (in the case of a loan with
a spread (prior to such increase) greater than 2.00% but less than or equal to 4.00%) or (3) 0.50% or more (in the case of a loan
with a spread (prior to such increase) greater than 4.00%) due, in each case, to a deterioration in the related borrower’s
financial ratios or financial results;

 

(v)              
such Collateral Obligation has a projected cash flow interest coverage ratio (earnings before interest and taxes divided by
cash interest expense as estimated by the Collateral Manager) of the underlying borrower or other obligor of such Collateral
Obligation of less than 1.00 or that is expected to be less than 0.85 times the current year’s projected cash flow interest
coverage ratio; or

 

(vi)             
with respect to fixed rate Collateral Obligations, an increase since the date of purchase of more than 7.5% in the difference
between the yield on such Collateral Obligation and the yield on the relevant United States Treasury security; or

 

(b)       if
a Restricted Trading Period is in effect:

 

(i)                
any Collateral Obligation as to which one or more of the criteria set forth in (a)(i) through (a)(vi) above applies; or

 

(ii)              
with respect to which a Majority of the Controlling Class consents to treat such Collateral Obligation as a Credit Risk Obligation.

 

“CRR”:
The meaning specified in the definition of the term “E.U. Retention Requirement Laws”.

 

“Cumulative
Deferred Management Fee”: All or a portion of the previously deferred Collateral Management Fees or Collateral Management
Fee Shortfall Amounts (including accrued interest prior to the Payment Date on which the payment of such Collateral Management
Fee Shortfall Amount was deferred by the Collateral Manager), which may be declared due and payable by the Collateral Manager
on any Payment Date (with written notice to the Trustee and the Collateral Administrator).

 

“Current
Deferred Management Fee”: With respect to a Payment Date, all or a portion of the Collateral Management Fees or Collateral
Management Fee Shortfall Amounts (including accrued interest), due and owing to the Collateral Manager the payment of which is
voluntarily deferred (for payment on a subsequent Payment Date), without interest, by the Collateral Manager (with written notice
to the Trustee and the Collateral Administrator).

 

    -22- 

     

    

 

“Current
Pay Obligation”: Any Collateral Obligation (other than a DIP Collateral Obligation) that would otherwise be treated
as a Defaulted Obligation but as to which no payments are due and payable that are unpaid and with respect to which the Collateral
Manager has certified to the Trustee (with a copy to the Collateral Administrator) in writing that it believes, in its reasonable
business judgment, that (a) the Obligor or issuer of such Collateral Obligation is current on all interest payments, principal
payments and other amounts due and payable thereunder and will continue to make scheduled payments of interest thereon and will
pay the principal thereof and all other amounts due and payable thereunder by maturity or as otherwise contractually due, (b)
if the Obligor or issuer is subject to a bankruptcy proceeding, it has been the subject of an order of a bankruptcy court that
permits it to make the scheduled payments on such Collateral Obligation and all interest payments, principal payments and other
amounts due and payable thereunder have been paid in Cash when due, (c) the Collateral Obligation has a Market Value of at least
80% of its par value, (d) the Collateral Obligation has (A) an S&P Rating of at least “CCC+” (which if the facility
rating of the Obligor has been withdrawn shall for the purposes of this definition be the facility rating prior to such withdrawal)
and a Market Value of at least 80% of its par value or (B) an S&P Rating of at least “CCC” (which if the facility
rating of the Obligor has been withdrawn shall for the purposes of this definition be the facility rating prior to such withdrawal)
and its Market Value is at least 85% of its par value (Market Value being determined, solely for the purposes of clauses (c) and
(d), without taking into consideration clause (iii) of the definition of the term “Market Value”) and (e) if any of
the Secured Notes are then rated by Fitch and no S&P Rating is at such time available for such Collateral Obligation, the
Collateral Obligation has a Fitch Rating of at least “CCC”.

 

“Current
Portfolio”: At any time, the portfolio of Collateral Obligations, Cash and Eligible Investments representing Principal
Proceeds (determined in accordance with Section 1.3 to the extent applicable) then held by the Issuer.

 

“Custodial
Account”: The custodial account established pursuant to Section 10.3(b).

 

“Custodian”:
The meaning specified in the first sentence of Section 3.3(a) with respect to items of collateral referred to
therein, and each entity with which an Account is maintained, as the context may require, each of which shall be a Securities
Intermediary.

 

“Cut-Off
Date”: Each date on or after the Closing Date on which a Collateral Obligation was or is transferred to the Issuer.

 

“Default”:
Any Event of Default or any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

 

“Default
Rate Dispersion”: As of any date of determination, the number obtained by (a) summing the products for each Collateral
Obligation (other than Defaulted Obligations) of (i) the absolute value of (x) the S&P Default Rate of such Collateral Obligation
minus (y) the Expected Portfolio Default Rate multiplied by (ii) the outstanding principal balance at such time
of such Collateral Obligation and (b) dividing such sum by the aggregate outstanding principal balance on such date
of all Collateral Obligations (other than Defaulted Obligations).

 

“Defaulted
Obligation”: Any Collateral Obligation included in the Assets as to which:

 

(a)                
 a default as to the payment of principal and/or interest has occurred and is continuing with respect to such Collateral Obligation
(without regard to any grace period applicable thereto, or waiver thereof, after the passage (in the case of a default that in
the Collateral Manager’s judgment, as certified to the Trustee and the Collateral Administrator in writing, is not due to
credit-related causes) of five Business Days or seven calendar days, whichever is greater, but in no case beyond the passage of
any grace period applicable thereto);

 

    -23- 

     

    

 

(b)               
a default known to the Collateral Manager as to the payment of principal and/or interest has occurred and is continuing on another
debt obligation of the same Obligor or issuer which is senior or pari passu in right of payment to such Collateral Obligation
(in the case of a default that in the Collateral Manager’s judgment, as certified to the Trustee and the Collateral Administrator
in writing, is not due to credit-related causes) after the passage of five Business Days or seven calendar days, whichever
is greater, but in no case beyond the passage of any grace period applicable thereto; provided that both the Collateral
Obligation and such other debt obligation are full recourse obligations of the applicable Obligor or issuer or secured by the
same collateral;

 

(c)                
the Obligor, issuer or others have instituted proceedings to have the Obligor or issuer adjudicated as bankrupt or insolvent or
placed into receivership and such proceedings have not been stayed or dismissed or such Obligor or issuer has filed for protection
under Chapter 11 of the Bankruptcy Code;

 

(d)                
such Collateral Obligation has an S&P Rating of “D,” “SD” or “CC” or lower or had such
rating before such rating was withdrawn or such Collateral Obligation has a Fitch Rating of “D” or “RD”
or had such rating immediately before such rating was withdrawn;

 

(e)                
such Collateral Obligation is junior or pari passu in right of payment as to the payment of principal and/or interest to
another debt obligation of the same Obligor which has an S&P Rating of “D,” “SD” or “CC”
or lower or had such rating before such rating was withdrawn or another debt obligation of an Obligor which has a Fitch Rating
of “D” or “RD” or had such rating immediately before such rating was withdrawn; provided that both
the Collateral Obligation and such other debt obligation are full recourse obligations of the applicable Obligor or secured by
the same collateral;

 

(f)                  the
Collateral Manager has received notice or a Responsible Officer thereof has actual knowledge that a default has occurred under
the Underlying Instruments and any applicable grace period has expired and the holders of such Collateral Obligation have accelerated
the repayment of the Collateral Obligation (but only until such acceleration has been rescinded) in the manner provided in
the Underlying Instruments;

 

(g)                 the
Collateral Manager has in its reasonable commercial judgment otherwise declared such debt obligation to be a “Defaulted
Obligation” or determined that such debt obligation will be disposed of in connection with a “Distressed Exchange”;

 

(h)                 such
Collateral Obligation is a Participation Interest with respect to which the Selling Institution has defaulted in any respect in
the performance of any of its payment obligations under the Participation Interest;

 

    -24- 

     

    

 

(i)                  such
Collateral Obligation is a Participation Interest in a Loan that would, if such Loan were a Collateral Obligation, constitute
a “Defaulted Obligation” or with respect to which the Selling Institution has an S&P Rating of “D,”
“SD” or “CC” or lower or had such rating before such rating was withdrawn; or

 

(j)                
such Collateral Obligation has, since the date it was acquired by the Issuer, become subject to an amendment, waiver or modification
that had the effect of reducing the principal amount of such Collateral Obligation;

 

provided
that (x) a Collateral Obligation shall not constitute a Defaulted Obligation pursuant to clauses (b) through (e) above
if such Collateral Obligation (or, in the case of a Participation Interest, the underlying Loan) is a Current Pay Obligation (provided
that the Aggregate Principal Balance of Current Pay Obligations exceeding 5% of the Collateral Principal Amount will be treated
as Defaulted Obligations), (y) a Collateral Obligation shall not constitute a Defaulted Obligation pursuant to any of clauses
(b), (c), (d), (e) and (i) above if such Collateral Obligation (or, in the case of a Participation Interest, the underlying Loan)
is a DIP Collateral Obligation (other than a DIP Collateral Obligation that has an S&P Rating of “SD” or “CC”
or lower or a Fitch Rating of “D” or “RD”) and (z) a Collateral Obligation shall not constitute a Defaulted
Obligation pursuant to clause (j) above if, since the effective date of such amendment, waiver or modification, such Collateral
Obligation has received a new S&P Rating (in the case of S&P, so long as any Notes are Outstanding and rated by S&P)
or rating or credit estimate (or a confirmation of a prior S&P Rating, rating or credit estimate, as applicable) assigned
by each Rating Agency then rating the Notes, which S&P Rating or other rating or credit estimate must be at least “CCC”.

 

Notwithstanding
anything in this Indenture to the contrary, the Collateral Manager shall give the Trustee and the Collateral Administrator prompt
written notice should any Collateral Obligation become a Defaulted Obligation. Until so notified or until a Responsible Officer
of the Trustee obtains actual knowledge that a Collateral Obligation has become a Defaulted Obligation, the Trustee shall not
be deemed to have any notice or knowledge that a Collateral Obligation has become a Defaulted Obligation.

 

“Defaulted
Obligation Balance”: For any Defaulted Obligation or Deferring Obligation, the lesser of the (i) S&P Collateral
Value of such Defaulted Obligation or Deferring Obligation and (ii) Fitch Collateral Value of such Defaulted Obligation or Deferring
Obligation.

 

“Deferrable
Obligation”: A Collateral Obligation that by its terms permits the deferral or capitalization of payment of accrued,
unpaid interest; provided that the foregoing shall include any Permitted Deferrable Obligation.

 

“Deferred
Interest”: With respect to the Class C Notes and the Class D Notes, the meaning specified in Section 2.7(a).

 

“Deferring
Obligation”: A Deferrable Obligation that deferring the payment of the cash interest due thereon and (i) with respect
to Collateral Obligations that have an S&P Rating of at least “BBB-,” has been so deferring the payment of cash
interest due thereon for twelve consecutive months or has deferred payments of interest in an amount equal to two periodic payments,
and (ii) with respect to Collateral Obligations that have an S&P Rating of “BB+” or below, has been so deferring
the payment of interest for six consecutive months or deferred payments of interest in an amount equal to one periodic interest
payment, which deferred capitalized interest has not, as of the date of determination, been paid in Cash.

 

    -25- 

     

    

 

“Delayed
Drawdown Collateral Obligation”: A Collateral Obligation that (a) requires the Issuer to make one or more future
advances to the borrower under the Underlying Instruments relating thereto, (b) specifies a maximum amount that can be borrowed
on one or more fixed borrowing dates, and (c) does not permit the re-borrowing of any amount previously repaid by the borrower
thereunder; but any such Collateral Obligation will be a Delayed Drawdown Collateral Obligation only until all commitments by
the Issuer to make advances to the borrower expire or are terminated or are reduced to zero.

 

“Deliver”
or “Delivered” or “Delivery”: The taking of the following steps:

 

(i)          in
the case of each Certificated Security (other than a Clearing Corporation Security), Instrument and Participation Interest in
which the underlying loan is represented by an Instrument,

 

		(a)	causing
                                         the delivery of such Certificated Security or Instrument to the Custodian by registering
                                         the same in the name of the Custodian or its affiliated nominee or by endorsing the same
                                         to the Custodian or in blank;

 

		(b)	causing
                                         the Custodian to indicate continuously on its books and records that such Certificated
                                         Security or Instrument is credited to the applicable Account; and

 

		(c)	causing
                                         the Custodian to maintain continuous possession of such Certificated Security or Instrument;

 

(ii)         in
the case of each Uncertificated Security (other than a Clearing Corporation Security),

 

		(a)	causing
                                         such Uncertificated Security to be continuously registered on the books of the issuer
                                         thereof to the Custodian; and

 

		(b)	causing
                                         the Custodian to indicate continuously on its books and records that such Uncertificated
                                         Security is credited to the applicable Account;

 

(iii)        in
the case of each Clearing Corporation Security,

 

		(a)	causing
                                         the relevant Clearing Corporation to credit such Clearing Corporation Security to the
                                         securities account of the Custodian, and

 

		(b)	causing
                                         the Custodian to indicate continuously on its books and records that such Clearing Corporation
                                         Security is credited to the applicable Account;

 

    -26- 

     

    

 

(iv)        in
the case of each security issued or guaranteed by the United States of America or agency or instrumentality thereof and that is
maintained in book-entry records of a Federal Reserve Bank (“FRB”) (each such security, a “Government
Security”),

 

		(a)	causing
                                         the creation of a Security Entitlement to such Government Security by the credit of such
                                         Government Security to the securities account of the Custodian at such FRB, and

 

		(b)	causing
                                         the Custodian to indicate continuously on its books and records that such Government
                                         Security is credited to the applicable Account;

 

(v)         in
the case of each Security Entitlement not governed by clauses (i) through (iv) above,

 

		(a)	causing
                                         a Securities Intermediary (x) to indicate on its books and records that the underlying
                                         Financial Asset has been credited to the Custodian’s securities account, (y) to
                                         receive a Financial Asset from a Securities Intermediary or acquire the underlying Financial
                                         Asset for a Securities Intermediary, and in either case, accepting it for credit to the
                                         Custodian’s securities account or (z) to become obligated under other law,
                                         regulation or rule to credit the underlying Financial Asset to a Securities Intermediary’s
                                         securities account,

 

		(b)	causing
                                         such Securities Intermediary to make entries on its books and records continuously identifying
                                         such Security Entitlement as belonging to the Custodian and continuously indicating on
                                         its books and records that such Security Entitlement is credited to the Custodian’s
                                         securities account, and

 

		(c)	causing
                                         the Custodian to indicate continuously on its books and records that such Security Entitlement
                                         (or all rights and property of the Custodian representing such Security Entitlement) is
                                         credited to the applicable Account;

 

(vi)        in
the case of Cash or Money,

 

		(a)	causing
                                         the delivery of such Cash or Money to the Trustee for credit to the applicable Account
                                         or to the Custodian,

 

		(b)	if
                                         delivered to the Custodian, causing the Custodian to treat such Cash or Money as a Financial
                                         Asset maintained by such Custodian for credit to the applicable Account in accordance
                                         with the provisions of Article 8 of the UCC or causing the Custodian to deposit such
                                         Cash or Money to a deposit account over which the Custodian has control (within the meaning
                                         of Section 9-104 of the UCC), and

 

		(c)	causing
                                         the Custodian to indicate continuously on its books and records that such Cash or Money
                                         is credited to the applicable Account; and

 

    -27- 

     

    

 

(vii)       in
the case of each general intangible (including any Participation Interest in which neither the Participation Interest nor the
underlying loan is represented by an Instrument),

 

		(a)	causing
                                         the filing of a Financing Statement in the office of the Secretary of State of the State
                                         of Delaware.

 

In
addition, the Collateral Manager on behalf of the Issuer will obtain any and all consents required by the Underlying Instruments
relating to any general intangibles for the transfer of ownership and/or pledge hereunder (except to the extent that the requirement
for such consent is rendered ineffective under Section 9-406 of the UCC).

 

“Delivery
Certificate”: An Officer’s certificate of the Collateral Manager to the effect that immediately before the Delivery
of the Collateral Obligations:

 

(A)       the
information with respect to each Collateral Obligation in the Schedule of Collateral Obligations is true and correct and such
schedule is complete with respect to each such Collateral Obligation;

 

(B)       each
Collateral Obligation in the Schedule of Collateral Obligations satisfies the requirements of the definition of “Collateral
Obligation”; and

 

(C)       the
Issuer purchased or entered into each Collateral Obligation in the Schedule of Collateral Obligations in compliance with Section
12.2.

 

“Determination
Date”: The last day of each Collection Period and, for the purposes of determining whether Interest Proceeds and Principal
Proceeds can be transferred to the Payment Account and applied pursuant to the Priority of Payments in connection with a Redemption
Distribution Date, the Business Day preceding such Redemption Distribution Date.

 

“DIP
Collateral Obligation”: A loan made to a debtor-in-possession pursuant to Section 364 of the Bankruptcy Code having
the priority allowed by either Section 364(c) or 364(d) of the Bankruptcy Code and fully secured by senior liens.

 

    -28- 

     

    

 

“Discount
Obligation”: Any Collateral Obligation forming part of the Assets which was purchased (as determined without averaging
prices of purchases on different dates) for less than (a) 85% of its outstanding principal balance, if such Collateral Obligation
has an S&P Rating lower than “B-”, or (b) 80% of its outstanding principal balance, if such Collateral Obligation
has an S&P Rating of “B-” or higher; provided that (x) such Collateral Obligation shall cease to be a Discount
Obligation at such time as the Market Value (expressed as a percentage of the par amount of such Collateral Obligation) determined
for such Collateral Obligation on each day during any period of 30 consecutive days since the acquisition by the Issuer of such
Collateral Obligation, equals or exceeds 90% on each such day; (y) any Collateral Obligation that would otherwise be considered
a Discount Obligation, but that is purchased in accordance with the Investment Criteria with the proceeds of a sale of a Collateral
Obligation that was not a Discount Obligation at the time of its purchase, so long as such purchased Collateral Obligation (A)
is purchased or committed to be purchased within five Business Days of such sale, (B) is purchased at a purchase price (expressed
as a percentage of the par amount of such Collateral Obligation) equal to or greater than the sale price of the sold Collateral
Obligation, (C) is purchased at a purchase price (expressed as a percentage of the par amount of such Collateral Obligation) not
less than 65% of its outstanding principal balance and (D) has an S&P Rating or a Fitch Rating that is equal to or higher
than the S&P Rating or Fitch Rating of the sold Collateral Obligation; and (z) clause (y) above in this proviso shall
not apply to any such Collateral Obligation at any time on or after the acquisition by the Issuer of such Collateral Obligation
if, as determined at the time of such acquisition, such application would result in (A) more than 5% of the Collateral Principal
Amount consisting of Collateral Obligations to which such clause (y) has been applied (or more than 2.5% of the Collateral
Principal Amount consisting of Collateral Obligations to which such clause (y) has been applied if the purchase price of the Collateral
Obligation is less than 75% of the outstanding principal balance thereof) or (B) the Aggregate Principal Balance of all Collateral
Obligations to which such clause (y) has been applied since the Closing Date being more than 10% of the Reinvestment Target
Par Balance.

 

“Distressed
Exchange”: In connection with any Collateral Obligation, a distressed exchange or other debt restructuring has occurred,
as reasonably determined by the Collateral Manager, pursuant to which the Obligor or issuer of such Collateral Obligation or any
affiliate thereof has issued to the holders of such Collateral Obligation a new debt obligation or security or package of debt
obligations or securities that, in the sole judgment of the Collateral Manager, amounts to a diminished financial obligation or
has the purpose of helping the Obligor or issuer of such Collateral Obligation avoid imminent default; provided that each
such security or debt obligation (i) shall not be subject to a “Distressed Exchange” and shall be treated as a Collateral
Obligation that is not a Defaulted Obligation only if (x) such security or debt obligation satisfies the definition of Collateral
Obligation and (y) the aggregate principal balance of all securities and debt obligations to which this clause (i) applies or
has applied, measured cumulatively from the Closing Date, does not exceed 25.0% of the Target Initial Par Amount and (ii) in all
other cases, any such (x) debt obligation shall be treated as a Collateral Obligation that is a Defaulted Obligation and (y) security
shall be treated as an Equity Security.

 

“Distribution
Compliance Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which
Notes are first offered to Persons other than the initial Holders and any other distributor (as such term is defined in Regulation
S) of the Notes and (b) the Closing Date.

 

“Distribution
Report”: The meaning specified in Section 10.7(b).

 

“Dollar”
or “U.S.$”: A dollar or other equivalent unit in such coin or currency of the United States of America as at
the time shall be legal tender for all debts, public and private.

 

“Domicile”
or “Domiciled”: With respect to any Obligor with respect to, or issuer of, a Collateral Obligation:

 

(a)                
its country of organization;

 

    -29- 

     

    

 

(b)               
if it is organized in a Tax Jurisdiction, each of such jurisdiction and the country in which, in the Collateral Manager’s
good faith estimate, a substantial portion of its operations are located or from which a substantial portion of its revenue is
derived, in each case directly or through subsidiaries (which shall be any jurisdiction and country known at the time of designation
by the Collateral Manager to be the source of the majority of revenues, if any, of such Obligor or issuer); or

 

(c)                
if its payment obligations in respect of such Collateral Obligation are guaranteed by a person or entity that is organized in
the United States or Canada, then the United States or Canada.

 

“DTC”:
The Depository Trust Company, its nominees, and their respective successors.

 

“Due
Date”: Each date on which any payment is due on an Asset in accordance with its terms.

 

“Effective
Date”: The earlier to occur of (i) March 8, 2019 and (ii) the first date on which the Collateral Manager certifies
to the Trustee and the Collateral Administrator that the Target Initial Par Condition has been satisfied.

 

“Effective
Date Certificate”: The meaning specified in Section 7.18(c)(iv).

 

“Effective
Date Condition”: The meaning specified in Section 7.18(c).

 

“Effective
Date Report”: The meaning specified in Section 7.18(c)(ii).

 

“Eligible
Investment Required Ratings”: (a) Such obligation or security has a short-term credit rating of at least “A-1”
from S&P and, in the case of any obligation or security with a maturity of greater than 60 days, a long-term credit rating
of at least “AA-” by S&P and (b) to the extent that Fitch is rating any Notes then Outstanding, for obligations
or securities (i) with remaining maturities up to 30 days, such obligation or security has a short-term credit rating of at least
“F1” or a long-term credit rating of at least “A” from Fitch or (ii) with remaining maturities of more
than 30 days but not in excess of 60 days, such obligation or security has a short-term credit rating of “F1+” or
a long-term credit rating of at least “AA-” from Fitch.

 

“Eligible
Investments”: Either (a) Cash or (b) any Dollar investment that is a “cash equivalent” for purposes of the
loan securitization exclusion under the Volcker Rule and at the time it is Delivered (directly or through an intermediary or bailee),
is one or more of the following obligations or securities:

 

(i)                direct
Registered obligations of, and Registered obligations the timely payment of principal and interest on which is fully and expressly
guaranteed by, the United States of America or any agency or instrumentality of the United States of America the obligations of
which are expressly backed by the full faith and credit of the United States of America and which obligations of such agency or
instrumentality satisfy the Eligible Investment Required Ratings;

 

    -30- 

     

    

 

(ii)               demand
and time deposits in, certificates of deposit of, bank deposit products of, trust accounts with, bankers’ acceptances issued
by, or federal funds sold by any depository institution or trust company incorporated under the laws of the United States of America
(including the Bank) or any state thereof and subject to supervision and examination by federal and/or state banking authorities,
in each case payable within 183 days after issuance, so long as the commercial paper and/or the debt obligations of such depository
institution or trust company at the time of such investment or contractual commitment providing for such investment have
the Eligible Investment Required Ratings;

 

(iii)              commercial
paper or other short-term obligations (other than Asset-backed Commercial Paper and extendible commercial paper) with the Eligible
Investment Required Ratings and that either bear interest or are sold at a discount from the face amount thereof and have a maturity
of not more than 183 days from their date of issuance; and

 

(iv)              registered
money market funds that have, at all times, credit ratings of “AAAm” by S&P and, to the extent that Fitch is rating
any Notes then Outstanding, either the highest credit rating assigned by Fitch to the extent rated by Fitch or otherwise the highest
rating assigned by any other NRSRO, respectively (provided that such equivalent ratings shall comply with each of Fitch’s
and S&P’s then current criteria);

 

provided
that (1) Eligible Investments purchased with funds in the Collection Account shall be held until maturity except as otherwise
specifically provided herein and shall include only such obligations, other than those referred to in clause (iv) above, as mature
(or are putable at par to the issuer thereof) no later than the earlier of (a) 60 days from the date of purchase and (b) the Business
Day prior to the next Payment Date unless such Eligible Investments are issued by the Trustee in its capacity as a banking institution,
in which event such Eligible Investments may mature on such Payment Date; and (2) none of the foregoing obligations shall constitute
Eligible Investments if (a) such obligation has an “f”, “p”, “pi”, “t” or “sf”
subscript assigned to the rating by S&P, (b) all, or substantially all, of the remaining amounts payable thereunder consist
of interest and not principal payments, (c) payments with respect to such obligations or proceeds of disposition are subject to
withholding taxes by any jurisdiction unless the payor is required to make “gross-up” payments that cover the full
amount of any such withholding tax on an after-tax basis, (d) such obligation is secured by real property, (e) such obligation
is purchased at a price greater than 100% of the principal or face amount thereof, (f) such obligation is subject of a tender
offer, voluntary redemption, exchange offer, conversion or other similar action, (g) in the Collateral Manager’s judgment,
such obligation is subject to material non-credit related risks, (h) such obligation is a Structured Finance Obligation or (i)
such obligation is represented by a certificate of interest in a grantor trust. Eligible Investments may include, without limitation,
those investments issued by or made with the Bank or for which the Bank or the Trustee or an Affiliate of the Bank or the Trustee
acts as offeror, is the obligor or depository institution, or provides services and receives compensation. The Trustee shall not
be responsible for determining or overseeing compliance with the foregoing.

 

    -31- 

     

    

 

“Eligible
Loan Index”: With respect to each Collateral Obligation that is a Senior Secured Loan or a Second Lien Loan, one of
the following indices as selected by the Collateral Manager in writing delivered to the Trustee and the Collateral Administrator
upon acquisition of such Collateral Obligation: CS Leveraged Loan Index (formerly CSFB Leveraged Loan Index), the Deutsche Bank
Leveraged Loan Index, the Goldman Sachs/Loan Pricing Corporation Liquid Leveraged Loan Index, the Banc of America Securities Leveraged
Loan Index, the S&P/LSTA Leveraged Loan Indices or any other loan index for which the Global Rating Agency Condition has been
obtained.

 

“Enforcement
Event”: The meaning specified in Section 11.1(a)(iii).

 

“Equity
Security”: Any security or debt obligation which at the time of acquisition, conversion or exchange does not satisfy
the requirements of a Collateral Obligation and is not an Eligible Investment (but in either case not including any debt obligation
received as part of a Distressed Exchange or otherwise in connection with a restructuring or insolvency); it being understood
that Equity Securities may only be received in connection with an insolvency, bankruptcy, reorganization, debt restructuring or
workout and if, in the commercially reasonable judgment of the Collateral Manager (not to be called into question as a result
of subsequent events), such Equity Securities would be considered “in lieu of debts previously contracted” with respect
to the Collateral Obligation under the Volcker Rule.

 

“ERISA”:
The United States Employee Retirement Income Security Act of 1974, as amended.

 

“E.U.
Retained Interest”: The net economic interest the E.U. Retention Provider will retain in the securitized exposures (as
such term is used in Article 405(1) of the CRR, Article 51 of the AIFMD Level 2 Regulation and Article 254 of the Solvency II
Level 2 Regulation) pursuant to the terms of the E.U. Risk Retention Letter, being in an amount of not less than 5% in the form
specified in paragraph (d) of Article 405(1) of the CRR, paragraph (d) of Article 51(1) of the AIFMD Level 2 Regulation, as each
such regulation is in effect as of the Closing Date, and paragraph (d) of Article 254(2) of the Solvency II Level 2 Regulation,
by way of holding, subject to the provisions of the E.U. Risk Retention Letter, the minimum principal amount of Subordinated Notes
required by the E.U. Retention Requirement Laws, as each such regulation is in effect as of the Closing Date, being an amount
equal to 5% of the nominal value of the Collateral Obligations.

 

“E.U.
Retention Deficiency”: The failure of the E.U. Retention Provider to hold the E.U. Retained Interest at such time.

 

“E.U.
Retention Provider”: GCIC CLO II Depositor LLC, in its capacity as the E.U. Retention Provider.

 

    -32- 

     

    

 

“E.U.
Retention Requirement Laws”: Collectively, (i) Articles 404-410 of the European Union Capital Requirements Regulation
(Regulation (EU) 575/2013) on prudential requirements for credit institutions and investment firms and amending Regulation (EU)
No 648/2012, of June 27, 2013 (the “CRR”), as supplemented by Commission Delegated Regulation (EU) No. 625/2014
of March 13, 2014, together with any final guidance and technical standards published in relation thereto and the guidelines and
related documents previously published in relation to the preceding risk retention legislation by the European Banking Authority
which continue to apply to the provisions of the CRR, and any implementing law or regulation in force in any Member State of the
European Union, (ii) Section5, Articles 50-56 (inclusive) of the European Union Commission Delegated Regulation (EU) 231/2013
implementing Article 17 of European Union Directive 2011/61/EU on Alternative Investment Fund Managers (the “AIFMD Level
2 Regulation”), together with any applicable guidance, technical standards and related documents published by any European
regulator in relation thereto and any implementing law or regulation in force in any Member State of the European Union, and (iii)
Articles 254-257 (inclusive) of European Union Commission Delegated Regulation (EU) 2015/35 of October 10, 2014 (the “Solvency
II Level 2 Regulation”) supplementing Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance
and Reinsurance (Solvency II) of November 25, 2009, together with any applicable guidance, technical standards and related documents
published by any European regulator in relation thereto and any implementing law or regulation in force in any Member State of
the European Union.

 

“E.U.
Risk Retention Letter”: The letter relating to the retention of net economic interest by the E.U. Retention Provider,
and addressed to the Issuer and the Trustee.

 

“Euroclear”:
Euroclear Bank S.A./N.V.

 

“Event
of Default”: The meaning specified in Section 5.1.

 

“Excess
CCC Adjustment Amount”: As of any date of determination, an amount equal to the excess, if any, of (i) the Aggregate
Principal Balance of all Collateral Obligations included in the CCC Excess, over (ii) the sum of the Market Values
of all Collateral Obligations included in the CCC Excess (which for any Discount Obligation included therein shall not exceed
the purchase price thereof); provided that (x) any Long-Dated Obligation shall be included in clause (i) at its value in
the Long-Dated Obligation Amount and (y) for purposes of this definition, the Market Value, with respect to each Long-Dated Obligation,
shall not exceed its value in the Long-Dated Obligation Amount.

 

“Excess
Par Amount”: An amount, as of any Determination Date, equal to the greater of (a) zero and (b) (i) the Adjusted Collateral
Principal Amount less (ii) the Reinvestment Target Par Balance.

 

“Excess
Weighted Average Coupon”: A percentage equal as of any date of determination to a number obtained by multiplying
(a) the excess, if any, of the Weighted Average Coupon over the Minimum Weighted Average Coupon by (b) the number obtained
by dividing the aggregate outstanding principal balance of all Fixed Rate Obligations by the aggregate outstanding
principal balance of all Floating Rate Obligations.

 

“Excess
Weighted Average Floating Spread”: A percentage equal as of any date of determination to a number obtained by multiplying
(a) the excess, if any, of the Weighted Average Floating Spread over the Minimum Floating Spread by (b) the number
obtained by dividing the aggregate outstanding principal balance of all Floating Rate Obligations by the aggregate
outstanding principal balance of all Fixed Rate Obligations.

 

“Exchange
Act”: The United States Securities Exchange Act of 1934, as amended.

 

“Exercise
Notice”: The meaning specified in Section 9.8.

 

    -33- 

     

    

 

“Expected
Portfolio Default Rate”: As of any date of determination, the number obtained by (a) summing the products for each Collateral
Obligation (other than Defaulted Obligations) of (i) the outstanding principal balance on such date of such Collateral Obligation
by (ii) the S&P Default Rate of such Collateral Obligation and (b) dividing such sum by the aggregate outstanding
principal balance on such date of all Collateral Obligations (other than Defaulted Obligations).

 

“Expense
Reserve Account”: The trust account established pursuant to Section 10.3(d).

 

“Facility
Size”: With respect to any credit facility on any date of determination, the maximum aggregate principal amount of indebtedness
for borrowed money that is or, in accordance with commitments to extend additional credit, may become outstanding under the term
loan agreement, revolving loan agreement or other similar credit agreement that governs such credit facility; provided
that, for this purpose, such aggregate principal amount shall include deposits and reimbursement obligations arising from drawings
pursuant to letters of credit and other similar instruments.

 

“Failed
Optional Redemption”: Any announced Optional Redemption (i) with respect to which notice of redemption has been given
pursuant to Section 9.4, (ii) such notice is no longer capable of being withdrawn pursuant to Section 9.4(c), and
(iii) the Issuer has insufficient funds to pay the Redemption Price due and payable on the Secured Notes in respect of such announced
Optional Redemption on the related Redemption Date in accordance with the Priority of Payments.

 

“Federal
Reserve Board”: The Board of Governors of the Federal Reserve System.

 

“Fee
Basis Amount”: As of any date of determination, the sum of (a) the Collateral Principal Amount, (b) the aggregate
outstanding principal balance of all Defaulted Obligations and (c) the aggregate amount of all Principal Financed Accrued
Interest.

 

“Financial
Asset”: The meaning specified in Section 8-102(a)(9) of the UCC.

 

“Financing
Statements”: The meaning specified in Section 9-102(a)(39) of the UCC.

 

“First
Interest Determination End Date”: January 20, 2019.

 

“First-Lien
Last-Out Loan”: A Collateral Obligation that is a Senior Secured Loan that, prior to an event of default under the applicable
Underlying Instruments, is entitled to receive payments pari passu with other senior secured loans of the same Obligor,
but following an event of default under the applicable Underlying Instruments, such Collateral Obligation becomes fully subordinated
to other senior secured loans of the same Obligor and is not entitled to any payments until such other senior secured loans are
paid in full.

 

“Fitch”:
Fitch Ratings, Inc. and any successor thereto.

 

“Fitch
Collateral Value”: With respect to any Defaulted Obligation or Deferring Obligation, the lesser of (i) the product of
the Fitch Recovery Rate of such Defaulted Obligation or Deferring Obligation multiplied by its principal balance, in each
case, as of the relevant Measurement Date and (ii) the Market Value of such Defaulted Obligation or Deferring Obligation as of
the relevant Measurement Date; provided that if the Market Value cannot be determined for any reason, the Fitch Collateral
Value shall be determined in accordance with clause (i) above.

 

    -34- 

     

    

 

“Fitch
Rating”: The meaning specified in Schedule 7 hereto.

 

“Fitch
Rating Factor”: In respect of any Collateral Obligation, the number set forth in the table below opposite the Fitch
Rating in respect of such Collateral Obligation:

 

	Fitch
        Rating
	Fitch
        Rating Factor

	AAA	0.19
	AA+	0.35
	AA	0.64
	AA-	0.86
	A+	1.17
	A	1.58
	A-	2.25
	BBB+	3.19
	BBB	4.54
	BBB-	7.13
	BB+	12.19
	BB	17.43
	BB-	22.80
	B+	27.80
	B	32.18
	B-	40.60
	CCC+	62.80
	CCC	62.80
	CCC-	62.80
	CC	100.00
	C	100.00
	D	100.00

 

“Fitch
Recovery Rate”: The meaning specified in Schedule 7 hereto.

 

“Fitch
Test Matrix”: The meaning specified in Schedule 7 hereto.

 

“Fitch
Weighted Average Rating Factor”: The number determined by (a) summing the products of (i) the Principal Balance
of each Collateral Obligation multiplied by (ii) its Fitch Rating Factor, (b) dividing such sum by the aggregate
Principal Balance of all such Collateral Obligations and (c) rounding the result down to the nearest two decimal places.
For the purposes of determining the Principal Balance and aggregate Principal Balance of Collateral Obligations in this definition,
the Principal Balance of each Defaulted Obligation shall be excluded.

 

“Fixed
Rate Notes”: Any notes issued under the Indenture (or loans entered into by the Issuer in connection with a Refinancing)
that bear a fixed rate of interest.

 

    -35- 

     

    

 

“Fixed
Rate Obligation”: Any Collateral Obligation that bears a fixed rate of interest.

 

“Floating
Rate Notes”: All of the Secured Notes (or loans entered into by the Issuer in connection with a Refinancing), collectively,
other than the Fixed Rate Notes.

 

“Floating
Rate Obligation”: Any Collateral Obligation that bears a floating rate of interest.

 

“FRB”:
The meaning specified in the definition of the terms “Deliver”, “Delivered” or “Delivery”.

 

“GAAP”:
The meaning specified in Section 6.3(j).

 

“Global
Note”: The Global Secured Notes and the Rule 144A Global Subordinated Notes.

 

“Global
Rating Agency Condition”: With respect to any action taken or to be taken by or on behalf of the Issuer, satisfaction
of the S&P Rating Condition (to the extent applicable) together with prior notice to Fitch delivered at least five Business
Days prior to such action (to the extent that Fitch is rating any Notes then Outstanding).

 

“Global
Secured Note”: Any Regulation S Global Secured Note or Rule 144A Global Secured Note.

 

“Government
Security”: The meaning specified in the definition of the terms “Deliver”, “Delivered” or “Delivery”.

 

“Grant”
or “Granted”: To grant, bargain, sell, convey, assign, transfer, mortgage, pledge, create and grant a security
interest in and right of setoff against, deposit, set over and confirm. A Grant of the Assets, or of any other instrument, shall
include all rights, powers and options (but none of the obligations) of the granting party thereunder, including, the immediate
continuing right to claim for, collect, receive and receipt for principal and interest payments in respect of the Assets, and
all other Monies payable thereunder, to give and receive notices and other communications, to make waivers or other agreements,
to exercise all rights and options, to bring Proceedings in the name of the granting party or otherwise, and generally to do and
receive anything that the granting party is or may be entitled to do or receive thereunder or with respect thereto.

 

“Group
I Country”: The Netherlands, Australia, Japan, Singapore and New Zealand.

 

“Group
II Country”: Germany, Ireland, Sweden and Switzerland.

 

“Group
III Country”: Austria, Belgium, Denmark, Finland, France, Luxembourg and Norway.

 

“Incurrence
Covenant”: A covenant by any borrower to comply with one or more financial covenants only upon the occurrence of certain
actions of the borrower, including a debt issuance, dividend payment, share purchase, merger, acquisition or divestiture.

 

    -36- 

     

    

 

“Indenture”:
This instrument as originally executed and, if from time to time supplemented or amended by one or more indentures supplemental
hereto entered into pursuant to the applicable provisions hereof, as so supplemented or amended.

 

“Independent”:
As to any Person, any other Person (including, in the case of an accountant or lawyer, a firm of accountants or lawyers, and any
member thereof, or an investment bank and any member thereof) who (i) does not have and is not committed to acquire
any material direct or any material indirect financial interest in such Person or in any Affiliate of such Person, and (ii) is
not connected with such Person as an Officer, employee, promoter, underwriter, voting trustee, partner, manager, director or Person
performing similar functions. “Independent” when used with respect to any accountant may include an accountant who
audits the books of such Person if in addition to satisfying the criteria set forth above, the accountant is independent with
respect to such Person within the meaning of Rule 101 of the Code of Professional Conduct of the American Institute of Certified
Public Accountants. For purposes of this definition, no manager or director of any Person will fail to be Independent solely because
such Person acts as an independent manager or independent director thereof or of any such Person’s Affiliates.

 

Whenever
any Independent Person’s opinion or certificate is to be furnished to the Trustee, such opinion or certificate shall state
that the signer has read this definition and that the signer is Independent within the meaning hereof.

 

Any
pricing service, certified public accountant or legal counsel that is required to be Independent of another Person under this
Indenture must satisfy the criteria above with respect to the Issuer, the Collateral Manager and their Affiliates.

 

“Independent
Manager”: A natural person who, (A) for the five-year period prior to his or her appointment as Independent Manager,
has not been, and during the continuation of his or her service as Independent Manager is not: (i) an employee, director, stockholder,
member, manager, partner or officer or direct or indirect legal or beneficial owner (or a Person who controls, whether directly,
indirectly, or otherwise any of the foregoing) of the Issuer, the member of the Issuer or any of their respective Affiliates (other
than his or her service as a special member or an independent manager of the Issuer or other Affiliates that are structured to
be “bankruptcy remote”); (ii) a customer, consultant, creditor, contractor or supplier (or a Person who controls,
whether directly, indirectly, or otherwise any of the foregoing) of the Issuer, the member of the Issuer or any of their respective
Affiliates (other than his or her service as a special member or an independent manager of the Issuer); (iii) affiliated with
a tax-exempt entity that receives significant contributions from the member of the Issuer or any of its Affiliates; or (iv) any
member of the immediate family of a person described in clause (i), (ii) or (iii) above (other than with respect to clause (i),
(ii) or (iii) relating to his or her service as (y) an Independent Manager of the Issuer or (z) an independent manager of any
Affiliate of the Issuer which is a bankruptcy remote limited purpose entity), and (B) has, (i) prior experience as an Independent
Manager for a corporation or limited liability company whose charter documents required the unanimous consent of all Independent
Managers thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency
proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy
and (ii) at least three years of employment experience with one or more entities that provide, in the ordinary course of their
respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments,
agreements or securities.

 

    -37- 

     

    

 

“Index
Maturity”: With respect to any Class of Secured Notes, the period indicated with respect to such Class in Section 2.3.

 

“Industry
Diversity Measure”: As of any date of determination, the number obtained by dividing (a) 1 by (b) the
sum of the squares of the quotients, for each S&P Industry Classification, obtained by dividing (i) the aggregate outstanding
principal balance at such time of all Collateral Obligations (other than Defaulted Obligations) issued by Obligors that belong
to such S&P Industry Classification by (ii) the aggregate outstanding principal balance at such time of all Collateral
Obligations (other than Defaulted Obligations).

 

“Information”:
S&P’s “Credit Estimate Information Requirements” dated April 2011 and any other available information S&P
reasonably requests in order to produce a credit estimate for a particular asset.

 

“Information
Agent”: The Collateral Administrator.

 

“Initial
Purchaser”: Wells Fargo Securities, LLC, in its capacity as initial purchaser of and placement agent for the Offered
Notes under the Purchase Agreement or
the Refinancing Purchase Agreement, as applicable.

 

“Initial
Rating”: With respect to the Secured Notes, the rating or ratings, if any, indicated in Section 2.3.

 

“Initial
Subordinated Noteholder”: The Retention Provider, in its capacity as initial Subordinated Noteholder, together with
its respective successors and assigns.

 

“Institutional
Accredited Investor”: An Accredited Investor identified in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act.

 

“Instrument”:
The meaning specified in Section 9-102(a)(47) of the UCC.

 

“Interest
Accrual Period”: (i) With respect to the initial Payment Date following the Closing Date (or, in the case of a Re-Priced
Class or a Class that is subject to Refinancing or Notes issued in connection with an additional issuance, the first Payment Date
following the Re-Pricing Date, the Refinancing or the date of such additional issuance, respectively), the period from and including
the Closing Date (or, in the case of (x) a Refinancing, the date of issuance of the replacement notes or debt obligations and
(y) a Re-Pricing, the Re-Pricing Date) to but excluding such Payment Date; and (ii) with respect to each succeeding Payment Date,
the period from and including the immediately preceding Payment Date to but excluding the following Payment Date (or, in the case
of a Class that is being redeemed on a Partial Redemption Date, to but excluding such Partial Redemption Date) until the principal
of the Secured Notes is paid or made available for payment.

 

    -38- 

     

    

 

“Interest
Collection Subaccount”: The meaning specified in Section 10.2(a).

 

“Interest
Coverage Ratio”: For any designated Class or Classes of Secured Notes, as of any date of determination, the percentage
derived from the following equation: (A – B) / C, where:

 

A
= The Collateral Interest Amount as of such date of determination;

 

B
= Amounts payable (or expected as of the date of determination to be payable) on the following Payment Date as set forth
in clauses (A) and (B) in Section 11.1(a)(i); and

 

C
= Interest due and payable on the Secured Notes of such Class or Classes and each Class of Secured Notes that rank senior to or
pari passu with such Class or Classes (excluding Deferred Interest but including any interest on Deferred Interest with
respect to the Class C Notes and the Class D Notes) on such Payment Date.

 

“Interest
Coverage Test”: A test that is satisfied with respect to any Class or Classes of Secured Notes as of any date of determination
on, or subsequent to, the Determination Date occurring immediately prior to the second Payment Date, if (i) the Interest
Coverage Ratio for such Class or Classes on such date is at least equal to the Required Interest Coverage Ratio for such Class
or Classes or (ii) such Class or Classes of Secured Notes are no longer outstanding.

 

“Interest
Determination Date”: (a) With respect to the first Interest Accrual Period (x) for the period from and including the
Closing Date to but excluding the First Interest Determination End Date, the second London Banking Day preceding the Closing Date
and (y) for the period from and including the First Interest Determination End Date to but excluding the first Payment Date, the
second London Banking Day preceding the First Interest Determination End Date and (b) with respect to each Interest Accrual Period
thereafter, the second London Banking Day preceding the first day of each Interest Accrual Period; provided that, in connection
with any Refinancing upon a redemption of the Secured Notes in whole, but not in part, solely with respect to the first Interest
Accrual Period following the related Redemption Date, the Interest Determination Date for the replacement securities issued in
connection with such Refinancing will be determined by the Collateral Manager in connection with such Refinancing.

 

“Interest
Only Obligation”: Any obligation or security that does not provide in the related Underlying Instruments for the payment
or repayment of a stated principal amount in one or more installments on or prior to its stated maturity.

 

“Interest
Proceeds”: With respect to any Collection Period or Determination Date, without duplication, the sum of:

 

(i)            all
payments of interest and delayed compensation (representing compensation for delayed settlement) received in Cash by the Issuer
during the related Collection Period on the Collateral Obligations and Eligible Investments, including the accrued interest received
in connection with a sale thereof during the related Collection Period, less any such amount that represents Principal Financed
Accrued Interest;

 

(ii)           all
principal and interest payments received by the Issuer during the related Collection Period on Eligible Investments purchased
with Interest Proceeds;

 

    -39- 

     

    

 

(iii)          all
amendment and waiver fees, late payment fees and other fees received by the Issuer during the related Collection Period, except
for those in connection with (a) the lengthening of the maturity of the related Collateral Obligation or (b) except
with respect to call premiums or prepayment fees, the reduction of the par amount of the related Collateral Obligation, in each
case, as determined by the Collateral Manager with notice to the Trustee and the Collateral Administrator;

 

(iv)          commitment
fees and other similar fees received by the Issuer during such Collection Period in respect of Revolving Collateral Obligations
and Delayed Drawdown Collateral Obligations;

 

(v)           any
amounts deposited in the Expense Reserve Account as Interest Proceeds pursuant to Section 3.1(xi)(B);

 

(vi)          any
Principal Proceeds designated by the Collateral Manager (with notice to the Collateral Administrator) as Interest Proceeds in
connection with any Refinancing of the Secured Notes in whole, up to the Excess Par Amount for payment on the Redemption Date
of such Refinancing; and

 

(vii)         any
Contributions made to the Issuer which are designated as Interest Proceeds as permitted by this Indenture;

 

provided
that any amounts received in respect of any Defaulted Obligation will constitute Principal Proceeds (and not Interest Proceeds)
until the aggregate of all collections in respect of such Defaulted Obligation since it became a Defaulted Obligation equals the
outstanding principal balance of such Collateral Obligation at the time it became a Defaulted Obligation; provided further
that capitalized interest shall not constitute Interest Proceeds. Notwithstanding the foregoing, the Collateral Manager may
designate in its discretion (to be exercised on or before the related Determination Date), on any date after the first Payment
Date, that any portion of Interest Proceeds in a Collection Period be deemed to be Principal Proceeds so long as the Collateral
Manager believes that such designation will not result in an Event of Default pursuant to clause (a) of the definition thereof
on the next succeeding Payment Date.

 

“Interest
Rate”: With respect to each Class of Secured Notes, the per annum stated interest rate payable on such Class
with respect to each Interest Accrual Period equal to LIBOR for such Interest Accrual Period plus the spread specified
in Section 2.3.

 

“Investment
Advisers Act”: The Investment Advisers Act of 1940, as amended.

 

“Investment
Criteria”: The criteria specified in Section 12.2.

 

“Investment
Criteria Adjusted Balance”: With respect to each Collateral Obligation, the outstanding principal balance of such Collateral
Obligation; provided that the Investment Criteria Adjusted Balance of any:

 

		(i)	 	Deferring
                   Obligation will be the S&P Collateral Value of such Deferring Obligation;

 

		(ii)	 	Defaulted
                   Obligation will be the S&P Collateral Value of such Defaulted Obligation;

 

    -40- 

     

    

 

		(iii)	 	Discount
                   Obligation, will be the product of the (x) purchase price (expressed as a percentage of par) and (y) the principal
                   balance of such Collateral Obligation;

 

		(iv)	 	Long-Dated
                   Obligation will equal its applicable Long-Dated Obligation Amount; and

 

		(v)	 	Collateral
                   Obligation included in the CCC Excess will be the Market Value of such Collateral Obligation;

 

provided
further that the Investment Criteria Adjusted Balance for any Collateral Obligation that satisfies more than one of the definitions
of Deferring Obligation, Defaulted Obligation or Discount Obligation and/or is included in the CCC Excess will be the lowest amount
determined pursuant to clauses (i) – (v) above.

 

“IRS”:
The U.S. Internal Revenue Service.

 

“Issuer”:
The Person named as such on the first page of this Indenture until a successor Person shall have become the Issuer pursuant to
the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person.

 

“Issuer
Order” and “Issuer Request”: A written order or request (which may be a standing order or request)
dated and signed in the name of the Issuer or by a Responsible Officer of the Issuer or the Issuer or by the Collateral Manager
by a Responsible Officer thereof, on behalf of the Issuer. An order or request provided in a facsimile, email or other electronic
communication by a Responsible Officer of the Issuer or the Issuer or by a Responsible Officer of the Collateral Manager on behalf
of the Issuer shall constitute an Issuer Order, in each case except to the extent the Trustee requests otherwise.

 

“Issuer’s
Website”: The internet website of the Issuer, initially located at www.structuredfn.com access to which is limited to
Fitch and S&P and to NRSRO’s that have provided an NRSRO Certification.

 

“Junior
Class”: With respect to a particular Class of Notes, each Class of Notes that is subordinated to such Class, as indicated
in Section 2.3.

 

“Knowledgeable
Employee”: The meaning set forth in Rule 3c-5(a)(4) promulgated under the 1940 Act.

 

“LIBOR”:
The meaning set forth in Exhibit C hereto.

 

“LIBOR
Floor Obligation”: As of any date of determination, a Floating Rate Obligation (a) the interest in respect of which
is paid based on a London interbank offered rate and (b) that provides that such London interbank offered rate is (in effect)
calculated as the greater of (i) a specified “floor” rate per annum and (ii) the London interbank offered rate
for the applicable interest period for such Collateral Obligation.

 

“Lien”:
Any grant of a security interest in, mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance,
lien (statutory or other), preference, priority or other security agreement or preferential arrangement of any kind or nature
whatsoever, including, without limitation, any conditional sale or other title retention agreement, and any financing lease having
substantially the same economic effect as any of the foregoing (including any UCC financing statement or any similar instrument
filed against a Person’s assets or properties).

 

    -41- 

     

    

 

“Loan”:
Any obligation for the payment or repayment of borrowed money that is documented by a term loan agreement, revolving loan agreement
or other similar credit agreement.

 

“London
Banking Day”: A day on which commercial banks are open for business (including dealings in foreign exchange and foreign
currency deposits) in London, England.

 

“Long-Dated
Obligation”: Any Collateral Obligation (or portion thereof) with a maturity later than the earliest Stated Maturity
of the Notes.

 

“Long-Dated
Obligation Amount”: As of any date of determination, for each Long-Dated Obligation, an amount equal to the product
of the Principal Balance of such Long-Dated Obligation multiplied by 70%.

 

“Maintenance
Covenant”: A covenant by any borrower to comply with one or more financial covenants during each reporting period, whether
or not such borrower has taken any specified action and includes a covenant that applies only when the related Loan is funded.

 

“Majority”:
With respect to any Class or Classes of Notes, the Holders of more than 50% of the Aggregate Outstanding Amount of the Notes of
such Class or Classes, as applicable.

 

“Margin
Stock”: “Margin Stock” as defined under Regulation U issued by the Federal Reserve Board, including any
debt security which is by its terms convertible into “Margin Stock.”

 

“Market
Value”: With respect to any loans or other assets, the amount (determined by the Collateral Manager) equal to the
product of the Principal Balance thereof and the price (expressed as a percentage of par) determined in the following manner:

 

(i)                
the bid price determined by the Loan Pricing Corporation, LoanX Inc., Markit Group Limited or any other nationally recognized
pricing service subscribed to by the Collateral Manager; or

 

(ii)                
if the price described in clause (i) is not available or the Collateral Manager determines in accordance with the Collateral
Manager Standard that such price does not reflect the value of such asset;

 

(A)              the
average of the bid prices determined by three broker-dealers active in the trading of such asset that are Independent (without
giving effect to the last sentence in the definition thereof) from each other and the Issuer and the Collateral Manager;

 

(B)             
if only two such bids can be obtained, the lower of the bid prices of such two bids; or

 

    -42- 

     

    

 

(C)             
 if only one such bid can be obtained, and such bid was obtained from a Qualified Broker/Dealer, such bid; or

 

(iii)                if
a value cannot be obtained by the Collateral Manager exercising reasonable efforts pursuant to the means contemplated by clauses
(i) or (ii), the value determined as the bid side market value of such Collateral Obligation as reasonably determined by the Collateral
Manager (so long as the Collateral Manager is a Registered Investment Adviser, or has applied to be a Registered Investment Adviser)
consistent with the Collateral Manager Standard and certified by the Collateral Manager to the Trustee; provided that,
the value determined pursuant to this clause (iii) for any CCC Fitch Collateral Obligation or CCC S&P Collateral Obligation
included in the CCC Excess may not exceed 70%; or

 

(iv)              
if the Market Value of an asset is not determined in accordance with clause (i), (ii) or (iii) above, then such Market
Value shall be deemed to be zero until such determination is made in accordance with clause (i), (ii) or (iii) above.

 

“Master
Loan Sale Agreements”: Collectively, the Closing Date Master Loan Sale Agreement and the Retention Provider Master Loan
Sale Agreement.

 

“Material
Covenant Default”: A default by an Obligor with respect to any Collateral Obligation, and subject to any grace periods
contained in the related Underlying Instruments, that gives rise to the right of the lender(s) thereunder to accelerate the principal
of such Collateral Obligation.

 

“Maturity”:
With respect to any Note, the date on which the unpaid principal of such Note becomes due and payable as therein or herein provided,
whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise.

 

“Maturity
Amendment”: An amendment (other than in connection with an insolvency, bankruptcy, reorganization, debt restructuring
or workout of the Obligor thereof if the Collateral Manager determines (i) in the case of a Collateral Obligation that in the
Collateral Manager’s determination is likely to become a Defaulted Obligation, that such amendment in connection therewith
would reduce the likelihood that such Collateral Obligation will become a Defaulted Obligation or (ii) if such Collateral Obligation
is already a Defaulted Obligation, would in the Collateral Manager’s determination be advisable to increase recovery; provided
that, in either case, the extended maturity date of such Collateral Obligation would not be later than the earliest Stated
Maturity of the Secured Notes) to the Underlying Instruments governing a Collateral Obligation that extends the stated maturity
of such Collateral Obligation. For the avoidance of doubt, an amendment that would extend the stated maturity date of any tranche
of the credit facility of which a Collateral Obligation is part, but would not extend the stated maturity date of the Collateral
Obligation held by the Issuer, does not constitute a Maturity Amendment.

 

“Maximum
Fitch Rating Factor Test”: A test that will be satisfied on any date of determination if the Fitch Weighted Average
Rating Factor as at such date is less than or equal to the applicable level in the Fitch Test Matrix.

 

    -43- 

     

    

 

“Measurement
Date”: (i) Any day on which a purchase of a Collateral Obligation occurs, (ii) any Determination Date, (iii) the
date as of which the information in any Monthly Report is calculated, (iv) with five Business Days prior written notice,
any Business Day requested by either Rating Agency and (v) the Effective Date.

 

“Merging
Entity”: The meaning specified in Section 7.10.

 

“Middle
Market Loan”: Any Loan other than a Broadly Syndicated Loan.

 

“Minimum
Fitch Floating Spread”: As of any date of determination, the weighted average spread (expressed as a percentage) applicable
to the current Fitch Test Matrix selected by the Collateral Manager.

 

“Minimum
Fitch Floating Spread Test”: A test that will be satisfied on any date of determination if the Weighted Average Floating
Spread plus the Excess Weighted Average Coupon equals or exceeds the Minimum Fitch Floating Spread.

 

“Minimum
Floating Spread”: The applicable percentage set forth in the definition of “S&P CDO Monitor” upon the
option chosen by the Collateral Manager in accordance with Section 2 of Schedule 4.

 

“Minimum
Floating Spread Test”: The test that is satisfied on any date of determination if the Weighted Average Floating Spread
plus the Excess Weighted Average Coupon equals or exceeds the Minimum Floating Spread.

 

“Minimum
Weighted Average Coupon”: If any of the Collateral Obligations are Fixed Rate Obligations, 7.00%.

 

“Minimum
Weighted Average Coupon Test”: A test that is satisfied on any date of determination as of which the Collateral Obligations
include any Fixed Rate Obligations if the Weighted Average Coupon plus the Excess Weighted Average Floating Spread equals
or exceeds the Minimum Weighted Average Coupon.

 

“Minimum
Weighted Average Fitch Recovery Rate Test”: A test that will be satisfied on any date of determination if the Weighted
Average Fitch Recovery Rate is greater than or equal to the applicable level in the Fitch Test Matrix.

 

“Minimum
Weighted Average S&P Recovery Rate Test”: A test that will be satisfied on any date of determination, during any
S&P CDO Monitor Election Period if the Weighted Average S&P Recovery Rate for the Class A-2 Notes (or, if the Class A-2
Notes are no longer Outstanding, the most senior Class of Secured Notes Outstanding) equals or exceeds the Weighted Average S&P
Recovery Rate for such Class selected by the Collateral Manager in connection with the S&P CDO Monitor.

 

“Money”:
The meaning specified in Section 1-201(24) of the UCC.

 

“Monthly
Report”: The meaning specified in Section 10.7(a).

 

    -44- 

     

    

 

“Monthly
Report Determination Date”: The meaning specified in Section 10.7(a).

 

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

 

“Moody’s
Default Probability Rating”: With respect to any Collateral Obligation, the rating determined pursuant to Schedule 3
hereto (or such other schedule provided by Moody’s to the Issuer, the Trustee, the Collateral Administrator and the
Collateral Manager).

 

“Moody’s
Derived Rating”: With respect to any Collateral Obligation whose Moody’s Rating or Moody’s Default Probability
Rating cannot otherwise be determined pursuant to the definitions thereof, the rating determined for such Collateral Obligation
as set forth in Schedule 3 hereto (or such other schedule provided by Moody’s to the Issuer, the Trustee, the
Collateral Administrator and the Collateral Manager).

 

“Moody’s
Rating”: With respect to any Collateral Obligation, the rating determined pursuant to Schedule 3 hereto
(or such other schedule provided by Moody’s to the Issuer, the Trustee, the Collateral Administrator and the Collateral
Manager).

 

“Net
Exposure Amount”: As of the applicable Cut-Off Date, with respect to any Collateral Obligation which is a Revolving
Collateral Obligation or Delayed Drawdown Collateral Obligation, the lesser of (i) the aggregate amount of the then unfunded funding
obligations thereunder and (ii) the amount necessary to cause, on the applicable Cut-Off Date with respect to such Collateral
Obligation, the amount of funds on deposit in the Revolver Funding Account to be at least equal to the sum of the unfunded funding
obligations under all Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations then included in the Assets.

 

“Net
Purchased Loan Balance”: As of any date of determination, an amount equal to (a) the sum of (i) the aggregate principal
balance of all Collateral Obligations conveyed by the E.U. Retention Provider to the Issuer prior to such date, calculated as
of the respective Cut-Off Dates of such Collateral Obligations, and (ii) the aggregate principal balance of all Collateral Obligations
acquired by the Issuer other than from the E.U. Retention Provider prior to such date minus (b) the aggregate principal
balance of all Collateral Obligations sold to, or otherwise transferred to, the E.U. Retention Provider prior to such date.

 

“Non-Call
Period”: The(i)
With respect to the Notes issued on the Closing Date, the period
from the Closing Date to December 13, 2020 and
(ii) with respect to the Class A-2-R Notes, the period from the Refinancing Date to but excluding June 21, 2021.

 

“Non-Emerging
Market Obligor”: An Obligor that is Domiciled in (a) the United States of America, (b) any country that has a foreign
currency government bond rating of at least “Aa3” by Moody’s and a foreign currency issuer credit rating of
at least “AA-” by S&P or (c) a Tax Jurisdiction.

 

“Non-Permitted
ERISA Holder”: The meaning specified in Section 2.11(d).

 

“Non-Permitted
Holder”: The meaning specified in Section 2.11(b).

 

    -45- 

     

    

 

“Non-Recourse
Obligation”: An asset that falls into any one of the following types of specialized lending, except any obligation that
is assigned a rating by S&P pursuant to clause (i)(a) of the definition of S&P Rating:

 

(a)               Project
Finance: a method of funding in which the lender looks primarily to the revenues generated by a single project, both as the source
of repayment and as security for the exposure. Repayment depends primarily on the project’s cash flow and on the collateral
value of the project’s assets, such as power plants, chemical processing plants, mines, transportation infrastructure, environment,
and telecommunications infrastructure.

 

(b)               Object
Finance: a method of funding the acquisition of physical assets (e.g. ships, aircraft, satellites, railcars, and fleets) where
the repayment of the exposure is dependent on the cash flows generated by the specific assets that have been financed and pledged
or assigned to the lender. A primary source of these cash flows might be rental or lease contracts with one or several third parties.

 

(c)               Commodities
Finance: a structured short-term lending to finance reserves, inventories, or receivable of exchange-traded commodities (e.g.
crude oil, metals, or crops), where the exposure will be repaid from the proceeds of the sale of the commodity and the borrower
has no independent capacity to repay the exposure. This is the case when the borrower has no other activities and no other material
assets on its balance sheet.

 

(d)               Income-producing
real estate: a method of providing funding to real estate (such as, office buildings to let, retail space, multifamily residential
buildings, industrial or warehouse space, and hotels) where the prospects for repayment and recovery on the exposure depend primarily
on the cash flows generated by the asset. The primary source of these cash flows would generally be lease or rental payments or
the sale of the asset.

 

(e)               High-volatility
commercial real estate: a financing any of the land acquisition, development and construction phases for properties of those types
in such jurisdictions, where the source of repayment at origination of the exposure is either the future uncertain sale of the
property or cash flows whose source of repayment is substantially uncertain (e.g. the property has not yet been leased to the
occupancy rate prevailing in that geographic market for that type of commercial real estate).

 

“Non-U.S.
Beneficial Ownership Certification”: The meaning specified in Section 2.2(b)(i).

 

“Note
Interest Amount”: With respect to any Class of Secured Notes and any Payment Date, the amount of interest for the related
Interest Accrual Period payable in respect of each U.S.$100,000 of outstanding principal amount of such Class of Secured Notes.

 

“Note
Payment Sequence”: The application, in accordance with the Priority of Payments, of Interest Proceeds or Principal Proceeds,
as applicable, in the following order:

 

(i)             
to the payment of principal of the Class A-1 Notes until the Class A-1 Notes have been paid in full;

 

    -46- 

     

    

 

(ii)            
to the payment of principal of the Class A-2 Notes until the Class A-2 Notes have been paid in full;

 

(iii)            to
the payment of principal of the Class B-1 Notes and the Class B-2 Notes, pro rata based on their respective Aggregate
Outstanding Amounts, until the Class B Notes have been paid in full;

 

(iv)           to
the payment of (1) first, any accrued and unpaid interest (excluding Deferred Interest but including interest on Deferred
Interest) on the Class C Notes and (2) second, to the payment of any Deferred Interest on the Class C Notes, in each case,
until such amounts have been paid in full;

 

(v)             to
the payment of principal of the Class C Notes until the Class C Notes have been paid in full;

 

(vi)          
to the payment of (1) first, any accrued and unpaid interest (excluding Deferred Interest but including interest on Deferred
Interest) on the Class D Notes and (2) second, to the payment of any Deferred Interest on the Class D Notes, in each case,
until such amounts have been paid in full; and

 

(vii)          
to the payment of principal of the Class D Notes, until the Class D Notes have been paid in full.

 

“Noteholder”
or “Holder”: With respect to any Note, the Person whose name appears on the Register as the registered holder
of such Note.

 

“Notes”:
Collectively, the Secured Notes and the Subordinated Notes authorized by, and authenticated and delivered under, this Indenture
(as specified in Section 2.4) or any supplemental indenture (and including any Additional Notes issued hereunder pursuant
to Section 2.13).

 

“NRSRO”:
A nationally recognized statistical rating organization registered with the SEC under the Exchange Act.

 

“NRSRO
Certification”: A certification substantially in the form of Exhibit E executed by a NRSRO in favor of the Issuer
that states that such NRSRO has provided the Issuer with the appropriate certifications under Exchange Act Rule 17g-5(e) and that
such NRSRO has access to the Issuer’s Website.

 

“Obligor”:
With respect to any Collateral Obligation, any Person or Persons obligated to make payments pursuant to or with respect to such
Collateral Obligation, including any guarantor thereof, but excluding, in each case, any such Person that is an obligor or guarantor
that is in addition to the primary obligors or guarantors with respect to the assets, cash flows or credit on which the related
Collateral Obligation is principally underwritten.

 

“Obligor
Diversity Measure”: As of any date of determination, the number obtained by dividing (a) 1 by (b) the
sum of the squares of the quotients, for each Obligor, obtained by dividing (i) the aggregate outstanding principal balance
at such time of all Collateral Obligations (other than Defaulted Obligations) issued by such Obligor by (ii) the aggregate
outstanding principal balance at such time of all Collateral Obligations (other than Defaulted Obligations).

 

    -47- 

     

    

 

“Offer”:
The meaning specified in Section 10.8(c).

 

“Offered
Notes”: Collectively(i)
With respect to the Notes issued on the Closing Date, collectively,
the Class A-1 Notes, the Class A-2 Notes and the Class B-1 Notes and
(ii) with respect to the Notes issued on the Refinancing Date, the Class A-2-R Notes.

 

“Offering”:
The offering of any Notes by the Issuer on the Closing Date pursuant to this Indenture and the other Transaction Documents.

 

“Offering
Circular”: Each offering circular relating to the offer and sale of the Notes, including any supplements thereto.

 

“Officer”:
(a) With respect to the Issuer and any limited liability company, any managing member or manager thereof or any person to whom
the rights and powers of management thereof are delegated in accordance with the limited liability company agreement of such limited
liability company and (b) with respect to the Collateral Manager, any manager of the Collateral Manager or any duly authorized
officer of the Collateral Manager (as indicated on an incumbency certificate delivered to the Trustee) with direct responsibility
for the administration of the Collateral Management Agreement and this Indenture and also, with respect to a particular matter,
any other duly authorized officer of the Collateral Manager to whom such matter is referred because of such officer’s knowledge
of and familiarity with the particular subject.

 

“Opinion
of Counsel”: A written opinion addressed to the Trustee and, if required by the terms hereof, each Rating Agency, in
form and substance reasonably satisfactory to the Trustee (and, if so addressed, each Rating Agency), of an attorney admitted
to practice, or a nationally or internationally recognized and reputable law firm one or more of the partners of which are admitted
to practice, before the highest court of any State of the United States or the District of Columbia, which attorney or law firm,
as the case may be, may, except as otherwise expressly provided herein, be counsel for the Issuer, and which attorney or law firm,
as the case may be, shall be reasonably satisfactory to the Trustee. Whenever an Opinion of Counsel is required hereunder, such
Opinion of Counsel may rely on opinions of other counsel who are so admitted and so satisfactory, which opinions of other counsel
shall accompany such Opinion of Counsel and shall be addressed to the Trustee (and, if required by the terms hereof, each Rating
Agency) or shall state that the Trustee (and, if required by the terms hereof, each Rating Agency) shall be entitled to rely thereon.

 

“Optional
Redemption”: A redemption of the Notes in accordance with Section 9.2.

 

“Other
Plan Law”: Any state, local, federal, non-U.S. or other laws or regulations that are substantially similar to the prohibited
transaction provisions of Section 406 of ERISA or Section 4975 of the Code.

 

“Outstanding”:
With respect to the Notes or the Notes of any specified Class, as of any date of determination, all of the Notes or all of the
Notes of such Class, as the case may be, theretofore authenticated and delivered under this Indenture, except:

 

    -48- 

     

    

 

(i)             
 Notes theretofore canceled by the Registrar or delivered to the Registrar for cancellation in accordance with the terms of Section
2.9 (including, without limitation and for the avoidance of doubt, pursuant to Section 9.7);

 

(ii)            
Notes or portions thereof for whose payment or redemption funds in the necessary amount have been theretofore irrevocably deposited
with the Trustee or any Paying Agent in trust for the Holders of such Notes pursuant to Section 4.1(a)(ii); provided
that if such Notes or portions thereof are to be redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has been made;

 

(iii)           
Notes in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, unless
proof satisfactory to the Trustee is presented that any such Notes are held by a “protected purchaser” (within the
meaning of Section 8-303 of the UCC); and

 

(iv)           
Notes alleged to have been mutilated, destroyed, lost or stolen for which replacement Notes have been issued as provided in Section 2.6;

 

provided
that in determining whether the Holders of the requisite Aggregate Outstanding Amount of any Class of Notes have given any
request, demand, authorization, direction, notice, consent or waiver hereunder, (a) Notes owned by the Issuer or (only in
the case of a vote on (i) the removal of the Collateral Manager for “cause” and (ii) the waiver of any event
constituting “cause”, in each case, unless all Notes of such Class are Collateral Manager Notes) Collateral Manager
Notes shall be disregarded and deemed not to be Outstanding, except that (x) in determining whether the Trustee shall be protected
in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Trust Officer
of the Trustee actually knows, based solely on transfer certificates received pursuant to the terms of Section 2.5, to
be so owned shall be so disregarded and (y) if all Notes of such Class are Collateral Manager Notes, Collateral Manager Notes
shall not be so disregarded and (b) Notes so owned that have been pledged in good faith shall be regarded as Outstanding
if the pledgee establishes to the reasonable satisfaction of the Trustee the pledgee’s right so to act with respect to such
Notes and that the pledgee is not one of the Persons specified above.

 

“Overcollateralization
Ratio”: With respect to any specified Class or Classes of Secured Notes as of any date of determination, the percentage
derived from: (i) the Adjusted Collateral Principal Amount on such date divided by (ii) the Aggregate Outstanding
Amount on such date of the Secured Notes of such Class or Classes (including, in the case of the Class C Notes and the Class D
Notes, any accrued Deferred Interest that remains unpaid), each Priority Class of Secured Notes and each Pari Passu Class of Secured
Notes.

 

“Overcollateralization
Ratio Test”: A test that is satisfied with respect to any designated Class or Classes of Secured Notes as of any date
of determination on which such test is applicable if (i) the Overcollateralization Ratio for such Class or Classes on such date
is at least equal to the Required Overcollateralization Ratio for such Class or Classes or (ii) such Class or Classes of Secured
Notes is no longer Outstanding.

 

    -49- 

     

    

 

“Pari
Passu Class”: With respect to any specified Class of Notes, each Class of Notes that ranks pari passu to such
Class, as indicated in Section 2.3.

 

“Partial
Redemption Date”: Any date on which a Refinancing of one or more but not all Classes of Secured Notes occurs.

 

“Partial
Refinancing”: Any Refinancing in connection with an Optional Redemption of fewer than all Classes of Secured Notes.

 

“Partial
Refinancing Interest Proceeds”: In connection with a Refinancing in part by Class of one or more Classes of Secured
Notes, with respect to each such Class, Interest Proceeds up to the amount of accrued and unpaid interest on such Class, but only
to the extent that such Interest Proceeds would be available under the Priority of Payments to pay accrued and unpaid interest
on such Class on the date of a Refinancing of such Class (or, in the case of a Refinancing occurring on a date other than a Payment
Date (without giving effect to clause (ii) of the definition thereof), only to the extent that the Collateral Manager determines
that such Interest Proceeds would be available under the Priority of Payments to pay accrued and unpaid interest on such Class
on the next Payment Date, taking into account Scheduled Distributions on the Assets that are expected to be received prior to
the next Determination Date).

 

“Participation
Interest”: An undivided 100% participation interest in a loan that, at the time of acquisition, or the Issuer’s
commitment to acquire the same, satisfies each of the following criteria: (i) such participation would constitute a Collateral
Obligation were it acquired directly, (ii) the seller of the participation is the lender on the loan, (iii) the aggregate participation
in the loan does not exceed the principal amount or commitment of such loan, (iv) such participation does not grant, in the aggregate,
to the participant in such participation a greater interest than the seller holds in the loan or commitment that is the subject
of the participation, (v) the entire purchase price for such participation is paid in full (without the benefit of financing from
the selling institution or its affiliates) at the time of its acquisition (or, in the case of a participation in a Revolving Collateral
Obligation or Delayed Drawdown Collateral Obligation, at the time of the funding of such loan), (vi) the participation provides
the participant all of the economic benefit and risk of the whole or part of the loan or commitment that is the subject of the
loan participation, and (vii) such participation is documented under a Loan Syndications and Trading Association, Loan Market
Association or similar agreement standard for loan participation transactions among institutional market participants; provided
that, any Closing Date Participation Interest shall be deemed to (a) be a Collateral Obligation for all purposes under the
Indenture (provided that the related Senior Secured Loan or Second Lien Loan in which such Closing Date Participation Interest
is granted satisfies the definition of Collateral Obligation) and (b) not be a Participation Interest until the 90th day following
the Closing Date if such Closing Date Participation Interest has not been elevated by such day. For the avoidance of doubt a Participation
Interest shall not include a sub-participation interest in any loan.

 

“Partner”:
The meaning specified in Section 7.17(a).

 

“Partnership
Interest”: The meaning specified in Section 7.17(a).

 

“Partnership
Representative”: The meaning specified in Section 7.17(l).

 

    -50- 

     

    

 

“Partnership
Tax Audit Rules”: The meaning specified in Section 7.17(l).

 

“Paying
Agent”: Any Person authorized by the Issuer to pay the principal of or interest on any Notes on behalf of the Issuer
as specified in Section 7.2.

 

“Payment
Account”: The payment account of the Trustee established pursuant to Section 10.3(a).

 

“Payment
Date”: (i) Each of the 20th day of January, April, July and October of each year (or, if such day is not a Business
Day, the next succeeding Business Day), commencing in April 2019, except that the final Payment Date (subject to any earlier redemption
or payment of the Notes) shall be the latest Stated Maturity, (ii) each Redemption Date (other than a Redemption Date in
connection with a Failed Optional Redemption or a Redemption Date in connection with a redemption of Secured Notes in part by
Class) and Re-Pricing Date and (iii) after the date on which no Secured Notes are deemed or considered Outstanding, any Business
Day that the Collateral Manager shall designate as a “Payment Date” pursuant to Section 11.1(f).

 

“PBGC”:
The United States Pension Benefit Guaranty Corporation.

 

“Permitted
Deferrable Obligation”: Any Deferrable Obligation that (or the Underlying Instruments of which) carries a current cash
pay interest rate of not less than (a) in the case of a Floating Rate Obligation, LIBOR plus 1.00% per annum or
(b) in the case of a Fixed Rate Obligation, the zero-coupon swap rate in a fixed/floating interest rate swap with a term equal
to five years.

 

“Permitted
Liens”: With respect to the Assets: (i) security interests, liens and other encumbrances created pursuant to the Transaction
Documents, (ii) 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, (iii) 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 (iv) 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.

 

“Permitted
Offer”: An Offer (i) pursuant to the terms of which the offeror offers to acquire a debt obligation (including a Collateral
Obligation) in exchange for consideration consisting solely of Cash in an amount equal to or greater than the full face amount
of such debt obligation plus any accrued and unpaid interest and (ii) as to which the Collateral Manager has determined
in its reasonable commercial judgment that the offeror has sufficient access to financing to consummate the Offer.

 

“Permitted
Use”: With respect to any amount on deposit in the Supplemental Reserve Account, any of the following uses: (i) the
transfer of the applicable portion of such amount to the Collection Account for application as Principal Proceeds; (ii) the repurchase
of Secured Notes of any Class through a tender offer, in the open market, or in a private negotiated transaction (in each case,
subject to applicable law and the provisions of Section 9.7); (iii) the purchase of one or more Specified Equity Securities;
(iv) after the Non-Call Period, to pay expenses or other amounts due in connection with an Optional Redemption and (v) any other
application or purpose not specifically prohibited by this Indenture.

 

    -51- 

     

    

 

“Person”:
An individual, corporation (including a business trust), partnership, limited liability company, joint venture, association, joint
stock company, statutory trust, trust (including any beneficiary thereof), unincorporated association or government or any agency
or political subdivision thereof.

 

“Portfolio
Company”: Any company that at the time the Loan is acquired by the Issuer is controlled by the Collateral Manager, an
Affiliate thereof, or an account, fund, client or portfolio established and controlled by the Collateral Manager or an Affiliate
thereof.

 

“Post-Reinvestment
Period Settlement Obligation”: The meaning specified in Section 12.2.

 

“Principal
Balance”: Subject to Section 1.3, with respect to (a) any Asset other than a Revolving Collateral Obligation
or Delayed Drawdown Collateral Obligation, as of any date of determination, the outstanding principal amount of such Asset (excluding
any capitalized interest) and (b) any Revolving Collateral Obligation or Delayed Drawdown Collateral Obligation, as
of any date of determination, the outstanding principal amount of such Revolving Collateral Obligation or Delayed Drawdown Collateral
Obligation (excluding any capitalized interest), plus (except as expressly set forth herein) any undrawn commitments
that have not been irrevocably reduced or withdrawn with respect to such Revolving Collateral Obligation or Delayed Drawdown Collateral
Obligation; provided that for all purposes the Principal Balance of any Equity Security or interest only strip shall be
deemed to be zero.

 

“Principal
Collection Subaccount”: The meaning specified in Section 10.2(a).

 

“Principal
Financed Accrued Interest”: The amount of Principal Proceeds, if any, applied towards the purchase of accrued interest
on a Collateral Obligation.

 

“Principal
Proceeds”: With respect to any Collection Period or Determination Date, all amounts received by the Issuer during the
related Collection Period that do not constitute Interest Proceeds and any other amounts that have been designated as Principal
Proceeds pursuant to the terms of this Indenture.

 

“Priority
Category”: With respect to any Collateral Obligation, the applicable category listed in the table under the heading
“Priority Category” in Section 1(b) of Schedule 4.

 

“Priority
Class”: With respect to any specified Class of Notes, each Class of Notes that ranks senior to such Class, as indicated
in Section 2.3.

 

“Priority
of Payments”: The meaning specified in Section 11.1(a).

 

“Proceeding”:
Any suit in equity, action at law or other judicial or administrative proceeding.

 

    -52- 

     

    

 

“Proposed
Portfolio”: The portfolio of Collateral Obligations and Eligible Investments resulting from the proposed purchase, sale,
maturity or other disposition of a Collateral Obligation or a proposed reinvestment in an additional Collateral Obligation, as
the case may be.

 

“Prospectus
Directive”: European Union Directive 2003/71/EC (as amended, including by Directive 2010/73/EU), including any relevant
implementing measure in a Relevant Member State.

 

“Purchase
Agreement”: The note purchase agreement dated as of the Closing Date by and between the Issuer and the Initial Purchaser,
as amended from time to time.

 

“QIB/QP”:
Any Person that, at the time of its acquisition, purported acquisition or proposed acquisition of Notes is both a Qualified Institutional
Buyer and a Qualified Purchaser.

 

“Qualified
Broker/Dealer”: Any of Bank of America/Merrill Lynch; The Bank of Montreal; The Bank of New York Mellon; Barclays Bank
plc; BNP Paribas; Broadpoint Securities; Calyon; Citibank, N.A.; Credit Agricole S.A.; Canadian Imperial Bank of Commerce; Credit
Suisse; Deutsche Bank AG; Dresdner Bank AG; GE Capital; Goldman Sachs & Co.; Guggenheim Securities LLC; HSBC Bank; Imperial
Capital LLC; Jefferies & Company, Inc.; JPMorgan Chase Bank, N.A.; Key Bank National Association; Lloyds TSB Bank; Madison
Capital; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Morgan Stanley & Co.; Natixis; NewStar Financial, Inc.; Northern
Trust Company; Royal Bank of Canada; The Royal Bank of Scotland plc; Société Générale; SunTrust Bank,
Inc.; The Toronto-Dominion Bank; UBS AG; U.S. Bank National Association; and Wells Fargo Bank, National Association, and any successor
or successors to each of the foregoing.

 

“Qualified
Institutional Buyer”: The meaning specified in Rule 144A under the Securities Act.

 

“Qualified
Purchaser”: The meaning specified in Section 2(a)(51) of the 1940 Act and Rule 2a51-1, 2a51-2 or 2a51-3 under
the 1940 Act.

 

“Ramp-Up
Account”: The trust account established pursuant to Section 10.3(c).

 

“Rating
Agency”: Each of Fitch and S&P, or, with respect to Assets generally, if at any time Fitch or S&P ceases to
provide rating services with respect to debt obligations, any other nationally recognized investment rating agency selected by
the Issuer (or the Collateral Manager on behalf of the Issuer).

 

“Record
Date”: With respect to any applicable Payment Date, Redemption Date, Redemption Distribution Date or Re-Pricing Date,
(i) with respect to the Global Secured Notes and the Rule 144A Global Subordinated Notes, the date one day prior to such Payment
Date, Redemption Date, Redemption Distribution Date or Re-Pricing Date, as applicable, and (ii) with respect to the Certificated
Secured Notes and the Certificated Subordinated Notes, the last day of the month immediately preceding such Payment Date, Redemption
Date, Redemption Distribution Date or Re-Pricing Date, as applicable (whether or not a Business Day) (or, after the date on which
no Secured Notes are deemed or considered Outstanding, the Business Day preceding such Payment Date).

 

    -53- 

     

    

 

“Redemption
Date”: Any Business Day specified for a redemption of Notes pursuant to Article IX (other than a mandatory redemption
pursuant to Section 9.1).

 

“Redemption
Distribution Date”: The meaning set forth in Section 9.2(j).

 

“Redemption
Distribution Direction”: The meaning set forth in Section 10.7(k).

 

“Redemption
Price”: (a) For each Secured Note to be redeemed (x) 100% of the Aggregate Outstanding Amount of such Secured Note,
plus (y) accrued and unpaid interest thereon (including any defaulted interest and any accrued and unpaid interest thereon
and any Deferred Interest and any accrued and unpaid interest thereon) to the Redemption Date or Re-Pricing Date, as applicable,
and (b) for each Subordinated Note, (x) if such Subordinated Note is being redeemed in connection with a liquidation of Assets,
its proportional share (based on the outstanding principal amount of such Subordinated Note) of the amount of the proceeds of
the Assets remaining after giving effect to the Optional Redemption, Tax Redemption or Clean-Up Call Redemption of the Secured
Notes in whole or after all of the Secured Notes have been repaid in full and payment in full of (and/or creation of a reserve
for) all expenses (including all Aggregate Collateral Management Fees and Administrative Expenses) of the Issuer or (y) if such
Subordinated Note is being redeemed upon the occurrence of a Refinancing of all of the Secured Notes, the applicable Subordinated
Note Redemption Price; provided that, in connection with any Re-Pricing, Tax Redemption, Optional Redemption or Clean-Up
Call Redemption of the Secured Notes in whole, holders of 100% of the Aggregate Outstanding Amount of any Class of Secured Notes
may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the holders of such Class of Secured
Notes, and such price shall be the “Redemption Price”.

 

“Reference
Banks”: The meaning specified in Exhibit C hereto.

 

“Refinanced
Notes”: Each Class of Secured Notes that are the subject of a Partial Refinancing.

 

“Refinancing”:
A loan or an issuance of replacement securities, whose terms in each case will be negotiated by the Collateral Manager on behalf
of the Issuer, from one or more financial institutions or purchasers to refinance the Notes in connection with an Optional Redemption.

 

“Refinancing
Date”: December 21, 2020.

 

“Refinancing
Proceeds”: The Cash proceeds from a Refinancing.

 

“Refinancing
Purchase Agreement”: The note purchase agreement dated as of December 15, 2020 between the Issuer and Wells Fargo Securities,
LLC, as initial purchaser of the Class A-2-R Notes, as may be amended from time to time.

 

“Refinancing
Rate Condition”: With respect to any Partial Refinancing, a condition that is satisfied for the related Refinanced Notes
that are to be Refinanced by the related Replacement Notes when: (i)(a) the spread over LIBOR of the Replacement Notes is not
greater than the spread over LIBOR of the Refinanced Notes, if both the Replacement Notes and the Refinanced Notes are Floating
Rate Notes, (b) the Interest Rate of the Replacement Notes is not greater than the Interest Rate of the Refinanced Notes, if both
the Refinanced Notes and the Replacement Notes are Fixed Rate Notes or (c) the weighted average interest rate of the Replacement
Notes does not exceed the weighted average interest rate of the Refinanced Notes (measured as of the date of such Refinancing);
(ii) if either (x) the Refinanced Notes are Fixed Rate Notes, and the Replacement Notes are Floating Rate Notes (in either case
in whole or in part), or (y) the Refinanced Notes are Floating Rate Notes, and the Replacement Notes are Fixed Rate Notes (in
either case in whole or in part), the rate of interest payable on the Replacement Notes (in the reasonable determination of the
Collateral Manager) is expected to be lower than the rate of interest that would have been payable on the Refinanced Notes over
the expected remaining life of the Refinanced Notes (in each case determined on a weighted average basis over such expected remaining
life), had such Partial Refinancing not occurred; (iii) the Issuer and the Trustee have received an officer’s certificate
of the Collateral Manager certifying that the conditions specified in clauses (i) or (ii) above, as applicable, have been satisfied
with respect to such Partial Refinancing; and (iv) in the case of a Partial Refinancing of the Class A-1 Notes, the Class A-2
Notes, the Class B-1 Notes and/or the Class B-2 Notes effected under clause (ii) above, if the Global Rating Agency Condition
is satisfied.

 

    -54- 

     

    

 

 

“Regional
Diversity Measure”: As of any date of determination, the number obtained by dividing (a) 1 by (b) the
sum of the squares of the quotients, for each S&P region classification, obtained by dividing (i) the aggregate outstanding
principal balance at such time of all Collateral Obligations (other than Defaulted Obligations) issued by Obligors that belong
to such S&P region classification by (ii) the aggregate outstanding principal balance at such time of all Collateral
Obligations (other than Defaulted Obligations).

 

“Register”
and “Registrar”: The respective meanings specified in Section 2.5(a).

 

“Registered”:
In registered form for U.S. federal income tax purposes (or in registered or bearer form if not a “registration-required
obligation” as defined in Section 163(f)(2)(A) of the Code).

 

“Registered
Investment Adviser”: A Person duly registered as an investment adviser in accordance with and pursuant to Section 203
of the Investment Advisers Act.

 

“Regulation S”:
Regulation S, as amended, under the Securities Act.

 

“Regulation
S Global Secured Note”: The meaning specified in Section 2.2(b)(i).

 

“Reinvestment
Balance Criteria”: Criteria that shall be satisfied if, excluding Collateral Obligations being sold but including, without
duplication, the Collateral Obligations being purchased and the anticipated cash proceeds, if any, of such sale that are not applied
to the purchase of such additional Collateral Obligations, either (1) the Investment Criteria Adjusted Balance is maintained or
increased, (2) the Collateral Principal Amount is greater than or equal to the Reinvestment Target Par Balance or (3) the Aggregate
Principal Balance of the Collateral Obligations and Eligible Investments constituting Principal Proceeds is maintained or increased.

 

“Reinvestment
Period”: The period from and including the Closing Date to and including the earliest of (i) January 20, 2023, (ii) the
date of the acceleration of the Maturity of any Class of Secured Notes pursuant to Section 5.2 and (iii) (A) an Optional
Redemption in whole from Sale Proceeds and/or Contributions of Cash pursuant to Section 9.2(b) and (B) a redemption in
whole of the Subordinated Notes pursuant to Section 9.2(c), in each case, in connection with which all Assets are sold;
provided that in the case of clause (iii), the Collateral Manager notifies the Issuer, the Trustee (who shall notify the
Holders of the Notes) and the Collateral Administrator thereof in writing at least one Business Day prior to such date.

 

    -55-

     

    

 

“Reinvestment
Target Par Balance”: (x) Solely for purposes of the definition of Restricted Trading Period, the Aggregate Risk Adjusted
Par Amount plus the Aggregate Outstanding Amount of any Additional Notes issued pursuant to Sections 2.13 and 3.2
or, if greater, the aggregate amount of Principal Proceeds that result from the issuance of Additional Notes and (y) for all
other purposes, as of any date of determination, the Target Initial Par Amount plus the Aggregate Outstanding Amount of
any Additional Notes issued pursuant to Sections 2.13 and 3.2, or, if greater, the aggregate amount of Principal
Proceeds that result from the issuance of such Additional Notes minus, in each case, the amount of any reduction in the
Aggregate Outstanding Amount of the Notes through the payment of Principal Proceeds.

 

“Relevant
Member State”: Each member state of the European Economic Area which has implemented the Prospectus Directive.

 

“Replacement
Notes”: The meaning set forth in Section 9.2(d).

 

“Re-Priced
Class”: The meaning specified in Section 9.8.

 

“Re-Pricing”:
The meaning specified in Section 9.8.

 

“Re-Pricing
Date”: The meaning specified in Section 9.8.

 

“Re-Pricing
Intermediary”: The meaning specified in Section 9.8.

 

“Re-Pricing
Rate”: The meaning specified in Section 9.8(a).

 

“Required
Interest Coverage Ratio”: (a) For the Class A Notes and the Class B Notes (in aggregate and not separately by Class),
120%; (b) for the Class C Notes, 110%; and (c) for the Class D Notes, 105%.

 

“Required
Overcollateralization Ratio”: (a) For the Class A Notes and the Class B Notes (in aggregate and not separately by Class),
147.9%; (b) for the Class C Notes, 127.1%; and (c) for the Class D Notes, 117.5%.

 

“Resolution”:
With respect to the Issuer, a resolution of the board of directors of the designated manager of the Issuer.

 

“Responsible
Officer”: With respect to any Person, any duly authorized director, officer or manager of such Person with direct responsibility
for the administration of the applicable agreement and also, with respect to a particular matter, any other duly authorized director,
officer or manager of such Person to whom such matter is referred because of such director’s, officer’s or manager’s
knowledge of and familiarity with the particular subject. Each party may receive and accept a certification of the authority of
any other party (which may contain contact information including an email address) as conclusive evidence of the authority of
any Person to act, and such certification may be considered as in full force and effect until receipt by such other party of written
notice to the contrary.

 

    -56-

     

    

 

“Restricted
Trading Period”: Each day during which, both: (i) (a) S&P’s rating of the Class A-1 Notes or Fitch’s
rating of the Class A-1 Notes is one or more subcategories below its initial rating thereof or has been withdrawn (unless it has
been reinstated) or (b) S&P’s rating of the Class A-2 Notes, the Class B-1 Notes, the Class B-2 Notes, the Class
C Notes or the Class D Notes is two or more subcategories below its initial rating thereof or has been withdrawn (unless it has
been reinstated) and (ii) after giving effect to the applicable sale and reinvestment in Collateral Obligations, the sum of the
aggregate principal balance of all Collateral Obligations (excluding the Collateral Obligations being sold) and all Eligible Investments
constituting Principal Proceeds (including, without duplication, the net proceeds of any such sale) is less than the Reinvestment
Target Par Balance; provided however that a Majority of the Controlling Class may elect to waive the Restricted Trading
Period, which waiver will remain in effect until the earlier of (A) revocation of such waiver by a Majority of the Controlling
Class and (B) further downgrade or withdrawal of the rating of the Class A-1 Notes, the Class A-2 Notes, the Class B-1 Notes,
the Class B-2 Notes, the Class C Notes or the Class D Notes.

 

“Retention
Basis Amount”: On any date of determination, an amount equal to the Collateral Principal Amount on such date with the
following adjustments: (i) Defaulted Obligations shall be included in the Collateral Principal Amount and the principal balances
thereof shall be deemed equal to their respective outstanding principal amounts and (ii) any Equity Security owned by the Issuer
shall be included in the Collateral Principal Amount with a principal balance determined as follows: (a) in the case of a debt
obligation or other debt security, the principal amount outstanding of such obligation or security, (b) in the case of an equity
security received upon a “debt for equity swap” in relation to a restructuring or other similar event, the principal
amount outstanding of the debt which was swapped for the equity security and (c) in the case of any other equity security, the
nominal value thereof as determined by the Collateral Manager.

 

“Retention
Provider”: GCIC CLO II Depositor LLC, in its capacity as E.U. Retention Provider and U.S. Retention Provider.

 

“Retention
Provider Master Loan Sale Agreement”: An agreement, dated as of the Closing Date, among the BDC, as seller, the Retention
Provider, as intermediate seller, and the Issuer, as buyer.

 

“Revolver
Funding Account”: The account established pursuant to Section 10.4.

 

“Revolving
Collateral Obligation”: Any Collateral Obligation (other than a Delayed Drawdown Collateral Obligation) that is
a loan (including, without limitation, revolving loans, including funded and unfunded portions of revolving credit lines, unfunded
commitments under specific facilities and other similar loans and investments) that by its terms may require one or more
future advances to be made to the borrower by the Issuer; provided that any such Collateral Obligation will be a Revolving
Collateral Obligation only until all commitments to make advances to the borrower expire or are terminated or irrevocably reduced
to zero.

 

    -57-

     

    

 

“Risk
Retention Issuance”: An additional issuance of Notes directed by the Collateral Manager for purpose of compliance with
the U.S. Risk Retention Rules.

 

“Rule
144A”: Rule 144A, as amended, under the Securities Act.

 

“Rule
144A Global Secured Note”: The meaning specified in Section 2.2(b)(ii).

 

“Rule
144A Global Subordinated Note”: The meaning specified in Section 2.2(b)(ii).

 

“Rule
144A Information”: The meaning specified in Section 7.15.

 

“Rule
17g-5”: Rule 17g-5 under the Exchange Act.

 

“S&P”:
S&P Global Ratings, an S&P Global Ratings Inc. business, and any successor or successors thereto.

 

“S&P
CDO Formula Election Date”: The date designated by the Collateral Manager upon at least five Business Days’ prior
written notice to S&P, the Trustee and the Collateral Administrator as the date on which the Issuer will cease to utilize
the S&P CDO Monitor in determining compliance with the S&P CDO Monitor Test.

 

“S&P
CDO Formula Election Period”: (i) The period from the Effective Date until the occurrence of an S&P CDO Monitor
Election Date and (ii) thereafter, any date on and after an S&P CDO Formula Election Date. Only one S&P CDO Formula Election
Date may occur following the Closing Date.

 

“S&P
CDO Monitor”: The dynamic, analytical computer model developed by S&P used to calculate the default frequency in
terms of the amount of debt assumed to default as a percentage of the original principal amount of the Collateral Obligations
consistent with a specified benchmark rating level based upon certain assumptions (including the applicable Weighted Average S&P
Recovery Rate) and S&P’s proprietary corporate default studies, as may be amended by S&P from time to time upon
notice to the Issuer, the Trustee, the Collateral Manager and the Collateral Administrator. The model is available at https://www.sp.sfproducttools.com/sfdist/login.ex.
Each S&P CDO Monitor will be chosen by the Collateral Manager and associated with either (x) a Weighted Average S&P Recovery
Rate and a Weighted Average Floating Spread from Section 2 of Schedule 4 or (y) a Weighted Average S&P Recovery Rate
and a Weighted Average Floating Spread confirmed by S&P; provided that as of any date of determination the Weighted
Average S&P Recovery Rate for the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding, the most senior Class
of Secured Notes Outstanding) equals or exceeds the Weighted Average S&P Recovery Rate for such Class chosen by the Collateral
Manager and the Weighted Average Floating Spread equals or exceeds the Weighted Average Floating Spread chosen by the Collateral
Manager.

 

“S&P
CDO Monitor Benchmarks”: The Expected Portfolio Default Rate, the Default Rate Dispersion, the Obligor Diversity Measure,
the Industry Diversity Measure, the Regional Diversity Measure and the S&P Weighted Average Life.

 

    -58-

     

    

 

“S&P
CDO Monitor Election Period”: Any date on and after an S&P CDO Monitor Election Date so long as no S&P CDO Formula
Election Date has occurred since such S&P CDO Monitor Election Date.

 

“S&P
CDO Monitor Non-Model Adjustments”: For purposes of determining compliance with the S&P CDO Monitor Test in connection
with the Effective Date Report, the Aggregate Funded Spread will be calculated (a) without giving effect to clause (ii) in the
second paragraph thereof and each LIBOR Floor Obligation will be assumed to bear interest at a rate equal to the stated interest
rate spread over the LIBOR-based index for such Collateral Obligation and (b) without including any Principal Proceeds that may
be designated by the Collateral Manager as Interest Proceeds.

 

“S&P
CDO Monitor Test”: A test that will be satisfied on any date of determination after the Effective Date (and, during
any S&P CDO Monitor Election Period, following receipt by the Collateral Manager of the Class Break-even Default Rates for
each S&P CDO Monitor input file (in accordance with the definition of “Class Break-even Default Rate”)) if, after
giving effect to the sale of a Collateral Obligation or the purchase of a Collateral Obligation, the Class Default Differential
of the Proposed Portfolio with respect to the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding, the most
senior Class of Secured Notes Outstanding) is positive. The S&P CDO Monitor Test will be considered to be improved if
each Class Default Differential of the Proposed Portfolio with respect to the Class A-2 Notes (or, if the Class A-2 Notes are
no longer Outstanding, the most senior Class of Secured Notes Outstanding) is greater than the corresponding Class Default Differential
of the Current Portfolio.

 

“S&P
Collateral Value”: With respect to any Defaulted Obligation or Deferring Obligation, the lesser of (i) the S&P
Recovery Amount of such Defaulted Obligation or Deferring Obligation, as of the relevant Measurement Date and (ii) the Market
Value of such Defaulted Obligation or Deferring Obligation, as of the relevant Measurement Date.

 

“S&P
Default Rate”: With respect to a Collateral Obligation, the default rate as determined in accordance with Section 3
of Schedule 4 hereto. If the number of years to maturity is not an integer, the default rate is determined using linear
interpolation.

 

“S&P
Distressed Exchange Offer”: An offer by the issuer of a Collateral Obligation to exchange one or more of its outstanding
debt obligations for a different debt obligation or to repurchase one or more of its outstanding debt obligations for cash, or
any combination thereof; in each case that, in the sole judgment of the Collateral Manager, amounts to a diminished financial
obligation or has the purpose of helping the issuer of such Collateral Obligation to avoid imminent default; provided that,
an offer by such issuer to exchange unregistered debt obligations for registered debt obligations shall not be considered an S&P
Distressed Exchange Offer.

 

“S&P
Equivalent Diversity Score”: A single number that indicates collateral concentration in terms of both issuer and industry
concentration, calculated as set forth in Schedule 6 hereto.

 

“S&P
Equivalent Weighted Average Rating Factor”: The number determined by summing the products obtained by multiplying
the Principal Balance of each Collateral Obligation by its S&P Rating Factor, dividing such sum by the
Aggregate Principal Balance of all such Collateral Obligations and then rounding the result up to the nearest whole
number.

 

    -59-

     

    

 

“S&P
Industry Classification”: The S&P Industry Classifications set forth in Schedule 2 hereto, which industry
classifications may be updated at the option of the Collateral Manager if S&P publishes revised industry classifications.

 

“S&P
Rating”: With respect to any Collateral Obligation (excluding Current Pay Obligations whose issuer has made an S&P
Distressed Exchange Offer), as of any date of determination, the rating determined in accordance with the following methodology:

 

(i)          
(a) if there is an issuer credit rating of the issuer of such Collateral Obligation by S&P as published by S&P, or
the guarantor which unconditionally and irrevocably guarantees such Collateral Obligation pursuant to a form of guaranty that
complies with the then-current S&P criteria, then the S&P Rating shall be such rating (regardless of whether there is
a published rating by S&P on the Collateral Obligations of such issuer held by the Issuer; provided that private ratings
(that is, ratings provided at the request of the Obligor) may be used for purposes of this definition if the related Obligor
has consented to the disclosure thereof and a copy of such consent has been provided to S&P) or (b) if there is
no issuer credit rating of the issuer by S&P but (1) there is a senior secured rating on any obligation or security of
the issuer, then the S&P Rating of such Collateral Obligation shall be one sub-category below such rating; (2) if clause
(1) above does not apply, but there is a senior unsecured rating on any obligation or security of the issuer, the S&P
Rating of such Collateral Obligation shall equal such rating; and (3) if neither clause (1) nor clause (2) above
applies, but there is a subordinated rating on any obligation or security of the issuer, then the S&P Rating of such Collateral
Obligation shall be one sub-category above such rating;

 

(ii)         
with respect to any Collateral Obligation that is a DIP Collateral Obligation, (a) the S&P Rating thereof shall be the credit
rating assigned to such issue by S&P, or if such DIP Collateral Obligation was assigned a point-in-time rating by S&P
that was withdrawn, such withdrawn rating may be used for 12 months after the assignment of such rating, and (b) the Collateral
Manager (on behalf of the Issuer) will notify S&P if the Collateral Manager has actual knowledge of the occurrence of any
material amendment or event with respect to such Collateral Obligation that would, in the reasonable business judgment of the
Collateral Manager, have a material adverse impact on the credit quality of such Collateral Obligation, including any amortization
modifications, extensions of maturity, reductions of principal amount owed, or non-payment of timely interest or principal due;

 

    -60-

     

    

 

(iii)        
if there is not a rating by S&P on the issuer or on an obligation of the issuer, then the S&P Rating may be determined
pursuant to clauses (a) through (c) below:

  

	 	(a)	if an obligation
    of the issuer is publicly rated by Moody’s, then the S&P Rating will be determined in accordance with the methodologies
    for establishing the Moody’s Rating set forth above except that the S&P Rating of such obligation will be (1) one
    sub-category below the S&P equivalent of the Moody’s Rating if such Moody’s Rating is “Baa3” or
    higher and (2) two sub-categories below the S&P equivalent of the Moody’s Rating if such Moody’s Rating
    is “Ba1” or lower;

 

	 	(b)	the S&P Rating
    may be based on a credit estimate provided by S&P, and in connection therewith, the Issuer, the Collateral Manager on
    behalf of the Issuer or the issuer of such Collateral Obligation shall, prior to or within 30 days after the acquisition
    of such Collateral Obligation, apply (and concurrently submit all available Information in respect of such application) to
    S&P for a credit estimate which shall be its S&P Rating; provided that, until the receipt from S&P of such
    estimate, such Collateral Obligation shall have an S&P Rating as determined by the Collateral Manager in its sole discretion
    if the Collateral Manager certifies to the Trustee that it believes that such S&P Rating determined by the Collateral
    Manager is commercially reasonable and will be at least equal to such rating; provided further, that if such Information
    is not submitted within such 30-day period, then, pending receipt from S&P of such estimate, the Collateral Obligation
    shall have (1) the S&P Rating as determined by the Collateral Manager for a period of up to 90 days after the
    acquisition of such Collateral Obligation and (2) an S&P Rating of “CCC-” following such 90-day period;
    unless, during such 90-day period, the Collateral Manager has requested the extension of such period and S&P, in its sole
    discretion, has granted such request; provided further, that if the Collateral Obligation has had a public rating by
    S&P that S&P has withdrawn or suspended within six months prior to the date of such application for a credit estimate
    in respect of such Collateral Obligation, the S&P Rating in respect thereof shall be “CCC-” pending receipt
    from S&P of such estimate, and S&P may elect not to provide such estimate until a period of six months (or such other
    period as provided in S&P’s then current criteria) have elapsed after the withdrawal or suspension of the public
    rating; provided further that with respect to any Collateral Obligation for which S&P has provided a credit estimate,
    the Collateral Manager (on behalf of the Issuer) will request that S&P confirm or update such estimate annually (and pending
    receipt of such confirmation or new estimate, the Collateral Obligation will have the prior estimate); provided further
    that such credit estimate shall expire 12 months after the acquisition of such Collateral Obligation, following which
    such Collateral Obligation shall have an S&P Rating of “CCC-” unless, during such 12-month period, the Issuer
    applies for renewal thereof in accordance with Section 7.14(b) (and concurrently submits all available Information
    in respect of such renewal), in which case such credit estimate shall continue to be the S&P Rating of such Collateral
    Obligation until S&P has confirmed or revised such credit estimate, upon which such confirmed or revised credit estimate
    shall be the S&P Rating of such Collateral Obligation; provided further that such confirmed or revised credit estimate
    shall expire on the next succeeding 12-month anniversary of the date of the acquisition of such Collateral Obligation and
    (when renewed annually in accordance with Section 7.14(b)) on each 12-month anniversary thereafter; provided
    further that the Issuer will submit all available Information in respect of such Collateral Obligation to S&P notwithstanding
    that the Issuer is not applying to S&P for a confirmed or updated credit estimate; provided further that the Issuer
    will promptly notify S&P of any material events affecting any such Collateral Obligation if the Collateral Manager reasonably
    determines that such notice is required in accordance with S&P’s publication on credit estimates titled “What
    Are Credit Estimates And How Do They Differ From Ratings?” dated April 2011 (as the same may be amended or updated from
    time to time); or

 

		(c)	with
                                         respect to a Collateral Obligation that is not a Defaulted Obligation, the S&P Rating
                                         of such Collateral Obligation will at the election of the Issuer (at the direction of
                                         the Collateral Manager) be “CCC-”; provided that (i) neither
                                         the issuer of such Collateral Obligation nor any of its Affiliates are subject to any
                                         bankruptcy or reorganization proceedings and (ii) the issuer has not defaulted on
                                         any payment obligation in respect of any debt security or other obligation of the issuer
                                         at any time within the two year period ending on such date of determination, all such
                                         debt securities and other obligations of the issuer that are pari passu with or
                                         senior to the Collateral Obligation are current and the Collateral Manager reasonably
                                         expects them to remain current; provided that the Issuer will submit all available
                                         Information in respect of such Collateral Obligation to S&P as if the Issuer were
                                         applying to S&P for a credit estimate; provided further that the Issuer will
                                         promptly notify S&P of any material events affecting any such Collateral Obligation
                                         if the Collateral Manager reasonably determines that such notice is required in accordance
                                         with S&P’s publication on credit estimates titled “What Are Credit
                                         Estimates And How Do They Differ From Ratings?” dated April 2011 (as the same
                                         may be amended or updated from time to time); or

 

    -61-

     

    

 

(iv)         
with respect to a DIP Collateral Obligation that has no issue rating by S&P or a Current Pay Obligation that is rated “D”
or “SD” by S&P, the S&P Rating of such DIP Collateral Obligation or Current Pay Obligation, as applicable,
will be, at the election of the Issuer (at the direction of the Collateral Manager), “CCC-” or the S&P Rating
determined pursuant to clause (iii)(b) above; provided that the Collateral Manager may not determine such S&P
Rating pursuant to clause (iii)(b)(1) above; provided that the Collateral Manager will provide Information with respect
to such DIP Collateral Obligation to S&P, if available; provided that, for purposes of the determination of the S&P
Rating, (x) if the applicable rating assigned by S&P to an obligor or its obligations is on “credit watch positive”
by S&P, such rating will be treated as being one sub-category above such assigned rating and (y) if the applicable rating
assigned by S&P to an obligor or its obligations is on “credit watch negative” by S&P, such rating will be
treated as being one sub-category below such assigned rating; provided further that, for purposes of the determination
of the S&P Rating, if (x) the issuer or Obligor of any Collateral Obligation was a debtor under Chapter 11, during which time
such issuer, Obligor or Selling Institution, as applicable, or any of its obligations (including any Collateral Obligation) either
had an S&P rating of “SD” or “CC” or lower from S&P or had an S&P rating that was withdrawn
by S&P and (y) such issuer, Obligor or Selling Institution, as applicable, is no longer a debtor under Chapter 11, then, notwithstanding
the fact that such issuer, Obligor or Selling Institution, as applicable, or any of its obligations (including any Collateral
Obligation) continues to have an S&P rating of “SD” or “CC” or lower from S&P (or, in the case
of any withdrawal, continues to have no S&P rating), the S&P Rating for any such obligation (including any Collateral
Obligation), issuer, Obligor or Selling Institution, as applicable, shall be deemed to be “CCC-”, so long as S&P
has not taken any rating action with respect thereto since the date on which the issuer, Obligor or Selling Institution, as applicable,
ceased to be a debtor under Chapter 11; provided further that, (i) if any issuer, Obligor or Selling Institution, as applicable,
has not exited the applicable bankruptcy proceeding and (ii) the applicable rating assigned by S&P to such issuer, Obligor
or Selling Institution, as applicable, or any of its obligations (including any Collateral Obligation) has been withdrawn, then
the S&P Rating for such issuer, Obligor or Selling Institution, as applicable, or any of its obligations (including any Collateral
Obligation) shall be deemed to be such withdrawn S&P rating, so long as S&P has not taken any rating action with respect
thereto since the date on which such S&P rating was withdrawn.

 

The
S&P Rating of any Collateral Obligation that is a Current Pay Obligation whose issuer has made an S&P Distressed Exchange
Offer will be determined as follows:

 

(a)              
subject to clause (d) below, if applicable, if the Collateral Obligation is and will remain senior to the debt obligations on
which the related S&P Distressed Exchange Offer has been made and the issuer is not subject to a bankruptcy proceeding, the
issuer credit rating of the issuer published by S&P of the Collateral Obligation is below “CCC-” as a result of
the S&P Distressed Exchange Offer and S&P has not published revised ratings following the completion or withdrawal of
the S&P Distressed Exchange Offer and:

 

(i)                
there is an issue credit rating published by S&P for the Collateral Obligation;

 

(A)            
the Collateral Obligation has an S&P Recovery Rating of 1+, then the S&P Rating of such Collateral Obligation will be
the higher of (x) three subcategories below such issue credit rating and (y) “CCC-”;

 

(B)             
the Collateral Obligation has an S&P Recovery Rating of 1, then the S&P Rating of such Collateral Obligation will be the
higher of (x) two subcategories below such issue credit rating and (y) “CCC-”;

 

    -62-

     

    

 

(C)             
 the Collateral Obligation has an S&P Recovery Rating of 2, then the S&P Rating of such Collateral Obligation will be
the higher of (x) one subcategory below such issue credit rating and (y) “CCC-”;

 

(D)            
the Collateral Obligation has an S&P Recovery Rating of 3 or 4, then the S&P Rating of such Collateral Obligation will
be the higher of (x) such issue credit rating and (y) “CCC-”;

 

(E)             
the Collateral Obligation has an S&P Recovery Rating of 5, then the S&P Rating of such Collateral Obligation will be the
higher of (x) one subcategory above such issue credit rating and (y) “CCC-”;

 

(F)             
the Collateral Obligation has an S&P Recovery Rating of 6, then the S&P Rating of such Collateral Obligation will be the
higher of (x) two subcategories above such issue credit rating and (y) “CCC-”; or

 

(ii)             
there is either no issue credit rating or no S&P Recovery Rating for the Collateral Obligation, then the S&P Rating of
such Collateral Obligations will be “CCC-”.

 

(b)              
subject to clause (d) below, if applicable, if the Collateral Obligation is the debt obligation on which the related S&P Distressed
Exchange Offer has been made, until S&P publishes revised ratings following the completion or withdrawal of the offer, the
S&P Rating of such Collateral Obligation will be “CCC-”;

 

(c)              
subject to clause (d) below, if applicable, if the Collateral Obligation is subordinate to the debt obligation on which the related
S&P Distressed Exchange Offer has been made, until S&P publishes revised ratings following the completion or withdrawal
of the offer the S&P Rating of such Collateral Obligation will be “CCC-”

 

(d)              
if multiple Collateral Obligations have the same issuer and such issuer made an S&P Distressed Exchange Offer, the S&P
Rating for each such Collateral Obligation will be determined as follows:

 

(i)                
first, an S&P Rating for each such Collateral Obligation will be determined in accordance with clauses (a), (b) and
(c) immediately above;

 

    -63-

     

    

 

(ii)             
second, the S&P Rating for each such Collateral Obligation determined in accordance with sub-clause (d)(i) above will
be converted into “Rating Points” equivalent pursuant to the table set forth below:

  

	S&P
        Rating
	“Rating
        Points”
	“Weighted
        Average

        Rating Points”

	AAA	1	1
	AA+	2	2
	AA	3	3
	AA-	4	4
	A+	5	5
	A	6	6
	A-	7	7
	BBB+	8	8
	BBB	9	9
	BBB-	10	10
	BB+	11	11
	BB	12	12
	BB-	13	13
	B+	14	14
	B	15	15
	B-	16	16
	CCC+	17	17
	CCC	18	18
	CCC-	19	19

  

(iii)           
third, “Weighted Average Rating Points” for each such Collateral Obligation will be calculated by dividing
“X” by “Y” where:

 

(A)            
“X”will equal the sum of each of the products obtained by multiplying the Rating Points of each such Collateral
Obligation by the Aggregate Principal Balance of such Collateral Obligation, and

 

(B)             
“Y”will equal the Aggregate Principal Balance of all the Collateral Obligations subject to the same S&P Distressed
Exchange Offer.

 

fourth,
the “Weighted Average Rating Points” determined in accordance with sub-clause (d)(iii) above will be rounded
to the nearest whole number and converted into an S&P Rating by matching the “Weighted Average Rating Points”
of such Collateral Obligation with the S&P Rating set forth in the table in sub-clause (d)(ii) above. The S&P Rating that
matches the “Weighted Average Rating Points” for such Collateral Obligations will be the S&P Rating for each Collateral
Obligation for which an S&P Rating is required to be determined pursuant to this clause (iv).

 

“S&P
Rating Condition”: With respect to any action taken or to be taken by or on behalf of the Issuer, a condition that is
satisfied if S&P has confirmed in writing (including by means of electronic message, facsimile transmission, press release
or posting to its internet website) to the Issuer, the Trustee, the Collateral Administrator and the Collateral Manager (unless
in the form of a press release or posted to its internet website that does not require the Issuer and the Trustee to be identified
as addressees) that no immediate withdrawal or reduction with respect to its then-current rating by S&P of any Class of
Secured Notes will occur as a result of such action; provided that such rating condition shall be deemed inapplicable with
respect to such event or circumstance if (i) S&P has given notice to the effect that it will no longer review events or circumstances
of the type requiring satisfaction of the S&P Rating Condition for purposes of evaluating whether to confirm the then-current
ratings (or initial ratings) of obligations rated by S&P; or (ii) S&P has communicated to the Issuer, the Collateral Manager
or the Trustee (or their counsel) that it will not review such event or circumstance for purposes of evaluating whether to confirm
the then-current ratings (or Initial Ratings) of the Notes. In the event that S&P no longer rates any class of Notes, the
S&P Rating Condition shall not apply to such class.

 

    -64-

     

    

 

“S&P
Rating Factor”: With respect to each Collateral Obligation, it is the number set forth in the table below opposite the
S&P Rating of such Collateral Obligation.

 

	S&P
        Rating
	Rating
        Factor
	S&P
        Rating
	Rating
        Factor

	AAA	1	BB+	940
	AA+	10	BB	1,350
	AA	20	BB-	1,766
	AA-	40	B+	2,220
	A+	70	B	2,720
	A	120	B-	3,490
	A-1	180	CCC+	4,770
	BBB+	260	CCC	6,500
	BBB	360	CCC-	8,070
	BBB-	610	CC+
    or lower	10,000

 

“S&P
Recovery Amount”: With respect to any Collateral Obligation, an amount equal to: (a) the applicable S&P Recovery
Rate multiplied by (b) the Principal Balance of such Collateral Obligation.

 

“S&P
Recovery Rate”: With respect to a Collateral Obligation, the recovery rate set forth in Section 1 of Schedule 4
using the Initial Rating of the Class A-2 Notes (or, if the Class A-2 Notes are no longer Outstanding, the most senior Class of
Secured Notes Outstanding) at the time of determination.

 

“S&P
Recovery Rating”: With respect to a Collateral Obligation for which an S&P Recovery Rate is being determined, the
“Recovery Rating” assigned by S&P to such Collateral Obligation based upon the tables set forth in Schedule
4 hereto.

 

“S&P
Weighted Average Life”: As of any date of determination with respect to all Collateral Obligations other than Defaulted
Obligations, the number of years following such date obtained by dividing (a) the sum of the products of (i) the number
of years (rounded to the nearest one-hundredth thereof) from such date of determination to the stated maturity of each
such Collateral Obligation multiplied by (ii) the outstanding principal balance of such Collateral Obligation by
(b) the aggregate remaining principal balance at such time of all Collateral Obligations other than Defaulted Obligations.

 

“Sale”:
The meaning specified in Section 5.17(a).

 

“Sale
Proceeds”: All proceeds (excluding accrued interest, if any) received with respect to Assets as a result of sales
of such Assets in accordance with Article XII less any reasonable expenses incurred by the Collateral Manager, the
Collateral Administrator or the Trustee (other than amounts payable as Administrative Expenses) in connection with such sales.
Sale Proceeds will include Principal Financed Accrued Interest received in respect of such sale.

 

    -65-

     

    

 

“Schedule of
Collateral Obligations”: The schedule of Collateral Obligations attached as Schedule 1 hereto, which schedule
shall include the issuer, Principal Balance, coupon/spread, the stated maturity, the S&P Rating (unless such rating is based
on a credit estimate or is a private or confidential rating from either Rating Agency), Fitch Rating and the S&P Industry
Classification for each Collateral Obligation and the percentage of the aggregate commitment under each Revolving Collateral Obligation
and Delayed Drawdown Collateral Obligation that is funded, as amended from time to time (without the consent of or any action
on the part of any Person) to reflect the release of Collateral Obligations pursuant to Article X hereof, the inclusion
of additional Collateral Obligations pursuant to Section 7.18 hereof and the inclusion of additional Collateral
Obligations as provided in Section 12.2 hereof.

 

“Scheduled
Distribution”: With respect to any Collateral Obligation, each payment of principal and/or interest scheduled to be
made by the related Obligor under the terms of such Collateral Obligation (determined in accordance with the assumptions specified
in Section 1.3 hereof) after the related Cut-Off Date, as adjusted pursuant to the terms of the related Underlying Instruments.

 

“Second
Lien Loan”: Any assignment of or Participation Interest in a Loan that: (a) is not (and cannot by its terms become)
subordinate in right of payment to any other obligation of the Obligor of the Loan but which is subordinated (with respect to
liquidation preferences with respect to pledged collateral but subject to exceptions for customary permitted liens) to a Senior
Secured Loan of the obligor; and (b) is secured by a valid second-priority perfected security interest or lien in, to or on specified
collateral securing the Obligor’s obligations under the Second Lien Loan the value of which is adequate (in the commercially
reasonable judgment of the Collateral Manager) to repay the Loan in accordance with its terms and to repay all other Loans of
equal or higher seniority secured by a lien or security interest in the same collateral.

 

“Section
13 Banking Entity”: An entity that (i) is defined as a “banking entity” under the Volcker Rule regulations
(Section __.2(c)), (ii) provides written certification that it is a “banking entity” under the Volcker Rule regulations
(Section __.2(c)) thereof to the Issuer and the Trustee (which, in connection with a supplemental indenture pursuant to this Indenture,
shall be provided within 7 days of notice of such supplemental indenture), and (iii) identifies the Class or Classes of Notes
held by such entity and the outstanding principal amount thereof. Any holder that does not provide such certification in connection
with a supplemental indenture will be deemed for purposes of such supplemental indenture not to be a Section 13 Banking Entity.
If no entity provides such certification, then no Section 13 Banking Entities will be deemed to exist for purposes of any required
consent or action under this Indenture. Any beneficial owner of an interest in a Global Secured Note which has provided a written
certification as described above as to its status as a Section 13 Banking Entity shall provide prompt written notice to the Issuer,
the Collateral Manager and the Trustee of any transfer of such interests.

 

“Secured
Noteholders”: The Holders of the Secured Notes.

 

“Secured
Notes”: The Class A-1 Notes, the Class A-2 Notes, the Class B-1 Notes, the Class B-2 Notes, the Class C Notes
and the Class D Notes.

 

“Secured
Obligations”: The meaning specified in the Granting Clauses.

 

    -66-

     

    

 

“Secured
Parties”: The meaning specified in the Granting Clauses.

 

“Securities
Account Control Agreement”: The Securities Account Control Agreement dated as of the Closing Date between the Issuer,
the Trustee and The Bank of New York Mellon Trust Company, National Association, as custodian.

 

“Securities
Act”: The United States Securities Act of 1933, as amended.

 

“Securities
Intermediary”: The meaning specified in Section 8-102(a)(14) of the UCC.

 

“Security
Entitlement”: The meaning specified in Section 8-102(a)(17) of the UCC.

 

“Selling
Institution”: The entity obligated to make payments to the Issuer under the terms of a Participation Interest.

 

“Senior
Secured Debt Instrument”: The meaning specified in Schedule 4 hereto.

 

“Senior
Secured Loan”: Any assignment of or Participation Interest in a Loan that: (a) is not (and cannot by its terms
become) subordinate in right of payment to any other obligation of the Obligor of the Loan (other than with respect to liquidation,
trade claims, capitalized leases or similar obligations); (b) is secured by a valid first-priority perfected security interest
or lien in, to or on specified collateral securing the Obligor’s obligations under the Loan; and (c) the value of the
collateral securing the Loan at the time of purchase together with other attributes of the Obligor (including, without limitation,
its general financial condition, ability to generate cash flow available for debt service and other demands for that cash flow) is
adequate (in the commercially reasonable judgment of the Collateral Manager) to repay the Loan in accordance with its terms
and to repay all other Loans of equal seniority secured by a first lien or security interest in the same collateral.

 

“Similar
Law”: Any federal, state, local, non-U.S. or other law or regulation that could cause the underlying assets of the Issuer
to be treated as assets of the investor in any Note (or any interest therein) by virtue of its interest and thereby subject the
Issuer or the Collateral Manager (or other Persons responsible for the investment and operation of the Issuer’s assets)
to Other Plan Law.

 

“Solvency
II Level 2 Regulation”: The meaning specified in the definition of the term “E.U. Retention Requirement Laws”.

 

“Special
Redemption”: The meaning specified in Section 9.6.

 

“Special
Redemption Amount”: The meaning specified in Section 9.6.

 

“Special
Redemption Date”: The meaning specified in Section 9.6.

 

“Specified
Equity Securities”: The securities or interests resulting from the exercise of an option, warrant, right of conversion,
pre-emptive right, rights offering, credit bid or similar right in connection with the workout or restructuring of a Collateral
Obligation or an equity security or interest received in connection with the workout or restructuring of a Collateral Obligation,
in each case to the extent such security or interest does not constitute Margin Stock and in the reasonable judgment of the Collateral
Manager would be considered “received in lieu of debt previously contracted” with respect to the Collateral Obligations
under the Volcker Rule.

 

    -67-

     

    

 

“Specified
Obligor Information”: The meaning specified in Section 14.15(b).

 

“STAMP”:
The meaning specified in Section 2.5.

 

“Standby
Directed Investment”: The Morgan Stanley Institutional ILF Treasury Securities Fund (61747C525) (which for the avoidance
of doubt, is an Eligible Investment) or such other Eligible Investment designated by the Issuer (or the Collateral Manager on
behalf of the Issuer) by written notice to the Trustee.

 

“Stated
Maturity”: With respect to (i) the Secured Notes, January 20, 2031 and (ii) the Subordinated Notes, December 13, 2118.

 

“Step-Down
Obligation”: An obligation or security which by the terms of the related Underlying Instruments provides for a decrease
in the per annum interest rate on such obligation or security (other than by reason of any change in the applicable index
or benchmark rate used to determine such interest rate) or in the spread over the applicable index or benchmark rate, solely as
a function of the passage of time; provided that an obligation or security providing for payment of a constant rate of
interest at all times after the date of acquisition by the Issuer shall not constitute a Step-Down Obligation.

 

“Step-Up
Obligation”: An obligation or security which by the terms of the related Underlying Instruments provides for an increase
in the per annum interest rate on such obligation or security, or in the spread over the applicable index or benchmark
rate, solely as a function of the passage of time; provided that an obligation or security providing for payment of a constant
rate of interest at all times after the date of acquisition by the Issuer shall not constitute a Step-Up Obligation.

 

“Structured
Finance Obligation”: Any obligation issued by a special purpose vehicle and secured directly by, referenced to, or representing
ownership of, a pool of receivables or other financial assets of any obligor, including collateralized debt obligations and mortgage-backed
securities; provided that any ABL Facility and loans directly to financial service companies, factoring businesses, health
care providers and other genuine operating businesses do not constitute Structured Finance Obligations.

 

“Subordinated
Note Purchase Agreements”: The agreements to be entered into between the Issuer and the Initial Subordinated Noteholder,
and between the Issuer and GC Advisors LLC, each as amended from time to time in accordance with the terms thereof.

 

“Subordinated
Note Redemption Price”: The price for such Subordinated Note, as determined by the Collateral Manager on the date of
a Refinancing, equal to the following: (a) amounts on deposit in the Principal Collection Subaccount, the Interest Collection
Subaccount and the Revolver Funding Account immediately prior to such Refinancing plus (b) an amount equal to the sum of
the products of (x) the average of the “bid” and “ask” price for each Collateral Obligation held by the
Issuer (as determined in the sole discretion by the Collateral Manager) and (y) the principal balance of each such Collateral
Obligation (excluding, solely for purposes of this definition, the unfunded commitments under any Revolving Collateral Obligation
or Delayed Drawdown Collateral Obligation) plus (c) an amount equal to the sum of the products of (x) the average of the
“bid” and “ask” price of each Revolving Collateral Obligation and Delayed Drawdown Collateral Obligation
minus 100% and (y) the unfunded commitments under each Revolving Collateral Obligation and Delayed Drawdown Collateral
Obligation plus (d) an amount equal to the accrued interest on the Collateral Obligations (other than Defaulted Obligations)
held by the Issuer immediately prior to such Refinancing minus (e) the Redemption Price of the Secured Notes minus
(f) any fees and expenses incurred in connection with such Refinancing and the associated supplemental indenture.

 

    -68-

     

    

 

“Subordinated
Notes”: The subordinated notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3.

 

“Successor
Entity”: The meaning specified in Section 7.10(a).

 

“Supermajority”:
With respect to any Class of Notes, the Holders of at least 66-2/3% of the Aggregate Outstanding Amount of the Notes of such Class.

 

“Supplemental
Reserve Account”: The trust account established pursuant to Section 10.3(e).

 

“Synthetic
Security”: A security or swap transaction, other than a Participation Interest, that has payments associated with either
payments of interest on and/or principal of a reference obligation or the credit performance of a reference obligation.

 

“Target
Initial Par Amount”: U.S.$900,000,000.

 

“Target
Initial Par Condition”: A condition satisfied as of the Effective Date if the Aggregate Principal Balance of Collateral
Obligations (i) that are held by the Issuer and (ii) of which the Issuer has committed to purchase on such date, together with
(a) any unreceived Principal Financed Accrued Interest, (b) the amount of any proceeds of prepayments, maturities or redemptions
of Collateral Obligations purchased by the Issuer prior to such date (other than any such proceeds that have been reinvested,
or committed to be reinvested, in Collateral Obligations by the Issuer on the Effective Date) and (c) without duplication of clause
(a) or (b) above, amounts designated as Principal Proceeds and transferred to the Collection Account (other than any such amounts
that have been reinvested or committed to be reinvested in Collateral Obligations, by the Issuer on the Effective Date) will equal
or exceed the Target Initial Par Amount.

 

“Tax”:
Any tax, levy, impost, duty, charge, assessment, deduction, withholding, or fee of any nature (including interest, penalties and
additions thereto) imposed by any governmental taxing authority.

 

“Tax
Event”: An event that occurs if either (i) (x) one or more Collateral Obligations that were not subject to withholding
tax when the Issuer committed to purchase them have become subject to withholding tax or the rate of withholding has increased
on one or more Collateral Obligations that were subject to withholding tax when the Issuer committed to purchase them and (y)
in any Collection Period, the aggregate of the payments subject to withholding tax on new withholding tax obligations and the
increase in payments subject to withholding tax on increased rate withholding tax obligations, in each case to the extent not
“grossed-up” (on an after-tax basis) by the related obligor, represent 5% or more of the aggregate amount of Interest
Proceeds that have been received or that is expected to be received for such Collection Period; or (ii) taxes, fees, assessments,
or other similar charges are imposed on the Issuer in an aggregate amount in any twelve-month period in excess of U.S.$2,000,000,
other than any deduction or withholding for or on account of any tax with respect to any payment owing in respect of any obligation
that at the time of acquisition, conversion, or exchange does not satisfy the requirements of a Collateral Obligation.

 

    -69-

     

    

 

Notwithstanding
anything in this Indenture, the Collateral Manager shall give the Trustee prompt written notice of the occurrence of a Tax Event
upon its discovery thereof. Until the Trustee receives written notice from the Collateral Manager or otherwise, the Trustee shall
not be deemed to have notice or knowledge to the contrary.

 

“Tax
Jurisdiction”: A sovereign jurisdiction that is commonly used as the place of organization of special purpose vehicles
(including, by way of example, the Cayman Islands, Ireland, Bermuda, Curacao, St. Maarten and the Channel Islands).

 

“Tax
Matters Partner”: The meaning specified in Section 7.17(k).

 

“Tax
Redemption”: The meaning specified in Section 9.3(a).

 

“Temporary
Regulation S Global Secured Note”: The meaning specified in Section 2.2(b)(i).

 

“Third
Party Credit Exposure”: As of any date of determination, the sum (without duplication) of the outstanding Principal
Balance of each Collateral Obligation that consists of a Participation Interest.

 

“Third
Party Credit Exposure Limits”: Limits that shall be satisfied if the Third Party Credit Exposure with counterparties
having the ratings below from S&P do not exceed the percentage of the Collateral Principal Amount specified below:

 

	S&P’s
    credit rating of Selling Institution	 	Aggregate

    Percentage
 Limit	 	 	Individual

    Percentage
 Limit	 
	AAA	 	 	20	%	 	 	20	%
	AA+	 	 	10	%	 	 	10	%
	AA	 	 	10	%	 	 	10	%
	AA-	 	 	10	%	 	 	10	%
	A+	 	 	5	%	 	 	5	%
	A	 	 	5	%	 	 	5	%
	A-
    or below	 	 	0	%	 	 	0	%

 

provided
that a Selling Institution having an S&P credit rating of “A” must also have a short-term S&P rating of
“A-1” otherwise its “Aggregate Percentage Limit” and “Individual Percentage Limit” (each
as shown above) shall be 0%.

 

    -70-

     

    

 

“Trading
Plan”: The meaning specified in Section 12.2(f).

 

“Trading
Plan Period”: The meaning specified in Section 12.2(f).

 

“Transaction
Documents”: This Indenture, the Collateral Management Agreement, the Collateral Administration Agreement, the Securities
Account Control Agreement, the Subordinated Note Purchase Agreements, the Master Loan Sale Agreements and,
the Purchase Agreement and
the Refinancing Purchase Agreement.

 

“Transfer
Agent”: The Person or Persons, which may be the Issuer, authorized by the Issuer to exchange or register the transfer
of Notes.

 

“Transfer
Deposit Amount”: On any date of determination with respect to any Collateral Obligation, an amount equal to the sum
of the outstanding principal balance of such Collateral Obligation, together with accrued interest thereon through such date of
determination, and in connection with any Collateral Obligation which is a Revolving Collateral Obligation or a Delayed Drawdown
Collateral Obligation, an amount equal to the Net Exposure Amount thereof as of the applicable Cut-Off Date.

 

“Treasury
Regulations”: The United States Department of Treasury regulations promulgated under the Code.

 

“Trust
Officer”: When used with respect to the Trustee, any officer within the Corporate Trust Office (or any successor group
of the Trustee) including any vice president, assistant vice president or officer of the Trustee customarily performing functions
similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust
matter is referred at the Corporate Trust Office because of such Person’s knowledge of and familiarity with the particular
subject and, in each case, having direct responsibility for the administration of this transaction.

 

“Trustee”:
The meaning specified in the first sentence of this Indenture.

 

“UCC”:
The Uniform Commercial Code as in effect in the State of New York or, if different, the political subdivision of the United States
that governs the perfection of the relevant security interest, as amended from time to time.

 

“Uncertificated
Security”: The meaning specified in Section 8-102(a)(18) of the UCC.

 

“Underlying
Instruments”: The loan agreement, credit agreement or other customary agreement pursuant to which an Asset has been
created or issued and each other agreement that governs the terms of or secures the obligations represented by such Asset or of
which the holders of such Asset are the beneficiaries.

 

    -71-

     

    

 

“United
States Tax Person”: A “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“Unregistered
Securities”: The meaning specified in Section 5.17(c).

 

“Unsaleable
Asset”: (a) Any Defaulted Obligation (during the continuation of an Event of Default only), Equity Security, obligation
received in connection with a tender offer, voluntary redemption, exchange offer, conversion, restructuring or plan of reorganization
with respect to the Obligor, or other exchange or any other security or debt obligation that is part of the Assets, in respect
of which the Issuer has not received a payment in Cash during the preceding 12 months or (b) any asset, claim or other property
identified in a certificate of the Collateral Manager as having a Market Value of less than U.S.$1,000, in each case with respect
to which the Collateral Manager certifies to the Trustee that (x) it has made commercially reasonable efforts to dispose of such
Collateral Obligation for at least 90 days and (y) in its commercially reasonable judgment such Collateral Obligation is not expected
to be saleable for the foreseeable future.

 

“Unsecured
Loan”: A senior unsecured Loan obligation of any Person which is not (and by its terms is not permitted to become) subordinate
in right of payment to any other debt for borrowed money incurred by the obligor under such Loan.

 

“U.S.
Retention Interest”: The “eligible horizontal residual interest” offset, transferred and allocated by the
Collateral Manager (as the “sponsor” for purposes of the U.S. Risk Retention Rules) to the U.S. Retention Provider.

 

“U.S.
Retention Provider”: On the Closing Date, GCIC CLO II Depositor LLC, and thereafter any successor, assignee or transferee
thereof or any Person permitted under the U.S. Risk Retention Rules to hold the U.S. Retention Interest.

 

“U.S.
Risk Retention Rules”: The federal interagency credit risk retention rules, codified at 17 C.F.R. part 246.

 

“U.S.
Person” and “U.S. person”: The meanings specified in Regulation S.

 

“Volcker
Rule”: Section 13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules and regulations
thereunder.

 

“Weighted
Average Coupon”: As of any Measurement Date, the number obtained by dividing:

 

(a)              
the amount equal to the Aggregate Coupon; by

 

(b)              
an amount equal to the aggregate outstanding principal balance of all Fixed Rate Obligations as of such Measurement Date.

 

    -72-

     

    

 

“Weighted
Average Fitch Recovery Rate”: As of any date of determination, the rate (expressed as a percentage) determined by summing
the products obtained by multiplying the Principal Balance of each Collateral Obligation by the Fitch Recovery Rate
in relation thereto and dividing such sum by the aggregate principal balance of all Collateral Obligations and rounding
up to the nearest 0.1 percent. For the purposes of determining the Principal Balance and aggregate Principal Balance of Collateral
Obligations in this definition, the Principal Balance of each Defaulted Obligation shall be excluded.

  

“Weighted
Average Floating Spread”: As of any Measurement Date, the number obtained by dividing: (a) the amount equal
to (A) the Aggregate Funded Spread plus (B) the Aggregate Unfunded Spread by (b) an amount equal
to the aggregate outstanding principal balance of all Floating Rate Obligations as of such Measurement Date.

 

“Weighted
Average Life”: On any date of determination with respect to any Collateral Obligation (other than any Defaulted Obligation),
the number obtained by (a) summing the products obtained by multiplying (i) the Average Life at such time
of each such Collateral Obligation by (ii) the outstanding principal balance of such Collateral Obligation and (b) dividing
such sum by the aggregate outstanding principal balance at such time of all Collateral Obligations (excluding any Defaulted
Obligation); provided, that when determining the Weighted Average Life of the Collateral Obligations for the Weighted Average
Life Test the Issuer and the Collateral Manager shall only take into account that portion of the aggregate outstanding principal
balance that is equal to or less than the product of (1) the Reinvestment Target Par Balance and (2) 100.25% (using the Collateral
Obligations that will result in the shortest Weighted Average Life) and the outstanding aggregate principal balance of all other
Collateral Obligations may be excluded from the calculation thereof.

 

For
the purposes of the foregoing, the “Average Life” is, on any date of determination with respect to any Collateral
Obligation, the quotient obtained by dividing (i) the sum of the products of (a) the number of years (rounded
to the nearest one hundredth thereof) from such date of determination to the respective dates of each successive Scheduled
Distribution of principal of such Collateral Obligation and (b) the respective amounts of principal of such Scheduled Distributions
by (ii) the sum of all successive Scheduled Distributions of principal on such Collateral Obligation.

 

    -73-

     

    

 

 

“Weighted
Average Life Test”: A test satisfied on any date of determination if the Weighted Average Life of the Collateral Obligations
as of such date is less than or equal to the value in the column entitled “Weighted Average Life Value” in the table
below corresponding to the immediately preceding Payment Date (or, prior to the first Payment Date, the Closing Date):

 

	Weighted
        Average Life Value

	Closing
    Date	8.00
	April
    20, 2019	7.65
	July
    20, 2019	7.40
	October
    20, 2019	7.15
	January
    20, 2020	6.90
	April
    20, 2020	6.65
	July
    20, 2020	6.40
	October
    20, 2020	6.15
	January
    20, 2021	5.90
	April
    20, 2021	5.65
	July
    20, 2021	5.40

 

    -74-

     

    

 

	Weighted
    Average Life Value
	October
    20, 2021	5.15
	January
    20, 2022	4.90
	April
    20, 2022	4.65
	July
    20, 2022	4.40
	October
    20, 2022	4.15
	January
    20, 2023	3.90
	April
    20, 2023	3.65
	July
    20, 2023	3.40
	October
    20, 2023	3.15
	January
    20, 2024	2.90
	April
    20, 2024	2.65
	July
    20, 2024	2.40
	October
    20, 2024	2.15
	January
    20, 2025	1.90
	April
    20, 2025	1.65
	July
    20, 2025	1.40
	October
    20, 2025	1.15
	January
    20, 2026	0.90
	April
    20, 2026	0.65
	July
    20, 2026	0.40
	October
    20, 2026	0.15
	January
    20, 2027	0.00

 

“Weighted
Average S&P Recovery Rate”: As of any date of determination, the number, expressed as a percentage and determined
separately for each Class of Secured Notes, obtained by summing the products obtained by multiplying the Principal
Balance of each Collateral Obligation (excluding any Defaulted Obligation) by its corresponding recovery rate as determined in
accordance with Section 1 of Schedule 4 hereto, dividing such sum by the Aggregate Principal Balance
of all Collateral Obligations (excluding any Defaulted Obligations), and rounding to the nearest tenth of a percent.

 

“Zero
Coupon Bond”: Any debt security that by its terms (a) does not bear interest for all or part of the remaining period
that it is outstanding, (b) provides for periodic payments of interest in cash less frequently than semi-annually or (c) pays
interest only at its stated maturity.

 

Section
1.2            Usage of Terms. With respect to all terms in this
Indenture, the singular includes the plural and the plural the singular; words importing any gender include the other genders;
references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form;
references to agreements and other contractual instruments include all amendments, modifications and supplements thereto or any
changes therein entered into in accordance with their respective terms and not prohibited by this Indenture; references to Persons
include their permitted successors and assigns; and the term “including” means “including without limitation.”

 

    -75-

     

    

 

Section
1.3            Assumptions as to Assets. In connection with all
calculations required to be made pursuant to this Indenture with respect to Scheduled Distributions on any Asset, or any payments
on any other assets included in the Assets, with respect to the sale of and reinvestment in Collateral Obligations, and with respect
to the income that can be earned on Scheduled Distributions on such Assets and on any other amounts that may be received for deposit
in the Collection Account, the provisions set forth in this Section 1.3 shall be applied. The provisions of this Section 1.3
shall be applicable to any determination or calculation that is covered by this Section 1.3, whether or not reference
is specifically made to Section 1.3, unless some other method of calculation or determination is expressly specified
in the particular provision.

 

(a)              
All calculations with respect to Scheduled Distributions on the Assets securing the Notes shall be made on the basis of information
as to the terms of each such Asset and upon reports of payments, if any, received on such Asset that are furnished by or on behalf
of the issuer of such Asset and, to the extent they are not manifestly in error, such information or reports may be conclusively
relied upon in making such calculations.

 

(b)              
For purposes of calculating the Coverage Tests, except as otherwise specified in the Coverage Tests, such calculations will not
include scheduled interest and principal payments on Defaulted Obligations unless or until such payments are actually made.

 

(c)               
For each Collection Period and as of any date of determination, the Scheduled Distribution on any Asset (including Current Pay
Obligations and DIP Collateral Obligations but excluding Defaulted Obligations, which, except as otherwise provided herein, shall
be assumed to have Scheduled Distributions of zero, except to the extent any payments have actually been received) shall
be the sum of (i) the total amount of payments and collections to be received during such Collection Period in respect of
such Asset (including the proceeds of the sale of such Asset received and, in the case of sales which have not yet settled, to
be received during the Collection Period and not reinvested in additional Collateral Obligations or Eligible Investments or retained
in the Collection Account for subsequent reinvestment pursuant to Section 12.2) that, if received as scheduled,
will be available in the Collection Account at the end of the Collection Period and (ii) any such amounts received in prior
Collection Periods that were not disbursed on a previous Payment Date.

 

(d)               
Each Scheduled Distribution receivable with respect to an Asset shall be assumed to be received on the applicable Due Date, and
each such Scheduled Distribution shall be assumed to be immediately deposited in the Collection Account to earn interest at the
Assumed Reinvestment Rate. All such funds shall be assumed to continue to earn interest until the date on which they are required
to be available in the Collection Account for application, in accordance with the terms hereof, to payments of principal of or
interest on the Notes or other amounts payable pursuant to this Indenture. For purposes of the applicable determinations required
by Section 10.7(b)(v), Article XII and the definition of “Interest Coverage Ratio”, the expected
interest on the Secured Notes and Floating Rate Obligations will be calculated using the then current interest rates applicable
thereto.

 

(e)               
References in Section 11.1(a) to calculations and determinations made on a “pro forma basis”
or to the extent such Class of Notes “are the Controlling Class” shall mean such calculations and determinations after
giving effect to all payments, in accordance with the Priority of Payments described herein, that precede (in priority of payment) or
include the clause in which such calculation is made.

 

    -76-

     

    

 

(f)               
For purposes of calculating all Concentration Limitations, in both the numerator and the denominator of any component of the Concentration
Limitations, Defaulted Obligations will be treated as having a Principal Balance equal to the Defaulted Obligation Balance.

 

(g)              
If a Collateral Obligation included in the Assets would be deemed a Current Pay Obligation but for the applicable percentage limitation
in clause (x) of the proviso to the definition of “Defaulted Obligation”, then the Current Pay Obligations with the
lowest Market Value (expressed as a percentage of the outstanding principal balance of such Current Pay Obligations as of the
date of determination) shall be deemed Defaulted Obligations. Each such Defaulted Obligation will be treated as a Defaulted
Obligation for all purposes until such time as the Aggregate Principal Balance of Current Pay Obligations would not exceed, on
a pro forma basis including such Defaulted Obligation, the applicable percentage of the Collateral Principal Amount.

 

(h)              
Except where expressly referenced herein for inclusion in such calculations, Defaulted Obligations will not be included in the
calculation of the Collateral Quality Tests, the S&P Equivalent Weighted Average Rating Factor or the S&P Equivalent Diversity
Score.

 

(i)                
For purposes of calculating compliance with the Investment Criteria, upon the direction of the Collateral Manager by notice to
the Trustee and the Collateral Administrator, any Eligible Investment representing Principal Proceeds received upon the sale or
other disposition of a Collateral Obligation shall be deemed to have the characteristics of such Collateral Obligation as of the
date of such sale or other disposition until reinvested in an additional Collateral Obligation. Such calculations shall be based
upon the principal amount of such Collateral Obligation, except in the case of Defaulted Obligations and Credit Risk Obligations,
in which case the calculations will be based upon the Principal Proceeds received on the disposition or sale of such Defaulted
Obligation or Credit Risk Obligation.

 

(j)               
For the purposes of calculating compliance with each of the Concentration Limitations all calculations will be rounded
to the nearest 0.1%. All other calculations, unless otherwise set forth herein or the context otherwise requires, shall be rounded
to the nearest ten-thousandth if expressed as a percentage, and to the nearest one-hundredth if expressed otherwise.

 

(k)              
Except as expressly set forth in this Indenture, the “principal balance” and “outstanding principal balance”
of a Revolving Collateral Obligation or a Delayed Drawdown Collateral Obligation shall include all unfunded commitments that have
not been irrevocably reduced or withdrawn.

 

(l)                
Notwithstanding any other provision of this Indenture to the contrary, all monetary calculations under this Indenture shall be
in Dollars.

 

    -77-

     

    

 

(m)              Any
reference herein to an amount of the Trustee’s or the Collateral Administrator’s fees calculated with respect to a
period at a per annum rate shall be computed on the basis of the actual number of days in the applicable Interest Accrual
Period divided by 360 and shall be based on the aggregate face amount of the Assets.

 

(n)              
To the extent of any ambiguity in the interpretation of any definition or term contained herein or to the extent more than one
methodology can be used to make any of the determinations or calculations set forth herein, the Collateral Manager may direct
the Collateral Administrator or the Collateral Administrator may request direction from the Collateral Manager, as to the interpretation
and/or methodology to be used, and the Collateral Administrator shall follow such direction, and together with the Trustee, shall
be entitled to conclusively rely thereon without any responsibility or liability therefor.

 

(o)               For
purposes of calculating the Collateral Quality Tests, DIP Collateral Obligations will be treated as having an S&P Recovery
Rate equal to the S&P Recovery Rate for Senior Secured Loans.

 

(p)              
For purposes of calculating compliance with any tests under this Indenture, the trade date (and not the settlement date) with
respect to any acquisition or disposition of a Collateral Obligation or Eligible Investment shall be used to determine whether
and when such acquisition or disposition has occurred.

 

(q)               For
all purposes where expressly used in this Indenture, the “principal balance” and “outstanding principal balance”
shall exclude capitalized interest, if any.

 

(r)                For
purposes of the definition of Collateral Obligation, the reference to the “purchase” of an obligation shall include
the purchase of an obligation with cash, the receipt of an obligation by the Issuer in connection with a Contribution and the
receipt of a new obligation in connection with the redemption and re-issuance of an obligation in a cashless roll where the redemption
proceeds with respect to the Collateral Obligation being redeemed are “rolled” into the new obligation.

 

(s)              
For purposes of calculating the Sale Proceeds of a Collateral Obligation in sale transactions, Sale Proceeds will include any
Principal Financed Accrued Interest received in respect of such sale.

 

(t)               
Any direction or Issuer Order required hereunder relating to the purchase, acquisition, sale, disposition or other transfer of
Assets may be in the form of a trade ticket, confirmation of trade, instruction to post or to commit to the trade or similar instrument
or document or other written instruction (including by email or other electronic communication) from the Collateral Manager on
which the Trustee and Collateral Administrator may rely.

 

    -78-

     

    

 

ARTICLE
II

The Notes

 

Section
2.1            Forms Generally. The Notes and the Trustee’s
or Authenticating Agent’s certificate of authentication thereon (the “Certificate of Authentication”) shall
be in substantially the forms required by this Article, with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon, as may be consistent herewith, determined by the Responsible Officers of the Issuer executing
such Notes as evidenced by their execution of such Notes. Any portion of the text of any Note may be set forth on the reverse
thereof, with an appropriate reference thereto on the face of the Note. 

 

Section
2.2            Forms of Notes. (a) The forms of the Notes, including
the forms of Certificated Secured Notes, Certificated Subordinated Notes, Temporary Regulation S Global Secured Notes, Regulation S
Global Secured Notes, Rule 144A Global Secured Notes and Rule 144A Global Subordinated Notes, shall be as set forth in the applicable
part of Exhibit A hereto.

 

(b)              
Secured Notes and Subordinated Notes.

 

(i)               
The Notes of each Class of Secured Notes sold to Qualified Purchasers that are not U.S. persons in offshore transactions (as defined
in Regulation S) in reliance on Regulation S that are Qualified Purchasers shall each be issued initially in the form of
one temporary global Secured Note per Class in definitive, fully registered form without interest coupons substantially in the
applicable form attached as Exhibit A-1 hereto (each, a “Temporary Regulation S Global Secured Note”),
which shall be deposited on the Closing Date on behalf of the purchasers of such Secured Notes represented thereby with the Trustee,
at its Corporate Trust Office, as custodian for, and registered in the name of a nominee of, DTC for the account of designated
agents holding on behalf of Euroclear and/or Clearstream. Prior to the end of the Distribution Compliance Period, beneficial interests
in each Temporary Regulation S Global Secured Note may be held only through Euroclear or Clearstream. After the expiration of
the Distribution Compliance Period, beneficial interests in a Temporary Regulation S Global Secured Note shall be exchanged for
an interest in one permanent global note per Class in definitive, fully registered form without interest coupons substantially
in the applicable form attached as Exhibit A-1 hereto (each, a “Regulation S Global Secured Note”),
and shall be deposited on behalf of the subscribers for such Secured Notes represented thereby with the Trustee as custodian for,
and registered in the name of a nominee of, DTC for the respective accounts of Euroclear and Clearstream, duly executed by the
Issuer and authenticated by the Trustee as hereinafter provided. During the Distribution Compliance Period, distributions due
in respect of a beneficial interest in a Temporary Regulation S Global Secured Note shall only be made upon delivery to the Trustee
by Euroclear or Clearstream, as applicable, of a certificate (a “Non-U.S. Beneficial Ownership Certification”)
to the effect that Euroclear or Clearstream, as applicable, has received a certificate substantially in the form of Exhibit
B-7 hereto. After the expiration of the Distribution Compliance Period, distributions due in respect of any beneficial interests
in a Temporary Regulation S Global Secured Note shall not be made to the holders of such beneficial interests unless exchange
for a beneficial interest in the Regulation S Global Secured Note is improperly withheld or refused.

 

    -79-

     

    

 

(ii)             
The Notes of each Class sold to Persons that are QIB/QPs shall each be issued initially in the form of one permanent global Secured
Note per Class in definitive, fully registered form without interest coupons substantially in the applicable form attached as
Exhibit A-1 hereto, in the case of the Secured Notes (each, a “Rule 144A Global Secured Note”)
and in the form of one permanent global Subordinated Note in definitive, fully registered form without interest coupons substantially
in the applicable form attached as Exhibit A-2 hereto, in the case of the Subordinated Notes (each, a “Rule 144A
Global Subordinated Note”) and shall be deposited on behalf of the subscribers for such Notes represented thereby with
the Trustee as custodian for, and registered in the name of Cede & Co., a nominee of, DTC, duly executed by the Issuer and
authenticated by the Trustee as hereinafter provided.

 

(iii)            
The Secured Notes sold to persons that, at the time of the acquisition, purported acquisition or proposed acquisition of any such
Secured Note, are Institutional Accredited Investors (that are not Qualified Institutional Buyers) or Accredited Investors shall
be issued in the form of definitive, fully registered notes without coupons substantially in the applicable form attached as Exhibit
A-3 hereto (a “Certificated Secured Note”) which shall be registered in the name of the beneficial
owner or a nominee thereof, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided.

 

(iv)            
The Subordinated Notes sold to U.S. Persons that are Accredited Investors (that are not Qualified Institutional Buyers) and either
Qualified Purchasers, Knowledgeable Employees with respect to the Issuer, Collateral Manager, or a corporation, partnership, limited
liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is either
a Qualified Purchaser or a Knowledgeable Employee with respect to the Issuer or the Collateral Manager and shall be issued
in the form of definitive, fully registered notes without coupons substantially in the form attached as Exhibit A-4
hereto (each, a “Certificated Subordinated Note” and, together with the Certificated Secured Notes, “Certificated
Notes”) which shall be registered in the name of the beneficial owner or a nominee thereof, duly executed by the
Issuer and authenticated by the Trustee as hereinafter provided.

 

(v)             
The aggregate principal amount of the Regulation S Global Secured Notes, the Rule 144A Global Secured Notes and the Rule 144A
Global Subordinated Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee or
DTC or its nominee, as the case may be, as hereinafter provided.

 

    -80-

     

    

 

(c)              
 Book Entry Provisions. This Section 2.2(c) shall apply only to Global Secured Notes deposited with or
on behalf of DTC.

 

The
provisions of the “Operating Procedures of the Euroclear System” of Euroclear and the “Terms and Conditions
Governing Use of Participants” of Clearstream, respectively, will be applicable to the Global Secured Notes and the Rule
144A Global Subordinated Notes insofar as interests in such Global Secured Notes and Rule 144A Global Subordinated Notes are held
by the Agent Members of Euroclear or Clearstream, as the case may be.

 

Agent
Members shall have no rights under this Indenture with respect to any Global Secured Notes or Rule 144A Global Subordinated Notes
held on their behalf by the Trustee, as custodian for DTC, and DTC may be treated by the Issuer, the Trustee, and any agent of
the Issuer or the Trustee as the absolute owner of such Note for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall prevent the Issuer, the Trustee, or any agent of the Issuer or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices
governing the exercise of the rights of a Holder of any Note.

 

Section
2.3            Authorized Amount; Stated Maturity; Denominations.
The aggregate principal amount of Secured Notes and Subordinated Notes that may be authenticated and delivered under this Indenture
is limited to U.S.$908,195,000 aggregate principal amount of Notes (except for (i) Deferred Interest with respect to the Class
C Notes and the Class D Notes, (ii) Notes authenticated and delivered upon registration of transfer of, or in exchange for, or
in lieu of, other Notes pursuant to Section 2.5, Section 2.6 or Section 8.5 of this
Indenture or (iii) Additional Notes issued in accordance with Sections 2.13 and 3.2).

 

Such
Notes shall be divided into the Classes, having the designations, original principal amounts and other characteristics as follows:

 

Notes

 

	Class Designation	 	A-1	 	A-2-R
 
	 	B-1	 	B-2	 	C	 	D	 	Subordinated
	Original Principal Amount	 	U.S. $490,000,000	 	U.S. $38,500,000	 	U.S. $18,000,000	 	U.S. $27,000,000	 	U.S. $95,000,000	 	U.S. $60,000,000	 	U.S. $179,695,000
	Stated Maturity	 	January 20, 2031	 	January 20, 2031	 	January 20, 2031	 	January 20, 2031	 	January 20, 2031	 	January 20, 2031	 	December 13, 2118
	Fixed Rate Note	 	No	 	Yes	 	No	 	No	 	No	 	No	 	N/A
	Interest Rate	 	LIBOR + 1.48%	 	4.6652.498%	 	LIBOR + 2.25%	 	LIBOR + 1.75%	 	LIBOR + 2.30%	 	LIBOR + 2.75%	 	N/A
	Floating Rate 
 Note	 	Yes	 	No	 	Yes	 	Yes	 	Yes	 	Yes	 	N/A
	Index	 	LIBOR	 	N/A	 	LIBOR	 	LIBOR	 	LIBOR	 	LIBOR	 	N/A
	Index Maturity	 	3 month	 	N/A	 	3 month	 	3 month	 	3 month	 	3 month	 	N/A
	Spread1	 	1.48%	 	N/A	 	2.25%	 	1.75%	 	2.30%	 	2.75%	 	N/A
	Initial Rating(s):	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	S&P	 	“AAA(sf)”	 	“AAA(sf)”	 	“AA(sf)”	 	“AA(sf)”	 	“A(sf)”	 	“BBB-(sf)”	 	N/A

 

    -81-

     

    

 

	Class
    Designation	 	A-1	 	A-2-R	 	B-1	 	B-2	 	C	 	D	 	Subordinated
	Fitch	 	“AAAsf”	 	N/A	 	N/A	 	N/A	 	N/A	 	N/A	 	N/A
	Priority Classes	 	None	 	A-1	 	A-1, A-2-R	 	A-1, A-2-R	 	A-1. A-2-R,
    B-1, B-2	 	A-1, A-2-R,
    B-1, B-2, C	 	A-1, A-2-R,
    B-1, B-2, C, D
	Pari Passu 

    Classes	 	None	 	None	 	B-2	 	B-1	 	None	 	None	 	None
	Junior Classes	 	A-2-R,
    B-1, B-2, C, D, Subordinated 	 	B-1, B-2, C, D, Subordinated
    	 	C, D, Subordinated
    	 	C, D, Subordinated
    	 	D, Subordinated 	 	Subordinated 	 	None
	Interest 

    Deferrable	 	No	 	No	 	No	 	No	 	Yes	 	Yes	 	N/A

 

 

 

	1	The
                                spread over LIBOR for each Class of Secured Notes (other than the Class A-1 Notes) is subject
                                to reduction pursuant to Section 9.8.

 

The
Secured Notes shall be issued in minimum denominations of U.S.$250,000 and integral multiples of U.S.$1.00 in excess thereof.
The Subordinated Notes shall be issued in minimum denominations of U.S.$2,100,000 and integral multiples of U.S.$1.00 in excess
thereof. Notes shall only be transferred or resold in compliance with the terms of this Indenture.

 

Section
2.4            Execution, Authentication, Delivery and Dating. The
Notes shall be executed on behalf of the Issuer by one of its respective Officers. The signature of such Officer on the Notes
may be manual or facsimile.

 

Notes
bearing the manual or facsimile signatures of individuals who were at the time of execution the Officers of the Issuer shall bind
the Issuer notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication
and delivery of such Notes or did not hold such offices at the date of issuance of such Notes.

 

At
any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the
Issuer to the Trustee or the Authenticating Agent for authentication and the Trustee or the Authenticating Agent, upon Issuer
Order (which shall be deemed to be provided upon delivery of such executed Notes), shall authenticate and deliver such Notes as
provided herein and not otherwise.

 

Each
Note authenticated and delivered by the Trustee or the Authenticating Agent upon Issuer Order on the Closing Date shall be dated
as of the Closing Date. All other Notes that are authenticated after the Closing Date for any other purpose under this Indenture
shall be dated the date of their authentication.

 

Notes
issued upon transfer, exchange or replacement of other Notes shall be issued in authorized denominations reflecting the original
aggregate principal amount of the Notes so transferred, exchanged or replaced, but shall represent only the current outstanding
principal amount of the Notes so transferred, exchanged or replaced. If any Note is divided into more than one Note in accordance
with this Article II, the original principal amount of such Note shall be proportionately divided among the Notes delivered
in exchange therefor and shall be deemed to be the original aggregate principal amount of such subsequently issued Notes.

 

    -82-

     

    

 

No
Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on
such Note a Certificate of Authentication, substantially in the form provided for herein, executed by the Trustee or by the Authenticating
Agent by the manual signature of one of their authorized signatories, and such certificate upon any Note shall be conclusive evidence,
and the only evidence, that such Note has been duly authenticated and delivered hereunder.

 

Section
2.5            Registration, Registration of Transfer and Exchange.
(a) The Issuer shall cause the Notes to be Registered and shall cause to be kept a register (the “Register”) at
the office of the Trustee in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the
registration of Notes and the registration of transfers of Notes. The Trustee is hereby initially appointed registrar (the “Registrar”)
for the purpose of registering Notes and transfers of such Notes with respect to the Register maintained in the United States
as herein provided. Upon any resignation or removal of the Registrar, the Issuer shall promptly appoint a successor or, in the
absence of such appointment, assume the duties of Registrar.

 

If
a Person other than the Trustee is appointed by the Issuer as Registrar, the Issuer will give the Trustee prompt written notice
of the appointment of a Registrar and of the location, and any change in the location, of the Register, and the Trustee shall
have the right to inspect the Register at all reasonable times and to obtain copies thereof and the Trustee shall have the right
to rely upon a certificate executed on behalf of the Registrar by an Officer thereof as to the names and addresses of the Holders
of the Notes and the principal or face amounts and numbers of such Notes. Upon written request at any time the Registrar shall
provide to the Issuer, the Collateral Manager, the Initial Purchaser or any Holder a current list of Holders as reflected in the
Register.

 

Subject
to this Section 2.5, upon surrender for registration of transfer of any Notes at the office or agency of the Issuer
to be maintained as provided in Section 7.2, the Issuer shall execute, and the Trustee shall authenticate and deliver,
in the name of the designated transferee or transferees, one or more new Notes of any authorized denomination and of a like aggregate
principal or face amount. At any time, the Issuer, the Collateral Manager or the Initial Purchaser may request a list of Holders
from the Trustee.

 

In
addition, when permitted under this Indenture, the Issuer, the Trustee and the Collateral Manager shall be entitled to rely conclusively
upon any certificate of ownership provided to the Trustee by a beneficial owner of a Note (including a Beneficial Ownership Certificate)
and/or other forms of reasonable evidence of such ownership as to the names and addresses of such beneficial owner and the Classes,
principal amounts and CUSIP numbers of Notes beneficially owned thereby. At any time, upon request of the Issuer, the Collateral
Manager or the Initial Purchaser, the Trustee shall provide such requesting Person a copy of each Beneficial Ownership Certificate
that the Trustee has received unless directed otherwise; provided, however, the Trustee shall have no obligation or duty
to verify information with respect to such Beneficial Ownership Certificate and shall only be required to retain copies of such
documents presented to it.

 

At
the option of the Holder, Notes may be exchanged for Notes of like terms, in any authorized denominations and of like aggregate
principal amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Note is surrendered for exchange,
the Issuer shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled
to receive.

 

    -83-

     

    

 

All
Notes issued and authenticated upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer,
evidencing the same debt (to the extent they evidence debt), and entitled to the same benefits under this Indenture as the Notes
surrendered upon such registration of transfer or exchange.

 

Every
Note presented or surrendered for registration of transfer or exchange shall be duly endorsed, or be accompanied by a written
instrument of transfer in a form reasonably satisfactory to the Registrar, duly executed by the Holder thereof or such Holder’s
attorney duly authorized in writing with such signature guaranteed by an “eligible guarantor institution” meeting
the requirements of the Registrar, which requirements include membership or participation in the Securities Transfer Agents Medallion
Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act.

 

No
service charge shall be made to a Holder for any registration of transfer or exchange of Notes, but the Trustee may require payment
of a sum sufficient to cover any transfer, tax or other governmental charge payable in connection therewith. The Registrar or
the Trustee shall be permitted to request such evidence reasonably satisfactory to it documenting the identity and/or signatures
of the transferor and transferee.

 

(b)              
No Note may be sold or transferred (including, without limitation, by pledge or hypothecation) unless such sale or transfer
is exempt from the registration requirements of the Securities Act, is exempt from the registration requirements under applicable
state securities laws and will not cause the Issuer to become subject to the requirement that it register as an investment company
under the 1940 Act.

 

(c)               
No transfer of any Subordinated Note (or any interest therein) will be effective if after giving effect to such transfer 25% or
more of the Aggregate Outstanding Amount of the Subordinated Notes would be held by Persons who have represented that they are
Benefit Plan Investors. For purposes of these calculations and all other calculations required by this sub-section, (A) any
Notes of the Issuer held by a Person (other than a Benefit Plan Investor) who is a Controlling Person, the Trustee, the Collateral
Manager, the Retention Provider, the Initial Purchaser or any of their respective affiliates (other than those interests held
by a Benefit Plan Investor) shall be disregarded and not treated as Outstanding and (B) an “affiliate” of a Person
shall include any Person, directly or indirectly through one or more intermediaries, controlling, controlled by or under common
control with the Person, and “control” with respect to a Person other than an individual shall mean the power to exercise
a controlling influence over the management or policies of such Person. The Trustee shall be entitled to rely exclusively upon
the information set forth in the face of the transfer certificates received pursuant to the terms of this Section 2.5 and
only Notes that a Trust Officer of the Trustee actually knows to be so held shall be so disregarded. In addition, no Rule 144A
Global Subordinated Notes (other than Rule 144A Global Subordinated Notes purchased from the Issuer as part of the initial offering
or on the Closing Date) may be held by or transferred to a Benefit Plan Investor or Controlling Person and each beneficial owner
of a Rule 144A Global Subordinated Note acquiring its interest in the Subordinated Notes in the initial offering on the Closing
Date shall provide to the Issuer a written certification in the form of Exhibit B-5 attached hereto.

 

    -84-

     

    

 

(d)               
Each subsequent transferee of a Note, by acceptance of such Note or an interest in such Note, shall be deemed to have agreed to
comply with Section 2.12.

 

(e)              
Notwithstanding anything contained herein to the contrary, the Trustee shall not be responsible for ascertaining whether any transfer
complies with, or for otherwise monitoring or determining compliance with, the registration provisions of or any exemptions from
the Securities Act, applicable state securities laws or the applicable laws of any other jurisdiction, ERISA, the Code, the 1940
Act, or the terms hereof; provided that if a certificate is specifically required by the terms of this Section 2.5
to be provided to the Trustee by a prospective transferor or transferee, the Trustee shall be under a duty to receive and
examine the same to determine whether or not the certificate substantially conforms on its face to the applicable requirements
of this Indenture and shall promptly notify the party delivering the same and the Issuer if such certificate does not comply with
such terms.

 

(f)               
[Reserved.]

 

(g)              
Transfers of Global Secured Notes shall only be made in accordance with Section 2.2(b) and this Section 2.5(g).

 

(i)               
Rule 144A Global Secured Note to Temporary Regulation S Global Secured Note or Regulation S Global Secured Note. If a holder
of a beneficial interest in a Rule 144A Global Secured Note deposited with DTC wishes at any time to exchange its interest in
such Rule 144A Global Secured Note for, during the Distribution Compliance Period, an interest in a corresponding Temporary Regulation
S Global Secured Note, or after the Distribution Compliance Period, to transfer its interest in such Rule 144A Global Secured
Note to a Person who wishes to take delivery thereof in the form of an interest in the corresponding Regulation S Global Secured
Note, such holder (provided that such holder or, in the case of a transfer, the transferee is a Qualified Purchaser that
is not a U.S. person and is acquiring such interest in an offshore transaction (as defined in Regulation S)) may, subject to the
immediately succeeding sentence and the rules and procedures of DTC, exchange or transfer, or cause the exchange or transfer of,
such interest for an equivalent beneficial interest in the corresponding Temporary Regulation S Global Secured Note or Regulation
S Global Secured Note, as applicable. Upon receipt by the Registrar of (A) instructions given in accordance with DTC’s
procedures from an Agent Member directing the Registrar to credit or cause to be credited a beneficial interest in the corresponding
Temporary Regulation S Global Secured Note or Regulation S Global Secured Note, as applicable, but not less than the minimum denomination
applicable to such holder’s Notes, in an amount equal to the beneficial interest in the Rule 144A Global Secured Note to
be exchanged or transferred, (B) a written order given in accordance with DTC’s procedures containing information regarding
the participant account of DTC and the Euroclear or Clearstream account to be credited with such increase, (C) a certificate
in the form of Exhibit B-1 attached hereto given by the holder of such beneficial interest stating that the exchange or
transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Secured Notes, including
that the holder or the transferee, as applicable, is a Qualified Purchaser that is not a U.S. person, and is acquiring such interest
in an offshore transaction pursuant to and in accordance with Regulation S and (D) a written certification in the form
of Exhibit B-7 attached hereto given by the transferee in respect of such beneficial interest stating, among other
things, that such transferee is a Qualified Purchaser that is not a U.S. person purchasing such beneficial interest in an offshore
transaction pursuant to Regulation S, then the Registrar shall approve the instructions at DTC to reduce the principal amount
of the Rule 144A Global Secured Note and to increase the principal amount of the Temporary Regulation S Global Secured Note or
the Regulation S Global Secured Note, as applicable, by the aggregate principal amount of the beneficial interest in the Rule
144A Global Secured Note to be exchanged or transferred, and to credit or cause to be credited to the securities account of the
Agent Member specified in such instructions a beneficial interest in the corresponding Temporary Regulation S Global Secured Note
or Regulation S Global Secured Note, as applicable, equal to the reduction in the principal amount of the Rule 144A Global Secured
Note.

 

    -85-

     

    

 

(ii)             
Temporary Regulation S Global Secured Note or Regulation S Global Secured Note to Rule 144A Global Secured Note. If a holder
of a beneficial interest in, during the Distribution Compliance Period, a Temporary Regulation S Global Secured Note or, after
the Distribution Compliance Period, a Regulation S Global Secured Note, as applicable, deposited with DTC wishes at any time to
exchange its interest in such Temporary Regulation S Global Secured Note or Regulation S Global Secured Note, as applicable, for
an interest in the corresponding Rule 144A Global Secured Note or to transfer its interest in such Temporary Regulation S Global
Secured Note or such Regulation S Global Secured Note, as applicable, to a Person who wishes to take delivery thereof in the form
of an interest in the corresponding Rule 144A Global Secured Note, such holder may, subject to the immediately succeeding sentence
and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the exchange
or transfer of, such interest for an equivalent beneficial interest in the corresponding Rule 144A Global Secured Note. Upon receipt
by the Registrar of (A) instructions from Euroclear, Clearstream and/or DTC, as the case may be, directing the Registrar
to cause to be credited a beneficial interest in the corresponding Rule 144A Global Secured Note in an amount equal to the beneficial
interest in such Temporary Regulation S Global Secured Note or such Regulation S Global Secured Note, as applicable, but not less
than the minimum denomination applicable to such holder’s Notes to be exchanged or transferred, such instructions to contain
information regarding the participant account with DTC to be credited with such increase, (B) a certificate in the form of
Exhibit B-3 attached hereto given by the holder of such beneficial interest and stating, among other things, that,
in the case of a transfer, the Person transferring such interest in such Temporary Regulation S Global Secured Note or such Regulation
S Global Secured Note, as applicable, reasonably believes that the Person acquiring such interest in a Rule 144A Global Secured
Note is a Qualified Purchaser and a Qualified Institutional Buyer, is obtaining such beneficial interest in a transaction meeting
the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other
jurisdiction and (C) a written certification in the form of Exhibit B-6 attached hereto given by the transferee
in respect of such beneficial interest stating, among other things, that such transferee is a Qualified Institutional Buyer and
a Qualified Purchaser, then the Registrar will approve the instructions at DTC to reduce, or cause to be reduced, the Temporary
Regulation S Global Secured Note or the Regulation S Global Secured Note, as applicable, by the aggregate principal amount of
the beneficial interest in the Temporary Regulation S Global Secured Note or the Regulation S Global Secured Note, as applicable,
to be transferred or exchanged and the Registrar shall instruct DTC, concurrently with such reduction, to credit or cause to be
credited to the securities account of the Agent Member specified in such instructions a beneficial interest in the corresponding
Rule 144A Global Secured Note equal to the reduction in the principal amount of the Temporary Regulation S Global Secured Note
or the Regulation S Global Secured Note, as applicable.

 

    -86-

     

    

 

(iii)             
Global Secured Note to Certificated Secured Note. Subject to Section 2.10(a), if a holder of a beneficial interest
in a Global Secured Note (other than a Temporary Regulation S Global Secured Note) deposited with DTC wishes at any time to transfer
its interest in such Global Secured Note to a Person who wishes to take delivery thereof in the form of a corresponding Certificated
Secured Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear, Clearstream
and/or DTC, as the case may be, transfer, or cause the transfer of, such interest for a Certificated Secured Note. Upon receipt
by the Registrar of (A) certificates substantially in the form of Exhibit B-2 attached hereto executed by the transferee
and (B) appropriate instructions from DTC, if required, the Registrar will approve the instructions at DTC to reduce, or
cause to be reduced, the Global Secured Note by the aggregate principal amount of the beneficial interest in the Global Secured
Note to be transferred, record the transfer in the Register in accordance with Section 2.5(a) and upon execution
by the Issuer and authentication and delivery by the Trustee, deliver one or more corresponding Certificated Secured Notes, registered
in the names specified in the instructions described in clause (B) above, in principal amounts designated by the transferee
(the aggregate of such principal amounts being equal to the aggregate principal amount of the interest in such Global Secured
Note transferred by the transferor), and in authorized denominations.

 

(iv)            
Temporary Regulation S Global Secured Note to Regulation S Global Secured Note. Interests in a Temporary Regulation S Global
Secured Note may be exchanged after the Distribution Compliance Period for interests in a Regulation S Global Secured Note. Until
so exchanged in full and except as provided therein, the Temporary Regulation S Global Secured Note, and the Notes evidenced thereby,
shall in all respects be entitled to the same benefits under this Indenture as the Regulation S Global Secured Note and Rule 144A
Global Secured Note authenticated and delivered hereunder.

 

    -87-

     

    

 

(v)             
Distribution Compliance Period. Prior to the termination of the Distribution Compliance Period with respect to the issuance
of the Notes, transfers of interests in the Temporary Regulation S Global Secured Notes to U.S. persons (as defined in Regulation
S) shall be limited to transfers made pursuant to the provisions of clause (ii) above.

 

(h)              
Transfers of Certificated Secured Notes shall only be made in accordance with Section 2.2(b) and this Section 2.5(h).

 

(i)              
Certificated Secured Notes to Global Secured Notes. If a holder of a Certificated Secured Note wishes at any time to transfer
such Certificated Secured Note to a Person who wishes to take delivery thereof in the form of a beneficial interest in a corresponding
Global Secured Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear,
Clearstream and/or DTC, as the case may be, exchange or transfer, or cause the exchange or transfer of, such Certificated Secured
Note for a beneficial interest in a corresponding Global Secured Note. Upon receipt by the Registrar of (A) a Holder’s
Certificated Secured Note properly endorsed for assignment to the transferee, (B) a certificate substantially in the form
of Exhibit B-1 or Exhibit B-3 (as applicable) attached hereto executed by the transferor and a certificate
substantially in the form of Exhibit B-6 or B-7 (as applicable) attached hereto executed by the transferee,
(C) instructions given in accordance with Euroclear, Clearstream or DTC’s procedures, as the case may be, from an Agent
Member to instruct DTC to cause to be credited a beneficial interest in the applicable Global Secured Notes in an amount equal
to the Certificated Secured Notes to be transferred or exchanged, and (D) a written order given in accordance with DTC’s
procedures containing information regarding the Agent Member’s account at DTC and/or Euroclear or Clearstream to be credited
with such increase, the Registrar shall cancel such Certificated Secured Note in accordance with Section 2.9, record
the transfer in the Register in accordance with Section 2.5(a) and approve the instructions at DTC, concurrently with
such cancellation, to credit or cause to be credited to the securities account of the Agent Member specified in such instructions
a beneficial interest in the corresponding Global Secured Note equal to the principal amount of the Certificated Secured Note
transferred or exchanged.

 

(ii)             
Certificated Secured Notes to Certificated Secured Notes. Upon receipt by the Registrar of (A) a Holder’s Certificated
Secured Note properly endorsed for assignment to the transferee, and (B) certificates substantially in the form of Exhibit B-2
attached hereto executed by the transferee, the Registrar shall cancel such Certificated Secured Note in accordance with Section 2.9,
record the transfer in the Register in accordance with Section 2.5(a) and upon execution by the Issuer and authentication
and delivery by the Trustee, deliver one or more Certificated Secured Notes bearing the same designation as the Certificated Secured
Note endorsed for transfer, registered in the names specified in the assignment described in clause (A) above, in principal
amounts designated by the transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of
the Certificated Secured Note surrendered by the transferor), and in authorized denominations.

 

    -88-

     

    

 

(i)                
Transfers and exchanges of Subordinated Notes shall only be made in accordance with Section 2.2(b) and this Section 2.5(i).

 

(i)              
Certificated Subordinated Note to Certificated Subordinated Note. Upon receipt by the Registrar of (A) a Holder’s
Certificated Subordinated Note properly endorsed for assignment to the transferee, and (B) certificates in the form of Exhibits
B-4 and B-5 attached hereto given by the transferee of such Certificated Subordinated Note, the Registrar shall cancel
such Certificated Subordinated Note in accordance with Section 2.9, record the transfer in the Register in accordance
with Section 2.5(a) and upon execution by the Issuer and authentication and delivery by the Trustee, deliver
one or more Certificated Subordinated Notes bearing the same designation as the Certificated Subordinated Note endorsed for transfer,
registered in the names specified in the assignment described in clause (A) above, in principal amounts designated by the
transferee (the aggregate of such principal amounts being equal to the aggregate principal amount of the Certificated Subordinated
Note surrendered by the transferor), and in authorized denominations.

 

(ii)             
Rule 144A Global Subordinated Note to Certificated Subordinated Note. Subject to Section 2.10(a), if a holder of
a beneficial interest in a Rule 144A Global Subordinated Note deposited with DTC wishes at any time to transfer its interest in
such Rule 144A Global Subordinated Note to a Person who wishes to take delivery thereof in the form of a corresponding Certificated
Subordinated Note, such holder may, subject to the immediately succeeding sentence and the rules and procedures of Euroclear,
Clearstream and/or DTC, as the case may be, transfer, or cause the transfer of, such interest for a Certificated Subordinated
Note. Upon receipt by the Registrar of (A) certificates substantially in the form of Exhibits B-4 and B-5 attached
hereto executed by the transferee and (B) appropriate instructions from DTC, if required, the Registrar will approve the
instructions at DTC to reduce, or cause to be reduced, the Rule 144A Global Subordinated Note by the aggregate principal amount
of the beneficial interest in the Rule 144A Global Subordinated Note to be transferred, record the transfer in the Register in
accordance with Section 2.5(a) and upon execution by the Issuer and authentication and delivery by the Trustee,
deliver one or more corresponding Certificated Subordinated Notes, registered in the names specified in the instructions described
in clause (B) above, in principal amounts designated by the transferee (the aggregate of such principal amounts being equal
to the aggregate principal amount of the interest in such Rule 144A Global Subordinated Note transferred by the transferor), and
in authorized denominations.

 

    -89-

     

    

 

(iii)             
Certificated Subordinated Notes to Rule 144A Global Subordinated Notes. If a holder of a Certificated Subordinated Note
wishes at any time to transfer such Certificated Subordinated Note to a Person who wishes to take delivery thereof in the form
of a beneficial interest in a corresponding Rule 144A Global Subordinated Note, such holder may, subject to the immediately succeeding
sentence and the rules and procedures of Euroclear, Clearstream and/or DTC, as the case may be, exchange or transfer, or cause
the exchange or transfer of, such Certificated Subordinated Note for a beneficial interest in a corresponding Rule 144A Global
Subordinated Note. Upon receipt by the Registrar of (A) a Holder’s Certificated Subordinated Note properly endorsed
for assignment to the transferee, (B) a certificate substantially in the form of Exhibit B-8 attached hereto
executed by the transferor and a certificate substantially in the form of Exhibit B-9 attached hereto executed by
the transferee, (C) instructions given in accordance with Euroclear, Clearstream or DTC’s procedures, as the case may
be, from an Agent Member to instruct DTC to cause to be credited a beneficial interest in the applicable Rule 144A Global Subordinated
Note in an amount equal to the Certificated Subordinated Notes to be transferred or exchanged, and (D) a written order given
in accordance with DTC’s procedures containing information regarding the Agent Member’s account at DTC and/or Euroclear
or Clearstream to be credited with such increase, the Registrar shall cancel such Certificated Subordinated Note in accordance
with Section 2.9, record the transfer in the Register in accordance with Section 2.5(a) and approve the
instructions at DTC, concurrently with such cancellation, to credit or cause to be credited to the securities account of the Agent
Member specified in such instructions a beneficial interest in the corresponding Rule 144A Global Subordinated Note equal to the
principal amount of the Certificated Subordinated Note transferred or exchanged.

 

(j)                
If Notes are issued upon the transfer, exchange or replacement of Notes bearing the applicable legends set forth in the applicable
part of Exhibit A hereto, and if a request is made to remove such applicable legend on such Notes, the Notes so issued
shall bear such applicable legend, or such applicable legend shall not be removed, as the case may be, unless there is delivered
to the Trustee and the Issuer such satisfactory evidence, which may include an Opinion of Counsel acceptable to them, as may be
reasonably required by the Issuer (and which shall by its terms permit reliance by the Trustee), to the effect that neither such
applicable legend nor the restrictions on transfer set forth therein are required to ensure that transfers thereof comply with
the provisions of the Securities Act, the 1940 Act, ERISA or the Code. Upon provision of such satisfactory evidence, the Trustee
or its Authenticating Agent, at the written direction of the Issuer shall, after due execution by the Issuer authenticate and
deliver Notes that do not bear such applicable legend.

 

(k)               
Each Person who becomes a beneficial owner of Notes represented by an interest in a Global Secured Note or a Rule 144A Global
Subordinated Note will be deemed to have represented and agreed as follows:

 

    -90-

     

    

 

(i)              
In connection with the purchase of such Notes: (A) none of the Issuer, the Collateral Manager, the Initial Purchaser, the
Trustee, the Collateral Administrator, the Retention Provider or any of their respective Affiliates is acting as a fiduciary or
financial or investment adviser for such beneficial owner; (B) such beneficial owner is not relying (for purposes of making
any investment decision or otherwise) upon any advice, counsel or representations (whether written or oral) of the Issuer,
the Collateral Manager, the Trustee, the Collateral Administrator, the Initial Purchaser, the Retention Provider or any of their
respective Affiliates other than any statements in the final Offering Circular for such Notes, and such beneficial owner has read
and understands such final Offering Circular; (C) such beneficial owner has consulted with its own legal, regulatory, tax,
business, investment, financial and accounting advisors to the extent it has deemed necessary and has made its own investment
decisions (including decisions regarding the suitability of any transaction pursuant to this Indenture) based upon its own
judgment and upon any advice from such advisors as it has deemed necessary and not upon any view expressed by the Issuer, the
Collateral Manager, the Trustee, the Collateral Administrator, Initial Purchaser, the Retention Provider or any of their respective
Affiliates; (D) such beneficial owner is either (1) (in the case of a beneficial owner of an interest in a Rule 144A
Global Secured Note or Rule 144A Global Subordinated Note)  both (a) a “qualified institutional buyer” (as defined
under Rule 144A under the Securities Act) that is not a broker-dealer which owns and invests on a discretionary basis less than
U.S.$25,000,000 in securities of issuers that are not affiliated persons of the dealer and is not a plan referred to in paragraph
(a)(1)(d) or (a)(1)(e) of Rule 144A under the Securities Act or a trust fund referred to in paragraph (a)(1)(f) of Rule 144A under
the Securities Act that holds the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries
of the plan and (b) a Qualified Purchaser for purposes of Section 3(c)(7) of the 1940 Act (or a corporation, partnership, limited
liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a
Qualified Purchaser) or (2) (in the case of a beneficial owner of an interest in a Regulation S Global Secured Note) a Qualified
Purchaser that is not a “U.S. person” as defined in Regulation S and is acquiring the Notes in an offshore transaction
(as defined in Regulation S) in reliance on the exemption from registration provided by Regulation S; (E) such
beneficial owner is acquiring its interest in such Notes for its own account; (F) such beneficial owner was not formed for
the purpose of investing in such Notes; (G) such beneficial owner understands that the Issuer may receive a list of participants
holding interests in the Notes from one or more book-entry depositories; (H) such beneficial owner will hold and transfer
at least the minimum denomination of such Notes; (I) such beneficial owner is a sophisticated investor and is purchasing
the Notes with a full understanding of all of the terms, conditions and risks thereof, and is capable of and willing to assume
those risks; and (J) such beneficial owner will provide notice of the relevant transfer restrictions to subsequent transferees.

 

(ii)             
Each Person who acquires a Secured Note or any interest therein will be required or deemed to represent, warrant and agree that
(A) if such Person is, or is acting on behalf of, a Benefit Plan Investor, its acquisition, holding and disposition of such interest
do not and will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of
the Code, and (B) if such Person is, or is acting on behalf of, a governmental, church, non-U.S. or other plan which is subject
to any Other Plan Law, such Person’s acquisition, holding and disposition of such Note will not constitute or result in
a non-exempt violation of any such Other Plan Law.

 

    -91-

     

    

 

(iii)            
With respect to a Rule 144A Global Subordinated Note or any interest therein (1) if it is a purchaser of Rule 144A Global Subordinated
Notes from the Issuer as part of the initial offering on the Closing Date, it will be required to represent and warrant (a) whether
or not it is, or is acting on behalf of, a Benefit Plan Investor, (b) whether or not it is a Controlling Person and (c) (i) if
it is, or is acting on behalf of, a Benefit Plan Investor, that its acquisition, holding and disposition of such Subordinated
Notes will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code
or (ii) if it is, or is acting on behalf of, a governmental, church, non-U.S. plan or other plan, (x) it is not, and for so long
as it holds such Subordinated Notes or interest therein will not be, subject to Similar Law and (y) its acquisition, holding and
disposition of such Subordinated Notes will not constitute or result in a non-exempt violation of any Other Plan Law and (2) each
purchaser or subsequent transferee, as applicable, of an interest in a Rule 144A Global Subordinated Note other than from the
Issuer as part of the initial offering on the Closing Date, on each day from the date on which such beneficial owner acquires
its interest in such Subordinated Notes through and including the date on which such beneficial owner disposes of its interest
in such Subordinated Notes, will be deemed to have represented and agreed that (a) it is not, and is not acting on behalf of,
a Benefit Plan Investor or a Controlling Person and (b) if it is, or is acting on behalf of, a governmental, church, non-U.S.
or other plan, (x) it is not, and for so long as it holds such Subordinated Notes or interest therein will not be, subject to
Similar Law and (y) its acquisition, holding and disposition of such Subordinated Notes will not constitute or result in a non-exempt
violation of any Other Plan Law.

 

(iv)            
Such beneficial owner understands that such Notes are being offered only in a transaction not involving any public offering in
the United States within the meaning of the Securities Act, such Notes have not been and will not be registered under the Securities
Act, and, if in the future such beneficial owner decides to offer, resell, pledge or otherwise transfer such Notes, such Notes
may be offered, resold, pledged or otherwise transferred only in accordance with the provisions of this Indenture and the legend
on such Notes. Such beneficial owner acknowledges that no representation has been made as to the availability of any exemption
under the Securities Act or any state securities laws for resale of such Notes. Such beneficial owner understands that the Issuer
has not been registered as an “investment company” under the 1940 Act and is exempt from registration as such by virtue
of Section 3(c)(7) of the 1940 Act.

 

(v)             
Such beneficial owner is aware that, except as otherwise provided herein, any Secured Notes being sold to it in reliance on Regulation S
will be represented by one or more Regulation S Global Secured Notes and that beneficial interests therein may be held only through
DTC for the respective accounts of Euroclear or Clearstream.

 

    -92-

     

    

 

(vi)            
 Such beneficial owner will provide notice to each Person to whom it proposes to transfer any interest in the Notes of the transfer
restrictions and representations set forth in this Section 2.5, including the Exhibits referenced herein.

 

(vii)          
Such beneficial owner is obtaining such beneficial interest in compliance with certain restrictions imposed during the Distribution
Compliance Period.

 

(viii)          
Such beneficial owner acknowledges and agrees to the representations and restrictions set forth in Section 2.12.

 

(l)                
Each Person who becomes an owner of a Certificated Secured Note will be required to make the representations and agreements set
forth in Exhibit B-2. Each Person who purchases an interest in a Rule 144A Global Subordinated Note from the Issuer
as part of the initial offering on the Closing Date will be required to make the representations and agreements set forth in Exhibit
B-5. Each Person who becomes an owner of a Certificated Subordinated Note (including a transfer of an interest in a Rule 144A
Global Subordinated Note to a transferee acquiring a Subordinated Note in certificated form) will be required to make the representations
and agreements set forth in Exhibit B-4 and Exhibit B-5.

 

(m)             
Any purported transfer of a Note not in accordance with this Section 2.5 shall be null and void and shall not be given
effect for any purpose whatsoever.

 

(n)              
To the extent required by the Issuer, as determined by the Issuer or the Collateral Manager on behalf of the Issuer, the Issuer
may, upon written notice to the Trustee, impose additional transfer restrictions on the Notes to comply with the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 and other similar laws or regulations,
including, without limitation, requiring each transferee of a Note to make representations to the Issuer in connection with such
compliance.

 

(o)              
The Registrar, the Trustee and the Issuer shall be entitled to conclusively rely on the information set forth on the face of any
transferor and transferee certificate delivered pursuant to this Section 2.5 and shall be able to presume conclusively
the continuing accuracy thereof, in each case without further inquiry or investigation. Notwithstanding anything in this Indenture
to the contrary, the Trustee shall not be required to obtain any certificate specifically required by the terms of this Section
2.5 if the Trustee is not notified of or in a position to know of any transfer requiring such a certificate to be presented
by the proposed transferor or transferee.

 

(p)              
For the avoidance of doubt, notwithstanding anything in this Indenture to the contrary, the Initial Purchaser may hold a position
in a Regulation S Global Secured Note prior to the distribution of the applicable Secured Notes represented by such position.

 

(q)              
Neither the Trustee nor the Registrar shall be liable for any delay in the delivery of directions from the depository and may
conclusively rely on, and shall be fully protected in relying on, such direction as to the names of the beneficial owners in whose
names such Certificated Notes shall be registered or as to delivery instructions for such Certificated Notes.

 

    -93-

     

    

 

Section
2.6            Mutilated, Defaced, Destroyed, Lost or Stolen Note.
If (a) any mutilated or defaced Note is surrendered to a Transfer Agent, or if there shall be delivered to the Issuer, the
Trustee and the relevant Transfer Agent evidence to their reasonable satisfaction of the destruction, loss or theft of any Note,
and (b) there is delivered to the Issuer, the Trustee and such Transfer Agent such security or indemnity as may be required
by them to save each of them harmless, then, in the absence of notice to the Issuer, the Trustee or such Transfer Agent that such
Note has been acquired by a protected purchaser, the Issuer shall execute and, upon Issuer Order, the Trustee shall authenticate
and deliver to the Holder, in lieu of any such mutilated, defaced, destroyed, lost or stolen Note, a new Note, of like tenor (including
the same date of issuance) and equal principal or face amount, registered in the same manner, dated the date of its authentication,
bearing interest from the date to which interest has been paid on the mutilated, defaced, destroyed, lost or stolen Note and bearing
a number not contemporaneously outstanding.

 

If,
after delivery of such new Note, a protected purchaser of the predecessor Note presents for payment, transfer or exchange such
predecessor Note, the Issuer, the Transfer Agent and the Trustee shall be entitled to recover such new Note from the Person to
whom it was delivered or any Person taking therefrom, and shall be entitled to recover upon the security or indemnity provided
therefor to the extent of any loss, damage, cost or expense incurred by the Issuer, the Trustee and the Transfer Agent in connection
therewith.

 

In
case any such mutilated, defaced, destroyed, lost or stolen Note has become due and payable, the Issuer in its discretion may,
instead of issuing a new Note pay such Note without requiring surrender thereof except that any mutilated or defaced Note shall
be surrendered.

 

Upon
the issuance of any new Note under this Section 2.6, the Issuer may require the payment by the Holder thereof of a
sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Trustee) connected therewith.

 

Every
new Note issued pursuant to this Section 2.6 in lieu of any mutilated, defaced, destroyed, lost or stolen Note shall
constitute an original additional contractual obligation of the Issuer and such new Note shall be entitled, subject to the second
paragraph of this Section 2.6, to all the benefits of this Indenture equally and proportionately with any and all
other Notes of the same Class duly issued hereunder.

 

The
provisions of this Section 2.6 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Notes.

 

    -94-

     

    

 

 

Section
2.7                Payment of Principal and
Interest and Other Amounts; Principal and Interest Rights Preserved. (a) The Secured Notes of each Class shall accrue interest
during each Interest Accrual Period at the applicable Interest Rate and such interest will be payable in arrears on each Payment
Date on the Aggregate Outstanding Amount (and, with respect to the Class C Notes and the Class D Notes, any Deferred Interest
thereon, as applicable, as described below) thereof on the first day of the related Interest Accrual Period (after giving effect
to payments of principal thereof on such date), except as otherwise set forth below; provided that, for the avoidance of
doubt, with respect to any payment of interest on a Redemption Date, such interest shall be determined in accordance with the
calculation above solely for the period from, and including, the first day of such Interest Accrual Period through, but excluding,
such Redemption Date; provided further that, with respect to any Interest Accrual Period during which a Re-Pricing has
occurred, the applicable Interest Rate of any Re-Priced Class shall reflect the applicable Re-Pricing Rate from and including,
the applicable Re-Pricing Date. For purposes of determining any Interest Accrual Period, in the case of any Fixed Rate Notes,
(i) for any Payment Date that is not a Redemption Date or a Re-Pricing Date, the Payment Date shall be assumed to be the 20th
day of the relevant month (irrespective of whether such day is a Business Day) and (ii) for any Payment Date that is a Redemption
Date or a Re-Pricing Date, the Payment Date shall be the Redemption Date or the Re-Pricing Date, as applicable. Payment of interest
on each Class of Secured Notes (and payments of available Interest Proceeds to the Holders of the Subordinated Notes) will be
subordinated to the payment of interest on each related Priority Class as provided in Section 11.1. So long as any Priority
Class is Outstanding with respect to the Class C Notes or the Class D Notes, any payment of interest due on the Class C Notes
or the Class D Notes which is not available to be paid in accordance with the Priority of Payments on any Payment Date (“Deferred
Interest”) shall not be considered “due and payable” for the purposes of Section 5.1(a) (and the
failure to pay such interest shall not be an Event of Default) until the earliest of (i) the Payment Date on which funds are available
to pay such Deferred Interest in accordance with the Priority of Payments, (ii) the Redemption Date or the Re-Pricing Date, as
applicable, with respect to the Class C Notes or the Class D Notes, as applicable and (iii) the Stated Maturity of the Class C
Notes or the Class D Notes, as applicable. Deferred Interest on the Class C Notes or the Class D Notes, as applicable, shall be
payable on the first Payment Date on which funds are available to be used for such purpose in accordance with the Priority of
Payments, but in any event no later than the earlier of the Payment Date (i) which is the Redemption Date or Re-Pricing Date,
as applicable, with respect to the Class C Notes or the Class D Notes, as applicable and (ii) which is the Stated Maturity of
the Class C Notes or the Class D Notes, as applicable. Regardless of whether any Priority Class is Outstanding with respect to
the Class C Notes or the Class D Notes, as applicable, to the extent that funds are not available on any Payment Date (other than
the Redemption Date or Re-Pricing Date, as applicable, with respect to, or Stated Maturity of, the Class C Notes or the Class
D Notes, as applicable) to pay previously accrued Deferred Interest, such previously accrued Deferred Interest will not be due
and payable on such Payment Date and any failure to pay such previously accrued Deferred Interest on such Payment Date will not
be an Event of Default. Interest will cease to accrue on each Secured Note, or in the case of a partial repayment, on such repaid
part, from the date of repayment. To the extent lawful and enforceable, interest on any interest that is not paid when due on
any Class A Notes, or if no Class A Notes are Outstanding, any Class B Notes, or if no Class A Notes or Class B Notes are Outstanding,
any Class C Notes, or if no Class A Notes, Class B Notes or Class C Notes are Outstanding, any Class D Notes shall accrue at the
Interest Rate for such Class until paid as provided herein.

 

    -95-

     

    

 

(b)               The
principal of each Secured Note of each Class matures at par and is due and payable on the date of the Stated Maturity for such
Class, unless such principal has been previously repaid or unless the unpaid principal of such Secured Note becomes due and payable
at an earlier date by declaration of acceleration, call for redemption or otherwise. Notwithstanding the foregoing, the payment
of principal of each Class of Secured Notes (and payments of Principal Proceeds to the Holders of the Subordinated Notes) may
only occur in accordance with the Priority of Payments. Payments of principal on any Class of Secured Notes, and distributions
of Principal Proceeds to Holders of Subordinated Notes, which are not paid, in accordance with the Priority of Payments, on any
Payment Date (other than the Payment Date which is the Stated Maturity of such Class of Notes or any Redemption Date or Re-Pricing
Date, as applicable), because of insufficient funds therefor shall not be considered “due and payable” for purposes
of Section 5.1(a) until the Payment Date on which such principal may be paid in accordance with the Priority
of Payments or all Priority Classes with respect to such Class have been paid in full.

 

(c)              
Principal payments on the Notes will be made in accordance with the Priority of Payments and Article IX.

 

(d)              
The Issuer shall require the previous delivery of properly completed and signed applicable tax certifications (generally, in the
case of U.S. federal income tax, an IRS Form W-9 (or applicable successor form) in the case of a United States Tax Person or the
appropriate IRS Form W-8 (or applicable successor form) in the case of a Person that is not a United States Tax Person) or other
certification acceptable to it to enable the Issuer, the Trustee and any Paying Agent to determine their duties and liabilities
with respect to any taxes or other charges that they may be required to pay, deduct or withhold from payments in respect of such
Note or the Holder or beneficial owner of such Note under any present or future law or regulation of the United States, any other
jurisdiction or any political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements
under any such law or regulation and to determine if payments by the Issuer are subject to withholding. The Issuer shall not be
obligated to pay any additional amounts to the Holders or beneficial owners of the Notes as a result of deduction or withholding
for or on account of any present or future taxes, duties, assessments or governmental charges with respect to the Notes. Nothing
herein shall be construed to obligate the Paying Agent or the Trustee to determine the duties or liabilities of the Issuer or
any other paying agent with respect to any tax certification or withholding requirements, or any tax certification or withholding
requirements of any jurisdiction, political subdivision or taxing authority outside the United States.

 

    -96-

     

    

 

(e)              
Payments in respect of interest on and principal of any Secured Note and any payment with respect to any Subordinated Note shall
be made by the Trustee in Dollars to DTC or its designee with respect to a Global Secured Note or Rule 144A Global Subordinated
Note and to the Holder or its nominee with respect to a Certificated Note, by wire transfer, as directed by the Holder, in immediately
available funds to a Dollar account maintained by DTC or its nominee with respect to a Global Secured Note or a Rule 144A Global
Subordinated Note, and to the Holder or its nominee with respect to a Certificated Note; provided that in the case of a
Certificated Note (1) the Holder thereof shall have provided written wiring instructions to the Trustee on or before the
related Record Date and (2) if appropriate instructions for any such wire transfer are not received by the related Record
Date, then such payment shall be made by check drawn on a U.S. bank mailed to the address of the Holder specified in the Register.
Upon final payment due on the Maturity of a Note, the Holder thereof shall present and surrender such Note at the Corporate Trust
Office of the Trustee or at the office of any Paying Agent on or prior to such Maturity; provided that if the Trustee and
the Issuer shall have been furnished such security or indemnity as may be required by them to save each of them harmless and an
undertaking thereafter to surrender such certificate, then, in the absence of notice to the Issuer or the Trustee that the applicable
Note has been acquired by a protected purchaser, such final payment shall be made without presentation or surrender. Neither the
Issuer, the Trustee, the Collateral Manager, nor any Paying Agent will have any responsibility or liability for any aspects of
the records (or for maintaining, supervising or reviewing such records) maintained by DTC, Euroclear, Clearstream or any of the
Agent Members relating to or for payments made thereby on account of beneficial interests in a Global Secured Note or Rule 144A
Global Subordinated Note. In the case where any final payment of principal and interest is to be made on any Secured Note (other
than on the Stated Maturity thereof) or any final payment is to be made on any Subordinated Note (other than on the Stated
Maturity thereof), the Trustee, in the name and at the expense of the Issuer shall prior to the date on which such payment is
to be made, mail (by first class mail, postage prepaid) to the Persons entitled thereto at their addresses appearing on the
Register a notice which shall specify the date on which such payment will be made, the amount of such payment per U.S.$1,000 original
principal amount of Secured Notes, original principal amount of Subordinated Notes and the place where such Notes may be presented
and surrendered for such payment.

 

(f)                Payments
of principal to Holders of the Secured Notes of each Class shall be made in the proportion that the Aggregate Outstanding Amount
of the Secured Notes of such Class registered in the name of each such Holder on the applicable Record Date bears to the Aggregate
Outstanding Amount of all Secured Notes of such Class on such Record Date. Payments to the Holders of the Subordinated Notes from
Interest Proceeds and Principal Proceeds shall be made in the proportion that the Aggregate Outstanding Amount of the Subordinated
Notes registered in the name of each such Holder on the applicable Record Date bears to the Aggregate Outstanding Amount of all
Subordinated Notes on such Record Date.

 

(g)              
Interest accrued with respect to the Floating Rate Notes shall be calculated on the basis of the actual number of days elapsed
in the applicable Interest Accrual Period divided by 360. Interest accrued with respect to any Class of Fixed Rate Notes
shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

(h)              
All reductions in the principal amount of a Note (or one or more predecessor Notes) effected by payments of installments
of principal made on any Payment Date, Redemption Date or Re-Pricing Date, as applicable, shall be binding upon all future Holders
of such Note and of any Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, whether
or not such payment is noted on such Note.

 

    -97-

     

    

 

(i)                Notwithstanding
any other provision of this Indenture, the obligations of the Issuer under the Notes and this Indenture are limited recourse obligations
of the Issuer, payable solely from the Assets and following realization of the Assets, and application of the proceeds thereof
in accordance with this Indenture, all obligations of and any claims against the Issuer hereunder or in connection herewith after
such realization shall be extinguished and shall not thereafter revive. No recourse shall be had against any officer, director,
manager, partner, member, employee, shareholder, authorized Person or incorporator of the Issuer, the Collateral Manager, the
Retention Provider or their respective Affiliates, successors or assigns for any amounts payable under the Notes or this Indenture.
It is understood that the foregoing provisions of this paragraph (i) shall not (i) prevent recourse to the Assets for
the sums due or to become due under any security, instrument or agreement which is part of the Assets or (ii) constitute
a waiver, release or discharge of any indebtedness or obligation evidenced by the Notes or secured by this Indenture until such
Assets have been realized. It is further understood that the foregoing provisions of this paragraph (i) shall not limit the
right of any Person to name the Issuer as a party defendant in any Proceeding or in the exercise of any other remedy under the
Notes or this Indenture, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be
asked for or (if obtained) enforced against any such Person or entity. The Subordinated Notes are not secured hereunder.

 

(j)                Subject
to the foregoing provisions of this Section 2.7, each Note delivered under this Indenture and upon registration of
transfer of or in exchange for or in lieu of any other Note shall carry the rights to unpaid interest and principal (or other
applicable amount) that were carried by such other Note.

 

Section
2.8                Persons Deemed Owners. The
Issuer, the Trustee, and any agent of the Issuer or the Trustee shall treat as the owner of each Note the Person in whose name
such Note is registered on the Register on the applicable Record Date for the purpose of receiving payments of principal of and
interest on such Note and on any other date for all other purposes whatsoever (whether or not such Note is overdue), and none
of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall be affected by notice to the contrary.

 

Section
2.9              Cancellation. All Notes surrendered for
payment, cancellation pursuant to Section 9.7, registration of transfer, exchange or redemption, or deemed lost or stolen,
shall be promptly canceled by the Trustee and may not be reissued or resold. No Note may be surrendered (including any surrender
in connection with any abandonment, gift, donation or other cause or event) except for payment as provided herein, for cancellation
pursuant to Section 9.7 or for registration of transfer, exchange or redemption in accordance with Article IX hereof
(in the case of a Special Redemption or a mandatory redemption, only to the extent that such Special Redemption or mandatory redemption
results in payment in full of the applicable Class of Notes), or for replacement in connection with any Note deemed lost or stolen.
Any Notes surrendered for cancellation as permitted by this Section 2.9 shall, if surrendered to any Person other than
the Trustee, be delivered to the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes canceled as
provided in this Section 2.9, except as expressly permitted by this Indenture. All canceled Notes held by the Trustee
shall be destroyed or held by the Trustee in accordance with its standard retention policy unless the Issuer shall direct by an
Issuer Order received prior to destruction that they be returned to it. 

 

    -98-

     

    

 

Section
2.10              DTC Ceases to be Depository. (a) A Global
Secured Note or Rule 144A Global Subordinated Note deposited with DTC pursuant to Section 2.2 shall be transferred
in the form of a corresponding Certificated Note to the beneficial owners thereof only if (A) such transfer complies with
Section 2.5 of this Indenture and (B) either (x) (i) DTC notifies the Issuer that it is unwilling
or unable to continue as depository for such Global Secured Note or Rule 144A Global Subordinated Note or (ii) DTC ceases
to be a Clearing Agency registered under the Exchange Act and, in each case, a successor depository is not appointed by the Issuer
within 90 days after such event or (y) an Event of Default has occurred and is continuing and such transfer is requested
by any beneficial owner of an interest in such Global Secured Note or Rule 144A Global Subordinated Note.

 

(b)              
Any Global Secured Note or Rule 144A Global Subordinated Note that is transferable in the form of a corresponding Certificated
Note to the beneficial owner thereof pursuant to this Section 2.10 shall be surrendered by DTC to the Corporate Trust
Office to be so transferred, in whole or from time to time in part, without charge, and the Issuer shall execute and the Trustee
shall authenticate and deliver, upon such transfer of each portion of such Global Secured Note or Rule 144A Global Subordinated
Note, an equal aggregate principal amount of definitive physical certificates (pursuant to the instructions of DTC) in authorized
denominations. Any Certificated Note delivered in exchange for an interest in a Global Secured Note or Rule 144A Global Subordinated
Note shall, except as otherwise provided by Section 2.5, bear the legends set forth in the applicable Exhibit A
and shall be subject to the transfer restrictions referred to in such legends.

 

(c)               Subject
to the provisions of paragraph (b) of this Section 2.10, the Holder of a Global Secured Note or Rule 144A Global
Subordinated Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests
through Agent Members, to take any action which such Holder is entitled to take under this Indenture or the Notes.

 

(d)              
In the event of the occurrence of any of the events specified in clause (B) of sub-section (a) of this Section 2.10,
the Issuer will promptly make available to the Trustee a reasonable supply of Certificated Notes.

 

If
Certificated Notes are not so issued by the Issuer to such beneficial owners of interests in Global Secured Notes or Rule 144A
Global Subordinated Notes as required by sub-section (a) of this Section 2.10, the Issuer expressly acknowledges
that the beneficial owners shall be entitled to pursue any remedy that the Holders of a Global Secured Note or Rule 144A Global
Subordinated Note would be entitled to pursue in accordance with Article V of this Indenture (but only to the extent of
such beneficial owner’s interest in the Global Secured Note or Rule 144A Global Subordinated Note) as if corresponding
Certificated Notes had been issued; provided that the Trustee shall be entitled to rely upon any certificate of ownership
provided by such beneficial owners (including a certificate in the form of Exhibit D) and/or other forms of reasonable
evidence of such ownership.

 

Neither
the Trustee nor the Registrar shall be liable for any delay in the delivery of directions from the depository and may conclusively
rely on, and shall be fully protected in relying on, such direction as to the names of the beneficial owners in whose names such
Certificated Notes shall be registered or as to delivery instructions for such Certificated Notes.

 

    -99-

     

    

 

Section
2.11              Non-Permitted Holders. (a) Notwithstanding
anything to the contrary elsewhere herein, (x) any transfer of a beneficial interest in any Secured Note to a U.S. person
that is not a QIB/QP (other than a U.S. person that is (i) an Institutional Accredited Investor and is also a Qualified Purchaser
(or a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member
or other equity owner of which is a Qualified Purchaser) or (ii) with respect to Certificated Secured Notes, an Accredited Investor
that is also a Knowledgeable Employee with respect to the Issuer or the Collateral Manager (or a corporation, partnership, limited
liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is a
Qualified Purchaser affiliated with the Collateral Manager and/or a Knowledgeable Employee with respect to the Issuer or the Collateral
Manager)) and (y) any transfer of a beneficial interest in any Subordinated Note to a U.S. person that is not a Qualified
Institutional Buyer, an Institutional Accredited Investor or an Accredited Investor that is also (i) a Knowledgeable Employee
with respect to the Issuer or the Collateral Manager, (ii) a Qualified Purchaser or (iii) a corporation, partnership, limited
liability company or other entity (other than a trust), each shareholder, partner, member or other equity owner of which is either
a Qualified Purchaser affiliated with the Collateral Manager and/or a Knowledgeable Employee with respect to the Issuer or Collateral
Manager shall be null and void and any such purported transfer of which the Issuer or the Trustee shall have notice may be disregarded
by the Issuer and the Trustee for all purposes. 

 

(b)              
If (x) any U.S. person that is not a QIB/QP (other than a U.S. person that is (i) an Institutional Accredited Investor and is
also a Qualified Purchaser (or a corporation, partnership, limited liability company or other entity (other than a trust), each
shareholder, partner, member or other equity owner of which is a Qualified Purchaser) or (ii) with respect to Certificated Secured
Notes, an Accredited Investor that is also a Knowledgeable Employee with respect to the Issuer or the Collateral Manager (or a
corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member or
other equity owner of which is a Qualified Purchaser affiliated with the Collateral Manager and/or a Knowledgeable Employee with
respect to the Issuer or the Collateral Manager)) shall become the beneficial owner of an interest in any Secured Note or (y)
any U.S. person that is not a Qualified Institutional Buyer, an Institutional Accredited Investor or an Accredited Investor that
is also (i) a Knowledgeable Employee with respect to the Issuer or the Collateral Manager, (ii) a Qualified Purchaser or (iii)
a corporation, partnership, limited liability company or other entity (other than a trust), each shareholder, partner, member
or other equity owner of which is either a Qualified Purchaser affiliated with the Collateral Manager and/or a Knowledgeable Employee
with respect to the Issuer or Collateral Manager shall become the beneficial owner of an interest in any Subordinated Note (any
such Person a “Non-Permitted Holder”), the acquisition of Notes by such holder shall be null and void ab
initio. The Issuer (or the Collateral Manager on behalf of the Issuer) shall, promptly after discovery that such person is
a Non-Permitted Holder by the Issuer or the Trustee or upon notice to the Issuer from the Trustee (if a Trust Officer of the Trustee
obtains actual knowledge), send notice to such Non-Permitted Holder demanding that such Non-Permitted Holder transfer its interest
in the Notes held by such Person to a Person that is not a Non-Permitted Holder within 30 days after the date of such notice.
If such Non-Permitted Holder fails to so transfer such Notes, the Issuer or the Collateral Manager acting for the Issuer shall
have the right, without further notice to the Non-Permitted Holder, to sell such Notes or interest in such Notes to a purchaser
selected by the Issuer that is not a Non-Permitted Holder on such terms as the Issuer may choose. The Issuer, or the Collateral
Manager acting on behalf of the Issuer, may select the purchaser by soliciting one or more bids from one or more brokers or other
market professionals that regularly deal in securities similar to the Notes and sell such Notes to the highest such bidder; provided
that the Collateral Manager, its Affiliates and accounts, funds, clients or portfolios established and controlled by the Collateral
Manager shall be entitled to bid in any such sale. However, the Issuer or the Collateral Manager may select a purchaser by any
other means determined by it in its sole discretion. The Holder of each Note, the Non-Permitted Holder and each other Person in
the chain of title from the Holder to the Non-Permitted Holder, by its acceptance of an interest in the Notes agrees to cooperate
with the Issuer, the Collateral Manager and the Trustee to effect such transfers. The proceeds of such sale, net of any commissions,
expenses and taxes due in connection with such sale shall be remitted to the Non-Permitted Holder. The terms and conditions of
any sale under this sub-section shall be determined in the sole discretion of the Issuer, and none of the Issuer, the Trustee
or the Collateral Manager shall be liable to any Person having an interest in the Notes sold as a result of any such sale or the
exercise of such discretion.

 

    -100-

     

    

 

(c)              
Notwithstanding anything to the contrary elsewhere herein, any transfer of a beneficial interest in any Subordinated Note to a
Person who has made an ERISA-related representation required by Section 2.5(c) that is subsequently shown to
be false or misleading shall be null and void and any such purported transfer of which the Issuer or the Trustee shall have notice
may be disregarded by the Issuer and the Trustee for all purposes.

 

(d)              
If any Person shall become the beneficial owner of an interest in any Note who has made or is deemed to have made a prohibited
transaction, Benefit Plan Investor, Controlling Person, Similar Law or Other Plan Law representation required by Section 2.5 that
is subsequently shown to be false or misleading or whose beneficial ownership otherwise causes Benefit Plan Investors to hold
25% or more of the value of the Subordinated Notes (any such Person a “Non-Permitted ERISA Holder”), the Issuer
(or the Collateral Manager on behalf of the Issuer) shall, promptly after discovery that such Person is a Non-Permitted ERISA
Holder by the Issuer or upon notice from the Trustee (if a Trust Officer of the Trustee obtains actual knowledge), send notice
to such Non-Permitted ERISA Holder demanding that such Non-Permitted ERISA Holder transfer all or any portion of the Notes held
by such Person to a Person that is not a Non-Permitted ERISA Holder within 10 days after the date of such notice. If such Non-Permitted
ERISA Holder fails to so transfer such Notes, the Issuer shall have the right, without further notice to the Non-Permitted ERISA
Holder, to sell such Notes or interest in such Notes to a purchaser selected by the Issuer that is not a Non-Permitted ERISA Holder
on such terms as the Issuer may choose. The Issuer may select the purchaser by soliciting one or more bids from one or more brokers
or other market professionals that regularly deal in securities similar to the Notes and selling such Notes to the highest such
bidder. However, the Issuer may select a purchaser by any other means determined by the Issuer in its sole discretion. The Holder
of each Note, the Non-Permitted ERISA Holder and each other Person in the chain of title from the Holder to the Non-Permitted
ERISA Holder, by its acceptance of an interest in the Notes, agrees to cooperate with the Issuer and the Trustee to effect such
transfers. The proceeds of such sale, net of any commissions, expenses and taxes due in connection with such sale shall be remitted
to the Non-Permitted ERISA Holder. The terms and conditions of any sale under this sub-section shall be determined in the
sole discretion of the Issuer, and none of the Issuer, the Trustee or the Collateral Manager shall be liable to any Person having
an interest in the Notes sold as a result of any such sale or the exercise of such discretion.

 

    -101-

     

    

 

Section
2.12              Treatment and Tax Certification. (a)
Each Holder (including, for purposes of this Section 2.12, any beneficial owner of an interest in a Note) of a Secured
Note represents and agrees to treat the Secured Notes as indebtedness for U.S. federal, state and local income and franchise tax
purposes, except as otherwise required by law.

 

(b)              
Each Holder of a Subordinated Note represents and agrees to treat the Subordinated Notes as equity for U.S. federal, state and
local income and franchise tax purposes.

 

(c)              
Each Holder of a Secured Note agrees and understands that the failure to provide the Issuer and the Trustee (and any of their
agents) with the properly completed and signed tax certifications (generally, in the case of U.S. federal income tax, an IRS W-9
(or applicable successor form) in the case of a person that is a United States Tax Person or the appropriate IRS Form W-8 (or
applicable successor form) in the case of a person that is not a United States Tax Person) may result in withholding from payments
in respect of such Note, including U.S. federal withholding or back-up withholding.

 

(d)              
Each Holder of a Subordinated Note represents and warrants that it is a United States Tax Person, agrees to provide the Issuer
and the Trustee (and any of their agents) with a correct, complete and properly executed IRS Form W-9 (or applicable successor
form), and acknowledges that if it fails to provide the Issuer and the Trustee (and any of their agents) with the properly completed
and signed tax certifications specified above, the acquisition of its interest in such Note shall be void ab initio.

 

(e)              
Each Holder of a Secured Note agrees to provide the Issuer, the Trustee and any relevant intermediary with any information or
documentation that is required under FATCA or that the Issuer or relevant intermediary deems appropriate to enable the Issuer
or relevant intermediary to determine their duties and liabilities with respect to any taxes they may be required to withhold
pursuant to FATCA in respect of such Note or the Holder of such Note. In addition, each purchaser and subsequent transferee of
such Notes (or any interest therein) understands and acknowledges that the Issuer has the right under this Indenture to withhold
on any Holder of a Note that fails to comply with FATCA.

 

(f)               
Each Holder of a Secured Note that is not a United States Tax Person represents that either (a) it is not (i) a bank (or an entity
affiliated with a bank) extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
(within the meaning of Section 881(c)(3)(A) of the Code), (ii) a “10 percent shareholder” with respect to the Issuer
within the meaning of Section 871(h)(3) or Section 881(c)(3)(D) of the Code, or (iii) a “controlled foreign corporation”
that is related to the Issuer within the meaning of Section 881(c)(3)(C) of the Code; (b) it is a person that is eligible for
benefits under an income tax treaty with the United States that eliminates U.S. federal income taxation of U.S. source interest
not attributable to a permanent establishment in the United States; or (c) it has provided an IRS Form W-8ECI representing that
all payments received or to be received by it on the Notes are effectively connected with the conduct of a trade or business in
the United States.

 

    -102-

     

    

 

(g)              
Each Holder of a Subordinated Note represents, acknowledges and agrees that:

 

(i)                
such Subordinated Note may not be acquired or owned by any person that is classified for U.S. federal income tax purposes as a
partnership, Subchapter S corporation or grantor trust unless (i) (a) except in the case of the Retention Provider, none of the
direct or indirect beneficial owners of any interest in such person have or ever will have more than 40% of the value of its interest
in such person attributable to the aggregate interest of such person in the combined value of the Subordinated Notes (and any
other interest treated as equity in the Issuer for U.S. federal income tax purposes), and (b) it is not and will not be a principal
purpose of the arrangement involving the investment of such person in any Subordinated Notes and any other equity interests of
the Issuer to permit any partnership to satisfy the 100 partner limitation of Treasury Regulations Section 1.7704-1(h)(1)(ii)
or (ii) such person obtains written advice of Dechert LLP or an opinion of nationally recognized U.S. tax counsel reasonably acceptable
to the Issuer that such transfer will not cause the Issuer to be treated as a publicly traded partnership taxable as a corporation;

 

(ii)             it
will not participate in the creation or other transfer of any financial instrument or contract the value of which is determined
in whole or in part by reference to the Issuer (including the amount of distributions by the Issuer, the value of the Issuer’s
assets, or the results of the Issuer’s operations) or the Subordinated Notes;

 

(iii)           
it will not acquire, or sell, transfer, assign, participate, pledge or otherwise dispose of the Subordinated Note or cause the
Subordinated Note to be marketed, (i) on or through an “established securities market” within the meaning of Section
7704(b)(1) of the Code and Treasury Regulations Section 1.7704-1(b),
including without limitation, an interdealer quotation system that regularly disseminates firm buy or sell quotations or (ii)
if such acquisition, sale, transfer, assignment, participation, pledge or other disposition would cause the combined number of
holders of the Subordinated Notes and any other equity interests in the Issuer to be more than 88; and

 

(iv)            it
acknowledges and agrees that any sale, transfer, assignment, participation, pledge, or other disposition of the Subordinated Note
that would violate any of the three preceding paragraphs above or otherwise cause the Issuer to be unable to rely on the “private
placement” safe harbor of Treasury Regulations Section 1.7704-1(h)
will be void and of no force or effect, and it will not transfer any interest in the Subordinated Note to any Person that does
not agree to be bound by the three preceding paragraphs above or by this paragraph.

 

    -103-

     

    

 

(h)              
Each Holder of a Secured Note that is not a United
States Tax Person represents and acknowledges that it is not and will not become a member of an “expanded group” (within
the meaning of the regulations issued under Section 385 of the Code) that includes a domestic corporation (as determined for U.S.
federal income tax purposes) if either (i) the Issuer is an entity disregarded as separate from such domestic corporation for
U.S. federal income tax purposes or (ii) the Issuer is a “controlled partnership” (within the meaning of the regulations)
with respect to such expanded group or an entity disregarded as separate from such controlled partnerships for U.S. federal income
tax purposes.

 

(i)                
Each Holder of a Subordinated Note acknowledges and agrees that, for so long as the Issuer is classified as a partnership for
U.S. federal income tax purposes, it shall not acquire any Subordinated Notes (or any other interest treated as equity in the
Issuer for U.S. federal income tax purposes) if such transfer would result in the Issuer being treated as a disregarded entity
for U.S. federal income tax purposes.

 

(j)                
Each Holder of a Subordinated Note acknowledges and agrees that, for so long as the Issuer is disregarded as separate from it
for U.S. federal income tax purposes, a Note may not be transferred by it (except to a person that is disregarded as separate
from such Holder for U.S. federal income tax purposes), unless it has received written advice of Dechert LLP or an opinion of
nationally recognized U.S. tax counsel reasonably acceptable to the Issuer that such transfer will not result in the Issuer becoming
classified as an association taxable as a corporation or as a publicly traded partnership taxable as a corporation for U.S. federal
income tax purposes and will not cause the Issuer to be subject to U.S. federal income tax on a net basis.

 

(k)              
Each Holder of a Subordinated Note acknowledges and agrees that, it shall not transfer any Secured Note (except to a Person that
is disregarded as separate from it for U.S. federal income tax purposes) if at any time prior to such transfer the Issuer was
disregarded as separate from such Holder for U.S. federal income tax purposes, unless it shall have received written advice of
Dechert LLP or an opinion of tax counsel of nationally recognized standing in the United States experienced in such matters that,
immediately following such transfer, such Note and other outstanding Notes of the same Class (other than any Notes that it holds
immediately after such transfer) will be fungible for U.S. federal income tax purposes.

 

(l)                Each
Holder of a Subordinated Note agrees to deliver to the transferee, with a copy to the Trustee, prior to the transfer of such Note,
a properly completed certificate, in a form reasonably acceptable to the transferee and the Trustee, stating, under penalty of
perjury, the transferor’s United States taxpayer identification number and that the transferor is not a foreign person within
the meaning of Section 1446(f)(2) of the Code (such certificate, a “Non-Foreign Status Certificate”). Each
Holder of a Subordinated Note acknowledges that the failure to provide a Non-Foreign Status Certificate to the transferee may
result in withholding on the amount realized on its disposition of such Note.

 

(m)             
Each Holder of a Note agrees that it will indemnify the Issuer, the Trustee, and their respective agents from any and all damages,
cost and expenses (including any amount of taxes, fees, interest, additions to tax, or penalties) resulting from the failure by
it to comply with its obligations under the Note. It acknowledges that the indemnification will continue with respect to any period
during which it held such Note, notwithstanding it ceasing to be a Holder of the Note.

 

    -104-

     

    

 

Section
2.13              Additional Issuance. (a) At any time
within the Reinvestment Period, the Issuer may, pursuant to a supplemental indenture in accordance with Section 8.1
hereof, issue Additional Notes of each Class (on a pro rata basis with respect to each Class of Notes that are subordinate
to the Class A-1 Notes, except, that a larger proportion of Subordinated Notes may be issued) and use the proceeds to purchase
additional Collateral Obligations or as otherwise permitted under this Indenture (including Permitted Uses); provided that
the following conditions are met:

 

(i)              the
Collateral Manager and the Retention Provider each consent to such issuance and such issuance is consented to by a Supermajority
of the Subordinated Notes;

 

(ii)             the
aggregate principal amount of Additional Notes of any Class issued in all additional issuances shall not exceed 100% of the respective
original outstanding principal amount of the Notes of such Class;

 

(iii)           
the terms of the Notes issued must be identical to the respective terms of previously issued Notes of the applicable Class (except
that the interest due on additional Secured Notes will accrue from the issue date of such additional Secured Notes and that the
interest rate and prices of such may be lower (but not higher) than those of the initial Notes of that Class) and such additional
issuance shall not be considered a Refinancing hereunder;

 

(iv)           unless
only additional Subordinated Notes are being issued, the Global Rating Agency Condition shall have been satisfied;

 

(v)            the
net proceeds of the issuance of any additional Subordinated Notes shall be deposited in the Supplemental Reserve Account and employed
in connection with any Permitted Use; provided that this subclause (v) shall only apply if such additional Subordinated
Notes are the only Notes included in such additional issuance;

 

(vi)           the
proceeds of any Additional Notes (net of fees and expenses incurred in connection with such issuance) shall be treated as Principal
Proceeds, used to purchase additional Collateral Obligations or as another Permitted Use;

 

(vii)          to
the extent such issuance would be of additional Secured Notes (other than in connection with a Risk Retention Issuance), the prior
written consent of a Majority of the Controlling Class has been obtained;

 

(viii)         the
Overcollateralization Ratio with respect to each Class of Notes shall not be reduced after giving effect to such issuance;

 

    -105-

     

    

 

(ix)            written
advice from Dechert LLP or an opinion of tax counsel of nationally recognized standing in the United States experienced in such
matters will be delivered to the Issuer (with a copy to the Trustee), in form and substance satisfactory to the Collateral Manager,
to the effect that (1) such additional issuance will not result in the Issuer being treated as a publicly traded partnership taxable
as a corporation for U.S. federal income tax purposes or otherwise subject to U.S. federal income tax on a net basis and (2) any
additional Secured Notes will be characterized as indebtedness for U.S. federal income tax purposes; provided, however,
that the opinion described in this clause (2) will not be required with respect to any additional Secured Notes that bear
a different CUSIP number (or equivalent identifier) from the Secured Notes of the same Class that are outstanding at the time
of the additional issuance;

 

(x)             such
issuance is accomplished in a manner that allows the independent accountants of the Issuer to accurately provide the tax information
relating to original issue discount that this Indenture requires to be provided to the Holders of Secured Notes (including the
Additional Notes); and

 

(xi)            an
Officer’s certificate of the Issuer shall be delivered to the Trustee stating that the conditions of this Section 2.13(a)
have been satisfied.

 

(b)              
The terms and conditions of the Additional Notes of each Class issued pursuant to this Section 2.13 shall be identical
to those of the initial Notes of that Class (except that the interest due on the Additional Notes that are Secured Notes shall
accrue from the issue date of such Additional Notes and the interest rate and price of such Additional Notes may be lower (but
not higher) than those of the initial Notes of that Class). Interest on the Additional Notes that are Secured Notes shall be payable
commencing on the first Payment Date following the issue date of such Additional Notes (if issued prior to the applicable Record
Date). The Additional Notes shall rank pari passu in all respects with the initial Notes of that Class.

 

(c)              
Except with respect to a Risk Retention Issuance, any Additional Notes of each Class issued pursuant to this Section 2.13
shall, to the extent reasonably practicable, be offered first to Holders of that Class in such amounts as are necessary to
preserve their pro rata holdings of Notes of such Class.

 

(d)              
In addition, Additional Notes may be issued in connection with any Refinancing of the Secured Notes in whole without regard to
the restrictions in this Section 2.13.

 

(e)              
For the avoidance of doubt, at any time the Holders of the Subordinated Notes may make additional capital contributions to the
Issuer.

 

    -106-

     

    

 

ARTICLE
III

 

CONDITIONS
PRECEDENT

 

Section
3.1                Conditions to Issuance of Notes
on Closing Date. The Notes to be issued on the Closing Date may be executed by the Issuer and delivered to the Trustee for
authentication and thereupon the same shall be authenticated and delivered by the Trustee upon Issuer Order and upon receipt by
the Trustee of the following:

 

(i)              Officers’
Certificate of the Issuer Regarding Corporate Matters. An Officer’s certificate of the Issuer (A) evidencing the
authorization by Resolution of the execution and delivery of this Indenture, the Collateral Management Agreement, the Collateral
Administration Agreement, the Master Loan Sale Agreements and related transaction documents and in each case the execution, authentication
and delivery of the Notes applied for by it and specifying the Stated Maturity, principal amount and Interest Rate of each Class
of Secured Notes to be authenticated and delivered and the Stated Maturity and principal amount of Subordinated Notes to be authenticated
and delivered and (B) certifying that (1) the attached copy of the Resolution is a true and complete copy thereof, (2) such
Resolutions have not been rescinded and are in full force and effect on and as of the Closing Date and (3) the Officers authorized
to execute and deliver such documents hold the offices and have the signatures indicated thereon.

 

(ii)             Governmental
Approvals. From the Issuer either (A) a certificate of the Issuer or other official document evidencing the approval
or consent of any governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion of Counsel
of the Issuer that no other approval or consent of any governmental body is required for the valid issuance of the Notes or (B) an
Opinion of Counsel of the Issuer that no such approval or consent of any governmental body is required for the valid issuance
of such Notes except as has been given.

 

(iii)            U.S.
Counsel Opinions. Opinions of (A) Dechert LLP, special U.S. counsel to the Issuer, the Collateral Manager, the Retention Provider
and special U.S. tax counsel to the Issuer, (B) Clark Hill PLC, Delaware counsel to the Issuer and (C) Locke Lord LLP, counsel
to the Trustee and Collateral Administrator, each dated the Closing Date.

 

(iv)            Officers’
Certificate of the Issuer Regarding Indenture. An Officer’s certificate of the Issuer stating that, to the best of the
signing Officer’s knowledge, the Issuer is not in default under this Indenture and that the issuance of the Notes applied
for by it will not result in a default or a breach of any of the terms, conditions or provisions of, or constitute a default under,
its organizational documents, any indenture or other agreement or instrument to which it is a party or by which it is bound, or
any order of any court or administrative agency entered in any Proceeding to which it is a party or by which it may be bound or
to which it may be subject; that all conditions precedent provided herein relating to the authentication and delivery of the Notes
applied for by it have been complied with; and that all expenses due or accrued with respect to the Offering of such Notes or
relating to actions taken on or in connection with the Closing Date have been paid or reserves therefor have been made. The Officer’s
certificate of the Issuer shall also state that, to the best of the signing Officer’s knowledge, all of the Issuer’s
representations and warranties contained herein are true and correct as of the Closing Date.

 

    -107-

     

    

 

(v)             Transaction
Documents. An executed counterpart of each Transaction Document.

 

(vi)            Certificate
of the Collateral Manager. An Officer’s certificate of the Collateral Manager, dated as of the Closing Date, to the
effect that immediately before the Delivery of the Collateral Obligations on the Closing Date:

 

(A)             the
information with respect to each Collateral Obligation in the Schedule of Collateral Obligations is true and correct and such
schedule is complete with respect to each such Collateral Obligation;

 

(B)             each
Collateral Obligation in the Schedule of Collateral Obligations satisfies the requirements of the definition of “Collateral
Obligation”;

 

(C)             the
Issuer purchased or entered into each Collateral Obligation in the Schedule of Collateral Obligations in compliance with Section 12.2;
and

 

(D)             the
Aggregate Principal Balance of the Collateral Obligations which the Issuer has purchased, acquired, entered into binding commitments
to purchase, or identified for purchase on or prior to the Closing Date is at least U.S.$889,892,141.42.

 

(vii)         
Grant of Collateral Obligations. The Grant pursuant to the Granting Clauses of this Indenture of all of the Issuer’s
right, title and interest in and to the Collateral Obligations pledged to the Trustee for inclusion in the Assets on the Closing
Date shall be effective, and Delivery of such Collateral Obligations (including each promissory note and all other Underlying
Instruments related thereto to the extent received by the Issuer) as contemplated by Section 3.3 shall have
been effected.

 

(viii)       
Certificate of the Issuer Regarding Assets. An Officer’s certificate of the Issuer, dated as of the Closing Date,
to the effect that:

 

(A)             in
the case of each Collateral Obligation pledged to the Trustee for inclusion in the Assets, on the Closing Date and immediately
prior to the Delivery thereof (or immediately after Delivery thereof, in the case of clause (VI)(ii) below) on the Closing Date;

 

    -108-

     

    

 

(I)                the
Issuer is the owner of such Collateral Obligation free and clear of any liens, claims or encumbrances of any nature whatsoever
except for (i) those which are being released on the Closing Date; (ii) those Granted pursuant to this Indenture and
(iii) any other Permitted Liens;

 

(II)             
the Issuer has acquired its ownership in such Collateral Obligation in good faith without notice of any adverse claim, except
as described in clause (I) above;

 

(III)             the
Issuer has not assigned, pledged or otherwise encumbered any interest in such Collateral Obligation (or, if any such interest
has been assigned, pledged or otherwise encumbered, it has been released) other than interests Granted pursuant to this Indenture;

 

(IV)             the
Issuer has full right to Grant a security interest in and assign and pledge such Collateral Obligation to the Trustee;

 

(V)              based
on the certificate of the Collateral Manager delivered pursuant to Section 3.1(vi), the information set forth with
respect to such Collateral Obligation in the Schedule of Collateral Obligations is true and correct;

 

(VI)             (i)
based on the certificate of the Collateral Manager delivered pursuant to Section 3.1(vi), each Collateral Obligation included
in the Assets satisfies the requirements of the definition of “Collateral Obligation” and (ii) the requirements of
Section 3.1(vii) have been satisfied;

 

(VII)            upon
the Grant by the Issuer, the Trustee has a first priority perfected security interest in the Collateral Obligations and other
Assets, except as permitted by this Indenture; and

 

(B)             based
on the certificate of the Collateral Manager delivered pursuant to Section 3.1(vi), the Aggregate Principal Balance of
the Collateral Obligations which the Issuer has purchased, acquired, entered into binding commitments to purchase, or identified
for purchase on or prior to the Closing Date is at least U.S.$889,892,141.42.

 

(ix)            
Rating Letter. An Officer’s certificate of the Issuer to the effect that attached thereto is a true and correct copy
of a letter signed by each Rating Agency, as applicable, and confirming that each Class of Secured Notes has been assigned the
applicable Initial Rating and that such ratings are in effect on the Closing Date.

 

(x)              Accounts.
Evidence of the establishment of each of the Accounts.

 

    -109-

     

    

 

(xi)            
Issuer Order for Deposit of Funds into Accounts. (A) An Issuer Order signed in the name of the Issuer by a Responsible
Officer of the Issuer, dated as of the Closing Date, authorizing the deposit of U.S.$11,359,703.08 from the proceeds of the issuance
of the Notes into the Ramp-Up Account for use pursuant to Section 10.3(c) and (B) an Issuer Order signed in the
name of the Issuer by a Responsible Officer of the Issuer, dated as of the Closing Date, authorizing the deposit of U.S.$1,200,000
from the proceeds of the issuance of the Notes into the Expense Reserve Account as Interest Proceeds for use pursuant to Section 10.3(d).

 

(xii)          
Other Documents. Such other documents as the Trustee may reasonably require; provided that nothing in this clause
(xiii) shall imply or impose a duty on the part of the Trustee to require any other documents.

 

Section
3.2                Conditions to Additional Issuance.
Additional Notes to be issued on an Additional Notes Closing Date pursuant to Section 2.13 may be executed by the
Issuer and delivered to the Trustee for authentication and thereupon the same shall be authenticated and delivered to the Issuer
by the Trustee upon Issuer Order (setting forth registration, delivery and authentication instructions) and upon receipt by the
Trustee of the following:

 

(i)              Officers’
Certificates of the Issuer Regarding Corporate Matters. An Officer’s certificate of the Issuer (A) evidencing the
authorization by Resolution of the execution and delivery of a supplemental indenture pursuant to Section 8.1(a)(xii)
and the execution, authentication and delivery of the Additional Notes applied for by it, and specifying the Stated Maturity,
the principal amount and Interest Rate of each Class of such Additional Notes that are Secured Notes and the Stated Maturity and
principal amount of the Subordinated Notes to be authenticated and delivered and (B) certifying that (1) the attached
copy of such Resolution is a true and complete copy thereof, (2) such Resolutions have not been rescinded and are in full
force and effect on and as of the Additional Notes Closing Date and (3) the Officers authorized to execute and deliver such
documents hold the offices and have the signatures indicated thereon.

 

(ii)             Governmental
Approvals. From the Issuer either (A) a certificate of the Issuer or other official document evidencing the due authorization,
approval or consent of any governmental body or bodies, at the time having jurisdiction in the premises, together with an Opinion
of Counsel of the Issuer to the effect that no other authorization, approval or consent of any governmental body is required for
the valid issuance of such Additional Notes or (B) an Opinion of Counsel of the Issuer to the effect that no such authorization,
approval or consent of any governmental body is required for the valid issuance of such Additional Notes except as have been given
(provided that the opinion delivered pursuant to Section 3.2(iii) may satisfy the requirement).

 

(iii)           
U.S. Counsel Opinions. Opinions of Dechert LLP, special U.S. counsel to the Issuer or other counsel acceptable to the Trustee,
dated the Additional Notes Closing Date, in form and substance satisfactory to the Issuer and the Trustee. An opinion of special
tax counsel or tax counsel of nationally recognized standing in the United States experienced in such matters delivered pursuant
to Section 2.13(a)(ix).

 

    -110-

     

    

 

(iv)            
Officers’ Certificates of Issuer Regarding Indenture. An Officer’s certificate of the Issuer stating that the
Issuer is not in default under this Indenture and that the issuance of the Additional Notes applied for by it shall not result
in a default or a breach of any of the terms, conditions or provisions of, or constitute a default under, its organizational documents,
any indenture or other agreement or instrument to which it is a party or by which it is bound, or any order of any court or administrative
agency entered in any Proceeding to which it is a party or by which it may be bound or to which it may be subject; that all conditions
precedent provided in this Indenture and the supplemental indenture pursuant to Section 8.1(a)(xii) relating to the authentication
and delivery of the Additional Notes applied for have been complied with and that the authentication and delivery of the Additional
Notes is authorized or permitted under this Indenture and the supplemental indenture entered into in connection with such Additional
Notes; and that all expenses due or accrued with respect to the offering of the Additional Notes or relating to actions taken
on or in connection with the Additional Notes Closing Date have been paid or reserved. The Officer’s certificate of the
Issuer shall also state that all of its representations and warranties contained herein are true and correct as of the Additional
Notes Closing Date.

 

(v)              
Accountants’ Report. An Accountants’ Report in form and content satisfactory to the Issuer (A) if applicable,
comparing the issuer, Principal Balance, coupon/spread, Stated Maturity, S&P Rating, Fitch Rating and country of Domicile
with respect to each Collateral Obligation pledged in connection with the issuance of such Additional Notes and the information
provided by the Issuer with respect to every other asset included in the Assets, by reference to such sources as shall be specified
therein, if additional Assets are pledged directly in accordance with such Additional Notes issuance and (B) specifying the procedures
undertaken by them to review data and computations relating to the foregoing statement; provided that if only additional
Subordinated Notes are being issued, no such Accountants’ Report shall be required.

 

(vi)            
[Reserved].

 

(vii)         
Global Rating Agency Condition. Unless only additional Subordinated Notes are being issued, evidence that the Global Rating
Agency Condition has been satisfied with respect to such issuance of Additional Notes.

 

(viii)       
Other Documents. Such other documents as the Trustee may reasonably require; provided that nothing in this clause
(viii) shall imply or impose a duty on the Trustee to so require any other documents.

 

Prior
to any Additional Notes Closing Date, the Trustee shall provide to the Holders notice of such issuance of Additional Notes as
soon as reasonably practicable but in no case less than fifteen (15) days prior to the Additional Notes Closing Date; provided
that the Trustee shall receive such notice at least five (5) Business Days prior to the 15th day prior to such Additional
Notes Closing Date. On or prior to any Additional Notes Closing Date, the Trustee shall provide to the Holders copies of any supplemental
indentures executed as part of such issuance pursuant to the requirements of Section 8.1.

 

    -111-

     

    

 

Section
3.3               Custodianship; Delivery of Collateral
Obligations and Eligible Investments. (a) The Collateral Manager, on behalf of the Issuer, shall deliver or cause to be delivered
to a custodian appointed by the Issuer, which shall be a Securities Intermediary (the “Custodian”) or the Trustee,
as applicable, all Assets in accordance with the definition of “Deliver.” The Custodian appointed hereby shall act
as custodian for the Issuer and as custodian, agent and bailee for the Trustee on behalf of the Secured Parties for purposes of
perfecting the Trustee’s security interest in those Assets in which a security interest is perfected by Delivery of the
related Assets to the Custodian. Initially, the Custodian shall be the Trustee. Any successor custodian shall be a state or national
bank or trust company that (i) has (A) capital and surplus of at least U.S.$200,000,000 and (B) a credit risk assessment or senior
unsecured rating of at least “BBB+” by S&P and (C) to the extent that Fitch is rating any Class of Notes then
Outstanding, a short-term credit rating of at least “F1” and a long-term credit rating of at least “A”
by Fitch and (ii) is a Securities Intermediary. Subject to the limited right to relocate Assets as provided in Section 7.5(b),
the Trustee or the Custodian, as applicable, shall hold (i) all Collateral Obligations, Eligible Investments, Cash and other
investments purchased in accordance with this Indenture and (ii) any other property of the Issuer otherwise Delivered to
the Trustee or the Custodian, as applicable, by or on behalf of the Issuer, in the relevant Account established and maintained
pursuant to Article X; as to which in each case the Trustee shall have entered into the Securities Account Control Agreement
with the Custodian providing, inter alia, that the establishment and maintenance of such Account will be governed by a law of
a jurisdiction satisfactory to the Issuer and the Trustee.

 

(b)              
Each time that the Collateral Manager on behalf of the Issuer directs or causes the acquisition of any Collateral Obligation,
Eligible Investment or other investment, the Collateral Manager (on behalf of the Issuer) shall, if the Collateral Obligation,
Eligible Investment or other investment is required to be, but has not already been, transferred to the relevant Account, cause
the Collateral Obligation, Eligible Investment or other investment to be Delivered to the Custodian to be held in the Custodial
Account (or in the case of any such investment that is not a Collateral Obligation, in the Account in which the funds used to
purchase the investment are held in accordance with Article X) for the benefit of the Trustee in accordance with this
Indenture. The security interest of the Trustee in the funds or other property used in connection with the acquisition shall,
immediately and without further action on the part of the Trustee, be released. The security interest of the Trustee shall nevertheless
come into existence and continue in the Collateral Obligation, Eligible Investment or other investment so acquired, including
all interests of the Issuer in to any contracts related to and proceeds of such Collateral Obligation, Eligible Investment or
other investment.

 

    -112-

     

    

 

ARTICLE
IV

 

SATISFACTION
AND DISCHARGE

 

Section
4.1                Satisfaction and Discharge of
Indenture. This Indenture shall be discharged and shall cease to be of further effect except as to (i) rights of registration
of transfer and exchange, (ii) substitution of mutilated, defaced, destroyed, lost or stolen Notes, (iii) rights of
Holders to receive payments of principal thereof and interest thereon, (iv) the rights and immunities of the Trustee hereunder
and the obligations set forth in Section 4.2, (v) the rights, obligations and immunities of the Collateral Manager
hereunder and under the Collateral Management Agreement, (vi) the rights and immunities of the Collateral Administrator under
the Collateral Administration Agreement and (vii) the rights of Holders as beneficiaries hereof with respect to the property
deposited with the Trustee and payable to all or any of them (and the Trustee, on demand of and at the expense of the Issuer,
shall execute proper instruments acknowledging satisfaction and discharge of this Indenture) when:

 

(a)              
either:

 

(i)              all
Notes theretofore authenticated and delivered to Holders (other than (A) Notes which have been mutilated, defaced, destroyed,
lost or stolen and which have been replaced or paid as provided in Section 2.6 and (B) Notes for whose payment
Money has theretofore irrevocably been deposited in trust and thereafter repaid to the Issuer or discharged from such trust, as
provided in Section 7.3) have been delivered to the Trustee for cancellation; or

 

(ii)             all
Notes not theretofore delivered to the Trustee for cancellation (A) have become due and payable, or (B) will become
due and payable at their Stated Maturity within one year, or (C) are to be called for redemption pursuant to Article IX
under an arrangement satisfactory to the Trustee for the giving of notice of redemption by the Issuer pursuant to Section 9.4 and
the Issuer has irrevocably deposited or caused to be deposited with the Trustee, in trust for such purpose, Cash or non-callable
direct obligations of the United States of America; provided that the obligations are entitled to the full faith and credit
of the United States of America or are debt obligations which are rated “Aaa” by Moody’s and “AAA”
by S&P, in an amount sufficient, as recalculated in an Accountants’ Report by a firm of Independent certified public
accountants which are nationally recognized, to pay and discharge the entire indebtedness on such Notes not theretofore delivered
to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Notes which have become
due and payable), or to their Stated Maturity or Redemption Date, as the case may be, and shall have Granted to the Trustee a
valid perfected security interest in such Eligible Investment that is of first priority and free of any adverse claim, as applicable,
and shall have furnished an Opinion of Counsel with respect thereto; provided that this sub-section (ii) shall not apply
if an election to act in accordance with the provisions of Section 5.5(a) shall have been made and not rescinded, it being
understood that the requirements of this clause (a) may be satisfied as set forth in Section 5.7.

 

    -113-

     

    

 

(b)               the
Issuer has paid or caused to be paid all other sums then due and payable hereunder (including, without limitation, any amounts
then due and payable pursuant to the Collateral Administration Agreement and the Collateral Management Agreement, in each case,
without regard to the Administrative Expense Cap) by the Issuer and no other amounts are scheduled to be due and payable
by the Issuer, it being understood that the requirements of this clause (b) may be satisfied as set forth in Section 5.7;
and

 

(c)              
the Issuer has delivered to the Trustee Officers’ certificates and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with;

 

Notwithstanding
the satisfaction and discharge of this Indenture, the rights and obligations of the Issuer, the Trustee, the Collateral Manager
and, if applicable, the Holders, as the case may be, under Sections 2.7, 4.2, 5.4(d), 5.9, 5.18,
6.1, 6.3, 6.6, 6.7, 7.1, 7.3, 13.1, 14.10, 14.11, 14.12
and 14.16 shall survive.

 

Section
4.2                Application of Trust Money.
All Cash and obligations deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied
by it in accordance with the provisions of the Notes and this Indenture, including, without limitation, the Priority of Payments,
to the payment of principal and interest (or other amounts with respect to the Subordinated Notes), either directly or through
any Paying Agent, as the Trustee may determine; and such Cash and obligations shall be held in a segregated account identified
as being held in trust for the benefit of the Secured Parties.

 

Section
4.3                Repayment of Monies Held
by Paying Agent. In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all Monies
then held by any Paying Agent other than the Trustee under the provisions of this Indenture shall, upon demand of the Issuer,
be paid to the Trustee to be held and applied pursuant to Section 7.3 hereof and in accordance with the Priority
of Payments and thereupon such Paying Agent shall be released from all further liability with respect to such Monies. 

 

Section
4.4                Liquidation of Assets.
(a) In the event of the liquidation of the Assets as specified in accordance with Article V and the net proceeds from such
liquidation and all available Cash has been used for the payment of (or establishment of a reserve for) all Administrative Expenses
(in the same manner and order of priority in the definition thereof), Aggregate Collateral Management Fees and interest and principal
on the Secured Notes so that the Secured Notes have been redeemed and paid in full, the Subordinated Notes will become the Controlling
Class and the holders of the Subordinated Notes will have all rights of the holders of the Controlling Class under this Indenture.
In addition, the holders of the Subordinated Notes, as the holders of the Controlling Class, would be able to cause the satisfaction
and discharge of this Indenture. 

 

(b)
To the extent the Assets are liquidated as specified in Article V herein in any way and the net proceeds from such liquidation
and all available Cash has been used for the payment of (or establishment of a reserve for) all Administrative Expenses (in the
same manner and order of priority in the definition thereof), Aggregate Collateral Management Fees and interest and principal
on the Secured Notes so that the Secured Notes have been redeemed and paid in full, any excess amounts shall be paid on the Subordinated
Notes pursuant to Section 11.1(a) and if such amounts are insufficient to pay the Subordinated Notes in full or there are
no excess amounts to pay on the Subordinated Notes, the Subordinated Notes shall be deemed to be redeemed and paid in full, unless
such Subordinated Notes were previously redeemed or repaid prior thereto as otherwise described herein.

 

    -114-

     

    

 

 

ARTICLE
V

Remedies

 

Section
5.1            Events of Default. “Event of Default”,
wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body):

 

(a)              
a default in the payment, when due and payable, of (i) any interest on any Class A Note or any Class B Note (and after
the Class A Notes and Class B Notes are paid in full, a default in the payment, when due and payable, of any interest on any Secured
Note in the Class then comprising the Controlling Class) and, in each case, the continuation of any such default, for five Business
Days after a Trust Officer of the Trustee has actual knowledge or receives written notice from any holder of Notes of such payment
default or (ii) any principal of, or interest or Deferred Interest on, or any Redemption Price in respect of, any Secured
Note at its Stated Maturity or any Redemption Date; provided that the failure to effect any Optional Redemption which is
withdrawn by the Issuer in accordance with this Indenture or with respect to which any Refinancing fails to occur shall not constitute
an Event of Default and provided further that, solely with respect to clause (i) above, in the case of a failure to disburse
funds due to an administrative error or omission by the Collateral Manager, Trustee, Collateral Administrator or any Paying Agent,
such failure continues for seven Business Days after a Trust Officer of the Trustee receives written notice or has actual
knowledge of such administrative error or omission;

 

(b)              
the failure on any Payment Date to disburse amounts available in the Payment Account in excess of U.S.$1,000 in accordance with
the Priority of Payments and continuation of such failure for a period of ten Business Days or, in the case of a failure
to disburse due to an administrative error or omission by the Trustee, Collateral Administrator or any Paying Agent, such failure
continues for five Business Days after a Trust Officer of the Trustee receives written notice or has actual knowledge of
such administrative error or omission;

 

(c)              
the Issuer or the Assets become an investment company required to be registered under the 1940 Act and such requirement has not
been eliminated after a period of 45 days;

 

(d)             
except as otherwise provided in this Section 5.1, a material breach of any other covenant of the Issuer herein (other
than any failure to satisfy any of the Concentration Limitations, Collateral Quality Tests or Coverage Tests, or other covenants
or agreements for which a specific remedy has been provided hereunder or any failure to satisfy the requirements of Section 7.18),
or the failure of any material representation or warranty of the Issuer made herein or in any certificate or other writing delivered
pursuant hereto or in connection herewith to be correct in each case in all material respects when the same shall have been made
which breach or failure has a material adverse effect on the Holders of the Notes, and the continuation of such breach or failure
for a period of 45 days after notice to the Issuer and the Collateral Manager by the Trustee (at the direction of a Supermajority
of the Controlling Class) or to the Issuer the Collateral Manager and the Trustee by the Holders of at least a Supermajority of
the Controlling Class in each case, by registered or certified mail or overnight delivery service, specifying such breach or failure
and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; provided that
the delivery of a certificate or other report which corrects any inaccuracy contained in a previous report or certification
shall be deemed to cure such inaccuracy as of the date of delivery of such updated report or certificate and any and all inaccuracies
arising from continuation of such initial inaccurate report or certificate and the sale or other disposition of any asset that
did not at the time of its acquisition satisfy clause (a) of the Investment Criteria shall cure any breach or failure arising
therefrom as of the date of such failure;

 

    -115-

     

    

 

(e)              
the entry of a decree or order by a court having competent jurisdiction adjudging the Issuer as bankrupt or insolvent, or approving
as properly filed a petition seeking reorganization, arrangement, adjustment or composition of the Issuer under the applicable
Bankruptcy Law or any other applicable law, or appointing a receiver, liquidator, assignee, or sequestrator (or other similar
official) of the Issuer or of any substantial part of its property, respectively, or ordering the winding up or liquidation
of its affairs, respectively, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive
days;

 

(f)              
the institution by the Issuer of Proceedings to have the Issuer adjudicated as bankrupt or insolvent, or the consent of the Issuer
to the institution of bankruptcy or insolvency Proceedings against the Issuer, or the filing by the Issuer of a petition or answer
or consent seeking reorganization or relief under the applicable Bankruptcy Law or any other similar applicable law, or the consent
by the Issuer to the filing of any such petition or to the appointment in a Proceeding of a receiver, liquidator, assignee, trustee
or sequestrator (or other similar official) of the Issuer or of any substantial part of its property, respectively, or the
making by the Issuer of an assignment for the benefit of creditors, or the admission by the Issuer in writing of its inability
to pay its debts generally as they become due, or the taking of any action by the Issuer in furtherance of any such action; or

 

(g)             
on any Measurement Date as of which the Class A-1 Notes are Outstanding, failure of the percentage equivalent of a fraction, (i) the
numerator of which is equal to (1) the Collateral Principal Amount plus (2) the aggregate Market Value of all
Defaulted Obligations on such date and (ii) the denominator of which is equal to the Aggregate Outstanding Amount of the
Class A-1 Notes, to equal or exceed 102.5%.

 

Upon
a Responsible Officer’s obtaining knowledge of the occurrence of an Event of Default, each of (i) the Issuer, (ii) the
Trustee and (iii) the Collateral Manager shall notify each other. Upon the occurrence of an Event of Default known to a Trust
Officer of the Trustee, the Trustee shall promptly (and in no event later than three Business Days thereafter) notify the Noteholders
(as their names appear on the Register), each Paying Agent and each Rating Agency (unless such Event of Default has been waived
as provided in Section 5.14).

 

    -116-

     

    

 

Section
5.2            Acceleration of Maturity; Rescission and Annulment.
(a) If an Event of Default occurs and is continuing (other than an Event of Default specified in Section 5.1(e) or
(f)), the Trustee may, and shall, upon the written direction of a Supermajority of the Controlling Class, by notice to
the Issuer and each Rating Agency, declare the principal of all the Secured Notes to be immediately due and payable, and upon
any such declaration such principal, together with all accrued and unpaid interest thereon, and other amounts payable hereunder,
shall become immediately due and payable. If an Event of Default specified in Section 5.1(e) or (f) occurs,
all unpaid principal, together with all accrued and unpaid interest thereon, of all the Secured Notes, and other amounts payable
thereunder and hereunder, shall automatically become due and payable without any declaration or other act on the part of the Trustee
or any Noteholder. 

 

(b)              
At any time after such a declaration of acceleration of maturity has been made and before a judgment or decree for payment of
the Money due has been obtained by the Trustee as hereinafter provided in this Article V, a Majority of the Controlling
Class by written notice to the Issuer and the Trustee, may rescind and annul such declaration and its consequences if:

 

(i)                
The Issuer has paid or deposited with the Trustee a sum sufficient to pay:

 

(A)            
all unpaid installments of interest and principal then due on the Secured Notes (other than any principal amounts due to the occurrence
of an acceleration);

 

(B)            
to the extent that the payment of such interest is lawful, interest upon any Deferred Interest at the applicable Interest Rate;
and

 

(C)            
all unpaid taxes and Administrative Expenses of the Issuer and other sums paid or advanced by the Trustee hereunder or by the
Collateral Administrator under the Collateral Administration Agreement or hereunder, accrued and unpaid Aggregate Collateral Management
Fees then due and owing and any other amounts then payable by the Issuer hereunder prior to such Administrative Expenses and such
Aggregate Collateral Management Fees.

 

(ii)             
It has been determined that all Events of Default, other than the nonpayment of the interest on or principal of the Secured Notes
that has become due solely by such acceleration, have:

 

(A)            
been cured; and

 

(I)               
in the case of an Event of Default specified in Section 5.1(a) due to failure to pay interest on the Class A Notes or the
Class B Notes or in the case of an Event of Default specified in Section 5.1(g), the Holders of at least a Supermajority
of the Class A-1 Notes, by written notice to the Trustee, has agreed with such determination (which agreement shall not be unreasonably
withheld); provided that no Class of Secured Notes (other than the Class A-1 Notes) shall have any rights pursuant to this
subclause (I), regardless of whether any such Class subsequently becomes the Controlling Class; or

 

    -117-

     

    

 

(II)             
in the case of any other Event of Default, the Holders of at least a Majority of each Class of Secured Notes (voting separately
by Class), in each case, by written notice to the Trustee, has agreed with such determination (which agreement shall not be unreasonably
withheld); or

 

(B)             
been waived as provided in Section 5.14.

 

No
such rescission shall affect any subsequent Default or impair any right consequent thereon. The Trustee shall promptly give written
notice of any such rescission to each Rating Agency.

 

(c)              
Notwithstanding anything in this Section 5.2 to the contrary, the Secured Notes will not be subject to acceleration
by the Trustee solely as a result of the failure to pay any amount due on the Secured Notes that are not of the Controlling Class
other than any failure to pay interest due on the Class B Notes.

 

Section
5.3            Collection of Indebtedness and Suits for Enforcement
by Trustee. The Issuer covenants that if a default shall occur in respect of the payment of any principal of or interest when
due and payable on any Secured Note, the Issuer will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holder
of such Secured Note, the whole amount, if any, then due and payable on such Secured Note for principal and interest with interest
upon the overdue principal and, to the extent that payments of such interest shall be legally enforceable, upon overdue installments
of interest, at the applicable Interest Rate, and, in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee and
its agents and counsel.

 

If
the Issuer fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust,
may, and shall, subject to the terms of this Indenture (including Section 6.3(e)) upon direction of a Majority of the Controlling
Class, institute a Proceeding for the collection of the sums so due and unpaid, may prosecute such Proceeding to judgment or final
decree, and may enforce the same against the Issuer or any other obligor upon the Secured Notes and collect the Monies adjudged
or decreed to be payable in the manner provided by law out of the Assets.

 

If
an Event of Default occurs and is continuing, the Trustee may in its discretion, and shall, subject to the terms of this Indenture
(including Section 6.3(e)) upon written direction of the Supermajority of the Controlling Class, proceed to protect and
enforce its rights and the rights of the Secured Parties by such appropriate Proceedings as the Trustee shall deem most effectual
(if no such direction is received by the Trustee) or as the Trustee may be directed by the Majority of the Controlling Class,
to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement herein or in aid of
the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Trustee
by this Indenture or by law.

 

    -118-

     

    

 

In
case there shall be pending Proceedings relative to the Issuer or any other obligor upon the Secured Notes under the applicable
Bankruptcy Law or any other applicable bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee
in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession
of the Issuer or its respective property or such other obligor or its property, or in case of any other comparable Proceedings
relative to the Issuer or other obligor upon the Secured Notes, or the creditors or property of the Issuer or such other obligor,
the Trustee, regardless of whether the principal of any Secured Note shall then be due and payable as therein expressed or by
declaration or otherwise and regardless of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.3,
shall be entitled and empowered, by intervention in such Proceedings or otherwise:

 

(a)              
to file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Secured
Notes upon direction by a Majority of the Controlling Class and to file such other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for reasonable compensation to the Trustee and each
predecessor Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all reasonable expenses and
liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence or
bad faith) and of the Secured Noteholders allowed in any Proceedings relative to the Issuer or to the creditors or property
of the Issuer;

 

(b)              
unless prohibited by applicable law and regulations, to vote on behalf of the Secured Noteholders upon the direction of a Majority
of the Controlling Class, in any election of a trustee or a standby trustee in arrangement, reorganization, liquidation or other
bankruptcy or insolvency Proceedings or Person performing similar functions in comparable Proceedings; and

 

(c)              
to collect and receive any Monies or other property payable to or deliverable on any such claims, and to distribute all amounts
received with respect to the claims of the Noteholders and of the Trustee on their behalf; and any trustee, receiver or liquidator,
custodian or other similar official is hereby authorized by each of the Secured Noteholders to make payments to the Trustee, and,
if the Trustee shall consent to the making of payments directly to the Secured Noteholders to pay to the Trustee such amounts
as shall be sufficient to cover reasonable compensation to the Trustee, each predecessor Trustee and their respective agents,
attorneys and counsel, and all other reasonable expenses and liabilities incurred, and all advances made, by the Trustee and each
predecessor Trustee except as a result of negligence or bad faith.

 

Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or vote for or accept or adopt on behalf
of any Secured Noteholders, any plan of reorganization, arrangement, adjustment or composition affecting the Secured Notes or
any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Secured Noteholders, as applicable, in
any such Proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.

 

    -119-

     

    

 

In
any Proceedings brought by the Trustee on behalf of the Holders of the Secured Notes (and any such Proceedings involving the interpretation
of any provision of this Indenture to which the Trustee shall be a party), the Trustee shall be held to represent all the Holders
of the Secured Notes.

 

Notwithstanding
anything in this Section 5.3 to the contrary, the Trustee may not sell or liquidate the Assets or institute Proceedings
in furtherance thereof pursuant to this Section 5.3 except according to the provisions specified in Section 5.5(a).

 

Section
5.4            Remedies. (a) If an Event of Default has occurred
and is continuing, and the Secured Notes have been declared due and payable and such declaration and its consequences have not
been rescinded and annulled, the Issuer agrees that the Trustee may, and shall, subject to the terms of this Indenture (including
Section 6.3(e)), upon written direction of a Supermajority of the Controlling Class, to the extent permitted by applicable
law, exercise one or more of the following rights, privileges and remedies:

 

(i)             
institute Proceedings for the collection of all amounts then payable on the Secured Notes or otherwise payable under this Indenture,
whether by declaration or otherwise, enforce any judgment obtained, and collect from the Assets any Monies adjudged due;

 

(ii)            
sell or cause the sale of all or a portion of the Assets or rights or interests therein, at one or more public or private sales
called and conducted in any manner permitted by law and in accordance with Section 5.17 hereof; provided
that the Trustee shall promptly give written notice of any such sale of Assets to each Rating Agency;

 

(iii)           
institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Assets;

 

(iv)          
exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights
and remedies of the Trustee and the Holders of the Secured Notes hereunder (including exercising all rights of the Trustee under
the Securities Account Control Agreement); and

 

(v)           
exercise any other rights and remedies that may be available at law or in equity;

 

provided
that the Trustee may not sell or liquidate the Assets or institute Proceedings in furtherance thereof pursuant to this Section 5.4 except
according to the provisions of Section 5.5(a).

 

The
Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking firm of national reputation (the
cost of which shall be payable as an Administrative Expense) in structuring and distributing securities similar to the Secured
Notes, which may be the Initial Purchaser, as to the feasibility of any action proposed to be taken in accordance with this Section 5.4
and as to the sufficiency of the proceeds and other amounts receivable with respect to the Assets to make the required payments
of principal of and interest on the Secured Notes which opinion shall be conclusive evidence as to such feasibility or sufficiency.

 

    -120-

     

    

 

(b)              
If an Event of Default as described in Section 5.1(d) hereof shall have occurred and be continuing the Trustee
may, and at the direction of the Holders of not less than 25% of the Aggregate Outstanding Amount of the Controlling Class shall,
subject to the terms of this Indenture (including Section 6.3(e)), institute a Proceeding solely to compel performance
of the covenant or agreement or to cure the representation or warranty, the breach of which gave rise to the Event of Default
under Section 5.1(d), and enforce any equitable decree or order arising from such Proceeding.

 

(c)              
Upon any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings, any Secured Party may bid
for and purchase the Assets or any part thereof and, upon compliance with the terms of sale, may hold, retain, possess or dispose
of such property in its or their own absolute right without accountability.

 

Upon
any sale, whether made under the power of sale hereby given or by virtue of judicial Proceedings, the receipt of the Trustee,
or of the Officer making a sale under judicial Proceedings, shall be a sufficient discharge to the purchaser or purchasers at
any sale for its or their purchase Money, and such purchaser or purchasers shall not be obliged to see to the application thereof.

 

Any
such sale, whether under any power of sale hereby given or by virtue of judicial Proceedings, shall bind the Issuer, the Trustee
and the Holders of the Notes, shall operate to divest all right, title and interest whatsoever, either at law or in equity, of
each of them in and to the property sold, and shall be a perpetual bar, both at law and in equity, against each of them and their
successors and assigns, and against any and all Persons claiming through or under them.

 

(d)              
Notwithstanding any other provision of this Indenture, none of the Trustee, the Secured Parties or the Noteholders may, prior
to the date which is one year and one day (or if longer, any applicable preference period and one day) after the payment
in full of all Notes, institute against, or join any other Person in instituting against, the Issuer any bankruptcy, reorganization,
arrangement, insolvency, moratorium or liquidation Proceedings, or other Proceedings under U.S. federal or state bankruptcy or
similar laws. Nothing in this Section 5.4 shall preclude, or be deemed to stop, the Trustee (i) from taking
any action prior to the expiration of the aforementioned period in (A) any case or Proceeding voluntarily filed or commenced
by the Issuer or (B) any involuntary insolvency Proceeding filed or commenced by a Person other than the Trustee, or (ii) from
commencing against the Issuer or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement,
insolvency, moratorium or liquidation Proceeding.

 

Section
5.5            Optional Preservation of Assets. (a) Notwithstanding
anything to the contrary herein (but subject to the right of the Collateral Manager to direct the Trustee to sell Collateral Obligations
or Equity Securities in strict compliance with Section 12.1), if an Event of Default shall have occurred and be continuing,
the Trustee shall retain the Assets securing the Secured Notes intact, collect and cause the collection of the proceeds thereof
and make and apply all payments and deposits and maintain all accounts in respect of the Assets and the Notes in accordance with
the Priority of Payments and the provisions of Article X, Article XII and Article XIII unless:

 

    -121-

     

    

 

(i)              
the Trustee, pursuant to Section 5.5(c), determines that the anticipated proceeds of a sale or liquidation of the
Assets (after deducting the reasonable expenses of such sale or liquidation) would be sufficient to discharge in full the
amounts then due (or, in the case of interest, accrued) and unpaid on the Secured Notes for principal and interest (including
accrued and unpaid Deferred Interest), and all other amounts payable prior to payment of principal on such Secured Notes (including
amounts due and owing as Administrative Expenses (without regard to the Administrative Expense Cap) and due and unpaid Aggregate
Collateral Management Fees) and a Supermajority of the Controlling Class agrees with such determination;

 

(ii)             
in the case of an Event of Default specified in Section 5.1(a) due to failure to pay interest on the Class A-1 Notes, the
Holders of at least a Supermajority of the Class A-1 Notes (so long as the Class A-1 Notes are Outstanding) direct the sale and
liquidation of the Assets (without regard to whether another Event of Default has occurred prior, contemporaneously or subsequent
to such Event of Default); provided that no Class of Secured Notes (other than the Class A-1 Notes) shall have any rights
to direct the sale and liquidation of the Assets pursuant to this clause (ii), regardless of whether any such Class subsequently
becomes the Controlling Class;

 

(iii)           
in the case of an Event of Default specified in Section 5.1(g) of the definition of such term, the Holders of at least
a Supermajority of the Class A-1 Notes direct the sale and liquidation of the Assets (without regard to whether another Event
of Default has occurred prior, contemporaneously or subsequent to such Event of Default); provided that no Class of Secured
Notes (other than the Class A-1 Notes) will have any rights to direct the sale and liquidation of the Assets pursuant to the provisions
of this Indenture as described in this clause (iii), regardless of whether any such Class becomes the Controlling Class; or

 

(iv)            
in the case of each other Event of Default, the Holders of at least a Supermajority of each Class of Secured Notes (in each case,
voting separately by Class) direct the sale and liquidation of the Assets.

 

So
long as such Event of Default is continuing, any such retention pursuant to this Section 5.5(a) may be rescinded at
any time when the conditions specified in clause (i), (ii), (iii) or (iv) exist. In the event that a liquidation of the Assets
is effected pursuant to clause (i), (ii), (iii) or (iv) above, the Trustee shall use reasonable efforts to notify S&P.

 

(b)              
Nothing contained in Section 5.5(a) shall be construed to require the Trustee to sell the Assets securing the
Secured Notes if the conditions set forth in clause (i), (ii), (iii) or (iv) of Section 5.5(a) are not satisfied.
Nothing contained in Section 5.5(a) shall be construed to require the Trustee to preserve the Assets securing the
Notes if prohibited by applicable law.

 

    -122-

     

    

 

(c)              
In determining whether the condition specified in Section 5.5(a)(i)  exists, the Trustee shall use reasonable
efforts to obtain, with the cooperation of the Collateral Manager, bid prices with respect to each Asset from two nationally recognized
dealers (as specified by the Collateral Manager in writing) at the time making a market in such Assets and shall compute
the anticipated proceeds of sale or liquidation on the basis of the lower of such bid prices for each such Asset. In the event
that the Trustee, with the cooperation of the Collateral Manager, is only able to obtain bid prices with respect to each Asset
from one nationally recognized dealer at the time making a market in such Assets, the Trustee shall compute the anticipated proceeds
of the sale or liquidation on the basis of such one bid price for each such Asset. In addition, for the purposes of determining
issues relating to the execution of a sale or liquidation of the Assets and the execution of a sale or other liquidation thereof
in connection with a determination whether the condition specified in Section 5.5(a)(i) exists, the Trustee may
retain and conclusively rely on an opinion of an Independent investment banking firm of national reputation (the cost of which
shall be payable as an Administrative Expense).

 

(d)              
The Trustee shall deliver to the Noteholders and the Collateral Manager a report stating the results of any determination required
pursuant to Section 5.5(a)(i) no later than 10 days after such determination is made. The Trustee shall
make the determinations required by Section 5.5(a)(i) at the request of a Supermajority of the Controlling Class
at any time during which the Trustee retains the Assets pursuant to Section 5.5(a)(i).

 

(e)              
Prior to the sale of any Assets in connection with Section 5.5(a), the Trustee shall offer the Collateral Manager or an
Affiliate thereof the right to purchase such Asset at a price equal to the highest bid price received by the Trustee in accordance
with Section 5.5(c) (or if only one bid price is received, such bid price). The Collateral Manager or an Affiliate thereof
shall have the right to bid on any Assets sold in any sale pursuant to this Section 5.5.

 

Section
5.6            Trustee May Enforce Claims Without Possession of Notes.
All rights of action and claims under this Indenture or under any of the Secured Notes may be prosecuted and enforced by the Trustee
without the possession of any of the Secured Notes or the production thereof in any trial or other Proceeding relating thereto,
and any such action or Proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and
any recovery of judgment shall be applied as set forth in Section 5.7 hereof.

 

Section
5.7            Application of Money Collected. Any Money collected
by the Trustee with respect to the Notes pursuant to this Article V and any Money that may then be held or thereafter received
by the Trustee with respect to the Notes hereunder shall be applied, subject to Section 13.1 and in accordance
with the provisions of Section 11.1(a)(iii), at the date or dates fixed by the Trustee. Upon the final distribution
of all proceeds of any liquidation effected hereunder, the provisions of Section 4.1(a) and (b) shall be deemed
satisfied for the purposes of discharging this Indenture pursuant to Article IV. Furthermore, upon such liquidation and
final distribution, the Subordinated Notes shall be deemed to be redeemed and paid in full, even if amounts paid pursuant to Section 11.1(a)
are insufficient to pay the Subordinated Notes in full as set forth in Section 4.4(b).

 

    -123-

     

    

 

Section
5.8            Limitation on Suits. No Holder of any Note shall
have any right to institute any Proceedings, judicial or otherwise, with respect to this Indenture, or for the appointment of
a receiver or trustee, or for any other remedy hereunder, unless:

 

(a)              
such Holder has previously given to the Trustee written notice of an Event of Default;

 

(b)             
the Holders of not less than 25% of the then Aggregate Outstanding Amount of the Notes of the Controlling Class shall have made
written request to the Trustee to institute Proceedings in respect of such Event of Default in its own name as Trustee hereunder
and such Holder or Holders have provided the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses
(including reasonable attorneys’ fees and expenses) and liabilities to be incurred in compliance with such request;

 

(c)              
the Trustee, for 30 days after its receipt of such notice, request and provision of such indemnity, has failed to institute
any such Proceeding; and

 

(d)             
no direction inconsistent with such written request has been given to the Trustee during such 30-day period by a Majority of the
Controlling Class; it being understood and intended that no one or more Holders of Notes shall have any right in any manner whatever
by virtue of, or by availing itself of, any provision of this Indenture to affect, disturb or prejudice the rights of any other
Holders of Notes of the same Class or to obtain or to seek to obtain priority or preference over any other Holders of the Notes
of the same Class or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable
benefit of all the Holders of Notes of the same Class subject to and in accordance with Section 13.1 and the
Priority of Payments.

 

In
the event the Trustee shall receive conflicting or inconsistent requests and indemnity pursuant to this Section 5.8 from
two or more groups of Holders of the Controlling Class, each representing less than a Majority of the Controlling Class, the Trustee
shall act in accordance with the request specified by the group of Holders with the greatest percentage of the Aggregate Outstanding
Amount of the Controlling Class, notwithstanding any other provisions of this Indenture. If all such groups represent the same
percentage, the Trustee, in its sole discretion, may determine what action, if any, shall be taken.

 

Section
5.9         Unconditional Rights of Secured Noteholders to Receive Principal and Interest.
Subject to Section 2.7(i), but notwithstanding any other provision of this Indenture, the Holder of any Secured Note
shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Secured
Note, as such principal, interest and other amounts become due and payable in accordance with the Priority of Payments and Section 13.1,
as the case may be, and, subject to the provisions of Section 5.8, to institute proceedings for the enforcement of
any such payment, and such right shall not be impaired without the consent of such Holder. Holders of Secured Notes ranking junior
to Notes still Outstanding shall have no right to institute Proceedings or, except as otherwise expressly set forth in Section
5.8(b), to request the Trustee to institute proceedings for the enforcement of any such payment until such time as no Secured
Note ranking senior to such Secured Note remains Outstanding, which right shall be subject to the provisions of Section 5.8,
and shall not be impaired without the consent of any such Holder.

 

    -124-

     

    

 

Section
5.10        Restoration of Rights and Remedies. If the Trustee or any Noteholder has
instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned
for any reason, or has been determined adversely to the Trustee or to such Noteholder, then and in every such case the Issuer,
the Trustee and the Noteholder shall, subject to any determination in such Proceeding, be restored severally and respectively
to their former positions hereunder, and thereafter all rights and remedies of the Trustee and the Noteholder shall continue as
though no such Proceeding had been instituted.

 

Section
5.11        Rights and Remedies Cumulative. No right or remedy herein conferred
upon or reserved to the Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right
and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or
otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section
5.12        Delay or Omission Not Waiver. No delay or omission of the Trustee or
any Holder of Secured Notes to exercise any right or remedy accruing upon any Event of Default shall impair any such right or
remedy or constitute a waiver of any such Event of Default or an acquiescence therein or of a subsequent Event of Default. Every
right and remedy given by this Article V or by law to the Trustee or to the Holders of the Secured Notes may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of the Secured Notes.

 

Section
5.13        Control by Supermajority of Controlling Class. A Supermajority of the Controlling
Class shall have the right following the occurrence, and during the continuance, of an Event of Default to cause the institution
of and direct the time, method and place of conducting any Proceeding for any remedy available to the Trustee or exercising any
trust or power conferred upon the Trustee under this Indenture; provided that:

 

(a)              
such direction shall not conflict with any rule of law or with any express provision of this Indenture;

 

(b)              
the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction; provided
that subject to Section 6.1, the Trustee need not take any action that it determines might involve it in liability
or expense (unless the Trustee has received the indemnity as set forth in (c) below);

 

(c)              
the Trustee shall have been provided with an indemnity reasonably satisfactory to it; and

 

    -125-

     

    

 

(d)              
 notwithstanding the foregoing, any direction to the Trustee to undertake a Sale of the Assets shall be by the Holders of Notes
representing the requisite percentage of the Aggregate Outstanding Amount of Notes specified in Section 5.4 and/or
Section 5.5.

 

Section
5.14        Waiver of Past Defaults. Prior to the time a judgment or decree for payment
of the Money due has been obtained by the Trustee, as provided in this Article V, a Majority of the Controlling Class may
on behalf of the Holders of all the Notes waive any past Default or Event of Default and its consequences, except a Default:

 

(a)              
in the payment of the principal of any Secured Note (which may be waived only with the consent of the Holder of such Secured Note);

 

(b)              
in the payment of interest on any Secured Note (which may be waived only with the consent of the Holder of such Secured Note);

 

(c)              
in respect of a covenant or provision hereof that under Section 8.2 cannot be modified or amended without the
waiver or consent of the Holder of each Outstanding Note materially and adversely affected thereby (which may be waived only with
the consent of each such Holder); or

 

(d)              
in respect of a representation contained in Section 7.19 (which may be waived only by a Majority of the Controlling
Class if the S&P Rating Condition is satisfied).

 

In
the case of any such waiver, the Issuer, the Trustee and the Holders of the Notes shall be restored to their former positions
and rights hereunder, respectively, but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereto. The Trustee shall promptly give written notice of any such waiver to each Rating Agency, the Collateral Manager and each
Holder. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to
have been cured, for every purpose of this Indenture. But no such waiver shall extend to any subsequent or other Default or impair
any right consequent thereto.

 

Section
5.15        Undertaking for Costs. All parties to this Indenture agree, and each Holder
of any Note by such Holder’s acceptance thereof shall be deemed to have agreed, that any court may in its discretion require,
in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action
taken, or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit,
and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but
the provisions of this Section 5.15 shall not apply to any suit instituted by the Trustee, to any suit instituted
by any Noteholder, or group of Noteholders, holding in the aggregate more than 10% of the Aggregate Outstanding Amount of the
Controlling Class, or to any suit instituted by any Noteholder for the enforcement of the payment of the principal of or interest
on any Note on or after the applicable Stated Maturity (or, in the case of redemption, on or after the applicable Redemption Date).

 

    -126-

     

    

 

Section
5.16        Waiver of Stay or Extension Laws. The Issuer covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law or any valuation, appraisement, redemption or marshalling law or rights, in
each case wherever enacted, now or at any time hereafter in force, which may affect the covenants set forth in, the performance
of, or any remedies under this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law or rights, and covenant that it will not hinder, delay or impede the execution of any
power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been
enacted or rights created. 

 

Section
5.17        Sale of Assets. (a) The power to effect any sale (a “Sale”) of
any portion of the Assets pursuant to Sections 5.4 and 5.5 shall not be exhausted by any one or more Sales as to
any portion of such Assets remaining unsold, but shall continue unimpaired (subject to Section 5.5(e) in the case
of sales pursuant to Section 5.5) until the entire Assets shall have been sold or all amounts secured by the Assets shall
have been paid. The Trustee may upon notice to the Noteholders, and shall, upon direction of a Majority of the Controlling Class,
from time to time postpone any Sale by public announcement made at the time and place of such Sale. The Trustee hereby expressly
waives its rights to any amount fixed by law as compensation for any Sale; provided that the Trustee shall be authorized
to deduct the reasonable costs, charges and expenses incurred by it in connection with such Sale from the proceeds thereof notwithstanding
the provisions of Section 6.7 or other applicable terms hereof. 

 

(b)              
The Trustee may bid for and acquire any portion of the Assets in connection with a public Sale thereof, and may pay all or part
of the purchase price by crediting against amounts owing on the Secured Notes in the case of the Assets or other amounts secured
by the Assets, all or part of the net proceeds of such Sale after deducting the reasonable costs, charges and expenses incurred
by the Trustee in connection with such Sale notwithstanding the provisions of Section 6.7 hereof or other applicable
terms hereof. The Secured Notes need not be produced in order to complete any such Sale, or in order for the net proceeds of such
Sale to be credited against amounts owing on the Notes. The Trustee may hold, lease, operate, manage or otherwise deal with any
property so acquired in any manner permitted by law in accordance with this Indenture.

 

(c)              
If any portion of the Assets consists of securities issued without registration under the Securities Act (“Unregistered
Securities”), the Trustee may seek an Opinion of Counsel, or, if no such Opinion of Counsel can be obtained and with
the consent of a Majority of the Controlling Class, seek a no action position from the Securities and Exchange Commission or any
other relevant federal or State regulatory authorities, regarding the legality of a public or private Sale of such Unregistered
Securities.

 

(d)              The
Trustee shall execute and deliver an appropriate instrument of conveyance transferring its interest in any portion of the Assets
in connection with a Sale thereof, without recourse, representation or warranty. In addition, the Trustee is hereby irrevocably
appointed the agent and attorney in fact of the Issuer to transfer and convey its interest in any portion of the Assets in connection
with a Sale thereof, and to take all action necessary to effect such Sale. No purchaser or transferee at such a sale shall be
bound to ascertain the Trustee’s authority, to inquire into the satisfaction of any conditions precedent or see to the application
of any Monies.

 

    -127-

     

    

 

Section
5.18        Action on the Notes. The Trustee’s right to seek and recover judgment
on the Notes or under this Indenture shall not be affected by the seeking or obtaining of or application for any other relief
under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies of the Trustee or the Noteholders
shall be impaired by the recovery of any judgment by the Trustee against the Issuer or by the levy of any execution under such
judgment upon any portion of the Assets or upon any of the assets of the Issuer. 

 

ARTICLE
VI

The Trustee

 

Section
6.1            Certain Duties and Responsibilities. (a) Except during
the continuance of an Event of Default known to the Trustee:

 

(i)              
the Trustee undertakes to perform such duties and only such duties as are specifically set forth herein, and no implied covenants
or obligations shall be read into this Indenture against the Trustee; and

 

(ii)             
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture; provided that in the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
substantially conform on their face to the requirements of this Indenture and shall promptly, but in any event within three Business
Days in the case of an Officer’s certificate furnished by the Collateral Manager, notify the party delivering the same if
such certificate or opinion does not conform. If a corrected form shall not have been delivered to the Trustee within 15 days
after such notice from the Trustee, the Trustee shall so notify the Noteholders.

 

(b)              
In case an Event of Default known to the Trustee has occurred and is continuing, the Trustee shall, prior to the receipt of directions,
if any, from a Majority of the Controlling Class, or such other percentage as permitted by this Indenture, exercise such of the
rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent Person
would exercise or use under the circumstances in the conduct of such Person’s own affairs.

 

(c)              
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that:

 

(i)               
this sub-section shall not be construed to limit the effect of sub-section (a) of this Section 6.1;

 

    -128-

     

    

 

(ii)             
 the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it shall be proven that
the Trustee was negligent in ascertaining the pertinent facts;

 

(iii)            
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the direction of the Issuer or the Collateral Manager in accordance with this Indenture and/or a Majority (or such other percentage
as may be required by the terms hereof) of the Controlling Class (or other Class if required or permitted by the terms hereof),
relating to the time, method and place of conducting any Proceeding for any remedy available to the Trustee, or exercising any
trust or power conferred upon the Trustee, under this Indenture;

 

(iv)            
no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial or other
liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers contemplated hereunder,
if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory to it against
such risk or liability is not reasonably assured to it unless such risk or liability relates to the performance of its ordinary
incidental services, including mailing of notices under this Indenture; and

 

(v)              in
no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage (including lost profits) even
if the Trustee has been advised of the likelihood of such damages and regardless of such action.

 

(d)              
For all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Default or Event of
Default described in Sections 5.1(c), (d), (e), or (f) unless a Trust Officer assigned to and
working in the Corporate Trust Office has actual knowledge thereof or unless written notice of any event which is in fact such
an Event of Default or Default is received by the Trustee at the Corporate Trust Office, and such notice references the Notes
generally, the Issuer, the Assets or this Indenture. For purposes of determining the Trustee’s responsibility and liability
hereunder, whenever reference is made herein to such an Event of Default or a Default, such reference shall be construed to refer
only to such an Event of Default or Default of which the Trustee is deemed to have notice as described in this Section 6.1.

 

(e)              
Upon the Trustee receiving written notice from the Collateral Manager that an event constituting “Cause” as defined
in the Collateral Management Agreement has occurred, the Trustee shall, not later than three Business Days thereafter, forward
such notice to the Noteholders (as their names appear in the Register).

 

(f)               
Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of this Section 6.1.

 

    -129-

     

    

 

(g)              
 The Trustee is hereby directed to accept and acknowledge the E.U. Risk Retention Letter.

 

(h)              
The Trustee shall have no duty to monitor or verify whether any Holder (or beneficial owner) is a Section 13 Banking Entity.

 

Section
6.2            Notice of Event of Default. Promptly (and in no event
later than three Business Days) after the occurrence of any Event of Default actually known to a Trust Officer of the Trustee
or after any declaration of acceleration has been made or delivered to the Trustee pursuant to Section 5.2, the Trustee
shall transmit by mail to the Collateral Manager, each Rating Agency, and all Holders, as their names and addresses appear on
the Register, notice of all Event of Defaults hereunder known to the Trustee, unless such Default shall have been cured or waived.

 

Section
6.3            Certain Rights of Trustee. Except as otherwise provided
in Section 6.1:

 

(a)              
the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document believed by
it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)              
any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order,
as the case may be;

 

(c)              
whenever in the administration of this Indenture the Trustee shall (i) deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, rely upon an Officer’s certificate or Issuer Order or (ii) be required to
determine the value of any Assets or funds hereunder or the cash flows projected to be received therefrom, the Trustee may, in
the absence of bad faith on its part, rely on reports of nationally recognized accountants (which may or may not be the Independent
accountants appointed by the Issuer pursuant to Section 10.9), investment bankers or other Persons qualified to provide
the information required to make such determination, including nationally recognized dealers in Assets of the type being valued,
securities quotation services, loan pricing services and loan valuation agents;

 

(d)              
as a condition to the taking or omitting of any action by it hereunder, the Trustee may consult with counsel and the advice of
such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken
or omitted by it hereunder in good faith and in reliance thereon;

 

(e)              
the Trustee shall be under no obligation to exercise or to honor any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have provided to the Trustee
security or indemnity reasonably satisfactory to it against the costs, expenses (including reasonable attorneys’ fees and
expenses) and liabilities which might reasonably be incurred by it in compliance with such request or direction;

 

    -130-

     

    

 

(f)               
 the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document, but the Trustee, in
its discretion, may, and upon the written direction of a Majority of the Controlling Class or of a Rating Agency shall (subject
to the right hereunder to be indemnified to its reasonable satisfaction for associated expense and liability), make such further
inquiry or investigation into such facts or matters as it may see fit or as it shall be directed, and the Trustee shall be entitled,
on reasonable prior notice to the Issuer and the Collateral Manager, to examine the books and records relating to the Notes and
the Assets, personally or by agent or attorney, during the Issuer’s or the Collateral Manager’s normal business hours;
provided that the Trustee shall, and shall cause its agents to, hold in confidence all such information, except (i) to
the extent disclosure may be required by law or by any regulatory, administrative or governmental authority and (ii) to the
extent that the Trustee, in its sole discretion, may determine that such disclosure is consistent with its obligations hereunder;
provided further that the Trustee may disclose on a confidential basis any such information to its agents, attorneys and
auditors in connection with the performance of its responsibilities hereunder;

 

(g)               the
Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents
or attorneys; provided that the Trustee shall not be responsible for any misconduct or negligence on the part of any agent
appointed or attorney appointed, with due care by it hereunder;

 

(h)               the
Trustee shall not be liable for any action it takes or omits to take in good faith that it reasonably believes to be authorized
or within its rights or powers hereunder, including actions or omissions to act at the direction of the Collateral Manager;

 

(i)                nothing
herein shall be construed to impose an obligation on the part of the Trustee to monitor, recalculate, evaluate or verify or independently
determine the accuracy of any report, certificate or information received from the Issuer or Collateral Manager (unless and except
to the extent otherwise expressly set forth herein);

 

(j)                to
the extent any defined term hereunder, or any calculation required to be made or determined by the Trustee hereunder, is dependent
upon or defined by reference to generally accepted accounting principles (as in effect in the United States) (“GAAP”),
the Trustee shall be entitled to request and receive (and rely upon) instruction from the Issuer or the accountants identified
in the Accountants’ Report (and in the absence of its receipt of timely instruction therefrom, shall be entitled to obtain
from an Independent accountant at the expense of the Issuer) as to the application of GAAP in such connection, in any instance;

 

(k)              
the Trustee shall not be liable for the actions or omissions of, or any inaccuracies in the records of, the Collateral Manager,
the Issuer, any Paying Agent (other than the Trustee), DTC, Euroclear, Clearstream, or any other clearing agency or depository and
without limiting the foregoing, the Trustee shall not be under any obligation to monitor, evaluate or verify compliance by the
Collateral Manager with the terms hereof or of the Collateral Management Agreement, or to verify or independently determine the
accuracy of information received by the Trustee from the Collateral Manager (or from any selling institution, agent bank, trustee
or similar source) with respect to the Assets;

 

    -131-

     

    

 

(l)                notwithstanding
any term hereof (or any term of the UCC that might otherwise be construed to be applicable to a “securities intermediary”
as defined in the UCC) to the contrary, none of the Trustee, the Custodian or the Securities Intermediary shall be under
a duty or obligation in connection with the acquisition or Grant by the Issuer to the Trustee of any item constituting the Assets,
or to evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Issuer in connection with
its Grant or otherwise, or in that regard to examine any Underlying Instrument, in each case, in order to determine compliance
with applicable requirements of and restrictions on transfer in respect of such Assets;

 

(m)             
in the event the Bank is also acting in the capacity of Paying Agent, Registrar, Transfer Agent, Custodian, Calculation Agent
or Securities Intermediary, the rights, protections, benefits, immunities and indemnities afforded to the Trustee pursuant to
this Article VI shall also be afforded to the Bank acting in such capacities; provided that such rights, protections,
benefits, immunities and indemnities shall be in addition to any rights, immunities and indemnities provided in the Securities
Account Control Agreement or any other documents to which the Bank in such capacity is a party;

 

(n)              
any permissive right of the Trustee to take or refrain from taking actions enumerated herein shall not be construed as a duty;

 

(o)              
to the extent permitted by applicable law, the Trustee shall not be required to give any bond or surety in respect of the execution
of this Indenture or otherwise;

 

(p)              
the Trustee shall not be deemed to have notice or knowledge of any matter unless a Trust Officer has actual knowledge thereof
or unless written notice thereof is received by the Trustee at the Corporate Trust Office and such notice references the Notes
generally, the Issuer or this Indenture. Whenever reference is made herein to a Default or an Event of Default such reference
shall, insofar as determining any liability on the part of the Trustee is concerned, be construed to refer only to a Default or
an Event of Default of which the Trustee is deemed to have knowledge in accordance with this paragraph;

 

(q)              
the Trustee shall not be responsible for delays or failures in performance resulting from circumstances beyond its control (such
circumstances include but are not limited to acts of God, strikes, lockouts, riots, acts of war, loss or malfunctions of utilities,
computer (hardware or software) or communications services);

 

(r)               
to help fight the funding of terrorism and money laundering activities, the Trustee will obtain, verify, and record information
that identifies individuals or entities that establish a relationship or open an account with the Trustee. The Trustee will ask
for the name, address, tax identification number and other information that will allow the Trustee to identify the individual
or entity who is establishing the relationship or opening the account. The Trustee may also ask for formation documents such as
articles of incorporation, an offering memorandum, or other identifying documents to be provided;

 

    -132-

     

    

 

(s)              
 to the extent not inconsistent herewith, the rights, protections, immunities and indemnities afforded to the Trustee pursuant
to this Indenture also shall be afforded to the Bank in each of its capacities under the Transaction Documents and also to the
Collateral Administrator; provided that, with respect to the Collateral Administrator, such rights, immunities and indemnities
shall be in addition to any rights, immunities and indemnities provided in the Collateral Administration Agreement;

 

(t)               
in making or disposing of any investment permitted by this Indenture, the Trustee is authorized to deal with itself (in its individual
capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis, whether it or such Affiliate
is acting as a subagent of the Trustee or for any third party or dealing as principal for its own account. If otherwise qualified,
obligations of the Bank or any of its Affiliates shall qualify as Eligible Investments hereunder;

 

(u)              
the Trustee or its Affiliates are permitted to receive additional compensation that could be deemed to be in the Trustee’s
economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent, custodian or subcustodian
with respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions in certain Eligible Investments
and (iii) effecting transactions in certain Eligible Investments. Such compensation is not payable or reimbursable under Section
6.7 of this Indenture;

 

(v)              
the Trustee shall have no duty (i) to see to any recording, filing, or depositing of this Indenture or any supplemental indenture
or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such
recording, filing or depositing or to any rerecording, refiling or redepositing of any thereof or (ii) to maintain any insurance;

 

(w)             
unless the Trustee receives written notice of an error or omission related to financial information or disbursements provided
to Holders within 90 days of Holders’ receipt of the same, the Trustee shall have no liability in connection with such and,
absent direction by the requisite percentage of Holders entitled to direct the Trustee, no further obligations in connection thereof;

 

(x)              
the Trustee will be under no obligation to (i) confirm or verify whether the conditions to the Delivery of the Assets have been
satisfied or to determine whether or not a Collateral Obligation is eligible for purchase hereunder or meets the criteria in the
definition thereof or (ii) evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of the Issuer
in connection with the Grant by the Issuer to the Trustee of any item constituting the Assets or otherwise, or in that regard
to examine any Underlying Instruments, in order to determine compliance with the applicable requirements of and restrictions on
transfer of a Collateral Obligation; and

 

(y)               the
Trustee shall have no obligation to determine the Retention Basis Amount or verify or monitor whether an E.U. Retention Deficiency
has occurred or whether the E.U. Retention Requirement Laws or the U.S. Risk Retention Rules have been or will be complied with.

 

    -133-

     

    

 

Section
6.4            Not Responsible for Recitals or Issuance of Notes.
The recitals contained herein and in the Notes, other than the Certificate of Authentication thereon, shall be taken as the statements
of the Issuer; and the Trustee assumes no responsibility for their correctness. The Trustee makes no representation as to the
validity or sufficiency of this Indenture (except as may be made with respect to the validity of the Trustee’s obligations
hereunder), the Assets or the Notes. The Trustee shall not be accountable for the use or application by the Issuer of the Notes
or the proceeds thereof or any Money paid to the Issuer pursuant to the provisions hereof.

 

Section
6.5            May Hold Notes. The Trustee, any Paying Agent,
Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Notes
and may otherwise deal with the Issuer or any of its Affiliates with the same rights it would have if it were not Trustee, Paying
Agent, Registrar or such other agent.

 

Section
6.6            Money Held in Trust. Money held by the Trustee hereunder
shall be held in trust to the extent required herein. The Trustee shall be under no liability for interest on any Money received
by it hereunder except to the extent of income or other gain on investments which are deposits in or certificates of deposit of
the Bank in its commercial capacity and income or other gain actually received by the Trustee on Eligible Investments.

 

Section
6.7            Compensation and Reimbursement. (a) The Issuer agrees:

 

(i)              to
pay the Trustee on each Payment Date reasonable compensation, as set forth in a separate fee schedule, for all services rendered
by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of
an express trust);

 

(ii)             except
as otherwise expressly provided herein, to reimburse the Trustee in a timely manner upon its request for all reasonable expenses,
disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture or other Transaction
Document (including, without limitation, securities transaction charges and the reasonable compensation and expenses and disbursements
of its agents and legal counsel and of any accounting firm or investment banking firm employed by the Trustee pursuant to Section 5.4,
5.5, 6.3(c) or 10.7, except any such expense, disbursement or advance as may be attributable to its negligence,
willful misconduct or bad faith) but with respect to securities transaction charges, only to the extent any such charges
have not been waived during a Collection Period due to the Trustee’s receipt of a payment from a financial institution with
respect to certain Eligible Investments, as specified by the Collateral Manager;

 

(iii)           
to indemnify the Trustee and its Officers, directors, employees and agents for, and to hold them harmless against, any loss, liability
or expense (including reasonable attorney’s fees and expenses) incurred without negligence, willful misconduct or bad faith
on their part, arising out of or in connection with the acceptance or administration of this trust or the performance of its duties
hereunder, including the costs and expenses of defending themselves (including reasonable attorney’s fees and costs) against
any claim or liability in connection with the exercise or performance of any of their powers or duties hereunder and under any
other agreement or instrument related hereto; and

 

    -134-

     

    

 

 

 

(iv)            
to pay the Trustee reasonable additional compensation together with its expenses (including reasonable counsel fees) for
any collection or enforcement action taken pursuant to Section 6.13 or Article V, respectively.

 

(b)              
The Trustee shall receive amounts pursuant to this Section 6.7 and any other amounts payable to it under this Indenture
or in any of the Transaction Documents to which the Trustee is a party only as provided in Sections 11.1(a)(i), (ii) and
(iii) but only to the extent that funds are available for the payment thereof. Subject to Section 6.9, the
Trustee shall continue to serve as Trustee under this Indenture notwithstanding the fact that the Trustee shall not have received
amounts due it hereunder; provided that nothing herein shall impair or affect the Trustee’s rights under Section 6.9.
No direction by the Noteholders shall affect the right of the Trustee to collect amounts owed to it under this Indenture. If,
on any date when a fee or an expense shall be payable to the Trustee pursuant to this Indenture, insufficient funds are available
for the payment thereof, any portion of a fee or an expense not so paid shall be deferred and payable on such later date on which
a fee or an expense shall be payable and sufficient funds are available therefor.

 

(c)              
The Trustee hereby agrees not to cause the filing against the Issuer or any of its subsidiaries, of a petition in bankruptcy for
the non-payment to the Trustee of any amounts provided by this Section 6.7 until at least one year and one day, or,
if longer, the applicable preference period then in effect and one day, after the payment in full of all Notes issued under this
Indenture.

 

(d)              
The Issuer’s payment obligations to the Trustee under this Section 6.7 shall be secured by the lien of this
Indenture payable in accordance with the Priority of Payments, and shall survive the discharge of this Indenture and the resignation
or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Default or an Event of Default under Section
5.1(e) or Section 5.1(f), the expenses are intended to constitute expenses of administration under the Bankruptcy Code
or any other applicable federal or state bankruptcy, insolvency or similar law.

 

Section
6.8            Corporate Trustee Required; Eligibility. There shall
at all times be a Trustee hereunder which shall be an Independent organization or entity organized and doing business under the
laws of the United States of America or of any state thereof, authorized under such laws to exercise corporate trust powers, having
a combined capital and surplus of at least U.S.$200,000,000, subject to supervision or examination by federal or state authority,
having a rating of at least “BBB+” by S&P and (to the extent that Fitch is rating any Notes then Outstanding)
a short-term credit rating of at least “F1” or a long-term credit rating of at least “A” by Fitch and
having an office within the United States. If such organization or entity publishes reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 6.8,
the combined capital and surplus of such organization or entity shall be deemed to be its combined capital and surplus as set
forth in its most recent published report of condition. If at any time the Trustee shall cease to be eligible in accordance with
the provisions of this Section 6.8, it shall resign immediately in the manner and with the effect hereinafter specified
in this Article VI.

 

    -135-

     

    

 

Section
6.9            Resignation and Removal; Appointment of Successor.
(a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article VI shall
become effective until the acceptance of appointment by the successor Trustee under Section 6.10.

 

(b)              
Subject to Section 6.9(a), the Trustee may resign at any time by giving not less than 30 days’ written notice
thereof to the Issuer, the Collateral Manager, the Holders of the Notes and each Rating Agency. Upon receiving such notice of
resignation, the Issuer shall promptly appoint a successor trustee or trustees satisfying the requirements of Section 6.8 by
written instrument, in duplicate, executed by a Responsible Officer of the Issuer, one copy of which shall be delivered to the
Trustee so resigning and one copy to the successor Trustee or Trustees, together with a copy to each Holder and the Collateral
Manager; provided that such successor Trustee shall be appointed only upon the written consent of a Majority of the Secured
Notes of each Class or, at any time when an Event of Default shall have occurred and be continuing or when a successor Trustee
has been appointed pursuant to Section 6.9(e), by an Act of a Majority of the Controlling Class. If no successor Trustee
shall have been appointed and an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee or any Holder, on behalf of itself and
all others similarly situated, may petition any court of competent jurisdiction for the appointment of a successor Trustee satisfying
the requirements of Section 6.8.

 

(c)              
The Trustee may be removed at any time upon 30 days written notice by Act of a Majority of each Class of Notes or, at any time
when an Event of Default shall have occurred and be continuing by an Act of a Majority of the Controlling Class, delivered to
the Trustee and to the Issuer.

 

(d)              
If at any time:

 

(i)                
the Trustee shall cease to be eligible under Section 6.8 and shall fail to resign after written request therefor
by the Issuer or by any Holder; or

 

(ii)             
the Trustee shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of the
Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation;

 

then,
in any such case (subject to Section 6.9(a)), (A) the Issuer, by Issuer Order, may remove the Trustee, or (B) subject
to Section 5.15, any Holder may, on behalf of itself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

    -136-

     

    

 

(e)              
If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Trustee
for any reason (other than resignation), the Issuer, by Issuer Order, shall promptly appoint a successor Trustee. If the Issuer
shall fail to appoint a successor Trustee within 30 days after such resignation, removal or incapability or the occurrence of
such vacancy, a successor Trustee may be appointed by a Majority of the Controlling Class by written instrument delivered to the
Issuer and the retiring Trustee. The successor Trustee so appointed shall, forthwith upon its acceptance of such appointment,
become the successor Trustee and supersede any successor Trustee proposed by the Issuer. If no successor Trustee shall have been
so appointed by the Issuer or a Majority of the Controlling Class and shall have accepted appointment in the manner hereinafter
provided, subject to Section 5.15, the Trustee or any Holder may, on behalf of itself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee.

 

(f)               
The Issuer shall give prompt notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee
by mailing written notice of such event by first class mail, postage prepaid, to the Collateral Manager, to each Rating Agency
and to the Holders of the Notes as their names and addresses appear in the Register. Each notice shall include the name of the
successor Trustee and the address of its Corporate Trust Office. If the Issuer fails to mail such notice within ten days after
acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be given at the expense of
the Issuer. If the Bank shall resign or be removed as Trustee, the Bank shall also resign or be removed as Custodian, Paying Agent,
Calculation Agent, Collateral Administrator, Registrar and any other capacity in which the Bank is then acting pursuant to this
Indenture or any other Transaction Document.

 

Section
6.10        Acceptance of Appointment by Successor. Every successor Trustee appointed
hereunder shall meet the requirements of Section 6.8 and shall execute, acknowledge and deliver to the Issuer and
the retiring Trustee an instrument accepting such appointment. Upon delivery of the required instruments, the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts, duties and obligations of the retiring Trustee; but, on request of the Issuer
or a Majority of any Class of Secured Notes or the successor Trustee, such retiring Trustee shall, upon payment of its charges
then unpaid, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the
retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and Money held by such retiring
Trustee hereunder. Upon request of any such successor Trustee, the Issuer shall execute any and all instruments for more fully
and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts.

 

Section
6.11        Merger, Conversion, Consolidation or Succession to Business of Trustee.
Any organization or entity into which the Trustee may be merged or converted or with which it may be consolidated, or any organization
or entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any organization or
entity succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder; provided that such organization or entity shall be otherwise qualified and eligible under this Article VI,
without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any of the Notes
has been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if
such successor Trustee had itself authenticated such Notes.

 

    -137-

     

    

 

Section
6.12        Co-Trustees. At any time or times, the Issuer and the Trustee shall have
power to appoint one or more Persons to act as co-trustee (subject to written notice to the Rating Agencies), jointly with the
Trustee, of all or any part of the Assets, with the power to file such proofs of claim and take such other actions pursuant to
Section 5.6 herein and to make such claims and enforce such rights of action on behalf of the Holders, as such
Holders themselves may have the right to do, subject to the other provisions of this Section 6.12.

 

The
Issuer shall join with the Trustee in the execution, delivery and performance of all instruments and agreements necessary or proper
to appoint a co-trustee. If the Issuer does not join in such appointment within 15 days after the receipt by it of a request to
do so, the Trustee shall have the power to make such appointment.

 

Should
any written instrument from the Issuer be required by any co-trustee so appointed, more fully confirming to such co-trustee such
property, title, right or power, any and all such instruments shall, on request, be executed, acknowledged and delivered by the
Issuer. The Issuer agrees to pay, to the extent funds are available therefor under Section 11.1(a)(i)(A), for any
reasonable fees and expenses in connection with such appointment.

 

Every
co-trustee shall, to the extent permitted by law, but to such extent only, be appointed subject to the following terms:

 

(a)              
the Notes shall be authenticated and delivered and all rights, powers, duties and obligations hereunder in respect of the custody
of securities, Cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall
be exercised solely by the Trustee;

 

(b)              
the rights, powers, duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by
the appointment of a co-trustee shall be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee
and such co-trustee jointly as shall be provided in the instrument appointing such co-trustee;

 

(c)              
the Trustee at any time, by an instrument in writing executed by it, with the concurrence of the Issuer evidenced by an Issuer
Order, may accept the resignation of or remove any co-trustee appointed under this Section 6.12, and in case an Event
of Default has occurred and is continuing, the Trustee shall have the power to accept the resignation of, or remove, any such
co-trustee without the concurrence of the Issuer. A successor to any co-trustee so resigned or removed may be appointed in the
manner provided in this Section 6.12;

 

(d)              
no co-trustee hereunder shall be personally liable by reason of any act or omission of the Trustee hereunder;

 

(e)              
the Trustee shall not be liable by reason of any act or omission of a co-trustee; and

 

(f)               
 any Act of the Holders delivered to the Trustee shall be deemed to have been delivered to each co-trustee.

 

    -138-

     

    

 

The
Issuer shall notify each Rating Agency of the appointment of a co-trustee hereunder.

 

Section
6.13        Certain Duties of Trustee Related to Delayed Payment of Proceeds. If the
Trustee shall not have received a payment with respect to any Asset on its Due Date, (a) the Trustee shall promptly notify
the Issuer and the Collateral Manager in writing or electronically and (b) unless within three Business Days (or the end
of the applicable grace period for such payment, if any) after such notice (x) such payment shall have been received
by the Trustee or (y) the Issuer, in its absolute discretion (but only to the extent permitted by Section 10.2(a)),
shall have made provision for such payment satisfactory to the Trustee in accordance with Section 10.2(a), the Trustee
shall, not later than the Business Day immediately following the last day of such period and in any case upon request by the Collateral
Manager, request the issuer of such Asset, the trustee under the related Underlying Instrument or a paying agent designated by
either of them, as the case may be, to make such payment not later than three Business Days after the date of such request. If
such payment is not made within such time period, the Trustee, subject to the provisions of clause (iv) of Section 6.1(c),
shall take such reasonable action as the Collateral Manager shall direct. Any such action shall be without prejudice to any right
to claim a Default or Event of Default under this Indenture. If the Issuer or the Collateral Manager requests a release of an
Asset and/or delivers an additional Collateral Obligation in connection with any such action under the Collateral Management Agreement
or under this Indenture, such release and/or substitution shall be subject to Section 10.8 and Article XII
of this Indenture, as the case may be. Notwithstanding any other provision hereof, the Trustee shall deliver to the Issuer
or its designee any payment with respect to any Asset or any additional Collateral Obligation received after the Due Date thereof
to the extent the Issuer previously made provisions for such payment satisfactory to the Trustee in accordance with this Section 6.13
and such payment shall not be deemed part of the Assets. 

 

Section
6.14        Authenticating Agents. Upon the request of the Issuer, the Trustee shall,
and if the Trustee so chooses the Trustee may, appoint one or more Authenticating Agents with power to act on its behalf and subject
to its direction in the authentication of Notes in connection with issuance, transfers and exchanges under Sections 2.4,
2.5, 2.6 and 8.5, as fully to all intents and purposes as though each such Authenticating Agent had
been expressly authorized by such Sections to authenticate such Notes. For all purposes of this Indenture, the authentication
of Notes by an Authenticating Agent pursuant to this Section 6.14 shall be deemed to be the authentication of Notes
by the Trustee.

 

Any
Person into which any Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, consolidation or conversion to which any Authenticating Agent shall be a party, or any Person succeeding to the
corporate trust business of any Authenticating Agent, shall be the successor of such Authenticating Agent hereunder, without the
execution or filing of any further act on the part of the parties hereto or such Authenticating Agent or such successor Person.

 

    -139-

     

    

 

Any
Authenticating Agent may at any time resign by giving written notice of resignation to the Trustee and the Issuer. The Trustee
may at any time terminate the agency of any Authenticating Agent by giving written notice of termination to such Authenticating
Agent and the Issuer. Upon receiving such notice of resignation or upon such a termination, the Trustee shall, upon the written
request of the Issuer, promptly appoint a successor Authenticating Agent and shall give written notice of such appointment to
the Issuer.

 

Unless
the Authenticating Agent is also the same entity as the Trustee, the Issuer agrees to pay to each Authenticating Agent from time
to time reasonable compensation for its services, and reimbursement for its reasonable expenses relating thereto as an Administrative
Expense. The provisions of Sections 2.8, 6.4 and 6.5 shall be applicable to any Authenticating
Agent.

 

Section
6.15        Withholding. The Trustee is hereby authorized and directed to retain from
amounts otherwise distributable to any Holder sufficient funds for the payment of any such tax that is legally owed or required
to be withheld by the Issuer (but such authorization shall not prevent the Trustee from contesting any such tax in appropriate
Proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such Proceedings) or may be withheld
because of a failure by a Holder to provide any required information and to timely remit such amounts to the appropriate taxing
authority. The amount of any withholding tax imposed with respect to any Note shall be treated as Cash distributed to the relevant
Holder at the time it is withheld by the Trustee. If there is a reasonable possibility that withholding is required by applicable
law with respect to a distribution, the Paying Agent or the Trustee may, in its sole discretion, withhold such amounts in accordance
with this Section 6.15. If any Holder or beneficial owner wishes to apply for a refund of any such withholding tax,
the Trustee shall reasonably cooperate with such Person in providing readily available information so long as such Person agrees
to reimburse the Trustee for any out-of-pocket expenses incurred. Nothing herein shall impose an obligation on the part of the
Trustee to determine the amount of any tax or withholding obligation on the part of the Issuer or in respect of the Notes.

 

Section
6.16        Representative for Secured Noteholders only; Agent for each other Secured Party
and the Holders of the Subordinated Notes. With respect to the security interest created hereunder, the delivery of any item
of Asset to the Trustee is to the Trustee as representative of the Secured Noteholders and agent for each other Secured Party
and the Holders of the Subordinated Notes. In furtherance of the foregoing, the possession by the Trustee of any Asset, and the
endorsement to or registration in the name of the Trustee of any Asset (including without limitation as entitlement holder of
the Custodial Account) are all undertaken by the Trustee in its capacity as representative of the Secured Noteholders, and
agent for each other Secured Party and the Holders of the Subordinated Notes.

 

Section
6.17        Representations and Warranties of the Bank. The Bank hereby represents and
warrants as follows:

 

(a)              
Organization. The Bank has been duly organized and is validly existing as a national banking association with trust powers
under the laws of the United States and has the power to conduct its business and affairs as a trustee, paying agent, registrar,
transfer agent, custodian, calculation agent and securities intermediary.

 

    -140-

     

    

 

(b)              
Authorization; Binding Obligations. The Bank has the corporate power and authority to perform the duties and obligations
of Trustee, Paying Agent, Registrar, Transfer Agent, Custodian, Calculation Agent, Collateral Administrator and Securities Intermediary
under this Indenture. The Bank has taken all necessary corporate action to authorize the execution, delivery and performance of
this Indenture, and all of the documents required to be executed by the Bank pursuant hereto. This Indenture has been duly authorized,
executed and delivered by the Bank and constitutes the legal, valid and binding obligation of the Bank enforceable in accordance
with its terms subject, as to enforcement, (i) to the effect of bankruptcy, insolvency or similar laws affecting generally
the enforcement of creditors’ rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or
similar event applicable to the Bank and (ii) to general equitable principles (whether enforcement is considered in a proceeding
at law or in equity).

 

(c)              
Eligibility. The Bank is eligible under Section 6.8 to serve as Trustee hereunder.

 

(d)              
No Conflict. Neither the execution, delivery and performance of this Indenture, nor the consummation of the transactions
contemplated by this Indenture, is prohibited by, or requires the Bank to obtain any consent, authorization, approval or
registration under, any law, statute, rule, regulation, judgment, order, writ, injunction or decree that is binding upon the Bank.

 

ARTICLE
VII

Covenants

 

Section
7.1            Payment of Principal and Interest. The Issuer will
duly and punctually pay the principal of and interest on the Secured Notes, in accordance with the terms of such Notes and this
Indenture pursuant to the Priority of Payments. The Issuer will, to the extent funds are available pursuant to the Priority of
Payments, duly and punctually pay all required distributions on the Subordinated Notes, in accordance with the Subordinated Notes
and this Indenture.

 

Amounts
properly withheld under the Code or other applicable law by any Person from a payment under a Note shall be considered as having
been paid by the Issuer to the relevant Holder for all purposes of this Indenture.

 

Section
7.2            Maintenance of Office or Agency. The Issuer hereby
appoints the Trustee as a Paying Agent for payments on the Notes, and appoints the Trustee as Transfer Agent at its applicable
Corporate Trust Office as the Issuer’s agent where Notes may be surrendered for registration of transfer or exchange. The
Issuer hereby appoints CT Corporation System as its agent upon whom process or demands may be served in any action arising out
of or based on this Indenture or the transactions contemplated hereby in the Borough of Manhattan, the City of New York.

 

    -141-

     

    

 

The
Issuer may at any time and from time to time vary or terminate the appointment of any such agent or appoint any additional agents
for any or all of such purposes; provided that (x) the Issuer will maintain in the Borough of Manhattan, the City
of New York, an office or agency where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may
be served and, subject to any laws or regulations applicable thereto, an office or agency outside of the United States where Notes
may be presented for payment; and (y) no paying agent shall be appointed in a jurisdiction which subjects payments on the
Notes to withholding tax solely as a result of such Paying Agent’s activities. The Issuer shall at all times maintain a
duplicate copy of the Register at the Corporate Trust Office. The Issuer shall give prompt written notice to the Trustee, each
Rating Agency and the Holders of the appointment or termination of any such agent and of the location and any change in the location
of any such office or agency.

 

If
at any time the Issuer shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New
York, or outside the United States, or shall fail to furnish the Trustee with the address thereof, presentations and surrenders
may be made (subject to the limitations described in the preceding paragraph) at, notices and demands may be served on the
Issuer, and Notes may be presented and surrendered for payment to the appropriate Paying Agent at its main office, and the Issuer
hereby appoints the same as its agent to receive such respective presentations, surrenders, notices and demands.

 

Section
7.3            Money for Note Payments to be Held in Trust. All
payments of amounts due and payable with respect to any Notes that are to be made from amounts withdrawn from the Payment Account
shall be made on behalf of the Issuer by the Trustee or a Paying Agent with respect to payments on the Notes. 

 

When
the Issuer shall have a Paying Agent that is not also the Registrar, it shall furnish, or cause the Registrar to furnish, no later
than the fifth calendar day after each Record Date a list, if necessary, in such form as such Paying Agent may reasonably request,
of the names and addresses of the Holders and of the certificate numbers of individual Notes held by each such Holder.

 

Whenever
the Issuer shall have a Paying Agent other than the Trustee, it shall, on or before the Business Day next preceding each Payment
Date and any Redemption Date, as the case may be, direct the Trustee to deposit on such Payment Date or such Redemption Date,
as the case may be, with such Paying Agent, if necessary, an aggregate sum sufficient to pay the amounts then becoming due (to
the extent funds are then available for such purpose in the Payment Account), such sum to be held in trust for the benefit of
the Persons entitled thereto and (unless such Paying Agent is the Trustee) the Issuer shall promptly notify the Trustee of
its action or failure so to act. Any Monies deposited with a Paying Agent (other than the Trustee) in excess of an amount
sufficient to pay the amounts then becoming due on the Notes with respect to which such deposit was made shall be paid over by
such Paying Agent to the Trustee for application in accordance with Article XI.

 

    -142-

     

    

 

The
initial Paying Agent shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be appointed
by Issuer Order with written notice thereof to the Trustee; provided that so long as the Notes of any Class are rated by
a Rating Agency, with respect to any additional or successor Paying Agent, either (i) such Paying Agent has a long-term debt
rating of “A+” or higher by S&P or a short-term debt rating of “A-1” by S&P and (to the extent
that Fitch is rating any Notes then Outstanding) a short-term crediting rating of at least “F1” or a long-term rating
of at least “A” by Fitch or (ii) the Global Rating Agency Condition is satisfied. If such successor Paying Agent
ceases to have a long-term debt rating of “A+” or higher by S&P or a short-term debt rating “A-1”
by S&P and (to the extent that Fitch is rating any Notes then Outstanding) a short-term credit rating of at least “F1”
or a long-term rating of at least “A” by Fitch, the Issuer shall promptly remove such Paying Agent and appoint a successor
Paying Agent. The Issuer shall not appoint any Paying Agent that is not, at the time of such appointment, a depository institution
or trust company subject to supervision and examination by federal and/or state and/or national banking authorities. The Issuer
shall cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying
Agent shall agree with the Trustee and if the Trustee acts as Paying Agent, it hereby so agrees, subject to the provisions of
this Section 7.3, that such Paying Agent will:

 

(a)              
allocate all sums received for payment to the Holders of Notes and the Issuer for which it acts as Paying Agent on each Payment
Date and any Redemption Date among such Holders in the proportion specified in the applicable Distribution Report to the extent
permitted by applicable law;

 

(b)              
hold all sums held by it for the payment of amounts due with respect to the Notes and otherwise to the Issuer in trust for the
benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided
and pay such sums to such Persons as herein provided;

 

(c)              
if such Paying Agent is not the Trustee, immediately resign as a Paying Agent and forthwith pay to the Trustee all sums held by
it in trust for the payment of Notes and otherwise to the Issuer if at any time it ceases to meet the standards set forth above
required to be met by a Paying Agent at the time of its appointment;

 

(d)              
if such Paying Agent is not the Trustee, immediately give the Trustee notice of any default by the Issuer in the making of any
payment required to be made; and

 

(e)              
if such Paying Agent is not the Trustee, during the continuance of any such default, upon the written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

 

The
Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose,
pay, or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Issuer or such Paying Agent,
such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Issuer or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability
with respect to such Money.

 

Except
as otherwise required by applicable law, any Money deposited with the Trustee or any Paying Agent in trust for any payment on
any Note and remaining unclaimed for two years after such amount has become due and payable shall be paid to the Issuer on Issuer
Order; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment of
such amounts (but only to the extent of the amounts so paid to the Issuer) and all liability of the Trustee or such Paying
Agent with respect to such trust Money shall thereupon cease. The Trustee or such Paying Agent, before being required to make
any such release of payment, may, but shall not be required to, adopt and employ, at the expense of the Issuer any reasonable
means of notification of such release of payment, including, but not limited to, mailing notice of such release to Holders whose
Notes have been called but have not been surrendered for redemption or whose right to or interest in Monies due and payable but
not claimed is determinable from the records of any Paying Agent, at the last address of record of each such Holder.

 

    -143-

     

    

 

Section
7.4            Existence of Issuer. (a) The Issuer shall, to the
maximum extent permitted by applicable law, maintain in full force and effect its existence and rights as a limited liability
company organized under the laws of the State of Delaware and shall obtain and preserve its qualification to do business as a
limited liability company in each jurisdiction in which such qualifications are or shall be necessary to protect the validity
and enforceability of this Indenture, the Notes, or any of the Assets; provided that the Issuer shall be entitled to change
its jurisdiction of formation from the State of Delaware to any other jurisdiction reasonably selected by the Issuer so long as
(i) the Issuer has received a legal opinion (upon which the Trustee may conclusively rely) to the effect that such change is not
disadvantageous in any material respect to the Holders, (ii) written notice of such change shall have been given to the Trustee
by the Issuer, which notice shall be promptly forwarded by the Trustee to the Holders, the Collateral Manager and to each Rating
Agency, (iii) the Global Rating Agency Condition is satisfied and (iv) on or prior to the 15th Business Day following receipt
of such notice the Trustee shall not have received written notice from a Majority of the Controlling Class objecting to such change.

 

 

(b)              
The Issuer (i) shall ensure that all limited liability company or other formalities regarding its existence (including, if required,
holding regular meetings of its manager(s) and member(s), or other similar, meetings) are followed and (ii) shall not have any
employees (other than its managers to the extent they are employees). The Issuer shall not take any action, or conduct its affairs
in a manner, that is likely to result in its separate existence being ignored or in its assets and liabilities being substantively
consolidated with any other Person in a bankruptcy, reorganization or other insolvency proceeding. Without limiting the foregoing,
(A) the Issuer shall not have any subsidiaries; and (B) (x) the Issuer shall not (1) except as contemplated by the Offering Circular,
the Collateral Management Agreement or the Issuer’s limited liability company agreement, engage in any transaction with
any member that would constitute a conflict of interest or (2) make distributions other than in accordance with the terms of this
Indenture and the Issuer’s limited liability company agreement and (y) the Issuer shall (1) maintain books and records separate
from any other Person, (2) maintain its accounts separate from those of any other Person, (3) not commingle its assets with those
of any other Person, (4) conduct its own business in its own name, (5) maintain separate financial statements, (6) pay its own
liabilities out of its own funds, (7) maintain an arm’s length relationship with its Affiliates, (8) use separate stationery,
invoices and checks, (9) hold itself out as a separate Person, (10) correct any known misunderstanding regarding its separate
identity and (11) have at least one manager that is Independent of the Collateral Manager.

 

    -144-

     

    

 

Section
7.5            Protection of Assets. (a) The Collateral Manager
on behalf of the Issuer will cause the taking of such action within the Collateral Manager’s control as is reasonably necessary
in order to maintain the perfection and priority of the security interest of the Trustee in the Assets; provided that the
Collateral Manager shall be entitled to rely on any Opinion of Counsel delivered pursuant to Section 7.6 and any opinion
delivered on the Closing Date to determine what actions are reasonably necessary, and shall be fully protected in so relying on
such an Opinion of Counsel, unless the Collateral Manager has actual knowledge that the procedures described in any such Opinion
of Counsel are no longer adequate to maintain such perfection and priority. The Issuer shall from time to time execute and deliver
all such supplements and amendments hereto and file or authorize the filing of all such Financing Statements, continuation statements,
instruments of further assurance and other instruments, and shall take such other action as may be necessary or advisable or desirable
to secure the rights and remedies of the Holders of the Secured Notes hereunder and to:

 

(i)                
Grant more effectively all or any portion of the Assets;

 

(ii)             
maintain, preserve and perfect any Grant made or to be made by this Indenture including, without limitation, the first priority
nature of the lien or carry out more effectively the purposes hereof;

 

(iii)           
perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture (including, without limitation,
any and all actions necessary or desirable as a result of changes in law or regulations);

 

(iv)            
enforce any of the Assets or other instruments or property included in the Assets;

 

(v)              
preserve and defend title to the Assets and the rights therein of the Trustee and the Holders of the Secured Notes in the Assets
against the claims of all Persons and parties; or

 

(vi)            
pay or cause to be paid any and all taxes levied or assessed upon all or any part of the Assets.

 

The
Issuer hereby designates the Trustee as its agent and attorney in fact to prepare and file and hereby authorizes the filing of
any Financing Statement, continuation statement and all other instruments, and take all other actions, required pursuant to this
Section 7.5. Such designation shall not impose upon the Trustee, or release or diminish, the Issuer’s and the
Collateral Manager’s obligations under this Section 7.5. The Issuer further authorizes and shall cause the Issuer’s
counsel to file without the Issuer’s signature a Financing Statement that names the Issuer as debtor and the Trustee, on
behalf of the Secured Parties, as secured party and that describes “all personal property of the Debtor now owned or hereafter
acquired” as the Assets in which the Trustee has a Grant.

 

(b)              
The Trustee shall not, except in accordance with Section 5.5 or Section 10.8(a), (b) and (c),
as applicable, permit the removal of any portion of the Assets or transfer any such Assets from the Account to which it is credited,
or cause or permit any change in the Delivery made pursuant to Section 3.3 with respect to any Assets, if, after
giving effect thereto, the jurisdiction governing the perfection of the Trustee’s security interest in such Assets is different
from the jurisdiction governing the perfection at the time of delivery of the most recent Opinion of Counsel pursuant to Section 7.6 (or,
if no Opinion of Counsel has yet been delivered pursuant to Section 7.6, the Opinion of Counsel delivered at the Closing
Date) unless the Trustee shall have received an Opinion of Counsel to the effect that the lien and security interest created
by this Indenture with respect to such property and the priority thereof will continue to be maintained after giving effect to
such action or actions.

 

    -145-

     

    

 

Section
7.6            Opinions as to Assets. Within the six-month period
preceding the fifth anniversary of the Closing Date (and every five years thereafter), the Issuer shall furnish to the Trustee
and the Rating Agencies an Opinion of Counsel either (i) stating that, in the opinion of such counsel, such action has been taken
(including without limitation with respect to the filing of any Financing Statements and continuation statements) as is necessary
to maintain the lien and security interest created by this Indenture and reciting the details of such action or (ii) describing
the filing of any Financing Statements and continuation statements that shall, in the opinion of such counsel, be required to
maintain the lien and security interest of this Indenture.

 

Section
7.7            Performance of Obligations. (a) The Issuer shall
not take any action, and will use its best efforts not to permit any action to be taken by others, that would release any Person
from any of such Person’s covenants or obligations under any instrument included in the Assets, except in the case of enforcement
action taken with respect to any Defaulted Obligation in accordance with the provisions hereof and actions by the Collateral Manager
under the Collateral Management Agreement and in conformity therewith or with this Indenture, as applicable, or as otherwise required
hereby or deemed necessary or advisable by the Collateral Manager in accordance with the Collateral Management Agreement.

 

(b)              
The Issuer shall notify S&P and Fitch within 10 Business Days after it has received notice from any Noteholder or the Issuer
of any material breach of any Transaction Document, following any applicable cure period for such breach.

 

Section
7.8            Negative Covenants. (a) The Issuer will not, from
and after the Closing Date:

 

(i)                
sell, transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise encumber (or permit such to occur
or suffer such to exist), any part of the Assets, except as expressly permitted by this Indenture and the Collateral Management
Agreement;

 

(ii)             
claim any credit on, make any deduction from, or dispute the enforceability of payment of the principal or interest payable (or
any other amount) in respect of the Notes (other than amounts withheld or deducted in accordance with the Code or any applicable
laws of any other applicable jurisdiction);

 

(iii)           
(A) incur or assume or guarantee any indebtedness, other than the Notes, this Indenture and the transactions contemplated
hereby or (B)(1) issue any additional class of Notes except in accordance with Sections 2.13 and 3.2 or
(2) issue any additional limited liability company interests, except in accordance with the Issuer’s limited liability
company agreement, other than in connection with a Refinancing;

 

    -146-

     

    

 

(iv)            
(A) permit the validity or effectiveness of this Indenture or any Grant hereunder to be impaired, or permit the lien of this
Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants
or obligations with respect to this Indenture or the Notes except as may be permitted hereby or by the Collateral Management Agreement,
(B) except as permitted by this Indenture, permit any lien, charge, adverse claim, security interest, mortgage or other encumbrance
(other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden any part of the Assets,
any interest therein or the proceeds thereof, or (C) except as permitted by this Indenture, take any action that would permit
the lien of this Indenture not to constitute a valid first priority security interest in the Assets;

 

(v)              
amend the Collateral Management Agreement except pursuant to the terms thereof and Article XV of this Indenture;

 

(vi)            
dissolve or liquidate in whole or in part, except as permitted hereunder or required by applicable law;

 

(vii)         
pay any distributions other than in accordance with the Priority of Payments;

 

(viii)       
permit the formation of any subsidiaries;

 

(ix)            
conduct business under any name other than its own;

 

(x)              
have any employees (other than its managers to the extent they are employees);

 

(xi)            
sell, transfer, exchange or otherwise dispose of Assets, or enter into an agreement or commitment to do so or enter into or engage
in any business with respect to any part of the Assets, except as expressly permitted by both this Indenture and the Collateral
Management Agreement;

 

(xii)         
fail to maintain an Independent Manager under the Issuer’s limited liability company agreement; and

 

(xiii)       
elect, or take any other action, to be treated as an association taxable as a corporation for U.S. federal income tax purposes.

 

(b)              
The Issuer will not invest any of its assets in “securities” as such term is defined in the 1940 Act, and will keep
all of its assets in Cash.

 

(c)              
The Issuer shall not be party to any agreements without including customary “non-petition” and “limited
recourse” provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party), except
for any agreements related to the purchase and sale of any Assets which contain customary (as determined by the Collateral Manager
in its sole discretion) purchase or sale terms or which are documented using customary (as determined by the Collateral Manager
in its sole discretion) loan trading documentation.

 

    -147-

     

    

 

(d)              
Notwithstanding anything contained herein to the contrary, the Issuer may not acquire any of the Secured Notes; provided that
this Section 7.8(d) shall not be deemed to limit an optional or mandatory redemption pursuant to the terms of this Indenture
or the purchase of Secured Notes pursuant to Section 9.7 hereof.

 

(e)              
The Issuer shall not acquire or hold any Collateral Obligation or Eligible Investment that is a debt obligation in bearer form
unless the Collateral Obligation or Eligible Investment is not required to be in registered form under Section 163(f)(2)(A) of
the Code.

 

Section
7.9            Statement as to Compliance. On or before September
in each calendar year commencing in 2019, or immediately if there has been a Default under this Indenture and prior to the issuance
of any Additional Notes pursuant to Section 2.13, the Issuer shall deliver to the Trustee (to be forwarded by the Trustee
to the Collateral Manager, the Collateral Administrator, each Noteholder making a written request therefor and each Rating Agency) an
Officer’s certificate of the Issuer that, having made reasonable inquiries of the Collateral Manager, and to the best of
the knowledge, information and belief of the Issuer, there did not exist, as at a date not more than five days prior to the date
of the certificate, nor had there existed at any time prior thereto since the date of the last certificate (if any), any Default
hereunder or, if such Default did then exist or had existed, specifying the same and the nature and status thereof, including
actions undertaken to remedy the same, and that the Issuer has complied with all of its obligations under this Indenture or, if
such is not the case, specifying those obligations with which it has not complied.

 

Section
7.10        Issuer May Consolidate, etc., Only on Certain Terms. The Issuer (the
“Merging Entity”) shall not consolidate or merge with or into any other Person or transfer or convey all
or substantially all of its assets to any Person, unless permitted by United States and Delaware law and unless:

 

(a)              
the Merging Entity shall be the surviving entity, or the Person (if other than the Merging Entity) formed by such consolidation
or into which the Merging Entity is merged or to which all or substantially all of the assets of the Merging Entity are transferred
(the “Successor Entity”) (A) if the Merging Entity is the Issuer, shall be a company organized and existing
under the laws of the State of Delaware or such other jurisdiction approved by a Majority of the Controlling Class; provided
that no such approval shall be required in connection with any such transaction undertaken solely to effect a change in the
jurisdiction of formation pursuant to Section 7.4, and (B) shall expressly assume, by an indenture supplemental hereto
and an omnibus assumption agreement, executed and delivered to the Trustee, each Holder, the Collateral Manager and the Collateral
Administrator, the due and punctual payment of the principal of and interest on all Secured Notes, the payments of the Subordinated
Notes and the performance and observance of every covenant of this Indenture and of each other Transaction Document on its part
to be performed or observed, all as provided herein or therein, as applicable;

 

(b)              
each Rating Agency shall have been notified in writing of such consolidation or merger and the Trustee shall have received written
confirmation from each Rating Agency that its then-current ratings issued with respect to the Secured Notes then rated by each
Rating Agency will not be reduced or withdrawn as a result of the consummation of such transaction;

 

    -148-

     

    

 

(c)              
 if the Merging Entity is not the Successor Entity, the Successor Entity shall have agreed with the Trustee (i) to observe
the same legal requirements for the recognition of such formed or surviving entity as a legal entity separate and apart from any
of its Affiliates as are applicable to the Merging Entity with respect to its Affiliates and (ii) not to consolidate or merge
with or into any other Person or transfer or convey the Assets or all or substantially all of its assets to any other Person except
in accordance with the provisions of this Section 7.10;

 

(d)              
if the Merging Entity is not the Successor Entity, the Successor Entity shall have delivered to the Trustee and each Rating Agency
an Officer’s certificate and an Opinion of Counsel each stating that such Person is duly organized, validly existing and
in good standing in the jurisdiction in which such Person is organized; that such Person has sufficient power and authority to
assume the obligations set forth in sub-section (a) above and to execute and deliver an indenture supplemental hereto
for the purpose of assuming such obligations; that such Person has duly authorized the execution, delivery and performance of
a supplemental indenture hereto for the purpose of assuming such obligations and that such supplemental indenture is a valid,
legal and binding obligation of such Person, enforceable in accordance with its terms, subject only to bankruptcy, reorganization,
insolvency, moratorium and other laws affecting the enforcement of creditors’ rights generally and to general principles
of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); if the Merging Entity
is the Issuer, that, immediately following the event which causes such Successor Entity to become the successor to the Issuer,
(i) such Successor Entity has title, free and clear of any lien, security interest or charge, other than the lien and security
interest of this Indenture and any other Permitted Liens, to the Assets securing all of the Secured Notes and (ii) the Trustee
continues to have a valid perfected first priority security interest in the Assets securing all of the Secured Notes; and in each
case as to such other matters as the Trustee or any Noteholder may reasonably require; provided that nothing in this clause
shall imply or impose a duty on the Trustee to require such other documents;

 

(e)              
immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(f)               
the Merging Entity shall have notified each Rating Agency of such consolidation, merger, transfer or conveyance and shall have
delivered to the Trustee and each Noteholder an Officer’s certificate and an Opinion of Counsel each stating that such consolidation,
merger, transfer or conveyance and such supplemental indenture comply with this Article VII and that all conditions precedent
in this Article VII relating to such transaction have been complied with;

 

(g)              
the Merging Entity shall have delivered to the Trustee an Opinion of Counsel stating that after giving effect to such transaction,
the Issuer (or, if applicable, the Successor Entity) (i) will not be required to register as an investment company under
the 1940 Act and (ii) will not be treated as an association or a publicly traded partnership, in each case, that is taxable as
a corporation for U.S. federal income tax purposes or otherwise subject to U.S. federal income tax on a net basis;

 

    -149-

     

    

 

(h)              
 after giving effect to such transaction, the outstanding stock of the Merging Entity (or, if applicable, the Successor Entity) will
not be beneficially owned within the meaning of the 1940 Act by any U.S. Person; and

 

(i)                
the fees, costs and expenses of the Trustee (including any reasonable legal fees and expenses) associated with the matters addressed
in this Section 7.10 shall have been paid by the Merging Entity (or, if applicable, the Successor Entity) or otherwise
provided for to the satisfaction of the Trustee.

 

Section
7.11        Successor Substituted. Upon any consolidation or merger, or transfer or
conveyance of all or substantially all of the assets of the Issuer in accordance with Section 7.10 in which the
Merging Entity is not the surviving entity, the Successor Entity shall succeed to, and be substituted for, and may exercise every
right and power of, the Merging Entity under this Indenture with the same effect as if such Person had been named as the Issuer
herein. In the event of any such consolidation, merger, transfer or conveyance, the Person named as the “Issuer” in
the first paragraph of this Indenture or any successor which shall theretofore have become such in the manner prescribed in this
Article VII may be dissolved, wound up and liquidated at any time thereafter, and such Person thereafter shall be released
from its liabilities as obligor and maker on all the Notes and from its obligations under this Indenture and the other Transaction
Documents to which it is a party.

 

Section
7.12        No Other Business. The Issuer shall not have any employees (other than its
directors to the extent they are employees) and shall not engage in any business or activity other than issuing, selling, paying
and redeeming the Notes and any Additional Notes issued pursuant to this Indenture, acquiring, holding, selling, exchanging, redeeming
and pledging, solely for its own account, the Assets and other incidental activities thereto, including entering into the Transaction
Documents to which it is a party. The Issuer may amend, or permit the amendment of, its certificate of formation and its limited
liability company agreement only if such amendment would satisfy the Global Rating Agency Condition.

 

Section
7.13        [Reserved].

 

Section
7.14        Annual Rating Review. (a) So long as any of the Secured Notes of any Class
remain Outstanding, on or before December 31 in each year commencing in 2019, the Issuer shall obtain and pay for an annual review
of the rating of each such Class of Secured Notes from each Rating Agency, as applicable. The Issuer shall promptly notify the
Trustee and the Collateral Manager in writing (and the Trustee shall promptly provide the Holders with a copy of such notice) if
at any time the then-current rating of any such Class of Secured Notes has been, or is known will be, changed or withdrawn.

 

(b)              
The Issuer shall obtain and pay for an annual review of (i) any Collateral Obligation which has an S&P Rating derived as set
forth in clause (iii)(b) of the definition of the term “S&P Rating” and (ii) to the extent that Fitch is
rating any Notes then outstanding, any middle market loan that has a Fitch Rating determined pursuant to clause (e) under the
heading “Fitch Rating” in Schedule 7.

 

    -150-

     

    

 

Section
7.15        Reporting. At any time when the Issuer is not subject to Section 13
or 15(d) of the Exchange Act and are not exempt from reporting pursuant to Rule 12g3 - 2(b) under the Exchange Act, upon
the request of a Holder or beneficial owner of a Note, the Issuer shall promptly furnish or cause to be furnished Rule 144A Information
to such Holder or beneficial owner, to a prospective purchaser of such Note designated by such Holder or beneficial owner, or
to the Trustee for delivery upon an Issuer Order to such Holder or beneficial owner or a prospective purchaser designated by such
Holder or beneficial owner, as the case may be, in order to permit compliance by such Holder or beneficial owner with Rule 144A
under the Securities Act in connection with the resale of such Note. “Rule 144A Information” shall be such information
as is specified pursuant to Rule 144A(d)(4) under the Securities Act (or any successor provision thereto).

 

Section
7.16        Calculation Agent. (a) The Issuer hereby agrees that for so long as any
Secured Notes remain Outstanding there will at all times be an agent appointed (which does not control or is not controlled or
under common control with the Issuer or its Affiliates or the Collateral Manager or its Affiliates) to calculate LIBOR in respect
of each Interest Accrual Period (or, in the case of the first Interest Accrual Period commencing on the Closing Date) in accordance
with the terms of Exhibit C hereto (the “Calculation Agent”). The Issuer hereby appoints the Collateral
Administrator as Calculation Agent. The Calculation Agent may be removed by the Issuer or the Collateral Manager, on behalf of
the Issuer, as described below in clause (b) of this Section 7.16, at any time. If the Calculation Agent is unable or unwilling
to act as such or is removed by the Issuer or the Collateral Manager, on behalf of the Issuer, in respect of any Interest Accrual
Period, the Issuer or the Collateral Manager, on behalf of the Issuer, will promptly appoint a replacement Calculation Agent which
does not control or is not controlled by or under common control with the Issuer or its Affiliates or the Collateral Manager or
its Affiliates. The Calculation Agent may not resign its duties or be removed without a successor having been duly appointed.

 

(b)              
The Calculation Agent shall be required to agree (and the Collateral Administrator as Calculation Agent does hereby agree) that,
as soon as possible after 11:00 a.m. London time on each Interest Determination Date, but in no event later than 11:00 a.m. New
York time on the London Banking Day immediately following each Interest Determination Date, the Calculation Agent will calculate
the Interest Rate applicable to each Class of Floating Rate Notes during the related Interest Accrual Period (or portion thereof)
and the Note Interest Amount (in each case, rounded to the nearest cent, with half a cent being rounded upward)
payable on the related Payment Date in respect of such Class of Floating Rate Notes in respect of the related Interest Accrual
Period. At such time, the Calculation Agent will communicate such rates and amounts to the Issuer, the Trustee, each Paying Agent,
the Collateral Manager, Euroclear and Clearstream. The Calculation Agent will also specify to the Issuer the quotations upon which
the foregoing rates and amounts are based, and in any event the Calculation Agent shall notify the Issuer before 5:00 p.m. (New
York time) on every Interest Determination Date if it has not determined and is not in the process of determining any
such Interest Rate or Note Interest Amount together with its reasons therefor. The Calculation Agent’s determination of
the foregoing rates and amounts for any Interest Accrual Period will (or portion thereof) (in the absence of manifest error) be
final and binding upon all parties. The Calculation Agent and the Trustee shall have no responsibility or liability for the selection
of an alternative base rate (including an Alternative Rate) or determination thereof, or any liability for any failure or delay
in performing its duties hereunder as a result of the unavailability of a reference rate as described herein.

 

    -151-

     

    

 

Section
7.17        Certain Tax Matters. (a) For so long as the Subordinated Notes and any other
interest that is treated as equity in the Issuer is held by a single owner for U.S. federal income tax purposes, the Issuer shall
treat itself as disregarded as separate from such owner for such purposes, and in all our situations the Issuer shall treat itself
as a partnership (other than a publicly traded partnership), and each Holder or beneficial owner of a Subordinated Note (or any
interest therein) or any other interest that is treated as equity in the Issuer for U.S. federal income tax purposes (each such
Note or interest, a “Partnership Interest”, and each such Holder or beneficial owner, a “Partner”)
shall not take or permit any action that is inconsistent with such treatment. Sections 7.17(i), (j), (k)
and (l) will apply only for so long as the Issuer is treated as a partnership for U.S. federal income tax purposes.

 

 

(b)              
The Issuer shall treat (i) the Secured Notes as indebtedness of the Issuer for U.S. federal, state and local income and franchise
tax purposes, except as otherwise required by law and (ii) the Subordinated Notes as equity in the Issuer for U.S. federal, state
and local income and franchise tax purposes.

 

(c)              
The Issuer shall file, or cause to be filed, any tax returns, including information tax returns, required by any governmental
authority, and the Paying Agent shall be authorized to file any information tax returns as required by any governmental authority.

 

(d)              
If the Issuer has purchased an interest and the Issuer is aware that such interest is a “reportable transaction” within
the meaning of Section 6011 of the Code, and a Holder of a Subordinated Note (or any other Note that is required to be treated
as equity for U.S. federal income tax purposes) requests in writing information about any such transactions in which the Issuer
is an investor, the Issuer shall provide, or cause its Independent accountants to provide, such information it has reasonably
available that is required to be obtained by such Holder under the Code as soon as practicable after such request.

 

(e)              
Notwithstanding anything herein to the contrary, the Collateral Manager, the Issuer, the Trustee, the Collateral Administrator,
the Initial Purchaser, the Retention Provider, the Holders and beneficial owners of the Notes and each employee, representative
or other agent of those Persons, may disclose to any and all Persons, without limitation of any kind, the U.S. tax treatment and
tax structure of the transactions contemplated by this Indenture and all materials of any kind, including opinions or other tax
analyses, that are provided to those Persons. This authorization to disclose the U.S. tax treatment and tax structure does not
permit disclosure of information identifying the Collateral Manager, the Issuer, the Trustee, the Collateral Administrator, the
Initial Purchaser, each Retention Provider or any other party to the transactions contemplated by this Indenture, the Offering
or the pricing (except to the extent such information is relevant to U.S. tax structure or tax treatment of such transactions).

 

    -152-

     

    

 

(f)               
 Upon the Issuer’s receipt of a request of a Holder of a Secured Note or written request of a Person certifying that it
is an owner of a beneficial interest in a Secured Note (including, in each case, Holders and beneficial owners of any Additional
Notes issued hereunder) for the information described in Treasury Regulations Section 1.1275-3(b)(1)(i) that is applicable to
such Note, the Issuer will cause its Independent certified public accountants to provide promptly to the Trustee and such requesting
Holder or owner of a beneficial interest in such a Note all of such information. Any additional issuance of Notes shall be accomplished
in a manner that will allow the Independent certified public accountants of the Issuer to accurately calculate original issue
discount income to holders of the Additional Notes. Upon request by the Independent accountants, the Trustee shall provide to
the Independent accountants information reasonably available to it as reasonably requested by the Independent accountants to comply
with this Section 7.17, including information contained in the Register.

 

(g)              
If required to prevent the withholding and imposition of United States income tax on payments made to the Issuer, the Issuer shall
deliver or cause to be delivered an IRS Form W-9 or applicable successor form certifying as to the United States Tax Person
status of the Issuer (or, if applicable, the United States Tax Person status of the person from whom the Issuer is disregarded
as separate for U.S. federal income tax purposes) to the issuer or obligor of or counterparty with respect to an Asset at the
time such Asset is purchased or entered into by the Issuer and thereafter prior to the obsolescence or expiration of such form.

 

(h)              
[Reserved.]

 

(i)                
If so requested by a Majority of the Subordinated Notes, and if such Holders agree to reimburse the Issuer for all costs associated
with such election, the Issuer is authorized to make (or hire accountants to make) an election under Section 754 of the Code.

 

(j)                
(i)The Tax Matters Partner shall establish and maintain or cause to be established and maintained on the books and records
of the Issuer an individual capital account for each Partner in accordance with Section 704(b) of the Code and Treasury Regulations
Section 1.704-1(b)(2)(iv).

 

(i)                
For capital account purposes, all items of income, gain, loss and deduction shall be allocated among the Partners in a manner
such that, if the Issuer were dissolved, its affairs wound up, its assets sold for their respective “book values”
(within the meaning of Treasury Regulations Section 1.704-1(b)(2)(iv)) and its liabilities satisfied in full (except that nonrecourse
liabilities with respect to an asset shall be satisfied only to the extent that such nonrecourse liabilities do not exceed the
book value of such asset) and its assets distributed to the Partners in accordance with their respective capital account balances
immediately after making such allocation, such distributions would, as nearly as possible, be equal to the distributions that
would be made pursuant to the provisions of this Indenture. Any special allocations provided for in Section 7.17(j)(iv)-(vii)
shall be taken into account for capital account purposes. For U.S. federal, state and local income tax purposes, items of
income, gain, loss, deduction and credit shall be allocated to the Partners in accordance with the allocations of the corresponding
items for capital account purposes under this Section 7.17(j), except that items with respect to which there is a difference between
tax and book basis will be allocated in accordance with Section 704(c) of the Code and Treasury Regulations Section 1.704-1(b)(4)(i).

 

    -153-

     

    

 

(ii)             
The provisions of this Section 7.17(j) relating to the maintenance of capital accounts are intended to comply with Treasury
Regulations Section 1.704-1(b) and shall be interpreted and applied in a manner consistent with such regulations. The Tax Matters
Partner shall be authorized to make appropriate amendments to the allocations of items pursuant to this Section 7.17(j)
if necessary in order to comply with Section 704 of the Code or the appropriate provisions of Treasury Regulations.

 

(iii)           
Notwithstanding any other provision set forth in this Section 7.17(j), no item of deduction or loss shall be allocated
to a Partner to the extent the allocation would cause a negative balance in the Partner’s capital account (after taking
into account the adjustments, allocations and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4),
(5) and (6)) that exceeds the amount that such Partner would be required to reimburse the Issuer pursuant to this Indenture or
under applicable law. In the event some but not all of the Partners would have such excess capital account deficits as a consequence
of such an allocation of loss or deduction, the limitation set forth in this Section 7.17(j)(iv) shall be applied on a
Partner by Partner basis so as to allocate the maximum permissible deduction or loss to each such Partner under Treasury Regulations
Section 1.704-1(b)(2)(ii)(d). In the event any loss or deduction is specially allocated to a Partner pursuant to either of the
two preceding sentences, an equal amount of income of the Issuer shall be specially allocated to such Partner prior to any allocation
pursuant to Section 7.17(j)(ii).

 

(iv)            
In the event any Partner unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulations
Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6), items of Issuer income and gain shall be specially allocated to such Partner in
an amount and manner sufficient to eliminate as quickly as possible any deficit balance in its capital account in excess of that
permitted under Section 7.17(j)(iv) created by such adjustments, allocations or distributions. Any special allocations
of items of income or gain pursuant to this Section 7.17(j)(v) shall be taken into account in computing subsequent allocations
pursuant to this Section 7.17(j)(v) so that the net amount of any items so allocated and all other items allocated to each
Partner pursuant to this Section 7.17(j)(v) shall, to the extent possible, be equal to the net amount that would have been
allocated to each such Partner pursuant to the provisions of this Section 7.17(j) if such unexpected adjustments, allocations
or distributions had not occurred.

 

(v)              
In the event the Issuer incurs any nonrecourse liabilities, income and gain shall be allocated in accordance with the “minimum
gain chargeback” provisions of Treasury Regulations Sections 1.704-1(b)(4)(iv) and 1.704-2.

 

    -154-

     

    

 

 

(vi)            
 The capital accounts of the Partners shall be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(f) to
reflect the fair market value of Issuer property whenever a Partnership Interest is relinquished to the Issuer, whenever an additional
Person becomes a Partner as permitted under this Indenture, upon any termination of the Issuer within the meaning of Section 708
of the Code, and when the Issuer is liquidated as permitted under this Indenture, and shall be adjusted in accordance with Treasury
Regulations Section 1.704-1(b)(2)(iv)(e) in the case of a distribution of any property (other than cash).

 

(k)              
The Initial Subordinated Noteholder will be the initial “partnership representative” (as defined in Section 6223 of
the Code, after amendment by P.L. 114-74) (the “Tax Matters Partner”) and may designate the Tax Matters Partner
from time to time from among any willing Holder of Subordinated Notes (including itself and any of its Affiliates) with respect
to any taxable year of the Issuer during which the Initial Subordinated Noteholder or any of its Affiliates holds or has held
any Subordinated Notes (and if such designee is not eligible under the Code to be the Tax Matters Partner, it shall be the agent
and attorney-in-fact of the Tax Matters Partner); provided, that during any other period or if the Initial Subordinated
Noteholder declines to so designate a Tax Matters Partner, the Issuer (after consultation with the Collateral Manager) shall designate
the Tax Matters Partner from among any Holder of Subordinated Notes (excluding the Initial Subordinated Noteholder and its Affiliates)
(and if such designee is not eligible under the Code to be the Tax Matters Partner, it shall be the agent and attorney-in-fact
of the Tax Matters Partner). The Tax Matters Partner (or, if applicable, its agent and attorney-in- fact) shall sign the Issuer’s
tax returns and is authorized to make tax elections on behalf of the Issuer in its reasonable discretion, to determine the amount
and characterization of any allocations or tax items described in this Section 7.17 in its reasonable discretion, and to
take all actions and do such things as required or as it shall deem appropriate under the Code, at the Issuer’s sole expense,
including representing the Issuer before taxing authorities and courts in tax matters affecting the Issuer and the Partners. Any
action taken by the Tax Matters Partner in connection with audits of the Issuer under the Code will, to the extent permitted by
law, be binding upon the Partners. Each such Partner agrees that it will treat any Issuer item on such Partner’s income
tax returns consistently with the treatment of the item on the Issuer’s tax return and that such Partner will not independently
act with respect to tax audits or tax litigation affecting the Issuer, unless previously authorized to do so in writing by the
Tax Matters Partner (or, if applicable, its agent and attorney-in-fact), which authorization may be withheld in the complete discretion
of the Tax Matters Partner (or, if applicable, its agent and attorney-in fact). The Issuer will, to the fullest extent permitted
by law, reimburse and indemnify the Tax Matters Partner and any agent and attorney-in-fact of such Tax Matters Partner in connection
with any expenses reasonably incurred in connection with its performance of its duties as or on behalf of the Tax Matters Partner.
For the avoidance of doubt, any indemnity or reimbursement provided pursuant to the immediately foregoing sentence shall be treated
as an Administrative Expense pursuant to the definition thereof.

 

    -155-

     

    

 

(l)                
For taxable years beginning in 2018, the Tax Matters Partner shall be the “partnership representative” for purposes
of Section 6223 of the Code, as amended by the Bipartisan Budget Act of 2015 (the “Partnership Representative”)
(or, if not eligible to be the Partnership Representative, as agent-in-fact of the Partnership Representative). If the IRS, in
connection with an audit governed by the tax audit rules that apply to partnerships for taxable years beginning in 2018 that are
contemplated by the Bipartisan Budget Act of 2015 (the “Partnership Tax Audit Rules”), proposes an adjustment
greater than $25,000 in the amount of any item of income, gain, loss, deduction or credit of the Issuer, or any Partner’s
distributive share thereof, and such adjustment results in an “imputed underpayment” as described in Section 6225(b)
of the Code, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions
(a “Covered Audit Adjustment”), the Partnership Representative will use commercially reasonable efforts (taking
into account whether the Partnership Representative has received any needed information on a timely basis from the Partners),
to apply the alternative method provided by Section 6226 of the Code, as amended by the Bipartisan Budget Act of 2015, together
with any guidance issued thereunder or successor provisions (the “Alternative Method”). In the event the proposed
adjustment is equal to or less than $25,000, the Partnership Representative may in its sole discretion elect to have the Issuer
pay such adjustment. To the extent that the Partnership Representative does not (or is unable to) elect the Alternative Method
with respect to a Covered Audit Adjustment and such Covered Audit Adjustment is material as to the Issuer (determined in the Partnership
Representative’s sole discretion), the Partnership Representative shall use commercially reasonable efforts to (i) to the
extent not economically or administratively burdensome or onerous, make reasonable modifications available under Sections 6225(c)(3),
(4) and (5) of the Code, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor
provisions, to the extent that such modifications are available (taking into account whether the Partnership Representative has
received any needed information on a timely basis from the Partners) and would reduce any taxes payable by the Issuer with respect
to the Covered Audit Adjustment, and (ii) if reasonably requested by a Partner, provide to such Partner available information
allowing such Partner to file an amended U.S. federal income tax return, as described in Section 6225(c)(2) of the Code, as amended
by the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions, to the extent that
such amended return and payment of any related U.S. federal income taxes would reduce any taxes payable by the Issuer with respect
to the Covered Audit Adjustment (after taking into account any modifications described in clause (i)). Similar procedures shall
be followed in connection with any state or local income tax audit governed by the Partnership Tax Audit Rules. Any U.S. federal
income taxes (and any related interest and penalties) paid by the Issuer (or any diminution in distributable proceeds resulting
from an adjustment under Partnership Tax Audit Rules) may be allocated in the reasonable discretion of the Partnership Representative
to those Partners to whom such amounts are specifically attributable (whether as a result of their status, actions, inactions
or otherwise), as determined in the reasonable discretion of the Partnership Representative. The Partnership Representative shall
not elect or cause any election to be made to apply the Partnership Tax Audit Rules to the Issuer prior to the generally applicable
effective date of such legislation, unless the Partnership Representative, in good faith, reasonably determines that such an election
would be in the best interests of the Issuer and all Holders of the Notes. Each Partner hereby agrees to take any and all actions,
and to furnish any and all information, requested by the Partnership Representative to permit the Issuer to minimize any tax liability
that would otherwise be imposed on the Issuer under Section 6225 of the Code, or any successor provision, including (if requested
by the Partnership Representative) by (i) filing amended tax returns to take into account any adjustment to the amount of any
item of income, gain, loss, deduction, or credit of the Partner, or of any Person’s distributive share thereof, and (ii)
providing the Issuer with any information necessary for the Issuer to (x) establish the amount of any tax liability resulting
from any such adjustment and (y) elect (in accordance with Section 6226 of the Code, or any successor provision) for each Partner
to take any such adjustment into account directly. Each Partner acknowledges and agrees that it will be liable for all taxes and
related interest, additional amounts and penalties and other liabilities including reasonable administrative costs resulting from
or otherwise attributable to the Partner’s allocable share (determined with respect to the applicable adjustment period)
of the tax items affected by any applicable audit adjustment.

 

    -156-

     

    

 

Section
7.18        Effective Date; Purchase of Additional Collateral Obligations. (a) The Issuer
will use commercially reasonable efforts to purchase, on or before the Effective Date, Collateral Obligations (i) such that the
Target Initial Par Condition is satisfied and (ii) that satisfy, as of the Effective Date, the Concentration Limitations, the
Collateral Quality Tests and the Coverage Tests.

 

(b)              
During the period from the Closing Date to and including the Effective Date, the Issuer will use the following funds to purchase
additional Collateral Obligations in the following order: (i) to pay for the principal portion of any Collateral Obligation,
first, any amounts on deposit in the Ramp-Up Account, and second, any Principal Proceeds on deposit in the Collection
Account and (ii) to pay for accrued interest on any such Collateral Obligation, first, any amounts on deposit in the
Ramp-Up Account and second, any Principal Proceeds on deposit in the Collection Account. In addition, the Issuer will use
commercially reasonable efforts to acquire such Collateral Obligations that will satisfy, on the Effective Date, the Concentration
Limitations, the Collateral Quality Tests and each Overcollateralization Ratio Test.

 

(c)              
Within 30 calendar days after the Effective Date (but in any event, prior to the Determination Date relating to the first Payment
Date), the Issuer shall provide, or (at the Issuer’s expense) cause the Collateral Manager to provide, the following documents:

 

(i)                to
each Rating Agency (in the case of delivery to S&P, via email to CDOEffectiveDatePortfolios@spglobal.com, and in the case
of delivery to Fitch, via email to cdo.surveillance@fitchratings.com), a report identifying Collateral Obligations and a Microsoft
Excel file (“Excel Default Model Input File”) that provides all of the inputs required to determine whether
the S&P CDO Monitor Test has been satisfied and the Collateral Manager shall provide a Microsoft Excel file including, at
a minimum, the following data with respect to each Collateral Obligation: LoanX identification number, CUSIP number (if any),
name of Obligor, coupon, spread (if applicable), LIBOR floor (if any), legal final maturity date, average life, outstanding principal
balance, Principal Balance, identification as a Cov-Lite Loan or otherwise, identification as a First-Lien Last-Out Loan or otherwise,
settlement date, the purchase price with respect to any Collateral Obligation the purchase of which has not settled, S&P Industry
Classification and S&P Recovery Rate, and requesting that S&P reaffirm its Initial Ratings of the Secured Notes;

 

    -157-

     

    

 

(ii)          
to the Trustee and each Rating Agency (in the case of delivery to S&P, via email to CDOEffectiveDatePortfolios@spglobal.com,
and in the case of delivery to Fitch, via email to cdo.surveillance@fitchratings.com) a report, prepared by the Collateral Administrator
(the “Effective Date Report”), (A) setting forth the issuer, principal balance, coupon/spread, Stated Maturity,
S&P Rating and country of Domicile with respect to each Collateral Obligation as of the Effective Date and (B) calculating
as of the Effective Date the level of compliance with, or satisfaction or non-satisfaction of (1) each Overcollateralization Ratio
Test, (2) the Collateral Quality Tests (excluding the S&P CDO Monitor Test), (3) the Concentration Limitations and (4) the
Target Initial Par Condition;

 

(iii)            
to the Trustee and the Collateral Manager, (A) an Accountants’ Report comparing, as of the Effective Date, the issuer, Principal
Balance, coupon/spread, stated maturity, S&P Rating and country of Domicile with respect to each Collateral Obligation by
reference to such sources as shall be specified therein (such report, the “Accountants’ Effective Date Comparison
AUP Report”) and (B) an Accountants’ Report performing agreed upon procedures as of the Effective Date including
recalculating and comparing the following items in the Effective Date Report: (1) each Overcollateralization Ratio Test, the Collateral
Quality Tests (excluding the S&P CDO Monitor Test) and the Concentration Limitations, and (2) whether the Target Initial Par
Condition is satisfied (such report, the “Accountants’ Effective Date Recalculation AUP Report” and together
with the Accountants’ Effective Date Comparison AUP Report, the “Accountants’ Effective Date AUP Reports”),
with both Accountants’ Effective Date AUP Reports containing a statement specifying the procedures undertaken by them to
review data and computations relating to such Accountants’ Effective Date AUP Reports; and

 

(iv)            
to the Trustee and each Rating Agency (in the case of delivery to S&P, via email to CDOEffectiveDatePortfolios@spglobal.com,
and in the case of delivery to Fitch, via email to cdo.surveillance@fitchratings.com) an Officer’s certificate of the Issuer
(the “Effective Date Certificate”) certifying as to the level of compliance with, or satisfaction or non-satisfaction
of, (1) each Overcollateralization Ratio Test, (2) the Collateral Quality Tests (excluding the S&P CDO Monitor Test), (3)
the Concentration Limitations, and (4) the Target Initial Par Condition, in each case, as of the Effective Date.

 

    -158-

     

    

 

If
(v) the Issuer or the Collateral Manager, as the case may be, provides the foregoing Accountants’ Effective Date AUP Reports
to the Trustee with the results of the items set forth in subclause (iii)(B) above, and such results do not indicate any failure
of any such tested item, (w) the Issuer delivers the Effective Date Certificate to the Trustee and causes the Collateral Administrator
to make available to the Rating Agencies (i) a report identifying the Collateral Obligations and (ii) the Effective Date Report,
(x) the Collateral Manager certifies to S&P (which may be in the form of an e-mail) that as of the Effective Date the S&P
CDO Monitor Test is satisfied (testing as though an S&P CDO Formula Election Period were in effect and taking into account
the S&P CDO Monitor Non-Model Adjustments), (y) the Collateral Manager provides to S&P an electronic copy of the Current
Portfolio used to generate the passing test result and (z) the Collateral Manager certifies that the Closing Date Participation
Condition is satisfied, a written confirmation from S&P of its Initial Ratings of the Secured Notes shall be deemed to have
been provided (the “Effective Date Condition”). For the avoidance of doubt, the Effective Date Certificate
and the Effective Date Report shall not include or refer to the Accountants’ Effective Date AUP Reports. In accordance with
SEC Release No. 34-72936, Form 15-E, only in its complete and unedited form which includes the Accountants’ Effective Date
Comparison AUP Report as an attachment, will be provided by the Independent accountants to the Issuer and Information Agent who
will post such Form 15-E on the 17g-5 website. Copies of the Accountants’ Effective Date Recalculation AUP Report or any
other agreed upon procedures report provided by the Independent accountants to the Issuer will not be provided to any other party
including the Rating Agencies or posted on the 17g-5 website (other than as provided in any access letter between such Person
and the accountants).

 

(d)              
If, by the Determination Date relating to the first Payment Date (unless the Effective Date Condition is satisfied) S&P has
not provided written confirmation of its Initial Ratings of the Secured Notes then the Collateral Manager, on behalf of the Issuer,
shall instruct the Trustee in writing to transfer amounts from the Interest Collection Subaccount to the Principal Collection
Subaccount (and with such funds the Issuer shall purchase additional Collateral Obligations) in an amount sufficient to obtain
from S&P a confirmation of its Initial Ratings of the Secured Notes (provided that the amount of such transfer would
not result in default in the payment of interest with respect to the Class A Notes or the Class B Notes); provided
that, in the alternative, the Collateral Manager on behalf of the Issuer may take such other action, including but not limited
to, a Special Redemption and/or transferring amounts from the Interest Collection Subaccount to the Principal Collection Subaccount
as Principal Proceeds (for use in a Special Redemption), sufficient to obtain from S&P a confirmation of its Initial Ratings
of the Secured Notes.

 

(e)              
The failure of the Issuer to satisfy the requirements of this Section 7.18 will not constitute an Event of Default
unless such failure constitutes an Event of Default under Section 5.1(d) hereof and the Issuer, or the Collateral
Manager acting on behalf of the Issuer, has acted in bad faith. Of the proceeds of the issuance of the Notes which are not applied
to pay for the purchase of Collateral Obligations acquired by the Issuer on the Closing Date an amount equal to U.S.$11,359,703.08
will be deposited in the Ramp-Up Account on the Closing Date. At the direction of the Issuer (or the Collateral Manager on behalf
of the Issuer), the Trustee shall apply amounts held in the Ramp-Up Account to purchase additional Collateral Obligations from
the Closing Date to and including the Effective Date as described in clause (b) above. If on the Effective Date, any amounts
on deposit in the Ramp-Up Account have not been applied to purchase Collateral Obligations, such amounts shall be applied as described
in Section 10.3(c).

 

    -159-

     

    

 

(f)               
Weighted Average S&P Recovery Rate. The Collateral Manager may, at any time after the Closing Date upon at least 5
Business Days’ prior written notice to S&P, the Trustee and the Collateral Administrator, elect to utilize the S&P
CDO Monitor in determining compliance with the S&P CDO Monitor Test (the effective date specified by the Collateral Manager
for such election, the “S&P CDO Monitor Election Date”). On or prior to the later of (x) the S&P CDO
Monitor Election Date and (y) the Effective Date, the Collateral Manager shall elect the Weighted Average S&P Recovery Rate
that shall apply on and after such date to the Collateral Obligations for purposes of determining compliance with the Minimum
Weighted Average S&P Recovery Rate Test, and the Collateral Manager will so notify the Trustee and the Collateral Administrator.
Thereafter, at any time during any S&P CDO Monitor Election Period on written notice to the Trustee, the Collateral Administrator
and S&P, the Collateral Manager may elect a different Weighted Average S&P Recovery Rate to apply to the Collateral Obligations;
provided, that if (i) the Collateral Obligations are currently in compliance with the Weighted Average S&P Recovery
Rate case then applicable to the Collateral Obligations but the Collateral Obligations would not be in compliance with the Weighted
Average S&P Recovery Rate case to which the Collateral Manager desires to change, then such changed case shall not apply or
(ii) the Collateral Obligations are not currently in compliance with the Weighted Average S&P Recovery Rate case then applicable
to the Collateral Obligations and would not be in compliance with any other Weighted Average S&P Recovery Rate case, the Weighted
Average S&P Recovery Rate to apply to the Collateral Obligations shall be the lowest Weighted Average S&P Recovery Rate
in Section 2 of Schedule 4. If the Collateral Manager does not notify the Trustee and the Collateral Administrator that
it will alter the Weighted Average S&P Recovery Rate in the manner set forth above, the Weighted Average S&P Recovery
Rate chosen as of the S&P CDO Monitor Election Date or the Effective Date, as applicable, shall continue to apply.

 

Section
7.19        Representations Relating to Security Interests in the Assets. (a) The Issuer
hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution
of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder):

 

(i)               The
Issuer owns each Asset free and clear of any lien, claim or encumbrance of any Person, other than such as are created under, or
permitted by, this Indenture and any other Permitted Liens.

 

(ii)             
Other than the security interest Granted to the Trustee pursuant to this Indenture, except as permitted by this Indenture, the
Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Assets. The Issuer has
not authorized the filing of and is not aware of any Financing Statements against the Issuer that include a description of collateral
covering the Assets other than any Financing Statement relating to the security interest granted to the Trustee hereunder or that
has been terminated; the Issuer is not aware of any judgment, PBGC liens or tax lien filings against the Issuer.

 

(iii)            
All Assets constitute Cash, accounts (as defined in Section 9-102(a)(2) of the UCC), Instruments, general intangibles
(as defined in Section 9-102(a)(42) of the UCC), uncertificated securities (as defined in Section 8-102(a)(18) of
the UCC), Certificated Securities or security entitlements to financial assets resulting from the crediting of financial assets
to a “securities account” (as defined in Section 8-501(a) of the UCC).

 

    -160-

     

    

 

(iv)            
 All Accounts constitute “securities accounts” under Section 8-501(a) of the UCC.

 

(v)              This
Indenture creates a valid and continuing security interest (as defined in Section 1 - 201(37) of the UCC) in
such Assets in favor of the Trustee, for the benefit and security of the Secured Parties, which security interest is prior to
all other liens, claims and encumbrances (except as permitted otherwise herein), and is enforceable as such against creditors
of and purchasers from the Issuer.

 

(b)              
The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the
execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder),
with respect to Assets that constitute Instruments:

 

(i)               Either
(x) the Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate Financing
Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest
in the Instruments granted to the Trustee, for the benefit and security of the Secured Parties or (y) (A) all original
executed copies of each promissory note or mortgage note that constitutes or evidences the Instruments have been delivered to
the Trustee or the Issuer has received written acknowledgement from a custodian that such custodian is holding the mortgage notes
or promissory notes that constitute evidence of the Instruments solely on behalf of the Trustee and for the benefit of the Secured
Parties and (B) none of the Instruments that constitute or evidence the Assets has any marks or notations indicating that
they are pledged, assigned or otherwise conveyed to any Person other than the Trustee, for the benefit of the Secured Parties.

 

(ii)             
The Issuer has received all consents and approvals required by the terms of the Assets to the pledge hereunder to the Trustee
of its interest and rights in the Assets.

 

(c)              
The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the
execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder),
with respect to the Assets that constitute Security Entitlements:

 

(i)               All
of such Assets have been and will have been credited to one of the Accounts which are securities accounts within the meaning of
Section 8-501(a) of the UCC. The Securities Intermediary for each Account has agreed to treat all assets credited to
such Accounts as “financial assets” within the meaning of Section 8-102(a)(9) the UCC.

 

(ii)             
The Issuer has received all consents and approvals required by the terms of the Assets to the pledge hereunder to the Trustee
of its interest and rights in the Assets.

 

    -161-

     

    

 

(iii)            
 (x) The Issuer has caused or will have caused, within ten days after the Closing Date, the filing of all appropriate Financing
Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest
granted to the Trustee, for the benefit and security of the Secured Parties, hereunder and (y) (A) the Issuer has delivered
to the Trustee a fully executed Securities Account Control Agreement pursuant to which the Custodian has agreed to comply with
all instructions originated by the Trustee relating to the Accounts without further consent by the Issuer or (B) the Issuer
has taken all steps necessary to cause the Custodian to identify in its records the Trustee as the Person having a security entitlement
against the Custodian in each of the Accounts.

 

(iv)            
The Accounts are not in the name of any Person other than the Issuer or the Trustee. The Issuer has not consented to the Custodian
to comply with the entitlement order (as defined in Section 8-102(a)(8) of the UCC) of any Person other than the Trustee (and
the Issuer prior to a notice of exclusive control being provided by the Trustee).

 

(d)              
The Issuer hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the
execution of this Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Trustee hereunder),
with respect to Assets that constitute general intangibles:

 

(i)                
The Issuer has caused or will have caused, within ten days after the Closing Date, 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
the Assets granted to the Trustee, for the benefit and security of the Secured Parties, hereunder.

 

(ii)             
The Issuer has received, or will receive, all consents and approvals required by the terms of the Assets to the pledge hereunder
to the Trustee of its interest and rights in the Assets.

 

(e)              
The Issuer agrees to notify the Collateral Manager and each Rating Agency promptly if it becomes aware of the breach of any of
the representations and warranties contained in this Section 7.19 and shall not, without satisfaction of the
S&P Rating Condition, waive any of the representations and warranties in this Section 7.19 or any breach thereof.

 

    -162-

     

    

 

ARTICLE
VIII

Supplemental Indentures

 

Section
8.1            Supplemental Indentures Without Consent of Holders of
Notes. (a) Without the consent of the Holders of any Notes (except as may be expressly required below) but with the written
consent of the Collateral Manager, at any time and from time to time subject to Section 8.3 and without an Opinion
of Counsel being provided to the Issuer or the Trustee as to whether any Class of Notes would be materially and adversely affected
thereby (except as may be expressly required below), the Issuer and the Trustee may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(i)               to
evidence the succession of another Person to the Issuer and the assumption by any such successor Person of the covenants of the
Issuer herein and in the Notes;

 

(ii)             
to add to the covenants of the Issuer or the Trustee for the benefit of the Secured Parties, or to surrender any right or power
herein conferred upon the Issuer;

 

(iii)           
 to convey, transfer, assign, mortgage or pledge any property to or with the Trustee or add to the conditions, limitations
or restrictions on the authorized amount, terms and purposes of the issue, authentication and delivery of the Notes;

 

(iv)            
to evidence and provide for the acceptance of appointment hereunder by a successor Trustee and to add to or change any of the
provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one Trustee,
pursuant to the requirements of Sections 6.9, 6.10 and 6.12 hereof;

 

(v)              to
correct or amplify the description of any property at any time subject to the lien of this Indenture, or to better assure, convey
and confirm unto the Trustee any property subject or required to be subjected to the lien of this Indenture (including, without
limitation, any and all actions necessary or desirable as a result of changes in law or regulations, whether pursuant to Section 7.5 or
otherwise) or to subject to the lien of this Indenture any additional property;

 

(vi)            
to modify the restrictions on and procedures for resales and other transfers of Notes to reflect any changes in ERISA or other
applicable law or regulation (or the interpretation thereof) or to enable the Issuer to rely upon any exemption from registration
under the Securities Act or the 1940 Act or otherwise comply with any applicable securities law;

 

(vii)           
to remove restrictions on resale and transfer of Notes to the extent not required under clause (vi) above;

 

(viii)          
to make such changes (including the removal and appointment of any listing agent) as shall be necessary or advisable in order
for the Secured Notes to be or remain listed on an exchange, including Euronext Dublin;

 

(ix)            
to correct or supplement any inconsistent or defective provisions herein, to cure any ambiguity, omission or errors herein; provided
that, notwithstanding anything herein to the contrary and without regard to any other consent requirement specified herein,
any supplemental indenture to be entered into pursuant to this clause (ix) may also provide for any corrective measures or ancillary
amendments to the Indenture to give effect to such supplemental indenture as if it had been effective as of the Closing Date;

 

    -163-

     

    

 

(x)              
to conform the provisions of this Indenture to the Offering Circular; provided that, notwithstanding anything herein to
the contrary and without regard to any other consent requirement specified herein, any supplemental indenture to be entered into
pursuant to this clause (x) may also provide for any corrective measures or ancillary amendments to the Indenture to give effect
to such supplemental indenture as if it had been effective as of the Closing Date;

 

(xi)            
to take any action necessary, advisable, or helpful to prevent the Issuer, the Trustee or the holders of any Notes from being
subject to (or to otherwise reduce) withholding or other taxes, fees or assessments;

 

(xii)           
(A) with the consent or at the direction of a Supermajority of the Subordinated Notes (and, in the case of an additional issuance
of Secured Notes (other than in connection with a Risk Retention Issuance), a Majority of the Controlling Class), to permit the
Issuer to issue Additional Notes of any one or more existing Classes of Notes; or (B) with the consent or at the direction of
a Majority of the Subordinated Notes to permit the Issuer (1) to issue a replacement loan or securities or other indebtedness
in connection with a Refinancing, including any modification necessary to (I) reflect the Refinancing of fixed rate Notes with
floating rate Notes or vice versa, (II) establish a non-call period and, if applicable, prohibit future Refinancing and Re-Pricing
of any class of refinancing obligations or (III) in the case of a Refinancing of all Classes of Secured Notes (a) modify the Weighted
Average Life Test or (b) extend the Reinvestment Period, and to make such other changes as shall be necessary to facilitate a
Refinancing or (2) to make such changes as shall be necessary to facilitate the Issuer to effect a Re-Pricing;

 

(xiii)           
to modify the procedures herein relating to compliance with Rule 17g-5 of the Exchange Act;

 

(xiv)          
to accommodate the issuance of the Notes in book-entry form through the facilities of the depository or otherwise;

 

(xv)           
to take any action necessary or advisable to prevent the Issuer or the pool of Assets from being required to register under the
1940 Act, or to avoid any requirement that the Collateral Manager or any Affiliate consolidate the Issuer on its financial statements
for financial reporting purposes (provided that no Holders are materially adversely affected thereby);

 

(xvi)        
  to reduce the permitted minimum denomination of the Secured Notes;

 

(xvii)     
    to modify Section 3.3 or Section 7.19 to conform with applicable law;

 

    -164-

     

    

 

(xviii)   
      to evidence any waiver or elimination by any Rating Agency of any requirement or condition of such
Rating Agency set forth herein;

 

(xix)           
to conform to ratings criteria and other guidelines (including, without limitation, any alternative methodology published by either
of the Rating Agencies) relating to collateral debt obligations in general published by either of the Rating Agencies;

 

(xx)            
to modify any defined term in Section 1.1 or any Schedule to this Indenture that begins with or includes the word “Fitch”
or “S&P” (other than the defined terms “Global Rating Agency Condition” and “S&P Rating
Condition”);

 

(xxi)        
   to change the name of the Issuer in connection with the change in name or identity of the Collateral Manager
or as otherwise required pursuant to a contractual obligation or to avoid the use of a trade name or trademark in respect of which
the Issuer does not have a license;

 

(xxii)          
to amend, modify or otherwise accommodate changes to this Indenture to comply with any rule or regulation enacted by regulatory
agencies of the United States federal government, Relevant Member State of the European Economic Area, stock exchange authority,
listing agent, transfer agent or additional registrar after the Closing Date that are applicable to the Notes; provided
that, other than in connection with an amendment solely to comply with the U.S. Risk Retention Rules to permit a Refinancing,
if a Majority of any Class of Notes notifies the Trustee in accordance with this Indenture that such supplemental indenture materially
and adversely affects such Holders, the Trustee shall not execute any such supplemental indenture without the consent of a Majority
of such Class of Notes;

 

(xxiii)         
to amend, modify or otherwise change the provisions of this Indenture so that (A) the Issuer is not a “covered fund”
under the Volcker Rule, (B) the Secured Notes are not considered to constitute “ownership interests” under the Volcker
Rule or (C) ownership of the Secured Notes will otherwise be exempt from the Volcker Rule; provided that the consent to
such supplemental indenture has been obtained from a Supermajority of the Section 13 Banking Entities (voting as a single class);

 

(xxiv)        
to permit the Issuer to enter into any additional agreements not expressly prohibited by this Indenture as well as any amendment,
modification or waiver thereof if the Issuer determines that such additional agreement, amendment, modification or waiver would
not, upon or after becoming effective, materially and adversely affect the rights or interests of holders of any Class of Notes;
provided that (A) any such additional agreement shall include customary limited recourse and non-petition provisions; (B)
the consent to such supplemental indenture has been obtained from a Majority of the Controlling Class and (C) the Trustee receives
an opinion of counsel with respect to whether the interests of holders of any Class of Notes would be materially and adversely
affected (which opinion may be supported as to factual (including financial and capital markets) matters by any relevant certificates
and other documents necessary or advisable in the judgment of counsel delivering the opinion);

 

    -165-

     

    

 

(xxv)        
 to modify (A) the Collateral Quality Tests or the definitions related thereto, (B) any of the Investment Criteria, (C) the
requirements regarding the Issuer (or the Collateral Manager on the Issuer’s behalf) voting in favor of a Maturity Amendment
or (D) the Coverage Tests or the definitions related thereto or the calculation thereof, so long as (I) the Collateral Manager
certifies that no Class of Secured Notes would be materially and adversely affected thereby and (II) a Majority of the Controlling
Class consents to such modification;

 

(xxvi)        
to modify any provision to facilitate an exchange of one obligation for another obligation of the same Obligor that has substantially
identical terms except transfer restrictions, including to effect any serial designation relating to the exchange; provided
that no such supplemental indenture shall be required to facilitate any exchange of one obligation for another in accordance
with Article XII hereof;

 

(xxvii)         to
modify or amend any component of the Concentration Limitations and the definitions related thereto which affect the calculation
thereof so long as the Collateral Manager certifies that no Class of Secured Notes would be materially and adversely affected
thereby, a Majority of the Controlling Class consents to such modification and the Global Rating Agency Condition is satisfied;

 

(xxviii)        to
make any necessary or advisable changes to the Indenture in connection with the adoption of an Alternative Rate; or

 

(xxix)        
 to make any modification determined by the Collateral Manager necessary or advisable to comply with U.S. Risk Retention
Rules, including (without limitation) in connection with a Refinancing, Optional Redemption, Re-Pricing, additional issuance of
Notes or material amendment to any of the Transaction Documents; provided that a Majority of the Controlling Class has
not objected to such modification within 15 Business Days of notice of such supplemental indenture.

 

The
provisions regarding deemed consent described in the second paragraph in Section 8.2 below shall apply in the case of any
supplemental indenture entered into in accordance with this Section 8.1 to the extent such supplemental indenture requires
the consent of holders of any Class of Notes (other than the Class A-1 Notes).

 

    -166-

     

    

 

Section
8.2            Supplemental Indentures With Consent of Holders of Notes.
Subject to the provisions of Section 8.1 and the provisions in this Section 8.2, with the consent (which consent
may be deemed as set forth herein, except in the case of the Class A-1 Notes) of a Majority of the Secured Notes of each Class
materially and adversely affected thereby, if any, and if the Subordinated Notes are materially and adversely affected thereby,
a Majority of the Subordinated Notes, the Trustee and the Issuer, with the written consent of the Collateral Manager, may execute
one or more supplemental indentures to add provisions to, or change in any manner or eliminate any provisions of, this Indenture
or modify in any manner the rights of the Holders of the Notes of any Class under this Indenture; provided that without
the consent (which consent may be deemed as set forth herein, except in the case of the Class A-1 Notes) of each Holder of each
Outstanding Note of each Class materially and adversely affected thereby, no such supplemental indenture described above may:

 

(i)               change
the Stated Maturity of the principal of or the due date of any installment of interest on any Secured Note, reduce the principal
amount thereof or the rate of interest thereon, other than in connection with a Re-Pricing or in connection with the adoption
of an Alternative Rate, or, except as otherwise expressly permitted by this Indenture, the Redemption Price with respect to any
Note, or change the earliest date on which Notes of any Class may be redeemed, change the provisions of this Indenture relating
to the application of proceeds of any Assets to the payment of principal of or interest on the Secured Notes or distributions
on the Subordinated Notes or change any place where, or the coin or currency in which, Notes or the principal thereof or interest
or any distribution thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after
the Stated Maturity thereof (or, in the case of redemption, on or after the applicable Redemption Date);

 

(ii)             
reduce the percentage of the Aggregate Outstanding Amount of Holders of each Class whose consent is required for the authorization
of any such supplemental indenture or for any waiver of compliance with certain provisions of this Indenture or certain defaults
hereunder or their consequences provided for herein;

 

(iii)            
impair or adversely affect the Assets except as otherwise permitted herein;

 

(iv)            
except as otherwise permitted by this Indenture, permit the creation of any lien ranking prior to or on a parity with the lien
of this Indenture with respect to any part of the Assets or terminate such lien on any property at any time subject hereto or
deprive the Holder of any Secured Note of the security afforded by the lien of this Indenture;

 

(v)              
reduce the percentage of the Aggregate Outstanding Amount of Holders of any Class of Secured Notes whose consent is required to
request the Trustee to preserve the Assets or rescind the Trustee’s election to preserve the Assets pursuant to Section 5.5 or
to sell or liquidate the Assets pursuant to Section 5.4 or 5.5;

 

(vi)            
modify any of the provisions of (x) this Section 8.2, except to increase the percentage of Outstanding Class A-1
Notes, Class A-2 Notes, Class B-1 Notes, Class B-2 Notes, Class C Notes, Class D Notes or Subordinated Notes the consent
of the Holders of which is required for any such action or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each Class A-1 Note Outstanding, Class A-2 Note Outstanding, Class
B-1 Note Outstanding, Class B-2 Note Outstanding, Class C Note Outstanding, Class D Note Outstanding or Subordinated Note
Outstanding and affected thereby or (y) Section 8.1 or Section 8.3;

 

    -167-

     

    

 

(vii)            
modify the definition of the term “Outstanding” or the Priority of Payments set forth in Section 11.1(a); or

 

(viii)            
modify any of the provisions of this Indenture in such a manner as to affect the calculation of the amount of any payment of interest
or principal on any Secured Note or any amount available for distribution to the Subordinated Notes, or to affect the rights of
the Holders of any Secured Notes to the benefit of any provisions for the redemption of such Secured Notes contained herein.

 

Notwithstanding
anything herein to the contrary, and solely for purposes related to any holder consent required with respect to any proposed supplemental
indenture pursuant to Sections 8.1 and 8.2, except in the case of the Class A-1 Notes, a holder shall be deemed
to have provided consent to any amendment or modification undertaken pursuant to such section if (i) such holder affirmatively
provides written consent or (ii) such holder fails to deliver a written objection (including via e-mail to the address provided
in the notice of supplemental indenture) on or prior to 10 Business Days following notice by the Trustee of such supplemental
indenture.

 

Notwithstanding
any other provision relating to supplemental indentures herein, at any time after the expiration of the Non-Call Period, if any
Class of Notes has been or contemporaneously with the effectiveness of any supplemental indenture will be paid in full in accordance
with this Indenture as so supplemented or amended, the written consent of any Holder of any Note of such Class will not be required
with respect to such supplemental indenture.

 

Section
8.3            Execution of Supplemental Indentures. (a) The Collateral
Manager shall not be bound to follow any amendment or supplement to this Indenture unless it has consented thereto in accordance
with this Article VIII. No amendment to this Indenture will be effective against the Collateral Administrator if such amendment
would adversely affect the Collateral Administrator, including, without limitation, any amendment or supplement that would increase
the duties or liabilities of, or adversely change the economic consequences to, the Collateral Administrator, unless the Collateral
Administrator otherwise consents in writing.

 

(b)              
Notwithstanding anything to the contrary in Section 8.3(g) below, in the case of any supplemental indenture described in
Section 8.1(a)(viii), any supplemental indenture described in Section 8.1(a)(xii)(A) in relation to an additional
issuance of Subordinated Notes only, any supplemental indenture described in Section 8.1(a)(xii)(B)(1) effecting a Refinancing
or any supplemental indenture to which the Holders of each Outstanding Note of each Class have provided their consent, (i) such
supplemental indenture shall not be subject to the satisfaction of the Global Rating Agency Condition, (ii) except in the case
of a supplemental indenture described in Section 8.1(a)(xii)(B)(1) effecting a Refinancing, the Trustee shall not be required
to provide notice of such supplemental indenture to any Rating Agency and (iii) the Trustee shall not be required to request written
confirmation from any Rating Agency that the Global Rating Agency Condition has been satisfied. Notwithstanding the foregoing,
the Trustee shall subsequently provide to S&P a copy of any supplemental indenture described in the immediately preceding
sentence.

 

    -168-

     

    

 

(c)              
Notwithstanding anything herein to the contrary, no supplemental indenture, or other modification or amendment of the Indenture,
may become effective without the consent of the holders of each Note of each Outstanding Class unless such supplemental indenture
or other modification or amendment would not, in the reasonable judgment of the Issuer in consultation with legal counsel experienced
in such matters, as certified by the Issuer to the Trustee (upon which certification the Trustee may conclusively rely), (i) result
in the Issuer being treated as an association or publicly traded partnership taxable as a corporation for U.S. federal income
tax purpose or otherwise subject to U.S. federal income tax on a net basis or (ii) have a material adverse effect on the U.S.
tax treatment of the Issuer or the U.S. tax consequences to the holder of any Class of Notes outstanding at the time of such supplemental
indenture or other modification or amendment thereto.

 

(d)              
 The Trustee may conclusively rely on an Opinion of Counsel (which may be supported as to factual (including financial and capital
markets) matters by any relevant certificates and other documents necessary or advisable in the judgment of counsel delivering
the opinion) or a Responsible Officer’s certificate of the Collateral Manager as to whether the interests of any holder
of Notes would be materially and adversely affected by the modifications set forth in any supplemental indenture, it being expressly
understood and agreed that the Trustee shall have no obligation to make any determination as to the satisfaction of the requirements
related to any supplemental indenture which may form the basis of such Opinion of Counsel or such Responsible Officer’s
certificate; provided that if a Majority of the holders of any Class of Notes have provided written notice to the Trustee
at least one Business Day prior to the execution of such supplemental indenture that such Class would be materially and adversely
affected thereby, the Trustee shall not be entitled to rely on an opinion of counsel or a Responsible Officer’s certificate
of the Collateral Manager as to whether or not the Holders of such Class would be materially and adversely affected by such supplemental
indenture and shall not enter into such supplemental indenture without the consent of a Majority (or Supermajority or each Holder,
as applicable) of such Class. Such determination by such Class as to whether the interests of any Holder have been materially
and adversely affected shall be conclusive and binding on all present and future Holders. The Trustee shall not be liable for
any determination made in good faith and in reliance upon an Opinion of Counsel or such a Responsible Officer’s certificate
delivered to the Trustee as described herein.

 

(e)              
The Trustee shall join in the execution of any such supplemental indenture and to make any further appropriate agreements and
stipulations which may be therein contained, but the Trustee shall not be obligated to enter into any such supplemental indenture
which affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise.

 

    -169-

     

    

 

(f)               
In executing or accepting the additional trusts created by any supplemental indenture permitted by this Article VIII or
the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Sections
6.1 and 6.3) shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental
indenture is authorized or permitted by this Indenture and that all conditions precedent thereto have been satisfied. The Trustee
shall not be liable for any reliance made in good faith upon such an Opinion of Counsel. Such determination shall, in each case,
be conclusive and binding on all present and future Holders and beneficial owners.

 

(g)              
At the cost of the Issuer, for so long as any Notes shall remain Outstanding, not later than 10 days prior to the execution of
any proposed supplemental indenture pursuant to Section 8.1 and not later than 7 days prior to the execution of any
proposed supplemental indenture pursuant to Section 8.2, the Trustee shall deliver to the Collateral Manager, the
Collateral Administrator and the Noteholders a copy of such proposed supplemental indenture; provided that, for any party
entitled to receive notice, this provision will be deemed satisfied (1) upon the written waiver of such party to receipt of such
notice and (2) in the case of the holders, the simultaneous payment in full of the Notes held by such holders pursuant to the
proposed supplemental indenture. It shall not be necessary for the Holders of the requisite Notes to approve the particular form
of any proposed supplemental indenture, but it shall be sufficient, if the consent of any holder to such proposed supplemental
indenture is required, that such holder shall approve the substance thereof. Except as otherwise provided in Section 8.1,
if any Class of Secured Notes is then Outstanding and is rated by a Rating Agency, the Trustee shall enter into any such supplemental
indenture only if, as a result of such supplemental indenture, the Global Rating Agency Condition is satisfied. At the cost of
the Issuer, for so long as any Class of Secured Notes shall remain Outstanding and such Class is rated by a Rating Agency, the
Trustee shall provide to such Rating Agency a copy of any proposed supplemental indenture at least 7 days prior to the execution
thereof by the Trustee (unless such period is waived by the applicable Rating Agency). Following such deliveries by the Trustee,
if any changes are made to such proposed supplemental indenture other than to correct typographical errors or to adjust formatting,
then at the cost of the Issuer, for so long as any Notes shall remain Outstanding, not later than 3 days prior to the execution
of such proposed supplemental indenture (provided that the execution of such proposed supplemental indenture shall not
in any case occur earlier than the date 10 days or 7 days, as applicable, after the initial distribution of such proposed supplemental
indenture pursuant to the first sentence of this Section 8.3(g)), the Trustee shall deliver to the Collateral Manager,
the Collateral Administrator, the Noteholders and the Rating Agencies a copy of such supplemental indenture as revised, indicating
the changes that were made. Any failure of the Trustee to publish or deliver such notices, or any defect therein, shall not in
any way impair or affect the validity of any such supplemental indenture. In the case of a supplemental indenture to be entered
into pursuant to Section 8.1(a)(xii)(B), the foregoing notice periods shall not apply and a copy of the proposed supplemental
indenture shall be included in the notice of Optional Redemption given to each holder of Secured Notes under Section 9.2;
and, upon execution of the supplemental indenture, at the cost of the Issuer, a copy thereof shall be delivered to each Rating
Agency and each Holder of Notes.

 

    -170-

     

    

 

(h)              
 It shall not be necessary for any Act of the Holders to approve the particular form of any proposed supplemental indenture, but
it shall be sufficient, if the consent of any Holders to such proposed supplemental indenture is required, that such Act shall
approve the substance thereof.

 

(i)                
At any time during or after the Reinvestment Period, at the written direction of any Holder or Holders of Subordinated Notes,
substantially in the form of Exhibit F (solely for Contributions of Cash or Eligible Investments), but without any amendment
to the Indenture, satisfaction of the Global Rating Agency Condition or the consent of any other holder of Notes (i) such Holder
may make a Contribution of Cash, Eligible Investments or Collateral Obligations or (ii) solely with respect to Holders of Certificated
Subordinated Notes, such Holder may designate (prior to the Determination Date) all or a specified portion of amounts that would
otherwise be distributed on such Payment Date to such Holder or Holders of Subordinated Notes be retained by the Trustee in the
Supplemental Reserve Account as a Contribution and be available for reinvestment in additional Collateral Obligations and other
Permitted Uses as directed by the applicable Contributor, so long as the Collateral Manager consents to such Permitted Use(s)
(or, if no direction is given by the Contributor, at the Collateral Manager’s reasonable discretion).

 

(j)                
Notwithstanding anything herein to the contrary, without the prior written consent of a Supermajority of the Section 13 Banking
Entities (voting as a single class), no supplemental indenture, or other modification or amendment of this Indenture shall modify
any of (i) the definitions of “Assets,” “Concentration Limitations,” “Eligible Investments,”
“Participation Interest,” or “Section 13 Banking Entity,” or (ii) the criteria required to enter into
a hedge agreement.

 

(k)              
Unless the Trustee and the Issuer are notified within 10 Business Days after notice by the Trustee to the holders of a proposed
supplemental indenture by a Majority of any Class from whom consent is not being requested (other than the Class A-1 Notes) that
the holders of such Class giving such notice believe that they will be materially and adversely affected by the proposed supplemental
indenture, the interests of such Class (other than the Class A-1 Notes) will be deemed for all purposes to not be materially and
adversely affected by such proposed supplemental indenture.

 

Section
8.4            Effect of Supplemental Indentures. Upon the execution
of any supplemental indenture under this Article VIII, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Notes theretofore and thereafter
authenticated and delivered hereunder shall be bound thereby.

 

Section
8.5            Reference in Notes to Supplemental Indentures. Notes
authenticated and delivered as part of a transfer, exchange or replacement pursuant to Article II of Notes originally
issued hereunder after the execution of any supplemental indenture pursuant to this Article VIII may, and if required by
the Issuer shall, bear a notice as to any matter provided for in such supplemental indenture. If the Issuer shall so determine,
new Notes, so modified as to conform in the opinion of the Issuer to any such supplemental indenture, may be prepared and executed
by the Issuer and authenticated and delivered by the Trustee in exchange for Outstanding Notes. 

 

    -171-

     

    

 

Section
8.6            Hedge Agreements. The Issuer and the Trustee shall
not enter into any supplemental indenture that permits the Issuer to enter into a hedge agreement unless the Global Rating Agency
Condition is satisfied with respect thereto and the Issuer obtains (a) a certification from the Collateral Manager that (i) the
written terms of the derivative directly relate to the Collateral Obligations and the Notes and (ii) such derivative reduces the
interest rate and/or foreign exchange risks related to the Collateral Obligations and the Notes, (b) written advice of counsel
that such hedge agreement will not cause any Person to be required to register as a “commodity pool operator” (within
the meaning of the Commodity Exchange Act) with the Commodity Futures Trading Commission in connection with the Issuer and (c)
the consent of a Majority of the Controlling Class. The Issuer shall provide Fitch with written notice of any supplemental indenture
that permits the Issuer to enter into a hedge agreement, and the Issuer shall only enter into such hedge agreement with a counterparty
that has the minimum ratings required by Fitch at the time the Issuer enters into such hedge agreement, unless Fitch provides
written confirmation that such counterparty is not required to have such minimum ratings.

 

ARTICLE
IX

Redemption Of Notes

 

Section
9.1            Mandatory Redemption. If a Coverage Test is not met
on any Determination Date on which such Coverage Test is applicable, the Issuer shall apply available amounts in the Payment Account
to make payments on the Secured Notes pursuant to the Priority of Payments.

 

Section
9.2            Optional Redemption. (a) The Secured Notes shall
be redeemable by the Issuer at the written direction of a Majority of the Subordinated Notes (and in the case of a Refinancing,
with the consent of the Collateral Manager and the U.S. Retention Provider) as follows: (i) the Secured Notes shall be redeemed
in whole in order of seniority (with respect to all Classes of Secured Notes) but not in part on any Business Day after the end
of the Non-Call Period from Sale Proceeds, Contributions of Cash and/or Refinancing Proceeds or (ii) the Secured Notes shall
be redeemed in part by Class from Refinancing Proceeds, Contributions of Cash and/or Partial Refinancing Interest Proceeds on
any Business Day after the end of the Non-Call Period as long as the Class of Secured Notes to be redeemed represents not less
than the entire Class of such Secured Notes. In connection with any such redemption, the Secured Notes shall be redeemed at the
applicable Redemption Price and a Majority of Subordinated Notes must provide the above described written direction (and the Collateral
Manager the above described consent in the case of a Refinancing) to the Issuer and the Trustee not later than 10 days (or such
shorter period of time as the Trustee and the Collateral Manager find reasonably acceptable) prior to the Business Day on which
such redemption is to be made; provided that all Secured Notes to be redeemed must be redeemed simultaneously.

 

(b)              
Upon receipt of a notice of any redemption of Secured Notes in whole pursuant to Section 9.2(a)(i), the Collateral Manager
in its sole discretion shall direct the sale (and the manner thereof) of all or part of the Collateral Obligations and other Assets
such that the proceeds from such sale and all other funds available for such purpose in the Collection Account and the Payment
Account will be at least sufficient to pay the Redemption Price of the Secured Notes to be redeemed and to pay all Administrative
Expenses (regardless of the Administrative Expense Cap) and Aggregate Collateral Management Fees due and payable under the Priority
of Payments. If such proceeds of such sale and all other funds available for such purpose in the Collection Account and the Payment
Account would not be sufficient to redeem all Secured Notes and to pay such fees and expenses, the Secured Notes may not be redeemed.
The Collateral Manager, in its sole discretion, may effect the sale of all or any part of the Collateral Obligations or other
Assets through the direct sale of such Collateral Obligations or other Assets or by participation, merger or other arrangement.

 

    -172-

     

    

 

(c)              
The Subordinated Notes may be redeemed, for the relevant Redemption Price, on any Business Day on or after the redemption (including
in connection with a Refinancing of all Classes of Secured Notes) or repayment of all of the Secured Notes, at the written direction
of a Majority of the Subordinated Notes delivered to the Trustee and the Collateral Manager on behalf of the Issuer at least five
Business Days prior to the designated Business Day on which the Subordinated Notes are to be redeemed (which direction may be
given in connection with a direction to redeem the Secured Notes or at any time after the Secured Notes have been redeemed or
repaid in full).

 

(d)              
In addition to (or in lieu of) a sale of Collateral Obligations and/or Eligible Investments in the manner provided in Section 9.2(b),
the Secured Notes may be redeemed on any Business Day after the expiration of the Non-Call Period in whole from Refinancing Proceeds,
Contributions of Cash and/or Sale Proceeds or in part by Class from Refinancing Proceeds, Contributions of Cash and/or Partial
Refinancing Interest Proceeds as provided in Section 9.2(a)(ii) by a Refinancing (such securities, the “Replacement
Notes”); provided that the terms of such Refinancing and any financial institutions acting as lenders thereunder
or purchasers thereof must be acceptable to the Collateral Manager and a Majority of the Subordinated Notes and such Refinancing
otherwise satisfies the conditions described below.

 

(e)              
In the case of a Refinancing upon a redemption of the Secured Notes in whole but not in part pursuant to Section 9.2(a)(i),
such Refinancing will be effective only if (i) the Refinancing Proceeds, any amounts in the Supplemental Reserve Account,
all or a specified (as directed by Holders of Certificated Subordinated Notes entitled to receive such Interest Proceeds and as
determined by the Issuer, or the Collateral Manager on behalf of the Issuer) portion of Interest Proceeds that are otherwise payable
pursuant to Section 11.1(a)(i)(P), all Sale Proceeds, if any, from the sale of Collateral Obligations and Eligible Investments
in accordance with the procedures set forth herein, Contributions of Cash and all other available funds will be at least sufficient
to redeem simultaneously the Secured Notes then required to be redeemed, in whole but not in part (subject to any election to
receive less than 100% of Redemption Price as noted below), and to pay all accrued and unpaid Administrative Expenses (regardless
of the Administrative Expense Cap), including, without limitation, the reasonable fees, costs, charges and expenses incurred by
the Trustee and the Collateral Administrator (including reasonable attorneys’ fees and expenses) in connection with such
Refinancing, (ii) the Refinancing Proceeds, any amounts in the Supplemental Reserve Account, all or a specified (as directed
by Holders of Certificated Subordinated Notes entitled to receive such Interest Proceeds and as determined by the Issuer, or the
Collateral Manager on behalf of the Issuer) portion of Interest Proceeds that is otherwise payable pursuant to Section 11.1(a)(i)(P),
all Sale Proceeds, if any, Contributions of Cash and other available funds are used (to the extent necessary) to make such redemption,
(iii) the agreements relating to the Refinancing contain limited recourse and non-petition provisions equivalent (mutatis
mutandis) to those contained in Section 13.1(b) and Section 2.7(i) and (iv) the Collateral Manager and
the U.S. Retention Provider each consents to such Refinancing.

 

    -173-

     

    

 

(f)               
In the case of a Refinancing upon a redemption of the Secured Notes in part by Class pursuant to Section 9.2(a)(ii), such
Refinancing will be effective only if: (i) notice is provided to S&P and Fitch, (ii) the Refinancing Proceeds, the Partial
Refinancing Interest Proceeds, Contributions of Cash, any amounts in the Supplemental Reserve Account and all or a specified (as
directed by Holders of Certificated Subordinated Notes entitled to receive such Interest Proceeds and as determined by the Issuer,
or the Collateral Manager on behalf of the Issuer) portion of Interest Proceeds that are otherwise payable pursuant to Section
11.1(a)(i)(P) will be at least sufficient to pay in full the aggregate Redemption Price of the entire Class or Classes of
Secured Notes subject to Refinancing, (iii) the Refinancing Proceeds, the Partial Refinancing Interest Proceeds, Contributions
of Cash, any amounts in the Supplemental Reserve Account and all or a specified (as directed by Holders of Certificated Subordinated
Notes entitled to receive such Interest Proceeds and as determined by the Issuer, or the Collateral Manager on behalf of the Issuer)
portion of Interest Proceeds that is otherwise payable pursuant to Section 11.1(a)(i)(P) are used (to the extent necessary)
to make such redemption, (iv) the agreements relating to the Refinancing contain limited recourse and non-petition provisions
equivalent (mutatis mutandis) to those contained in Section 13.1(b) and Section 2.7(i), (v) the aggregate
principal amount of any obligations providing the Refinancing is equal to the aggregate principal amount of the Secured Notes
being redeemed with the proceeds of such obligations, (vi) the stated maturity of each class of obligations providing the Refinancing
is the same as the corresponding Stated Maturity of each Class of Secured Notes being refinanced; provided that, the stated
maturity of a class of obligations providing the Refinancing may be later (but in no case earlier) than the corresponding Stated
Maturity of a Class of Notes being refinanced if the Global Rating Agency Condition is satisfied with respect to each Class of
Secured Notes not subject to the Refinancing, (vii) the reasonable fees, costs, charges and expenses incurred in connection with
such Refinancing have been paid or will be adequately provided for from the Refinancing Proceeds (except for expenses owed to
Persons that the Collateral Manager informs the Trustee will be paid solely as Administrative Expenses payable in accordance with
this Indenture; provided that any such fees and expenses due to the Trustee and determined by the Collateral Manager to
be paid in accordance with the Priority of Payments shall not be subject to the Administrative Expense Cap), (viii) the Refinancing
Rate Condition is satisfied, (ix) the obligations providing the Refinancing are subject to the Priority of Payments and do not
rank higher in priority pursuant to the Priority of Payments than the Class of Secured Notes being refinanced, (x) the voting
rights, consent rights, redemption rights and all other rights of the obligations providing the Refinancing are the same as the
rights of the corresponding Class of Secured Notes being refinanced (except that, at the Issuer’s election, the non-call
period with respect to the obligations providing the Refinancing may be extended or decreased as it applies to a subsequent Refinancing
or redemption of any such class), (xi) the Collateral Manager and the U.S. Retention Provider each consents to such Refinancing,
(xii) the Issuer has received written advice from Dechert LLP or an opinion of counsel of nationally recognized standing that
(A) such Refinancing will not result in the Issuer being treated as a publicly traded partnership taxable as a corporation for
U.S. federal income tax purposes and (B) such Refinancing will not result in the Issuer being subject to U.S. federal income tax
on a net basis and (xiii) the Issuer (or the Collateral Manager on behalf of the Issuer) has provided an Officer’s certificate
to the Trustee certifying that the conditions to such Refinancing have been satisfied.

 

    -174-

     

    

 

 

(g)              
The Holders of the Subordinated Notes will not have any cause of action against the Issuer, the Collateral Manager, the Collateral
Administrator or the Trustee for any failure to obtain a Refinancing. If a Refinancing is obtained meeting the requirements specified
above as certified by the Collateral Manager, the Issuer and the Trustee (at the direction of the Issuer) shall amend this Indenture
to the extent necessary to reflect the terms of the Refinancing and no further consent for such amendments shall be required from
the Holders of Notes other than a Majority of the Subordinated Notes directing the redemption. The Trustee shall not be obligated
to enter into any amendment that, in its view, adversely affects its duties, obligations, liabilities or protections hereunder,
and the Trustee shall be entitled to conclusively rely upon an Opinion of Counsel as to matters of law (which may be supported
as to factual (including financial and capital markets) matters by any relevant certificates and other documents necessary or
advisable in the judgment of counsel delivering such Opinion of Counsel) provided by the Issuer to the effect that such amendment
meets the requirements specified above and is permitted under this Indenture (except that such officer or counsel shall have no
obligation to certify or opine as to the sufficiency of the Refinancing Proceeds, or the sufficiency of the Accountants’
Report).

 

(h)              
In the event of any redemption pursuant to this Section 9.2, the Issuer shall, at least 10 days (in the case of an
Optional Redemption of the Secured Notes) (or such shorter period of time as the Trustee and the Collateral Manager find reasonably
acceptable) or 5 Business Days (in the case of an Optional Redemption of the Subordinated Notes) (or such shorter period of time
as the Trustee and the Collateral Manager find reasonably acceptable) prior to the Redemption Date, notify the Trustee in writing
of such Redemption Date, the applicable Record Date, the principal amount of Notes to be redeemed on such Redemption Date and
the applicable Redemption Price (which Redemption Price shall be the Redemption Price to be paid in the event no Redemption Distribution
Date occurs and which may be decreased as a result of payments on Redemption Distribution Dates to the extent that such payment
reduces the amount of interest that accrues on one or more Classes of Notes); provided that failure to effect any Optional
Redemption which is withdrawn by the Issuer in accordance with this Indenture or with respect to which a Refinancing fails to
occur shall not constitute an Event of Default.

 

(i)                
In connection with any Optional Redemption of the Secured Notes in whole, Holders of 100% of the Aggregate Outstanding Amount
of any Class of Secured Notes may elect to receive less than 100% of the Redemption Price that would otherwise be payable to the
Holders of such Class of Secured Notes.

 

    -175-

     

    

 

(j)                
 In connection with an Optional Redemption of all Classes of Secured Notes, a Majority of the Subordinated Notes may direct the
Issuer (who shall give written notice to the Trustee no less than 4 Business Days prior to such date) to distribute amounts on
deposit in the Collection Account to pay a portion of the Redemption Price pursuant to the Priority of Payments on one or more
Business Days prior to the Redemption Date (any such date a “Redemption Distribution Date”). The Collateral
Manager may elect to distribute Interest Proceeds, Principal Proceeds or both on such Redemption Distribution Date pursuant to
the applicable Priority of Payments. To the extent the Collateral Manager does not elect to distribute amounts pursuant to Section
11.1(a)(i), holders of Notes shall not be entitled to receive any amounts on account of accrued and unpaid interest on such
date.

 

Section
9.3            Tax Redemption. (a) The Notes shall be redeemed in
whole but not in part on any Business Day (any such redemption, a “Tax Redemption”) at their applicable Redemption
Price at the written direction (delivered to the Trustee) of (x) a Majority of any Affected Class or (y) a Majority of the Subordinated
Notes, in either case following the occurrence and continuation of a Tax Event. 

 

(b)              
In connection with any Tax Redemption, Holders of 100% of the Aggregate Outstanding Amount of any Class of Secured Notes may elect
to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class of Secured Notes.

 

(c)              
Upon its receipt of such written direction directing a Tax Redemption, the Trustee shall promptly notify the Collateral Manager,
the Holders and each Rating Agency thereof.

 

(d)              
If an Officer of the Collateral Manager obtains actual knowledge of the occurrence of a Tax Event, the Collateral Manager shall
promptly notify the Issuer, the Collateral Administrator and the Trustee thereof, and upon receipt of such notice the Trustee
shall promptly notify the Holders of the Notes and each Rating Agency thereof

 

Section
9.4            Redemption Procedures. (a) In the event of any redemption
pursuant to Section 9.2, the written direction of the Holders of the Subordinated Notes (and in the case of a Refinancing,
the consent of the Collateral Manager and the U.S. Retention Provider) required thereby shall be provided to the Issuer, the Trustee
and the Collateral Manager not later than 10 days (or such shorter period of time as the Trustee and the Collateral Manager find
reasonably acceptable) prior to the Business Day on which such redemption is to be made (which date shall be designated in such
notice). In the event of any redemption pursuant to Section 9.2 or 9.3, a notice of redemption shall be given
by the Trustee by overnight delivery service (or through the applicable procedures of DTC), postage prepaid, mailed not later
than 4 Business Days prior to the applicable Redemption Date, to each Holder of Notes, at such Holder’s address in the Register.

 

    -176-

     

    

 

(b)              
All notices of redemption delivered pursuant to Section 9.4(a) shall state:

 

(i)                
the applicable Redemption Date;

 

(ii)             
the Redemption Price of the Notes to be redeemed;

 

(iii)           
 all of the Secured Notes that are to be redeemed are to be redeemed in full and that interest on such Secured Notes shall cease
to accrue on the Business Day specified in the notice;

 

(iv)            
the place or places where Notes are to be surrendered for payment of the Redemption Price, which shall be the office or agency
of the Issuer to be maintained as provided in Section 7.2; and

 

(v)              
if all Secured Notes are being redeemed, whether the Subordinated Notes are to be redeemed in full on such Redemption Date and,
if so, the place or places where the Subordinated Notes are to be surrendered for payment of the Redemption Price, which shall
be the office or agency of the Issuer to be maintained as provided in Section 7.2.

 

(c)              
The Issuer may withdraw any such notice of redemption delivered pursuant to Section 9.2 up to the Business Day prior
to the proposed Redemption Date by written notice to the Trustee. The Issuer shall provide Fitch notice of any withdrawal.

 

(d)              
Notice of redemption pursuant to Section 9.2 or 9.3 shall be given by the Issuer or, upon an Issuer Order,
by the Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to any
Holder of any Note selected for redemption shall not impair or affect the validity of the redemption of any other Notes.

 

(e)              
Unless Refinancing Proceeds are being used to redeem the Secured Notes in whole or in part, in the event of any redemption pursuant
to Section 9.2 or 9.3, no Secured Notes may be optionally redeemed unless (i) at least five Business Days
before the scheduled Redemption Date the Collateral Manager shall have furnished to the Trustee evidence, in a form reasonably
satisfactory to the Trustee (which may be in the form of a certificate of a Responsible Officer of the Collateral Manager), that
the Collateral Manager on behalf of the Issuer has entered into a binding agreement or agreements with a financial or other institution
or institutions whose short-term unsecured debt obligations (other than such obligations whose rating is based on the credit of
a Person other than such institution) are rated, or guaranteed by a Person whose short-term unsecured debt obligations are
rated, at least “A-1” by S&P to purchase (directly or by participation, merger or other arrangement), not
later than the Business Day immediately preceding the scheduled Redemption Date in immediately available funds, all or part of
the Assets at a purchase price at least sufficient, together with the Eligible Investments maturing, redeemable or putable to
the issuer thereof at par on or prior to the scheduled Redemption Date, to pay all Administrative Expenses (regardless of the
Administrative Expense Cap) and Aggregate Collateral Management Fees payable in connection with such Optional Redemption or Tax
Redemption, in each case, as applicable and in accordance with the Priority of Payments, and redeem the applicable Class of Notes
on the scheduled Redemption Date (and after giving effect to payment on any applicable Redemption Distribution Dates) at the applicable
Redemption Price (or, such other amount that the Holders of such Class have elected to receive, where Holders of such Class have
elected to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class), or (ii) prior
to selling any Collateral Obligations and/or Eligible Investments, the Collateral Manager shall certify to the Trustee that, in
its judgment, the aggregate sum of (A) expected proceeds from the sale of Eligible Investments, and (B) the Market Value
of each Collateral Obligation shall exceed the sum of (x) the aggregate Redemption Price (or in the case of any Class of
Secured Notes, such other amount that the Holders of such Class have elected to receive, where Holders of such Class have elected
to receive less than 100% of the Redemption Price that would otherwise be payable to the Holders of such Class) of the applicable
Class of Secured Notes and (y) all Administrative Expenses (regardless of the Administrative Expense Cap) and Aggregate Collateral
Management Fees payable in connection with such Optional Redemption or Tax Redemption, in each case, as applicable and in accordance
with the Priority of Payments (after giving effect to payments on any Redemption Distribution Date). Any certification delivered
by the Collateral Manager pursuant to this Section 9.4(e) shall include (1) the prices of, and expected proceeds
from, the sale (directly or by participation, merger or other arrangement) of any Collateral Obligations and/or Eligible
Investments and (2) all calculations required by this Section 9.4(e). Any holder of Notes, the Collateral Manager
or any of their Affiliates or accounts managed thereby or by their respective Affiliates shall have the right, subject to the
same terms and conditions afforded to other bidders, to bid on Assets to be sold as part of an Optional Redemption or Tax Redemption.

 

    -177-

     

    

 

(f)               
If a Class or Classes of Secured Notes is redeemed in connection with a Refinancing in part by Class, Refinancing Proceeds, together
with Partial Refinancing Interest Proceeds, and/or Contributions of Cash, shall be used to pay the Redemption Price(s) of such
Class or Classes of Secured Notes without regard to the Priority of Payments.

 

Section
9.5            Notes Payable on Redemption Date. (a) Notice
of redemption pursuant to Section 9.4 having been given as aforesaid, the Notes to be redeemed shall, on the
Redemption Date, subject to Section 9.4(e) and the Issuer’s right to withdraw any notice of redemption
pursuant to Section 9.4(c), become due and payable at the Redemption Price therein specified, and from and after the
Redemption Date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest) all such Notes
that are Secured Notes shall cease to bear interest on the Redemption Date. Upon final payment on a Note to be so redeemed, the
Holder shall present and surrender such Note at the place specified in the notice of redemption on or prior to such Redemption
Date; provided that if there is delivered to the Issuer and the Trustee such security or indemnity as may be required by
them to save such party harmless and an undertaking thereafter to surrender such Note, then, in the absence of notice to the Issuer
or the Trustee that the applicable Note has been acquired by a protected purchaser, such final payment shall be made without presentation
or surrender. Payments of interest on Secured Notes so to be redeemed which are payable on or prior to the Redemption Date shall
be payable to the Holders of such Secured Notes, or one or more predecessor Notes, registered as such at the close of business
on the relevant Record Date according to the terms and provisions of Section 2.7(e).

 

(b)              
If any Secured Note called for redemption shall not be paid upon surrender thereof for redemption, the principal thereof shall,
until paid, bear interest from the Redemption Date at the applicable Interest Rate for each successive Interest Accrual Period
such Secured Note remains Outstanding; provided that the reason for such non-payment is not the fault of such Noteholder.

 

    -178-

     

    

 

Section
9.6            Special Redemption. Principal payments on the Secured
Notes shall be made in part in accordance with the Priority of Payments on any Payment Date (i) during the Reinvestment Period,
if the Collateral Manager at its sole discretion notifies the Trustee at least five Business Days prior to the applicable Special
Redemption Date that it has been unable, for a period of at least 20 consecutive Business Days, to identify additional Collateral
Obligations that are deemed appropriate by the Collateral Manager in its sole discretion and which would satisfy the Investment
Criteria in sufficient amounts to permit the investment or reinvestment of all or a portion of the funds then in the Collection
Account that are to be invested in additional Collateral Obligations or (ii) after the Effective Date unless the Effective
Date Condition is satisfied, if the Collateral Manager notifies the Trustee that a redemption is required pursuant to Section 7.18 in
order to obtain from S&P written confirmation of its Initial Ratings of the Secured Notes (in each case, a “Special
Redemption”). On the first Payment Date (and all subsequent Payment Dates) identified by the Collateral Manager for
the Special Redemption (in the case of a Special Redemption described in clause (i) above) or Payment Date (and all subsequent
Payment Dates) following the Collection Period in which such notice is given (in the case of a Special Redemption described in
clause (ii) above) (any such initial date a “Special Redemption Date”), the amount in the Collection Account
representing as applicable either (1) Principal Proceeds which the Collateral Manager has determined cannot be reinvested
in additional Collateral Obligations or (2) Interest Proceeds and Principal Proceeds available therefor in accordance with
the Priority of Payments on each Payment Date until the Issuer obtains confirmation from S&P of its Initial Ratings of the
Secured Notes (such amount, a “Special Redemption Amount”) will be available to be applied in accordance with
the Priority of Payments. Notice of payments pursuant to this Section 9.6 shall be given not less than (x) in the
case of a Special Redemption described in clause (i) above, three Business Days prior to the applicable Special Redemption Date
and (y) in the case of a Special Redemption described in clause (ii) above, one Business Day prior to the Special Redemption Date,
in each case by facsimile, email transmission or first class mail, postage prepaid, to each Holder of Secured Notes affected thereby
at such Holder’s facsimile number, email address or mailing address in the Register and to each Rating Agency.

 

Section
9.7            Issuer Purchases of Secured Notes. Notwithstanding
anything to the contrary in this Indenture, the Issuer may conduct purchases of the Secured Notes, in whole or in part, in accordance
with, and subject to, the terms and conditions of this Section 9.7. Notwithstanding the provisions of Section 10.2
(or any other terms hereof to the contrary), amounts in the Principal Collection Subaccount and/or the Supplemental Reserve
Account may be disbursed for purchases of Secured Notes in accordance with the provisions described in this Section 9.7.
Upon written instruction by the Issuer, the Trustee shall cancel any such purchased Secured Notes surrendered to it or, in the
case of any Global Secured Notes, the Trustee shall decrease the aggregate outstanding principal amount of such Global Secured
Notes in its records by the full par amount of the purchased Secured Notes, and instruct DTC or its nominee, as the case may be,
to conform its records. In connection with any such cancellation of an interest in a Global Secured Note, the Issuer (or other
beneficial owner of such interest) shall reasonably cooperate with the Trustee in connection with such cancellation, including
without limitation, surrendering such interest and providing any necessary instructions to DTC. The cancellation (and/or decrease,
as applicable) of any such surrendered Secured Notes shall be taken into account for purposes of all relevant calculations thereafter
made pursuant to the terms of this Indenture.

 

    -179-

     

    

 

No
purchases of the Secured Notes by the Issuer may occur unless each of the following conditions is satisfied:

 

(i)                
such purchases of Secured Notes shall occur in the following sequential order of priority: first, the Class A-1 Notes, until the
Class A-1 Notes are retired in full; second, the Class A-2 Notes, until the Class A-2 Notes are retired in full; third, the Class
B-1 Notes and the Class B-2 Notes, pro rata, based on Aggregate Outstanding Amounts, until the Class B-1 Notes
and the Class B-2 Notes are retired in full; fourth, the Class C Notes until the Class C Notes are retired in full; and fifth,
the Class D Notes until the Class D Notes are retired in full;

 

(ii)             
(A) each such purchase of Secured Notes of any Class shall be made pursuant to an offer made to all Holders and beneficial
owners of the Secured Notes of such Class, by notice to such Holders and beneficial owners, which notice shall specify the purchase
price (as a percentage of par) at which such purchase will be effected, the maximum amount of Principal Proceeds that will be
used to effect such purchase and the length of the period during which such offer will be open for acceptance, (B) each such
Holder or beneficial owner of a Secured Note shall have the right, but not the obligation, to accept such offer in accordance
with its terms and (C) if the aggregate outstanding principal amount of Notes of the relevant Class held by the Holders or
beneficial owners who accept such offer exceeds the amount of Principal Proceeds specified in such offer, a portion of the Notes
of each accepting Holder and beneficial owner shall be purchased (subject to the minimum denominations and the applicable procedures
of DTC) pro rata based on the respective principal amount held by each such Holder or beneficial owner;

 

(iii)           
each such purchase shall be effected only at prices discounted from par;

 

(iv)            
each such purchase of Secured Notes shall occur during the Reinvestment Period and shall be effected with Principal Proceeds;

 

(v)              
each Coverage Test is satisfied immediately prior to each such purchase and will be satisfied, maintained or improved after giving
effect to such purchase;

 

(vi)            
to the extent that Sale Proceeds are used to consummate any such purchase, either (I) each requirement or test, as the case
may be, of the Concentration Limitations and the Collateral Quality Tests (except the S&P CDO Monitor Test) will be satisfied
after giving effect to such purchase or (II) if any such requirement or test was not satisfied immediately prior to such
sale, such requirement or test will be maintained or improved after giving effect to such purchase;

 

(vii)         
no Event of Default shall have occurred and be continuing;

 

(viii)       
 each such purchase will otherwise be conducted in accordance with applicable law;

 

(ix)            
the Trustee shall have received an Officer’s certificate of the Collateral Manager to the effect that the conditions in
the foregoing clauses (i) through (viii) have been satisfied; and

 

(x)              
notice of each such purchase shall be provided to the Rating Agencies.

  

    -180-

     

    

 

Any
Secured Notes to be purchased shall be surrendered to the Trustee for cancellation in accordance with Section 2.9.
Upon receipt of the Officer’s certificate described in preceding sub-clause (ix), the Trustee shall disburse any available
amount in the Principal Collection Subaccount on any Business Day pursuant to Issuer instruction (or the Collateral Manager acting
on behalf of the Issuer), which instruction shall identify that such disbursement is for the purchase of Secured Notes pursuant
to and in accordance with this Section 9.7.

 

Section
9.8            Optional Re-Pricing. On any Business Day after the
Non-Call Period, at the direction of a Majority of the Subordinated Notes and with the consent of the Collateral Manager and the
U.S. Retention Provider, the Issuer shall reduce the spread over LIBOR or the fixed Interest Rate, as applicable, with respect
to any Class of Secured Notes, other than the Class A-1 Notes (such reduction with respect to any such Class of Notes, a “Re-Pricing”
and any Class of Secured Notes to be subject to a Re-Pricing, a “Re-Priced Class”); provided that the
Issuer shall not effect any Re-Pricing unless each condition specified below is satisfied with respect thereto. For the avoidance
of doubt, no terms of any Secured Notes other than the Interest Rate applicable thereto may be modified or supplemented in connection
with a Re-Pricing. In connection with any Re-Pricing, the Issuer may engage a broker-dealer (the “Re-Pricing Intermediary”)
upon the recommendation and subject to the approval of a Majority of the Subordinated Notes and such Re-Pricing Intermediary shall
assist the Issuer in effecting the Re-Pricing.

 

At
least 20 days (or such shorter period reasonably acceptable to the Trustee and the Collateral Manager) prior to the Business Day
fixed by a Majority of the Subordinated Notes for any proposed Re-Pricing (the “Re-Pricing Date”), the Issuer
(or the Re-Pricing Intermediary on behalf of the Issuer) shall deliver a notice in writing (with a copy to the Collateral Manager,
the Trustee and each Rating Agency) to each Holder of the proposed Re-Priced Class, which notice shall:

 

(a)              
specify the proposed Re-Pricing Date and the revised spread over LIBOR or the fixed Interest Rate, as applicable, to be applied
with respect to such Class (the “Re-Pricing Rate”);

 

(b)              
request each Holder of the Re-Priced Class to approve the proposed Re-Pricing; and

 

(c)              
specify the price at which Notes of any Holder of the Re-Priced Class which does not approve the Re-Pricing may be sold and transferred
pursuant to the following paragraph, which, for purposes of such Re-Pricing, shall be the Redemption Price after giving effect
on a pro forma basis to all payments to be made pursuant to the Priority of Payments on the Re-Pricing Date.

 

    -181-

     

    

 

In
the event any Holders of the Re-Priced Class do not deliver written consent to the proposed Re-Pricing on or before the date that
is not more than 5 Business Days after such notice, the Issuer, or the Re-Pricing Intermediary on behalf of the Issuer, shall
deliver written notice thereof to the consenting Holders of the Re-Priced Class, specifying the aggregate principal amount of
the Notes of the Re-Priced Class held by such non-consenting Holders, and shall request each such consenting Holder provide written
notice to the Issuer, the Trustee, the Collateral Manager and the Re-Pricing Intermediary if such Holder would like to purchase
all or any portion of the Notes of the Re-Priced Class held by the non-consenting Holders (each such notice, an “Exercise
Notice”) within five Business Days after receipt of such notice (subject to the minimum denomination and applicable
procedures of DTC). In the event the Issuer shall receive Exercise Notices with respect to more than the aggregate principal amount
of the Notes of the Re-Priced Class held by non-consenting Holders, the Issuer, or the Re-Pricing Intermediary on behalf of the
Issuer, shall cause the sale and transfer of such Notes, without further notice to the non-consenting Holders thereof (for settlement
on the Re-Pricing Date) to the Holders delivering Exercise Notices with respect thereto, pro rata based on the aggregate
principal amount of the Notes such Holders indicated an interest in purchasing pursuant to their Exercise Notices (subject to
the minimum denomination and applicable procedures of DTC). In the event the Issuer shall receive Exercise Notices with respect
to less than the aggregate principal amount of the Notes of the Re-Priced Class held by non-consenting Holders, the Issuer, or
the Re-Pricing Intermediary on behalf of the Issuer (subject to the minimum denomination and applicable procedures of DTC), shall
cause the sale and transfer of such Notes, without further notice to the non-consenting Holders thereof, for settlement on the
Re-Pricing Date to the Holders delivering Exercise Notices with respect thereto, and any excess Notes of the Re-Priced Class held
by non-consenting Holders shall be sold (for settlement on the Re-Pricing Date) to a transferee designated by the Re-Pricing Intermediary
on behalf of the Issuer. All sales of Notes to be effected pursuant to this paragraph shall be made at a price equal to the aggregate
principal amount of such Notes together with any accrued and unpaid interest thereon, including any Deferred Interest and any
accrued and unpaid interest on such Deferred Interest, in each case after giving effect on a pro forma basis to all payments
to be made pursuant to the Priority of Payments on the Re-Pricing Date, and shall be effected only if the related Re-Pricing is
effected in accordance with the provisions of this Indenture described in this Section 9.8. The Holder of each Secured
Note, by its acceptance of an interest in the Secured Notes, agrees to sell and transfer its Secured Notes in accordance with
the provisions of this Indenture described in this Section 9.8 and agrees to cooperate with the Issuer, the Re-Pricing
Intermediary and the Trustee to effect such sales and transfers. The Issuer, or the Re-Pricing Intermediary on behalf of the Issuer,
shall deliver written notice to the Trustee and the Collateral Manager not later than five Business Days prior to the proposed
Re-Pricing Date confirming that the Issuer has received written commitments to purchase all Notes of the Re-Priced Class held
by non-consenting Holders. For the avoidance of doubt, such Re-Pricing will apply to all the Notes of the Re-Priced Class, including
the Notes of the Re-Priced Class held by non-consenting Holders.

 

    -182-

     

    

 

The
Issuer shall not effect any proposed Re-Pricing unless: (i) with the consent of the Majority of the Subordinated Notes, the Collateral
Manager and the U.S. Retention Provider, the Issuer and the Trustee shall have entered into a supplemental indenture dated as
of the Re-Pricing Date solely to decrease the spread over LIBOR or the fixed Interest Rate, as applicable, with respect to the
Re-Priced Class; (ii) the Issuer (or the Re-Pricing Intermediary on behalf of the Issuer) confirms in writing that all Notes of
the Re-Priced Class held by non-consenting Holders have been sold and transferred pursuant to clause (c) above; (iii) each Rating
Agency shall have been notified of such Re-Pricing; (iv) all expenses of the Issuer and the Trustee (including the fees of the
Re-Pricing Intermediary and fees of counsel) incurred in connection with the Re-Pricing shall not exceed the amount of Interest
Proceeds available after taking into account all amounts required to be paid pursuant to the Priority of Payments on the subsequent
Payment Date prior to distributions to the Holders of the Subordinated Notes, unless such expenses shall have been paid (including
from proceeds of the additional issuance of Subordinated Notes) or shall be adequately provided for by an entity other than the
Issuer; and (v) the Issuer has received written advice from Dechert LLP or an opinion of counsel of nationally recognized standing
that (A) such Re-Pricing will not result in the Issuer being treated as a publicly traded partnership taxable as a corporation
for U.S. federal income tax purposes and (B) such Re-Pricing will not result in the Issuer being subject to U.S. federal income
tax on a net basis.

 

If
notice has been received by the Trustee from the Collateral Manager pursuant to this Indenture, notice of a Re-Pricing shall be
given by the Trustee by first class mail, postage prepaid, mailed not less than three Business Days prior to the proposed Re-Pricing
Date, to each Holder of Notes of the Re-Priced Class at the address in the Register (with a copy to the Collateral Manager), specifying
the applicable Re-Pricing Date and Re-Pricing Rate. Notice of Re-Pricing shall be given by the Trustee at the expense of the Issuer.
Failure to give a notice of Re-Pricing, or any defect therein, to any Holder of any Re-Priced Class shall not impair or affect
the validity of the Re-Pricing or give rise to any claim based upon such failure or defect. Any notice of a Re-Pricing may be
withdrawn by a Majority of the Subordinated Notes on or prior to the Business Day prior to the scheduled Re-Pricing Date by written
notice to the Issuer, the Trustee, and the Collateral Manager for any reason. Upon receipt of such notice of withdrawal, the Trustee
shall send such notice to the Holders of Notes and each Rating Agency.

 

The
Issuer shall direct the Trustee to segregate payments and take other reasonable steps to effect the Re-Pricing and the Trustee
shall have the authority to take such actions as may be directed by the Issuer or the Collateral Manager as the Issuer (or the
Re-Pricing Intermediary on behalf of the Issuer) or Collateral Manager shall deem necessary or desirable to effect a Re-Pricing.
In order to give effect to the Re-Pricing, the Issuer shall, to the extent necessary, obtain and assign a separate CUSIP or CUSIPs
to the Notes of each Class held by such consenting or non-consenting Holder(s). The Trustee shall be entitled to receive, and
shall be fully protected in relying upon an Opinion of Counsel stating that the Re-Pricing is authorized or permitted by this
Indenture and that all conditions precedent thereto have been complied with. The Trustee may request and rely on an Issuer Order
providing direction and any additional information requested by the Trustee in order to effect a Re-Pricing.

 

    -183-

     

    

 

Section
9.9            Clean-Up Call Redemption.

 

(a)              
At the written direction of either a Majority of the Subordinated Notes or the Collateral Manager in its sole discretion (which
direction shall be given so as to be received by the Issuer, the Trustee, each Rating Agency and, in the case of such direction
delivered by a Majority of the Subordinated Notes, the Collateral Manager not later than 30 days prior to the proposed Redemption
Date specified in such direction), the Secured Notes will be subject to redemption by the Issuer, in whole but not in part (a
“Clean-Up Call Redemption”), at the Redemption Price therefor, on any Business Day after the Non-Call Period
if the Collateral Principal Amount is less than 20.0% of the Target Initial Par Amount.

 

(b)              
Upon receipt of notice directing the Issuer to effect a Clean-Up Call Redemption and subject to any transfer restriction, the
Issuer (or, at the written direction and expense of the Issuer, the Trustee on behalf of the Issuer) will offer to the Collateral
Manager, the holders of the Subordinated Notes and any other Person identified by the Issuer or the Collateral Manager the right
to bid to purchase the Collateral Obligations at a price not less than the Clean-Up Call Purchase Price. Any Clean-Up Call Redemption
is subject to (i) the sale of the Collateral Obligations by the Issuer to the highest bidder therefor (it being understood that
any such sale of Collateral Obligations may consist of multiple transactions in which Collateral Obligations are sold in groups
or on an individual basis, or any combination of the two, or as an entire pool, as determined by the Collateral Manager) on or
prior to the third Business Day immediately preceding the related Redemption Date, for a purchase price in cash (the “Clean-Up
Call Purchase Price”) payable prior to or on the Redemption Date at least equal to the greater of (1) the sum of (a)
the sum of the Redemption Price of the Secured Notes, plus (b) the aggregate of all other amounts owing by the Issuer on
the date of such redemption that are payable in accordance with the Priority of Payments prior to distributions in respect of
the Subordinated Notes, minus (c) all other Assets available for application in accordance with the Priority of Payments
on the Redemption Date and (2) the Market Value of such Assets being purchased, and (ii) the receipt by the Trustee from the Collateral
Manager, prior to such purchase, of certification from the Collateral Manager that the sum so received satisfies clause (i). Upon
receipt by the Trustee of the certification referred to in the preceding sentence, the Trustee (pursuant to written direction
from, and at the expense of, the Issuer) and the Issuer shall take all actions necessary to sell, assign and transfer the Assets
to the applicable holder of Subordinated Notes, the Collateral Manager or such other Person upon payment in immediately available
funds of the Clean-Up Call Purchase Price. The Trustee shall deposit such payment into the applicable sub-account of the Collection
Account in accordance with the instructions of the Collateral Manager.

 

(c)              
Upon receipt from a Majority of the Subordinated Notes or the Collateral Manager of a direction in writing to effect a Clean-Up
Call Redemption, the Issuer shall set the related Redemption Date (as specified in the direction delivered pursuant to clause
(a) above) and the Record Date for any redemption pursuant to this Section 9.9 and give written notice thereof to the Trustee
(which shall forward such notice to the Holders), the Collateral Administrator, the Collateral Manager and each Rating Agency
not later than 15 Business Days prior to the proposed Redemption Date.

 

(d)              
 Any notice of Clean-Up Call Redemption may be withdrawn by the Issuer up to two Business Days prior to the related scheduled
Redemption Date by written notice to the Trustee, each Rating Agency and the Collateral Manager only if amounts equal to the Clean-Up
Call Purchase Price are not received in full in immediately available funds by the third Business Day immediately preceding such
Redemption Date. Notice of any such withdrawal of a notice of Clean-Up Call Redemption shall be given by the Trustee at the expense
of the Issuer to each Holder of Notes to be redeemed at such Holder’s address in the Register, by overnight courier guaranteeing
next day delivery not later than the second Business Day prior to the related scheduled Redemption Date.

 

(e)              
On the Redemption Date related to any Clean-Up Call Redemption, the Clean-Up Call Purchase Price shall be distributed pursuant
to the Priority of Payments.

 

    -184-

     

    

 

ARTICLE
X

Accounts, Accountings And Releases

 

Section
10.1        Collection of Money. (a)
Except as otherwise expressly provided herein, the Trustee may demand payment or delivery of, and shall receive and collect, directly
and without intervention or assistance of any fiscal agent or other intermediary, all Money and other property payable to or receivable
by the Trustee pursuant to this Indenture, including all payments due on the Assets, in accordance with the terms and conditions
of such Assets. The Trustee shall segregate and hold all such Money and property received by it in trust for the Holders of the
Notes and shall apply it as provided herein. Each Account shall be established and maintained (I) with a federal or state-chartered
depository institution (x) rated at least “A” and “A-1” by S&P (or at least “A+” by S&P
if such institution has no short-term rating) and (y) which has a short-term credit rating of at least “F1” or a long
term credit rating of at least “A” by Fitch or (II) in segregated trust accounts with the corporate trust department
of a federal or state-chartered deposit institution rated at least “BBB+” by S&P and which has a short-term credit
rating of at least “F1” or a long-term credit rating of at least “A” by Fitch and is subject to regulations
regarding fiduciary funds on deposit similar to Title 12 of the Code of Federal Regulation Section 9.10(b). Such institution shall
have a combined capital and surplus of at least U.S.$200,000,000. All Cash deposited in the Accounts shall be invested only in
Eligible Investments or Collateral Obligations in accordance with the terms of this Indenture. To avoid the consolidation of the
Assets of the Issuer with the general assets of the Bank under any circumstances, the Trustee shall comply, and shall cause the
Custodian to comply, with all law applicable to it as a national bank with trust powers holding segregated trust assets in a fiduciary
capacity.

 

(b)              
If any institution described in Section 10.1(a) above falls below the requirements specified in Section 10.1(a)(I)
or (II), the assets held in such Account shall be moved by the Issuer within 30 calendar days to another institution that
has ratings that satisfy such requirements.

 

Section
10.2        Collection Account. (a) In
accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, prior to the Closing Date, cause
the Trustee to establish at the Custodian two segregated trust subaccounts, one of which will be designated the “Interest
Collection Subaccount” and one of which will be designated the “Principal Collection Subaccount” (and which
together will comprise the Collection Account), each held in the name of the Issuer subject to the lien of the Trustee, for the
benefit of the Secured Parties and each of which shall be maintained with the Custodian in accordance with the Securities Account
Control Agreement. The Trustee shall from time to time deposit into the Interest Collection Subaccount, in addition to the deposits
required pursuant to Section 10.6(a), immediately upon receipt thereof or upon transfer from the Payment Account,
all Interest Proceeds (unless simultaneously reinvested in additional Collateral Obligations in accordance with Article XII
or in Eligible Investments). The Trustee shall deposit immediately upon receipt thereof or upon transfer from the Expense
Reserve Account or Revolver Funding Account all other amounts remitted to the Collection Account into the Principal Collection
Subaccount, including in addition to the deposits required pursuant to Section 10.6(a), (i) any funds designated
as Principal Proceeds by the Collateral Manager in accordance with this Indenture and (ii) all other Principal Proceeds (unless
simultaneously reinvested in additional Collateral Obligations in accordance with Article XII or in Eligible Investments).
The Issuer may, but under no circumstances shall be required to, deposit from time to time into the Collection Account, in addition
to any amount required hereunder to be deposited therein, such Monies received from external sources for the benefit of the Secured
Parties or the Issuer (other than payments on or in respect of the Collateral Obligations, Eligible Investments or other existing
Assets) as the Issuer deems, in its sole discretion, to be advisable and to designate them as Interest Proceeds or Principal Proceeds.
All Monies deposited from time to time in the Collection Account pursuant to this Indenture shall be held by the Trustee as part
of the Assets and shall be applied to the purposes herein provided. Subject to Section 10.2(d), amounts in the Collection
Account shall be reinvested pursuant to Section 10.6(a).

 

    -185-

     

    

 

(b)              The
Trustee, within one Business Day after receipt of any distribution or other proceeds in respect of the Assets which are not Cash,
shall so notify the Issuer and the Issuer (or the Collateral Manager on behalf of the Issuer) shall use its commercially reasonable
efforts to, within five Business Days after receipt of such notice from the Trustee (or as soon as practicable thereafter), sell
such distribution or other proceeds for Cash in an arm’s length transaction and deposit the proceeds thereof in the Collection
Account; provided that the Issuer (i) need not sell such distributions or other proceeds if it delivers an Issuer
Order or an Officer’s certificate to the Trustee certifying that such distributions or other proceeds constitute Collateral
Obligations, Equity Securities or Eligible Investments or (ii) may otherwise retain such distribution or other proceeds for
up to two years from the date of receipt thereof if it delivers an Officer’s certificate to the Trustee certifying that
(x) it will sell such distribution within such two-year period and (y) retaining such distribution is not otherwise
prohibited by this Indenture.

 

(c)              
At any time when reinvestment is permitted pursuant to Article XII, the Collateral Manager on behalf of the Issuer may
by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order the Trustee shall, withdraw funds on deposit in the
Principal Collection Subaccount representing Principal Proceeds (together with any Principal Financed Accrued Interest) and reinvest
(or invest, in the case of funds referred to in Section 7.18) such funds in additional Collateral Obligations,
in each case in accordance with the requirements of Article XII and such Issuer Order and the purchase price for such Collateral
Obligations (including accrued interest and other accrued amounts for such additional Collateral Obligations) may be paid on or
following the settlement thereof as directed in an Issuer Order. At any time, the Collateral Manager on behalf of the Issuer may
by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order the Trustee shall, withdraw funds on deposit in the
Principal Collection Subaccount representing Principal Proceeds and deposit such funds in the Revolver Funding Account to meet
funding requirements on Delayed Drawdown Collateral Obligations or Revolving Collateral Obligations.

  

(d)              
 The Collateral Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order
the Trustee shall, pay from amounts on deposit in the Collection Account on any Business Day during any Interest Accrual Period
(i) any amount required to exercise a warrant or right to acquire loan assets or securities held in the Assets in accordance with
such Issuer Order; provided that, so long as any Notes Outstanding are rated by S&P and (solely with respect to the
Class A-1 Notes) Fitch, (A) if such payment is made from Interest Proceeds, in the reasonable judgment of the Collateral Manager,
such payment will not cause an Event of Default due to a default in the payment, when due and payable, of any interest on
any Class A Note or any Class B Note, (B) if such payment is made from Principal Proceeds to acquire securities, unless such
Principal Proceeds were designated as such pursuant to a Contribution, (x) the aggregate amount of all payments made pursuant
to this clause (i) shall not exceed 5.0% of the Target Initial Par Amount after giving effect to such payment and (y) the Adjusted
Collateral Principal Amount is greater than or equal to the Reinvestment Target Par Balance after giving effect to such payment
and (C) notice thereof is provided to each Rating Agency, (ii) any amount required to make customary protective advances or provide
customary indemnities to the agent of the Collateral Obligation (for which the Issuer may receive a participation interest or
other right of repayment) as may be required by the Issuer as a lender under the Underlying Instruments; and (iii) from Interest
Proceeds only, any Administrative Expenses (such payments to be counted against the Administrative Expense Cap for the applicable
period and to be subject to the order of priority as stated in the definition of Administrative Expenses); provided that
the aggregate Administrative Expenses paid pursuant to this Section 10.2(d) during any Collection Period shall
not exceed the Administrative Expense Cap for the related Payment Date; provided further that the Trustee shall be entitled
(but not required) without liability on its part, to refrain from making any such payment of an Administrative Expense pursuant
to this Section 10.2 on any day other than a Payment Date if, in its reasonable determination, the payment of such amount
is likely to leave insufficient funds available to pay in full each of the items described in Section 11.1(a)(i)(A) as
reasonably anticipated to be or become due and payable on the next Payment Date, taking into account the Administrative Expense
Cap.

 

    -186-

     

    

 

(e)              
The Trustee shall transfer to the Payment Account, from the Collection Account for application pursuant to Section 11.1(a),
on the Business Day immediately preceding each Payment Date and on any Redemption Date or Redemption Distribution Date and, in
the case of proceeds received in connection with a Refinancing of the Secured Notes in whole, on the date of receipt thereof,
the amount set forth to be so transferred in the Distribution Report for such Payment Date or the Redemption Distribution Direction
for such Redemption Distribution Date.

 

(f)               
The Collateral Manager on behalf of the Issuer may by Issuer Order direct the Trustee to, and upon receipt of such Issuer Order
the Trustee shall, (i) transfer from amounts on deposit in the Interest Collection Subaccount to the Principal Collection Subaccount,
amounts necessary for application pursuant to Section 7.18(d) and/or (ii) apply amounts in the Principal Collection
Subaccount to the purchase of Secured Notes pursuant to Section 9.7.

 

(g)              
 In connection with a Refinancing in part by Class of one or more Classes of Secured Notes, the Collateral Manager on behalf of
the Issuer may direct the Trustee to apply Partial Refinancing Interest Proceeds from the Interest Collection Subaccount on the
date of a Refinancing of one or more Classes of Secured Notes to the payment of the Redemption Price(s) of the Class or Classes
of Secured Notes subject to Refinancing without regard to the Priority of Payments.

 

    -187-

     

    

 

Section
10.3        Transaction Accounts.

 

(a)              
Payment Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, prior
to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing trust account held
in the name of the Issuer subject to the lien of the Trustee, for the benefit of the Secured Parties, which shall be designated
as the Payment Account, which shall be maintained with the Custodian in accordance with the Securities Account Control Agreement.
Except as provided in Section 11.1(a), the only permitted withdrawal from or application of funds on deposit in, or
otherwise to the credit of, the Payment Account shall be to pay amounts due and payable on the Notes in accordance with their
terms and the provisions of this Indenture and, upon Issuer Order, to pay Administrative Expenses, fees and other amounts due
and owing to the Collateral Manager under the Collateral Management Agreement and other amounts specified herein, each in accordance
with the Priority of Payments. The Issuer shall not have any legal, equitable or beneficial interest in the Payment Account other
than in accordance with this Indenture (including the Priority of Payments) and the Securities Account Control Agreement. Amounts
in the Payment Account shall remain uninvested.

 

(b)              
Custodial Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, prior
to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing trust account held
in the name of the Issuer subject to the lien of the Trustee, for the benefit of the Secured Parties, which shall be designated
as the Custodial Account, which shall be maintained with the Custodian in accordance with the Securities Account Control Agreement.
All Collateral Obligations shall be credited to the Custodial Account. The only permitted withdrawals from the Custodial Account
shall be in accordance with the provisions of this Indenture. The Trustee agrees to give the Issuer immediate notice if (to the
actual knowledge of a Trust Officer of the Trustee) the Custodial Account or any assets or securities on deposit therein,
or otherwise to the credit of the Custodial Account, shall become subject to any writ, order, judgment, warrant of attachment,
execution or similar process. The Issuer shall not have any legal, equitable or beneficial interest in the Custodial Account other
than in accordance with this Indenture and the Priority of Payments. Amounts in the Custodial Account shall remain uninvested.

 

(c)              
Ramp-Up Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall, prior
to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing trust account held
in the name of the Issuer subject to the lien of the Trustee, for the benefit of the Secured Parties, which shall be designated
as the Ramp-Up Account, which shall be maintained with the Custodian in accordance with the Securities Account Control Agreement.
The Issuer shall direct the Trustee to deposit $11,359,703.08 to the Ramp-Up Account on the Closing Date. In connection with any
purchase of an additional Collateral Obligation, the Trustee will apply amounts held in the Ramp-Up Account as provided by Section 7.18(b).
On the Effective Date or upon the occurrence of an Event of Default (and excluding any proceeds that will be used to settle binding
commitments entered into prior to such date), the Trustee will deposit any remaining amounts in the Ramp-Up Account into the Principal
Collection Subaccount as Principal Proceeds. Any income earned on amounts deposited in the Ramp-Up Account will be deposited in
the Interest Collection Subaccount as Interest Proceeds.

 

    -188-

     

    

 

(d)              
Expense Reserve Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer shall,
prior to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing trust account
held in the name of the Issuer subject to the lien of the Trustee, for the benefit of the Secured Parties, which shall be designated
as the Expense Reserve Account, which shall be maintained with the Custodian in accordance with the Securities Account Control
Agreement. The Issuer shall direct the Trustee to deposit $1,200,000 to the Expense Reserve Account. On any Business Day
from the Closing Date to and including the Determination Date relating to the first Payment Date, the Trustee shall apply funds
from the Expense Reserve Account, as directed by the Collateral Manager, to pay expenses of the Issuer incurred in connection
with establishment of the Issuer, the structuring and consummation of the Offering and the issuance of the Notes or to the Collection
Account as Interest Proceeds or Principal Proceeds. By the Determination Date relating to the first Payment Date, all funds in
the Expense Reserve Account (after deducting any expenses paid on such Determination Date) will be deposited in the Collection
Account as Interest Proceeds or Principal Proceeds, as designated by the Collateral Manager, and the Expense Reserve Account will
be closed. Any income earned on amounts deposited in the Expense Reserve Account will be deposited in the Interest Collection
Subaccount as Interest Proceeds as it is received.

 

(e)              
Supplemental Reserve Account. In accordance with this Indenture and the Securities Account Control Agreement, the Issuer
shall, prior to the Closing Date, cause the Trustee to establish at the Custodian a single, segregated non-interest bearing trust
account held in the name of the Issuer subject to the lien of the Trustee, for the benefit of the Secured Parties, which shall
be designated as the “Supplemental Reserve Account,” which shall be held by the Custodian in accordance with the Securities
Account Control Agreement. Contributions of Cash or Eligible Investments, any amounts in connection with an additional issuance
of Subordinated Notes only and amounts designated for deposit into the Supplemental Reserve Account pursuant to Section 11.1(a)(i)(L)
will be deposited into the Supplemental Reserve Account and transferred to the Collection Account at the written direction
of the Collateral Manager to the Trustee for a Permitted Use designated by the applicable Contributor or the Collateral Manager,
as applicable, in such written direction.

  

(f)               
[Reserved.]

 

    -189-

     

    

 

Section
10.4        The Revolver Funding Account. Upon the purchase or acquisition of any Delayed
Drawdown Collateral Obligation or Revolving Collateral Obligation identified by written notice to the Trustee, funds in an amount
equal to the undrawn portion of such obligation shall be withdrawn at the direction of the Collateral Manager from the Principal
Collection Subaccount and deposited by the Trustee in a single, segregated trust account established (in accordance with this
Indenture and the Securities Account Control Agreement) at the Custodian and held in the name of the Issuer subject to the lien
of the Trustee, for the benefit of the Secured Parties (the “Revolver Funding Account”). Upon initial purchase
or acquisition of any such obligations, funds deposited in the Revolver Funding Account in respect of any Delayed Drawdown Collateral
Obligation or Revolving Collateral Obligation will be treated as part of the purchase price therefor. Amounts on deposit in the
Revolver Funding Account will be invested in overnight funds that are Eligible Investments selected by the Collateral Manager
pursuant to Section 10.6 and earnings from all such investments will be deposited in the Interest Collection
Subaccount as Interest Proceeds.

 

The
Issuer shall, at all times maintain sufficient funds on deposit in the Revolver Funding Account such that the sum of the amount
of funds on deposit in the Revolver Funding Account shall be at least equal to the sum of the unfunded funding obligations under
all such Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations then included in the Assets. Funds shall
be deposited in the Revolver Funding Account upon the purchase of any Delayed Drawdown Collateral Obligation or Revolving Collateral
Obligation and upon the receipt by the Issuer of any Principal Proceeds with respect to a Revolving Collateral Obligation as directed
by the Collateral Manager on behalf of the Issuer. In the event of any shortfall in the Revolver Funding Account, the Collateral
Manager (on behalf of the Issuer) may direct the Trustee to, and the Trustee thereafter shall, transfer funds in an amount equal
to such shortfall from the Principal Collection Subaccount to the Revolver Funding Account.

 

Any
funds in the Revolver Funding Account (other than earnings from Eligible Investments therein) will be treated as Principal
Proceeds and will be available at the direction of the Collateral Manager solely to cover any drawdowns on the Delayed Drawdown
Collateral Obligations and Revolving Collateral Obligations; provided that any excess of (A) the amounts on deposit
in the Revolver Funding Account over (B) the sum of the unfunded funding obligations under all Delayed Drawdown Collateral
Obligations and Revolving Collateral Obligations that are included in the Assets (which excess may occur for any reason, including
upon (i) the sale or maturity of a Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation, (ii) the occurrence
of an event of default with respect to any such Delayed Drawdown Collateral Obligation or Revolving Collateral Obligation or (iii)
any other event or circumstance which results in the irrevocable reduction of the undrawn commitments under such Delayed Drawdown
Collateral Obligation or Revolving Collateral Obligation) may be transferred by the Trustee (at the written direction of the Collateral
Manager on behalf of the Issuer) from time to time as Principal Proceeds to the Principal Collection Subaccount.

 

    -190-

     

    

 

Section
10.5        Ownership of the Accounts. For the avoidance of doubt, the Accounts (including
income, if any, earned on the investments of funds in such account) will be owned by the Issuer, for federal income tax purposes.
The Issuer is required to provide to the Trustee (i) an IRS Form W-9 or appropriate IRS Form W-8 no later than the Closing Date,
and (ii) any additional IRS forms (or updated versions of any previously submitted IRS forms) or other documentation upon the
reasonable request of the Trustee as may be necessary (i) to reduce or eliminate the imposition of U.S. withholding taxes and
(ii) to permit the Trustee to fulfill its tax reporting obligations under applicable law with respect to the Accounts or any amounts
paid to the Issuer. If any IRS form or other documentation previously delivered becomes inaccurate in any respect, the Issuer
shall timely provide to the Trustee accurately updated and complete versions of such IRS forms or other documentation. The Bank,
both in its individual capacity and in its capacity as Trustee, shall have no liability to the Issuer or any other person in connection
with any tax withholding amounts paid or withheld from the Accounts pursuant to applicable law arising from the Issuer’s
failure to timely provide an accurate, correct and complete IRS Form W-9, an appropriate IRS Form W-8 or such other documentation
contemplated under this paragraph. For the avoidance of doubt, no funds shall be invested with respect to such Accounts absent
the Trustee having first received (i) the requisite written investment direction with respect to the investment of such funds,
and (ii) the IRS forms and other documentation required by this paragraph.

 

Section
10.6        Reinvestment of Funds in Accounts; Reports by Trustee. (a) By
Issuer Order (which may be in the form of standing instructions), the Issuer (or the Collateral Manager on behalf of the Issuer) shall
at all times direct the Trustee to, and, upon receipt of such Issuer Order, the Trustee shall, invest all funds on deposit in
the Collection Account, the Ramp-Up Account, the Revolver Funding Account, the Expense Reserve Account and the Supplemental Reserve
Account, as so directed in Eligible Investments having stated maturities no later than the Business Day preceding the next Payment
Date (or such shorter maturities expressly provided herein). If prior to the occurrence of an Event of Default, the Issuer shall
not have given any such investment directions, the Trustee shall seek instructions from the Collateral Manager within three Business
Days after transfer of any funds to such accounts. If the Trustee does not thereafter receive written instructions from the Collateral
Manager within five Business Days after transfer of such funds to such accounts, it shall invest and reinvest the funds held in
such accounts, as fully as practicable, in the Standby Directed Investment. If after the occurrence of an Event of Default, the
Issuer shall not have given such investment directions to the Trustee for three consecutive days, the Trustee shall invest and
reinvest such Cash as fully as practicable in the Standby Directed Investment. Except to the extent expressly provided otherwise
herein, all interest and other income from such investments shall be deposited in the Interest Collection Subaccount, any gain
realized from such investments shall be credited to the Principal Collection Subaccount upon receipt, and any loss resulting from
such investments shall be charged to the Principal Collection Subaccount. The Trustee shall not in any way be held liable by reason
of any insufficiency of such accounts which results from any loss relating to any such investment; provided that nothing
herein shall relieve the Bank of (i) its obligations or liabilities under any security or obligation issued by the Bank or
any Affiliate thereof or (ii) liability for any loss resulting from gross negligence, willful misconduct or fraud on the
part of the Bank or any Affiliate thereof.

 

(b)              
The Trustee agrees to give the Issuer immediate notice if any Account or any funds on deposit in any Account, or otherwise to
the credit of an Account, shall become subject to any writ, order, judgment, warrant of attachment, execution or similar process.

 

    -191-

     

    

 

(c)              
The Trustee shall supply, in a timely fashion, to the Issuer, each Rating Agency and the Collateral Manager any information regularly
maintained by the Trustee that the Issuer, the Rating Agencies or the Collateral Manager may from time to time reasonably request
with respect to the Assets, the Accounts and the other Assets and provide any other requested information reasonably available
to the Trustee by reason of its acting as Trustee hereunder and required to be provided by Section 10.7 or to
permit the Collateral Manager to perform its obligations under the Collateral Management Agreement or the Issuer’s obligations
hereunder that have been delegated to the Collateral Manager. The Trustee shall promptly forward to the Collateral Manager copies
of notices and other writings received by it from the obligor or issuer of any Asset or from any Clearing Agency with respect
to any Asset which notices or writings advise the holders of such Asset of any rights that the holders might have with respect
thereto (including, without limitation, requests to vote with respect to amendments or waivers and notices of prepayments and
redemptions) as well as all periodic financial reports received from such obligor or issuer and Clearing Agencies with respect
to such issuer.

 

Section
10.7        Accountings. 

 

(a)              
Monthly. Not later than the 20th calendar day (or, if such day is not a Business Day, on the next succeeding Business Day) of
each calendar month (other than January, April, July and October in each year) and commencing in February 2019, the Issuer
shall compile and make available (or cause to be compiled and made available) to each Rating Agency, the Trustee, the Collateral
Manager, the Initial Purchaser, any Holder shown on the Register of a Note and any beneficial owner of a Note who has delivered
a Beneficial Ownership Certificate to the Trustee a monthly report on a settlement date basis (except as otherwise expressly provided
in this Indenture) (each such report a “Monthly Report”). As used herein, the “Monthly Report Determination
Date” with respect to any calendar month will be the tenth Business Day prior to the 20th calendar day of such calendar
month. The Monthly Report for a calendar month shall contain the following information with respect to the Collateral Obligations
and Eligible Investments included in the Assets, and shall be determined as of the Monthly Report Determination Date for such
calendar month:

 

(i)               Aggregate
Principal Balance of Collateral Obligations, the aggregate outstanding principal balance of Collateral Obligations, the aggregate
unfunded commitments of the Collateral Obligations, any capitalized interest on the Collateral Obligations and Eligible Investments
representing Principal Proceeds.

 

(ii)             
Adjusted Collateral Principal Amount of Collateral Obligations.

 

(iii)           
Collateral Principal Amount of Collateral Obligations.

 

(iv)            
A list of Collateral Obligations, including, with respect to each such Collateral Obligation, the following information:

 

(A)            
The obligor thereon (including the issuer ticker, if any);

 

(B)             
The CUSIP, LoanX-ID (if any) or security identifier thereof;

 

(C)             
The Principal Balance thereof, the outstanding principal balance thereof (in each case, other than any accrued interest that was
purchased with Principal Proceeds (but excluding any capitalized interest)) and any unfunded commitment pertaining thereto;

 

    -192-

     

    

 

(D)            
The percentage of the aggregate Collateral Principal Amount represented by such Collateral Obligation;

 

(E)             
(x) The related interest rate or spread (in the case of a LIBOR Floor Obligation, calculated both with and without regard to the
applicable specified “floor” rate per annum), (y) if such Collateral Obligation is a LIBOR Floor Obligation,
the related LIBOR floor and (z) the identity of any Collateral Obligation that is not a LIBOR Floor Obligation and for which interest
is calculated with respect to any index other than LIBOR;

 

(F)             
The stated maturity thereof;

 

(G)            
The related S&P Industry Classification;

 

(H)            
The S&P Rating;

 

(I)              
The Fitch Rating;

 

(J)              
The country of Domicile;

 

(K)            
An indication as to whether each such Collateral Obligation is (1) a Senior Secured Loan, (2) a Second Lien Loan, (3) a Defaulted
Obligation, (4) a Delayed Drawdown Collateral Obligation, (5) a Revolving Collateral Obligation, (6) a Participation
Interest (indicating the related Selling Institution, if applicable, and its ratings by each Rating Agency), (7) a Permitted
Deferrable Obligation, (8) a Fixed Rate Obligation, (9) a Current Pay Obligation, (10) a DIP Collateral Obligation,
(11) a Discount Obligation, (12) a Discount Obligation purchased in the manner described in clause (y) of
the proviso to the definition “Discount Obligation”, (13) a Cov-Lite Loan, (14) a First-Lien Last-Out Loan, (15) a
Long-Dated Obligation or (16) a Broadly Syndicated Loan or, if not a Broadly Syndicated Loan, a Middle Market Loan;

 

(L)             
With respect to each Collateral Obligation that is a Discount Obligation purchased in the manner described in clause (y) of
the proviso to the definition “Discount Obligation”;

 

(I)               
the identity of the Collateral Obligation (including whether such Collateral Obligation was classified as a Discount Obligation
at the time of its original purchase) the proceeds of whose sale are used to purchase the purchased Collateral Obligation;

 

(II)             
the purchase price (as a percentage of par) of the purchased Collateral Obligation and the sale price (as a percentage of par)
of the Collateral Obligation the proceeds of whose sale are used to purchase the purchased Collateral Obligation; and

 

    -193-

     

    

 

(III)          
the Aggregate Principal Balance of Collateral Obligations that have been excluded from the definition of “Discount Obligation”
and relevant calculations indicating whether such amount is in compliance with the limitations described in clauses (z)(A) and
(z)(B) of the proviso to the definition of “Discount Obligation.”

 

(M)           
The Principal Balance of each Cov-Lite Loan and the Aggregate Principal Balance of all Cov-Lite Loans;

 

(N)            
The Fitch Recovery Rate;

 

(O)            
The S&P Recovery Rate; and

 

(P)             
The date of the credit estimate of such Collateral Obligation.

 

(v)              
If the Monthly Report Determination Date occurs on or after the Effective Date and prior to the last day of the Reinvestment Period,
for each of the limitations and tests specified in the definitions of Concentration Limitations and Collateral Quality Tests,
(1) the result (including, during any S&P CDO Formula Election Period, calculation of each of the S&P CDO Monitor
Benchmarks), (2) the related minimum or maximum test level and (3) a determination as to whether such result satisfies
the related test.

 

(vi)            
The calculation of each of the following:

 

(A)            
Each Interest Coverage Ratio (and setting forth the percentage required to satisfy each Interest Coverage Test);

 

(B)             
Each Overcollateralization Ratio (and setting forth the percentage required to satisfy each Overcollateralization Ratio Test);

 

(C)             
The Weighted Average Coupon; and

 

(D)            
The Weighted Average Floating Spread.

 

(vii)         
The calculation specified in Section 5.1(g).

 

(viii)       
For each Account, a schedule showing the beginning balance, each credit or debit specifying the nature, source and amount, and
the ending balance.

 

(ix)            
A schedule showing for each of the following the beginning balance, the amount of Interest Proceeds received from the date of
determination of the immediately preceding Monthly Report, and the ending balance for the current Measurement Date:

 

    -194-

     

    

 

 

(A)            
 Interest Proceeds from Collateral Obligations; and

 

(B)             
Interest Proceeds from Eligible Investments.

 

(x)            Purchases,
payments, and sales:

 

(A)            
The identity, Principal Balance and outstanding principal balance (in each case other than any accrued interest that was purchased
with Principal Proceeds (but excluding any capitalized interest)), unfunded commitment (if any), capitalized interest (if any),
Principal Proceeds and Interest Proceeds received, and date for each Collateral Obligation that was released for sale or disposition
pursuant to Section 12.1 since the last Monthly Report Determination Date and whether such Collateral Obligation
was a Credit Risk Obligation or a Credit Improved Obligation, and whether the sale of such Collateral Obligation was a discretionary
sale and; and

 

(B)             
The identity, Principal Balance and outstanding principal balance (in each case other than any accrued interest that was purchased
with Principal Proceeds (but excluding any capitalized interest)), unfunded commitment (if any), capitalized interest (if any)
and Principal Proceeds and Interest Proceeds expended to acquire each Collateral Obligation acquired pursuant to Section 12.2
since the last Monthly Report Determination Date.

 

(xi)           The
identity of each Defaulted Obligation, the Fitch Collateral Value, S&P Collateral Value and Market Value of each such Defaulted
Obligation and date of default thereof.

 

(xii)          The
identity of each Collateral Obligation with an S&P Rating of “CCC+” or below and/or the Fitch Rating of “CCC+”
or below and the Market Value of each such Collateral Obligation.

 

(xiii)         The
identity of each Deferring Obligation, the Fitch Collateral Value, S&P Collateral Value and Market Value of each Deferring
Obligation, and the date on which interest was last paid in full in Cash thereon.

 

(xiv)        The
identity of each Current Pay Obligation, the Market Value of each such Current Pay Obligation, and the percentage of the Collateral
Principal Amount comprised of Current Pay Obligations.

 

(xv)          The
Aggregate Principal Balance, measured cumulatively from the Closing Date onward, of all Collateral Obligations that would have
been acquired through a Distressed Exchange but for the operation of the proviso in the definition of “Distressed Exchange”,
all as reported to the Trustee by the Collateral Manager.

 

(xvi)         Calculation
of the S&P Equivalent Weighted Average Rating Factor.

 

    -195-

     

    

 

(xvii)     
 The percentage of the Collateral Principal Amount comprised of Broadly Syndicated Loans (which percentage shall be reflected
on the summary page of the Monthly Report).

 

(xviii)       A
copy of the notice provided by the Collateral Manager pursuant to Section 12.2(f) hereof setting forth the details of any
Trading Plan (including, the proposed amendments and/or proposed investments identified by the Collateral Manager for acquisition
or entry, as applicable, as part of such Trading Plan (which details shall be reported on a dedicated page of the Monthly Report))
and the occurrence of the event, if any, described in clause (y) of the proviso to Section 12.2(f).

 

(xix)        
Based solely on the confirmation given by the Issuer, or the Collateral Manager on behalf of the Issuer, to the Collateral Administrator
and the Trustee (for the benefit of the Holders), on which the Collateral Administrator and the Trustee may conclusively rely,
a statement as to whether the E.U. Retention Provider has confirmed it is in compliance with the requirements set forth in paragraph
1 of the E.U. Risk Retention Letter.

 

(xx)          The
S&P Equivalent Weighted Average Rating Factor and S&P Equivalent Diversity Score.

 

(xxi)        
For each Account, (i) the name of the financial institution that holds such Account; and (ii) the applicable ratings by S&P
and Fitch required under Section 10.1(a) for such institution.

 

(xxii)     
  Such other information as any Rating Agency or the Collateral Manager may reasonably request.

 

For
each instance in which the Market Value is reported pursuant to the foregoing, the Monthly Report shall also indicate the manner
in which such Market Value was determined and the source(s) (if applicable) used in such determination, as provided by the Collateral
Manager.

 

Upon
receipt of each Monthly Report, the Trustee shall (a) if the relevant Monthly Report Determination Date occurred on or prior
to the last day of the Reinvestment Period, notify the Issuer (who shall notify S&P) if such Monthly Report indicates that
the S&P CDO Monitor Test has not been satisfied as of the relevant Measurement Date and (b) compare the information contained
in such Monthly Report to the information contained in its records with respect to the Assets and shall, within three Business
Days after receipt of such Monthly Report, notify the Issuer, the Collateral Administrator, the Rating Agencies and the Collateral
Manager if the information contained in the Monthly Report does not conform to the information maintained by the Trustee with
respect to the Assets. If any discrepancy exists, the Collateral Administrator and the Issuer, or the Collateral Manager on behalf
of the Issuer, shall attempt to resolve the discrepancy. If such discrepancy cannot be promptly resolved, the Trustee shall within
ten (10) Business Days notify the Collateral Manager who shall, on behalf of the Issuer, request that the Independent accountants
appointed by the Issuer pursuant to Section 10.9 perform agreed upon procedures on such Monthly Report and the
Trustee’s records to determine the cause of such discrepancy. If such review reveals an error in the Monthly Report or the
Trustee’s records, the Monthly Report or the Trustee’s records shall be revised accordingly and, as so revised, shall
be utilized in making all calculations pursuant to this Indenture and notice of any error in the Monthly Report shall be sent
as soon as practicable by the Issuer to all recipients of such report which may be accomplished by making a notation of such error
in the subsequent Monthly Report.

 

    -196-

     

    

 

(b)           Payment
Date Accounting. The Issuer shall render an accounting (each a “Distribution Report”), determined as of
the close of business on each Determination Date preceding a Payment Date, and shall make available such Distribution Report to
the Trustee, the Collateral Manager, the Initial Purchaser, each Rating Agency, any Holder shown on the Register of a Note and
any beneficial owner of a Note who has delivered a Beneficial Ownership Certificate to the Trustee not later than the Business
Day preceding the related Payment Date. The Distribution Report shall contain the following information:

 

(i)             the
information required to be in the Monthly Report pursuant to Section 10.7(a), provided that such Payment Date
is not also a Re-Pricing Date or Redemption Date for an Optional Redemption, Tax Redemption, Clean-Up Call Redemption or Refinancing
in each case in whole but not in part;

 

(ii)            (a) the
Aggregate Outstanding Amount of the Secured Notes of each Class at the beginning of the Interest Accrual Period and such amount
as a percentage of the original Aggregate Outstanding Amount of the Secured Notes of such Class, (b) the amount of principal payments
to be made on the Secured Notes of each Class on the next Payment Date, the amount of any Deferred Interest on the Class C Notes
and the Class D Notes and the Aggregate Outstanding Amount of the Secured Notes of each Class after giving effect to the principal
payments, if any, on the next Payment Date and such amount as a percentage of the original Aggregate Outstanding Amount of the
Secured Notes of such Class and (c) the Aggregate Outstanding Amount of the Subordinated Notes at the beginning of the Interest
Accrual Period and such amount as a percentage of the original Aggregate Outstanding Amount of the Subordinated Notes, the amount
of payments, if any, to be made on the Subordinated Notes on the next Payment Date, and the Aggregate Outstanding Amount of the
Subordinated Notes after giving effect to such payments, if any, on the next Payment Date and such amount as a percentage of the
original Aggregate Outstanding Amount of the Subordinated Notes;

 

(iii)           the
Interest Rate and accrued interest for each applicable Class of Secured Notes for such Payment Date;

 

(iv)           the
amounts payable pursuant to each clause of Section 11.1(a)(i) and each clause of Section 11.1(a)(ii) or
each clause of Section 11.1(a)(iii), as applicable, on the related Payment Date;

 

(v)            for
the Collection Account:

 

    -197-

     

    

 

(A)            
 the Balance on deposit in the Collection Account at the end of the related Collection Period (or, with respect to the Interest
Collection Subaccount, the next Business Day);

 

(B)             
the amounts payable from the Collection Account to the Payment Account, in order to make payments pursuant to Section 11.1(a)(i) and
Section 11.1(a)(ii) on the next Payment Date (net of amounts which the Collateral Manager intends to re-invest
in additional Collateral Obligations pursuant to Article XII); and

 

(C)             
the Balance remaining in the Collection Account immediately after all payments and deposits to be made on such Payment Date; and

 

(vi)           [reserved];

 

(vii)          such
other information as the Collateral Manager may reasonably request.

 

Each
Distribution Report shall constitute instructions to the Trustee to withdraw funds from the Payment Account and pay or transfer
such amounts set forth in such Distribution Report in the manner specified and in accordance with the priorities established in
Section 11.1 and Article XIII.

 

(c)           Interest
Rate Notice. The Issuer (or the Collateral Administrator on behalf of the Issuer) shall include in the Monthly Report a notice
setting forth the Interest Rate for each Class of Secured Notes for the Interest Accrual Period preceding the next Payment Date.

 

(d)           Failure
to Provide Accounting. If the Trustee shall not have received any accounting provided for in this Section 10.7
on the first Business Day after the date on which such accounting is due to the Trustee, the Trustee shall notify the Collateral
Manager who shall use all reasonable efforts to obtain such accounting by the applicable Payment Date. To the extent the Collateral
Manager is required to provide any information or reports pursuant to this Section 10.7 as a result of the failure
of the Issuer to provide such information or reports, the Collateral Manager shall be entitled to retain an Independent certified
public accountant in connection therewith and the reasonable costs incurred by the Collateral Manager for such Independent certified
public accountant shall be paid by the Issuer.

 

(e)            Required
Content of Certain Reports. Each Monthly Report and each Distribution Report sent to any Holder or beneficial owner of an
interest in a Note shall contain, or be accompanied by, the following notices:

 

    -198-

     

    

 

The
Notes may be beneficially owned only by Persons that (a) in the case of the Secured Notes (i) are Qualified Purchasers that
are not U.S. persons (within the meaning of Regulation S under the United States Securities Act of 1933, as amended) and
are purchasing their beneficial interest in an offshore transaction (as defined in Regulation S) or (ii) are (x) Qualified Institutional
Buyers, (y) Institutional Accredited Investors or (z) Accredited Investors and (A) Qualified Purchasers (in the case of (x) and
(y) above) or Knowledgeable Employees with respect to the Issuer or the Collateral Manager (with respect to (z) above) or (B)
corporations, partnerships, limited liability companies or other entities (other than trusts) each shareholder, partner,
member or other equity owner of which is either a Qualified Purchaser affiliated with the Collateral Manager and/or a Knowledgeable
Employee with respect to the Issuer or the Collateral Manager or (b) in the case of the Subordinated Notes, are (x) Qualified
Institutional Buyers, (y) Institutional Accredited Investors or (z) Accredited Investors and either (A) Qualified Purchasers (in
the case of (x) and (y) above) or Knowledgeable Employees with respect to the Issuer or the Collateral Manager (in the case
of (z) above) or (B) corporations, partnerships, limited liability companies or other entities (other than trusts) each shareholder,
partner, member or other equity owner of which is either a Qualified Purchaser affiliated with the Collateral Manager and/or a
Knowledgeable Employee with respect to the Issuer or Collateral Manager and (c) in the case of clauses (a) and (b), can make the
representations set forth in Section 2.5 of this Indenture or the appropriate Exhibit to this Indenture.
The Issuer has the right to compel any beneficial owner of an interest in Rule 144A Global Secured Notes that does not meet the
qualifications set forth in the preceding sentence to sell its interest in such Notes, or may sell such interest on behalf of
such owner, pursuant to Section 2.11.

 

Each
holder receiving this report agrees to keep all non-public information herein confidential and not to use such information for
any purpose other than its evaluation of its investment in the Notes; provided that any holder may provide such information
on a confidential basis to any prospective purchaser of such holder’s Notes that is permitted by the terms of this Indenture
to acquire such holder’s Notes and that agrees to keep such information confidential in accordance with the terms of this
Indenture.

 

(f)            Initial
Purchaser Information. The Issuer and the Initial Purchaser, or any successor to the Initial Purchaser, may post the information
contained in a Monthly Report or Distribution Report to a password-protected internet site accessible only to the Holders of the
Notes and to the Collateral Manager.

 

(g)           Distribution
of Reports. The Trustee will make the Monthly Report, the Distribution Report, any Redemption Distribution Direction and any
notices or communications required to be delivered to the Holders in accordance with this Indenture available via its internet
website. The Trustee’s internet website shall initially be located at https://gctinvestorreporting.bnymellon.com/Home.jsp.
The Trustee shall have the right to change the way such statements are distributed in order to make such distribution more convenient
and/or more accessible to the above parties and the Trustee shall provide timely and adequate notification to all above parties
regarding any such changes. As a condition to access to the Trustee’s internet website, the Trustee may require registration
and the acceptance of a disclaimer. The Trustee shall be entitled to rely on but shall not be responsible for the content or accuracy
of any information provided in the Monthly Report and the Distribution Report which the Trustee disseminates in accordance with
this Indenture and may affix thereto any disclaimer it deems appropriate in its reasonable discretion.

 

    -199-

     

    

 

(h)           In
the event that the Trustee receives instructions to effect a securities transaction as contemplated in 12 CFR 12.1, the Issuer
acknowledges that, upon its written request and at no additional cost, it has the right to receive notification from the Trustee
after the completion of such transaction as contemplated in 12 CFR 12.4(a) or (b), the Issuer agrees that, absent a specific request,
such notification shall not be provided by the Trustee hereof and, in lieu of such notifications, the Trustee shall make available
each Monthly Report and Distribution Report in the manner required by this Indenture.

 

(i)            The
Trustee is authorized to make available to Intex Solutions, Inc. each Monthly Report and Distribution Report.

 

(j)            “Fair
Value” Report. The Issuer authorizes and directs the Trustee to make available to Holders via the Trustee’s internet
website any “fair value” report provided to the Trustee by the Issuer for posting in connection with the U.S. Risk
Retention Rules and provided to the Trustee for posting to the website. Notwithstanding anything herein to the contrary, it is
understood and agreed that the Trustee (i) has not participated in the preparation of any such report or the information contained
therein and (ii) is not responsible for, and is not making any representation concerning, the accuracy or completeness of such
report or the information contained therein, including, without limitation, in respect of the fair value of any Notes identified
therein or any assumptions, discount factors or other variables used to determine any such fair value.

 

(k)           Redemption
Distribution Direction. The Issuer shall render an accounting (each a “Redemption Distribution Direction”),
determined as of the close of business on each Determination Date preceding a Redemption Distribution Date, and shall make available
such Redemption Distribution Direction available to the Collateral Manager and the Trustee setting forth the amounts payable pursuant
to each applicable clause of Section 11.1(a)(i) and Section 11.1(a)(ii), as applicable, on the related Redemption
Distribution Date. Each Redemption Distribution Direction shall constitute instructions to the Trustee to withdraw funds from
the Payment Account and pay or transfer such amounts set forth in such Redemption Distribution Direction in the manner specified
and in accordance with the priorities established in Section 11.1 and Article XIII. No Redemption Distribution
Direction will be required to be reviewed by the Independent accountants appointed pursuant to this Indenture.

 

Section
10.8          Release of Assets. (a) Subject to Article XII, the
Issuer may, by Issuer Order executed by an Officer of the Collateral Manager, delivered to the Trustee at least one Business Day
prior to the settlement date for any sale of an Asset certifying that the sale of such Asset is being made in accordance with
Section 12.1 hereof and such sale complies with all applicable requirements of Section 12.1 (which certification
shall be deemed to be made upon delivery of such Issuer Order or trade continuation in respect of such sale) (provided
that if an Enforcement Event has occurred and is continuing, neither the Issuer nor the Collateral Manager (on behalf of the Issuer)
may direct the Trustee to release or cause to be released such Asset from the lien of this Indenture pursuant to a sale under
Section 12.1(e), Section 12.1(f) or Section 12.1(g) unless the sale of such Asset is permitted pursuant to
Section 12.3(c)), direct the Trustee to release or cause to be released such Asset from the lien of this Indenture and,
upon receipt of such Issuer Order, the Trustee shall deliver any such Asset, if in physical form, duly endorsed to the broker
or purchaser designated in such Issuer Order or, if such Asset is a Clearing Corporation Security, cause an appropriate transfer
thereof to be made, in each case against receipt of the sales price therefor as specified by the Collateral Manager in such Issuer
Order; provided that the Trustee may deliver any such Asset in physical form for examination in accordance with industry
custom.

 

    -200-

     

    

 

(b)           Subject
to the terms of this Indenture, the Trustee shall upon an Issuer Order (i) deliver any Asset, and release or cause to be
released such Asset from the lien of this Indenture, which is set for any mandatory call or redemption or payment in full to the
appropriate payor or paying agent, as applicable, on or before the date set for such call, redemption or payment, in each case
against receipt of the call or redemption price or payment in full thereof and (ii) provide notice thereof to the Collateral
Manager.

 

(c)           Upon
receiving actual notice of any Offer or any request for a waiver, direction, consent, amendment or other modification or action
with respect to any Asset, the Trustee on behalf of the Issuer shall notify the Collateral Manager of any Asset that is subject
to a tender offer, voluntary redemption, exchange offer, conversion or other similar action (an “Offer”) or
such request. Unless the Notes have been accelerated following an Event of Default, the Collateral Manager may, by Issuer Order,
direct (x) the Trustee to accept or participate in or decline or refuse to participate in such Offer and, in the case of
acceptance or participation, to release from the lien of this Indenture such Asset in accordance with the terms of the Offer against
receipt of payment therefor, or (y) the Issuer or the Trustee to agree to or otherwise act with respect to such consent,
direction, waiver, amendment, modification or action; provided that in the absence of any such direction, the Trustee shall
not respond or react to such Offer or request.

 

(d)           As
provided in Section 10.2(a), the Trustee shall deposit any proceeds received by it from the disposition or replacement
of an Asset in the applicable subaccount of the Collection Account, unless simultaneously applied to the purchase of additional
Collateral Obligations or Eligible Investments as permitted under and in accordance with the requirements of this Article X
and Article XII.

 

(e)           The
Trustee shall, upon receipt of an Issuer Order at such time as there are no Secured Notes Outstanding and all obligations of the
Issuer hereunder have been satisfied, release any remaining Assets from the lien of this Indenture.

 

(f)            Any
security, Collateral Obligation or amounts that are released pursuant to Section 10.8(a), (b) or (c)
shall be released from the lien of this Indenture.

 

(g)           Any
amounts paid from the Payment Account to the Holders of the Subordinated Notes in accordance with the Priority of Payments shall
be released from the lien of this Indenture.

 

    -201-

     

    

 

Section
10.9          Reports by Independent Accountants. (a) At the Closing
Date, the Issuer shall appoint one or more firms of Independent certified public accountants of recognized international reputation
for purposes of reviewing and delivering the reports or certificates of such accountants required by this Indenture, which may
be the firm of Independent certified public accountants that performs accounting services for the Issuer or the Collateral Manager.
The Issuer may remove any firm of Independent certified public accountants at any time without the consent of any Holder of Notes.
Upon any resignation by such firm or removal of such firm by the Issuer, the Issuer (or the Collateral Manager on behalf of the
Issuer) shall promptly appoint by Issuer Order delivered to the Trustee and each Rating Agency a successor thereto that shall
also be a firm of Independent certified public accountants of recognized international reputation, which may be a firm of Independent
certified public accountants that performs accounting services for the Issuer or the Collateral Manager. If the Issuer shall fail
to appoint a successor to a firm of Independent certified public accountants which has resigned within 30 days after such
resignation, the Issuer shall promptly notify the Trustee of such failure in writing. If the Issuer shall not have appointed a
successor within ten days thereafter, the Trustee shall promptly notify the Collateral Manager, who shall appoint a successor
firm of Independent certified public accountants of recognized international reputation. The fees of such Independent certified
public accountants and its successor shall be payable by the Issuer. In the event such firm requires the Trustee and/or the Collateral
Administrator to agree to the procedures performed by such firm, the Issuer hereby directs the Trustee and/or the Collateral Administrator
to so agree, which acknowledgment or agreement may include, among other things, (i) acknowledgment of the responsibility for the
sufficiency of the procedures to be performed by the Independent accountants for its purposes, (ii) releases by the Trustee (on
behalf of itself and the Holders) of claims against the Independent accountants and acknowledgement of other limitations of liability
in favor of the Independent accountants and (iii) restrictions or prohibitions on the disclosure of information or documents provided
to it by such firm of Independent accountants (including to the Holders). It is understood and agreed that the Trustee and/or
the Collateral Administrator will deliver such letter of agreement in conclusive reliance on the foregoing direction of the Issuer,
and neither the Trustee nor the Collateral Administrator shall make any inquiry or investigation as to, and shall have no obligation
in respect of, the sufficiency, validity or correctness of such procedures. The Trustee and the Collateral Administrator shall
not be required to make any such agreements that adversely affect the Bank in its individual capacity.

 

(b)           On
or before December 31 of each year commencing in 2019, the Issuer shall cause to be delivered to the Trustee, the Collateral Manager
and each Holder of the Notes upon written request therefor and subject to the execution of an agreement with the Independent certified
public accountants, a report from a firm of Independent certified public accountants for each Distribution Report occurring in
January and July of each year (i) indicating that such firm has performed agreed-upon procedures to recalculate certain of
the calculations within those Distribution Reports (excluding the S&P CDO Monitor Test) have been performed in accordance
with the applicable provisions of this Indenture and (ii) listing the Aggregate Principal Balance of the Assets and the Aggregate
Principal Balance of the Collateral Obligations securing the Secured Notes as of the relevant Determination Dates; provided
that in the event of a conflict between such firm of Independent certified public accountants and the Issuer with respect
to any matter in this Section 10.9, the determination by such firm of Independent public accountants shall be conclusive.

 

(c)            Upon
the written request of the Trustee, or any Holder of a Subordinated Note (and subject to the execution of an agreement with the
firm of Independent certified public accountants), the Issuer will cause the firm of Independent certified public accountants
appointed pursuant to Section 10.9(a) to provide any Holder of Subordinated Notes with all of the information
required to be provided by the Issuer or pursuant to Section 7.17 or assist the Issuer in the preparation thereof.

 

    -202-

     

    

 

Section
10.10        Reports to the Rating Agencies and Additional Recipients. In addition
to the information and reports specifically required to be provided to each Rating Agency pursuant to the terms of this Indenture,
the Issuer shall provide each Rating Agency with all information or reports delivered to the Trustee hereunder (with the exception
of any accountants’ reports or any Accountants’ Report) and such additional information as either Rating Agency may
from time to time reasonably request (including notification to the Rating Agencies of any modification of any loan document relating
to a DIP Collateral Obligation or any release of collateral thereunder not permitted by such loan documentation but excluding
any accountants’ reports or any Accountants’ Report). With respect to credit estimates, the Issuer shall provide notification
to S&P of any material modification that would result in substantial changes to the terms of any loan document relating to
a Collateral Obligation or any release of collateral thereunder not permitted by such loan documentation if the Collateral Manager
reasonably determines that such notice is required in accordance with S&P’s publication on credit estimates titled “What
Are Credit Estimates And How Do They Differ From Ratings?” dated April 2011 (as the same may be amended or updated from
time to time); provided that the Issuer (or the Collateral Manager on behalf of the Issuer) shall also provide Fitch with
a copy of any amendment documenting any such material modification. Within 10 Business Days after the Effective Date, together
with each Monthly Report and on each Payment Date, the Issuer shall provide to the Rating Agencies, via e-mail in accordance with
Section 14.3(a), a Microsoft Excel file of the Excel Default Model Input File and, with respect to each Collateral
Obligation, the name of each obligor or issuer thereof, the CUSIP number thereof (if applicable) and the Priority Category thereof.
In accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and unedited form which includes the Accountants’
Effective Date Comparison AUP Report as an attachment, will be provided by the Independent accountants to the Issuer and the Information
Agent who will post such Form 15-E, except for the redaction of any sensitive information by the Issuer, on the 17g-5 website.
Copies of the Accountants’ Effective Date Recalculation AUP Report or any other agreed-upon procedures report provided by
the Independent accountants to the Issuer will not be provided to any other party including the Rating Agencies or posted on the
17g-5 website (other than as provided in any access letter between such Person and the accountants).

 

Section
10.11        Procedures Relating to the Establishment of Accounts Controlled by the
Trustee. Notwithstanding anything else contained herein, the Trustee agrees that with respect to each of the Accounts, it
will cause each Securities Intermediary establishing such accounts to enter into a securities account control agreement and, if
the Securities Intermediary is the Bank, shall cause the Bank to comply with the provisions of such securities account control
agreement. The Trustee shall have the right to open such subaccounts of any such account as it deems necessary or appropriate
for convenience of administration.

 

Section
10.12         Section 3(c)(7) Procedures. For so long as any Notes are Outstanding,
the Issuer shall do the following:

 

(a)            Notification.
Each Monthly Report sent or caused to be sent by the Issuer to the Noteholders will include a notice to the following effect:

 

    -203-

     

    

 

       “The
Investment Company Act of 1940, as amended (the “1940 Act”), requires that all holders of the outstanding securities
of the Issuer that are U.S. persons (as defined in Regulation S) be “Qualified Purchasers” (“Qualified Purchasers”)
as defined in Section 2(a)(51)(A) of the 1940 Act and related rules. Under the rules, the Issuer must have a “reasonable
belief” that all holders of its outstanding securities that are “U.S. persons” (as defined in Regulation S),
including transferees, are Qualified Purchasers. Consequently, all sales and resales of the Notes in the United States or to “U.S.
persons” (as defined in Regulation S) must be made solely to purchasers that are Qualified Purchasers. Each purchaser of
a Secured Note in the United States who is a “U.S. person” (as defined in Regulation S) (such Note a “Restricted
Secured Note”) will be deemed (or required, as the case may be) to represent at the time of purchase that: (i) the purchaser
is a Qualified Purchaser who is either (x) an institutional accredited investor (“IAI”) within the meaning
of Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as amended (the “Securities Act”) or (y)
a qualified institutional buyer as defined in Rule 144A under the Securities Act (“QIB”); (ii) the purchaser
is acting for its own account or the account of another Qualified Purchaser and QIB/IAI (as applicable); (iii) the purchaser is
not formed for the purpose of investing in the Issuer; (iv) the purchaser, and each account for which it is purchasing, will hold
and transfer at least the minimum denominations of the Notes specified herein; (v) the purchaser understands that the Issuer may
receive a list of participants holding positions in securities from one or more book-entry depositories; and (vi) the purchaser
will provide written notice of the foregoing, and of any applicable restrictions on transfer, to any subsequent transferees. The
Restricted Secured Notes may only be transferred to another Qualified Purchaser and QIB/IAI (as applicable) and all subsequent
transferees are deemed to have made representations (i) through (vi) above. Each purchaser of a Subordinated Note in the United
States who is a “U.S. person” (as defined in Regulation S) (such Note a “Restricted Subordinated Note”)
will be required to represent at the time of purchase that: (a) the purchaser is a Qualified Purchaser who is either (x) an accredited
investor (“AI”) within the meaning of Rule 501 under the Securities Act or (y) a QIB; (b) the purchaser is
acting for its own account or the account of another Qualified Purchaser and QIB/AI (as applicable); (c) the purchaser is not
formed for the purpose of investing in the Issuer; (d) the purchaser, and each account for which it is purchasing, will hold and
transfer at least the minimum denominations of the Notes specified herein; (e) the purchaser understands that the Issuer may receive
a list of participants holding positions in securities from one or more book-entry depositories; and (f) the purchaser will provide
written notice of the foregoing, and of any applicable restrictions on transfer, to any subsequent transferees. The Restricted
Subordinated Notes may only be transferred to another Qualified Purchaser and QIB/AI (as applicable) and all subsequent transferees
are deemed to have made representations (a) through (f) above.”

 

“The
Issuer directs that the recipient of this notice, and any recipient of a copy of this notice, provide a copy to any Person having
an interest in this Note as indicated on the books of DTC or on the books of a participant in DTC or on the books of an indirect
participant for which such participant in DTC acts as agent.”

 

    -204-

     

    

 

“The
Indenture provides that if, notwithstanding the restrictions on transfer contained therein, the Issuer determines that any holder
of, or beneficial owner of an interest in a Restricted Secured Note or a Restricted Subordinated Note is a “U.S. person”
(as defined in Regulation S) who is determined not to have been a Qualified Purchaser at the time of acquisition of such Restricted
Secured Note or Restricted Subordinated Note, as applicable, or beneficial interest therein, the Issuer may require, by notice
to such Holder or beneficial owner, that such Holder or beneficial owner sell all of its right, title and interest to such Restricted
Secured Note or a Restricted Subordinated Note, as applicable, (or any interest therein) to a Person that is either (x) in the
case of the Secured Notes, not a “U.S. person” (as defined in Regulation S) or (y) a Qualified Purchaser who is either
an IAI (or, in the case of the Subordinated Notes, another AI) or a QIB (as applicable), with such sale to be effected within
30 days after notice of such sale requirement is given. If such holder or beneficial owner fails to effect the transfer required
within such 30-day period, (i) the Issuer or the Collateral Manager acting for the Issuer, without further notice to such holder,
shall and is hereby irrevocably authorized by such holder or beneficial owner, to cause its Restricted Secured Note or Restricted
Subordinated Note, as applicable, or beneficial interest therein to be transferred in a commercially reasonable sale (conducted
by the Collateral Manager in accordance with Article 9 of the UCC as in effect in the State of New York as applied to securities
that are sold on a recognized market or that may decline speedily in value) to a Person that certifies to the Trustee, the Issuer
and the Collateral Manager, in connection with such transfer, that such Person meets the qualifications set forth in clauses (x)
and (y) above and (ii) pending such transfer, no further payments will be made in respect of such Restricted Secured Note or Restricted
Subordinated Note, as applicable, or beneficial interest therein held by such holder or beneficial owner.”

 

(b)           DTC
Actions. The Issuer will direct DTC to take the following steps in connection with the Global Secured Notes:

 

(i)            The
Issuer will direct DTC to include the marker “3c7” in the DTC 20-character security descriptor and the 48-character
additional descriptor for the Global Secured Notes in order to indicate that sales are limited to Qualified Purchasers.

 

(ii)           The
Issuer will direct DTC to cause each physical deliver order ticket that is delivered by DTC to purchasers to contain the 20-character
security descriptor. The Issuer will direct DTC to cause each deliver order ticket that is delivered by DTC to purchasers in electronic
form to contain a “3c7” indicator and a related user manual for participants. Such user manual will contain a description
of the relevant restrictions imposed by Section 3(c)(7).

 

(iii)          On
or prior to the Closing Date, the Issuer will instruct DTC to send a Section 3(c)(7) Notice to all DTC participants in connection
with the offering of the Global Secured Notes.

 

(iv)          In
addition to the obligations of the Registrar set forth in Section 2.5, the Issuer will from time to time (upon the request
of the Trustee) make a request to DTC to deliver to the Issuer a list of all DTC participants holding an interest in the Global
Secured Notes.

 

    -205-

     

    

 

(v)           The
Issuer will cause each CUSIP number obtained for a Global Note to have a fixed field containing “3c7” and “144A”
indicators, as applicable, attached to such CUSIP number.

 

(c)           Bloomberg
Screens, Etc. The Issuer will from time to time request all third-party vendors to include on screens maintained by such vendors
appropriate legends regarding Rule 144A and Section 3(c)(7) under the 1940 Act restrictions on the Global Secured Notes. Without
limiting the foregoing, the Initial Purchaser will request that each third-party vendor include the following legends on each
screen containing information about the Notes:

 

(i)            Bloomberg.

 

(A)            
“Iss’d Under 144A/3c7”, to be stated in the “Note Box” on the bottom of the “Security Display”
page describing the Global Secured Notes;

 

(B)             
a flashing red indicator stating “See Other Available Information” located on the “Security Display” page;

 

(C)             
a link to an “Additional Security Information” page on such indicator stating that the Global Secured Notes are being
offered in reliance on the exception from registration under Rule 144A of the Securities Act of 1933 to Persons that are both
(i) “Qualified Institutional Buyers” as defined in Rule 144A under the Securities Act and (ii) “Qualified Purchasers”
as defined under Section 2(a)(51) of the 1940 Act, as amended; and

 

(D)             
a statement on the “Disclaimer” page for the Global Secured Notes that the Notes will not be and have not been registered
under the Securities Act of 1933, as amended, that the Issuer has not been registered under the 1940 Act, as amended, and that
the Global Secured Notes may only be offered or sold in accordance with Section 3(c)(7) of the 1940 Act, as amended.

 

(ii)           Reuters.

 

(A)            
a “144A – 3c7” notation included in the security name field at the top of the Reuters Instrument Code screen;

 

(B)             
a “144A3c7Disclaimer” indicator appearing on the right side of the Reuters Instrument Code screen; and

 

(C)             
a link from such “144A3c7Disclaimer” indicator to a disclaimer screen containing the following language: “These
Notes may be sold or transferred only to Persons who are both (i) Qualified Institutional Buyers, as defined in Rule 144A under
the Securities Act, and (ii) Qualified Purchasers, as defined under Section 3(c)(7) under the U.S. Investment Company Act of 1940.”

 

    -206-

     

    

 

Section
10.13        No Further Reporting Following the Redemption of the Secured Notes.
Notwithstanding any other provision of this Indenture to the contrary, except with respect to (i) Section 4.1 or the satisfaction
and discharge of this Indenture and (ii) if at such time 100% of the Aggregate Outstanding Amount of the Subordinated Notes are
not owned by the BDC, the Retention Provider or any Affiliate thereof, Article VIII, from and after the date on which no
Secured Notes are deemed or considered Outstanding, all requirements herein that the Issuer, Collateral Manager or Trustee deliver
or cause to be delivered any reports, compliance certificates or opinions to any party shall be deemed deleted and have no further
force or effect.

 

ARTICLE
XI

Application Of Monies

 

Section
11.1         Disbursements of Monies from Payment Account. (a) Notwithstanding
any other provision herein, but subject to the other sub-sections of this Section 11.1 and to Section 13.1,
on each Payment Date and, if elected by the Collateral Manager, on each Redemption Distribution Date, the Trustee shall disburse
amounts transferred from the Collection Account to the Payment Account pursuant to Section 10.2 in accordance
with the following priorities (the “Priority of Payments”); provided that, unless an Enforcement Event
has occurred and is continuing, (x) amounts transferred from the Interest Collection Subaccount shall be applied solely in
accordance with Section 11.1(a)(i); and (y) amounts transferred from the Principal Collection Subaccount shall
be applied solely in accordance with Section 11.1(a)(ii).

 

(i)             On
each Payment Date other than any Stated Maturity, unless an Enforcement Event has occurred and is continuing and, if elected by
the Collateral Manager, on each Redemption Distribution Date, Interest Proceeds on deposit in the Collection Account, to the extent
received on or before the related Determination Date (or if such Determination Date is not a Business Day, the next succeeding
Business Day) and that are transferred into the Payment Account, shall be applied in the following order of priority:

 

(A)            
to the payment of (1) first, taxes and governmental fees owing by the Issuer and (2) second, the accrued and
unpaid Administrative Expenses, in the priority stated in the definition thereof, up to the Administrative Expense Cap (except
as otherwise expressly provided in connection with any Optional Redemption or Tax Redemption);

 

(B)             
to the payment to the Collateral Manager of (i) any accrued and unpaid Collateral Management Fee due on such Payment Date (including
any interest accrued on any Collateral Management Fee Shortfall Amount) minus the amount of any Current Deferred Management
Fee, if any, and (ii) any Cumulative Deferred Management Fee requested to be paid at the option of the Collateral Manager; provided
that Interest Proceeds shall only be used to make payments with respect to the Cumulative Deferred Management Fee pursuant
to this clause (B) to the extent such Interest Proceeds are not needed to pay the amounts referred to in any of clauses (C) through
(L) below (on a pro forma basis after giving effect to such proposed payment of the Cumulative Deferred Management Fee);

 

    -207-

     

    

 

(C)             
to the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class A-1 Notes;

 

(D)            
to the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class A-2 Notes;

 

(E)             
to the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class B-1 Notes and
the Class B-2 Notes allocated in proportion to the amounts of accrued and unpaid interest payable on each such Class;

 

(F)             
if either of the Class A/B Coverage Tests is not satisfied on the related Determination Date, to make payments in accordance with
the Note Payment Sequence to the extent necessary to cause all Class A/B Coverage Tests that are applicable on such Payment Date
to be satisfied on a pro forma basis after giving effect to all payments pursuant to this clause (F);

 

(G)            
to the payment of accrued and unpaid interest on the Class C Notes (excluding Deferred Interest but including interest thereon);

 

(H)            
if either of the Class C Coverage Tests is not satisfied on the related Determination Date, to make payments in accordance with
the Note Payment Sequence to the extent necessary to cause all Class C Coverage Tests that are applicable on such Payment Date
to be satisfied on a pro forma basis after giving effect to all payments pursuant to this clause (H);

 

(I)               to
the payment of any Deferred Interest on the Class C Notes;

 

(J)               to
the payment of accrued and unpaid interest on the Class D Notes (excluding Deferred Interest but including interest thereon);

 

(K)            
if either of the Class D Coverage Tests is not satisfied on the related Determination Date, to make payments in accordance with
the Note Payment Sequence to the extent necessary to cause all Class D Coverage Tests that are applicable on such Payment Date
to be satisfied on a pro forma basis after giving effect to all payments pursuant to this clause (K);

 

(L)             
to the payment of any Deferred Interest on the Class D Notes;

 

(M)           
if, with respect to any Payment Date following the Effective Date S&P has not yet confirmed its Initial Ratings of the Secured
Notes and the Effective Date Condition is not satisfied, amounts available for distribution pursuant to this clause (M) shall
be used for application in accordance with the Note Payment Sequence on such Payment Date in an amount sufficient to obtain from
S&P confirmation of its Initial Ratings of the Secured Notes;

 

    -208-

     

    

 

(N)            
to the payment of (1) first, any Administrative Expenses not paid pursuant to clause (A)(2) above due to the limitation
contained therein (in the same manner and order of priority stated therein) and (2) second, any Cumulative Deferred Management
Fee not paid pursuant to clause (B)(ii) above due to the limitations contained therein (in the same manner and order of priority
stated therein);

 

(O)             during
the Reinvestment Period, at the direction of the Collateral Manager, to the Supplemental Reserve Account; and

 

(P)             
any remaining Interest Proceeds to be paid to the Holders of the Subordinated Notes.

 

(ii)             
On each Payment Date other than any Stated Maturity, unless an Enforcement Event has occurred and is continuing and, if elected
by the Collateral Manager, on each Redemption Distribution Date, Principal Proceeds on deposit in the Collection Account that
are received on or before the related Determination Date (or if such Determination Date is not a Business Day, the next succeeding
Business Day) and that are transferred to the Payment Account (which will not include (i) amounts required to meet funding
requirements with respect to Delayed Drawdown Collateral Obligations and Revolving Collateral Obligations that are deposited in
the Revolver Funding Account or (ii) during the Reinvestment Period, Principal Proceeds that have previously been reinvested
in Collateral Obligations or Principal Proceeds which the Issuer has entered into any commitment to reinvest in Collateral Obligations)
shall be applied in the following order of priority:

 

(A)            
to pay the amounts referred to in clauses (A) through (E) of Section 11.1(a)(i) (and in the same manner and order of priority
stated therein), but only to the extent not paid in full thereunder; provided that Principal Proceeds shall only be used
to make payments with respect to the Cumulative Deferred Management Fee pursuant to Section 11.1(a)(i)(B) to the extent
such Principal Proceeds are not needed to pay the amounts referred to in clause (B) below;

 

(B)             
to pay the amounts referred to in clause (F) of Section 11.1(a)(i), but only to the extent not paid in full thereunder
and to the extent necessary to cause the Coverage Tests that are applicable on such Payment Date with respect to the Class A Notes
and the Class B Notes to be met as of the related Determination Date on a pro forma basis after giving effect to any payments
made through this clause (B);

 

    -209-

     

    

 

(C)              to
pay the amounts referred to in clause (G) of Section 11.1(a)(i) (and in the same manner and order of priority stated therein)
to the extent not paid in full thereunder, only to the extent that the Class C Notes are the Controlling Class;

 

(D)             
to pay the amounts referred to in clause (H) of Section 11.1(a)(i), but only to the extent not paid in full thereunder
and to the extent necessary to cause the Coverage Tests that are applicable on such Payment Date with respect to the Class C Notes
to be met as of the related Determination Date;

 

(E)             
to pay the amounts referred to in clause (I) of Section 11.1(a)(i) (and in the same manner and order of priority stated
therein) to the extent not paid in full thereunder, only to the extent that the Class C Notes are the Controlling Class;

 

(F)             
to pay the amounts referred to in clause (J) of Section 11.1(a)(i) (and in the same manner and order of priority stated
therein) to the extent not paid in full thereunder, only to the extent that the Class D Notes are the Controlling Class;

 

(G)             
to pay the amounts referred to in clause (K) of Section 11.1(a)(i), but only to the extent not paid in full thereunder
and to the extent necessary to cause the Coverage Tests that are applicable on such Payment Date with respect to the Class D Notes
to be met as of the related Determination Date;

 

(H)            
to pay the amounts referred to in clause (L) of Section 11.1(a)(i) (and in the same manner and order of priority stated
therein) to the extent not paid in full thereunder, only to the extent that the Class D Notes are the Controlling Class;

 

(I)               if,
with respect to any Payment Date following the Effective Date, S&P has not yet confirmed its Initial Ratings of the Secured
Notes and the Effective Date Condition is not satisfied, amounts available for distribution pursuant to this clause (I) shall
be used for application in accordance with the Note Payment Sequence on such Payment Date in an amount sufficient to obtain from
S&P confirmation of its Initial Ratings of the Secured Notes;

 

(J)               if
such Payment Date is a Redemption Date (other than a Special Redemption Date) or a Redemption Distribution Date, to make payments
in accordance with the Note Payment Sequence;

 

(K)            
if such Payment Date is a Special Redemption Date occurring in connection with a Special Redemption described in clause (i) of
the first sentence of Section 9.6, to make payments in the amount of the Special Redemption Amount at the election of the
Collateral Manager, in accordance with the Note Payment Sequence;

 

    -210-

     

    

 

(L)             
 during the Reinvestment Period, at the discretion of the Collateral Manager either (x) to the Collection Account as Principal
Proceeds to invest in Eligible Investments (pending the purchase of additional Collateral Obligations) and/or to purchase additional
Collateral Obligations or (y) if the reinvestment of such Principal Proceeds would, in the sole determination of the Collateral
Manager, cause (or would be likely to cause) an E.U. Retention Deficiency, to make payments in accordance with the Note Payment
Sequence in an amount determined by the Collateral Manager in its sole discretion (and for the avoidance of doubt such payment
shall not result in a termination of the Reinvestment Period);

 

(M)           
after the Reinvestment Period, to make payments in accordance with the Note Payment Sequence;

 

(N)            
after the Reinvestment Period, to pay the amounts referred to in clause (N) of Section 11.1(a)(i) only to the extent not
already paid (in the same manner and order of priority stated therein); and

 

(O)            
any remaining proceeds to be paid to the Holders of the Subordinated Notes.

 

On
any Stated Maturity, the Trustee shall pay the net proceeds from the liquidation of the Assets and all available Cash, but only
after the payment of (or establishment of a reserve for) all Administrative Expenses (in the same manner and order of priority
stated in the definition thereof), Aggregate Collateral Management Fees, and interest and principal on the Secured Notes, to the
Holders of the Subordinated Notes in final payment of such Subordinated Notes (such payments to be made in accordance with the
priority set forth in Section 11.1(a)(iii)).

 

For
the avoidance of doubt, to the extent that on any Redemption Distribution Date the Collateral Manager does not direct any payments
to be made pursuant to Section 11.1(a)(i), no payments will be required to be made pursuant to Section 11.1(a)(ii)(A)-(G).

 

(iii)          Notwithstanding
the provisions of the foregoing Sections 11.1(a)(i) and 11.1(a)(ii) (other than the last paragraph thereof),
on (x) the Stated Maturity of the Notes, (y) on a Redemption Date occurring with respect to a Failed Optional Redemption, or (z)
if the maturity of the Secured Notes has been accelerated following an Event of Default and has not been rescinded in accordance
with the terms herein (clause (z), an “Enforcement Event”), pursuant to Section 5.7, proceeds
in respect of the Assets will be applied in the following order of priority:

 

(A)            
to the payment of (1) first, taxes and governmental fees owing by the Issuer and (2) second, the accrued and
unpaid Administrative Expenses, in the priority stated in the definition thereof, up to the Administrative Expense Cap (provided
that if a liquidation of the Assets has commenced, the Administrative Expense Cap shall not apply);

 

    -211-

     

    

 

(B)              to
the payment of the Aggregate Collateral Management Fees due and payable (including any accrued and unpaid interest thereon) to
the Collateral Manager until such amount has been paid in full, other than any Cumulative Deferred Management Fee, to the extent
not already paid;

 

(C)             
to the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class A-1 Notes;

 

(D)            
to the payment of principal of the Class A-1 Notes, until the Class A-1 Notes have been paid in full;

 

(E)             
to the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class A-2 Notes;

 

(F)             
to the payment of principal of the Class A-2 Notes, until the Class A-2 Notes have been paid in full;

 

(G)             
to the payment of accrued and unpaid interest (including defaulted interest and interest thereon) on the Class B-1 Notes and
the Class B-2 Notes allocated in proportion to the amounts of accrued and unpaid interest payable on each such Class;

 

(H)            
to the payment of principal of the Class B-1 Notes and the Class B-2 Notes, pro rata based on their respective
Aggregate Outstanding Amounts, until the Class B Notes have been paid in full;

 

(I)               to
the payment of accrued and unpaid interest (excluding Deferred Interest but including interest on Deferred Interest) on the Class
C Notes;

 

(J)               to
the payment of any Deferred Interest on the Class C Notes;

 

(K)            
to the payment of principal of the Class C Notes, until the Class C Notes have been paid in full;

 

(L)             
to the payment of accrued and unpaid interest (excluding Deferred Interest but including interest on Deferred Interest) on the
Class D Notes;

 

(M)           
to the payment of any Deferred Interest on the Class D Notes;

 

(N)            
to the payment of principal of the Class D Notes until the Class D Notes have been paid in full;

 

(O)            
to the payment of (in the same manner and order of priority stated therein) any Administrative Expenses not paid pursuant
to clause (A)(2) above due to the limitation contained therein;

 

    -212-

     

    

 

(P)             
 any Cumulative Deferred Management Fee to the extent not already paid; and

 

(Q)            
to pay the balance to the Holders of the Subordinated Notes.

 

If
any declaration of acceleration has been rescinded in accordance with the provisions herein, proceeds in respect of the Assets
will be applied in accordance with Section 11.1(a)(i) or (ii), as applicable.

 

(b)           If
on any Payment Date the amount available in the Payment Account is insufficient to make the full amount of the disbursements required
by the Distribution Report, the Trustee shall make the disbursements called for in the order and according to the priority set
forth under Section 11.1(a) above, subject to Section 13.1, to the extent funds are available therefor.

 

(c)           In
connection with the application of funds to pay Administrative Expenses of the Issuer in accordance with Section 11.1(a)(i),
Section 11.1(a)(ii) and Section 11.1(a)(iii), the Trustee shall remit such funds, to the extent available
(and subject to the order of priority set forth in the definition of “Administrative Expenses”), as directed
and designated in an Issuer Order (which may be in the form of standing instructions, including standing instructions to pay Administrative
Expenses in such amounts and to such entities as indicated in the Distribution Report in respect of such Payment Date) delivered
to the Trustee no later than the Business Day prior to each Payment Date.

 

(d)           The
Collateral Manager may, in its sole discretion, elect to irrevocably waive payment of any or all of any Collateral Management
Fee otherwise due on any Payment Date by notice to the Issuer, the Collateral Administrator and the Trustee no later than the
Determination Date immediately prior to such Payment Date in accordance with the terms of Section 8(b) of the Collateral Management
Agreement. Any such Collateral Management Fee, once waived, shall not thereafter become due and payable and any claim of the Collateral
Manager therein shall be extinguished.

 

    -213-

     

    

 

(e)            At
any time during or after the Reinvestment Period, any Holder of Subordinated Notes may (i) make a Contribution of Cash, Eligible
Investments or Collateral Obligations or (ii) solely in the case of Certificated Subordinated Notes, in accordance with Section
8.3(i), designate any portion of Interest Proceeds or Principal Proceeds that would otherwise be distributed on its Subordinated
Notes in accordance with Section 11.1(a)(i)(P) or Section 11.1(a)(ii)(O), to be a contribution to the Issuer (a
“Contribution” and each such Person, a “Contributor”); provided that a Notice of
Contribution in the form of Exhibit F (solely for Contributions of Cash or Eligible Investments) is provided. The Collateral
Manager, on behalf of the Issuer, may accept or reject any Contribution in its sole discretion and shall notify the Trustee and
the Collateral Administrator of any such acceptance. Each accepted Contribution of Cash or Eligible Investments shall be deposited
into the Supplemental Reserve Account and may be withdrawn at the written direction of the Collateral Manager. Contributions of
Cash or Eligible Investments may only be used for a Permitted Use or Permitted Uses as directed by the applicable Contributor
at the time such Contribution is made, so long as the Collateral Manager consents to such Permitted Use(s) (or, if no direction
is given by the Contributor, at the Collateral Manager’s reasonable discretion). No Contribution of Cash or Eligible Investments
or portion thereof will be returned to any applicable holder of Subordinated Notes at any time. For administrative convenience
any Contributions or transfers of Cash, Eligible Investments or Collateral Obligations made through one or more intermediate related
entities or Affiliates of the Initial Subordinated Noteholder may instead be made on a net basis directly into the Issuer, and
by bypassing such intermediate related entity or Affiliate. The value received by the Issuer in Cash, Eligible Investments and/or
in the form of Collateral Obligations will not be affected by the elimination of such intermediate steps. In the case of any such
payment made to the Issuer in the form of a combination of Cash and Collateral Obligations, the Cash portion of such payment shall
be an amount equal to the total payment required to be made to the Issuer reduced by an amount equal to the fair market value
as determined by the Collateral Manager as of the date of Contribution of the Collateral Obligations and Eligible Investments
Contributed or transferred to the Issuer in respect of such payment. For the avoidance of doubt, any acquisition of a Collateral
Obligation by the Issuer pursuant to an “in-kind” Contribution from any holder of Subordinated Notes shall be subject
to satisfaction of the Investment Criteria in connection therewith.

 

(f)            Notwithstanding
any other provision of this Indenture to the contrary, from and after the date on which no Secured Notes are deemed or considered
to be Outstanding, (i) by 12:00 PM New York time, upon three Business Days prior notice to the Trustee, the Collateral Manager
may designate any Business Day as a “Payment Date” for purposes of this Section 11.1 and distribute any Interest
Proceeds or Principal Proceeds in accordance with the Priority of Payments and (ii) no further Monthly Reports or Distribution
Reports shall be required to be prepared.

 

ARTICLE
XII

SALE OF COLLATERAL OBLIGATIONS;

PURCHASE OF ADDITIONAL COLLATERAL OBLIGATIONS

 

Section
12.1          Sales of Collateral Obligations. Subject to the satisfaction
of the conditions specified in Section 12.3, the Collateral Manager on behalf of the Issuer may (except as otherwise
specified in this Section 12.1) direct the Trustee to sell and the Trustee shall sell on behalf of the Issuer in the
manner directed by the Collateral Manager any Collateral Obligation or Equity Security if, as certified by the Collateral Manager
(which certification shall be deemed to be provided upon delivery of an Issuer Order or trade confirmation in respect of such
sale), such sale meets the requirements of any one of paragraphs (a) through (l) of this Section 12.1 (subject
in each case to any applicable requirement of disposition under Section 12.1(h) and provided that if an Enforcement
Event has occurred and is continuing, the Collateral Manager may not direct the Trustee to sell any Collateral Obligation or Equity
Security pursuant to Section 12.1(e), Section 12.1(f) or Section 12.1(g)), except as authorized by Section
12.1(h). For purposes of this Section 12.1, the Sale Proceeds of a Collateral Obligation sold by the Issuer shall
include any Principal Financed Accrued Interest received in respect of such sale.

 

    -214-

     

    

 

 

(a)             
 Credit Risk Obligations. The Collateral Manager may direct the Trustee to sell any Credit Risk Obligation at any time without
restriction.

 

(b)             
 Credit Improved Obligations. The Collateral Manager may direct the Trustee to sell any Credit Improved Obligation at any
time without restriction.

 

(c)              
Defaulted Obligations. The Collateral Manager may direct the Trustee to sell any Defaulted Obligation at any time without
restriction.

 

(d)             
Equity Securities. The Collateral Manager may direct the Trustee to sell any Equity Security at any time without restriction
and shall use its commercially reasonable efforts to effect the sale of any Equity Security, regardless of price within 45 days
after receipt, if such Equity Security constitutes Margin Stock, unless such sale is prohibited by applicable law, in which case
such Equity Security shall be sold as soon as such sale is permitted by applicable law.

 

(e)              
Optional Redemption. After the Issuer has notified the Trustee of an Optional Redemption of the Notes in accordance with
Section 9.2, if necessary to effect such Optional Redemption, the Collateral Manager shall direct the Trustee to sell
(which sale may be through participation or other arrangement) all or a portion of the Collateral Obligations if the requirements
of Article IX (including the certification requirements of Section 9.4(e)(ii), if applicable) are satisfied.
If any such sale is made through participations, the Issuer shall use reasonable efforts to cause such participations to be converted
to assignments within six months after the sale.

 

(f)              
Tax Redemption. After a Majority of an Affected Class or a Majority of the Subordinated Notes has directed (by a written
direction delivered to the Trustee) a Tax Redemption, the Collateral Manager shall, if necessary to effect such Tax Redemption,
direct the Trustee to sell (which sale may be through participation or other arrangement) of all or a portion of the Collateral
Obligations if the requirements of Article IX (including the certification requirements of Section 9.4(e)(ii),
if applicable) are satisfied. If any such sale is made through participations, the Issuer shall use reasonable efforts to
cause such participations to be converted to assignments within six months after the sale.

 

(g)             
Discretionary Sales. During the Reinvestment Period, the Collateral Manager may direct the Trustee to sell any Collateral
Obligation at any time other than during a Restricted Trading Period if, commencing with the first calendar year after the Closing
Date, total sales pursuant to this Section 12.1(g) (measured by the par amount of all Collateral Obligations disposed of)
during the preceding 12-month period do not exceed 30% of the Collateral Principal Amount (measured as of the first day of such
12-month period); provided that for purposes of determining the percentage of Collateral Obligations sold pursuant to this
Section 12.1(g) during any such period, the amount of Collateral Obligations so sold shall be reduced to the extent of
any purchases of (or irrevocable commitments to purchase) Collateral Obligations of the same Obligor (which are pari passu
or senior to such sold Collateral Obligations) occurring within 45 Business Days of such sale, so long as any such sale pursuant
to this Section 12.1(g) of a Collateral Obligation was entered into with the intention of purchasing such Collateral Obligations
of the same Obligor.

 

    -215-

     

    

 

(h)              
Mandatory Sales. The Collateral Manager on behalf of the Issuer shall use its commercially reasonable efforts to effect
the sale of any Collateral Obligation that (i) no longer meets the criteria described in clause (ix) of the definition
of “Collateral Obligation”, within 18 months after the failure of such Collateral Obligation to meet any such criteria
and (ii) no longer meets the criteria described in clause (viii) of the definition of “Collateral Obligation”
within 45 days after the failure of such Collateral Obligation to meet either such criteria.

 

(i)               
Unsaleable Assets. After the Reinvestment Period:

 

(i)              
Notwithstanding any other restriction in this Section 12.1, at the direction of the Collateral Manager, the Trustee, at
the expense of the Issuer, shall conduct an auction of Unsaleable Assets in accordance with the procedures described in clause
(ii). The Trustee may retain an agent to perform the obligations set forth in this Section 12.1(i).

 

(ii)             
Promptly after receipt of written notice from the Collateral Manager of an auction of Unsaleable Assets, the Trustee will forward
a notice in the Issuer’s name (prepared by the Collateral Manager) to the Holders and each Rating Agency, setting forth
in reasonable detail a description of each Unsaleable Asset and the following auction procedures:

 

(A)           
Any Holder may submit a written bid to purchase one or more Unsaleable Assets no later than the date specified in the auction
notice (which shall be at least 15 Business Days after the date of such notice).

 

(B)             
Each bid must include an offer to purchase for a specified amount of cash on a proposed settlement date no later than 20 Business
Days after the date of the auction notice.

 

(C)            
If no Holder submits such a bid, unless delivery in kind is not legally or commercially practicable and subject to any transfer
restrictions (including minimum denominations), the Trustee shall provide notice thereof to each Holder and offer to deliver (at
no cost to the Trustee or Holder) a pro rata portion of each unsold Unsaleable Asset to the Holders of the Class with the
highest priority that provide delivery instructions to the Trustee on or before the date specified in such notice. To the extent
that minimum denominations do not permit a pro rata distribution, the Trustee shall distribute the Unsaleable Assets on
a pro rata basis to the extent possible and the Issuer or the Collateral Manager shall select by lottery the Holder to
whom the remaining amount will be delivered. The Issuer and the Trustee (at the direction of the Issuer or the Collateral Manager
on behalf of the Issuer) shall use commercially reasonable efforts to effect delivery of such interests.

 

    -216-

     

    

 

(D)           
 If no such Holder provides delivery instructions to the Trustee, the Trustee shall promptly notify the Collateral Manager and
offer to deliver (at no cost to the Trustee) the Unsaleable Asset to the Collateral Manager. If the Collateral Manager declines
such offer, the Collateral Manager (on behalf of the Issuer) shall direct action to dispose of the Unsaleable Asset, which may
be by donation to a charity, abandonment or other means, and the Trustee (at no expense to the Trustee) shall take such action
as so directed.

 

(E)             
The Trustee shall have no duty, obligation or responsibility with respect to the sale of any Unsaleable Asset other than upon
the instruction of the Collateral Manager.

 

(j)              
The Collateral Manager may direct the Trustee at any time without restriction to sell any Collateral Obligation that (i) has a
Material Covenant Default or (ii) becomes subject to a proposed Maturity Amendment that fails to satisfy the criteria required
hereunder to allow the Issuer (or the Collateral Manager on the Issuer’s behalf) to vote in favor of such Maturity Amendment.

 

(k)             
After the Collateral Manager has notified the Issuer and the Trustee of a Clean-Up Call Redemption in accordance with Section
‎9.9, the Collateral Obligations may be sold in accordance with the provisions of Section ‎9.9 without
regard to the limitations in this Section ‎12.1 by directing the Trustee to effect such sale; provided that
the Sale Proceeds therefrom are used for the purposes specified in Section ‎9.9 (and applied pursuant to the Priority
of Payments).

 

(l)              
Required Sales. In the event that the Collateral Manager and the Issuer receive an Opinion of Counsel of national reputation
experienced in such matters that the Issuer’s ownership of any specific “Asset” would cause the Issuer to be
unable to comply with the loan securitization exclusion from the definition of “covered fund” under the Volcker Rule,
then the Collateral Manager, on behalf of the Issuer, will be required to take commercially reasonable efforts to sell such “Asset”
and will not purchase or otherwise receive any additional “Asset” of the type identified in such Opinion of Counsel.

 

Section
12.2        Purchase of Additional Collateral Obligations. On any date during the Reinvestment
Period, the Collateral Manager on behalf of the Issuer may, subject to the other requirements in this Indenture, direct the Trustee
to invest Principal Proceeds, proceeds of Additional Notes issued pursuant to Sections 2.13 and 3.2, amounts
on deposit in the Supplemental Reserve Account and Principal Financed Accrued Interest, and the Trustee shall invest such Principal
Proceeds and other amounts in accordance with such direction. After the Reinvestment Period, the Collateral Manager shall not
direct the Trustee to invest any amounts on behalf of the Issuer; provided that cash on deposit on any Account (other than
the Payment Account) may be invested in Eligible Investments following the Reinvestment Period. During the Reinvestment Period,
such proceeds may be used to purchase additional Collateral Obligations subject to the requirement that each of the following
criteria (such criteria, collectively, the “Investment Criteria”) is satisfied as of the date the Collateral
Manager commits on behalf of the Issuer to make such purchase, in each case as determined by the Collateral Manager after giving
effect to such purchase and all other sales or purchases previously or simultaneously committed to; provided that the criteria
set forth in clauses (b) and (c) below need only be satisfied with respect to purchases of Collateral Obligations occurring on
or after the Effective Date.

 

    -217-

     

    

 

(a)             
such obligation is a Collateral Obligation;

 

(b)             
either (A) each requirement or test, as the case may be, of the Concentration Limitations and the Collateral Quality Tests (except,
in the case of an additional Collateral Obligation purchased with the proceeds from the sale of a Credit Risk Obligation, a Defaulted
Obligation or an Equity Security, the S&P CDO Monitor Test) will be satisfied or (B) if any such requirement or test was not
satisfied immediately prior to such investment, such requirement or test will be maintained or improved after giving effect to
the investment;

 

(c)             
each Coverage Test will be satisfied, or if not satisfied, such Coverage Test will be maintained or improved;

 

(d)            
(i) in the case of an additional Collateral Obligation purchased with the proceeds from the sale of a Credit Risk Obligation or
a Defaulted Obligation, either (A) the aggregate outstanding principal balance of all additional Collateral Obligations purchased
with the proceeds from such sale will at least equal the Sale Proceeds from such sale or (B) the Reinvestment Balance Criteria
will be satisfied, (ii) in the case of the use of Sale Proceeds of Credit Improved Obligations, either (A) the aggregate outstanding
principal balance of all Collateral Obligations purchased with such Sale Proceeds will be greater than or equal to the Investment
Criteria Adjusted Balance of the disposed Collateral Obligations, (B) after giving effect to such purchase, the Adjusted Collateral
Principal Amount will be maintained or increased (when compared to the Adjusted Collateral Principal Amount immediately prior
to such sale) or (C) after giving effect to such reinvestment of such Sale Proceeds, the Adjusted Collateral Principal Amount
will be greater than (or equal to) the Reinvestment Target Par Balance and (iii) in the case of any other purchase of additional
Collateral Obligations purchased with the proceeds from the sale of any other Collateral Obligation, the Collateral Manager shall
use commercially reasonable efforts to ensure that after giving effect to such purchase, the Reinvestment Balance Criteria will
be satisfied; and

 

(e)             
the date on which the Issuer (or the Collateral Manager on behalf of the Issuer) commits to purchase such Collateral Obligation
occurs during the Reinvestment Period.

 

If
the Issuer has entered into a written trade ticket or other written binding commitment to purchase a Collateral Obligation during
the Reinvestment Period which purchase is not scheduled to settle prior to the end of the Reinvestment Period (such Collateral
Obligation, a “Post-Reinvestment Period Settlement Obligation”), such Post-Reinvestment Period Settlement Obligation
shall be treated as having been purchased by the Issuer prior to the end of the Reinvestment Period for purposes of the Investment
Criteria, and Principal Proceeds received after the end of the Reinvestment Period may be applied to the payment of the purchase
price of such Post-Reinvestment Period Settlement Obligation. Not later than the Business Day immediately preceding the end of
the Reinvestment Period, the Collateral Manager shall deliver to the Trustee a schedule of Collateral Obligations purchased by
the Issuer with respect to which purchases the trade date has occurred but the settlement date has not yet occurred and shall
certify to the Trustee (which certification will be deemed to be made upon delivery of such schedule) that sufficient Principal
Proceeds are available (including for this purpose, cash on deposit in the Principal Collection Subaccount as well as any Principal
Proceeds that will be received by the Issuer from the sale of Collateral Obligations for which the trade date has already occurred
but the settlement date has not yet occurred) to effect the settlement of such Collateral Obligations.

 

    -218-

     

    

 

(f)              
Trading Plan Period. During the Reinvestment Period and for purposes of calculating compliance with the Investment Criteria,
at the election of the Collateral Manager in its sole discretion, any proposed investment (whether a single Collateral Obligation
or a group of Collateral Obligations) identified by the Collateral Manager as such at the time when compliance with the Investment
Criteria is required to be calculated (a “Trading Plan”) may be evaluated after giving effect to all sales
and reinvestments proposed to be entered into, in each case, within the ten Business Days following the date of determination
of such compliance (such period, the “Trading Plan Period”); provided that (v) no Trading Plan may result
in the purchase of Collateral Obligations having an Aggregate Principal Balance that exceeds 7.5% of the Collateral Principal
Amount as of the first day of the Trading Plan Period, (w) no Trading Plan Period may include a Determination Date (x) no
more than one Trading Plan may be in effect at any time during a Trading Plan Period and (y) if, on two occasions, the Investment
Criteria are satisfied prospectively after giving effect to a Trading Plan but are not satisfied upon the expiry of the related
Trading Plan Period, the Investment Criteria shall not at any time thereafter be evaluated by giving effect to a Trading Plan
unless either (i) the Global Rating Agency Condition is satisfied with respect to such Trading Plan or (ii) a Majority of the
Controlling Class waives the requirement that the Global Rating Agency Condition be satisfied with respect to such Trading Plan.
Notice shall be provided to S&P upon failure of a Trading Plan pursuant to the foregoing clause (y). For the avoidance of
doubt, following the satisfaction of the Global Rating Agency Condition or the waiver thereof pursuant to clause (y) of the proviso
in the previous sentence, further satisfaction of the Global Rating Agency Condition shall only be required if, on two additional
occasions, the Investment Criteria are satisfied prospectively after giving effect to a Trading Plan but are not satisfied upon
the expiry of the related Trading Plan Period. The Collateral Manager shall provide prior written notice to each Rating Agency
of any Trading Plan, which notice shall specify the proposed investments identified by the Collateral Manager for acquisition
as part of such Trading Plan.

 

(g)             
Certification by Collateral Manager. Not later than the Cut-Off Date for any Collateral Obligation purchased in accordance
with this Section 12.2, the Collateral Manager shall deliver by e-mail or other electronic transmission to the Trustee
and the Collateral Administrator an Officer’s certificate of the Collateral Manager certifying that such purchase complies
with this Section 12.2 and Section 12.3 (which certification shall be deemed to be provided upon delivery
of an Issuer Order or trade confirmation in respect of such purchase).

 

The
Investment Criteria will not be required to be satisfied in connection with any commitment to purchase a Collateral Obligation
which purchase is scheduled to settle following the Redemption Date in connection with a Refinancing of the Secured Notes in whole
with respect to which notice of redemption has been given as set forth in Section 9.4 (and will instead be required to
comply with the terms of this Indenture as amended in connection with such Refinancing).

 

    -219-

     

    

 

(h)             
Investment in Eligible Investments. Cash on deposit in any Account (other than the Payment Account) may be invested at
any time (including following the Reinvestment Period) in Eligible Investments in accordance with Article X.

 

(i)              
Maturity Amendments. The Issuer (or the Collateral Manager on the Issuer’s behalf) may not vote in favor of a Maturity
Amendment unless, as determined by the Collateral Manager:

 

(i)              
(A) the Weighted Average Life Test will be satisfied after giving effect to such Maturity Amendment or (B) if the Weighted Average
Life Test was not satisfied immediately prior to giving effect to such Maturity Amendment, the level of compliance with the Weighted
Average Life Test will be improved or maintained after giving effect to such Maturity Amendment, in each case after giving effect
to any Trading Plan in effect during the applicable Trading Plan Period and

 

(ii)             
the following conditions are met: (A) the extended maturity date of such Collateral Obligation would not be later than the earliest
Stated Maturity of the Secured Notes and (B) after giving effect to such Maturity Amendment, the aggregate principal balance of
all Collateral Obligations that have been subject to Maturity Amendments will not exceed 5.0% of the Collateral Principal Amount.

 

Section
12.3        Conditions Applicable to All Sale and Purchase Transactions. (a) Any transaction
effected under this Article XII or in connection with the acquisition or disposition of any Asset shall be conducted on
an arm’s length basis and, if effected with a Person Affiliated with the Collateral Manager (or with an account or portfolio
for which the Collateral Manager or any of its Affiliates serves as investment adviser), shall be effected on terms no less favorable
to the Issuer than would be the case if such Person were not so Affiliated; provided that in the case of any Collateral
Obligation sold or otherwise transferred to a Person so Affiliated, the value thereof shall be the mid-point between the “bid”
and “ask” prices to the extent such prices are obtained from a nationally recognized independent pricing service or,
if unavailable or determined by the Collateral Manager to be unreliable, the fair market value of such Collateral Obligation as
reasonably determined by the Collateral Manager (so long as the Collateral Manager is a Registered Investment Adviser) consistent
with the Collateral Manager Standard, and such Affiliate shall acquire such Collateral Obligation for a price equal to the value
so determined; provided further that an aggregate amount of Collateral Obligations not exceeding 15% of the Net Purchased
Loan Balance may be sold or otherwise transferred to the Retention Provider pursuant to this Indenture at a price greater than
the value determined pursuant to the immediately preceding proviso, but no greater than the Transfer Deposit Amount of any such
Collateral Obligation (and to the extent such price exceeds the fair market value of any such Collateral Obligation, such excess
shall be deemed to be a capital contribution from the Retention Provider to the Issuer); provided further that, the Trustee
shall have no responsibility to oversee compliance with this paragraph by the other parties. Notwithstanding anything contained
in this Article XII to the contrary, after the Closing Date, the Issuer shall not acquire any Collateral Obligation from an Affiliate
of the Collateral Manager unless (i) such transfer is from the BDC pursuant to the Master Loan Sale Agreements, (ii) such transfer
is from an Affiliate of the BDC or the Collateral Manager that is a bankruptcy-remote special purpose vehicle or (iii) such transfer
is made in accordance with the first proviso of this paragraph and other terms that the Collateral Manager determines, based upon
advice of counsel, would not adversely impact the conclusions set forth in the Opinion of Counsel relating to bankruptcy matters
delivered by Dechert LLP, on the Closing Date.

 

    -220-

     

    

 

(b)              
Upon any acquisition of a Collateral Obligation pursuant to this Article XII, all of the Issuer’s right, title
and interest to the Asset or Assets shall be Granted to the Trustee pursuant to this Indenture, such Asset or Assets shall be
Delivered to the Custodian, and, if applicable, the Custodian shall receive such Asset or Assets. The Trustee shall also receive,
not later than the Cut-Off Date, an Officer’s certificate of the Issuer containing the statements set forth in a Delivery
Certificate; provided that such requirement shall be satisfied, and such statements shall be deemed to have been made by
the Issuer, in respect of such acquisition by the delivery to the Trustee of a trade ticket pursuant to Section 1.3(t).

 

(c)             
Notwithstanding anything contained in this Article XII or Article V to the contrary, the Issuer shall have the right
to effect any sale of any Asset or purchase of any Collateral Obligation (1) with the consent of Noteholders evidencing at
least (i) with respect to purchases during the Reinvestment Period and sales during or after the Reinvestment Period, 75% of the
Aggregate Outstanding Amount of each Class of Notes and (ii) with respect to purchases after the Reinvestment Period, 100% of
the Aggregate Outstanding Amount of each Class of Notes and (2) of which each Rating Agency and the Trustee have been notified.

 

(d)             
Notwithstanding anything contained in this Article XII or Article V to the contrary, upon the occurrence and during
the continuance of an Enforcement Event, the Issuer shall not have the right to effect any sale of any Asset or purchase of any
Collateral Obligation without the consent of a Majority of the Controlling Class.

 

ARTICLE
XIII

Noteholders’ Relations

 

Section
13.1        Subordination. (a) Anything in this Indenture or the Notes to the contrary
notwithstanding, the Holders of each Class of Notes that constitute a Junior Class agree for the benefit of the Holders of the
Notes of each Priority Class with respect to such Junior Class that such Junior Class shall be subordinate and junior to the Notes
of each such Priority Class to the extent and in the manner expressly set forth in the Priority of Payments. In the event one
or more Holder(s) cause(s) the filing of a petition in bankruptcy against the Issuer prior to the expiration of the period set
forth in clause (b) of this Section 13.1, any claim(s) that such Holder(s) have against the Issuer (including under all
Notes of any Class held by such Holder(s)) or with respect to any Assets (including any proceeds thereof) shall, notwithstanding
anything to the contrary in the Priority of Payments and notwithstanding any objection to, or rescission of, such filing, be fully
subordinate in right of payment to the claims of each Holder (and each other secured creditor of the Issuer) that does not seek
to cause any such filing, with such subordination being effective until all Notes (and each claim of each other secured creditor)
held by each Holder of any Note that does not seek to cause any such filing are paid in full in accordance with the Priority of
Payments set forth herein (after giving effect to such subordination). The foregoing sentence shall constitute a “subordination
agreement” within the meaning of Section 510(a) of the U.S. Bankruptcy Code.

 

    -221-

     

    

 

(b)              
The Holders of each Class of Notes and beneficial owners of each Class of Notes agree, for the benefit of all Holders of each
Class of Notes and beneficial owners of each Class of Notes, not to cause the filing of a petition in bankruptcy, insolvency or
a similar proceeding in the United States or any other jurisdiction against the Issuer until the payment in full of all Notes
and the expiration of a period equal to one year and one day or, if longer, the applicable preference period then in effect plus
one day, following such payment in full.

 

(c)             
The Issuer shall timely file an answer and any other appropriate pleading objecting to (i) the institution of any Proceeding in
bankruptcy, insolvency or other similar proceeding in the United States or any other jurisdiction to have the Issuer adjudicated
as bankrupt or insolvent or (ii) the filing of any petition seeking relief, reorganization, arrangement, adjustment or composition
of or in respect of the Issuer under applicable Bankruptcy Law or other applicable law.  The reasonable fees, costs, charges
and expenses incurred by the Issuer (including reasonable attorneys’ fees and expenses) in connection with taking any such
action shall be payable as “Administrative Expenses.”

 

Section
13.2        Standard of Conduct. In exercising any of its or their voting rights, rights
to direct and consent or any other rights as a Holder under this Indenture, a Holder or Holders shall not have any obligation
or duty to any Person or to consider or take into account the interests of any Person and shall not be liable to any Person for
any action taken by it or them or at its or their direction or any failure by it or them to act or to direct that an action be
taken, without regard to whether such action or inaction benefits or adversely affects any Holder, the Issuer, or any other Person,
except for any liability to which such Holder may be subject to the extent the same results from such Holder’s taking or
directing an action, or failing to take or direct an action, in bad faith or in violation of the express terms of this Indenture.

 

ARTICLE
XIV

MISCELLANEOUS

 

Section
14.1        Form of Documents Delivered to Trustee. In any case where several matters
are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters
be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other
matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

 

    -222-

     

    

 

Any
certificate or opinion of an Officer of the Issuer or the Collateral Manager may be based, insofar as it relates to legal matters,
upon a certificate or opinion of, or representations by, counsel (provided that such counsel is a nationally or internationally
recognized and reputable law firm, one or more of the partners of which are admitted to practice before the highest court of any
State of the United States or the District of Columbia which law firm may, except as otherwise expressly provided herein, be counsel
for the Issuer), unless such Officer knows, or should know, that the certificate or opinion or representations with respect to
the matters upon which such certificate or opinion is based are erroneous. Any such certificate of an Officer of the Issuer or
the Collateral Manager or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion
of, or representations by, the Issuer, the Collateral Manager or any other Person (on which the Trustee shall be entitled to rely),
stating that the information with respect to such factual matters is in the possession of the Issuer, the Collateral Manager or
such other Person, unless such Officer of the Issuer or the Collateral Manager or such counsel knows that the certificate or opinion
or representations with respect to such matters are erroneous. Any Opinion of Counsel may also be based, insofar as it relates
to factual matters, upon a certificate or opinion of, or representations by, an Officer of the Collateral Manager or the Issuer,
stating that the information with respect to such matters is in the possession of the Collateral Manager or the Issuer, unless
such counsel knows that the certificate or opinion or representations with respect to such matters are erroneous.

 

Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions
or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

 

Whenever
in this Indenture it is provided that the absence of the occurrence and continuation of a Default or Event of Default is
a condition precedent to the taking of any action by the Trustee at the request or direction of the Issuer, then notwithstanding
that the satisfaction of such condition is a condition precedent to the Issuer’s right to make such request or direction,
the Trustee shall be protected in acting in accordance with such request or direction if it does not have knowledge of the occurrence
and continuation of such Default or Event of Default as provided in Section 6.1(d).

 

The
Bank (in any capacity under the Transaction Documents) agrees to accept and act upon instructions or directions pursuant to the
Transaction Documents sent by unsecured email or facsimile transmission or other similar unsecured electronic methods; provided
that any Person providing such instructions or directions shall provide to the Bank an incumbency certificate listing authorized
persons designated to provide such instructions or directions, which incumbency certificate shall be amended whenever a person
is added or deleted from the listing. If such person elects to give the Bank email or facsimile instructions (or instructions
by a similar electronic method) and the Bank in its discretion elects to act upon such instructions, the Bank’s reasonable
understanding of such instructions shall be deemed controlling. The Bank shall not be liable for any losses, costs or expenses
arising directly or indirectly from the Bank’s reliance upon and compliance with such instructions notwithstanding such
instructions conflicting with or being inconsistent with a subsequent written instruction. Any Person providing such instructions
agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Bank,
including without limitation the risk of the Bank acting on unauthorized instructions accompanied by an incumbency certificate,
and the risk of interception and misuse by third parties. Any Person providing such instructions acknowledges and agrees that
there may be more secure methods of transmitting such instructions than the method(s) selected by such Person and agrees that
the security procedures (if any) to be followed in connection with such Person’s transmission of such instructions provide
to it a commercially reasonable degree of protection in light of its particular needs and circumstances.

 

    -223-

     

    

 

Section
14.2        Acts of Holders. (a) Any request, demand, authorization, direction, notice,
consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action
or actions embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders
signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall
be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner provided
in this Section 14.2.

 

(b)              
The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the Trustee
reasonably deems sufficient.

 

(c)             
The principal amount or face amount, as the case may be, and registered numbers of Notes held by any Person, and the date of such
Person’s holding the same, shall be proved by the Register or shall be provided by certification by such Holder.

 

(d)              
Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Notes shall bind the
Holder (and any transferee thereof) of such and of every Note issued upon the registration thereof or in exchange therefor
or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer in reliance thereon,
whether or not notation of such action is made upon such Note.

 

(e)              
Notwithstanding anything herein to the contrary, a holder of a beneficial interest in a Global Note will have the right to receive
access to reports on the Trustee’s website and will be entitled to exercise rights to vote, give consents and directions
which holders of the related Class of Notes are entitled to give under this Indenture upon delivery of a beneficial ownership
certificate in the form of Exhibit D (a “Beneficial Ownership Certificate”) to the Trustee which certifies
(i) that such Person is a beneficial owner of an interest in a Global Note, (ii) the amount and Class of Notes so owned, and (iii)
that such Person will notify the Trustee when it sells all or a portion of its beneficial interest in such Class of Notes. A separate
Beneficial Ownership Certificate must be delivered each time any such vote, consent or direction is given; provided that,
nothing shall prevent the Trustee from requesting additional information and documentation with respect to any such beneficial
owner; provided further that the Trustee shall be entitled to conclusively rely on the accuracy and the currency of each
Beneficial Ownership Certificate and shall not be required to obtain any further information in this regard.

 

    -224-

     

    

 

Section
14.3        Notices, etc., to Trustee, the Issuer, the Collateral Manager, the Initial Purchaser,
the Collateral Administrator, the Paying Agent and each Rating Agency. (a) Any request, demand, authorization, direction,
instruction, order, notice, consent, waiver or Act of Noteholders or other documents or communication provided or permitted by
this Indenture to be made upon, given, e-mailed or furnished to, or filed with:

 

(i)             
the Trustee shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to and mailed, by certified
mail, return receipt requested, hand delivered, sent by overnight courier service guaranteeing next day delivery, by electronic
mail, or by facsimile in legible form, to the Trustee addressed to it at its applicable Corporate Trust Office, or at any other
address previously furnished in writing to the other parties hereto by the Trustee, and executed by a Responsible Officer of the
entity sending such request, demand, authorization, direction, instruction, order, notice, consent, waiver or other document;
provided that any demand, authorization, direction, instruction, order, notice, consent, waiver or other document sent
to The Bank of New York Mellon Trust Company, National Association (in any capacity hereunder) will be deemed effective only upon
receipt thereof by The Bank of New York Mellon Trust Company, National Association;

 

(ii)            
the Issuer shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and
mailed, first class postage prepaid, hand delivered, sent by overnight courier service or by facsimile in legible form, to the
Issuer addressed to it at c/o Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711 or at any other
address previously furnished in writing to the other parties hereto by the Issuer, with a copy to the Collateral Manager at its
address below;

 

(iii)           
the Initial Purchaser shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid, hand
delivered, sent by overnight courier service or by telecopy in legible form, addressed to Wells Fargo Securities, LLC, Duke Energy
Center, 550 South Tryon Street, 5th Floor, MAC D1086-051, Charlotte, North Carolina 28202, facsimile no. (704) 715-0067, Attention:
Mary Katherine DuBose, or at any other address previously furnished in writing to the Issuer and the Trustee by the Initial Purchaser;

 

(iv)           
the Collateral Administrator shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid,
hand delivered, sent by overnight courier service or by facsimile in legible form, to the Collateral Administrator addressed to
it at the Corporate Trust Office or at any other address previously furnished in writing to the other parties hereto;

 

(v)            
the Collateral Manager shall be sufficient for every purpose hereunder if in writing and mailed, first class postage prepaid,
hand delivered, sent by overnight courier service or by facsimile in legible form, to the Collateral Manager addressed to it at
666 Fifth Avenue, 18th Floor, New York, New York 10103, or at any other address previously furnished in writing to the parties
hereto;

 

    -225-

     

    

 

(vi)            
 the Rating Agencies shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing
and mailed, first class postage prepaid, hand delivered, sent by overnight courier service to each Rating Agency addressed to
it at, in the case of Fitch, by email to cdo.surveillance@fitchratings.com, and in the case of S&P, Standard & Poor’s,
55 Water Street, 41st Floor, New York, New York 10041-0003 or by facsimile in legible form to facsimile no.: (212) 438-2655, Attention:
Structured Credit – CDO Surveillance or by electronic copy to CDO_Surveillance@spglobal.com; provided that (x) in
respect of any application for a credit estimate by S&P in respect of a Collateral Obligation, Information must be submitted
to creditestimates@spglobal.com, (y) in respect of any document or notice sent to S&P pursuant to Section 7.18(c),
such document or notice must be submitted to CDOEffectiveDatePortfolios@spglobal.com and (z) in respect of any request to S&P
relating to the S&P CDO Monitor, such request must be submitted to CDOMonitor@spglobal.com; and

 

(b)              
If any provision herein calls for any notice or document to be delivered simultaneously to the Trustee and any other Person, the
Trustee’s receipt of such notice or document shall entitle the Trustee to assume that such notice or document was delivered
to such other Person or entity unless otherwise expressly specified herein.

 

(c)               Notwithstanding
any provision to the contrary contained herein or in any agreement or document related thereto, any report, statement or other
information required to be provided by the Issuer or the Trustee may be provided by providing access to a website containing
such information.

 

Section
14.4        Notices to Holders; Waiver. Except as otherwise expressly provided herein,
where this Indenture provides for notice to Holders of any event,

 

(a)             
such notice shall be sufficiently given to Holders if in writing and mailed, first class postage prepaid, or by overnight delivery
service (or, in the case of Holders of Global Secured Notes, e-mailed to DTC), to each Holder affected by such event, at the address
of such Holder as it appears in the Register, not earlier than the earliest date and not later than the latest date prescribed
for the giving of such notice; and

 

(b)              
such notice shall be in the English language.

 

Such
notices will be deemed to have been given on the date of such mailing.

 

Notwithstanding
clause (a) above, a Holder may give the Trustee a written notice that it is requesting that notices to it be given by electronic
mail or by facsimile transmissions and stating the electronic mail address or facsimile number for such transmission. Thereafter,
the Trustee shall give notices to such Holder by electronic mail or facsimile transmission, as so requested; provided that
if such notice also requests that notices be given by mail, then such notice shall also be given by mail in accordance with clause
(a) above. Notices for Holders may also be posted to the Trustee’s internet website.

 

    -226-

     

    

 

Subject
to the requirements of Section 14.15, the Trustee will deliver to the Holders any information or notice relating to this
Indenture requested to be so delivered by at least 25% of the Holders of any Class of Notes (by Aggregate Outstanding Amount),
at the expense of the Issuer; provided that the Trustee may decline to send any such notice that it reasonably determines
to be contrary to (i) any of the terms of this Indenture, (ii) any duty or obligation that the Trustee may have hereunder or (iii)
applicable law. The Trustee may require the requesting Holders to comply with its standard verification policies in order to confirm
Noteholder status.

 

Neither
the failure to mail any notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency
of such notice with respect to other Holders. In case by reason of the suspension of regular mail service as a result of a strike,
work stoppage or similar activity or by reason of any other cause it shall be impracticable to give such notice by mail of any
event to Holders when such notice is required to be given pursuant to any provision of this Indenture, then such notification
to Holders as shall be made with the approval of the Trustee shall constitute a sufficient notification to such Holders for every
purpose hereunder.

 

Where
this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such
notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders
shall be filed with the Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance
upon such waiver.

 

Section
14.5        Effect of Headings and Table of Contents. The Article and Section headings
herein (including those used in cross-references herein) and the Table of Contents are for convenience only and shall not
affect the construction hereof.

 

Section
14.6        Successors and Assigns. All covenants and agreements herein by the Issuer
shall bind its successors and assigns, whether so expressed or not.

 

Section
14.7        Severability. If any term, provision, covenant or condition of this Indenture
or the Notes, or the application thereof to any party hereto or any circumstance, is held to be unenforceable, invalid or illegal
(in whole or in part) for any reason (in any relevant jurisdiction), the remaining terms, provisions, covenants and conditions
of this Indenture or the Notes, modified by the deletion of the unenforceable, invalid or illegal portion (in any relevant jurisdiction),
will continue in full force and effect, and such unenforceability, invalidity, or illegality will not otherwise affect the enforceability,
validity or legality of the remaining terms, provisions, covenants and conditions of this Indenture or the Notes, as the case
may be, so long as this Indenture or the Notes, as the case may be, as so modified continues to express, without material change,
the original intentions of the parties as to the subject matter hereof and the deletion of such portion of this Indenture or the
Notes, as the case may be, will not substantially impair the respective expectations or reciprocal obligations of the parties
or the practical realization of the benefits that would otherwise be conferred upon the parties.

 

Section
14.8        Benefits of Indenture. Except as otherwise expressly set forth in this Indenture,
nothing herein or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto and their successors
hereunder, the Collateral Manager, the Collateral Administrator, the Holders of the Notes and (to the extent provided herein)
the other Secured Parties any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

    -227-

     

    

 

Section
14.9     Legal Holidays. If the date of any Payment Date, Redemption Date or Stated Maturity shall
not be a Business Day, then notwithstanding any other provision of the Notes or this Indenture, payment need not be made on such
date, but may be made on the next succeeding Business Day with the same force and effect as if made on the nominal date of any
such Payment Date, Redemption Date or Stated Maturity date.

 

Section
14.10    Governing Law. This Indenture shall be construed in accordance with, and this Indenture and any
matters arising out of or relating in any way whatsoever to this Indenture (whether in contract, tort or otherwise), shall be
governed by, the law of the State of New York.

 

Section
14.11    Submission to Jurisdiction. With respect to any suit, action or proceedings relating to this Indenture
or any matter between the parties arising under or in connection with this Indenture (“Proceedings”), each
party irrevocably: (i) submits to the non-exclusive jurisdiction of the Supreme Court of the State of New York sitting
in the Borough of Manhattan and the United States District Court for the Southern District of New York, and any appellate court
from any thereof; and (ii) waives any objection which it may have at any time to the laying of venue of any Proceedings brought
in any such court, waives any claim that such Proceedings have been brought in an inconvenient forum and further waives the right
to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. Nothing herein precludes
any of the parties from bringing Proceedings in any other jurisdiction, nor will the bringing of Proceedings in any one or more
jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 

 

Section
14.12    Waiver of Jury Trial. EACH OF THE ISSUER, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. Each party hereby (i) certifies that no representative,
agent or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a Proceeding,
seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this Indenture by, among
other things, the mutual waivers and certifications in this paragraph.

 

Section
14.13    Counterparts. This Indenture (and each amendment, modification and waiver in respect of it) may
be executed and delivered in counterparts (including by e-mail (.pdf) or facsimile transmission), each of which will be deemed
an original, and all of which together constitute one and the same instrument. Delivery of an executed counterpart signature page
of this Indenture by e-mail (.pdf) or facsimile shall be effective as delivery of a manually executed counterpart of this Indenture.

 

Section
14.14    Acts of Issuer. Any report, information, communication, request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given or performed by the Issuer shall be effective if
given or performed by the Issuer or by the Collateral Manager on the Issuer’s behalf.

 

    -228-

     

    

 

The
Issuer agrees to coordinate with the Collateral Manager with respect to any communication to a Rating Agency and to comply with
the provisions of this Section 14.14 and Section 14.16, unless otherwise agreed to in writing by the Collateral
Manager.

 

Section
14.15    Confidential Information. (a) The Trustee, the Collateral Administrator and each Holder or beneficial
owner of Notes will maintain the confidentiality of all Confidential Information in accordance with procedures adopted by such
Person in good faith to protect Confidential Information of third parties delivered to such Person; provided that such
Person may deliver or disclose Confidential Information to: (i) such Person’s directors, trustees, officers, employees,
agents, attorneys and affiliates who agree to hold confidential the Confidential Information substantially in accordance with
the terms of this Section 14.15 and to the extent such disclosure is reasonably required for the administration of
this Indenture, the matters contemplated hereby or the investment represented by the Notes; (ii) such Person’s legal
advisors, financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially
in accordance with the terms of this Section 14.15 and to the extent such disclosure is reasonably required for the
administration of this Indenture, the matters contemplated hereby or the investment represented by the Notes; (iii) any other
Holder or beneficial owner of Notes, or any of the other parties to this Indenture, the Collateral Management Agreement or the
Collateral Administration Agreement; (iv) except for Specified Obligor Information, any Person of the type that would be,
to such Person’s knowledge, permitted to acquire Notes in accordance with the requirements of Section 2.5 hereof
to which such Person sells or offers to sell any such Note or any part thereof; (v) except for Specified Obligor Information,
any other Person from which such former Person offers to purchase any security of the Issuer; (vi) any federal or state or
other regulatory, governmental or judicial authority having jurisdiction over such Person; (vii) the National Association
of Insurance Commissioners or any similar organization, or any nationally recognized rating agency that requires access to information
about the investment portfolio of such Person, reinsurers and liquidity and credit providers that agree to hold confidential the
Confidential Information substantially in accordance with this Section 14.15; (viii)  Fitch or S&P (subject
to Section 14.16); (ix) any other Person with the consent of the Issuer and the Collateral Manager; or (x) any
other Person to which such delivery or disclosure may be necessary or appropriate (A) to effect compliance with any law,
rule, regulation or order applicable to such Person, (B) in response to any subpoena or other legal process (unless prohibited
by applicable law, rule, order or decree or other requirement having the force of law), (C) in connection with any litigation
to which such Person is a party (unless prohibited by applicable law, rule, order or decree or other requirement having the force
of law), (D) if an Event of Default has occurred and is continuing, to the extent such Person may reasonably determine such
delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under
the Notes or this Indenture or (E) in the Trustee’s or Collateral Administrator’s performance of its obligations under
this Indenture, the Collateral Administration Agreement or other transaction document related thereto; and provided that
delivery to the Holders or beneficial owners of Notes or to the accountants by the Trustee or the Collateral Administrator of
any report of information required by the terms of this Indenture to be provided to Holders or beneficial owners of Notes or to
the accountants shall not be a violation of this Section 14.15. Each Holder or beneficial owner of Notes will, by
its acceptance of its Note, be deemed to have agreed, except as set forth in clauses (vi), (vii) and (x) above, that
it shall use the Confidential Information for the sole purpose of making an investment in the Notes or administering its investment
in the Notes; and that the Trustee and the Collateral Administrator shall neither be required nor authorized to disclose to Holders
or beneficial owners of Notes any Confidential Information in violation of this Section 14.15. In the event of any
required disclosure of the Confidential Information by such Holder or beneficial owner, such Holder or beneficial owner will,
by its acceptance of its Note, be deemed to have agreed to use reasonable efforts to protect the confidentiality of the Confidential
Information. Each Holder or beneficial owner of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound
by and to be entitled to the benefits of this Section 14.15 (subject to Section 7.17(e)).

 

    -229-

     

    

 

(b)              
For the purposes of this Section 14.15, (A) “Confidential Information” means information delivered
to the Trustee, the Collateral Administrator or any Holder or beneficial owner of Notes by or on behalf of the Issuer in connection
with and relating to the transactions contemplated by or otherwise pursuant to this Indenture (including, without limitation,
information relating to Obligors); provided that such term does not include information that: (i) was publicly known
or otherwise known to the Trustee, the Collateral Administrator or such Holder or beneficial owner prior to the time of such disclosure;
(ii) subsequently becomes publicly known through no act or omission by the Trustee, the Collateral Administrator, any Holder
or beneficial owner of Notes or any Person acting on behalf of the Trustee, the Collateral Administrator or any Holder or beneficial
owner of Notes; (iii) otherwise is known or becomes known to the Trustee, the Collateral Administrator or any Holder or beneficial
owner of Notes other than (x) through disclosure by the Issuer or (y) to the knowledge of the Trustee, the Collateral
Administrator, a Holder or a beneficial owner of Notes, as the case may be, in each case after reasonable inquiry, as a result
of the breach of a fiduciary duty to the Issuer or a contractual duty to the Issuer; or (iv) is allowed to be treated as
non-confidential by consent of the Issuer; and (B) “Specified Obligor Information” means Confidential Information
relating to Obligors that is not otherwise included in the Monthly Reports or Distribution Reports.

 

(c)              
Notwithstanding the foregoing, the Trustee and the Collateral Administrator may disclose Confidential Information to the extent
disclosure thereof may be required by law or by any regulatory or governmental authority and the Trustee and the Collateral Administrator
may disclose on a confidential basis any Confidential Information to its agents, attorneys and auditors in connection with the
performance of its responsibilities hereunder.

 

Section
14.16       Liability of Issuer. Communications with the Rating Agencies. If the Issuer
shall receive any written or oral communication from any Rating Agency (or any of their respective officers, directors or employees)
with respect to the transactions contemplated hereby or under the Transaction Documents or in any way relating to the Notes, the
Issuer agrees to refrain from communicating with such Rating Agency and to promptly (and, in any event, within one Business Day)
notify the Collateral Manager of such communication. The Issuer agrees that in no event shall it engage in any oral or written
communication with respect to the transactions contemplated hereby or under the Transaction Documents or in any way relating to
the Notes with any Rating Agency (or any of their respective officers, directors or employees) without the participation of the
Collateral Manager, unless otherwise agreed to in writing by the Collateral Manager. For the avoidance of doubt, nothing in this
Section 14.16 shall prohibit the Trustee from making available on its internet website the Monthly Reports, Distribution
Reports and other notices or documentation relating to the Notes or this Indenture. For the avoidance of doubt, the Accountants’
Reports or reports prepared by the Independent accountants pursuant to this Indenture (or information received, orally or in writing,
about the contents of such reports) shall not be disclosed or distributed to the Rating Agencies. In accordance with SEC Release
No. 34-72936, Form 15-E, only in its complete and unedited form which includes the Accountants’ Effective Date Comparison
AUP Report as an attachment, will be provided by the Independent accountants to the Issuer who will post such Form 15-E on the
17g-5 website.

 

    -230-

     

    

 

Section
14.17    Notices to S&P; Rule 17g-5 Procedures. (a) To enable the Rating Agencies to comply with their
obligations under Rule 17g-5, the Issuer shall post on a password-protected internet website, at the same time such information
is provided to the Rating Agencies, all information (which shall not include any Effective Date Report, Accountants’ Report
or report prepared by the Independent accountants pursuant to this Indenture) the Issuer provides to the Rating Agencies for the
purposes of determining the initial credit rating of the Notes or undertaking credit rating surveillance of the Notes. In the
case of information provided for the purposes of undertaking credit rating surveillance of the Notes, such information shall be
posted on a password protected internet website in accordance with the procedures set forth in Section 14.17(b).

 

(b)             
To the extent that a Rating Agency makes an inquiry or initiates communications with the Issuer, the Collateral Manager, the Collateral
Administrator or the Trustee that is relevant to such Rating Agency’s credit rating surveillance of the Secured Notes, all
responses to such inquiries or communications from such Rating Agency shall be formulated in writing by the responding party or
its representative or advisor and shall be provided to the Information Agent who shall promptly forward such written response
to the Issuer’s Website in accordance with the procedures set forth in Section 14.17(d) and the Collateral Administration
Agreement and such responding party or its representative or advisor may provide such response to such Rating Agency and to the
extent that any of the Issuer, the Collateral Manager, the Collateral Administrator or the Trustee is required to provide any
information to, or communicate with, any Rating Agency in accordance with its obligations under this Indenture or the Collateral
Management Agreement, the Issuer, the Collateral Manager, the Collateral Administrator or the Trustee, as applicable (or their
respective representatives or advisors), shall provide such information or communication to the Information Agent by e-mail at
GCICCLOII@bnymellon.com, which the Information Agent shall promptly forward to the Issuer’s Website in accordance with the
procedures set forth in Section 14.17(d) and the Collateral Administration Agreement.

 

(c)             
Subject to Section 14.16 hereof, the Issuer, the Collateral Manager, the Collateral Administrator and the Trustee (and
their respective representatives and advisors) shall be permitted (but shall not be required) to orally communicate with the Rating
Agencies regarding any Collateral Obligation or the Notes; provided, that such party summarizes the information provided
to the Rating Agencies in such communication and provides the Information Agent with such summary in accordance with the procedures
set forth in this Section 14.17 and the Collateral Administration Agreement within one Business Day of such communication
taking place. The Information Agent shall forward such summary to the Issuer’s Website in accordance with the procedures
set forth in Section 14.17(d).

 

    -231-

     

    

 

(d)              
 All information to be made available to the Rating Agencies pursuant to this Section 14.17 shall be forwarded by the Information
Agent for posting on the Issuer’s Website pursuant to the Collateral Administration Agreement. Information will be posted
on the same Business Day of receipt provided that such information is received by 12:00 p.m. (Eastern time) or, if received
after 12:00 p.m. (Eastern time), on the next Business Day. The Information Agent shall have no obligation or duty to verify, confirm
or otherwise determine whether the information being delivered is accurate, complete, conforms to the transaction or otherwise
is or is not anything other than what it purports to be. In the event that any information is delivered or posted in error, the
Issuer may remove it from the Issuer’s Website. None of the Trustee, the Collateral Manager, the Collateral Administrator
and the Information Agent shall have obtained or shall be deemed to have obtained actual knowledge of any information solely due
to receipt and posting to the Issuer’s Website. Access to the Issuer’s Website will be provided by the Issuer to (A)
any NRSRO (other than the Rating Agencies) upon receipt by the Issuer and the Information Agent of an NRSRO Certification in the
form of Exhibit E hereto (which may be submitted electronically via the Issuer’s Website) and (B) the Rating Agencies,
without submission of an NRSRO Certification.

 

(e)               
None of the Issuer, the Trustee, or the Collateral Manager shall be responsible or liable for any delays caused by the failure
of the Information Agent to forward the applicable response to the Issuer’s Website.

 

(f)              
Notwithstanding the requirements of this Section 14.17, neither the Trustee nor the Collateral Administrator shall have
any obligation to engage in, or respond to, any inquiry or oral communications from any Rating Agency. Neither the Trustee nor
the Collateral Administrator shall be responsible for maintaining the Issuer’s Website, posting information on the Issuer’s
Website or assuring that the Issuer’s Website complies with the requirements of this Indenture, Rule 17g-5, or any other
law or regulation. In no event shall the Trustee, the Information Agent or the Collateral Administrator be deemed to make any
representation as to the content of the Issuer’s Website (other than with respect to the Information Agent, to the extent
such content was prepared by the Information Agent) or with respect to compliance by the Issuer’s Website with this Indenture,
Rule 17g-5 or any other law or regulation.

 

(g)             
In connection with providing access to the Issuer’s Website, the Issuer may require registration and the acceptance of a
disclaimer. The Information Agent shall not be liable for the dissemination of information in accordance with the terms of this
Indenture and the Collateral Administration Agreement and makes no representations or warranties as to the accuracy or completeness
of such information being made available, and assumes no responsibility for such information. The Information Agent shall not
be liable for its failure to make any information available to the Rating Agencies or NRSROs unless such information was delivered
to the Information Agent at the email address set forth herein, with a subject heading of “GCIC CLO II LLC” and sufficient
detail to indicate that such information is required to be posted on the Issuer’s Website.

 

    -232-

     

    

 

(h)              
 Notwithstanding anything therein to the contrary, the maintenance by the Trustee of the website described in Section 10.7(g)
shall not be deemed as compliance by or on behalf of the Issuer with Rule 17g-5 or other law or regulation related thereto.

 

(i)                
Notwithstanding anything to the contrary in this Indenture (including, without limitation, Section 5.1), any failure by
the Issuer or any other Person to comply with the provisions of this Section 14.17 shall not constitute an Event of Default
or breach of this Indenture, the Collateral Management Agreement or any other agreement, and the Holders and the holders of any
beneficial interests in the Notes shall have no rights with respect thereto or under this Section 14.17. This Section
14.17 may be amended or modified by agreement of the Collateral Manager, the Issuer, the Trustee, the Information Agent and
the Rating Agencies, without the consent of any Noteholders or any other Person.

 

(j)                
In accordance with SEC Release No. 34-72936, Form 15-E, only in its complete and unedited form, will be provided by the Independent
accountants to the Issuer who will post such Form 15-E on the 17g-5 website.

 

Section
14.18    Proceedings. Each purchaser, beneficial owner and subsequent transferee of a Note will be deemed
by its purchase to acknowledge and agree as follows: (i) (a) the express terms of this Indenture govern the rights of the Noteholders
to direct the commencement of a Proceeding against any person, (b) this Indenture contains limitations on the rights of the Noteholders
to direct the commencement of any such Proceeding, and (c) each Noteholder shall comply with such express terms if it seeks to
direct the commencement of any such Proceeding; (ii) there are no implied rights under this Indenture to direct the commencement
of any such Proceeding; and (iii) notwithstanding any provision of this Indenture, or any provision of the Notes, or of the Collateral
Administration Agreement or of any other agreement, the Issuer shall be under no duty or obligation of any kind to the Noteholders,
or any of them, to institute any legal or other proceedings of any kind, against any person or entity, including, without limitation,
the Trustee, the Collateral Manager, the Collateral Administrator or the Calculation Agent.

 

 

 

ARTICLE
XV

Assignment Of Certain Agreements

 

Section
15.1        Assignment of Collateral Management Agreement. (a) The Issuer hereby acknowledges
that its Grant pursuant to the first Granting Clause hereof includes all of the Issuer’s estate, right, title and interest
in, to and under the Collateral Management Agreement, including (i) the right to give all notices, consents and releases
thereunder, (ii) the right to give all notices of termination and to take any legal action upon the breach of an obligation
of the Collateral Manager thereunder, including the commencement, conduct and consummation of proceedings at law or in equity,
(iii) the right to receive all notices, accountings, consents, releases and statements thereunder and (iv) the right
to do any and all other things whatsoever that the Issuer is or may be entitled to do thereunder; provided that notwithstanding
anything herein to the contrary, the Trustee shall not have the authority to exercise any of the rights set forth in (i) through
(iv) above or that may otherwise arise as a result of the Grant until the occurrence of an Event of Default hereunder and
such authority shall terminate at such time, if any, as such Event of Default is cured or waived. From and after the occurrence
and continuance of an Event of Default, the Collateral Manager shall continue to perform and be bound by the provisions of the
Collateral Management Agreement and this Indenture applicable thereto.

 

    -233-

     

    

 

(b)            
The assignment made hereby is executed as collateral security, and the execution and delivery hereby shall not in any way impair
or diminish the obligations of the Issuer under the provisions of the Collateral Management Agreement, nor shall any of the obligations
contained in the Collateral Management Agreement be imposed on the Trustee at any time, including following the resignation or
removal of the Collateral Manager.

 

(c)             
Upon the retirement of the Notes, the payment of all amounts required to be paid pursuant to the Priority of Payments and the
release of the Assets from the lien of this Indenture, this assignment and all rights herein assigned to the Trustee for the benefit
of the Noteholders shall cease and terminate and all the estate, right, title and interest of the Trustee in, to and under the
Collateral Management Agreement shall revert to the Issuer and no further instrument or act shall be necessary to evidence such
termination and reversion.

 

(d)              
The Issuer represents that, as of the date hereof, the Issuer has not executed any other assignment of the Collateral Management
Agreement.

 

(e)              
The Issuer agrees that this assignment is irrevocable, and that it will not take any action which is inconsistent with this assignment
or make any other assignment inconsistent herewith. The Issuer will, from time to time, execute all instruments of further assurance
and all such supplemental instruments with respect to this assignment as may be necessary to continue and maintain the effectiveness
of such assignment.

 

(f)               
The Issuer hereby agrees, and hereby undertakes to obtain the agreement and consent of the Collateral Manager in the Collateral
Management Agreement, to the following:

 

(i)              
The Collateral Manager shall consent to the provisions of this assignment and agree to perform any provisions of this Indenture
applicable to the Collateral Manager subject to the terms (including the Collateral Manager Standard) of the Collateral Management
Agreement.

 

(ii)             
The Collateral Manager shall acknowledge that the Issuer is assigning all of its right, title and interest in, to and under the
Collateral Management Agreement to the Trustee as representative of the Noteholders and the Collateral Manager shall agree that
all of the representations, covenants and agreements made by the Collateral Manager in the Collateral Management Agreement are
also for the benefit of the Trustee.

 

(iii)           
The Collateral Manager shall deliver to the Trustee copies of all notices, statements, communications and instruments delivered
or required to be delivered by the Collateral Manager to the Issuer pursuant to the Collateral Management Agreement.

 

    -234-

     

    

 

(iv)              Except
as otherwise set forth herein and therein (including pursuant to Section 8 of the Collateral Management Agreement), the Collateral
Manager shall continue to serve as Collateral Manager under the Collateral Management Agreement notwithstanding that the Collateral
Manager shall not have received amounts due it under the Collateral Management Agreement because sufficient funds were not then
available hereunder to pay such amounts in accordance with the Priority of Payments set forth under Section 11.1.
The Collateral Manager agrees not to cause the filing of a petition in bankruptcy against the Issuer for the nonpayment of the
fees or other amounts payable by the Issuer to the Collateral Manager under the Collateral Management Agreement until the payment
in full of all Notes issued under this Indenture and the expiration of a period equal to one year and a day, or, if longer, the
applicable preference period and one day, following such payment. Nothing in this Section 15.1 shall preclude, or
be deemed to stop, the Collateral Manager (i) from taking any action prior to the expiration of the aforementioned period
in (A) any case or Proceeding voluntarily filed or commenced by the Issuer or (B) any involuntary insolvency Proceeding
filed or commenced by a Person other than the Collateral Manager, or (ii) from commencing against the Issuer or any of its
properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceeding.

 

(v)              
Except with respect to transactions contemplated by Section 5 of the Collateral Management Agreement, if the Collateral Manager
determines that it or any of its Affiliates has a conflict of interest between the Holder of any Note and any other account or
portfolio for which the Collateral Manager or any of its Affiliates is serving as investment adviser which relates to any action
to be taken with respect to any Asset, then the Collateral Manager will give written notice briefly describing such conflict and
the action it proposes to take to the Trustee, who shall promptly forward such notice to the relevant Holder. The provisions of
this clause (vi) shall not apply to any transaction permitted by the terms of the Collateral Management Agreement.

 

(vi)             On
each Measurement Date on which the S&P CDO Monitor Test is used, the Collateral Manager on behalf of the Issuer will measure
compliance under such test.

 

(g)           The
Issuer and the Trustee agree that the Collateral Manager shall be a third party beneficiary of this Indenture, and shall be entitled
to rely upon and enforce such provisions of this Indenture to the same extent as if it were a party hereto.

 

(h)           Upon
a Trust Officer of the Trustee receiving written notice from the Collateral Manager that an event constituting “Cause”
as defined in the Collateral Management Agreement has occurred, the Trustee shall, not later than two Business Days thereafter,
forward such notice to the Noteholders (as their names appear in the Register).

 

    -235-

     

    

 

[Signature
Pages Follow]

 

    -236-

     

    

 

IN
WITNESS WHEREOF, we have set our hands as of the day and year first written above.

 

	 	GCIC
    CLO II LLC, as Issuer
	 	 
	 	By:	Golub
    Capital Investment Corporation, its designated manager
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

     

     

    

 

 

	 	The
                                         Bank of New York Mellon

                                                                                Trust
                                         Company, NATIONAL

                                                                                ASSOCIATION,

	 	as
    Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

     

     

    

 

Schedule 1

 

List
of Collateral Obligations

 

    S-1-1

     

    

 

Schedule 2

S&P
Industry Classifications

 

	Asset
    Type 

    Code	Description
	1020000	Energy
    Equipment and Services
	1030000	Oil,
    Gas and Consumable Fuels
	1033403	Mortgage
    Real Estate Investment Trusts (REITs)
	2020000	Chemicals
	2030000	Construction
    Materials
	2040000	Containers
    and Packaging
	2050000	Metals
    and Mining
	2060000	Paper
    and Forest Products
	3020000	Aerospace
    and Defense
	3030000	Building
    Products 
	3040000	Construction
    & Engineering
	3050000	Electrical
    Equipment
	3060000	Industrial
    Conglomerates
	3070000	Machinery
	3080000	Trading
    Companies and Distributors
	3110000	Commercial
    Services and Supplies
	3210000	Air
    Freight and Logistics
	3220000	Airlines
	3230000	Marine
	3240000	Road
    and Rail
	3250000	Transportation
    Infrastructure
	4011000	Auto
    Components
	4020000	Automobiles
	4110000	Household
    Durables
	4120000	Leisure
    Products
	4130000	Textiles,
    Apparel and Luxury Goods
	4210000	Hotels,
    Restaurants and Leisure
	4300001	Entertainment
	4300002	Interactive
    Media and Services
	4310000	Media
	4410000	Distributors
	4420000	Internet
    and Catalog Retail
	4430000	Multiline
    Retail
	4440000	Specialty
    Retail
	5020000	Food
    and Staples Retailing

 

    S-2-1

     

    

 

	Asset
    Type 

    Code	Description
	5110000	Beverages
	5120000	Food
    Products
	5130000	Tobacco
	5210000	Household
    Products
	5220000	Personal
    Products
	6020000	Healthcare
    Equipment and Supplies
	6030000	Healthcare
    Providers and Services
	6110000	Biotechnology
	6120000	Pharmaceuticals
	7011000	Banks
	7020000	Thrifts
    and Mortgage Finance
	7110000	Diversified
    Financial Services
	7120000	Consumer
    Finance
	7130000	Capital
    Markets
	7210000	Insurance
	7310000	Real
    Estate Management and Development
	7311000	Equity
    Real Estate Investment Trusts (REITs)
	8030000	IT
    Services
	8040000	Software
	8110000	Communications
    Equipment
	8120000	Technology
    Hardware, Storage and Peripherals
	8130000	Electronic
    Equipment, Instruments and Components
	8210000	Semiconductors
    and Semiconductor Equipment
	9020000	Diversified
    Telecommunication Services
	9030000	Wireless
    Telecommunication Services
	9520000	Electric
    Utilities
	9530000	Gas
    Utilities
	9540000	Multi-Utilities
	9550000	Water
    Utilities
	9551701	Diversified
    Consumer Services
	9551702	Independent
    Power and Renewable Electricity Producers
	9551727	Life
    Sciences Tools & Services
	9551729	Health
    Care Technology
	9612010	Professional
    Services
	1000-1099	Reserved

 

    S-2-2

     

    

 

	PROJECT
    FINANCE
	Asset
    Type 	Description
	PF1	Project
    finance:  Industrial equipment
	PF2	Project
    finance:  Leisure and gaming
	PF3	Project
    finance:  Natural resources and mining
	PF4	Project
    finance:  Oil and gas
	PF5	Project
    finance:  Power
	PF6	Project
    finance:  Public finance and real estate
	PF7	Project
    finance:  Telecommunications
	PF8	Project
    finance: Transport
	PF1000-PF1099	Reserved

 

    S-2-3

     

    

 

Schedule 3

 

Moody’s
Rating Definitions

 

For
purposes of this Schedule 3 and this Indenture, the terms “Assigned Moody’s Rating” and “CFR”
mean:

 

Assigned
Moody’s Rating

 

The
monitored publicly available rating or the estimated rating expressly assigned to a debt obligation (or facility) by Moody’s
that addresses the full amount of the principal and interest promised.

 

CFR

 

With
respect to an obligor of a Collateral Obligation, if such obligor has a corporate family rating by Moody’s, then such corporate
family rating; provided that if such obligor does not have a corporate family rating by Moody’s but any entity in
the obligor’s corporate family does have a corporate family rating, then the CFR is such corporate family rating.

 

For
purposes of this Indenture, the terms Moody’s Default Probability Rating, Moody’s Rating and Moody’s Derived
Rating, have the meanings under the respective headings below.

 

With
respect to any Collateral Obligation as of any date of determination, the rating determined in accordance with the following methodology:

 

MOODY’S
DEFAULT PROBABILITY RATING

 

(i)           With
respect to a Collateral Obligation, if the obligor of such Collateral Obligation has a CFR, then such CFR;

 

(ii)          With
respect to a Collateral Obligation if not determined pursuant to clause (i) above, if the obligor of such Collateral Obligation
has one or more senior unsecured obligations with an Assigned Moody’s Rating, then the Assigned Moody’s Rating on
any such obligation as selected by the Collateral Manager in its sole discretion;

 

(iii)         With
respect to a Collateral Obligation if not determined pursuant to clauses (i) or (ii) above, if the obligor of such Collateral
Obligation has one or more senior secured obligations with an Assigned Moody’s Rating, then the Moody’s rating that
is one subcategory lower than the Assigned Moody’s Rating on any such senior secured obligation as selected by the Collateral
Manager in its sole discretion;

 

(iv)         With
respect to a Collateral Obligation if not determined pursuant to clauses (i), (ii) or (iii) above, if a rating estimate has been
assigned to such Collateral Obligation by Moody’s upon the request of the Issuer, the Collateral Manager or an Affiliate
of the Collateral Manager, then the Moody’s Default Probability Rating is such rating estimate (subject to any applicable
rating estimate adjustment) as long as such rating estimate or a renewal for such rating estimate has been issued or provided
by Moody’s in each case within the 15 month period preceding the date on which the Moody’s Default Probability Rating
is being determined; provided that if such rating estimate has been issued or provided by Moody’s for a period (x)
longer than 12 months but not beyond 15 months, the Moody’s Default Probability Rating will be one subcategory lower than
such rating estimate and (y) beyond 15 months, the Moody’s Default Probability Rating will be deemed to be “Caa3”;

 

    S-3-1

     

    

 

(v)          With
respect to any DIP Collateral Obligation, the Moody’s Default Probability Rating of such Collateral Obligation shall be
the rating which is one subcategory below the Assigned Moody’s Rating of such DIP Collateral Obligation;

 

(vi)         With
respect to a Collateral Obligation if not determined pursuant to any of clauses (i) through (v) above and at the election of the
Collateral Manager, the Moody’s Derived Rating; and

 

(vii)        With
respect to a Collateral Obligation if not determined pursuant to any of clauses (i) through (vi) above, the Collateral Obligation
will be deemed to have a Moody’s Default Probability Rating of “Caa3.”

 

MOODY’S
RATING

 

(i)           With
respect to a Collateral Obligation that is a Senior Secured Loan:

 

(A)             
if such Collateral Obligation has an Assigned Moody’s Rating, such Assigned Moody’s Rating;

 

(B)             
if such Collateral Obligation does not have an Assigned Moody’s Rating but the obligor of such Collateral Obligation has
a CFR, then the Moody’s rating that is one subcategory higher than such CFR;

 

(C)             
if neither clause (A) nor (B) above apply, if such Collateral Obligation does not have an Assigned Moody’s Rating but the
obligor of such Collateral Obligation has one or more senior unsecured obligations with an Assigned Moody’s Rating, then
the Moody’s rating that is two subcategories higher than the Assigned Moody’s Rating on any such obligation as selected
by the Collateral Manager in its sole discretion;

 

(D)             
if none of clauses (A) through (C) above apply, at the election of the Collateral Manager, the Moody’s Derived Rating; and

 

(E)             
if none of clauses (A) through (D) above apply, the Collateral Obligation will be deemed to have a Moody’s Rating of “Caa3”;
and

 

(ii)          With
respect to a Collateral Obligation other than a Senior Secured Loan:

 

(A)             
if such Collateral Obligation has an Assigned Moody’s Rating, such Assigned Moody’s Rating;

 

    S-3-2

     

    

 

(B)             
 if such Collateral Obligation does not have an Assigned Moody’s Rating but the obligor of such Collateral Obligation has
one or more senior unsecured obligations with an Assigned Moody’s Rating, then the Assigned Moody’s Rating on any
such obligation as selected by the Collateral Manager in its sole discretion;

 

(C)              if
neither clause (A) nor (B) above apply, if such Collateral Obligation does not have an Assigned Moody’s Rating but the obligor
of such Collateral Obligation has a CFR, then the Moody’s rating that is one subcategory lower than such CFR;

 

(D)              if
none of clauses (A), (B) or (C) above apply, if such Collateral Obligation does not have an Assigned Moody’s Rating but
the obligor of such Collateral Obligation has one or more subordinated debt obligations with an Assigned Moody’s Rating,
then the Moody’s rating that is one subcategory higher than the Assigned Moody’s Rating on any such obligation as
selected by the Collateral Manager in its sole discretion;

 

(E)              if
none of clauses (A) through (D) above apply, at the election of the Collateral Manager, the Moody’s Derived Rating; and

 

(F)              if
none of clauses (A) through (E) above apply, the Collateral Obligation will be deemed to have a Moody’s Rating of “Caa3.”

 

MOODY’S
DERIVED RATING

 

With
respect to a Collateral Obligation whose Moody’s Rating or Moody’s Default Probability Rating cannot otherwise be
determined pursuant to the definitions thereof, such Moody’s Rating or Moody’s Default Probability Rating shall be
determined as set forth below:

 

(i)            By
using one of the methods provided below:

 

(A)            
if such Collateral Obligation is rated by S&P, then the Moody’s Rating and Moody’s Default Probability Rating
(as applicable) of such Collateral Obligation will be determined, at the election of the Collateral Manager, in accordance with
the methodology set forth in the following table below:

 

    S-3-3

     

    

 

	Type
of Collateral 

Obligation	 	S&P
Rating (Public

and Monitored)	 	Collateral

Obligation Rated

by S&P	 	Number
of 

Subcategories 

Relative to 

Moody’s 

Equivalent of 

S&P Rating
	Not Structured Finance Obligation	 	3“BBB-”	 	Not a Loan or Participation
Interest in Loan	 	-1
	Not Structured Finance Obligation	 	£“BB+”	 	Not a Loan or Participation
Interest in Loan	 	-2
	Not Structured Finance Obligation	 	 	 	Loan or Participation
Interest in Loan	 	-2

 

 

(B)             
if such Collateral Obligation is not rated by S&P but another security or obligation of the obligor has a public and monitored
rating by S&P (a “parallel security”), then the rating of such parallel security will at the election of
the Collateral Manager be determined in accordance with the table set forth in subclause (i)(A) above, and the Moody’s Derived
Rating for purposes of the definitions of Moody’s Rating and Moody’s Default Probability Rating (as applicable) of
such Collateral Obligation will be determined in accordance with the methodology set forth in the following table (for such purposes
treating the parallel security as if it were rated by Moody’s at the rating determined pursuant to this subclause (i)(B)):

 

	Obligation
        Category of Rated

        Obligation
	 	Rating
        of Rated

        Obligation
	 	Number
        of Subcategories

        Relative
        to Rated

        Obligation
        Rating

	Senior secured obligation	 	greater than or equal
    to B2	 	-1
	Senior secured obligation	 	less than B2	 	-2
	Subordinated obligation	 	greater than or equal
    to B3	 	+1
	Subordinated obligation	 	less than B3	 	0

 

or

 

(C)             
if such Collateral Obligation is a DIP Collateral Obligation, no Moody’s Derived Rating may be determined based on a rating
by S&P or any other rating agency.

 

(ii)          If
not determined pursuant to clause (i) above and such Collateral Obligation is not rated by Moody’s or S&P and no other
security or obligation of the issuer of such Collateral Obligation is rated by Moody’s or S&P, and if Moody’s
has been requested by the Issuer, the Collateral Manager or the issuer of such Collateral Obligation to assign a rating or rating
estimate with respect to such Collateral Obligation but such rating or rating estimate has not been received, pending receipt
of such rating or rating estimate, the Moody’s Derived Rating of such Collateral Obligation for purposes of the definitions
of Moody’s Rating or Moody’s Default Probability Rating shall be (A) “B3” if the Collateral Manager certifies
to the Trustee and the Collateral Administrator that the Collateral Manager believes that such rating or rating estimate shall
be at least “B3” and if the Aggregate Principal Balance of Collateral Obligations determined pursuant to this clause
(ii)(A) and clause (i) above does not exceed 5% of the Collateral Principal Amount or (B) otherwise, “Caa3.”

 

    S-3-4

     

    

 

For
purposes of the definitions of “Moody’s Default Probability Rating”, “Moody’s Derived Rating”
and “Moody’s Rating”, any credit estimate assigned by Moody’s shall expire one year from the date such
estimate was issued; provided that, for purposes of any calculation under this Indenture, if Moody’s fails to renew
for any reason a credit estimate for a previously acquired Collateral Obligation thereunder on or before such one-year anniversary
(which may be extended at Moody’s option to the extent the annual audited financial statements for the Obligor have not
yet been received), after the Issuer or the Collateral Manager on the Issuer’s behalf has submitted to Moody’s all
information that the Issuer or the Collateral Manager believed in good faith was required to provide such renewal, (1) the Issuer
for a period of 60 days will continue using the previous credit estimate assigned by Moody’s with respect to such Collateral
Obligation until such time as Moody’s renews the credit estimate for such Collateral Obligation and (2) after 60 days but
before Moody’s renews the credit estimate for such Collateral Obligation, the Collateral Obligation will be deemed to have
a Moody’s rating of “Caa3.”

 

    S-3-5

     

    

 

Schedule
4

 

S&P
RECOVERY RATE TABLES

 

1.       

 

(a)            (i)If
a Collateral Obligation has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined
as follows (taking into account, for any Collateral Obligation with an S&P Recovery Rating of “1” through “6”,
the recovery range indicated in the S&P published report therefor):

 

	S&P

    Recovery 
 Rating
 of a 
 Collateral
 Obligation	 	 	Recovery

    Estimate
 (%)* from 
 S&P 
 published
 reports**	 	 	Initial
    Liability Rating	 
	 	 	 	 	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B”
    and below	 
	 	1+	 	 	 	100	 	 	 	75.00	%	 	 	85.00	%	 	 	88.00	%	 	 	90.00	%	 	 	92.00	%	 	 	95.00	%
	 	1	 	 	 	95	 	 	 	70.00	%	 	 	80.00	%	 	 	84.00	%	 	 	87.50	%	 	 	91.00	%	 	 	95.00	%
	 	1	 	 	 	90	 	 	 	65.00	%	 	 	75.00	%	 	 	80.00	%	 	 	85.00	%	 	 	90.00	%	 	 	95.00	%
	 	2	 	 	 	85	 	 	 	62.50	%	 	 	72.50	%	 	 	77.50	%	 	 	83.00	%	 	 	88.00	%	 	 	92.00	%
	 	2	 	 	 	80	 	 	 	60.00	%	 	 	70.00	%	 	 	75.00	%	 	 	81.00	%	 	 	86.00	%	 	 	89.00	%
	 	2	 	 	 	75	 	 	 	55.00	%	 	 	65.00	%	 	 	70.50	%	 	 	77.00	%	 	 	82.50	%	 	 	84.00	%
	 	2	 	 	 	70	 	 	 	50.00	%	 	 	60.00	%	 	 	66.00	%	 	 	73.00	%	 	 	79.00	%	 	 	79.00	%
	 	3	 	 	 	65	 	 	 	45.00	%	 	 	55.00	%	 	 	61.00	%	 	 	68.00	%	 	 	73.00	%	 	 	74.00	%
	 	3	 	 	 	60	 	 	 	40.00	%	 	 	50.00	%	 	 	56.00	%	 	 	63.00	%	 	 	67.00	%	 	 	69.00	%
	 	3	 	 	 	55	 	 	 	35.00	%	 	 	45.00	%	 	 	51.00	%	 	 	58.00	%	 	 	63.00	%	 	 	64.00	%
	 	3	 	 	 	50	 	 	 	30.00	%	 	 	40.00	%	 	 	46.00	%	 	 	53.00	%	 	 	59.00	%	 	 	59.00	%
	 	4	 	 	 	45	 	 	 	28.50	%	 	 	37.50	%	 	 	44.00	%	 	 	49.50	%	 	 	53.50	%	 	 	54.00	%
	 	4	 	 	 	40	 	 	 	27.00	%	 	 	35.00	%	 	 	42.00	%	 	 	46.00	%	 	 	48.00	%	 	 	49.00	%
	 	4	 	 	 	35	 	 	 	23.50	%	 	 	30.50	%	 	 	37.50	%	 	 	42.50	%	 	 	43.50	%	 	 	44.00	%
	 	4	 	 	 	30	 	 	 	20.00	%	 	 	26.00	%	 	 	33.00	%	 	 	39.00	%	 	 	39.00	%	 	 	39.00	%
	 	5	 	 	 	25	 	 	 	17.50	%	 	 	23.00	%	 	 	28.50	%	 	 	32.50	%	 	 	33.50	%	 	 	34.00	%
	 	5	 	 	 	20	 	 	 	15.00	%	 	 	20.00	%	 	 	24.00	%	 	 	26.00	%	 	 	28.00	%	 	 	29.00	%
	 	5	 	 	 	15	 	 	 	10.00	%	 	 	15.00	%	 	 	19.50	%	 	 	22.50	%	 	 	23.50	%	 	 	24.00	%
	 	5	 	 	 	10	 	 	 	5.00	%	 	 	10.00	%	 	 	15.00	%	 	 	19.00	%	 	 	19.00	%	 	 	19.00	%
	 	6	 	 	 	5	 	 	 	3.50	%	 	 	7.00	%	 	 	10.50	%	 	 	13.50	%	 	 	14.00	%	 	 	14.00	%
	 	6	 	 	 	0	 	 	 	2.00	%	 	 	4.00	%	 	 	6.00	%	 	 	8.00	%	 	 	9.00	%	 	 	9.00	%
	 	 	 	 	 	 	 	 	 	Recovery
                                         rate

 

*       The
recovery estimate from S&P’s published reports for a given loan is rounded down to the nearest 5%.

 

**     If
a recovery estimate is not available from S&P’s published reports for a given loan with an S&P Recovery Rating of
‘1’ through ‘6’, the lower estimate for the applicable recovery rating will be assumed.

 

(ii)             
If (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral Obligation is a senior unsecured
loan or second lien loan and (y) the issuer of such Collateral Obligation has issued another debt instrument that is outstanding
and senior to such Collateral Obligation (a “Senior Secured Debt Instrument”)  that has an S&P Recovery
Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows:

 

    S-4-1

     

    

 

For
Collateral Obligations Domiciled in Group A 

 

	S&P
    Recovery

    Rating
 of the Senior Secured
 Debt Instrument	 	Initial
    Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B”
    and below	 
	1+	 	 	18	%	 	 	20	%	 	 	23	%	 	 	26	%	 	 	29	%	 	 	31	%
	1	 	 	18	%	 	 	20	%	 	 	23	%	 	 	26	%	 	 	29	%	 	 	31	%
	2	 	 	18	%	 	 	20	%	 	 	23	%	 	 	26	%	 	 	29	%	 	 	31	%
	3	 	 	12	%	 	 	15	%	 	 	18	%	 	 	21	%	 	 	22	%	 	 	23	%
	4	 	 	5	%	 	 	8	%	 	 	11	%	 	 	13	%	 	 	14	%	 	 	15	%
	5	 	 	2	%	 	 	4	%	 	 	6	%	 	 	8	%	 	 	9	%	 	 	10	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery
                                         rate

 

For
Collateral Obligations Domiciled in Group B

 

	S&P
    Recovery

    Rating
 of the Senior Secured
 Debt Instrument	 	Initial
    Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B”
    and below	 
	1+	 	 	13	%	 	 	16	%	 	 	18	%	 	 	21	%	 	 	23	%	 	 	25	%
	1	 	 	13	%	 	 	16	%	 	 	18	%	 	 	21	%	 	 	23	%	 	 	25	%
	2	 	 	13	%	 	 	16	%	 	 	18	%	 	 	21	%	 	 	23	%	 	 	25	%
	3	 	 	8	%	 	 	11	%	 	 	13	%	 	 	15	%	 	 	16	%	 	 	17	%
	4	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	5	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery
                                         rate

 

For
Collateral Obligations Domiciled in Group C

 

	S&P
    Recovery 

    Rating
 of the Senior Secured
 Debt Instrument	 	Initial
    Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B”
    and below	 
	1+	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	1	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	2	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	3	 	 	5	%	 	 	7	%	 	 	9	%	 	 	10	%	 	 	11	%	 	 	12	%
	4	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%
	5	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery
                                         rate	 

 

    S-4-2

     

    

 

(iii)           
If (x) a Collateral Obligation does not have an S&P Recovery Rating and such Collateral Obligation is a subordinated
loan or subordinated bond and (y) the issuer of such Collateral Obligation has issued a Senior Secured Debt Instrument that
has an S&P Recovery Rating, the S&P Recovery Rate for such Collateral Obligation shall be determined as follows:

 

For
Collateral Obligations Domiciled in Groups A and B

 

	S&P
    Recovery

    Rating
 of the Senior Secured
 Debt Instrument	 	Initial
    Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B”
    and below	 
	 	1+	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	 	1	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	 	2	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	 	3	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	 	4	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%
	 	5	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	 	Recovery
                                         rate	 

 

For
Collateral Obligations Domiciled in Group C

 

	S&P
    Recovery 

    Rating
 of the Senior Secured
 Debt Instrument	 	Initial
    Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B”
    and below	 
	1+	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	1	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	2	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	3	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%	 	 	2	%
	4	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	5	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	6	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%	 	 	-	%
	 	 	 	Recovery
                                         rate

 

    S-4-3

     

    

 

(b)          
If a recovery rate cannot be determined using clause (a), the recovery rate shall be determined using the following table.

 

Recovery
rates for Obligors Domiciled in Group A, B or C:

 

	Priority
    Category	 	Initial
    Liability Rating	 
	 	 	“AAA”	 	 	“AA”	 	 	“A”	 	 	“BBB”	 	 	“BB”	 	 	“B”
    and “CCC”	 
	Senior
    Secured Loans (other than First-Lien Last-Out Loans)
	Group
    A	 	 	50	%	 	 	55	%	 	 	59	%	 	 	63	%	 	 	75	%	 	 	79	%
	Group
    B	 	 	39	%	 	 	42	%	 	 	46	%	 	 	49	%	 	 	60	%	 	 	63	%
	Group
    C	 	 	17	%	 	 	19	%	 	 	27	%	 	 	29	%	 	 	31	%	 	 	34	%
	Senior
    Secured Loans (Cov-Lite Loans), Senior Secured Bonds
	Group
    A	 	 	41	%	 	 	46	%	 	 	49	%	 	 	53	%	 	 	63	%	 	 	67	%
	Group
    B	 	 	32	%	 	 	35	%	 	 	39	%	 	 	41	%	 	 	50	%	 	 	53	%
	Group
    C	 	 	17	%	 	 	19	%	 	 	27	%	 	 	29	%	 	 	31	%	 	 	34	%
	Second
    Lien Loans, First-Lien Last-Out Loans, Unsecured Loans, Cov-Lite Loans*, Senior Unsecured Bonds
	Group
    A	 	 	18	%	 	 	20	%	 	 	23	%	 	 	26	%	 	 	29	%	 	 	31	%
	Group
    B	 	 	13	%	 	 	16	%	 	 	18	%	 	 	21	%	 	 	23	%	 	 	25	%
	Group
    C	 	 	10	%	 	 	12	%	 	 	14	%	 	 	16	%	 	 	18	%	 	 	20	%
	Subordinated
    Loans, Subordinated Bonds
	Group
    A	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	Group
    B	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%	 	 	8	%
	Group
    C	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%	 	 	5	%
	 	 	 	Recovery
                                         rate

 

		Group
                            A:	Australia,
                                         Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel,
                                         Japan, Luxembourg, The Netherlands, Norway, Poland, Portugal, Singapore, Spain, Sweden,
                                         Switzerland, U.K. and United States of America

 

		Group
                            B:	Brazil,
                                         Dubai International Finance Centre, Greece, Italy, Mexico, South Africa, Turkey and United
                                         Arab Emirates

 

		Group
                            C:	India,
                                         Indonesia, Kazakhstan, Russia, Ukraine and Vietnam

 

Notwithstanding
the foregoing, for purposes of determining the S&P Recovery Rate of a Collateral Obligation that is a Senior Secured Loan
(including any Cov-Lite Loan) secured solely or primarily by common stock or other equity interests, such Collateral Obligation
shall be deemed to be an Unsecured Loan.

 

		*	Solely
                                         for the purpose of determining the S&P Recovery Rate for such loan, the Aggregate
                                         Principal Balance of all First-Lien Last-Out Loans, Unsecured Loans and Second Lien Loans
                                         that, in the aggregate, represent up to 15% of the Collateral Principal Amount shall
                                         have the S&P Recovery Rate specified for First-Lien Last-Out Loans, Unsecured Loans
                                         and Second Lien Loans in the table above and the Aggregate Principal Balance of all First-Lien
                                         Last-Out Loans, Unsecured Loans and Second Lien Loans in excess of 15% of the Collateral
                                         Principal Amount shall have the S&P Recovery Rate specified for Subordinated Loans
                                         in the table above. 

 

    S-4-4

     

    

 

 

 

2.       S&P
CDO Monitor

 

	Liability
    

    Rating	 	“AAA”	 	“AA”	 	“A”	 	“BBB-”	 	“BB”
	Weighted	 	 	35.00	 	 	40.00	 	 	45.00	 	 	50.00	 	 	55.00
	Average
    S&P	 	 	35.10	 	 	40.10	 	 	45.10	 	 	50.10	 	 	55.10
	Recovery
    Rate	 	 	35.20	 	 	40.20	 	 	45.20	 	 	50.20	 	 	55.20
	 	 	 	35.30	 	 	40.30	 	 	45.30	 	 	50.30	 	 	55.30
	 	 	 	35.40	 	 	40.40	 	 	45.40	 	 	50.40	 	 	55.40
	 	 	 	35.50	 	 	40.50	 	 	45.50	 	 	50.50	 	 	55.50
	 	 	 	35.60	 	 	40.60	 	 	45.60	 	 	50.60	 	 	55.60
	 	 	 	35.70	 	 	40.70	 	 	45.70	 	 	50.70	 	 	55.70
	 	 	 	35.80	 	 	40.80	 	 	45.80	 	 	50.80	 	 	55.80
	 	 	 	35.90	 	 	40.90	 	 	45.90	 	 	50.90	 	 	55.90
	 	 	 	36.00	 	 	41.00	 	 	46.00	 	 	51.00	 	 	56.00
	 	 	 	36.10	 	 	41.10	 	 	46.10	 	 	51.10	 	 	56.10
	 	 	 	36.20	 	 	41.20	 	 	46.20	 	 	51.20	 	 	56.20
	 	 	 	36.30	 	 	41.30	 	 	46.30	 	 	51.30	 	 	56.30
	 	 	 	36.40	 	 	41.40	 	 	46.40	 	 	51.40	 	 	56.40
	 	 	 	36.50	 	 	41.50	 	 	46.50	 	 	51.50	 	 	56.50
	 	 	 	36.60	 	 	41.60	 	 	46.60	 	 	51.60	 	 	56.60
	 	 	 	36.70	 	 	41.70	 	 	46.70	 	 	51.70	 	 	56.70
	 	 	 	36.80	 	 	41.80	 	 	46.80	 	 	51.80	 	 	56.80
	 	 	 	36.90	 	 	41.90	 	 	46.90	 	 	51.90	 	 	56.90
	 	 	 	37.00	 	 	42.00	 	 	47.00	 	 	52.00	 	 	57.00
	 	 	 	37.10	 	 	42.10	 	 	47.10	 	 	52.10	 	 	57.10
	 	 	 	37.20	 	 	42.20	 	 	47.20	 	 	52.20	 	 	57.20
	 	 	 	37.30	 	 	42.30	 	 	47.30	 	 	52.30	 	 	57.30
	 	 	 	37.40	 	 	42.40	 	 	47.40	 	 	52.40	 	 	57.40
	 	 	 	37.50	 	 	42.50	 	 	47.50	 	 	52.50	 	 	57.50
	 	 	 	37.60	 	 	42.60	 	 	47.60	 	 	52.60	 	 	57.60
	 	 	 	37.70	 	 	42.70	 	 	47.70	 	 	52.70	 	 	57.70
	 	 	 	37.80	 	 	42.80	 	 	47.80	 	 	52.80	 	 	57.80
	 	 	 	37.90	 	 	42.90	 	 	47.90	 	 	52.90	 	 	57.90
	 	 	 	38.00	 	 	43.00	 	 	48.00	 	 	53.00	 	 	58.00
	 	 	 	38.10	 	 	43.10	 	 	48.10	 	 	53.10	 	 	58.10
	 	 	 	38.20	 	 	43.20	 	 	48.20	 	 	53.20	 	 	58.20
	 	 	 	38.30	 	 	43.30	 	 	48.30	 	 	53.30	 	 	58.30
	 	 	 	38.40	 	 	43.40	 	 	48.40	 	 	53.40	 	 	58.40
	 	 	 	38.50	 	 	43.50	 	 	48.50	 	 	53.50	 	 	58.50
	 	 	 	38.60	 	 	43.60	 	 	48.60	 	 	53.60	 	 	58.60
	 	 	 	38.70	 	 	43.70	 	 	48.70	 	 	53.70	 	 	58.70
	 	 	 	38.80	 	 	43.80	 	 	48.80	 	 	53.80	 	 	58.80
	 	 	 	38.90	 	 	43.90	 	 	48.90	 	 	53.90	 	 	58.90
	 	 	 	39.00	 	 	44.00	 	 	49.00	 	 	54.00	 	 	59.00
	 	 	 	39.10	 	 	44.10	 	 	49.10	 	 	54.10	 	 	59.10
	 	 	 	39.20	 	 	44.20	 	 	49.20	 	 	54.20	 	 	59.20
	 	 	 	39.30	 	 	44.30	 	 	49.30	 	 	54.30	 	 	59.30
	 	 	 	39.40	 	 	44.40	 	 	49.40	 	 	54.40	 	 	59.40
	 	 	 	39.50	 	 	44.50	 	 	49.50	 	 	54.50	 	 	59.50
	 	 	 	39.60	 	 	44.60	 	 	49.60	 	 	54.60	 	 	59.60
	 	 	 	39.70	 	 	44.70	 	 	49.70	 	 	54.70	 	 	59.70
	 	 	 	39.80	 	 	44.80	 	 	49.80	 	 	54.80	 	 	59.80
	 	 	 	39.90	 	 	44.90	 	 	49.90	 	 	54.90	 	 	59.90
	 	 	 	40.00	 	 	45.00	 	 	50.00	 	 	55.00	 	 	60.00
	 	 	 	40.10	 	 	45.10	 	 	50.10	 	 	55.10	 	 	60.10
	 	 	 	40.20	 	 	45.20	 	 	50.20	 	 	55.20	 	 	60.20
	 	 	 	40.30	 	 	45.30	 	 	50.30	 	 	55.30	 	 	60.30
	 	 	 	40.40	 	 	45.40	 	 	50.40	 	 	55.40	 	 	60.40
	 	 	 	40.50	 	 	45.50	 	 	50.50	 	 	55.50	 	 	60.50

 

    S-4-5 

     

    

 

	Liability
    

    Rating	 	“AAA”	 	“AA”	 	“A”	 	“BBB-”	 	“BB”
	 	 	 	40.60	 	 	45.60	 	 	50.60	 	 	55.60	 	 	60.60
	 	 	 	40.70	 	 	45.70	 	 	50.70	 	 	55.70	 	 	60.70
	 	 	 	40.80	 	 	45.80	 	 	50.80	 	 	55.80	 	 	60.80
	 	 	 	40.90	 	 	45.90	 	 	50.90	 	 	55.90	 	 	60.90
	 	 	 	41.00	 	 	46.00	 	 	51.00	 	 	56.00	 	 	61.00
	 	 	 	41.10	 	 	46.10	 	 	51.10	 	 	56.10	 	 	61.10
	 	 	 	41.20	 	 	46.20	 	 	51.20	 	 	56.20	 	 	61.20
	 	 	 	41.30	 	 	46.30	 	 	51.30	 	 	56.30	 	 	61.30
	 	 	 	41.40	 	 	46.40	 	 	51.40	 	 	56.40	 	 	61.40
	 	 	 	41.50	 	 	46.50	 	 	51.50	 	 	56.50	 	 	61.50
	 	 	 	41.60	 	 	46.60	 	 	51.60	 	 	56.60	 	 	61.60
	 	 	 	41.70	 	 	46.70	 	 	51.70	 	 	56.70	 	 	61.70
	 	 	 	41.80	 	 	46.80	 	 	51.80	 	 	56.80	 	 	61.80
	 	 	 	41.90	 	 	46.90	 	 	51.90	 	 	56.90	 	 	61.90
	 	 	 	42.00	 	 	47.00	 	 	52.00	 	 	57.00	 	 	62.00
	 	 	 	42.10	 	 	47.10	 	 	52.10	 	 	57.10	 	 	62.10
	 	 	 	42.20	 	 	47.20	 	 	52.20	 	 	57.20	 	 	62.20
	 	 	 	42.30	 	 	47.30	 	 	52.30	 	 	57.30	 	 	62.30
	 	 	 	42.40	 	 	47.40	 	 	52.40	 	 	57.40	 	 	62.40
	 	 	 	42.50	 	 	47.50	 	 	52.50	 	 	57.50	 	 	62.50
	 	 	 	42.60	 	 	47.60	 	 	52.60	 	 	57.60	 	 	62.60
	 	 	 	42.70	 	 	47.70	 	 	52.70	 	 	57.70	 	 	62.70
	 	 	 	42.80	 	 	47.80	 	 	52.80	 	 	57.80	 	 	62.80
	 	 	 	42.90	 	 	47.90	 	 	52.90	 	 	57.90	 	 	62.90
	 	 	 	43.00	 	 	48.00	 	 	53.00	 	 	58.00	 	 	63.00
	 	 	 	43.10	 	 	48.10	 	 	53.10	 	 	58.10	 	 	63.10
	 	 	 	43.20	 	 	48.20	 	 	53.20	 	 	58.20	 	 	63.20
	 	 	 	43.30	 	 	48.30	 	 	53.30	 	 	58.30	 	 	63.30
	 	 	 	43.40	 	 	48.40	 	 	53.40	 	 	58.40	 	 	63.40
	 	 	 	43.50	 	 	48.50	 	 	53.50	 	 	58.50	 	 	63.50
	 	 	 	43.60	 	 	48.60	 	 	53.60	 	 	58.60	 	 	63.60
	 	 	 	43.70	 	 	48.70	 	 	53.70	 	 	58.70	 	 	63.70
	 	 	 	43.80	 	 	48.80	 	 	53.80	 	 	58.80	 	 	63.80
	 	 	 	43.90	 	 	48.90	 	 	53.90	 	 	58.90	 	 	63.90
	 	 	 	44.00	 	 	49.00	 	 	54.00	 	 	59.00	 	 	64.00
	 	 	 	44.10	 	 	49.10	 	 	54.10	 	 	59.10	 	 	64.10
	 	 	 	44.20	 	 	49.20	 	 	54.20	 	 	59.20	 	 	64.20
	 	 	 	44.30	 	 	49.30	 	 	54.30	 	 	59.30	 	 	64.30
	 	 	 	44.40	 	 	49.40	 	 	54.40	 	 	59.40	 	 	64.40
	 	 	 	44.50	 	 	49.50	 	 	54.50	 	 	59.50	 	 	64.50
	 	 	 	44.60	 	 	49.60	 	 	54.60	 	 	59.60	 	 	64.60
	 	 	 	44.70	 	 	49.70	 	 	54.70	 	 	59.70	 	 	64.70
	 	 	 	44.80	 	 	49.80	 	 	54.80	 	 	59.80	 	 	64.80
	 	 	 	44.90	 	 	49.90	 	 	54.90	 	 	59.90	 	 	64.90
	 	 	 	45.00	 	 	50.00	 	 	55.00	 	 	60.00	 	 	65.00
	 	 	 	45.10	 	 	50.10	 	 	55.10	 	 	60.10	 	 	65.10
	 	 	 	45.20	 	 	50.20	 	 	55.20	 	 	60.20	 	 	65.20
	 	 	 	45.30	 	 	50.30	 	 	55.30	 	 	60.30	 	 	65.30
	 	 	 	45.40	 	 	50.40	 	 	55.40	 	 	60.40	 	 	65.40
	 	 	 	45.50	 	 	50.50	 	 	55.50	 	 	60.50	 	 	65.50
	 	 	 	45.60	 	 	50.60	 	 	55.60	 	 	60.60	 	 	65.60
	 	 	 	45.70	 	 	50.70	 	 	55.70	 	 	60.70	 	 	65.70
	 	 	 	45.80	 	 	50.80	 	 	55.80	 	 	60.80	 	 	65.80
	 	 	 	45.90	 	 	50.90	 	 	55.90	 	 	60.90	 	 	65.90
	 	 	 	46.00	 	 	51.00	 	 	56.00	 	 	61.00	 	 	66.00
	 	 	 	46.10	 	 	51.10	 	 	56.10	 	 	61.10	 	 	66.10
	 	 	 	46.20	 	 	51.20	 	 	56.20	 	 	61.20	 	 	66.20
	 	 	 	46.30	 	 	51.30	 	 	56.30	 	 	61.30	 	 	66.30

 

    S-4-6 

     

    

 

	Liability

    Rating	 	“AAA”	 	“AA”	 	“A”	 	“BBB-”	 	“BB”
	 	 	 	46.40	 	 	51.40	 	 	56.40	 	 	61.40	 	 	66.40
	 	 	 	46.50	 	 	51.50	 	 	56.50	 	 	61.50	 	 	66.50
	 	 	 	46.60	 	 	51.60	 	 	56.60	 	 	61.60	 	 	66.60
	 	 	 	46.70	 	 	51.70	 	 	56.70	 	 	61.70	 	 	66.70
	 	 	 	46.80	 	 	51.80	 	 	56.80	 	 	61.80	 	 	66.80
	 	 	 	46.90	 	 	51.90	 	 	56.90	 	 	61.90	 	 	66.90
	 	 	 	47.00	 	 	52.00	 	 	57.00	 	 	62.00	 	 	67.00
	 	 	 	47.10	 	 	52.10	 	 	57.10	 	 	62.10	 	 	67.10
	 	 	 	47.20	 	 	52.20	 	 	57.20	 	 	62.20	 	 	67.20
	 	 	 	47.30	 	 	52.30	 	 	57.30	 	 	62.30	 	 	67.30
	 	 	 	47.40	 	 	52.40	 	 	57.40	 	 	62.40	 	 	67.40
	 	 	 	47.50	 	 	52.50	 	 	57.50	 	 	62.50	 	 	67.50
	 	 	 	47.60	 	 	52.60	 	 	57.60	 	 	62.60	 	 	67.60
	 	 	 	47.70	 	 	52.70	 	 	57.70	 	 	62.70	 	 	67.70
	 	 	 	47.80	 	 	52.80	 	 	57.80	 	 	62.80	 	 	67.80
	 	 	 	47.90	 	 	52.90	 	 	57.90	 	 	62.90	 	 	67.90
	 	 	 	48.00	 	 	53.00	 	 	58.00	 	 	63.00	 	 	68.00
	 	 	 	48.10	 	 	53.10	 	 	58.10	 	 	63.10	 	 	68.10
	 	 	 	48.20	 	 	53.20	 	 	58.20	 	 	63.20	 	 	68.20
	 	 	 	48.30	 	 	53.30	 	 	58.30	 	 	63.30	 	 	68.30
	 	 	 	48.40	 	 	53.40	 	 	58.40	 	 	63.40	 	 	68.40
	 	 	 	48.50	 	 	53.50	 	 	58.50	 	 	63.50	 	 	68.50
	 	 	 	48.60	 	 	53.60	 	 	58.60	 	 	63.60	 	 	68.60
	 	 	 	48.70	 	 	53.70	 	 	58.70	 	 	63.70	 	 	68.70
	 	 	 	48.80	 	 	53.80	 	 	58.80	 	 	63.80	 	 	68.80
	 	 	 	48.90	 	 	53.90	 	 	58.90	 	 	63.90	 	 	68.90
	 	 	 	49.00	 	 	54.00	 	 	59.00	 	 	64.00	 	 	69.00
	 	 	 	49.10	 	 	54.10	 	 	59.10	 	 	64.10	 	 	69.10
	 	 	 	49.20	 	 	54.20	 	 	59.20	 	 	64.20	 	 	69.20
	 	 	 	49.30	 	 	54.30	 	 	59.30	 	 	64.30	 	 	69.30
	 	 	 	49.40	 	 	54.40	 	 	59.40	 	 	64.40	 	 	69.40
	 	 	 	49.50	 	 	54.50	 	 	59.50	 	 	64.50	 	 	69.50
	 	 	 	49.60	 	 	54.60	 	 	59.60	 	 	64.60	 	 	69.60
	 	 	 	49.70	 	 	54.70	 	 	59.70	 	 	64.70	 	 	69.70
	 	 	 	49.80	 	 	54.80	 	 	59.80	 	 	64.80	 	 	69.80
	 	 	 	49.90	 	 	54.90	 	 	59.90	 	 	64.90	 	 	69.90
	 	 	 	50.00	 	 	55.00	 	 	60.00	 	 	65.00	 	 	70.00
	 	 	 	 	 	 	55.10	 	 	60.10	 	 	65.10	 	 	70.10
	 	 	 	 	 	 	55.20	 	 	60.20	 	 	65.20	 	 	70.20
	 	 	 	 	 	 	55.30	 	 	60.30	 	 	65.30	 	 	70.30
	 	 	 	 	 	 	55.40	 	 	60.40	 	 	65.40	 	 	70.40
	 	 	 	 	 	 	55.50	 	 	60.50	 	 	65.50	 	 	70.50
	 	 	 	 	 	 	55.60	 	 	60.60	 	 	65.60	 	 	70.60
	 	 	 	 	 	 	55.70	 	 	60.70	 	 	65.70	 	 	70.70
	 	 	 	 	 	 	55.80	 	 	60.80	 	 	65.80	 	 	70.80
	 	 	 	 	 	 	55.90	 	 	60.90	 	 	65.90	 	 	70.90
	 	 	 	 	 	 	56.00	 	 	61.00	 	 	66.00	 	 	71.00
	 	 	 	 	 	 	56.10	 	 	61.10	 	 	66.10	 	 	71.10
	 	 	 	 	 	 	56.20	 	 	61.20	 	 	66.20	 	 	71.20
	 	 	 	 	 	 	56.30	 	 	61.30	 	 	66.30	 	 	71.30
	 	 	 	 	 	 	56.40	 	 	61.40	 	 	66.40	 	 	71.40
	 	 	 	 	 	 	56.50	 	 	61.50	 	 	66.50	 	 	71.50
	 	 	 	 	 	 	56.60	 	 	61.60	 	 	66.60	 	 	71.60
	 	 	 	 	 	 	56.70	 	 	61.70	 	 	66.70	 	 	71.70
	 	 	 	 	 	 	56.80	 	 	61.80	 	 	66.80	 	 	71.80
	 	 	 	 	 	 	56.90	 	 	61.90	 	 	66.90	 	 	71.90
	 	 	 	 	 	 	57.00	 	 	62.00	 	 	67.00	 	 	72.00
	 	 	 	 	 	 	57.10	 	 	62.10	 	 	67.10	 	 	72.10

 

    S-4-7 

     

    

 

	Liability

    Rating	 	“AAA”	 	“AA”	 	“A”	 	“BBB-”	 	“BB”
	 	 	 	 	 	 	57.20	 	 	62.20	 	 	67.20	 	 	72.20
	 	 	 	 	 	 	57.30	 	 	62.30	 	 	67.30	 	 	72.30
	 	 	 	 	 	 	57.40	 	 	62.40	 	 	67.40	 	 	72.40
	 	 	 	 	 	 	57.50	 	 	62.50	 	 	67.50	 	 	72.50
	 	 	 	 	 	 	57.60	 	 	62.60	 	 	67.60	 	 	72.60
	 	 	 	 	 	 	57.70	 	 	62.70	 	 	67.70	 	 	72.70
	 	 	 	 	 	 	57.80	 	 	62.80	 	 	67.80	 	 	72.80
	 	 	 	 	 	 	57.90	 	 	62.90	 	 	67.90	 	 	72.90
	 	 	 	 	 	 	58.00	 	 	63.00	 	 	68.00	 	 	73.00
	 	 	 	 	 	 	58.10	 	 	63.10	 	 	68.10	 	 	73.10
	 	 	 	 	 	 	58.20	 	 	63.20	 	 	68.20	 	 	73.20
	 	 	 	 	 	 	58.30	 	 	63.30	 	 	68.30	 	 	73.30
	 	 	 	 	 	 	58.40	 	 	63.40	 	 	68.40	 	 	73.40
	 	 	 	 	 	 	58.50	 	 	63.50	 	 	68.50	 	 	73.50
	 	 	 	 	 	 	58.60	 	 	63.60	 	 	68.60	 	 	73.60
	 	 	 	 	 	 	58.70	 	 	63.70	 	 	68.70	 	 	73.70
	 	 	 	 	 	 	58.80	 	 	63.80	 	 	68.80	 	 	73.80
	 	 	 	 	 	 	58.90	 	 	63.90	 	 	68.90	 	 	73.90
	 	 	 	 	 	 	59.00	 	 	64.00	 	 	69.00	 	 	74.00
	 	 	 	 	 	 	59.10	 	 	64.10	 	 	69.10	 	 	74.10
	 	 	 	 	 	 	59.20	 	 	64.20	 	 	69.20	 	 	74.20
	 	 	 	 	 	 	59.30	 	 	64.30	 	 	69.30	 	 	74.30
	 	 	 	 	 	 	59.40	 	 	64.40	 	 	69.40	 	 	74.40
	 	 	 	 	 	 	59.50	 	 	64.50	 	 	69.50	 	 	74.50
	 	 	 	 	 	 	59.60	 	 	64.60	 	 	69.60	 	 	74.60
	 	 	 	 	 	 	59.70	 	 	64.70	 	 	69.70	 	 	74.70
	 	 	 	 	 	 	59.80	 	 	64.80	 	 	69.80	 	 	74.80
	 	 	 	 	 	 	59.90	 	 	64.90	 	 	69.90	 	 	74.90
	 	 	 	 	 	 	60.00	 	 	65.00	 	 	70.00	 	 	75.00

 

For
purposes of calculating the Collateral Quality Tests, DIP Collateral Obligations will be treated as having an S&P Recovery
Rate equal to the S&P Recovery Rate for Senior Secured Loan.

 

The
applicable weighted average spread will be the spread between 2.50% and 7.00% (in increments of .01%) without exceeding the Weighted
Average Floating Spread (determined for purposes of this definition as if all Discount Obligations instead constituted Collateral
Obligations that are not Discount Obligations) as of such Measurement Date.

 

    S-4-8 

     

    

 

 

3.       S&P
Default Rate.

 

	 	 	S&P
    Rating	 
	Maturity
    
 (years)	 	“AAA”	 	 	“AA+”	 	 	“AA”	 	 	“AA-”	 	 	“A+”	 	 	“A”	 	 	“A-”	 	 	“BBB+”	 	 	“BBB”	 	 	“BBB-”	 
	0	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 
	1	 	 	0.00003249168014	 	 	 	0.00008324133473	 	 	 	0.00017658665685	 	 	 	0.00049442537636	 	 	 	0.00100435283385	 	 	 	0.00198335724928	 	 	 	0.00305284013092	 	 	 	0.00403669389141	 	 	 	0.00461619431140	 	 	 	0.00524293676951	 
	2	 	 	0.00015699160323	 	 	 	0.00036996201042	 	 	 	0.00073622429264	 	 	 	0.00139938458667	 	 	 	0.00257399573659	 	 	 	0.00452472002175	 	 	 	0.00667328704185	 	 	 	0.00892888699405	 	 	 	0.01091718533602	 	 	 	0.01445988981952	 
	3	 	 	0.00041483816094	 	 	 	0.00091325396687	 	 	 	0.00172278071294	 	 	 	0.00276840924859	 	 	 	0.00474538444138	 	 	 	0.00770505273372	 	 	 	0.01100045166236	 	 	 	0.01484174712870	 	 	 	0.01895695617364	 	 	 	0.02702053897092	 
	4	 	 	0.00084783735367	 	 	 	0.00176280787635	 	 	 	0.00317752719845	 	 	 	0.00464897370222	 	 	 	0.00755268739144	 	 	 	0.01158808027690	 	 	 	0.01613532092160	 	 	 	0.02186031844418	 	 	 	0.02867799361424	 	 	 	0.04229668376188	 
	5	 	 	0.00149745582951	 	 	 	0.00296441043902	 	 	 	0.00513748509964	 	 	 	0.00708173062555	 	 	 	0.01102407117753	 	 	 	0.01621845931443	 	 	 	0.02213969353901	 	 	 	0.03000396020915	 	 	 	0.03994693333519	 	 	 	0.05969442574039	 
	6	 	 	0.00240402335808	 	 	 	0.00455938301677	 	 	 	0.00763414909529	 	 	 	0.01009969303017	 	 	 	0.01517930050335	 	 	 	0.02162162838004	 	 	 	0.02903924108898	 	 	 	0.03924150737171	 	 	 	0.05258484100533	 	 	 	0.07867653829083	 
	7	 	 	0.00360598844688	 	 	 	0.00658408410672	 	 	 	0.01069265583311	 	 	 	0.01372767418503	 	 	 	0.02002861319041	 	 	 	0.02780489164645	 	 	 	0.03682872062425	 	 	 	0.04950544130466	 	 	 	0.06639096774184	 	 	 	0.09877441995809	 
	8	 	 	0.00513925203265	 	 	 	0.00906952567554	 	 	 	0.01433135028927	 	 	 	0.01798206028262	 	 	 	0.02557255249779	 	 	 	0.03475933634592	 	 	 	0.04547803679069	 	 	 	0.06070419602795	 	 	 	0.08116014268566	 	 	 	0.11959163544802	 
	9	 	 	0.00703659581067	 	 	 	0.01204112355275	 	 	 	0.01856168027847	 	 	 	0.02287090497830	 	 	 	0.03180245322497	 	 	 	0.04246223104848	 	 	 	0.05493831311597	 	 	 	0.07273225514177	 	 	 	0.09669462876962	 	 	 	0.14080159863536	 
	10	 	 	0.00932721558018	 	 	 	0.01551858575581	 	 	 	0.02338835025976	 	 	 	0.02839429962031	 	 	 	0.03870134053607	 	 	 	0.05087961844696	 	 	 	0.06514747149521	 	 	 	0.08547803540196	 	 	 	0.11281151957447	 	 	 	0.16214168796922	 
	11	 	 	0.01203636450979	 	 	 	0.01951593238045	 	 	 	0.02880967203295	 	 	 	0.03454495951708	 	 	 	0.04624506060805	 	 	 	0.05996888869754	 	 	 	0.07603506151831	 	 	 	0.09882975172219	 	 	 	0.12934675905433	 	 	 	0.18340556287277	 
	12	 	 	0.01518510638111	 	 	 	0.02404163416342	 	 	 	0.03481805774334	 	 	 	0.04130896444852	 	 	 	0.05440351149008	 	 	 	0.06968118682835	 	 	 	0.08752624592744	 	 	 	0.11267955488484	 	 	 	0.14615674128289	 	 	 	0.20443491679272	 
	13	 	 	0.01879017477837	 	 	 	0.02909885294571	 	 	 	0.04140060854110	 	 	 	0.04866659574161	 	 	 	0.06314188127197	 	 	 	0.07996356467179	 	 	 	0.09954495300396	 	 	 	0.12692626165773	 	 	 	0.16311827279155	 	 	 	0.22511145500583	 
	14	 	 	0.02286393094556	 	 	 	0.03468576536752	 	 	 	0.04853975984763	 	 	 	0.05659321964303	 	 	 	0.07242183059306	 	 	 	0.09076083242049	 	 	 	0.11201626713245	 	 	 	0.14147698429601	 	 	 	0.18012750134259	 	 	 	0.24534954734253	 
	15	 	 	0.02741441064319	 	 	 	0.04079595071314	 	 	 	0.05621395127849	 	 	 	0.06506017556120	 	 	 	0.08220257939344	 	 	 	0.10201709768991	 	 	 	0.12486815855274	 	 	 	0.15624793193058	 	 	 	0.19709825519910	 	 	 	0.26508976972438	 
	16	 	 	0.03244544875941	 	 	 	0.04741882448743	 	 	 	0.06439829575802	 	 	 	0.07403563681456	 	 	 	0.09244187501892	 	 	 	0.11367700243875	 	 	 	0.13803266284923	 	 	 	0.17116461299395	 	 	 	0.21396010509223	 	 	 	0.28429339437018	 
	17	 	 	0.03795686957738	 	 	 	0.05454010071015	 	 	 	0.07306522817054	 	 	 	0.08348542006155	 	 	 	0.10309683146543	 	 	 	0.12568668220692	 	 	 	0.15144661780260	 	 	 	0.18616162353298	 	 	 	0.23065635817821	 	 	 	0.30293779563441	 
	18	 	 	0.04394473036551	 	 	 	0.06214226778788	 	 	 	0.08218511899319	 	 	 	0.09337372717552	 	 	 	0.11412463860794	 	 	 	0.13799447984096	 	 	 	0.16505205534227	 	 	 	0.20118216540699	 	 	 	0.24714211642608	 	 	 	0.32101268824753	 
	19	 	 	0.05040160622073	 	 	 	0.07020506494637	 	 	 	0.09172684273858	 	 	 	0.10366380975952	 	 	 	0.12548314646638	 	 	 	0.15055144894628	 	 	 	0.17879633320753	 	 	 	0.21617740303414	 	 	 	0.26338247665982	 	 	 	0.33851709269878	 
	20	 	 	0.05731690474411	 	 	 	0.07870594841153	 	 	 	0.10165829471868	 	 	 	0.11431855172602	 	 	 	0.13713133355595	 	 	 	0.16331168219788	 	 	 	0.19263207693491	 	 	 	0.23110573813940	 	 	 	0.27935091127019	 	 	 	0.35545691796023	 
	21	 	 	0.06467720005315	 	 	 	0.08762053868981	 	 	 	0.11194685266377	 	 	 	0.12530096944489	 	 	 	0.14902967068053	 	 	 	0.17623249751025	 	 	 	0.20651698936614	 	 	 	0.24593205864939	 	 	 	0.29502784323211	 	 	 	0.37184305725693	 
	22	 	 	0.07246657674287	 	 	 	0.09692304233146	 	 	 	0.12255978214336	 	 	 	0.13657463200185	 	 	 	0.16114039259518	 	 	 	0.18927451178181	 	 	 	0.22041357278348	 	 	 	0.26062699982603	 	 	 	0.31039941302623	 	 	 	0.38768990320407	 
	23	 	 	0.08066697561510	 	 	 	0.10658664340514	 	 	 	0.13346458660563	 	 	 	0.14810400624971	 	 	 	0.17342769013874	 	 	 	0.20240162811085	 	 	 	0.23428879835930	 	 	 	0.27516624211807	 	 	 	0.32545642561659	 	 	 	0.40301420123877	 
	24	 	 	0.08925853423660	 	 	 	0.11658386153875	 	 	 	0.14462930424521	 	 	 	0.15985473272686	 	 	 	0.18585783500387	 	 	 	0.21558095845599	 	 	 	0.24811374891951	 	 	 	0.28952986021038	 	 	 	0.34019346068715	 	 	 	0.41783417301371	 
	25	 	 	0.09821991660962	 	 	 	0.12688687477491	 	 	 	0.15602275489727	 	 	 	0.17179383930879	 	 	 	0.19839924848505	 	 	 	0.22878269995493	 	 	 	0.26186325396763	 	 	 	0.30370173060440	 	 	 	0.35460812735415	 	 	 	0.43216885327770	 
	26	 	 	0.10752862740247	 	 	 	0.13746780665156	 	 	 	0.16761474080616	 	 	 	0.18388989978303	 	 	 	0.21102252449299	 	 	 	0.24197997968242	 	 	 	0.27551553032431	 	 	 	0.31766900011297	 	 	 	0.36870044445001	 	 	 	0.44603759426533	 
	27	 	 	0.11716130726647	 	 	 	0.14829897785967	 	 	 	0.17937620549285	 	 	 	0.19611314451375	 	 	 	0.22370041596552	 	 	 	0.25514867959937	 	 	 	0.28905183739534	 	 	 	0.33142161435353	 	 	 	0.38247232845686	 	 	 	0.45945970060372	 
	28	 	 	0.12709400674022	 	 	 	0.15935312356895	 	 	 	0.19127935510379	 	 	 	0.20843553008938	 	 	 	0.23640779262780	 	 	 	0.26826725084491	 	 	 	0.30245615277997	 	 	 	0.34495190323981	 	 	 	0.39592717273876	 	 	 	0.47245416525357	 
	29	 	 	0.13730243710320	 	 	 	0.17060357806895	 	 	 	0.20329774661513	 	 	 	0.22083077440588	 	 	 	0.24912157691632	 	 	 	0.28131652434167	 	 	 	0.31571487147424	 	 	 	0.35825421926124	 	 	 	0.40906950354635	 	 	 	0.48503948316705	 
	30	 	 	0.14776219728465	 	 	 	0.18202442877234	 	 	 	0.21540634713369	 	 	 	0.23327436309552	 	 	 	0.26182066381869	 	 	 	0.29427952288898	 	 	 	0.32881653013776	 	 	 	0.37132462374109	 	 	 	0.42190470013462	 	 	 	0.49723352433811	 
	 	 	 	Default Rate	 

 

    S-4-9

     

    

 

	 	 	S&P
    Rating	 
	Maturity

    (years)	 	“BB+”	 	 	“BB”	 	 	“BB-”	 	 	“B+”	 	 	“B”	 	 	“B-”	 	 	“CCC+”	 	 	“CCC”	 	 	“CCC-”	 
	0	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 	 	 	0.00000000000000	 
	1	 	 	0.01051626951540	 	 	 	0.02109451063219	 	 	 	0.02600238218261	 	 	 	0.03221175349449	 	 	 	0.07848052027128	 	 	 	0.10882127346154	 	 	 	0.15688600485092	 	 	 	0.20494983870945	 	 	 	0.25301274610780	 
	2	 	 	0.02499656454519	 	 	 	0.04644347602378	 	 	 	0.05872070298984	 	 	 	0.07597534275765	 	 	 	0.14781993688588	 	 	 	0.20010197918490	 	 	 	0.28039819269931	 	 	 	0.34622676009875	 	 	 	0.40104827389528	 
	3	 	 	0.04296728984267	 	 	 	0.07475880167357	 	 	 	0.09536299437344	 	 	 	0.12379110105596	 	 	 	0.20934989256384	 	 	 	0.27616831728107	 	 	 	0.37429808873546	 	 	 	0.44486182623555	 	 	 	0.49823180926143	 
	4	 	 	0.06375706489973	 	 	 	0.10488372919304	 	 	 	0.13369966912307	 	 	 	0.17163869422120	 	 	 	0.26396576049049	 	 	 	0.33956728434721	 	 	 	0.44585490662468	 	 	 	0.51602827454518	 	 	 	0.56644893859712	 
	5	 	 	0.08664543568793	 	 	 	0.13586821436722	 	 	 	0.17214556293531	 	 	 	0.21748448101304	 	 	 	0.31246336178428	 	 	 	0.39272129824310	 	 	 	0.50135334884654	 	 	 	0.56922984826034	 	 	 	0.61661406997870	 
	6	 	 	0.11095356236080	 	 	 	0.16697806761620	 	 	 	0.20966482949668	 	 	 	0.26041061250789	 	 	 	0.35559617193298	 	 	 	0.43770644618830	 	 	 	0.54540770782673	 	 	 	0.61035699119403	 	 	 	0.65491579211460	 
	7	 	 	0.13609032486632	 	 	 	0.19767400297576	 	 	 	0.24563596164635	 	 	 	0.30011114045302	 	 	 	0.39406428304708	 	 	 	0.47619999931623	 	 	 	0.58122985959186	 	 	 	0.64312999141532	 	 	 	0.68512299997909	 
	8	 	 	0.16156889823197	 	 	 	0.22757944125466	 	 	 	0.27972842394960	 	 	 	0.33660307587399	 	 	 	0.42849804714584	 	 	 	0.50951512801740	 	 	 	0.61102368657078	 	 	 	0.66995611089592	 	 	 	0.70963159373549	 
	9	 	 	0.18700580837749	 	 	 	0.25644677999303	 	 	 	0.31180555451716	 	 	 	0.37006268488077	 	 	 	0.45945037340867	 	 	 	0.53866495002890	 	 	 	0.63630625959677	 	 	 	0.69243071475508	 	 	 	0.73001158997065	 
	10	 	 	0.21211084035732	 	 	 	0.28412675027236	 	 	 	0.34185383793706	 	 	 	0.40073439438302	 	 	 	0.48739741129612	 	 	 	0.56442783804416	 	 	 	0.65813447581021	 	 	 	0.71163564980709	 	 	 	0.74731800853184	 
	11	 	 	0.23667314094497	 	 	 	0.31054264263660	 	 	 	0.36993387616211	 	 	 	0.42888152616124	 	 	 	0.51274446097825	 	 	 	0.58740339226248	 	 	 	0.67725700377843	 	 	 	0.72832114376329	 	 	 	0.76227639665042	 
	12	 	 	0.26054665876636	 	 	 	0.33566967587371	 	 	 	0.39614763984459	 	 	 	0.45476089725285	 	 	 	0.53583430552170	 	 	 	0.60805677528899	 	 	 	0.69421439889161	 	 	 	0.74301912258474	 	 	 	0.77539705473005	 
	13	 	 	0.28363659558653	 	 	 	0.35951905665999	 	 	 	0.42061729215497	 	 	 	0.47861083876451	 	 	 	0.55695611742152	 	 	 	0.62675242871282	 	 	 	0.70940493338196	 	 	 	0.75611514630921	 	 	 	0.78704696564217	 
	14	 	 	0.30588762208959	 	 	 	0.38212599668453	 	 	 	0.44347194216901	 	 	 	0.50064658739768	 	 	 	0.57635391124606	 	 	 	0.64377917518522	 	 	 	0.72312812694716	 	 	 	0.76789484926254	 	 	 	0.79749592477526	 
	15	 	 	0.32727407180692	 	 	 	0.40354090885716	 	 	 	0.46483968141201	 	 	 	0.52105958011379	 	 	 	0.59423406584219	 	 	 	0.65936872217181	 	 	 	0.73561381419564	 	 	 	0.77857439457102	 	 	 	0.80694660997118	 
	16	 	 	0.34779203545341	 	 	 	0.42382307208110	 	 	 	0.48484305663441	 	 	 	0.54001868607450	 	 	 	0.61077176721927	 	 	 	0.67370926400653	 	 	 	0.74704179108008	 	 	 	0.78832075169049	 	 	 	0.81555448782805	 
	17	 	 	0.36745314020415	 	 	 	0.44303616519638	 	 	 	0.50359672594052	 	 	 	0.55767228363735	 	 	 	0.62611639818625	 	 	 	0.68695550071172	 	 	 	0.75755527500643	 	 	 	0.79726540401237	 	 	 	0.82344119393145	 
	18	 	 	0.38627975067186	 	 	 	0.46124518847755	 	 	 	0.52120646691784	 	 	 	0.57415059395658	 	 	 	0.64039598203907	 	 	 	0.69923605651349	 	 	 	0.76727026109433	 	 	 	0.80551375832039	 	 	 	0.83070366542031	 
	19	 	 	0.40430132963573	 	 	 	0.47851439829326	 	 	 	0.53776899540229	 	 	 	0.58956796989869	 	 	 	0.65372081561665	 	 	 	0.71065901445795	 	 	 	0.77628212466144	 	 	 	0.81315170523112	 	 	 	0.83742047206234	 
	20	 	 	0.42155172182601	 	 	 	0.49490597076921	 	 	 	0.55337224854383	 	 	 	0.60402499985314	 	 	 	0.66618642723567	 	 	 	0.72131608316220	 	 	 	0.78467035300329	 	 	 	0.82025026616334	 	 	 	0.84365627512204	 
	21	 	 	0.43806715861018	 	 	 	0.51047918266808	 	 	 	0.56809591468229	 	 	 	0.61761037378072	 	 	 	0.67787598227180	 	 	 	0.73128576554444	 	 	 	0.79250198989996	 	 	 	0.82686893791883	 	 	 	0.84946501826992	 
	22	 	 	0.45388481719360	 	 	 	0.52528995390171	 	 	 	0.58201207638061	 	 	 	0.63040250473015	 	 	 	0.68886224172514	 	 	 	0.74063579446157	 	 	 	0.79983418248194	 	 	 	0.83305813869936	 	 	 	0.85489224805959	 
	23	 	 	0.46904180090904	 	 	 	0.53939063874386	 	 	 	0.59518588675300	 	 	 	0.64247092133036	 	 	 	0.69920916125231	 	 	 	0.74942502551257	 	 	 	0.80671609361297	 	 	 	0.83886102557309	 	 	 	0.85997682859142	 
	24	 	 	0.48357443564838	 	 	 	0.55282998463208	 	 	 	0.60767623324921	 	 	 	0.65387745604166	 	 	 	0.70897320184886	 	 	 	0.75770492428590	 	 	 	0.81319035960797	 	 	 	0.84431486609666	 	 	 	0.86475222861870	 
	25	 	 	0.49751780111272	 	 	 	0.56565320087529	 	 	 	0.61953636423910	 	 	 	0.66467725632041	 	 	 	0.71820440936178	 	 	 	0.76552074772016	 	 	 	0.81929421763250	 	 	 	0.84945208922783	 	 	 	0.86924750263494	 
	26	 	 	0.51090543460914	 	 	 	0.57790209665155	 	 	 	0.63081446667744	 	 	 	0.67491964477911	 	 	 	0.72694730840340	 	 	 	0.77291249247078	 	 	 	0.82506038981922	 	 	 	0.85430110229233	 	 	 	0.87348804983309	 
	27	 	 	0.52376916018026	 	 	 	0.58961526000669	 	 	 	0.64155419082782	 	 	 	0.68464885182201	 	 	 	0.73524164682987	 	 	 	0.77991566402222	 	 	 	0.83051778577124	 	 	 	0.85888693491442	 	 	 	0.87749620956371	 
	28	 	 	0.53613900757325	 	 	 	0.60082825839927	 	 	 	0.65179512243902	 	 	 	0.69390464113840	 	 	 	0.74312301943161	 	 	 	0.78656190650205	 	 	 	0.83569206768834	 	 	 	0.86323175320733	 	 	 	0.88129173477942	 
	29	 	 	0.54804319456997	 	 	 	0.61157384762435	 	 	 	0.66157320515020	 	 	 	0.70272284536398	 	 	 	0.75062339353433	 	 	 	0.79287952316911	 	 	 	0.84060611023618	 	 	 	0.86735527538576	 	 	 	0.88489217319288	 
	30	 	 	0.55950815306984	 	 	 	0.62188218039284	 	 	 	0.67092111705074	 	 	 	0.71113582641990	 	 	 	0.75777155452562	 	 	 	0.79889391025997	 	 	 	0.84528037876516	 	 	 	0.87127511150820	 	 	 	0.88831317771650	 
	 	 	 	Default Rate

  

    S-4-10

     

    

 

  

Schedule
5

 

[Reserved]

 

    S-5-1 

     

    

 

Schedule 6

 

S&P
EQUIVALENT DIVERSITY SCORE CALCULATION

 

The
S&P Equivalent Diversity Score is calculated as follows:

 

(a)              
An “Issuer Par Amount” is calculated for each issuer of a Collateral Obligation, and is equal to the Aggregate
Principal Balance of all Collateral Obligations issued by that issuer and all affiliates.

 

(b)              
An “Average Par Amount” is calculated by summing the Issuer Par Amounts for all issuers, and dividing by
the number of issuers.

 

(c)              
An “Equivalent Unit Score” is calculated for each issuer, and is equal to the lesser of (x) one and (y) the
Issuer Par Amount for such issuer divided by the Average Par Amount.

 

(d)              
An “Aggregate Industry Equivalent Unit Score” is then calculated for each of the S&P’s industry classification
groups, shown on Schedule 2, and is equal to the sum of the Equivalent Unit Scores for each issuer in such industry
classification group.

 

(e)              
An “Industry Diversity Score” is then established for each S&P industry classification group, shown on
Schedule 2, by reference to the following table for the related Aggregate Industry Equivalent Unit Score; provided
that if any Aggregate Industry Equivalent Unit Score falls between any two such scores, the applicable Industry Diversity
Score will be the lower of the two Industry Diversity Scores:

 

	Aggregate	 	 	 	 	 	Aggregate	 	 	 	 	 	Aggregate	 	 	 	 	 	Aggregate	 	 	 	 
	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 
	Equivalent	 	 	Diversity	 	 	Equivalent	 	 	Diversity	 	 	Equivalent	 	 	Diversity	 	 	Equivalent	 	 	Diversity	 
	Unit
    Score	 	 	Score	 	 	Unit
    Score	 	 	Score	 	 	Unit
    Score	 	 	Score	 	 	Unit
    Score	 	 	Score	 
	 	0.0000	 	 	 	0.0000	 	 	 	5.0500	 	 	 	2.7000	 	 	 	10.1500	 	 	 	4.0200	 	 	 	15.2500	 	 	 	4.5300	 
	 	0.0500	 	 	 	0.1000	 	 	 	5.1500	 	 	 	2.7333	 	 	 	10.2500	 	 	 	4.0300	 	 	 	15.3500	 	 	 	4.5400	 
	 	0.1500	 	 	 	0.2000	 	 	 	5.2500	 	 	 	2.7667	 	 	 	10.3500	 	 	 	4.0400	 	 	 	15.4500	 	 	 	4.5500	 
	 	0.2500	 	 	 	0.3000	 	 	 	5.3500	 	 	 	2.8000	 	 	 	10.4500	 	 	 	4.0500	 	 	 	15.5500	 	 	 	4.5600	 
	 	0.3500	 	 	 	0.4000	 	 	 	5.4500	 	 	 	2.8333	 	 	 	10.5500	 	 	 	4.0600	 	 	 	15.6500	 	 	 	4.5700	 
	 	0.4500	 	 	 	0.5000	 	 	 	5.5500	 	 	 	2.8667	 	 	 	10.6500	 	 	 	4.0700	 	 	 	15.7500	 	 	 	4.5800	 
	 	0.5500	 	 	 	0.6000	 	 	 	5.6500	 	 	 	2.9000	 	 	 	10.7500	 	 	 	4.0800	 	 	 	15.8500	 	 	 	4.5900	 
	 	0.6500	 	 	 	0.7000	 	 	 	5.7500	 	 	 	2.9333	 	 	 	10.8500	 	 	 	4.0900	 	 	 	15.9500	 	 	 	4.6000	 
	 	0.7500	 	 	 	0.8000	 	 	 	5.8500	 	 	 	2.9667	 	 	 	10.9500	 	 	 	4.1000	 	 	 	16.0500	 	 	 	4.6100	 
	 	0.8500	 	 	 	0.9000	 	 	 	5.9500	 	 	 	3.0000	 	 	 	11.0500	 	 	 	4.1100	 	 	 	16.1500	 	 	 	4.6200	 
	 	0.9500	 	 	 	1.0000	 	 	 	6.0500	 	 	 	3.0250	 	 	 	11.1500	 	 	 	4.1200	 	 	 	16.2500	 	 	 	4.6300	 
	 	1.0500	 	 	 	1.0500	 	 	 	6.1500	 	 	 	3.0500	 	 	 	11.2500	 	 	 	4.1300	 	 	 	16.3500	 	 	 	4.6400	 
	 	1.1500	 	 	 	1.1000	 	 	 	6.2500	 	 	 	3.0750	 	 	 	11.3500	 	 	 	4.1400	 	 	 	16.4500	 	 	 	4.6500	 
	 	1.2500	 	 	 	1.1500	 	 	 	6.3500	 	 	 	3.1000	 	 	 	11.4500	 	 	 	4.1500	 	 	 	16.5500	 	 	 	4.6600	 
	 	1.3500	 	 	 	1.2000	 	 	 	6.4500	 	 	 	3.1250	 	 	 	11.5500	 	 	 	4.1600	 	 	 	16.6500	 	 	 	4.6700	 
	 	1.4500	 	 	 	1.2500	 	 	 	6.5500	 	 	 	3.1500	 	 	 	11.6500	 	 	 	4.1700	 	 	 	16.7500	 	 	 	4.6800	 
	 	1.5500	 	 	 	1.3000	 	 	 	6.6500	 	 	 	3.1750	 	 	 	11.7500	 	 	 	4.1800	 	 	 	16.8500	 	 	 	4.6900	 
	 	1.6500	 	 	 	1.3500	 	 	 	6.7500	 	 	 	3.2000	 	 	 	11.8500	 	 	 	4.1900	 	 	 	16.9500	 	 	 	4.7000	 
	 	1.7500	 	 	 	1.4000	 	 	 	6.8500	 	 	 	3.2250	 	 	 	11.9500	 	 	 	4.2000	 	 	 	17.0500	 	 	 	4.7100	 
	 	1.8500	 	 	 	1.4500	 	 	 	6.9500	 	 	 	3.2500	 	 	 	12.0500	 	 	 	4.2100	 	 	 	17.1500	 	 	 	4.7200	 

 

    S-6-1 

     

    

 

	Aggregate	 	 	 	 	 	Aggregate	 	 	 	 	 	Aggregate	 	 	 	 	 	Aggregate	 	 	 	 
	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 	 	Industry	 
	Equivalent	 	 	Diversity	 	 	Equivalent	 	 	Diversity	 	 	Equivalent	 	 	Diversity	 	 	Equivalent	 	 	Diversity	 
	Unit
    Score	 	 	Score	 	 	Unit
    Score	 	 	Score	 	 	Unit
    Score	 	 	Score	 	 	Unit
    Score	 	 	Score	 
	 	1.9500	 	 	 	1.5000	 	 	 	7.0500	 	 	 	3.2750	 	 	 	12.1500	 	 	 	4.2200	 	 	 	17.2500	 	 	 	4.7300	 
	 	2.0500	 	 	 	1.5500	 	 	 	7.1500	 	 	 	3.3000	 	 	 	12.2500	 	 	 	4.2300	 	 	 	17.3500	 	 	 	4.7400	 
	 	2.1500	 	 	 	1.6000	 	 	 	7.2500	 	 	 	3.3250	 	 	 	12.3500	 	 	 	4.2400	 	 	 	17.4500	 	 	 	4.7500	 
	 	2.2500	 	 	 	1.6500	 	 	 	7.3500	 	 	 	3.3500	 	 	 	12.4500	 	 	 	4.2500	 	 	 	17.5500	 	 	 	4.7600	 
	 	2.3500	 	 	 	1.7000	 	 	 	7.4500	 	 	 	3.3750	 	 	 	12.5500	 	 	 	4.2600	 	 	 	17.6500	 	 	 	4.7700	 
	 	2.4500	 	 	 	1.7500	 	 	 	7.5500	 	 	 	3.4000	 	 	 	12.6500	 	 	 	4.2700	 	 	 	17.7500	 	 	 	4.7800	 
	 	2.5500	 	 	 	1.8000	 	 	 	7.6500	 	 	 	3.4250	 	 	 	12.7500	 	 	 	4.2800	 	 	 	17.8500	 	 	 	4.7900	 
	 	2.6500	 	 	 	1.8500	 	 	 	7.7500	 	 	 	3.4500	 	 	 	12.8500	 	 	 	4.2900	 	 	 	17.9500	 	 	 	4.8000	 
	 	2.7500	 	 	 	1.9000	 	 	 	7.8500	 	 	 	3.4750	 	 	 	12.9500	 	 	 	4.3000	 	 	 	18.0500	 	 	 	4.8100	 
	 	2.8500	 	 	 	1.9500	 	 	 	7.9500	 	 	 	3.5000	 	 	 	13.0500	 	 	 	4.3100	 	 	 	18.1500	 	 	 	4.8200	 
	 	2.9500	 	 	 	2.0000	 	 	 	8.0500	 	 	 	3.5250	 	 	 	13.1500	 	 	 	4.3200	 	 	 	18.2500	 	 	 	4.8300	 
	 	3.0500	 	 	 	2.0333	 	 	 	8.1500	 	 	 	3.5500	 	 	 	13.2500	 	 	 	4.3300	 	 	 	18.3500	 	 	 	4.8400	 
	 	3.1500	 	 	 	2.0667	 	 	 	8.2500	 	 	 	3.5750	 	 	 	13.3500	 	 	 	4.3400	 	 	 	18.4500	 	 	 	4.8500	 
	 	3.2500	 	 	 	2.1000	 	 	 	8.3500	 	 	 	3.6000	 	 	 	13.4500	 	 	 	4.3500	 	 	 	18.5500	 	 	 	4.8600	 
	 	3.3500	 	 	 	2.1333	 	 	 	8.4500	 	 	 	3.6250	 	 	 	13.5500	 	 	 	4.3600	 	 	 	18.6500	 	 	 	4.8700	 
	 	3.4500	 	 	 	2.1667	 	 	 	8.5500	 	 	 	3.6500	 	 	 	13.6500	 	 	 	4.3700	 	 	 	18.7500	 	 	 	4.8800	 
	 	3.5500	 	 	 	2.2000	 	 	 	8.6500	 	 	 	3.6750	 	 	 	13.7500	 	 	 	4.3800	 	 	 	18.8500	 	 	 	4.8900	 
	 	3.6500	 	 	 	2.2333	 	 	 	8.7500	 	 	 	3.7000	 	 	 	13.8500	 	 	 	4.3900	 	 	 	18.9500	 	 	 	4.9000	 
	 	3.7500	 	 	 	2.2667	 	 	 	8.8500	 	 	 	3.7250	 	 	 	13.9500	 	 	 	4.4000	 	 	 	19.0500	 	 	 	4.9100	 
	 	3.8500	 	 	 	2.3000	 	 	 	8.9500	 	 	 	3.7500	 	 	 	14.0500	 	 	 	4.4100	 	 	 	19.1500	 	 	 	4.9200	 
	 	3.9500	 	 	 	2.3333	 	 	 	9.0500	 	 	 	3.7750	 	 	 	14.1500	 	 	 	4.4200	 	 	 	19.2500	 	 	 	4.9300	 
	 	4.0500	 	 	 	2.3667	 	 	 	9.1500	 	 	 	3.8000	 	 	 	14.2500	 	 	 	4.4300	 	 	 	19.3500	 	 	 	4.9400	 
	 	4.1500	 	 	 	2.4000	 	 	 	9.2500	 	 	 	3.8250	 	 	 	14.3500	 	 	 	4.4400	 	 	 	19.4500	 	 	 	4.9500	 
	 	4.2500	 	 	 	2.4333	 	 	 	9.3500	 	 	 	3.8500	 	 	 	14.4500	 	 	 	4.4500	 	 	 	19.5500	 	 	 	4.9600	 
	 	4.3500	 	 	 	2.4667	 	 	 	9.4500	 	 	 	3.8750	 	 	 	14.5500	 	 	 	4.4600	 	 	 	19.6500	 	 	 	4.9700	 
	 	4.4500	 	 	 	2.5000	 	 	 	9.5500	 	 	 	3.9000	 	 	 	14.6500	 	 	 	4.4700	 	 	 	19.7500	 	 	 	4.9800	 
	 	4.5500	 	 	 	2.5333	 	 	 	9.6500	 	 	 	3.9250	 	 	 	14.7500	 	 	 	4.4800	 	 	 	19.8500	 	 	 	4.9900	 
	 	4.6500	 	 	 	2.5667	 	 	 	9.7500	 	 	 	3.9500	 	 	 	14.8500	 	 	 	4.4900	 	 	 	19.9500	 	 	 	5.0000	 
	 	4.7500	 	 	 	2.6000	 	 	 	9.8500	 	 	 	3.9750	 	 	 	14.9500	 	 	 	4.5000	 	 	 	 	 	 	 	 	 
	 	4.8500	 	 	 	2.6333	 	 	 	9.9500	 	 	 	4.0000	 	 	 	15.0500	 	 	 	4.5100	 	 	 	 	 	 	 	 	 
	 	4.9500	 	 	 	2.6667	 	 	 	10.0500	 	 	 	4.0100	 	 	 	15.1500	 	 	 	4.5200	 	 	 	 	 	 	 	 	 

 

(f)               
The S&P Equivalent Diversity Score is then calculated by summing each of the Industry Diversity Scores for each S&P’s
industry classification group shown on Schedule 2.

 

(g)              
For purposes of calculating the S&P Equivalent Diversity Score, affiliated issuers in the same Industry are deemed to be a
single issuer except as otherwise agreed to by S&P.

 

    S-6-2 

     

    

 

Schedule 7

FITCH RATING DEFINITIONS

 

“Fitch
Rating” means, with respect to any Collateral Obligation, as of any date of determination, the rating determined in
accordance with the following methodology:

 

(a)              
if Fitch has issued an issuer default rating or an assigned credit opinion with respect to the issuer of such Collateral Obligation,
or the guarantor which unconditionally and irrevocably guarantees such Collateral Obligation, then the Fitch Rating will be such
issuer default rating (regardless of whether there is a published rating by Fitch on the Collateral Obligations of such Obligor
held by the Issuer) or assigned credit opinion;

 

(b)              
if Fitch has not issued an issuer default rating with respect to the issuer or guarantor of such Collateral Obligation but Fitch
has issued an outstanding long term financial strength rating with respect to such Obligor, the Fitch Rating of such Collateral
Obligation will be one sub category below such rating;

 

(c)              
if a Fitch Rating cannot be determined pursuant to clause (a) or (b), but

 

(i)              
Fitch has issued a senior unsecured rating on any obligation or security of the issuer of such Collateral Obligation, then the
Fitch Rating of such Collateral Obligation will equal such rating; or

 

(ii)              
Fitch has not issued a senior unsecured rating on any obligation or security of the issuer of such Collateral Obligation but Fitch
has issued a senior rating, senior secured rating or a subordinated secured rating on any obligation or security of the issuer
of such Collateral Obligation, then the Fitch Rating of such Collateral Obligation will (x) equal such rating if such rating is
“BBB-” or higher and (y) be one sub category below such rating if such rating is “BB+” or lower, or

 

(iii)              
Fitch has not issued a senior unsecured rating or a senior rating, senior secured rating or a subordinated secured rating on any
obligation or security of the issuer of such Collateral Obligation but Fitch has issued a subordinated, junior subordinated or
senior subordinated rating on any obligation or security of the issuer of such Collateral Obligation, then the Fitch Rating of
such Collateral Obligation will be (x) one sub category above such rating if such rating is “B+” or higher and (y)
two sub categories above such rating if such rating is “B” or lower;

 

(d)              
if a Fitch Rating cannot be determined pursuant to clause (a), (b) or (c) and

 

(i)              
Moody’s has issued a publicly available corporate family rating for the issuer of such Collateral Obligation, then, subject
to subclause (viii) below, the Fitch Rating of such Collateral Obligation will be the Fitch equivalent of such Moody’s rating;

 

(ii)              
Moody’s has not issued a publicly available corporate family rating for the issuer of such Collateral Obligation but has
issued a publicly available long term issuer rating for such issuer, then, subject to subclause (viii) below, the Fitch Rating
of such Collateral Obligation will be the Fitch equivalent of such Moody’s rating;

 

    S-7-1

     

    

 

(iii)              
Moody’s has not issued a publicly available corporate family rating for the issuer of such Collateral Obligation but Moody’s
has issued a publicly available outstanding insurance financial strength rating for such issuer, then, subject to subclause (viii)
below, the Fitch Rating of such Collateral Obligation will be one sub category below the Fitch equivalent of such Moody’s
rating;

 

(iv)              
Moody’s has not issued a publicly available corporate family rating for the issuer of such Collateral Obligation but has
issued publicly available outstanding corporate issue ratings for such issuer, then, subject to subclause (viii) below, the Fitch
Rating of such Collateral Obligation will be (x) if such corporate issue rating relates to senior unsecured obligations of such
issuer, the Fitch equivalent of the Moody’s rating for such issue, if there is no such corporate issue ratings relating
to senior unsecured obligations of the issuer then (y) if such corporate issue rating relates to senior, senior secured or subordinated
secured obligations of such issuer, (1) one sub category below the Fitch equivalent of such Moody’s rating if such obligations
are rated “Ba1” or above or “Ca” by Moody’s or (2) two sub categories below the Fitch equivalent
of such Moody’s rating if such obligations are rated “Ba2” or below but above “Ca” by Moody’s,
or if there is no such publicly available corporate issue rating relating to senior unsecured, senior, senior secured or subordinated
secured obligations of the issuer then (z) if such corporate issue rating relates to subordinated, junior subordinated or senior
subordinated obligations of such issuer, (1) one sub category above the Fitch equivalent of such Moody’s rating if such
obligations are rated “B1” or above by Moody’s or (2) two sub categories above the Fitch equivalent of such
Moody’s rating if such obligations are rated “B2” or below by Moody’s;

 

(v)              
S&P has issued a publicly available issuer credit rating for the issuer of such Collateral Obligation, then, subject to subclause
(viii) below, the Fitch Rating of such Collateral Obligation will be the Fitch equivalent of such S&P rating;

 

(vi)              
S&P has not issued a publicly available issuer credit rating for the issuer of such Collateral Obligation but S&P has
issued a publicly available outstanding insurance financial strength rating for such issuer, then, subject to subclause (viii)
below, the Fitch Rating of such Collateral Obligation will be one sub category below the Fitch equivalent of such S&P rating;

 

(vii)              
S&P has not issued a publicly available issuer credit rating for the issuer of such Collateral Obligation but has issued publicly
available outstanding corporate issue ratings for such issuer, then, subject to subclause (viii) below, the Fitch Rating of such
Collateral Obligation will be (x) if such corporate issue rating relates to senior unsecured obligations of such issuer, the Fitch
equivalent of the S&P rating for such issue, if there is no such corporate issue ratings relating to senior unsecured obligations
of the issuer then (y) if such corporate issue rating relates to senior, senior secured or subordinated secured obligations of
such issuer, (1) the Fitch equivalent of such S&P rating if such obligations are rated “BBB-” or above by S&P
or (2) one sub category below the Fitch equivalent of such S&P rating if such obligations are rated “BB+” or below
by S&P, or if there is no such publicly available corporate issue rating relating to senior unsecured, senior, senior secured
or subordinated secured obligations of the issuer then (z) if such corporate issue rating relates to subordinated, junior subordinated
or senior subordinated obligations of such issuer, (1) one sub category above the Fitch equivalent of such S&P rating if such
obligations are rated “B+” or above by S&P or (2) two sub categories above the Fitch equivalent of such S&P
rating if such obligations are rated “B” or below by S&P; and

 

    S-7-2

     

    

 

(viii)              
both Moody’s and S&P provide a public rating of the issuer of such Collateral Obligation or a corporate issue of such
issuer, then the Fitch Rating will be the lowest of the Fitch Ratings determined pursuant to any of the subclauses of this clause
(d); and

 

(e)              
if a rating cannot be determined pursuant to clauses (a) through (d) then, (i) at the discretion of the Collateral Manager, the
Fitch Rating may be based on a credit opinion provided by Fitch, and in connection therewith, the Issuer, the Collateral Manager
on behalf of the Issuer or the Obligor of such Collateral Obligation will, prior to or within thirty (30) days after the acquisition
of such Collateral Obligation, apply to Fitch for a credit opinion (which shall be the Fitch Rating of such Collateral Obligation)
and a recovery rating with respect to such Collateral Obligation; provided that, until the receipt from Fitch of such credit
opinion, such Collateral Obligation will have a Fitch Rating of (x) “B-” if the Collateral Manager certifies to the
Trustee that it believes that the credit opinion will be at least equal to such rating, or (y) otherwise, the rating specified
as applicable thereto by Fitch pending receipt of such credit opinion; provided further that, such credit opinion shall
expire 12 months after the acquisition of such Collateral Obligation, following which such Collateral Obligation shall have a
Fitch Rating of “CCC” unless, during such 12-month period, the Issuer applies for renewal thereof in accordance with
Section 7.14(b), in which case such credit opinion will continue to be the Fitch Rating of such Collateral Obligation until
Fitch has confirmed or revised such credit opinion, upon which such confirmed or revised credit opinion will be the Fitch Rating
of such Collateral Obligation; or (ii) the Issuer may assign a Fitch Rating of “CCC” or lower to such Collateral Obligation
which is not in default;

 

provided
that, (x) on the Closing Date, if any rating described above is (i) on rating watch negative or negative credit watch, the
rating will be the Fitch Rating as determined above adjusted down by one subcategory, or (ii) on outlook negative, the rating
will be the Fitch Rating as determined above, and (y) after the Closing Date, if any rating described above is (i) on rating watch
negative or negative credit watch, the rating will be the Fitch Rating as determined above adjusted down by one subcategory, or
(ii) on outlook negative, the rating will not be adjusted; provided further that, the Fitch Rating may be updated by Fitch
from time to time as indicated in the “CLOs and Corporate CDOs Rating Criteria” report issued by Fitch and available
at www.fitchratings.com. For the avoidance of doubt, the Fitch Rating takes into account adjustments for assets that are on rating
watch negative or negative credit watch, as well as negative outlook prior to determining the issue rating or in the determination
of the lower of the Moody’s and S&P rating public ratings.

 

    S-7-3

     

    

 

Fitch
Equivalent Ratings

 

	Fitch
    Rating	 	Moody’s
    rating	 	S&P
    rating
	AAA	 	Aaa	 	AAA
	AA+	 	Aa1	 	AA+
	AA	 	Aa2	 	AA
	AA-	 	Aa3	 	AA-
	A+	 	A1	 	A+
	A	 	A2	 	A
	A-	 	A3	 	A-
	BBB+	 	Baa1	 	BBB+
	BBB	 	Baa2	 	BBB
	BBB-	 	Baa3	 	BBB-
	BB+	 	Ba1	 	BB+
	BB	 	Ba2	 	BB
	BB-	 	Ba3	 	BB-
	B+	 	B1	 	B+
	B	 	B2	 	B
	B-	 	B3	 	B-
	CCC+	 	Caa1	 	CCC+
	CCC	 	Caa2	 	CCC
	CCC-	 	Caa3	 	CCC-
	CC	 	Ca	 	CC
	C	 	C	 	C

 

Fitch
IDR Equivalency Map from Corporate Ratings

 

	Rating
    Type	 	Rating
    Agency(s)	 	Issue
    Rating	 	Mapping
    Rule	 
	Corporate
    Family Rating LT Issuer Rating	 	Moody’s	 	NA	 	 	0	 
	Issuer
    Credit Rating	 	S&P	 	NA	 	 	0	 
	Senior
    unsecured	 	Fitch,
    Moody’s, S&P	 	Any	 	 	0	 
	Senior,
    Senior secured or Subordinated secured	 	Fitch,
    S&P	 	“BBB-”
    or above	 	 	0	 
	 	 	Fitch,
    S&P	 	“BB+”
    or below	 	 	-1	 
	 	 	Moody’s	 	“Ba1”
    or above	 	 	-1	 
	 	 	Moody’s	 	“Ba2”
    or below	 	 	-2	 
	 	 	Moody’s	 	“Ca”	 	 	-1	 
	Subordinated,
    Junior subordinated or Senior subordinated	 	Fitch,
    Moody’s, S&P	 	“B+”,
    “B1” or above	 	 	1	 
	 	 	Fitch,
    Moody’s, S&P	 	“B”,
    “B2” or below	 	 	2	 

 

    S-7-4

     

    

 

The
following steps are used to calculate the Fitch IDR equivalent ratings:

 

	1	Public
                               or private Fitch-issued IDR or Fitch credit opinions.

 

	2	If
                               Fitch has not issued an IDR, but has an outstanding Long-Term Financial Strength Rating, then the
                               IDR equivalent is one rating lower.

 

	3	If
                               Fitch has not issued an IDR, but has outstanding corporate issue ratings, then the IDR equivalent
                               is calculated using the mapping in the table above.

 

	4	If
                               Fitch does not rate the issuer or any associated issuance, then determine a Moody’s and S&P
                               equivalent to Fitch’s IDR pursuant to steps 5 and 6.

 

	5a	A
                                public Moody’s-issued Corporate Family Rating (CFR) is equivalent in definition terms to
                                the Fitch IDR. If Moody’s has not issued a CFR, but has an outstanding LT issuer Rating,
                                then this is equivalent to the Fitch IDR.

 

	5b	If
                                Moody’s has not issued a CFR, but has an outstanding insurance financial strength rating,
                                then the Fitch IDR equivalent is one rating lower.

 

	5c	If
                                Moody’s has not issued a CFR, but has outstanding corporate issue ratings, then the Fitch
                                IDR equivalent is calculated using the mapping in the table above.

 

	6a	A
                                public S&P-issued Issuer Credit Rating (ICR) is equivalent in terms of definition to the Fitch
                                IDR.

 

	6b	If
                                S&P has not issued an ICR, but has an outstanding insurance financial strength rating, then
                                the Fitch IDR equivalent is one rating lower.

 

	6c	If
                                S&P has not issued an ICR, but has outstanding corporate issue ratings, then the Fitch IDR
                                equivalent is calculated using the mapping in the table above.

 

	7	If
                               both Moody’s and S&P provide a public rating on the issuer or an issue, the lower of
                               the two Fitch IDR equivalent ratings will be used in PCM. Otherwise the sole public Fitch IDR equivalent
                               rating from Moody’s or S&P will be applied.

 

“Fitch
Recovery Rate” means, with respect to a Collateral Obligation, the recovery rate determined in accordance with paragraphs
(a) to (c) below or (in any case) such other recovery rate as Fitch may notify the Collateral Manager from time to time:

 

(a)              
if such Collateral Obligation has a public Fitch recovery rating, or a recovery rating is assigned by Fitch in the context of
provision by Fitch of a credit opinion to the Collateral Manager, the recovery rate corresponding to such recovery rating in the
table below (unless a specific recovery rate (expressed as a percentage) is provided by Fitch in which case such recovery rate
shall be used):

 

	Fitch
    recovery rating	 	Fitch
    recovery rate %	 
	RR1	 	 	95	 
	RR2	 	 	80	 

 

    S-7-5

     

    

 

	Fitch
    recovery rating	 	Fitch
    recovery rate %	 
	RR3	 	 	60	 
	RR4	 	 	40	 
	RR5	 	 	20	 
	RR6	 	 	5	 

 

(b)              
if such Collateral Obligation is a DIP Collateral Obligation and has neither a public Fitch recovery rating, nor a recovery rating
assigned to it by Fitch in the context of provision by Fitch of a credit opinion, the Issuer or the Collateral Manager on behalf
of the Issuer shall apply to Fitch for a Fitch recovery rating; provided that the Fitch recovery rating in respect of such
DIP Collateral Obligation shall be considered to be “RR3” pending provision by Fitch of such Fitch recovery rating,
and the recovery rate applicable to such DIP Collateral Obligation shall be the recovery rate corresponding to such Fitch recovery
rating in the table above; and

 

(c)              
if such Collateral Obligation has no public Fitch recovery rating and no recovery rating is assigned by Fitch in the context of
provision by Fitch of a credit opinion to the Collateral Manager, the recovery rate applicable will be the rate determined in
accordance with the table below, for purposes of which the Collateral Obligation will be categorized as “Strong Recovery”
if it is a Senior Secured Loan, “Moderate Recovery” if it is a senior unsecured bond and otherwise “Weak Recovery,”
and will fall into the country group corresponding to the country in which the Obligor thereof is Domiciled:

 

	 	 	Group
    1	 	 	Group
    2	 	 	Group
    3	 
	Strong
    Recovery	 	 	80	 	 	 	70	 	 	 	35	 
	Moderate
    Recovery	 	 	45	 	 	 	45	 	 	 	25	 
	Weak
    Recovery	 	 	20	 	 	 	20	 	 	 	5	 

 

 

Group
1: Australia, Bermuda, Canada, Cayman Islands, New Zealand, Puerto Rico, United States.

 

Group
2: Austria, Barbados, Belgium, Czech Republic, Denmark, Estonia, Finland, France, Germany, Gibraltar, Hong Kong, Iceland,
Ireland, Israel, Italy, Japan, Jersey, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Singapore,
Slovakia, Slovenia, South Korea, Spain, Sweden, Switzerland, Taiwan, United Kingdom.

 

Group
3: Albania, Argentina, Asia Others, Bahamas, Bosnia and Herzegovina, Brazil, Bulgaria, Chile, China, Colombia, Costa Rica,
Croatia, Cyprus, Dominican Republic, Eastern Europe Others, Ecuador, Egypt, El Salvador, Greece, Guatemala, Hungary, India, Indonesia,
Iran, Jamaica, Kazakhstan, Liberia, Macedonia, Malaysia, Malta, Marshall Islands, Mauritius, Mexico, Middle East and North Africa
Others, Moldova, Morocco, Other Central America, Other South America, Other Sub Saharan Africa, Pakistan, Panama, Peru, Philippines,
Qatar, Romania, Russia, Saudi Arabia, Serbia and Montenegro, South Africa, Thailand, Tunisia, Turkey, Ukraine, Uruguay, Venezuela,
Vietnam.

 

    S-7-6

     

    

 

Fitch
Test Matrix

 

Subject
to the provisions provided below, on or after the Effective Date, the Collateral Manager will have the option to elect which of
the cases set forth in the matrix below (the “Fitch Test Matrix”) shall be applicable for purposes of the Maximum
Fitch Rating Factor Test, the Minimum Weighted Average Fitch Recovery Rate Test and the Minimum Fitch Floating Spread Test. For
any given case:

 

(a)              
the applicable value for determining satisfaction of the Maximum Fitch Rating Factor Test will be the value set forth in the column
header (or linear interpolation between two adjacent columns, as applicable) of the row-column combination in the Fitch Test Matrix
selected by the Collateral Manager;

 

(b)              
the applicable value for determining satisfaction of the Minimum Fitch Floating Spread Test will be the percentage set forth in
the row header (or linear interpolation between two adjacent rows as applicable) of the row-column combination in the Fitch Test
Matrix selected by the Collateral Manager; and

 

(c)              
the applicable value for determining satisfaction of the Minimum Weighted Average Fitch Recovery Rate Test will be the value in
the intersection cell (or linear interpolation between two adjacent rows and/or two adjacent columns, as applicable) of the row-column
combination in the Fitch Test Matrix selected by the Collateral Manager in relation to (a) and (b) above.

 

On
the Effective Date, the Collateral Manager will be required to elect which case shall apply initially by written notice to the
Issuer and Fitch. Thereafter, on two Business Days’ notice to the Issuer and Fitch, the Collateral Manager may elect to
have a different case apply, provided that the Maximum Fitch Rating Factor Test, the Minimum Weighted Average Fitch Recovery
Rate Test and the Minimum Fitch Floating Spread Test applicable to the case to which the Collateral Manager desires to change
are satisfied after giving effect to such change or, in the case of any tests that are not satisfied, the Issuer’s level
of compliance with such tests is improved after giving effect to the application of the different case.

 

	Minimum
    Fitch Floating	 	 	Maximum
    Fitch Weighted Average Rating Factor	 
	Spread	 	 	30	 	 	32	 	 	34	 	 	36	 	 	38	 	 	40	 	 	42	 	 	44	 	 	46	 	 	48	 	 	50	 
	 	3.25	%	 	 	59.10	%	 	 	62.00	%	 	 	64.40	%	 	 	66.70	%	 	 	69.10	%	 	 	71.50	%	 	 	74.00	%	 	 	76.30	%	 	 	78.30	%	 	 	80.10	%	 	 	81.90	%
	 	3.35	%	 	 	58.45	%	 	 	61.35	%	 	 	63.85	%	 	 	66.20	%	 	 	68.60	%	 	 	71.00	%	 	 	73.45	%	 	 	75.75	%	 	 	77.90	%	 	 	79.75	%	 	 	81.55	%
	 	3.45	%	 	 	57.80	%	 	 	60.70	%	 	 	63.30	%	 	 	65.70	%	 	 	68.10	%	 	 	70.50	%	 	 	72.90	%	 	 	75.20	%	 	 	77.50	%	 	 	79.40	%	 	 	81.20	%
	 	3.55	%	 	 	57.15	%	 	 	60.10	%	 	 	62.80	%	 	 	65.20	%	 	 	67.55	%	 	 	70.00	%	 	 	72.35	%	 	 	74.75	%	 	 	77.05	%	 	 	79.00	%	 	 	80.80	%
	 	3.65	%	 	 	56.50	%	 	 	59.50	%	 	 	62.30	%	 	 	64.70	%	 	 	67.00	%	 	 	69.50	%	 	 	71.80	%	 	 	74.30	%	 	 	76.60	%	 	 	78.60	%	 	 	80.40	%
	 	3.75	%	 	 	55.80	%	 	 	58.85	%	 	 	61.65	%	 	 	64.15	%	 	 	66.50	%	 	 	69.00	%	 	 	71.35	%	 	 	73.80	%	 	 	76.10	%	 	 	78.20	%	 	 	80.00	%
	 	3.85	%	 	 	55.10	%	 	 	58.20	%	 	 	61.00	%	 	 	63.60	%	 	 	66.00	%	 	 	68.50	%	 	 	70.90	%	 	 	73.30	%	 	 	75.60	%	 	 	77.80	%	 	 	79.60	%
	 	3.95	%	 	 	54.40	%	 	 	57.55	%	 	 	60.45	%	 	 	63.10	%	 	 	65.50	%	 	 	67.90	%	 	 	70.35	%	 	 	72.70	%	 	 	75.10	%	 	 	77.35	%	 	 	79.20	%
	 	4.05	%	 	 	53.70	%	 	 	56.90	%	 	 	59.90	%	 	 	62.60	%	 	 	65.00	%	 	 	67.30	%	 	 	69.80	%	 	 	72.10	%	 	 	74.60	%	 	 	76.90	%	 	 	78.80	%
	 	4.15	%	 	 	53.05	%	 	 	56.25	%	 	 	59.25	%	 	 	62.05	%	 	 	64.45	%	 	 	66.80	%	 	 	69.25	%	 	 	71.60	%	 	 	74.05	%	 	 	76.40	%	 	 	78.40	%
	 	4.25	%	 	 	52.40	%	 	 	55.60	%	 	 	58.60	%	 	 	61.50	%	 	 	63.90	%	 	 	66.30	%	 	 	68.70	%	 	 	71.10	%	 	 	73.50	%	 	 	75.90	%	 	 	78.00	%
	 	4.35	%	 	 	51.70	%	 	 	54.90	%	 	 	58.00	%	 	 	60.90	%	 	 	63.40	%	 	 	65.80	%	 	 	68.15	%	 	 	70.55	%	 	 	72.95	%	 	 	75.40	%	 	 	77.65	%
	 	4.45	%	 	 	51.00	%	 	 	54.20	%	 	 	57.40	%	 	 	60.30	%	 	 	62.90	%	 	 	65.30	%	 	 	67.60	%	 	 	70.00	%	 	 	72.40	%	 	 	74.90	%	 	 	77.30	%
	 	4.55	%	 	 	50.30	%	 	 	53.55	%	 	 	56.75	%	 	 	59.65	%	 	 	62.40	%	 	 	64.80	%	 	 	67.10	%	 	 	69.55	%	 	 	72.00	%	 	 	74.45	%	 	 	76.85	%
	 	4.65	%	 	 	49.60	%	 	 	52.90	%	 	 	56.10	%	 	 	59.00	%	 	 	61.90	%	 	 	64.30	%	 	 	66.60	%	 	 	69.10	%	 	 	71.60	%	 	 	74.00	%	 	 	76.40	%
	 	4.75	%	 	 	48.95	%	 	 	52.25	%	 	 	55.50	%	 	 	58.45	%	 	 	61.35	%	 	 	63.85	%	 	 	66.20	%	 	 	68.65	%	 	 	71.10	%	 	 	73.50	%	 	 	75.95	%
	 	4.85	%	 	 	48.30	%	 	 	51.60	%	 	 	54.90	%	 	 	57.90	%	 	 	60.80	%	 	 	63.40	%	 	 	65.80	%	 	 	68.20	%	 	 	70.60	%	 	 	73.00	%	 	 	75.50	%

 

    S-7-7

     

    

 

	Minimum
    Fitch Floating	 	 	Maximum
    Fitch Weighted Average Rating Factor	 
	Spread	 	 	30	 	 	32	 	 	34	 	 	36	 	 	38	 	 	40	 	 	42	 	 	44	 	 	46	 	 	48	 	 	50	 
	 	4.95	%	 	 	47.65	%	 	 	50.95	%	 	 	54.25	%	 	 	57.35	%	 	 	60.30	%	 	 	62.95	%	 	 	65.35	%	 	 	67.70	%	 	 	70.15	%	 	 	72.50	%	 	 	75.00	%
	 	5.05	%	 	 	47.00	%	 	 	50.30	%	 	 	53.60	%	 	 	56.80	%	 	 	59.80	%	 	 	62.50	%	 	 	64.90	%	 	 	67.20	%	 	 	69.70	%	 	 	72.00	%	 	 	74.50	%
	 	5.15	%	 	 	46.35	%	 	 	49.75	%	 	 	53.00	%	 	 	56.25	%	 	 	59.25	%	 	 	62.00	%	 	 	64.45	%	 	 	66.75	%	 	 	69.20	%	 	 	71.55	%	 	 	74.00	%
	 	5.25	%	 	 	45.70	%	 	 	49.20	%	 	 	52.40	%	 	 	55.70	%	 	 	58.70	%	 	 	61.50	%	 	 	64.00	%	 	 	66.30	%	 	 	68.70	%	 	 	71.10	%	 	 	73.50	%
	 	5.35	%	 	 	45.15	%	 	 	48.60	%	 	 	51.80	%	 	 	55.10	%	 	 	58.10	%	 	 	60.95	%	 	 	63.50	%	 	 	65.85	%	 	 	68.20	%	 	 	70.65	%	 	 	73.05	%
	 	5.45	%	 	 	44.60	%	 	 	48.00	%	 	 	51.20	%	 	 	54.50	%	 	 	57.50	%	 	 	60.40	%	 	 	63.00	%	 	 	65.40	%	 	 	67.70	%	 	 	70.20	%	 	 	72.60	%
	 	5.55	%	 	 	43.95	%	 	 	47.35	%	 	 	50.60	%	 	 	53.85	%	 	 	56.95	%	 	 	59.85	%	 	 	62.55	%	 	 	64.95	%	 	 	67.25	%	 	 	69.70	%	 	 	72.10	%
	 	5.65	%	 	 	43.30	%	 	 	46.70	%	 	 	50.00	%	 	 	53.20	%	 	 	56.40	%	 	 	59.30	%	 	 	62.10	%	 	 	64.50	%	 	 	66.80	%	 	 	69.20	%	 	 	71.60	%
	 	5.75	%	 	 	42.65	%	 	 	46.10	%	 	 	49.40	%	 	 	52.60	%	 	 	55.80	%	 	 	58.75	%	 	 	61.55	%	 	 	64.05	%	 	 	66.35	%	 	 	68.75	%	 	 	71.15	%
	 	5.85	%	 	 	42.00	%	 	 	45.50	%	 	 	48.80	%	 	 	52.00	%	 	 	55.20	%	 	 	58.20	%	 	 	61.00	%	 	 	63.60	%	 	 	65.90	%	 	 	68.30	%	 	 	70.70	%
	 	5.95	%	 	 	40.30	%	 	 	44.85	%	 	 	48.20	%	 	 	51.40	%	 	 	54.60	%	 	 	57.65	%	 	 	60.50	%	 	 	63.15	%	 	 	65.50	%	 	 	67.85	%	 	 	70.25	%
	 	6.05	%	 	 	38.60	%	 	 	44.20	%	 	 	47.60	%	 	 	50.80	%	 	 	54.00	%	 	 	57.10	%	 	 	60.00	%	 	 	62.70	%	 	 	65.10	%	 	 	67.40	%	 	 	69.80	%
	 	6.15	%	 	 	36.90	%	 	 	43.60	%	 	 	47.00	%	 	 	50.25	%	 	 	53.45	%	 	 	56.55	%	 	 	59.50	%	 	 	62.25	%	 	 	64.65	%	 	 	67.00	%	 	 	69.45	%
	 	6.25	%	 	 	35.20	%	 	 	43.00	%	 	 	46.40	%	 	 	49.70	%	 	 	52.90	%	 	 	56.00	%	 	 	59.00	%	 	 	61.80	%	 	 	64.20	%	 	 	66.60	%	 	 	69.10	%
	Weighted
    Average Fitch Recovery Rate

 

    S-7-8

     

    

 

 

Schedule 8

S&P REGION CLASSIFICATION TABLE

 

	Region
        

        Code

         
	Region
    Name	Country
    

    Code	Country
    Name
	17	Africa:
    Eastern	253	Djibouti
	17	Africa:
    Eastern	291	Eritrea
	17	Africa:
    Eastern	251	Ethiopia
	17	Africa:
    Eastern	254	Kenya
	17	Africa:
    Eastern	252	Somalia
	17	Africa:
    Eastern	249	Sudan
	12	Africa:
    Southern	247	Ascension
	12	Africa:
    Southern	267	Botswana
	12	Africa:
    Southern	266	Lesotho
	12	Africa:
    Southern	230	Mauritius
	12	Africa:
    Southern	264	Namibia
	12	Africa:
    Southern	248	Seychelles
	12	Africa:
    Southern	27	South
    Africa
	12	Africa:
    Southern	290	St.
    Helena
	12	Africa:
    Southern	268	Swaziland
	13	Africa:
    Sub-Saharan	244	Angola
	13	Africa:
    Sub-Saharan	226	Burkina
    Faso
	13	Africa:
    Sub-Saharan	257	Burundi
	13	Africa:
    Sub-Saharan	225	Cote
    d’lvoire
	13	Africa:
    Sub-Saharan	240	Equatorial
    Guinea
	13	Africa:
    Sub-Saharan	241	Gabonese
    Republic
	13	Africa:
    Sub-Saharan	220	Gambia
	13	Africa:
    Sub-Saharan	233	Ghana
	13	Africa:
    Sub-Saharan	224	Guinea
	13	Africa:
    Sub-Saharan	245	Guinea-Bissau
	13	Africa:
    Sub-Saharan	231	Liberia
	13	Africa:
    Sub-Saharan	261	Madagascar
	13	Africa:
    Sub-Saharan	265	Malawi
	13	Africa:
    Sub-Saharan	223	Mali
	13	Africa:
    Sub-Saharan	222	Mauritania
	13	Africa:
    Sub-Saharan	258	Mozambique
	13	Africa:
    Sub-Saharan	227	Niger
	13	Africa:
    Sub-Saharan	234	Nigeria
	13	Africa:
    Sub-Saharan	250	Rwanda
	13	Africa:
    Sub-Saharan	239	Sao
    Tome & Principe
	13	Africa:
    Sub-Saharan	221	Senegal
	13	Africa:
    Sub-Saharan	232	Sierra
    Leone

 

    S-8-1 

     

    

 

	Region
        

        Code

         
	Region
    Name	Country
    

    Code	Country
    Name
	13	Africa:
    Sub-Saharan	255	Tanzania/Zanzibar
	13	Africa:
    Sub-Saharan	228	Togo
	13	Africa:
    Sub-Saharan	256	Uganda
	13	Africa:
    Sub-Saharan	260	Zambia
	13	Africa:
    Sub-Saharan	263	Zimbabwe
	13	Africa:
    Sub-Saharan	229	Benin
	13	Africa:
    Sub-Saharan	237	Cameroon
	13	Africa:
    Sub-Saharan	238	Cape
    Verde Islands
	13	Africa:
    Sub-Saharan	236	Central
    African Republic
	13	Africa:
    Sub-Saharan	235	Chad
	13	Africa:
    Sub-Saharan	269	Comoros
	13	Africa:
    Sub-Saharan	242	Congo-Brazzaville
	13	Africa:
    Sub-Saharan	243	Congo-Kinshasa
	3	Americas:
    Andean	591	Bolivia
	3	Americas:
    Andean	57	Colombia
	3	Americas:
    Andean	593	Ecuador
	3	Americas:
    Andean	51	Peru
	3	Americas:
    Andean	58	Venezuela
	4	Americas:
    Mercosur and Southern Cone	54	Argentina
	4	Americas:
    Mercosur and Southern Cone	55	Brazil
	4	Americas:
    Mercosur and Southern Cone	56	Chile
	4	Americas:
    Mercosur and Southern Cone	595	Paraguay
	4	Americas:
    Mercosur and Southern Cone	598	Uruguay
	1	Americas:
    Mexico	52	Mexico
	2	Americas:
    Other Central and Caribbean	1264	Anguilla
	2	Americas:
    Other Central and Caribbean	1268	Antigua
	2	Americas:
    Other Central and Caribbean	1242	Bahamas
	2	Americas:
    Other Central and Caribbean	246	Barbados
	2	Americas:
    Other Central and Caribbean	501	Belize
	2	Americas:
    Other Central and Caribbean	441	Bermuda
	2	Americas:
    Other Central and Caribbean	284	British
    Virgin Islands
	2	Americas:
    Other Central and Caribbean	345	Cayman
    Islands
	2	Americas:
    Other Central and Caribbean	506	Costa
    Rica
	2	Americas:
    Other Central and Caribbean	809	Dominican
    Republic
	2	Americas:
    Other Central and Caribbean	503	El
    Salvador
	2	Americas:
    Other Central and Caribbean	473	Grenada

 

    S-8-2 

     

    

 

	Region
                                         

                                         Code

         
	Region
    Name	Country
    

    Code	Country
    Name
	2	Americas:
    Other Central and Caribbean	590	Guadeloupe
	2	Americas:
    Other Central and Caribbean	502	Guatemala
	2	Americas:
    Other Central and Caribbean	504	Honduras
	2	Americas:
    Other Central and Caribbean	876	Jamaica
	2	Americas:
    Other Central and Caribbean	596	Martinique
	2	Americas:
    Other Central and Caribbean	505	Nicaragua
	2	Americas:
    Other Central and Caribbean	507	Panama
	2	Americas:
    Other Central and Caribbean	869	St.
    Kitts/Nevis
	2	Americas:
    Other Central and Caribbean	758	St.
    Lucia
	2	Americas:
    Other Central and Caribbean	784	St.
    Vincent & Grenadines
	2	Americas:
    Other Central and Caribbean	597	Suriname
	2	Americas:
    Other Central and Caribbean	868	Trinidad&
    Tobago
	2	Americas:
    Other Central and Caribbean	649	Turks
    & Caicos
	2	Americas:
    Other Central and Caribbean	297	Aruba
	2	Americas:
    Other Central and Caribbean	53	Cuba
	2	Americas:
    Other Central and Caribbean	599	Curacao
	2	Americas:
    Other Central and Caribbean	767	Dominica
	2	Americas:
    Other Central and Caribbean	594	French
    Guiana
	2	Americas:
    Other Central and Caribbean	592	Guyana
	2	Americas:
    Other Central and Caribbean	509	Haiti
	2	Americas:
    Other Central and Caribbean	664	Montserrat
	101	Americas:
    U.S. and Canada	2	Canada
	101	Americas:
    U.S. and Canada	1	USA
	7	Asia:
    China, Hong Kong, Taiwan	86	China
	7	Asia:
    China, Hong Kong, Taiwan	852	Hong
    Kong
	7	Asia:
    China, Hong Kong, Taiwan	886	Taiwan
	5	Asia:
    India, Pakistan and Afghanistan	93	Afghanistan
	5	Asia:
    India, Pakistan and Afghanistan	91	India
	5	Asia:
    India, Pakistan and Afghanistan	92	Pakistan
	6	Asia:
    Other South	880	Bangladesh
	6	Asia:
    Other South	975	Bhutan
	6	Asia:
    Other South	960	Maldives
	6	Asia:
    Other South	977	Nepal
	6	Asia:
    Other South	94	Sri
    Lanka
	8	Asia:
    Southeast, Korea and Japan	673	Brunei
	8	Asia:
    Southeast, Korea and Japan	855	Cambodia
	8	Asia:
    Southeast, Korea and Japan	62	Indonesia
	8	Asia:
    Southeast, Korea and Japan	81	Japan
	8	Asia:
    Southeast, Korea and Japan	856	Laos
	8	Asia:
    Southeast, Korea and Japan	60	Malaysia

 

    S-8-3 

     

    

 

	Region
                                         

                                         Code

         
	Region
    Name	Country
    

    Code	Country
    Name
	8	Asia:
    Southeast, Korea and Japan	95	Myanmar
	8	Asia:
    Southeast, Korea and Japan	850	North
    Korea
	8	Asia:
    Southeast, Korea and Japan	63	Philippines
	8	Asia:
    Southeast, Korea and Japan	65	Singapore
	8	Asia:
    Southeast, Korea and Japan	82	South
    Korea
	8	Asia:
    Southeast, Korea and Japan	66	Thailand
	8	Asia:
    Southeast, Korea and Japan	84	Vietnam
	8	Asia:
    Southeast, Korea and Japan	670	East
    Timor
	105	Asia-Pacific:
    Australia and New Zealand	61	Australia
	105	Asia-Pacific:
    Australia and New Zealand	682	Cook
    Islands
	105	Asia-Pacific:
    Australia and New Zealand	64	New
    Zealand
	9	Asia-Pacific:
    Islands	679	Fiji
	9	Asia-Pacific:
    Islands	689	French
    Polynesia
	9	Asia-Pacific:
    Islands	686	Kiribati
	9	Asia-Pacific:
    Islands	691	Micronesia
	9	Asia-Pacific:
    Islands	674	Nauru
	9	Asia-Pacific:
    Islands	687	New
    Caledonia
	9	Asia-Pacific:
    Islands	680	Palau
	9	Asia-Pacific:
    Islands	675	Papua
    New Guinea
	9	Asia-Pacific:
    Islands	685	Samoa
	9	Asia-Pacific:
    Islands	677	Solomon
    Islands
	9	Asia-Pacific:
    Islands	676	Tonga
	9	Asia-Pacific:
    Islands	688	Tuvalu
	9	Asia-Pacific:
    Islands	678	Vanuatu
	15	Europe:
    Central	420	Czech
    Republic
	15	Europe:
    Central	372	Estonia
	15	Europe:
    Central	36	Hungary
	15	Europe:
    Central	371	Latvia
	15	Europe:
    Central	370	Lithuania
	15	Europe:
    Central	48	Poland
	15	Europe:
    Central	421	Slovak
    Republic
	16	Europe:
    Eastern	355	Albania
	16	Europe:
    Eastern	387	Bosnia
    and Herzegovina
	16	Europe:
    Eastern	359	Bulgaria
	16	Europe:
    Eastern	385	Croatia
	16	Europe:
    Eastern	383	Kosovo
	16	Europe:
    Eastern	389	Macedonia

 

    S-8-4 

     

    

 

	Region
                                         

                                         Code

         
	Region
    Name	Country
    

    Code	Country
    Name
	16	Europe:
    Eastern	382	Montenegro
	16	Europe:
    Eastern	40	Romania
	16	Europe:
    Eastern	381	Serbia
	16	Europe:
    Eastern	90	Turkey
	14	Europe:
    Russia & CIS	374	Armenia
	14	Europe:
    Russia & CIS	994	Azerbaijan
	14	Europe:
    Russia & CIS	375	Belarus
	14	Europe:
    Russia & CIS	995	Georgia
	14	Europe:
    Russia & CIS	8	Kazakhstan
	14	Europe:
    Russia & CIS	996	Kyrgyzstan
	14	Europe:
    Russia & CIS	373	Moldova
	14	Europe:
    Russia & CIS	976	Mongolia
	14	Europe:
    Russia & CIS	7	Russia
	14	Europe:
    Russia & CIS	992	Tajikistan
	14	Europe:
    Russia & CIS	993	Turkmenistan
	14	Europe:
    Russia & CIS	380	Ukraine
	14	Europe:
    Russia & CIS	998	Uzbekistan
	102	Europe:
    Western	376	Andorra
	102	Europe:
    Western	43	Austria
	102	Europe:
    Western	32	Belgium
	102	Europe:
    Western	357	Cyprus
	102	Europe:
    Western	45	Denmark
	102	Europe:
    Western	358	Finland
	102	Europe:
    Western	33	France
	102	Europe:
    Western	49	Germany
	102	Europe:
    Western	30	Greece
	102	Europe:
    Western	354	Iceland
	102	Europe:
    Western	353	Ireland
	102	Europe:
    Western	101	Isle
    of Man
	102	Europe:
    Western	39	Italy
	102	Europe:
    Western	102	Liechtenstein
	102	Europe:
    Western	352	Luxembourg
	102	Europe:
    Western	356	Malta
	102	Europe:
    Western	377	Monaco
	102	Europe:
    Western	31	Netherlands
	102	Europe:
    Western	47	Norway
	102	Europe:
    Western	351	Portugal
	102	Europe:
    Western	386	Slovenia
	102	Europe:
    Western	34	Spain
	102	Europe:
    Western	46	Sweden

 

    S-8-5 

     

    

 

	Region
        

        Code

         
	Region
    Name	Country
    

    Code	Country
    Name
	102	Europe:
    Western	41	Switzerland
	102	Europe:
    Western	44	United
    Kingdom
	10	Middle
    East: Gulf States	973	Bahrain
	10	Middle
    East: Gulf States	98	Iran
	10	Middle
    East: Gulf States	964	Iraq
	10	Middle
    East: Gulf States	965	Kuwait
	10	Middle
    East: Gulf States	968	Oman
	10	Middle
    East: Gulf States	974	Qatar
	10	Middle
    East: Gulf States	966	Saudi
    Arabia
	10	Middle
    East: Gulf States	971	United
    Arab Emirates
	10	Middle
    East: Gulf States	967	Yemen
	11	Middle
    East: MENA	213	Algeria
	11	Middle
    East: MENA	20	Egypt
	11	Middle
    East: MENA	972	Israel
	11	Middle
    East MENA	962	Jordan
	11	Middle
    East: MENA	961	Lebanon
	11	Middle
    East: MENA	212	Morocco
	11	Middle
    East: MENA	970	Palestinian
    Settlements
	11	Middle
    East: MENA	963	Syrian
    Arab Republic
	11	Middle
    East: MENA	216	Tunisia
	11	Middle
    East: MENA	1212	Western
    Sahara
	11	Middle
    East: MENA	218	Libya

 

    S-8-6Exhibit 10

 

EXECUTION
VERSION

 

SIXTH
AMENDMENT TO Loan and Servicing Agreement (this “Amendment”), dated as of January 15, 2021 (the
 “Amendment Date”), among Golub Capital BDC Funding II LLC, as borrower (the “Borrower”),
Golub Capital BDC, Inc., as servicer (in such capacity, the “Servicer”) and as the originator (in such
capacity, the “Originator”), Morgan Stanley Senior Funding, Inc., as administrative agent (the “Administrative
Agent”), and Morgan Stanley Bank, N.A., as lender (the “Lender”).

 

WHEREAS, the Borrower,
the Servicer, the Originator, the Administrative Agent and the Lender, are party to that certain Loan and Servicing Agreement,
dated as of February 1, 2019 (as the same may be amended, modified or supplemented prior to the Amendment Date in accordance
with the terms thereof, the “Loan and Servicing Agreement”), by and among the Borrower, the Servicer, the Originator,
the Administrative Agent, each of the Lenders from time to time party thereto, each of the Securitization Subsidiaries from time
to time party thereto and Wells Fargo Bank, National Association, as the collateral agent, the account bank and the collateral
custodian, providing, among other things, for the making and the administration of the Advances by the Lenders to the Borrower;
and

 

WHEREAS, the Borrower,
the Lender, the Administrative Agent and the Servicer desire to amend certain provisions of the Loan and Servicing Agreement, in
accordance with Section 12.01 thereof and subject to the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration
of the foregoing premises and the mutual agreements contained herein, and for 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.
      Terms used but not defined herein have the respective meanings given to such terms in the Loan and Servicing Agreement.

 

ARTICLE II

 

Amendments

 

SECTION 2.1.     As
of the Amendment Date, the Loan and Servicing Agreement is hereby amended as set forth on Appendix A hereto.

 

ARTICLE III

 

Representations and Warranties

 

SECTION 3.1.     The
Borrower and the Servicer hereby represent and warrant to the Administrative Agent and the Lenders that, as of the Amendment Date,
(i) no Unmatured Event of Default, Event of Default or Servicer Default has occurred and is continuing and (ii) the representations
and warranties of the Borrower and the Servicer contained in the Loan and Servicing Agreement are true and correct in all material
respects on and as of such day.

 

    

     

    

 

ARTICLE IV

 

Conditions Precedent

 

SECTION 4.1.     This
Amendment shall become effective upon satisfaction of its execution and delivery by each party hereto.

 

ARTICLE V

 

Miscellaneous

 

SECTION 5.1.     Governing
Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES
THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

SECTION 5.2.     Severability
Clause. In case any provision in this Amendment shall be invalid, illegal or unenforceable, the validity,
legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

SECTION 5.3.     Ratification. Except
as expressly amended hereby, the Loan and Servicing Agreement is in all respects ratified and confirmed and all the terms,
conditions and provisions thereof shall remain in full force and effect. This Amendment shall form a part of the Loan and
Servicing Agreement for all purposes.

 

SECTION 5.4.     Counterparts. The
parties hereto may sign one or more copies of this Amendment in counterparts, all of which together shall constitute one and
the same agreement. Delivery of an executed signature page of this Amendment by email transmission shall be effective as
delivery of a manually executed counterpart hereof.

 

SECTION 5.5.     Headings. The
headings of the Articles and Sections in this Amendment are for convenience of reference only and shall not be deemed to
alter or affect the meaning or interpretation of any provisions hereof.

 

[Signature Pages Follow]

 

    2

     

    

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed as of the Amendment Date.

 

	 	BORROWER:
	 	 
	 	GOLUB CAPITAL BDC FUNDING II LLC
	 	 
	 	By:	 /s/ Ross A. Teune
	 	 	Name:	Ross A. Teune
	 	 	Title:	Chief Financial Officer

 

[Signature
Page to Sixth Amendment to Loan and Servicing Agreement]

 

    

     

    

 

	 	SERVICER:
	 	 
	 	GOLUB CAPITAL BDC, INC.
	 	 
	 	By:	/s/ Ross A. Teune
	 	 	Name:	Ross A. Teune
	 	 	Title:	Chief Financial Officer

 

[Signature
Page to Sixth Amendment to Loan and Servicing Agreement]

 

    

     

    

 

	 	ORIGINATOR:
	 	 
	 	GOLUB CAPITAL BDC, INC.
	 	 
	 	By:	/s/ Ross A. Teune
	 	 	Name:	 Ross A. Teune
	 	 	Title:	Chief Financial Officer

 

[Signature
Page to Sixth Amendment to Loan and Servicing Agreement]

 

    

     

    

 

	 	ADMINISTRATIVE AGENT:
	 	 
	 	MORGAN STANLEY SENIOR FUNDING, INC.
	 	 
	 	By:	 /s/ Matthieu Milgrom
	 	 	Name:	 Matthieu Milgrom
	 	 	Title:	Authorized Signatory

 

[Signature
Page to Sixth Amendment to Loan and Servicing Agreement]

 

    

     

    

 

	 	LENDER :
	 	 
	 	MORGAN STANLEY BANK, N.A.
	 	 
	 	By:	/s/ Breno Brown-Leao
	 	 	Name:	Breno Brown-Leao
	 	 	Title:	Authorized Signatory

 

[Signature
Page to Sixth Amendment to Loan and Servicing Agreement]

 

    

     

    

 

 

APPENDIX A

 

[Attached]

 

    

     

    

 

 

(Conformed through Amendment No. 56)

 

 

Up to U.S. $400,000,000

 

LOAN AND SERVICING AGREEMENT

 

Dated as of February 1, 2019

 

among

 

GOLUB
CAPITAL BDC FUNDING II LLC,

as the Borrower

 

GOLUB
CAPITAL BDC, INC.,

as the Originator and as the Servicer

 

MORGAN STANLEY SENIOR FUNDING, INC.,

as the Administrative Agent

 

EACH OF THE LENDERS FROM TIME TO TIME PARTY
HERETO,

as the Lenders

 

EACH OF THE SECURITIZATION SUBSIDIARIES
FROM TIME TO TIME PARTY

 HERETO,

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as the Collateral Agent, Account Bank and Collateral Custodian

 

 

    

     

    

 

TABLE
OF CONTENTS

 

Page

 

ARTICLE I

 

DEFINITIONS

 

	Section 1.01	 	Certain Defined Terms	 	2
	Section 1.02	 	Other Terms	 	56
	Section 1.03	 	Computation of Time Periods	 	56
	Section 1.04	 	Interpretation	 	56
	Section 1.05	 	Currency Conversion	 	58
	Section 1.06	 	Computation of Covenants	 	58

 

ARTICLE II

 

THE
FACILITY

 

	Section 2.01	 	Advances	 	58
	Section 2.02	 	Procedure for Advances	 	59
	Section 2.03	 	Determination of Yield	 	61
	Section 2.04	 	Remittance Procedures	 	61
	Section 2.05	 	Instructions to the Collateral Agent and the Account Bank	 	65
	Section 2.06	 	Borrowing Base Deficiency Payments	 	66
	Section 2.07	 	Sale of Loan Assets; Affiliate Transactions	 	67
	Section 2.08	 	Payments and Computations, Etc.	 	71
	Section 2.09	 	Unused Fee	 	72
	Section 2.10	 	Increased Costs; Capital Adequacy	 	72
	Section 2.11	 	Taxes	 	74
	Section 2.12	 	Grant of a Security Interest; Collateral Assignment of Agreements	 	78
	Section 2.13	 	Evidence of Debt	 	80
	Section 2.14	 	Release of Loan Assets	 	80
	Section 2.15	 	Treatment of Amounts Received by any Loan Party	 	81
	Section 2.16	 	Prepayment; Termination; Reduction	 	82
	Section 2.17	 	Collections and Allocations	 	83
	Section 2.18	 	Reinvestment of Principal Collections	 	85
	Section 2.19	 	Defaulting Lenders	 	85
	Section 2.20	 	Investment of Amounts on Deposit in Contribution Account	 	87
	Section 2.21	 	Incremental Facilities	 	87

 

ARTICLE III

 

CONDITIONS
PRECEDENT

 

	Section 3.01	 	Conditions Precedent to Effectiveness	 	88
	Section 3.02	 	Conditions Precedent to All Advances	 	89
	Section 3.03	 	Advances Do Not Constitute a Waiver	 	92
	Section 3.04	 	Conditions to Acquisition of Loan Assets	 	92

 

    -i-

     

    

 

TABLE
OF CONTENTS

(continued)

 

Page

 

ARTICLE IV

 

REPRESENTATIONS
AND WARRANTIES

 

	Section 4.01	 	Representations and Warranties of the Loan Parties	 	93
	Section 4.02	 	Representations and Warranties of each Loan Party Relating to the Agreement and the Collateral	 	102
	Section 4.03	 	Representations and Warranties of the Servicer	 	103
	Section 4.04	 	Representations and Warranties of the Collateral Agent	 	107
	Section 4.05	 	Representations and Warranties of the Collateral Custodian	 	108

 

ARTICLE V

 

GENERAL
COVENANTS

 

	Section 5.01	 	Affirmative Covenants of the Loan Parties	 	109
	Section 5.02	 	Negative Covenants of the Loan Parties	 	116
	Section 5.03	 	Affirmative Covenants of the Servicer	 	119
	Section 5.04	 	Negative Covenants of the Servicer	 	123
	Section 5.05	 	Affirmative Covenants of the Collateral Agent	 	125
	Section 5.06	 	Negative Covenants of the Collateral Agent	 	125
	Section 5.07	 	Affirmative Covenants of the Collateral Custodian	 	125
	Section 5.08	 	Negative Covenants of the Collateral Custodian	 	125

 

ARTICLE VI

 

ADMINISTRATION
AND SERVICING OF CONTRACTS

 

	Section 6.01	 	Appointment and Designation of the Servicer	 	126
	Section 6.02	 	Duties of the Servicer	 	128
	Section 6.03	 	Authorization of the Servicer	 	130
	Section 6.04	 	Collection of Payments; Accounts	 	130
	Section 6.05	 	[Reserved]	 	132
	Section 6.06	 	Servicer Compensation	 	132
	Section 6.07	 	Payment of Certain Expenses by Servicer	 	132
	Section 6.08	 	Reports to the Administrative Agent; Account Statements; Servicer Information	 	132
	Section 6.09	 	Annual Statement as to Compliance	 	134
	Section 6.10	 	Annual Independent Public Accountant's Servicing Reports	 	135
	Section 6.11	 	Procedural Review of Loan Assets; Access to Servicer and Servicer's Records	 	135
	Section 6.12	 	The Servicer Not to Resign	 	136

 

    -ii-

     

    

 

TABLE
OF CONTENTS

(continued)

 

Page

 

ARTICLE VII

 

EVENTS
OF DEFAULT

 

	Section 7.01	 	Events of Default	 	136
	Section 7.02	 	Additional Remedies of the Administrative Agent	 	140
	Section 7.03	 	Option to Purchase Collateral	 	142

 

ARTICLE VIII

 

INDEMNIFICATION

 

	Section 8.01	 	Indemnities by the Borrower	 	143
	Section 8.02	 	Indemnities by Servicer	 	144
	Section 8.03	 	Waiver of Certain Claims	 	145
	Section 8.04	 	Legal Proceedings	 	145
	Section 8.05	 	After-Tax Basis	 	146

 

ARTICLE IX

 

THE
ADMINISTRATIVE AGENT

 

	Section 9.01	 	The Administrative Agent	 	146

 

ARTICLE X

 

COLLATERAL
AGENT

 

	Section 10.01	 	Designation of Collateral Agent	 	150
	Section 10.02	 	Duties of Collateral Agent	 	150
	Section 10.03	 	Merger or Consolidation	 	153
	Section 10.04	 	Collateral Agent Compensation	 	153
	Section 10.05	 	Collateral Agent Removal	 	153
	Section 10.06	 	Limitation on Liability	 	153
	Section 10.07	 	Collateral Agent Resignation	 	156

 

ARTICLE XI

 

COLLATERAL
CUSTODIAN

 

	Section 11.01	 	Designation of Collateral Custodian	 	156
	Section 11.02	 	Duties of Collateral Custodian	 	156
	Section 11.03	 	Merger or Consolidation	 	159
	Section 11.04	 	Collateral Custodian Compensation	 	160

 

    -iii-

     

    

 

TABLE
OF CONTENTS

(continued)

Page

 

	Section 11.05	 	Collateral Custodian Removal	 	160
	Section 11.06	 	Limitation on Liability	 	160
	Section 11.07	 	Collateral Custodian Resignation	 	162
	Section 11.08	 	Release of Documents	 	162
	Section 11.09	 	Return of Required Loan Documents	 	163
	Section 11.10	 	Access to Certain Documentation and Information Regarding the Collateral	 	163
	Section 11.11	 	Bailment	 	163

 

ARTICLE XII

 

MISCELLANEOUS

 

	Section 12.01	 	Amendments and Waivers	 	164
	Section 12.02	 	Notices, Etc.	 	165
	Section 12.03	 	No Waiver; Remedies	 	167
	Section 12.04	 	Binding Effect; Assignability; Multiple Lenders	 	167
	Section 12.05	 	Term of This Agreement	 	168
	Section 12.06	 	GOVERNING LAW; JURY WAIVER	 	168
	Section 12.07	 	Costs, Expenses and Taxes	 	170
	Section 12.08	 	Further Assurances	 	170
	Section 12.09	 	Recourse Against Certain Parties	 	171
	Section 12.10	 	Execution in Counterparts; Severability; Integration	 	171
	Section 12.11	 	Characterization of Conveyances Pursuant to each Purchase and Sale Agreement	 	172
	Section 12.12	 	Confidentiality	 	173
	Section 12.13	 	Waiver of Set Off	 	174
	Section 12.14	 	Headings and Exhibits	 	174
	Section 12.15	 	Ratable Payments	 	174
	Section 12.16	 	Failure of any Loan Party or Servicer to Perform Certain Obligations	 	174
	Section 12.17	 	Power of Attorney	 	175
	Section 12.18	 	Delivery of Termination Statements, Releases, etc.	 	175
	Section 12.19	 	Non-Petition	 	175

 

    -iv-

     

    

 

LIST
OF SCHEDULES, EXHIBITS AND ANNEXES

 

SCHEDULES

 

	SCHEDULE I	-	Conditions Precedent Documents
	SCHEDULE II	-	Eligibility Criteria
	SCHEDULE III	-	Agreed-Upon Procedures for Independent Public Accountants
	SCHEDULE IV	-	Loan Asset Schedule
	SCHEDULE V	-	Industry Classification
	SCHEDULE VI	-	Diversity Score
	SCHEDULE VII	-	Existing Golub BDC CLOs

 

ANNEXES

 

	ANNEX A	-	Commitments

 

EXHIBITS

 

	EXHIBIT A	-	Form of Approval Notice
	EXHIBIT B	-	Form of Borrowing Base Certificate
	EXHIBIT C	-	Form of Disbursement Request
	EXHIBIT D	-	Form of Notice of Borrowing
	EXHIBIT E	-	Form of Notice of Reduction (Reduction of Advances
    Outstanding)
	EXHIBIT F	-	Form of Notice of Termination/Permanent Reduction
	EXHIBIT G	-	[Reserved]
	EXHIBIT H	-	Form of Servicing Report
	EXHIBIT I	-	Form of Servicer Certificate (Servicing Report)
	EXHIBIT J	-	Form of Release of Required Loan Documents
	EXHIBIT K	-	Form of Assignment and Acceptance
	EXHIBIT L	-	Forms of U.S. Tax Compliance Certificates
	EXHIBIT M		Form of Joinder Supplement
	EXHIBIT N		Form of Securitization Subsidiary Joinder

 

    -v-

     

    

 

 

This LOAN AND SERVICING
AGREEMENT is made as of February 1, 2019, among:

 

(1)            GOLUB
CAPITAL BDC FUNDING II LLC, a Delaware limited liability company, as the Borrower (as
defined below);

 

(2)            GOLUB
CAPITAL BDC, INC., a Delaware corporation, as the Originator (as defined below)
and as the Servicer (as defined below);

 

(3)            EACH
OF THE LENDERS FROM TIME TO TIME PARTY HERETO, as the Lenders (as defined below);

 

(4)            MORGAN
STANLEY SENIOR FUNDING, INC., as the Administrative Agent (as defined below);

 

(5)            EACH
OF THE SECURITIZATION SUBSIDIARIES FROM TIME TO TIME PARTY HERETO, as the Securitization Subsidiaries (as defined below);
and

 

(6)            WELLS
FARGO BANK, NATIONAL ASSOCIATION, as the Collateral Agent (as defined below), the Account Bank (as defined below) and the
Collateral Custodian (as defined below).

 

RECITALS

 

WHEREAS, the Borrower
has requested that the Lenders make available to the Borrower a revolving loan facility in the maximum principal amount of up
to the Facility Amount (as defined below), the proceeds of which shall be used by the Borrower to fund the purchase of certain
Eligible Loan Assets (as defined below);

 

WHEREAS, the Borrower
is willing to grant to the Collateral Agent, for the benefit of the Secured Parties (as defined below), a lien on and security
interest in the Collateral (as defined below) to secure the payment in full of the Obligations (as defined below);

 

WHEREAS, the Lenders
are willing to extend financing to the Borrower on the terms and conditions set forth herein;

 

WHEREAS, the Borrower
also desires to retain the Servicer to perform certain servicing functions related to the Collateral on the terms and conditions
set forth herein; and

 

WHEREAS, the Servicer
desires to perform certain servicing functions related to the Collateral on the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged,
the parties hereto, intending to be legally bound, hereby agree as follows:

 

     

     

    

 

ARTICLE I

 

DEFINITIONS

 

Section 1.01   Certain
Defined Terms.

 

(a)            Certain
capitalized terms used throughout this Agreement are defined above or in this Section 1.01.

 

(b)            As
used in this Agreement and the exhibits and schedules hereto (each of which is hereby incorporated herein and made a part hereof),
the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural
forms of the terms defined):

 

"1940 Act"
means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

 

"Account Bank"
means Wells Fargo Bank, National Association, in its capacity as the "Securities Intermediary" pursuant to the Control
Agreement.

 

"Account Bank
Expenses" means the expenses set forth in the Wells Fargo Fee Letter that are payable to the Account Bank and any other
accrued and unpaid expenses (including reasonable and documented attorneys’ fees, costs and expenses) and indemnity amounts
payable by the Borrower to the Account Bank under the Transaction Documents.

 

"Account Bank
Fees" means the fees set forth in the Wells Fargo Fee Letter.

 

"Action"
has the meaning assigned to that term in Section 8.04.

 

"Additional
Amount" has the meaning assigned to that term in Section 2.11(a).

 

"Adjusted
Borrowing Value" means, on any date of determination, (i) for any Eligible Loan Asset, an amount equal to the Assigned
Value of such Eligible Loan Asset at such time, multiplied by the Outstanding Balance of such Eligible Loan Asset at such
time and (ii) for any Loan Asset that is not an Eligible Loan Asset, zero.

 

"Administrative
Agent" means Morgan Stanley Senior Funding, Inc., in its capacity as administrative agent for the Lenders, together
with its successors and assigns, including any successor appointed pursuant to Article IX.

 

"Administrative
Expense Cap" means, for any Payment Date, a per annum amount equal to $100,000.

 

"Administrative
Expenses" means the following fees and expenses due or accrued with respect to any Payment Date, payable on a pro
rata basis to: (a) the Collateral Agent, for payment of accrued Collateral Agent Fees and Collateral Agent Expenses,
(b) the Collateral Custodian, for payment of accrued Collateral Custodian Fees and Collateral Custodian Expenses and (c) the
Account Bank, for any Account Bank Fees and Account Bank Expenses.

 

    	 	2	 

     

    

 

"Advance"
means each loan advanced in each applicable Eligible Currency by the Lenders to the Borrower on an Advance Date pursuant to Article II.

 

"Advance Date"
means, with respect to any Advance, the date on which funds are made available to the Borrower in accordance with Section 2.02.

 

"Advance Rate"
means, with respect to an Eligible Loan Asset, as set forth in the Approval Notice for an Eligible Loan Asset, the percentage
determined by the Administrative Agent in its sole discretion and communicated in writing to the Borrower, the Originator and
the Servicer at the time such Eligible Loan Asset is approved by the Administrative Agent, subject to a maximum advance rate as
set forth in the Advance Rate Matrix based on the applicable loan type of such Eligible Loan Asset, as set forth in the Approval
Notice for an Eligible Loan Asset; provided that, the Advance Rate for any Subject Loan Asset will be reduced by 10% by
the Administrative Agent on or after the date on which such Eligible Loan Asset initially becomes a Subject Loan Asset (in accordance
with the definition thereof); provided further that the Borrower may request that the assigned Advance Rate of an Eligible
Loan Asset be re-evaluated by the Administrative Agent at any time.

 

The Administrative
Agent shall promptly notify the Servicer of any change effected by the Administrative Agent of the Advance Rate of any Loan Asset
and neither the Borrower nor the Servicer shall have any obligation to make any calculations hereunder giving effect to such modified
Advance Rate until the Servicer has received such notice.

 

“Advance Rate
Matrix” means the following matrix:

 

	Loan Type	Maximum
    Advance Rate 
	Broadly
    Syndicated Loans	77.5%
	First
    Lien Loans	75%
	Recurring
    Revenue Loans	70%
	Unitranche
    Loans for which the

Senior Leverage Ratio as of the

Cut-Off Date is less than 5.00 :

1.00	70%
	Unitranche
    Loans for which the

Senior Leverage Ratio as of the

Cut-Off Date is greater than or

equal to 5.00 : 1.00 and less than

5.50
    : 1.00	67.5%
	Unitranche
    Loans for which the

Senior Leverage Ratio as of the

Cut-Off Date is greater than or

equal to 5.50 : 1.00	65%
	Second
    Lien Loans	50%
	FLLO
    Loans	(first
    pay debt * applicable

advance rate determined in

accordance with this definition

of “Advance Rate Matrix” as

though
    such first pay debt were

a Loan Asset) – first out debt /

last out debt

 

    	 	3	 

     

    

 

"Advances
Outstanding" means, on any date of determination, the sum of the aggregate principal amount in Dollars or the Dollar
Equivalent, as determined by the Administrative Agent using the Spot Rate, of all Advances outstanding on such date, after giving
effect to all repayments of Advances and the making of new Advances on such date; provided that the principal amounts of
Advances Outstanding shall not be reduced by any Available Collections or other amounts if at any time such Available Collections
or other amounts are rescinded or must be returned for any reason; provided, further, that for purposes of the determination
of Yield and in connection with any reduction pursuant to Section 2.16 or any payments made in accordance with Section 2.04,
 “Advances Outstanding” shall refer only to Advances outstanding in the applicable Eligible Currency.

 

"Affected
Party" has the meaning assigned to that term in Section 2.10(a).

 

"Affiliate"
means, when used with respect to a Person, any other Person that directly, or indirectly through one or more intermediaries, controls,
is controlled by or is under common control with such Person. For the purposes of this definition, "control," when used
with respect to any specified Person, means the power to vote more than 50% of the voting securities of such Person or to direct
the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract
or otherwise; and the term "controlled" has a correlative meaning to the foregoing; provided that the term Affiliate
shall not include any Affiliate relationship which may exist solely as a result of direct or indirect ownership of, or control
by, a common Financial Sponsor.

 

"Aggregate
Adjusted Borrowing Value" means, as of any date of determination, (a) an amount equal to the sum of the Adjusted
Borrowing Values of all Eligible Loan Assets included as part of the Collateral on such date, after giving effect to all Eligible
Loan Assets added to and removed from the Collateral on such date minus (b) the Excess Concentration Amount.

 

“Aggregate
Unfunded Exposure Amount” means, as of any date of determination, the sum of the Unfunded Exposure Amounts of all Delayed
Draw Loan Assets included in the Collateral on such date.

 

"Agreement"
means this Loan and Servicing Agreement.

 

"Alternative
Rate" has the meaning assigned to that term in the definition of “LIBOR”.

 

"Amortization
Period" means the period commencing on the Commitment Termination Date and ending on the Collection Date.

 

"Anti-Money
Laundering Laws" has the meaning assigned to that term in Section 4.01(hh)(iii).

 

"Applicable
Law" means for any Person, all existing laws, rules, regulations, to the extent applicable to such Person or its property
or assets, all statutes, treaties, codes, ordinances, permits, certificates, orders, licenses of and published interpretations
by any Governmental Authority applicable to such Person and applicable judgments, decrees, injunctions, writs, awards or orders
of any court, arbitrator or other administrative, judicial, or quasi-judicial tribunal or agency of competent jurisdiction.

 

    	 	4	 

     

    

 

"Applicable
Margin" means, as of the Fifth Amendment Effective Date, (i) for each day during the Revolving Period, an amount
equal to 2.45% per annum and (ii) during the Amortization Period, 2.95% per annum; provided that (x) after
notice from the Administrative Agent to the Borrower following the occurrence and continuation of an Event of Default or after
the automatic occurrence of the Facility Maturity Date pursuant to clause (c) of the definition thereof or (y) after
the automatic occurrence of the Facility Maturity Date pursuant to clause (a) or clause (b) of the definition thereof,
the Applicable Margin shall be increased by an additional 2.00% per annum.

 

"Approval
Notice" means, with respect to any Eligible Loan Asset, the written notice, in substantially the form attached hereto
as Exhibit A.

 

"Approved
Valuation Firm" means each of (a) Duff & Phelps, LLC, (b) Murray, Devine & Co., Inc.
and (c) any other nationally recognized accounting firm or valuation firm, in each case, approved by the Borrower and the
Administrative Agent that, in each case, has agreed to confidentiality provisions acceptable to the Servicer; provided
that, prior to the Closing Date, the Borrower and the Administrative Agent shall designate Murray, Devine & Co., Inc.
as the initial Valuation Firm; provided, further, that, after the Closing Date, the Administrative Agent may remove
Murray, Devine & Co., Inc. and designate a new Valuation Firm from among the previously agreed upon Approved Valuation
Firms.

 

"ARRC"
means the Alternative Reference Rates Committee of the Federal Reserve Bank of New York.

 

"Assigned
Documents" has the meaning assigned to that term in Section 2.12(b).

 

"Assigned Value"
means, as of any date of determination and expressed as a percentage of the Outstanding Balance of such Eligible Loan Asset, (i) with
respect to each Eligible Loan Asset funded and/or originated by the Borrower, or funded and/or originated by the Originator or
its Affiliates (other than the Borrower) within three (3) months of its sale or contribution to the Borrower, (a) if
the funding or origination price was greater than or equal to 97% of par, the par amount thereof and (b) otherwise, the funding
or origination price, as applicable, and (ii) for any other Eligible Loan Asset, the Assigned Value shall be the lowest of
(a) the Purchase Price of such Eligible Loan Asset, (b) the Assigned Value assigned as of the applicable Cut-Off Date
by the Administrative Agent in its sole discretion, and (c) the par amount of such Eligible Loan Asset. Following a Value
Adjustment Event, the Assigned Value for any Eligible Loan Asset may (or in the case of clause (i) shall) be reduced by the
Administrative Agent as set forth below:

 

(i)            if
a Value Adjustment Event of the type described in clause (b), clause (c), clause (d) or clause (f) (solely
with respect to a Material Modification described in clause (a) or clause (e) of the definition thereof)
of the definition thereof with respect to such Loan Asset occurs, the Assigned Value of such Loan Asset will, automatically and
without further action by the Administrative Agent, be zero; and

 

    	 	5	 

     

    

 

(ii)           subject
to clause (iii) below, upon the occurrence of a Value Adjustment Event (other than the type described in clause
(b), clause (c), clause (d) or clause (f) (solely with respect to a Material Modification described
in clause (a) or clause (e) of the definition thereof)), the then-current Assigned Value for such Eligible
Loan Asset may be amended by the Administrative Agent in its sole discretion (at any time and from time to time); provided
that, if the Value Adjustment Event occurred pursuant to clauses (a), (e) or (g) of the definition thereof, then
the Assigned Value may no longer be adjusted by the Administrative Agent once the condition that triggered such Value Adjustment
Event no longer exists;

 

(iii)          Specified
Period.

 

(1)            If,
during the Specified Period, one or more Value Adjustment Events pursuant to clause (a), clause (f) (solely
with respect to a Material Modification described in clause (c) of the definition thereof that is effected during
the Specified Period and in respect of interest payments otherwise due during the Specified Period) or clause (g), occurs
with respect to any Subject Loan Asset (each, a “Qualifying Value Adjustment Event”), the Assigned Value of
such Subject Loan Asset in effect at the time of the occurrence of such Qualifying Value Adjustment Event shall not be amended
by the Administrative Agent solely during the Specified Period, subject to the requirements of this clause (iii);

 

(2)            After
the expiration of the Specified Period, the Assigned Value of any Subject Loan Asset that was subject to one or more Qualifying
Value Adjustment Events may be amended by the Administrative Agent in its sole discretion if such Qualifying Value Adjustment
Event(s) remains in effect on the last day of the Specified Period (subject to clause (3) below). A Qualifying Value
Adjustment Event shall be deemed to be in effect as of the last day of the Specified Period if (x) the applicable ratio(s) set
forth in clause (a) of the definition of “Value Adjustment Event” remain decreased or increased (as applicable)
beyond the stated percentages, (y) with respect to clause (f) of the definition of “Value Adjustment Event”,
such Loan Asset previously modified as set forth in clause (c) of the definition of “Material Modification”
has not resumed paying interest in cash at a rate at least equal to the rate in effect at the beginning of the Specified Period
and is not required to, on the payment date following the first “interest accrual period” (as such term or any comparable
term is defined in the related Underlying Instruments) after the end of the Specified Period, resume paying interest in cash at
a rate at least equal to the rate in effect at the beginning of the Specified Period or (z) with respect to clause (g) of
the definition of “Value Adjustment Event”, the related Obligor’s last quarter annualized Revenue is less than
the minimum covenant (if any) specified in the Underlying Instrument; provided that, (i) on the last day of the Specified
Period and (ii) on the day that a Loan Asset ceases to be a Subject Loan Asset pursuant to the last paragraph of the definition
thereof, in each case, the Administrative Agent will determine and notify the Servicer of any amended Assigned Value with respect
to such Subject Loan Asset on such date; and

 

    	 	6	 

     

    

 

(3)            If
the Borrower disagrees with the amended Assigned Value given to a Subject Loan Asset pursuant to clause (iii)(2) above,
then the Borrower may dispute such Assigned Value pursuant to the procedures set forth in the last proviso of this definition;

 

provided that the Administrative
Agent may continue to amend the Assigned Value for such Eligible Loan Asset only if the credit quality of such Eligible Loan Asset
has continued to deteriorate (regardless of whether such deterioration is sufficient to trigger a Value Adjustment Event) in the
reasonable determination of the Administrative Agent; provided, further, that, for the avoidance of doubt, the Administrative
Agent may not amend any Assigned Value solely due to a decline in the Index; provided, further, that, the Borrower
may request that the Assigned Value be re-evaluated by the Administrative Agent for any Eligible Loan Asset at any time; provided,
further, that such Assigned Value may not increase above 100% of the Outstanding Balance of such Loan Asset; provided
further that following any reduction to the Assigned Value of an Eligible Loan Asset, if the Borrower disagrees with the Administrative
Agent’s determination of the Assigned Value of such Eligible Loan Asset, the Borrower may (at its expense) request a new
valuation from a Valuation Firm chosen by the Administrative Agent to value such Eligible Loan Asset. If the value determined
by such Valuation Firm is greater than the Administrative Agent’s determination of the Assigned Value, such Valuation Firm’s
valuation shall become the Assigned Value of such Loan Asset until the occurrence (if any) of a subsequent Value Adjustment Event.

 

The Administrative
Agent shall promptly notify the Servicer of any change effected by the Administrative Agent of the Assigned Value of any Loan
Asset (including, for the avoidance of doubt, any change in the Assigned Value of a Loan Asset pursuant to clause (iii) above)
and neither the Borrower nor the Servicer shall have any obligation to make any calculations hereunder giving effect to such lower
Assigned Value until the Servicer has received such notice.

 

"Assignment
and Acceptance" has the meaning assigned to that term in Section 12.04(a).

 

“AUD”
means the lawful currency of Australia.

 

“AUD Advance”
means an Advance denominated in AUD.

 

"Availability"
means, as of any date of determination, an amount equal to the excess, if any, of (a) the Borrowing Base over (b) the
Advances Outstanding on such day.

 

"Available
Collections" means the sum of all Interest Collections and all Principal Collections received with respect to the Collateral;
provided that, for the avoidance of doubt, "Available Collections" shall not include amounts on deposit in the
Unfunded Exposure Account that do not represent proceeds of Permitted Investments.

 

"Bankruptcy
Code" means Title 11, United States Code, 11 U.S.C. §§ 101 et seq., as amended from time to time.

 

"Bankruptcy
Event" means an event that shall be deemed to have occurred with respect to a Person if either:

 

    	 	7	 

     

    

 

(i)            a
case or other proceeding shall be commenced, without the application or consent of such Person, in any court, seeking the liquidation,
reorganization, debt arrangement, dissolution, winding up, or composition or readjustment of debts of such Person, the appointment
of a trustee, receiver, custodian, liquidator, assignee, sequestrator or the like for such Person or all or substantially all
of its assets, or any similar action with respect to such Person under any law relating to bankruptcy, insolvency, reorganization,
winding up or composition or adjustment of debts, and such case or proceeding shall continue undismissed, or unstayed and in effect,
for a period of sixty (60) consecutive days; or an order for relief in respect of such Person shall be entered in an involuntary
case under the federal bankruptcy laws or other similar laws now or hereafter in effect; or

 

(ii)            such
Person shall commence a voluntary case or other proceeding under any Bankruptcy Laws now or hereafter in effect, or shall consent
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar
official) for such Person or all or substantially all of its assets, or shall make any general assignment for the benefit of creditors,
or shall fail to, or admit in writing its inability to, pay its debts generally as they become due, or, if a corporation or similar
entity, its board of directors or members shall vote to implement any of the foregoing.

 

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

 

"Bankruptcy
Proceeding" means any case, action or proceeding before any court or other Governmental Authority relating to any Bankruptcy
Event.

 

"BBSW"
means, for any day during a Remittance Period, with respect to any AUD Advance (or portion thereof), the rate per annum
(carried out to the fifth decimal place) equal to the rate determined by the Administrative Agent to be the offered rate that
appears on the Reuters Screen BBSW Page (or any applicable successor or substitute page) at approximately 11:00 a.m., Sydney
time on such day, for deposits in AUD with a term equivalent to one month; provided that if such rate is not available
at any such time for any reason, then “BBSW” with respect to any Advance shall be the rate at which AUD deposits of
AUD5,000,000 and for a one-month maturity are offered by the principal Sydney office of any bank (which may be the Administrative
Agent) reasonably selected by the Administrative Agent in immediately available funds on the basis of the discount amount at which
the Administrative Agent is then offering to purchase AUD denominated bankers’ acceptances that have a comparable aggregate
face amount to the Advances Outstanding in AUD at approximately 11:00 a.m., Sydney time, on the applicable day (or, if such day
is not a Business Day, on the immediately preceding Business Day); provided further that, in the event that the rate as
so determined above shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. BBSW shall always
be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 

“BDC Parent”
means Golub Capital BDC, Inc., in its capacity as a holder of membership interests in the Borrower.

 

    	 	8	 

     

    

 

“BDC Tax
Distribution” means any distribution made by the Borrower (i) to allow BDC Parent to pay any unpaid Taxes then
due and owing resulting from the income of the Borrower claimed on the tax reporting of BDC Parent or (ii) to the extent
necessary to allow BDC Parent to make sufficient distributions to qualify as a regulated investment company under the Code and
to otherwise minimize or eliminate federal or state income or excise taxes payable by BDC Parent in or with respect to any taxable
year of BDC Parent (or any calendar year, as relevant).

 

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

 

"Beneficial
Ownership Regulation" means 31 C.F.R. §1010.230.

 

"Benefit Plan
Investor" means a "benefit plan investor" as defined in Department of Labor regulation 29 C.F.R. Section 2510.3-101,
as modified by Section 3(42) of ERISA, and includes an employee benefit plan that is subject to the fiduciary responsibility
provisions of Title I of ERISA, a plan that is subject to Section 4975 of the Code, and an entity the underlying assets of
which are deemed to include plan assets.

 

"Borrower"
means Golub Capital BDC Funding II LLC, a Delaware limited liability company, together with its permitted successors and assigns
in such capacity.

 

"Borrower
Certificate of Formation" means the Certificate of Formation of the Borrower, dated November 20, 2018.

 

“Borrower
Collection Account” means the Collection Account established for the benefit of the Borrower (and not a Securitization
Subsidiary thereof).

 

"Borrower
Consent" means the resolutions of Golub Capital BDC, Inc., in its capacity as designated manager of the Borrower,
dated November 27, 2018.

 

"Borrower
LLC Agreement" means the amended and restated limited liability company agreement of the Borrower, dated February 1,
2019.

 

"Borrowing
Base" means, as of any date of determination, an amount equal to the lowest of:

 

(i)            (a) the
sum of the products of (x) the lower of (1) the Weighted Average Advance Rate for all Eligible Loan Assets as of such
date and (2) the Maximum Portfolio Advance Rate as of such date, multiplied by (y) the Aggregate Adjusted Borrowing
Value as of such date, plus (b) the amount on deposit in the Principal Collection Subaccount as of such date plus
(c) the amount on deposit in the Unfunded Exposure Account (such amount not to exceed the Aggregate Unfunded Exposure
Amount) minus (d) the Unfunded Exposure Equity Amount;

 

(ii)           (a) the
Aggregate Adjusted Borrowing Value as of such date, minus (b) the Minimum Equity Amount, plus (c) the
amount on deposit in the Principal Collection Subaccount as of such date, plus (d) the amount on deposit in the Unfunded
Exposure Account (such amount not to exceed the Aggregate Unfunded Exposure Amount) minus (e) the Unfunded Exposure
Equity Amount; or

 

    	 	9	 

     

    

 

(iii)            the
Facility Amount minus the Aggregate Unfunded Exposure Amount plus the amount on deposit in the Unfunded Exposure
Account (such amount not to exceed the Aggregate Unfunded Exposure Amount).

 

provided that any Loan Asset which is owned by a Securitization
Subsidiary which has closed a Securitization and has been released from all Liens created under the Transaction Documents shall
not be included in the calculation of “Borrowing Base”.

 

"Borrowing
Base Certificate" means a certificate prepared by the Borrower setting forth the calculation of the Borrowing Base as
of the applicable date of determination, substantially in the form of Exhibit B hereto.

 

"Borrowing
Base Deficiency" means, as of any date of determination, an amount equal to the positive difference, if any, of (i) the
Advances Outstanding on such date over (ii) the Borrowing Base.

 

"Borrowing
Base Deficiency Increase" has the meaning assigned to that term in Section 2.06(d).

 

"Breakage
Fee" means, for Advances Outstanding which are repaid (in whole or in part) on any date other than a Payment Date, the
breakage costs, if any, related to such repayment, based upon the assumption that the applicable Lender funded its loan commitment
in the applicable London interbank offered rate or the euro interbank offered rate market and using any reasonable attribution
or averaging methods which the Lender deems appropriate and practical, it hereby being understood that the amount of any loss,
costs or expense payable by the Borrower to any Lender as Breakage Fee shall be determined in the respective Lender's reasonable
discretion and shall be conclusive absent manifest or demonstrable error.

 

"Bridge Loan"
means any loan that (a) is unsecured and incurred in connection with a merger, acquisition, consolidation or sale of all
or substantially all of the assets of a person or similar transaction and (b) by its terms, is required to be repaid within
one (1) year of the incurrence thereof with proceeds from additional borrowings or other refinancings.

 

"Broadly Syndicated
Loan" means any First Lien Loan as of the related Cut-Off Date with (a) EBITDA of $75,000,000 or greater and (b) an
observable quote with a bid depth of at least three (3) from LoanX Mark-It Partners or Loan Pricing Corporation or as otherwise
designated by the Lender on a name-by-name basis.

 

"Business
Day" means a day of the year other than (a) Saturday or aand
Sunday orand
(b) any other day on which commercial banks in (i) New York,
New York or (ii) solely with respect to actions to be taken by the Collateral
Agent in accordance with this Agreement, the city in which the offices of Collateral Agent are located are authorized
or required by applicable law, regulation or executive order to close or on which banks are not open for dealings in deposits in
the relevant currency in the London interbank market.

 

    	 	10	 

     

    

 

“CAD”
means the lawful currency of Canada.

 

“CAD Advance”
means an Advance denominated in CAD.

 

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

 

“Capital
Stock” means any and all shares, interest, participations or other equivalents (however designated) of share capital
of a corporation, any and all similar ownership interests in a Person (other than a corporation), and any and all warrants, rights
or options to purchase any of the foregoing.

 

"Cash Interest
Coverage Ratio" means, with respect to any Loan Asset (other than a Recurring Revenue Loan) for any period, the meaning
of "Interest Coverage Ratio" or any comparable definition in the Underlying Instruments for such Loan Asset, and in
the case that "Interest Coverage Ratio" or such comparable definition is not defined in such Underlying Instruments,
the ratio of (a) EBITDA for the applicable test period, to (b) cash interest for the applicable test period, as calculated
by the Servicer in accordance with the Servicing Standard using information from and calculations consistent with the relevant
compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the related
Underlying Instruments.

 

“CDOR”
means, for any day during a Remittance Period, with respect to any CAD Advance (or portion thereof), the rate per annum (carried
out to the fifth decimal place) equal to the rate determined by the Administrative Agent to be the offered rate that appears on
the Bloomberg Professional Service CDOR Page (or any applicable successor page) at approximately 11:00 a.m., Toronto time
on such day for deposits in CADs with a term equivalent to one month; provided that if such rate is not available at any
such time for any reason, then “CDOR” with respect to any Advance shall be the rate at which CAD deposits of CAD5,000,000
and for a one-month maturity are offered by the principal Toronto office of the Administrative Agent or the principal Toronto
office of any bank reasonably selected by the Administrative Agent in immediately available funds on the basis of the discount
amount at which the Administrative Agent is then offering to purchase CAD denominated bankers’ acceptances that have a comparable
aggregate face amount to the Advances Outstanding in CAD at approximately 11:00 a.m., Toronto time, on the applicable day (or,
if such day is not a Business Day, on the immediately preceding Business Day); provided further that, in the event that
the rate as so determined above shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
CDOR shall always be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 

"Change in
Law" means the occurrence, after the date of this Agreement, of any of the following: (a) the adoption or taking
effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration,
interpretation, implementation or application thereof by any Governmental Authority, (c) the making or issuance of any request,
rule, guideline or directive (whether or not having the force of law) by any Governmental Authority or (d) any change in
any generally accepted accounting principles or regulatory accounting principles and affecting the application of any law, rule,
regulation or treaty referred to in clause (a) or (b) above.

 

    	 	11	 

     

    

 

"Change of Control"
means an event that shall be deemed to have occurred if any of the following occur:

 

(a)            with
respect to the Borrower, Golub Capital BDC, Inc. at any time for any reason ceases to own, directly or indirectly, 100% of
the issued and outstanding membership interests of the Borrower (as the same may be adjusted for any combination, recapitalization
or reclassification into a greater or smaller number of shares or units), free and clear of all Liens, rights, options, warrants
or other similar agreements or understandings;

 

(b)            the
Management Agreement shall fail to be in full force and effect; and

 

(c)            the
dissolution, termination or liquidation, in whole or in part, transfer or other disposition, in each case, of all or substantially
all of the assets of the Borrower, the Originator or the Servicer, as applicable.

 

"Closing Date"
means February 1, 2019.

 

"Closing Date
Asset" means a Loan Asset owned by the Borrower (or which the Borrower has entered into a binding commitment to acquire)
on the Closing Date.

 

"Code"
means the Internal Revenue Code of 1986, as amended.

 

"Collateral"
means, collectively, the Collateral Portfolio and each Securitization Subsidiary Collateral Portfolio.

 

"Collateral
Agent" means Wells Fargo Bank, National Association, not in its individual capacity, but solely as collateral agent pursuant
to the terms of this Agreement, together with its successor and assigns in such capacity.

 

"Collateral
Agent Expenses" means the expenses set forth in the Wells Fargo Fee Letter and any other accrued and unpaid expenses
(including attorneys' fees, costs and expenses) and indemnity amounts payable by the Borrower or any Securitization Subsidiary
to the Collateral Agent under the Transaction Documents.

 

"Collateral
Agent Fees" means the fees due to the Collateral Agent pursuant to the Wells Fargo Fee Letter.

 

"Collateral
Agent Termination Notice" has the meaning assigned to that term in Section 10.05.

 

    	 	12	 

     

    

 

"Collateral
Custodian" means Wells Fargo Bank, National Association, not in its individual capacity, but solely as collateral custodian
pursuant to the terms of this Agreement, together with its successors and assigns in such capacity.

 

"Collateral
Custodian Expenses" means the expenses set forth in the Wells Fargo Fee Letter and any other accrued and unpaid expenses
(including attorneys' fees, costs and expenses) and indemnity amounts payable by the Borrower or any Securitization Subsidiary
to the Collateral Custodian under the Transaction Documents.

 

"Collateral
Custodian Fees" means the fees due to the Collateral Custodian pursuant to the Wells Fargo Fee Letter.

 

"Collateral
Custodian Termination Notice" has the meaning assigned to that term in Section 11.05.

 

"Collateral
Portfolio" means all right, title, and interest (whether now owned or hereafter acquired or arising, and wherever located)
of the Borrower in, to and under all accounts, cash and currency, chattel paper, tangible chattel paper, electronic chattel paper,
copyrights, copyright licenses, equipment, fixtures, contract rights, general intangibles, instruments, certificates of deposit,
certificated securities, uncertificated securities, financial assets, securities entitlements, commercial tort claims, deposit
accounts, inventory, investment property, letter-of-credit rights, software, supporting obligations, accessions, or other property
of the Borrower, including, all right, title and interest of the Borrower in the following (in each case excluding the Retained
Interest and the Excluded Amounts):

 

(i)            the
Loan Assets, and all monies due or to become due in payment under such Loan Assets on and after the related Cut-Off Date, including,
but not limited to, all Available Collections;

 

(ii)           the
Related Assets with respect to the Loan Assets referred to in clause (i) above;

 

(iii)          the
Controlled Accounts and all Permitted Investments purchased with funds on deposit in the Controlled Accounts;

 

(iv)          all
of the Borrower’s ownership interests in each Securitization Subsidiary;

 

(v)           the
Assigned Documents;

 

(vi)          each
Purchase and Sale Agreement; and

 

(vii)         all
income and Proceeds of the foregoing.

 

The “Collateral
Portfolio” shall not include any Non-Levered Loan Asset, the Contribution Account or the funds on deposit therein.

 

    	 	13	 

     

    

 

"Collection
Account" means, collectively, (i) a trust account (account number at the Account Bank) entitled "Collection
Account," in the name of the Borrower subject to the lien and control of the Collateral Agent for the benefit of the Secured
Parties, and each subaccount that may be established from time to time, including the Interest Collection Subaccount and the Principal
Collection Subaccount and (ii) each trust account at the Account Bank in the name of the Collateral Agent for the benefit
of the applicable Securitization Subsidiary and under the sole dominion and control of the Collateral Agent for the benefit of
the Secured Parties (it being understood, however, that the Servicer shall be able to request distributions and releases therefrom
in accordance herewith); provided that the funds deposited therein (including any interest and earnings thereon) from time
to time shall constitute the property and assets of the Borrower or the applicable Securitization Subsidiary, and the Borrower
or the applicable Securitization Subsidiary shall be solely liable for any Taxes payable with respect to the Collection Account.

 

"Collection
Date" means the date on which the aggregate outstanding principal amount of the Advances Outstanding have been repaid
in full and all Yield and Fees and all other Obligations (other than unmatured contingent obligations, for which no claim has
been made) have been paid in full, and the Borrower shall have no further right to request any additional Advances.

 

"Commitment"
means, with respect to each Lender, (i) during the Revolving Period, the amount set forth opposite such Lender's name on
Annex A hereto (as such amount may be revised from time to time) or the amount set forth as such Lender's "Commitment"
on the Assignment and Acceptance relating to such Lender, as applicable, and (ii) during the Amortization Period, such Lender's
Pro Rata Share of the aggregate Advances Outstanding, in each case, as such amount may be increased or reduced pursuant to Section 2.16.

 

"Commitment
Termination Date" means the earliest to occur of (a) February 1, 2021 and (b) the Facility Maturity Date.

 

"Concentration
Denominator" means the higher of (a) the Target Portfolio Amount and (b) an amount equal to the sum of the
Adjusted Borrowing Values of all Eligible Loan Assets included as part of the Collateral on such date.

 

"Concentration
Limitations" means, as of any date of determination, for the purposes of determining the Excess Concentration Amount
and after giving effect to all additions and removals of Eligible Loan Assets on such date:

 

(a)            not
more than 4.0% of the Concentration Denominator may consist of Eligible Loan Assets that are issued by a single Obligor and its
Affiliates, except that:

 

(i)            up
to 7.5% of the Concentration Denominator may consist of Eligible Loan Assets issued by each of the two (2) largest Obligors
and their Affiliates (provided that such Eligible Loan Assets are First Lien Loans or Unitranche Loans); and

 

    	 	14	 

     

    

 

(ii)            up
to 5.0% of the Concentration Denominator may consist of Eligible Loan Assets issued by each of the next five (5) largest
Obligors and their respective Affiliates;

 

(b)            not
more than 12.0% of the Concentration Denominator may consist of Eligible Loan Assets that are issued by Obligors that belong to
any single Industry Classification, except that:

 

(i)            up
to 30.0% of the Concentration Denominator may consist of Eligible Loan Assets issued by Obligors that belong to the largest Industry
Classification;

 

(ii)            up
to 25.0% of the Concentration Denominator may consist of Eligible Loan Assets issued by Obligors that belong to the second largest
Industry Classification; and

 

(iii)            up
to 15.0% of the Concentration Denominator may consist of Eligible Loan Assets issued by Obligors that belong to the third largest
Industry Classification;

 

(c)            not
more than 5.0% of the Concentration Denominator may consist of Eligible Loan Assets that are Delayed Draw Loan Assets;

 

(d)            not
more than 25.0% of the Concentration Denominator may consist of Eligible Loan Assets that are Cov-Lite Loan Assets that are (i) issued
by an Obligor that has a most recently reported EBITDA as of the Cut-Off Date of greater than the lesser of $40,000,000 and an
amount to be determined by the Administrative Agent in its sole discretion and reflected in the related Approval Notice on an
asset-by-asset basis and (ii) not Broadly Syndicated Loans;

 

(e)            not
more than 45.0% of the Concentration Denominator may consist of Eligible Loan Assets with a Total Leverage Ratio of greater than
6.50:1.00 as of the Cut-Off Date;

 

(f)            not
more than 20.0% of the Concentration Denominator may consist of Eligible Loan Assets that are Recurring Revenue Loans;

 

(g)            not
more than 5.0% of the Concentration Denominator may consist of Eligible Loan Assets that are PIK Loan Assets, including Eligible
Loan Assets which become PIK Loan Assets as the result of a Material Modification (provided that such percentage limitation shall
not include any Eligible Loan Asset that has become a PIK Loan Asset during the Specified Period, except to the extent such Loan
Asset constitutes a PIK Loan Asset during an “interest accrual period” (as such term or any comparable term is defined
in the related Underlying Instruments), that commences following the Specified Period);

 

(h)            not
more than 25.0% of the Concentration Denominator may consist of Eligible Loan Assets that are denominated in an Eligible Currency
other than Dollars; and

 

    	 	15	 

     

    

 

(i)            not
more than 25.0% of the Concentration Denominator may consist of Eligible Loan Assets that are domiciled in an Eligible Country
other than the United States, except that:

 

(i)            Eligible
Loan Assets that are domiciled in Canada or the United Kingdom may constitute up to 25.0% of the Concentration Denominator; and

 

(ii)            Eligible
Loan Assets that are domiciled in an Eligible Country other than the United States, Canada or the United Kingdom may constitute
up to 15.0% of the Concentration Denominator; and

 

(j)            not
more than 10.0% of the Concentration Denominator may consist of Eligible Loan Assets that are FLLO Loans or Second Lien Loans;

 

(k)           not
more than 5.0% of the Concentration Denominator may consist of Eligible Loan Assets that are fixed rate Loan Assets; and

 

(l)            not
more than 15% of the Concentration Denominator may consist of Eligible Loan Assets other than Recurring Revenue Loans that are
issued by an Obligor that has a most recently reported EBITDA as of the Cut-Off Date of less than $10,000,000.

 

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

 

"Constituent
Documents" means in respect of any Person, the certificate or articles of formation or organization, the limited liability
company agreement, operating agreement, partnership agreement, joint venture agreement or other applicable agreement of formation
or organization (or equivalent or comparable constituent documents) and other organizational documents and by-laws and any certificate
of incorporation, certificate of formation, certificate of limited partnership and other agreement, similar instrument filed or
made in connection with its formation or organization, in each case, as the same may be amended, modified, supplemented, restated
or replaced from time to time in accordance with the terms thereof. For the avoidance of doubt, the "Constituent Documents"
of the Borrower include, the Borrower Consent, the Borrower Certificate of Formation and the Borrower LLC Agreement.

 

“Contribution
Account” means a trust account (account number at the Account Bank) in the name of the Borrower (which account may have
subaccounts to receive collections in currencies other than Dollars).

 

"Control Agreement"
means (i) that certain Securities Account Control Agreement, dated as of the Closing Date, among the Borrower, the Account
Bank and the Collateral Agent, which agreement relates to the Controlled Accounts and the Contribution Account and (ii) each
Securities Account Control Agreement among the applicable Securitization Subsidiary, the Account Bank and the Collateral Agent.

 

"Controlled
Accounts" means the Collection Account, each Eligible Currency Account and the Unfunded Exposure Account.

 

    	 	16	 

     

    

 

"Cov-Lite
Loan Asset" means a Loan Asset that is not subject to any Maintenance Covenants; provided that a Loan Asset shall
not constitute a Cov-Lite Loan Asset if the Underlying Instruments contain a cross-default or cross-acceleration provision to,
or such Loan Asset is pari passu with another loan of the Obligor that requires the Obligor to comply with one or more
Maintenance Covenants.

 

“Currency
Disruption Event” means the occurrence of any of the following with respect to any Eligible Currency: (a) any Lender
shall have notified the Administrative Agent, the Collateral Agent, the Servicer and the Borrower of a determination by such Lender
that it would be contrary to law or to the directive of any central bank or other Governmental Authority (whether or not having
the force of law) to obtain such Eligible Currency in the applicable market to fund any Advance, (b) any Lender shall have
notified the Administrative Agent, the Collateral Agent, the Servicer and the Borrower of a determination by such Lender that
the rate at which such Eligible Currency is being offered to such Lender in the applicable market (i) does not accurately
reflect the cost to such Lender of making, funding or maintaining any Advance or (ii) has been permanently discontinued or
for which adequate and reasonable means do not exist for ascertaining such rate or (c) any Lender shall have notified the
Administrative Agent, the Collateral Agent, the Servicer and the Borrower of the inability of such Lender, as applicable, to obtain
such Eligible Currency or such other rate in the applicable market to make, fund or maintain any Advance.

 

"Cut-Off Date"
means, (a) (i) with respect to each Closing Date Asset, the Closing Date and (ii) with respect to each Loan Asset
that is not a Closing Date Asset, the date such Loan Asset is committed to be acquired by the Borrower and (b) solely for
purposes of determining the new Assigned Value or Advance Rate, Material Modification, First Lien Loan, Value Adjustment Event
in respect of an asset for which the Borrower (or the Servicer on its behalf) has requested that the Administrative Agent reset
the Advance Rate or a new Assigned Value in connection with a Redetermination Request, the Reset Cut-Off Date.

 

"Debt-to-Recurring-Revenue
Ratio" means, with respect to any Loan Asset that is a Recurring Revenue Loan for any period, the meaning of “Debt-to-Recurring
Revenue Ratio” or any comparable definition in the Underlying Instruments for each Loan Asset, and in any case that “Debt-to-Recurring
Revenue Ratio” or such comparable definition is not defined in such Underlying Instruments, the ratio of (a) Indebtedness
of the related Obligor less Unrestricted Cash, to (b) Recurring Revenue, as calculated by the Servicer in accordance
with the Servicing Standard using information from and calculations consistent with the relevant compliance statements and financial
reporting packages provided by the relevant Obligor as per the requirements of the related Underlying Instruments; provided
that, in the event of a lack of any such information necessary to calculate the Debt-to-Recurring Revenue Ratio, the Debt-to-Recurring
Revenue Ratio shall be a ratio calculated by the Administrative Agent in its sole discretion after consultation with the Servicer.

 

"Defaulted
Loan" means any Loan Asset as to which any one of the following events has occurred:

 

(a)            (i) an
Obligor payment default, other than in respect of expenses, occurs under such Loan Asset that continues and has not been cured
after giving effect to any grace period applicable thereto or (ii) a default has occurred under the Underlying Instruments
and any applicable grace period has expired and the holders of such Loan Asset have accelerated the repayment of the Loan Asset
(but only until such acceleration has been rescinded) in the manner provided in the Underlying Instruments, but in no event more
than five (5) Business Days, after the applicable due date under the related Underlying Instruments;

 

    	 	17	 

     

    

 

(b)            a
Bankruptcy Event with respect to the related Obligor;

 

(c)            any
payment default, other than in respect of expenses, occurs under any other senior or pari passu obligation for borrowed
money of the related Obligor that continues and has not been cured after giving effect to any grace period applicable thereto,
but in no event more than five (5) Business Days, after the applicable due date under the related agreement (including in
respect of the acceleration of the debt under the applicable agreement);

 

(d)            such
Loan Asset has (x) a rating by S&P of "CC" or below or "SD" or (y) a Moody's probability of
default rating (as published by Moody's) of "D" or "LD" or, in each case, had such ratings before they were
withdrawn by S&P or Moody's, as applicable;

 

(e)            a
Responsible Officer of the Servicer or any Loan Party has actual knowledge that such Loan Asset is pari passu or junior
in right of payment as to the payment of principal and/or interest to another debt obligation of the same Obligor which has (i) a
rating by S&P of "CC" or below or "SD" or (ii) a Moody's probability of default rating (as published
by Moody's) of "D" or "LD," and in each case such other debt obligation remains outstanding (provided that
both the Loan Asset and such other debt obligation are full recourse obligations of the applicable Obligor); or

 

(f)            the
Servicer determines that all or a material portion of such Loan Asset is uncollectible or otherwise places it on non-accrual status
in accordance with the policies and procedures of the Servicer and the Servicing Standard.

 

"Defaulting
Lender" means any Lender that: (i) has failed to fund any of its obligations to made Advances within two (2) Business
Days following the applicable Advance Date, (ii) has notified the Administrative Agent or the Borrower that it does not intend
to comply with such funding obligations or has made a public statement to that effect with respect to such funding obligations
hereunder or under other agreements in which it commits to extend credit, (iii) has, for two (2) or more Business Days,
failed, in good faith, to confirm in writing to the Administrative Agent, in response to a written request of the Administrative
Agent, that it will comply with its funding obligations hereunder or (iv) has, or has a direct or indirect parent company
that has, become subject to a Bankruptcy Event.

 

"Delayed Draw
Loan Asset" means a Loan Asset that (a) requires the Borrower to make one or more future advances to the Obligor
pursuant to the related Underlying Instruments, (b) specifies a maximum amount that can be borrowed on one or more fixed
borrowing dates and (c) does not permit the re-borrowing of any amounts previously repaid by the Obligor; but any such Loan
Asset will be a Delayed Draw Loan Asset to the extent of such commitments and only until all commitments by the Borrower to make
advances to the Obligor expire or are terminated or are reduced to zero.

 

    	 	18	 

     

    

 

“Designated
Base Rate” means the reference rate (and, if applicable, the methodology for calculating such base rate) determined
by the Administrative Agent in its commercially reasonable discretion and in consultation with the Borrower based on (a) in
the case of LIBOR, the Alternative Rate or (b) the reference rate being used that is consistent with accepted market practice
for secured transactions involving middle market commercial loans, and as to which the Administrative Agent may, in its reasonable
discretion, make such adjustments to such rate or the spread thereon, as well as the business day convention, interest determination
dates and related provisions and definitions, in each case that are consistent with such accepted market practice for the use
of such rate; provided that the written consent of the Borrower shall be required with respect to any LIBOR successor rate that
is not a Designated Base Rate.

 

"Determination
Date" means, with respect to each Payment Date, the 10th Business Day preceding such Payment Date.

 

"DIP Loan"
means any Loan Asset (a) with respect to which the related Obligor is a debtor-in-possession as defined under the Bankruptcy
Code, (b) which has the priority allowed pursuant to Section 364 of the Bankruptcy Code and (c) the terms of which
have been approved by a court of competent jurisdiction.

 

"Disbursement
Request" means a disbursement request from the Borrower to the Administrative Agent and the Collateral Agent in the form
attached hereto as Exhibit C in connection with a disbursement request from the Unfunded Exposure Account in accordance
with Section 2.04(d) or a disbursement request from the Principal Collection Subaccount in accordance with Section 2.18,
as applicable.

 

"Discretionary
Sale" has the meaning assigned to that term in Section 2.07(b).

 

"Disqualified
Institution" means any financial institution, fund or Person that, in each case is primarily engaged in the business
of originating or acquiring middle market loans (including with respect to acting in an advisory or management capacity with respect
to any fund that originates or acquires middle market loans).

 

“Diversity
Score” means, as of any day, a single number that indicates collateral concentration in terms of both issuer and industry
concentration, calculated as set forth in Schedule VI hereto, as such Schedule VI may be updated at the option of
the Administrative Agent in its sole discretion.

 

“Dollar Advance”
means an Advance denominated in Dollars.

 

“Dollar Equivalent”
means, (a) for any amount denominated in Dollars, such amount and (b) for any amount denominated in any other currency,
(i) with respect to any amount relating to an Advance or other amounts due under this Agreement, the equivalent amount thereof
in Dollars as determined by the Administrative Agent at such time on the basis of the current spot rate determined by the Administrative
Agent in a commercially reasonable manner using the lower of (A) the current spot rate (B) the spot rate as of the date
of the applicable Advance and (ii) with respect to any amount relating to any Loan Asset, the equivalent amount thereof in
Dollars determined by the Servicer using the Spot Rate.

 

    	 	19	 

     

    

 

"Dollars"
means, and the conventional "$" signifies, the lawful currency of the United States of America.

 

"EBITDA"
means, with respect to any period and any Loan Asset other than a Recurring Revenue Loan, the meaning of "EBITDA," "Adjusted
EBITDA" or any comparable term in the Underlying Instruments for such Loan Asset (together will all add-backs and exclusions
as designated in such Underlying Instruments), and in any case that "EBITDA," "Adjusted EBITDA" or such comparable
term is not defined in such Underlying Instruments, an amount, for the principal Obligor on such Loan Asset and any of its parents
or Subsidiaries that are obligated pursuant to the Underlying Instruments for such Loan Asset (determined on a consolidated basis
without duplication in accordance with GAAP) equal to net income from continuing operations for such period plus (a) cash
interest expense, (b) income taxes, (c) depreciation and amortization for such period (to the extent deducted in determining
earnings from continuing operations for such period), (d) amortization of intangibles (including, but not limited to, goodwill,
financing fees and other capitalized costs), to the extent not otherwise included in clause (c) above, other non-cash
charges and organization costs, (e) extraordinary losses in accordance with GAAP, and (f) any other item the Borrower
and the Administrative Agent mutually deem to be appropriate.

 

"Eligibility
Criteria" means the criteria set forth in Schedule II hereto.

 

"Eligible
Country" is defined on Schedule II hereto.

 

“Eligible
Currency” means GBPs, CADs, Euros, AUDs and Dollars.

 

“Eligible
Currency Accounts” means the segregated trust accounts designated as “[CURRENCY] Eligible Currency Account”
in the name of the Borrower subject to the Lien of the Collateral Agent for the benefit of the Secured Parties, including any
sub account thereof; provided that the funds deposited therein (including any interest and earnings thereon) from time to time
shall constitute the property and assets of the Borrower, and the Borrower shall be solely liable for any Taxes payable with respect
to each Eligible Currency Account. For the avoidance of doubt, there shall be one Eligible Currency Account (which may include
subaccounts, including a principal collection and interest collection subaccount) for each Eligible Currency other than Dollars.

 

"Eligible
Loan Asset" means, as of any date of determination, a Loan Asset in respect of which each of the applicable criteria
contained in Section 4.02 and Schedule II hereto is true and correct as of such date. In no event shall a Non-Levered
Loan Asset be an Eligible Loan Asset hereunder.

 

"Environmental
Laws" means any and all laws, rules, orders, regulations, statutes, ordinances, guidelines, codes, decrees, or other
legally binding requirements (including, without limitation, principles of common law) of any Governmental Authority, regulating,
relating to or imposing liability or standards of conduct concerning pollution, the preservation or protection of the environment,
natural resources or human health (including employee health and safety), or the generation, manufacture, use, labeling, treatment,
storage, handling, transportation or release of, or exposure to, Materials of Environmental Concern, as has been, is now, or may
at any time hereafter be, in effect.

 

    	 	20	 

     

    

 

 

"Equity Cure
Notice” has the meaning assigned to such term in Section 2.06(c).

 

“Equity Interests”
means, with respect to any Person, its equity ownership interests, its common stock and any other capital stock or other equity
ownership units of such Person authorized from time to time, and any other shares, options, interests, participations or other
equivalents (however designated) of or in such Person, whether voting or nonvoting, including common stock, options, warrants,
preferred stock, phantom stock, membership units (common or preferred), stock appreciation rights, membership unit appreciation
rights, convertible notes or debentures, stock purchase rights, membership unit purchase rights and all securities convertible,
exercisable or exchangeable, in whole or in part, into any one or more of the foregoing.

 

“Equity Security”
means (a) any equity security or any other security that is not eligible for purchase by a Loan Party as an Eligible Loan
Asset and (b) any security purchased as part of a “unit” with an Eligible Loan Asset and that itself is not eligible
for purchase by a Loan Party as an Eligible Loan Asset.

“ERISA”
means the United States Employee Retirement Income Security Act of 1974, as amended from time to time.

 

“ERISA Affiliate”
means (a) any corporation that is a member of the same controlled group of corporations (within the meaning of Section 414(b) of
the Code) as the relevant Person, (b) a trade or business (whether or not incorporated) under common control (within the meaning
of Section 414(c) of the Code) with that Person, or (c) solely for purposes of Section 302 of ERISA and Section 412
of the Code, a member of the same affiliated service group (within the meaning of Section 414(m) of the Code) as, or
that otherwise is aggregated under Section 414(o) of the Code with, that Person, any corporation described in clause
(a) above or any trade or business described in clause (b) above.

 

“ERISA Event”
means (a) with respect to a Pension Plan, any of the events set forth in Section 4043(c) of ERISA or the regulations
issued thereunder, other than events for which the thirty (30) day notice period has been waived; (b) a withdrawal by the
Borrower or any of its ERISA Affiliates from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it
was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as
a termination under Section 4062(e) of ERISA; (c) the failure to satisfy the minimum funding standards (within the
meaning of Section 412 of the Code or Section 302 of ERISA), whether or not waived, with respect to a Pension Plan; (d) the
failure to make any required contribution to a Multiemployer Plan; (e) the incurrence by the Borrower or any of its ERISA
Affiliates of any liability under Title IV of ERISA with respect to a complete or partial withdrawal by the Borrower or any of
its ERISA Affiliates from a Multiemployer Plan, written notification of the Borrower or any of its ERISA Affiliates concerning
the imposition of any withdrawal liability, as such term is defined in Part I of Subtitle E of Title IV of ERISA, as a result
of a complete or partial withdrawal from a Multiemployer Plan or written notification that a Multiemployer Plan is insolvent or
is in reorganization within the meaning of Title IV of ERISA or in “endangered” or “critical” status (within
the meaning of Section 432 of the Code or Section 305 of ERISA); (f) an event or condition which constitutes grounds
under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan or Multiemployer
Plan; (g) the filing under Section 4041(c) of ERISA of a notice of intent to terminate a Pension Plan, the treatment
of a Pension Plan or Multiemployer Plan amendment as a termination under Section 4041 or Section 4041A of ERISA, or the
receipt by the Borrower or any of its ERISA Affiliates from the PBGC of any notice relating to the intention to terminate a Pension
Plan or Multiemployer Plan; (h) the imposition of any liability under Title IV of ERISA with respect to the termination of
any Pension Plan or Multiemployer Plan, other than for the payment of plan contributions or PBGC premiums due but not delinquent
under Section 4007 of ERISA, upon the Borrower or any of its ERISA Affiliates; or (i) the occurrence of a non-exempt
prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) which could result in
liability to the Borrower or any of its ERISA Affiliates.

 

    	 	21	 

     

    

 

“EURIBOR”
means, for any day during a Remittance Period, with respect to any Euro Advance (or portion thereof), the rate per annum (carried
out to the fifth decimal place) equal to the rate determined by the Administrative Agent to be the offered rate that appears on
the page of the Reuters Screen (or any applicable successor page) at approximately 11:00 a.m., London time, on such day that
displays an average European Money Markets Institute Settlement Rate (such page currently being EURIBOR01) for deposits in
Euros with a term equivalent to one month; provided that if such rate is not available at any such time for any reason, then “EURIBOR”
with respect to any Advance shall be the rate at which Euro deposits of €5,000,000 and for a one-month maturity are offered
by the principal London office of the Administrative Agent or the principal London office of any bank reasonably selected by the
Administrative Agent in immediately available funds in the Euro-zone interbank market at approximately 11:00 a.m., London time,
on the applicable day (or, if such day is not a Business Day, on the immediately preceding Business Day); provided further that,
in the event that the rate as so determined above shall be less than zero, such rate shall be deemed to be zero for purposes of
this Agreement. EURIBOR shall always be determined by the Administrative Agent, and such determination shall be conclusive absent
manifest error.

 

"Euro Advance"
means an Advance denominated in Euro.

 

"Euro"
means the lawful currency of the Member States of the European Union that have adopted and retain the single currency in accordance
with the treaty establishing the European Community, as amended from time to time; provided that if any member state or states
ceases to have such single currency as its lawful currency (such member state(s) being the “Exiting State(s)"),
such term shall mean the single currency adopted and retained as the lawful currency of the remaining member states and shall not
include any successor currency introduced by the Exiting State(s).

 

“Event of Default”
has the meaning assigned to that term in Section 7.01.

 

“Excepted Persons”
has the meaning assigned to that term in Section 12.12(a).

 

“Excess Concentration
Amount” means, as of any date of determination, with respect to all Loan Assets included in the Collateral, the amount
by which the sum of the Adjusted Borrowing Values of such Loan Assets exceeds any applicable Concentration Limitations, to be calculated
without duplication, after giving effect to any sales, purchases or substitutions of Loan Assets as of such date; provided
that with respect to any Loan Asset or portion thereof, if more than one Concentration Limitation would be exceeded, the Concentration
Limitation that would result in the highest Excess Concentration Amount shall be used to determine the Excess Concentration Amount.

 

    	 	22	 

     

    

 

”Exchange Act”
means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Existing
Golub BDC CLO” means (i) each of the CLOs approved by the Administrative Agent and identified on Schedule VII
(as such Schedule VII may be updated from time to time by the Borrower), (ii) any existing and future special purpose
vehicle borrower under a credit facility or total return swap undertaken by Golub Capital BDC, Inc. or an Affiliate thereof
or (iii) any future special purpose vehicle (which, for the avoidance of doubt, shall include any future CLO) that is a wholly
or partly owned subsidiary of Golub Capital BDC, Inc. or an Affiliate thereof.

 

“Excluded Amounts”
means (a) any amount received in the Collection Account with respect to any Loan Asset included as part of the Collateral,
which amount is attributable to the payment of any Tax, fee or other charge imposed by any Governmental Authority on such Loan
Asset or on any Related Collateral and (b) any amount received in the Collection Account or other Controlled Account representing
(i) a reimbursement of insurance premiums, (ii) any escrows relating to Taxes, insurance and other amounts in connection
with Loan Assets which are held in an escrow account for the benefit of the Obligor and the secured party pursuant to escrow arrangements
under the Underlying Instruments, (iii) amounts received in the Collection Account with respect to any Loan Asset retransferred
or substituted for upon the occurrence of a Warranty Breach Event or that is otherwise replaced by a Substitute Eligible Loan Asset,
or that is otherwise sold or transferred by the Borrower pursuant to Section 2.07, to the extent such amount is attributable
to a time after the effective date of such replacement or sale, (iv) any interest accruing on a Loan Asset prior to the related
Cut-Off Date that was not purchased by the Borrower and is for the account of the Person from whom the Borrower purchased such
Loan Asset, and (v) amounts deposited into the Collection Account in error.

 

“Excluded Taxes”
means (a) Taxes imposed on or measured by the Recipient’s net income (however denominated), franchise Taxes imposed on the
Recipient, and branch profits Taxes imposed on the Recipient, in each case, (i) by the jurisdiction (or any political subdivision
thereof) under the laws of which such Recipient is organized or in which its principal office is located or, in the case of any
Lender, in which its applicable lending office is located or (ii) that are Other Connection Taxes, (b) in the case of
any Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender pursuant to a law in
effect on the date on which (i) such Lender becomes a party hereto or (ii) such Lender changes its lending office, except
in each case to the extent that, pursuant to Section 2.11, amounts with respect to such Taxes were payable either to
such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its
lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.11(g), and (d) any
U.S. federal withholding Taxes imposed under FATCA.

 

    	 	23	 

     

    

 

“FATCA”
means Sections 1471 through 1474 of the Code (or any amended or successor versions of Sections 1471 through 1474 of the Code that
are substantively comparable and not materially more onerous to comply with), as of the date of this Agreement, and any current
or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b)(1) of
the Code (or any amended or successor version described above).

 

“Facility Amount”
means the aggregate Commitments as then in effect, which on the Fifth Amendment Effective Date shall be $400,000,000, as such amount
may be increased pursuant to Section 2.21 or reduced pursuant to Section 2.16(b); provided that,
at all times (a) when an Event of Default exists and is continuing and (b) during the Amortization Period, the Facility
Amount shall mean the aggregate Advances Outstanding at such time.

 

“Facility Maturity
Date” means the earliest of (a) the Business Day designated by the Borrower to the Lender pursuant to Section 2.16(b) to
terminate this Agreement, (b) the Stated Maturity or (c) the date on which the Facility Maturity Date is declared (or
is deemed to have occurred automatically) pursuant to Section 7.01.

 

”Fees”
means (a) the Unused Fee and (b) the fees payable to each Lender pursuant to the terms of any Lender Fee Letter.

 

“Financial
Asset” has the meaning specified in Section 8-102(a)(9) of the UCC.

 

“Financial
Covenant Test” means a test that will not be satisfied if as of the last day of any fiscal quarter, Golub Capital BDC, Inc.
fails to maintain GAAP net assets (as reflected in its 10Q or 10K without any deductions) in an amount at least equal to $250,000,000,
as increased by 50% of the net proceeds of any equity offerings by Golub Capital BDC, Inc. consummated after the Closing Date
(excluding, for the avoidance of doubt, any net proceeds of any equity offerings by Golub Capital BDC, Inc. in connection
with any merger consummated in accordance with Section 5.04(a)).

 

“Financial
Sponsor” means any Person, including any subsidiary of such Person, whose principal business activity is acquiring, holding
and selling investments (including controlling interests) in otherwise unrelated companies that each are distinct legal entities
with separate management, books and records and bank accounts, whose operations are not integrated with one another and whose financial
condition and creditworthiness are independent of the other companies so owned by such Person.

 

“First Lien
Loan” means any Loan Asset (a) that is secured by a valid and perfected first priority Lien on substantially all
of the Obligor’s assets constituting Related Collateral, subject to any expressly permitted Liens under the Underlying Instrument
for such Loan Asset or such comparable definition if “permitted liens” is not defined therein, (b) that provides
that the payment obligation of the Obligor on such Loan Asset is either senior to, or pari passu with, and is not (and cannot
by its terms become) subordinate in right of payment to all other Indebtedness of such Obligor (other than customary “super
priority” facilities), (c) for which Liens on the Related Collateral securing any other outstanding Indebtedness of
the Obligor (excluding expressly permitted Liens described in clause (a) above but including Liens securing second
lien loans) is expressly subject to and contractually or structurally subordinate to the priority Liens securing such First Lien
Loan, (d) that the Servicer determines in accordance with the Servicing Standard that the value of the Related Collateral
(or the enterprise value) and ability to generate cash flow on or about the time of origination equals or exceeds the Outstanding
Balance of the Loan Asset plus the aggregate outstanding balances of all other Indebtedness of equal seniority secured by the same
Related Collateral, (e) for which the Senior Leverage Ratio as of the Cut-Off Date is less than 4.50:1.00, and (f) that
is not a Second Lien Loan, Unitranche Loan (other than a Unitranche Loan described in the proviso of the definition thereof) or
FLLO Loan.

 

    	 	24	 

     

    

 

“FLLO Loan”
means any Loan Asset that would constitute a First Lien Loan (without regard to clause (f) of the definition thereof) except
that, at any time prior to and/or after an event of default under the Underlying Instrument, such Loan Asset will be paid after
one or more tranches of first lien loans issued by the Obligor have been paid in full in accordance with a specified waterfall
or other priority of payments as specified in the Underlying Instrument, an agreement among lenders or other applicable agreement.

 

“Foreign Plan”
means any employee benefit plan, program, policy, arrangement or agreement maintained or contributed to or by, or entered into
with, the Borrower with respect to employees outside the United States.

 

"Funding
Business Day" means a day of the year other than (a) Saturday and Sunday and (b) any other day on which commercial banks in
New York, New York or the city in which the offices of Collateral Agent are located are authorized or required by applicable law,
regulation or executive order to close.

 

“Fifth Amendment
Effective Date” means June 18, 2020.

 

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

 

"GBP"
means the lawful currency of the United Kingdom.

 

"GBP Advance"
means an Advance denominated in GBP.

 

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

 

“Governmental
Plan” has the meaning assigned to that term in Section 4.01(x).

 

“Grant”
or “Granted” means to grant, bargain, sell, convey, assign, transfer, mortgage, pledge, create and grant a security
interest in and right of setoff against, deposit, set over and confirm. A Grant of the Collateral, or of any other instrument,
shall include all rights, powers and options (but none of the obligations) of the granting party thereunder, including (solely
after the occurrence and continuance of an Event of Default), the immediate continuing right to claim for, collect, receive and
receipt for principal and interest payments in respect of the Collateral, and all other monies payable thereunder, to give and
receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring proceedings
in the name of the granting party or otherwise, and generally to do and receive anything that the granting party is or may be entitled
to do or receive thereunder or with respect thereto.

 

    	 	25	 

     

    

 

“Increased
Amount Date” has the meaning assigned to that term in Section 2.21.

 

“Increased
Costs” means any amounts required to be paid by the Borrower to an Affected Party pursuant to Section 2.10.

 

“Increasing
Lender” has the meaning assigned to that term in Section 2.21.

 

“Indebtedness”
means:

 

(a)           with
respect to any Obligor under any Loan Asset, without duplication, (i) all obligations of such entity for borrowed money or
with respect to deposits or advances of any kind, (ii) all obligations of such entity evidenced by bonds, debentures, notes
or similar instruments, (iii) all obligations of such entity under conditional sale or other title retention agreements relating
to property acquired by such entity, (iv) all obligations of such entity in respect of the deferred purchase price of property
or services (excluding current accounts payable incurred in the ordinary course of business), (v) all indebtedness of others
secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any
Lien on property owned or acquired by such entity, whether or not the indebtedness secured thereby has been assumed, (vi) all
guarantees by such entity of indebtedness of others, (vii) all Capital Lease Obligations of such entity, (viii) all obligations,
contingent or otherwise, of such entity as an account party in respect of letters of credit and letters of guaranty and (ix) all
obligations, contingent or otherwise, of such entity in respect of bankers’ acceptances, in each case, excluding (to the extent
not included in the definition of “Indebtedness” in the Underlying Instruments or included in the calculation of Senior
Leverage Ratio or Total Leverage Ratio) (a) letters of credit, to the extent undrawn or otherwise cash collateralized, bankers’
acceptances and surety bonds, whether or not matured (unless such indebtedness constitutes drawn and unreimbursed amounts), (b) the
principal balance (including capitalized interest if applicable) of holdco notes, seller notes and convertible notes that constitute
subordinated indebtedness, (c) earn-outs and similar deferred purchase price, but only so long as such earn-outs and similar
deferred purchase price remain contingent in nature or, if no longer contingent in nature, does not remain past due for more than
ten (10) Business Days following the due date therefor, (d) working capital and similar purchase price adjustments in
connection with acquisitions not prohibited hereunder, (e) royalty payments made in the ordinary course of business in respect
of licenses (to the extent such licenses are otherwise permitted), (f) accruals for payroll and other non-interest bearing
liabilities incurred in the ordinary course of business, (g) deferred rent obligations, (h) all indebtedness created
or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even
though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession
or sale of such property), (i) all obligations of such Person under commodity purchase or option agreements or other commodity
price hedging arrangements, in each case whether contingent or matured, (j) all obligations of such Person under any foreign
exchange contract, currency swap agreement, interest rate swap, cap or collar agreement or other similar agreement or arrangement
designed to alter the risks of that Person arising from fluctuations in currency values or interest rates, in each case whether
contingent or matured, and (k) all obligations of such Person to purchase, redeem, retire, defease or otherwise make any payment
in respect of any disqualified stock in such Person or any other Person, valued, in the case of redeemable preferred interests,
at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends; and

 

    	 	26	 

     

    

 

(b)           for
all other purposes, with respect to any Person at any date, (i) all obligations of such Person for borrowed money or with
respect to deposits or advances of any kind, (ii) all obligations of such Person evidenced by bonds, debentures, notes or
similar instruments, (iii) all obligations of such Person under conditional sale or other title retention agreements relating
to property acquired by such Person, (iv) all obligations of such Person in respect of the deferred purchase price of property
or services (excluding current accounts payable incurred in the ordinary course of business), (v) all indebtedness of others
secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any
Lien on property owned or acquired by such Person, whether or not the indebtedness secured thereby has been assumed, (vi) all
guarantees by such Person of indebtedness of others, (vii) all Capital Lease Obligations of such Person, (viii) all obligations,
contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (ix) all
obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, but expressly excluding any obligation
of such Person to fund any Loan Asset constituting a Delayed Draw Loan Asset.

 

“Indemnified
Amounts” has the meaning assigned to that term in Section 8.01.

 

“Indemnified
Party” has the meaning assigned to that term in Section 8.01.

 

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

 

“Indemnifying
Party” has the meaning assigned to that term in Section 8.04.

 

“Independent
Manager” means a natural person who, (a) for the five (5)-year period prior to his or her appointment as Independent
Manager, has not been, and during the continuation of his or her service as Independent Manager is not: (i) an employee, director,
stockholder, member, manager, partner or officer of a Loan Party or any of its respective Affiliates (other than his or her service
as an Independent Manager of such Loan Party or other Affiliates that are structured to be “bankruptcy remote”); (ii) a
customer or supplier of a Loan Party or any of its Affiliates (other than his or her service as an Independent Manager of such
Loan Party or other Affiliates that are structured to be “bankruptcy remote”); or (iii) any member of the immediate
family of a person described in (i) or (ii), and (b) has prior experience as an Independent Manager for a corporation
or limited liability company whose charter documents required the unanimous consent of all Independent Managers thereof before
such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against
it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy.

 

    	 	27	 

     

    

 

“Index”
means the S&P/LSTA U.S. Leveraged Loan 100 Index, any successor index thereto or any comparable nationally recognized U.S.
leveraged loan index.

 

“Indorsement”
has the meaning specified in Section 8-102(a)(11) of the UCC, and “Indorsed” has a corresponding meaning.

 

“Industry Classification”
means any of the industry categories set forth in Schedule V hereto, including any modifications that may be made thereto
or additional categories that may be subsequently established by reference to the September 30, 2018 S&P Dow Jones Indices
and MSCI Inc. Global Industry Classification Standard; provided that the Administrative Agent has provided its prior written
consent to any such modification or additional category.

 

“Initial Advance”
means the first Advance made pursuant to Article II.

 

“Instrument”
has the meaning specified in Section 9-102(a)(47) of the UCC.

 

“Insurance
Policy” means, with respect to any Loan Asset, an insurance policy covering liability and physical damage to, or loss
of, the Related Collateral.

 

”Interest Collection
Subaccount” means, collectively, (i) a sub-account (account number at the Account Bank) of the Collection Account
entitled “Interest Collection Subaccount,” into which Interest Collections shall be segregated and (ii) each sub-account
of the Collection Account of each Securitization Subsidiary into which Interest Collections shall be segregated.

 

“Interest Collections”
means, with respect to any date of determination, without duplication, the sum of:

 

(a)           all
payments of interest and delayed compensation (representing compensation for delayed settlement) received in cash by a Loan Party
during the related Remittance Period on the Loan Assets, including the accrued interest received in connection with a sale thereof
during the related Remittance Period;

 

(b)          all
principal and interest payments received by a Loan Party during the related Remittance Period on Permitted Investments purchased
with Interest Collections;

 

    	 	28	 

     

    

 

(c)           all
fees received by a Loan Party during the related Remittance Period; and

 

(d)           any
equity contributions classified as Interest Collections by the contributing equityholder.

 

“Investment
Criteria” means with respect to each Loan Asset acquired by the Borrower, compliance with each of the requirements set
forth below:

 

(a)           no
Event of Default or Unmatured Event of Default is continuing;

 

(b)          such
Loan Asset is an Eligible Loan Asset;

 

(c)          there
is no uncured Borrowing Base Deficiency (unless a Loan Asset is being acquired in connection with the cure of any Borrowing Base
Deficiency); and

 

(d)           the
Weighted Average Life Test is satisfied or, if not satisfied, would be maintained or improved;

 

provided that the acquisition of
Non-Levered Loan Assets will not be required to comply with the Investment Criteria.

 

“Joinder Supplement”
means an agreement among the Borrower, a Lender and the Administrative Agent in the form of Exhibit M (appropriately completed)
delivered in connection with a Person becoming a Lender hereunder after the Closing Date.

 

“Lender”
means (a) Morgan Stanley and (b) any Lender, and/or any other Person to whom a Lender assigns any part of its rights
and obligations under this Agreement and the other Transaction Documents in accordance with the terms of Section 12.04.

 

“Lender Fee
Letter” means each fee letter agreement that shall be entered into by and among the Borrower, the Servicer, the applicable
Lender and/or the Administrative Agent in connection with the transactions contemplated by this Agreement.

 

“LIBOR”
means, for any day during a Remittance Period, with respect to any Advance in Dollars or GBPs, as applicable (or portion thereof),
the rate per annum (carried out to the fifth decimal place) equal to the rate determined by the Administrative Agent to
be the offered rate that appears on the page of the Reuters Screen (or any applicable successor page) at approximately 11:00
a.m., London time on such day that displays an average ICE Benchmark Administration Interest Settlement Rate (such page currently
being LIBOR01) for deposits in Dollars or GBPs, as applicable, with a term equivalent to one (1) month; provided that
if such rate is not available at any such time for any reason (other than in connection with an Alternative Rate), then “LIBOR”
with respect to any Advance in Dollars or GBPs, as applicable, the rate at which Dollar deposits of $5,000,000 or GBP deposits
of £2,500,000, as applicable, and for a one (1)-month maturity are offered by the principal London office of the Administrative
Agent or the principal London office of any bank reasonably selected by the Administrative Agent in immediately available funds
in the London interbank market at approximately 11:00 a.m., London time, on the applicable day (or, if such day is not a Business
Day, on the immediately preceding Business Day); provided further that in the event that the rate as so determined above
shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. Notwithstanding anything in the foregoing,
if at any time while any Advance is outstanding the Administrative Agent reasonably determines that LIBOR is likely to cease to
exist or be reported on the Reuters Screen, the Administrative Agent, the Borrower and the Servicer may amend this Agreement (without
the consent of any other party hereto) to replace the “LIBOR” with an alternative rate, including any applicable spread
adjustments thereto (the “Alternative Rate”) that gives due consideration to (x) any alternative rate proposed
or recommended by the LSTA or the ARRC as the successor for LIBOR with respect to loans similar to the Eligible Loan Assets or
(y) accepted market practice for secured transactions involving loans similar to the Eligible Loan Assets, and following such
amendment all references herein to “LIBOR” will mean such Alternative Rate. LIBOR shall always be determined by the Administrative
Agent, and such determination shall be conclusive absent manifest or demonstrable error.

 

    	 	29	 

     

    

 

“Lien”
means any mortgage or deed of trust, pledge, hypothecation, collateral assignment, deposit arrangement, encumbrance, lien (statutory
or other), charge, claim, preference, priority or other security interest or preferential arrangement in the nature of a security
interest of any kind or nature whatsoever (including any conditional sale, lease or other title retention agreement, sale subject
to a repurchase obligation, any easement, right of way or other encumbrance on title to real property, and any financing lease
having substantially the same economic effect as any of the foregoing) or the filing of or agreement to give any financing statement
perfecting a security interest under the UCC or comparable law of any jurisdiction.

 

“Loan Asset”
means any leveraged or commercial loan acquired by a Loan Party, but excluding, as applicable, the Retained Interest and Excluded
Amounts.

 

“Loan Asset
Checklist” means an electronic or hard copy, as applicable, of a checklist delivered by or on behalf of the Borrower to
the Collateral Custodian, for each Loan Asset, of all applicable Required Loan Documents to be included within the respective Loan
File.

 

“Loan Asset
Schedule” means the Loan Asset Schedule identifying the Loan Assets delivered by the Borrower or Servicer to the Collateral
Custodian and the Administrative Agent. Each such schedule shall set forth the applicable information specified on Schedule
IV, which shall also be provided to the Collateral Custodian in electronic format acceptable to the Collateral Custodian.

 

“Loan Assignment”
has the meaning set forth in the applicable Purchase and Sale Agreement.

 

“Loan File”
means, with respect to each Loan Asset, a file containing (a) each of the documents and items as set forth on the Loan Asset
Checklist with respect to such Loan Asset and (b) copies of any other Records relating to such Loan Assets and Related Asset
pertaining thereto.

 

“Loan Party”
means, collectively and individually as the context requires, the Borrower and each Securitization Subsidiary party hereto.

 

“LSTA”
means the Loan Syndications and Trading Association (or any successor organization thereto).

 

“Maintenance
Covenant” means, as of any date of determination, a covenant by the Obligor of a Loan Asset to comply with one or more
financial covenants during each reporting period applicable to such Loan Asset, whether or not any action by, or event relating
to, the Obligor occurs after such date of determination; provided that a covenant that otherwise satisfies the definition
hereof and only applies when amounts are outstanding under the related Loan Asset shall be a Maintenance Covenant.

 

    	 	30	 

     

    

 

“Management
Agreement” means the Second Amended and Restated Investment Advisory Agreement, dated August 5, 2014, by and between
Golub Capital BDC, Inc. and GC Advisors LLC.

 

“Margin Stock”
means “margin stock” as such term is defined in Regulation T, U or X of the Federal Reserve Board.

 

“Material Adverse
Effect” means, with respect to any event or circumstance, a material adverse effect on (a) the business, financial
condition, operations, performance or properties of the Originator, the Servicer or any Loan Party, (b) the validity, enforceability
or collectability of this Agreement or any other Transaction Document or the validity, enforceability or collectability of the
Loan Assets generally or any material portion of the Loan Assets, (c) the rights and remedies of the Collateral Agent, the
Collateral Custodian, the Account Bank, the Administrative Agent, any Lender and the Secured Parties with respect to matters arising
under this Agreement or any other Transaction Document, (d) the ability of each of the Borrower, each Securitization Subsidiary,
the Originator and the Servicer to perform their respective obligations under this Agreement or any other Transaction Document,
or (e) the status, existence, perfection, priority or enforceability of the Collateral Agent’s lien on the Collateral Portfolio
or any Securitization Subsidiary Collateral Portfolio. The occurrence of one or more Qualifying Value Adjustment Events with respect
to the Loan Assets shall not be deemed to be the sole cause of a “Material Adverse Effect” hereunder.

 

“Materials
of Environmental Concern” means any material, substance or waste that is listed, regulated, or otherwise defined as hazardous,
toxic, radioactive, a pollutant or a contaminant (or words of similar regulatory intent or meaning) under applicable Environmental
Law, or which could give rise to liability under any Environmental Law.

 

“Material Modification”
means any amendment or waiver of, or modification or supplement with respect to, an Underlying Instrument governing an Eligible
Loan Asset executed or effected on or after the Cut-Off Date for such Eligible Loan Asset (or, in the case of clause (d) below,
a change to any other Indebtedness of the Obligor, as applicable) that is not consented to by the Administrative Agent in writing
which:

 

(a)           reduces
or forgives any or all of the principal amount due under such Eligible Loan Asset;

 

(b)           extends
or delays the stated maturity date for such Eligible Loan Asset by more than three (3) calendar months;

 

(c)           waives
one or more interest payments, permits any interest due in cash to be deferred or capitalized and added to the principal amount
of such Eligible Loan Asset (other than any deferral or capitalization already allowed by the terms of the Underlying Instruments
of any Eligible Loan Asset as of the Cut-Off Date) or reduces the amount of interest due (in each case, other than in connection
with any prepayment);

 

    	 	31	 

     

    

 

(d)          (i) contractually
or structurally subordinates such Eligible Loan Asset by operation of a priority of payments, turnover provisions, the transfer
of assets in order to limit recourse to the related Obligor or the granting of Liens on any Related Collateral, (ii) increases
the commitment amount of any loan senior or pari passu with such Eligible Loan Asset other than in connection with any
increase permitted by the related Underlying Instruments as of the related Cut-Off Date or (ii) the Obligor thereof incurs
any additional Indebtedness under a separate loan facility which was not in place as of the Cut-Off Date which is senior to or
pari passu with such Eligible Loan Asset;

 

(e)           substitutes,
alters or releases any material portion of the Related Collateral securing such Eligible Loan Asset (excluding a release in connection
with a payoff of all or a portion of such Eligible Loan Asset) and any such substitution, alteration or release, as determined
in the sole discretion of the Administrative Agent, materially and adversely affects the value of such Eligible Loan Asset; or

 

(f)           amends,
waives, forbears, supplements or otherwise modifies (i) the meaning of “Senior Leverage Ratio,” “Cash Interest
Coverage Ratio,” “Total Leverage Ratio,” “EBITDA,” “Permitted Liens”, “Recurring
Revenue”, “Debt-to-Recurring-Revenue Ratio” or any respective comparable terms in the Underlying Instruments
for such Eligible Loan Asset (to the extent such financial covenants or terms are included in the Underlying Instruments) or (ii) any
term or provision of such Underlying Instruments referenced in or utilized in the calculation of the “Senior Leverage Ratio,”
 “Cash Interest Coverage Ratio,” “Total Leverage Ratio,” “EBITDA,” “Permitted Liens”,
 “Recurring Revenue”, “Debt-to-Recurring-Revenue Ratio” or any respective comparable terms for such Eligible
Loan Asset, in the case of either clause (i) or (ii) above, in a manner that, in the sole discretion of
the Administrative Agent, is materially adverse to the Administrative Agent, any Lender or the value of such Eligible Loan Asset.

 

“Maximum Portfolio
Advance Rate” means, as of any date of determination, (i) during the Revolving Period, the advance rate corresponding
to the Diversity Score of the Loan Assets included in the Collateral as of such date, as set forth below and (ii) thereafter,
the Weighted Average Advance Rate as of such date:

 

	Diversity Score	 	Maximum Portfolio Advance Rate	 
	x ≤ 3.0	 	 	0	%
	3.0 < x ≤ 5.0	 	 	25	%
	5.0 < x ≤ 10.0	 	 	50	%
	x > 10.0	 	 	62.5	%

 

“Measurement
Date” means each of the following dates: (a) the Closing Date; (b) each Reporting Date occurring in a calendar
month in which a Payment Date does not occur (a “Monthly Reporting Date”); (c) each Determination Date;
(d) the last day of each Remittance Period; (e) the date as of which an Advance or reduction of the Advances Outstanding
is requested; (f) the date as of which a release of Principal Collections is requested pursuant to Section 2.18;
(g) the date of any Discretionary Sale described in Section 2.07(a); (h) the date as of which the Servicer
obtains actual knowledge of a decrease in the Assigned Value of any Loan Asset if such knowledge is obtained prior to noon on such
date or, otherwise, prior to noon on the next succeeding Business Day; (i) the last day of the Revolving Period; and (j) the
date on which funds on deposit in the Principal Collection Subaccount are converted into another Eligible Currency pursuant to
Section 2.17(f)(iii).

 

    	 	32	 

     

    

 

“Minimum Equity
Amount” means (a) as of any date of determination, the greater of (A) $45,000,000 and (B) the aggregate
Adjusted Borrowing Value of all Eligible Loan Assets issued by each of the three (3) largest Obligors, as of such date of
determination, and their respective Affiliates.

 

“Minimum Utilization”
means (a) during the Ramp-Up Period, 0% (b) after the Ramp-Up Period but prior to the end of the Revolving Period, 65%
of the Facility Amount, and (c) thereafter, 0%.

 

"Monthly Determination
Date” means, with respect to each Monthly Reporting Date, the 10th Business Day preceding such Monthly Reporting
Date.

 

“Moody’s”
means Moody’s Investors Service, Inc. (or its successors in interest).

 

“Morgan Stanley”
means Morgan Stanley Bank, N.A., and its successors and assigns.

 

“Multiemployer
Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA to which the applicable
Person or any ERISA Affiliate of that Person contributed or had any obligation to contribute, or with respect to which such Person
or ERISA Affiliate has any liability (whether actual or contingent).

 

"Net Purchased
Loan Balance” means, as of any date of determination, an amount equal to (a) the aggregate Outstanding Balance of
all Loan Assets acquired by any Loan Party prior to such date minus (b) the aggregate Outstanding Balance of all Loan
Assets (other than Warranty Loan Assets and Non-Levered Loan Assets) repurchased or substituted by the Originator prior to such
date.

 

“New Commitments”
has the meaning assigned to that term in Section 2.21.

 

"No-Action
Relief” means the no-action letter issued on September 7, 2018 by the staff of the Division of Investment Management
by the Securities and Exchange Commission to Golub Capital BDC, Inc., Golub Capital Investment Corporation and GC Advisors
LLC.

 

"No-Action
Relief Assets” has the meaning assigned to that term in Section 2.14(a).

 

"Non-Approval
Event” means, as of any date of determination, an event that (a) will be deemed to have occurred if the quotient
of (i) the aggregate Outstanding Balance of the Loan Assets out of the last fifteen (15) Eligible Loan Assets (other than
with respect to clause 1 of the definition thereof) submitted by the Borrower to the Administrative Agent which the Administrative
Agent has rejected divided by (ii) the aggregate Outstanding Balance of such fifteen (15) Loan Assets, is greater than 50%
and (b) will be continuing until the conditions set forth in clause (a) of this definition are no longer satisfied; provided
that, until fifteen (15) Eligible Loan Assets have been submitted to the Administrative Agent by the Borrower, the ratio of clause
(a)(i) over clause (a)(ii) shall be deemed to be zero.

 

“Non-Levered
Loan Asset” has the meaning assigned to that term in Schedule II.

 

    	 	33	 

     

    

 

“Noteless Loan”
means a Loan Asset with respect to which the Underlying Instruments (a) do not require the Obligor to execute and deliver
a promissory note to evidence the Indebtedness created under such Loan Asset or (b) require any holder of the Indebtedness
created under such Loan Asset to affirmatively request a promissory note from the related Obligor (and none has been requested
with respect to such Loan Asset held by a Loan Party).

 

“Notice of
Borrowing” means an irrevocable written notice of borrowing from the Borrower to the Administrative Agent substantially
in the form attached hereto as Exhibit D.

 

“Notice of
Exclusive Control” has the meaning given to such term in the Control Agreement.

 

“Notice of
Reduction” means a notice of a reduction of the Advances Outstanding pursuant to Section 2.16, substantially
in the form attached hereto as Exhibit E.

 

“Obligations”
means all present and future indebtedness and other liabilities and obligations (howsoever created, arising or evidenced, whether
direct or indirect, absolute or contingent, or due or to become due) of the Borrower or any Securitization Subsidiary to the Lenders,
the Administrative Agent, the Account Bank, the Secured Parties, the Collateral Agent or the Collateral Custodian arising under
this Agreement and/or any other Transaction Document and shall include, all liability for Yield and principal of the Advances Outstanding,
Breakage Fees, Prepayment Premiums, indemnifications and other amounts due or to become due by the Borrower to the Lenders, the
Administrative Agent, the Collateral Agent, the Collateral Custodian, the Secured Parties and the Account Bank under this Agreement
and/or any other Transaction Document, including any Lender Fee Letter and costs and expenses payable by the Borrower to the Lenders,
the Administrative Agent, the Account Bank, the Collateral Agent or the Collateral Custodian, including attorneys’ fees, costs
and expenses, including interest, fees and other obligations that accrue after the commencement of an insolvency proceeding (in
each case whether or not allowed as a claim in such insolvency proceeding).

 

“Obligor”
means, with respect to a Loan Asset, the Person who is obligated to repay such Loan Asset (including, if applicable, a guarantor
thereof), and whose assets are primarily relied upon by the Borrower at the time such Loan Asset was originated or purchased by
the Borrower as the source of repayment of such Loan Asset.

 

“Obligor Information”
means, with respect to any Obligor, (a) the legal name and tax identification number of such Obligor, (b) the jurisdiction
in which such Obligor is domiciled, (c) the audited financial statements for such Obligor for the three prior fiscal years
(or such shorter period of time that the Obligor has been in existence), (d) the Servicer’s internal credit memo with respect
to the Obligor and the related Loan Asset, including explanation of any EBITDA adjustments and detailed projections of free cash
flow through maturity, (e) any lender presentations and confidential information memorandum received by the Servicer, (f) the
annual report for the most recent fiscal year of such Obligor, (g) a company forecast for such Obligor including plans related
to capital expenditures, (h) the financials for the most recent fiscal quarter, (i) the business model, company strategy
and names of known peers of such Obligor, (j) the shareholding pattern and details of the management team of such Obligor,
(k) details of any banking facilities and the debt maturity schedule of such Obligor and (l) Underlying Instruments.

 

    	 	34	 

     

    

 

“OFAC”
means the U.S. Department of Treasury’s Office of Foreign Asset Control.

 

“Officer’s
Certificate” means a certificate signed by the president, the secretary, an assistant secretary, the chief financial officer
or any vice president, as an authorized officer, of any Person.

 

“Opinion of
Counsel” means a customary written opinion of counsel, which opinion and counsel are acceptable to the Administrative
Agent in its sole discretion.

 

“Originator”
means Golub Capital BDC, Inc., a Delaware corporation, in its capacity as the Originator hereunder and as the seller under
the Originator Purchase and Sale Agreement, together with its successors and assigns in such capacity.

 

“Originator
Purchase and Sale Agreement” means that certain Purchase and Sale Agreement, dated as of the Closing Date, between the
Originator, as the seller, and the Borrower, as the purchaser.

 

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

 

“Other Taxes”
means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment
made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Transaction Document.

 

“Outstanding
Balance” means, as of any date of determination, (a) if a Loan Asset is denominated and payable in Dollars as of
such date, the outstanding principal balance of such Loan Asset, and (b) if a Loan Asset is denominated and payable in an
Eligible Currency other than Dollars, the equivalent in Dollars of the outstanding principal balance of such Loan Asset as of such
date, determined by the Servicer using the Spot Rate (or, for purposes of daily reporting by the Collateral Agent, the Spot Rate
as determined by the Collateral Agent pursuant to clause (y) of the definition thereof), in each case exclusive of any PIK
Interest or accrued interest on such Loan Asset as of such date; provided that, for purposes of calculating the “Outstanding
Balance” of any PIK Loan Asset, principal payments received on such Loan Asset shall first be applied to reducing or eliminating
any outstanding PIK Interest or accrued interest.

 

“Pari Passu
Provisions” means, in relation to any amount payable pursuant to Section 2.04:

 

(i)            (v) in
the case of any item (or items) ranking pari passu denominated in Dollars, the Borrower shall use an amount of Dollars from the
Available Collections to make payments in Dollars to meet such item or items, (w) in the case of any item (or items) ranking
pari passu denominated in Euro, the Borrower shall use an amount of Euro from the Available Collections to make payments in Euro
to meet such item or items, (x) in the case of any item (or items) ranking pari passu denominated in GBP, the Borrower shall
use an amount of GBP from the Available Collections to make payments in GBP to meet such item or items, (y) in the case of
any item (or items) ranking pari passu denominated in CAD, the Borrower shall use an amount of CAD from the Available Collections
to make payments in CAD to meet such item or items and (z) in the case of any item (or items) ranking pari passu denominated
in AUD, the Borrower shall use an amount of AUD from the Available Collections to make payments in AUD to meet such item or items;

 

    	 	35	 

     

    

 

(ii)           (x) if
there is an insufficient aggregate amount comprised in the Available Collections to meet any such item (or items) ranking pari
passu denominated in Dollars, the Borrower shall exchange a sufficient amount denominated in an Eligible Currency other than Dollars
from the Available Collections, if such is available after application of any amounts in such Eligible Currency in respect of any
items ranking pari passu subject to and in accordance with Section 2.04, into Dollars at the Spot Rate to meet such
item or items, (y) if there is an insufficient aggregate amount comprised in the Available Collections to meet any such item
(or items) ranking pari passu denominated in an Eligible Currency other than Dollars, the Borrower shall exchange a sufficient
amount denominated in Dollars from the Available Collections, if such is available after application of any Dollar amounts in respect
of any items ranking pari passu subject to and in accordance with Section 2.04, into such Eligible Currency at the
Spot Rate to meet such item or items, or (z) if there is an insufficient aggregate amount comprised in the Available Collections
to meet any such item (or items) ranking pari passu denominated in an Eligible Currency other than Dollars, the Borrower shall
exchange a sufficient amount denominated in any other Eligible Currency other than such Eligible Currency and Dollars from the
Available Collections, if such is available after application of any amounts in the other Eligible Currency in respect of any items
ranking pari passu subject to and in accordance with Section 2.04, into such Eligible Currency at the Spot Rate to
meet such item or items, in the case of (x), (y) and (z), subject to such exchange being sufficient to pay any remaining item
(or items) ranking pari passu denominated in (in the case of (x)) Dollars or (in the case of (y) or (z)) an Eligible Currency
other than Dollars, and provided that where such amounts are insufficient, all payments for such item (or items) ranking pari passu
shall be made in accordance with clause (iii) below); and

 

(iii)          if
there is an insufficient aggregate amount in the Available Collections to meet all items ranking pari passu in full, then the relevant
shortfall shall be borne proportionately between such items, and in such circumstances, the Available Collections (determined in
Dollars, with amounts in an Eligible Currency other than Dollars converted into Dollars by the Servicer at the Spot Rate) to be
applied in respect of such items ranking pari passu shall be applied in respect of such items, pro rata (based on the percentage
of the aggregate amount payable in respect of all such items represented by each such item, in each case, determined in Dollars,
with amounts in an Eligible Currency other than Dollars converted into Dollars by the Servicer at the Spot Rate).

 

“Participant
Register” has the meaning set forth in Section 12.04(a).

 

    	 	36	 

     

    

 

“Patriot Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001, P.L. 107-56 (signed into law October 26, 2001).

 

“Payment Date”
means the 23rd calendar day of each January, April, July and October, unless such day is not a Business Day, in which case
the following Business Day, commencing in April, 2019; provided that the final Payment Date shall occur on the Collection
Date.

 

“PBGC”
means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor).

 

“Pension Plan”
means an “employee pension benefit plan” as such term is defined in Section 3(2) of ERISA, other than a Multiemployer
Plan, that is subject to Title IV or ERISA and is sponsored or maintained by the Borrower or any ERISA Affiliate of the Borrower
or to which the Borrower or any ERISA Affiliate of the Borrower contributes or has an obligation to contribute, or has any liability
(whether actual or contingent).

 

“Permitted
Investments” means, as of any date of determination:

 

(a)           direct
interest bearing obligations of, and interest bearing obligations guaranteed as to timely payment of principal and interest by,
the United States or any agency or instrumentality of the United States, the obligations of which are backed by the full faith
and credit of the United States;

 

(b)          demand
or time deposits in, certificates of deposit of, demand notes of, or bankers’ acceptances issued by any depository institution
or trust company organized under the laws of the United States or any State thereof (including any federal or state branch or agency
of a foreign depository institution or trust company) and subject to supervision and examination by federal and/or state banking
authorities (including, if applicable, the Collateral Agent, the Collateral Custodian or the Administrative Agent or any agent
thereof acting in its commercial capacity); provided that the short-term unsecured debt obligations of such depository institution
or trust company at the time of such investment are rated at least “A-1” by S&P and “P-1” by Moody’s;

 

(c)           commercial
paper that (i) is payable in an Eligible Currency and (ii) is rated at least “A-1” by S&P and “P-1”
by Moody’s; and

 

(d)          units
of money market funds rated in the highest credit rating category by any nationally recognized statistical rating organization,
including S&P and Moody’s.

 

No Permitted Investment
shall have an “f,” “r,” “p,” “pi,” “q,” “sf” or “t” subscript
affixed to its S&P rating. Any such investment may be made or acquired from or through the Collateral Agent or the Administrative
Agent or any of their respective Affiliates, or any entity for whom the Collateral Agent, the Administrative Agent, the Account
Bank, the Collateral Custodian or any of their respective Affiliates provides services and receives compensation (so long as such
investment otherwise meets the applicable requirements of the foregoing definition of Permitted Investment at the time of acquisition).
The Collateral Agent and Collateral Custodian shall have no obligation to determine or oversee compliance with the foregoing.

 

    	 	37	 

     

    

 

“Permitted
Liens” means any of the following as to which no enforcement, collection, execution, levy or foreclosure proceeding shall
have been commenced: (a) Liens for state, municipal or other local Taxes if such Taxes shall not at the time be due and payable
or if a Person shall currently be contesting the validity thereof in good faith by appropriate proceedings and with respect to
which reserves in accordance with GAAP have been provided on the books of such Person, (b) Liens imposed by law, such as materialmen’s,
warehousemen’s, mechanics’, carriers’, workmen’s and repairmen’s Liens and other similar Liens, arising by operation of law in
the ordinary course of business for sums that are not overdue or are being contested in good faith, (c) with respect to agented
Loan Assets, 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, (d) with respect to any Loan Assets,
restrictions on transfer set forth in the applicable Underlying Instrument and (e) Liens granted pursuant to or by the Transaction
Documents.

 

"Permitted
Seller” means any subsidiary of Golub Capital BDC, Inc.

 

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

 

“PIK Interest”
means interest accrued on a Loan Asset that is added to the principal amount of such Loan Asset instead of being paid as cash interest
as it accrues.

 

“PIK Loan Asset”
means a Loan Asset which provides for a portion of the interest that accrues thereon to be added to the principal amount of such
Loan Asset for some period of time prior to such Loan Asset requiring the current cash payment of such previously capitalized interest,
which cash payment shall be treated as an Interest Collection at the time it is received and which does not have a required all
in current cash payment of at least 3.0% per annum.

 

"Pledge Agreement"
means the Pledge Agreement among the Borrower, each Securitization Subsidiary and the Collateral Agent pursuant to which the Borrower
pledges all of the Capital Stock owned by it in each Securitization Subsidiary to the Collateral Agent for the benefit of the Secured
Parties.

 

“Politically
Exposed Person” means a natural person currently or formerly entrusted with a senior public role or function (e.g., a
senior official in the executive, legislative, military, administrative, or judicial branches of government), an immediate family
member of a prominent public figure, a known close associate of a prominent public figure, or any corporation, business or other
entity that has been formed by, or for the benefit of, a prominent public figure. Immediate family members include family within
one-degree of separation of the prominent public figure (e.g., spouse, parent, sibling, child, step-child, or in-law). Known close
associates include those widely- and publicly-known close business colleagues and personal advisors to the prominent public figure,
in particular financial advisors or persons acting in a fiduciary capacity.

 

“Post-Specified
Period” means the period from and including JanuaryMarch
18, 2021 to but excluding July 16,September
17, 2021.

 

    	 	38	 

     

    

 

“Prepayment
Premium” means, in the event that this Agreement is terminated or the Facility Amount is permanently reduced, in each
case, pursuant to Section 2.16(b), prior to the one (1) year anniversary of the Closing Date, an amount equal
to 101.0% of either (x) the Facility Amount, in the case of such termination, or (y) the amount of such reduction, in
the case of such permanent reduction of the Facility Amount and, in each case, such amounts shall be payable pro rata to
each Lender at the time of such termination or such reduction, as applicable; provided that the Prepayment Premium shall
be calculated without giving effect to the proviso in the definition of “Facility Amount.”

 

“Principal
Collection Subaccount” means, collectively, (i) a sub-account (account number at the Account Bank) of the Collection
Account entitled “Principal Collection Subaccount,” into which Principal Collections shall be segregated and (ii) each
sub-account of the Collection Account of each Securitization Subsidiary into which Principal Collections shall be segregated.

 

“Principal
Collections” means with respect to any date of determination, all amounts received by a Loan Party during the related
Remittance Period that do not constitute Interest Collections and any other amounts that have been designated as Principal Collections
pursuant to the terms of this Agreement (but not including the proceeds of any liquidations, sales, dispositions or securitizations
of Non-Levered Loan Assets that the Servicer directs to be deposited into the Contribution Account).

 

“Pro Rata Share”
means, with respect to each Lender, the percentage obtained by dividing the Commitment of such Lender (or, following the termination
thereof, the outstanding principal amount of all Advances of such Lender), by the aggregate Commitments of all the Lenders (or,
following the termination thereof, the aggregate Advances Outstanding).

 

“Proceeds”
means, with respect to any property included in the Collateral, all property that is receivable or received when such property
is collected, sold, liquidated, foreclosed, exchanged, or otherwise disposed of, whether such disposition is voluntary or involuntary,
and includes all rights to payment with respect to such Collateral including any insurance relating thereto.

 

 “Purchase and Sale Agreement” means,
individually or collectively as the context requires, (a) the Originator Purchase and Sale Agreement and (b) each Securitization
Subsidiary Purchase and Sale Agreement.

 

“Purchase Price”
means, with respect to any Loan Asset, an amount (expressed as a percentage of par) equal to the greater of (a) zero and (b) the
actual price paid by a Loan Party in the applicable Eligible Currency for such Loan Asset; provided that if the actual price
paid by such Loan Party for such Loan Asset (i) is greater than or equal to 97% of par and such Loan Party purchased such
Loan Asset within three months of the origination of such Loan Asset or (ii) exceeds 100% of par, in each case, the Purchase
Price shall be deemed to be 100%.

 

“Qualifying
Value Adjustment Event” has the meaning assigned to that term in clause (iii)(1) of the definition of Assigned Value.

 

    	 	39	 

     

    

 

“Ramp-Up Period”
means the periods beginning on (a) the Closing Date and (b) the closing date of each Existing Golub BDC CLO approved
in writing by the Administrative Agent in its sole discretion and, in each case, ending on the earlier to occur of (x) the
four-month anniversary thereof and (y) the first date thereafter on which the Borrowing Base on such date equals the Facility
Amount.

 

“Recipient”
means the Administrative Agent and any Lender, as applicable.

 

“Records”
means all documents relating to the Loan Assets, including books, records and other information executed in connection with the
origination or acquisition of the Loan Assets or maintained with respect to the Loan Assets and the related Obligors that a Loan
Party, the Originator or the Servicer have generated, in which such Loan Party has acquired an interest pursuant to a Purchase
and Sale Agreement or in which such Loan Party or the Originator have otherwise obtained an interest (excluding, for the avoidance
of doubt, any investment committee memorandums or related material utilized by any of the Originator, the Servicer or such Loan
Party in connection with the origination or acquisition of such Loan Asset).

 

“Recurring
Revenue” means, with respect to any Eligible Loan Assets that are Recurring Revenue Loans, the definition of annualized
recurring revenue used in the Underlying Instruments for each such Eligible Loan Asset, or any comparable term for “Revenue”,
 “Recurring Revenue” or “Adjusted Revenue” in the Underlying Instruments for each such Eligible Loan Asset
or if there is no such term in the Underlying Instruments, all recurring maintenance, service, support, hosting, subscription and
other revenues identified by the Servicer (including, without limitation, software as a service subscription revenue), of the related
Obligor and any of its parents or Subsidiaries that are obligated with respect to such Eligible Loan Asset pursuant to its Underlying
Instruments (determined on a consolidated basis without duplication in accordance with GAAP).

 

“Recurring
Revenue Loan” means an Eligible Loan Asset that is underwritten based on the Recurring Revenue of the Obligor, as determined
by the Administrative Agent in its sole discretion after consultation with the Servicer and designated as such in the related Approval
Notice.

 

"Redetermination
Request” means a request of the Borrower (or the Servicer on its behalf) to the Administrative Agent for the Administrative
Agent to determinate a new Advance Rate or Assigned Value for a Loan Asset following a Redetermination Event.

 

"Redetermination
Event” means an event identified as such by the Borrower (or the Servicer on its behalf on a Redetermination Request).

 

“Register”
has the meaning assigned to that term in Section 2.13.

 

“Registered”
means a debt obligation that is in registered form for U.S. federal income tax purposes within the meaning of Section 881(c)(2)(B)(i) of
the Code and the Treasury regulations promulgated thereunder and that is issued after July 18, 1984; provided that
a certificate of interest in a grantor trust shall not be treated as Registered unless each of the obligations or securities held
by the trust was issued after that date.

 

    	 	40	 

     

    

 

 

"Related Asset"
means, with respect to each Loan Asset, all right, title and interest of the Borrower in and to:

 

(a)            any
amounts on deposit in any deposit accounts, cash reserve, collection, custody or lockbox accounts securing the Loan Assets;

 

(b)            all
rights with respect to the Loan Assets to which the Originator and/or the Borrower, as applicable, is entitled as lender under
the applicable Underlying Instruments;

 

(c)            the
Controlled Accounts, together with all cash and investments in each of the foregoing other than amounts earned on investments therein;

 

(d)            any
Related Collateral securing a Loan Asset, all payments paid in respect thereof and all monies due or to become due and paid in
respect thereof after the applicable Cut-Off Date and all liquidation proceeds;

 

(e)            all
Required Loan Documents, the Loan Files related to any Loan Asset, any Records, and the documents, agreements, and instruments
included in the Loan Files or Records;

 

(f)            all
Insurance Policies with respect to any Loan Asset;

 

(g)            all
Liens, guaranties, indemnities, warranties, letters of credit, accounts, bank accounts and property subject thereto from time to
time purporting to secure or support payment of any Loan Asset, together with all UCC financing statements, mortgages or similar
filings signed or authorized by an Obligor relating thereto;

 

(h)            all
records (including computer records) with respect to the foregoing; and

 

(i)             all
collections, income, payments, proceeds and other benefits of each of the foregoing.

 

"Related Collateral"
means, with respect to a Loan Asset, any property or other assets designated and pledged or mortgaged as collateral to secure repayment
of such Loan Asset, as applicable, including, mortgaged property and/or a pledge of the stock, membership or other ownership interests
in the related Obligor and all Proceeds from any sale or other disposition of such property or other assets.

 

"Release Date"
has the meaning set forth in Section 2.07(c).

 

"Remittance
Period" means, (a) as to the initial Payment Date, the period beginning on, and including, the Closing Date and ending
on, and including, the Determination Date immediately preceding such Payment Date and (b) as to any subsequent Payment Date,
the period beginning, and including, on the first day after the most recently ended Remittance Period and ending on, and including,
the Determination Date immediately preceding such Payment Date, or, with respect to the final Remittance Period, the Collection
Date.

 

"Replacement
Servicer" has the meaning assigned to that term in Section 6.01(c).

 

    	 	41	 

     

    

 

"Reporting
Date" means with respect to any calendar month, the 23rd day of such calendar month, commencing in February 2019;
provided that, in each case, if such day is not a Business Day then the Reporting Date shall occur on the following Business
Day.

 

“Reporting
Period” means each period beginning on the day following the preceding Monthly Determination Date or Determination Date,
as applicable and ending on the earliest of the next Determination Date or Monthly Determination Date.

 

"Required Lenders"
means (a) Morgan Stanley (as a Lender hereunder) and its successors and assigns and (b) the other Lenders, if any, representing,
together with Morgan Stanley, an aggregate of at least 51% of the aggregate Commitments of the Lenders then in effect.

 

"Required Loan
Documents" means, for each Loan Asset, the following documents or instruments, all as specified on the related Loan Asset
Checklist:

 

(a)           (i) the
original executed promissory note or, in the case of a lost note, a copy of the executed underlying promissory note accompanied
by an original executed affidavit and indemnity endorsed by the Borrower in blank (and an unbroken chain of endorsements from each
prior holder of such promissory note to the Borrower), or (ii) if such promissory note is not issued in the name of the Borrower
or is a Noteless Loan, an executed copy of each assignment and assumption agreement, transfer document or instrument relating to
such Loan Asset evidencing the assignment of such Loan Asset from any prior third party owner thereof to the Borrower and from
the Borrower in blank; and

 

(b)           copies
of the executed (i) guaranty, (ii) Underlying Instrument, (iii) if applicable, acquisition agreement (or similar
agreement) and (iv) security agreement or other agreement that secures the obligations represented by such Loan Asset, in
each case as set forth on the Loan Asset Checklist.

 

“Reset Cut-Off
Date” means the date following the submission of a Redetermination Request on which the Administrative Agent assigns
a new Assigned Value or Advance Rate in connection with an Eligible Loan Asset.

 

"Responsible
Officer" means, with respect to any Person, any duly authorized officer of such Person (or in the case of the Borrower,
the Servicer, the Originator or any Affiliate thereof, any duly authorized senior officer) with direct responsibility for the administration
of this Agreement and also, with respect to a particular matter, any other duly authorized officer of such Person to whom such
matter is referred because of such officer's knowledge of and familiarity with the particular subject.

 

    	 	42	 

     

    

 

"Restricted
Junior Payment" means (a) any dividend or other distribution, direct or indirect, on account of any class of membership
interests of the Borrower now or hereafter outstanding, except a dividend paid solely in interests of that class of membership
interests or in any junior class of membership interests of the Borrower (other than dividends or distributions of amounts on deposit
in the Contribution Account that were not utilized to acquire Non-Levered Loan Assets or the proceeds of the sale of a Non-Levered
Loan Asset; (b) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct
or indirect, of any class of membership interests of the Borrower now or hereafter outstanding, (c) any payment made to redeem,
purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire membership
interests of the Borrower now or hereafter outstanding, and (d) any payment of management fees by the Borrower. For the avoidance
of doubt, (x) payments and reimbursements due to the Servicer in accordance with this Agreement or any other Transaction Document
do not constitute Restricted Junior Payments, (y) (I) distributions by the Borrower to holders of its membership interests
of Loan Assets or of cash or other proceeds relating thereto which have been substituted by the Borrower in accordance with this
Agreement, (II) distributions by the Borrower of amounts received in accordance with Section 2.04 or with respect to
any Advance, or (III) distributions that constitute BDC Tax Distributions and (z) (I) returns of amounts deposited
into the Contribution Account to the Originator, which amounts were not utilized to acquire Non-Levered Loan Assets or (II) distributions
of the proceeds of the sale of a Non-Levered Loan Asset, shall, in each case, not constitute Restricted Junior Payments.

 

"Retained Interest"
means, with respect to any Loan Asset that is transferred to a Loan Party, (a) all of the obligations, if any, of the agent(s) under
the documentation evidencing such Loan Asset and (b) the applicable portion of the interests, rights and obligations under
the documentation evidencing such Loan Asset that relate to such portion(s) of the indebtedness and interest in other obligations
that are owned by another lender.

 

“Revenue”
means, with respect to any Eligible Loan Assets that are Recurring Revenue Loans, the definition of annualized recurring revenue
used in the Underlying Instruments for each such Eligible Loan Asset, or any comparable term for “Revenue” or “Adjusted
Revenue” in the Underlying Instruments for each such Eligible Loan Asset; provided that if there is no such term in
the Underlying Instruments, revenue for the related Obligor and any of its parents or Subsidiaries that are obligated with respect
to such Eligible Loan Asset pursuant to its Underlying Instruments (determined on a consolidated basis without duplication in accordance
with GAAP) for the most recent four fiscal quarter period for which financial statements have been delivered.

 

"Review Criteria"
has the meaning assigned to that term in Section 11.02(b)(i).

 

"Revolving
Loan" means a loan that is a line of credit or contains an unfunded commitment arising from an extension of credit to
an Obligor, pursuant to the terms of which amounts borrowed may be repaid and subsequently reborrowed.

 

"Revolving
Period" means the period commencing on the Closing Date and ending on the earlier to occur of (a) the Commitment
Termination Date and (b) the Facility Maturity Date.

 

"S&P"
means Standard & Poor's Ratings Group, a Standard & Poor's Financial Services LLC business (or its successors
in interest).

 

"Sanctions"
means economic and trade sanctions administered or enforced by any of the following authorities: OFAC, the U.S. Department of State,
the European Union, Her Majesty's Treasury (United Kingdom) or the United Nations Security Council.

 

    	 	43	 

     

    

 

“Screen Rate”
means with respect to (a) Dollar Advances and GBP Advances, LIBOR, (b) with respect to Euro Advances, EURIBOR, (c) CAD
Advances, CDOR and (d) AUD Advances, BBSW; provided that, upon and during the occurrence of a Currency Disruption Event,
with respect to the Advances affected by such Currency Disruption Event, the applicable “Screen Rate” shall be the
Designated Base Rate.

 

"Second Lien
Loan" means any Loan Asset (a) that is secured by a valid and perfected Lien on substantially all of the Obligor's
assets constituting Related Collateral for such Loan Asset, subject only to the prior Lien provided to secure the obligations under
a "first lien" loan and any other expressly permitted Liens under the Underlying Instrument for such Loan Asset, including
any "permitted liens" as defined in such Underlying Instrument, or such comparable term if "permitted liens"
is not defined therein, (b) that, except for the express lien priority provisions under the documentation of the “first
lien” lenders (including super priority facilities permitted thereunder, if any), is either senior to, or pari passu
with, all other Indebtedness of such Obligor, and (c) that the Servicer determines in accordance with the Servicing Standard
that the value of the Related Collateral (or the enterprise value and ability to generate cash flow) on or about the time of origination
equals or exceeds the Outstanding Balance of the Loan Asset plus the aggregate outstanding balances of all other Indebtedness of
equal or greater seniority secured by the same Related Collateral (including, without limitation, the outstanding principal balance
of the "first lien" loan).

 

"Secured Obligations"
has the meaning assigned to that term in Section 2.12(a).

 

"Secured Party"
means each of the Administrative Agent, each Lender, each Affected Party, each Indemnified Party, the Collateral Custodian, the
Collateral Agent, the Account Bank and, with respect to any expenses incurred in connection with its duties hereunder, the Servicer.

 

"Securities
Act" means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Securitization”
means any private or public term or conduit securitization transaction undertaken by any Loan Party that is secured, directly or
indirectly, primarily by Loan Assets currently or formerly owned by a Loan Party or any portion thereof or any interest therein
released from the Lien of this Agreement, including, without limitation, any collateralized loan obligation or collateralized debt
obligation offering or other asset securitization or term facility, for which Morgan Stanley Senior Funding, Inc. or an Affiliate
thereof acts as an underwriter or placement agent.

 

“Securitization
Subsidiary” means an entity wholly-owned by the Borrower formed for the sole purpose of owning Loan Assets in anticipation
of a Securitization. For the avoidance of doubt, no Person shall be a Securitization Subsidiary after such Person completes a Securitization
and the Lien on its Securitization Subsidiary Collateral Portfolio is released in accordance with the terms hereof.

 

    	 	44	 

     

    

 

"Securitization
Subsidiary Collateral Portfolio" means, with respect to any Securitization Subsidiary party hereto, all right, title,
and interest (whether now owned or hereafter acquired or arising, and wherever located) of such Securitization Subsidiary in, to
and under all accounts, cash and currency, chattel paper, tangible chattel paper, electronic chattel paper, copyrights, copyright
licenses, equipment, fixtures, contract rights, general intangibles, instruments, certificates of deposit, certificated securities,
uncertificated securities, financial assets, securities entitlements, commercial tort claims, deposit accounts, inventory, investment
property, letter-of-credit rights, software, supporting obligations, accessions, or other property of such Securitization Subsidiary,
including, all right, title and interest of such Securitization Subsidiary in the following (in each case excluding the Retained
Interest and the Excluded Amounts):

 

(i)           the
Loan Assets, and all monies due or to become due in payment under such Loan Assets on and after the related Cut-Off Date, including,
but not limited to, all Available Collections;

 

(ii)           the
Related Assets with respect to the Loan Assets referred to in clause (i) above;

 

(iii)          the
Controlled Accounts and all Permitted Investments purchased with funds on deposit in the Controlled Accounts;

 

(iv)          the
Assigned Documents;

 

(v)           each
Purchase and Sale Agreement; and

 

(vi)          all
income and Proceeds of the foregoing.

 

The “Securitization
Subsidiary Collateral Portfolio” shall not include any Non-Levered Loan Asset, the Contribution Account or the funds on deposit
therein.

 

"Securitization
Subsidiary Joinder" means an agreement among the Borrower, a Securitization Subsidiary and the Administrative Agent in
the form of Exhibit N (appropriately completed) delivered in connection with a Person becoming a Securitization Subsidiary
hereunder after the Closing Date.

 

"Securitization
Subsidiary Purchase and Sale Agreement" means each Purchase and Sale Agreement, in form and substance acceptable to the
Administrative Agent in its sole discretion, among the Borrower, as the Seller, and the applicable Securitization Subsidiary, as
the purchaser.

 

"Senior Leverage
Ratio" means, with respect to any Loan Asset (other than a Recurring Revenue Loan) for any period, the meaning of "Senior
Leverage Ratio" or any comparable term in the Underlying Instruments for each Loan Asset (subject to the exclusions in the
definition of Indebtedness), and in any case that "Senior Leverage Ratio" or such comparable term is not defined in such
Underlying Instruments, the ratio of (a) first lien senior secured (or such applicable lien or applicable level within the
capital structure) Indebtedness (including first lien last out loans) less Unrestricted Cash to (b) EBITDA, as calculated
by the Servicer in accordance with the Servicing Standard using information from and calculations consistent with the relevant
compliance statements and financial reporting packages provided by the relevant Obligor as per the requirements of the related
Underlying Instruments.

 

    	 	45	 

     

    

 

"Servicer"
means, as of any date of determination, the Person then authorized, pursuant to Section 6.01 to service, administer,
and collect on the Loan Assets and exercise rights and remedies in respect of the same.

 

"Servicer Certificate"
has the meaning assigned to that term in Section 6.08(c).

 

"Servicer Default"
means the occurrence of any one or more of the following events:

 

(a)           any
failure by the Servicer to make any payment, transfer or deposit into the Collection Account (including with respect to bifurcation
and remittance of Interest Collections and Principal Collections) or the Unfunded Exposure Account (other than Indemnities being
disputed in good faith), as required by any Transaction Documents, which continues unremedied for a period of two (2) Business
Days;

 

(b)           any
failure by the Servicer to deliver any required Servicing Report on or before the date such report is required to be made or given
under the terms of this Agreement and such failure continues unremedied for a period of two (2) Business Days;

 

(c)           any
Change of Control with respect to the Servicer, any merger of the Servicer into another Person (where the Servicer is not a surviving
entity) or any assignment of the Servicer's role without the prior written consent of the Administrative Agent in its sole discretion
shall occur;

 

(d)           any
assignment of the rights or obligations as "Servicer" hereunder to any Person without the prior written consent of the
Administrative Agent, which consent may be withheld by the Administrative Agent in its sole and absolute discretion;

 

(e)           any
representation, warranty or certification made by the Servicer (in each case, solely in its capacity as Servicer) in any Transaction
Document or in any certificate delivered pursuant to any Transaction Document, upon which the Administrative Agent or the Lenders
have relied to their detriment, shall prove to have been incorrect when made, which has a Material Adverse Effect and continues
to be unremedied for a period of thirty (30) days; provided that the delivery of a certificate or other report which corrects
any inaccuracy contained in a previous report or certification shall be deemed to cure such inaccuracy as of the date of delivery
of such updated report or certificate and any and all inaccuracies arising from continuation of such initial inaccurate report
or certificate shall cure any breach or failure arising therefrom as of the date of such failure;

 

(f)            except
as otherwise provided in this definition of "Servicer Default," any failure on the part of the Servicer (in each case,
solely in its capacity as Servicer) duly to (i) observe or perform any other covenants or agreements of the Servicer set forth
in this Agreement or the other Transaction Documents to which the Servicer is a party (including any delegation of the Servicer's
duties that is not permitted by Section 6.01 of this Agreement) or (ii) comply with the Servicing Standard regarding
the servicing of the Collateral Portfolio or any Securitization Subsidiary Collateral Portfolio, and, in each case, the same continues
unremedied for a period of five (5) Business Days (if such failure can be remedied) after the earlier to occur of (x) the
date on which written notice of such failure is given or (y) the date on which the Servicer acquires knowledge thereof;

 

    	 	46	 

     

    

 

(g)           a
Bankruptcy Event shall occur with respect to the Servicer;

 

(h)           (i) the
rendering of one or more judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment of money
in excess individually or in the aggregate of $1,000,000 against the Servicer, and the Servicer shall not have either (a) discharged
or provided for the discharge of any such judgment, decree or order in accordance with its terms or (b) perfected a timely
appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency of the appeal; (ii) any
action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Servicer to enforce any such judgment;
or (iii) the Servicer shall have made payments of amounts in excess of $1,000,000 in the settlement of any litigation, claim
or dispute (excluding payments actually made from insurance proceeds);

 

(i)            an
Event of Default shall occur and be continuing; or

 

(j)            any
other event which has caused a Material Adverse Effect on the assets, liabilities, financial condition, prospects (whether financial
or otherwise), business or operations of the Servicer or the ability of the Servicer to meet its obligations under the Transaction
Documents to which it is a party.

 

"Servicer ERISA
Event" means (a) with respect to a Pension Plan, any of the events set forth in Section 4043(c) of ERISA
or the regulations issued thereunder, other than events for which the thirty (30) day notice period has been waived; (b) a
withdrawal by the Servicer or any of its ERISA Affiliates from a Pension Plan subject to Section 4063 of ERISA during a plan
year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations
that is treated as a termination under Section 4062(e) of ERISA; (c) the failure to satisfy the minimum funding
standards (within the meaning of Section 412 of the Code or Section 302 of ERISA), whether or not waived, with respect
to a Pension Plan; (d) the failure to make any required contribution to a Multiemployer Plan; (e) the incurrence by the
Servicer or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to a complete or partial withdrawal
by the Servicer or any of its ERISA Affiliates from a Multiemployer Plan, written notification of the Servicer or any of its ERISA
Affiliates concerning the imposition of any withdrawal liability, as such term is defined in Part I of Subtitle E of Title
IV of ERISA, as a result of a complete or partial withdrawal from a Multiemployer Plan or written notification that a Multiemployer
Plan is insolvent or is in reorganization within the meaning of Title IV of ERISA or in "endangered" or "critical"
status (within the meaning of Section 432 of the Code or Section 305 of ERISA); (f) an event or condition which
constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Pension Plan or Multiemployer Plan; (g) the filing under Section 4041(c) of ERISA of a notice of intent to terminate
a Pension Plan, the treatment of a Pension Plan or Multiemployer Plan amendment as a termination under Section 4041 or Section 4041A
of ERISA, or the receipt by the Servicer or any of its ERISA Affiliates from the PBGC of any notice relating to the intention to
terminate a Pension Plan or Multiemployer Plan; (h) the imposition of any liability under Title IV of ERISA with respect to
the termination of any Pension Plan or Multiemployer Plan, other than for the payment of plan contributions or PBGC premiums due
but not delinquent under Section 4007 of ERISA, upon the Servicer or any of its ERISA Affiliates; or (i) the occurrence
of a non-exempt prohibited transaction (within the meaning of Section 406 of ERISA or Section 4975 of the Code) which
could result in liability to the Servicer or any of its ERISA Affiliates.

 

    	 	47	 

     

    

 

"Servicer Pension
Plan" means an "employee pension benefit plan" as such term is defined in Section 3(2) of ERISA, other
than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by the Servicer or any ERISA Affiliate
of the Servicer or to which the Servicer or any ERISA Affiliate of the Servicer contributes or has an obligation to contribute,
or has any liability (whether actual or contingent).

 

"Servicer Removal
Notice" has the meaning assigned to that term in Section 6.01(b).

 

"Servicing
Fee" means the fee payable to the Servicer on each Payment Date in arrears in respect of each Remittance Period, which
fee shall be equal to the product of (a) 0.50% per annum, (b) the arithmetic mean of the aggregate Outstanding
Balance of all Eligible Loan Assets on the first day and on the last day of the related Remittance Period and (c) the actual
number of days in such Remittance Period, divided by 360; provided that, in the sole discretion of the Servicer,
the Servicer may, from time to time, waive all or any portion of the Servicing Fee payable on any Payment Date.

 

"Servicing
Report" has the meaning assigned to that term in Section 6.08(b).

 

"Servicing
Standard" means, with respect to any Loan Assets included in the Collateral, to service and administer such Loan Assets
in accordance with Applicable Law, the terms of this Agreement, the Underlying Instruments and, to the extent consistent with the
foregoing, with the same care, skill, prudence and diligence with which the Servicer services and administers loans for its own
account or for the account of others.

 

"Similar Law"
has the meaning assigned to that term in Section 4.01(x).

 

“SLA Threshold
Amount” has the meaning assigned to that term in the definition of “Subject Loan Asset.”

 

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

 

    	 	48	 

     

    

 

"Specified
Period" means the period from and including June 18, 2020 to but excluding JanuaryMarch
18, 2021.

 

“Spot Rate”
means, as of any date of determination, with respect to the conversion of any Eligible Currency (other than Dollars), (x) for
an actual currency exchange, the applicable currency Dollar spot rate obtained by the Servicer through customary banking channels
including the Collateral Custodian’s own banking facilities or (y) for all other purposes, the applicable currency Dollar
spot rate that appeared on the Bloomberg screen for such currency (A) if such date is a Determination Date, at the end of
such date or (B) otherwise, at the end of the immediately preceding Business Day; provided that, solely with respect
to the calculation of the Unused Fee on each day for the related Remittance Period and for the calculation in clause (b) of
the definition of “Yield”, the Advances Outstanding in any Eligible Currency other than Dollars shall be converted
at the foreign currency-dollar spot rate that appeared on the Bloomberg screen for such Eligible Currency as of the Determination
Date immediately preceding such day.

 

"Standby Investment"
means the Wells Fargo Institutional Money Market Account (Cusip 992925917).

 

"State"
means one of the fifty states of the United States or the District of Columbia.

 

"Stated Maturity"
means February 1, 2024.

 

"Structured
Finance Obligation" means any obligation of a special purpose vehicle secured directly by, referenced to, or representing
ownership of, a pool of receivables or other assets, including collateralized debt obligations and single asset repackages.

 

"Subject Loan
Asset" means, as of any date of determination during the Specified Period, (I) any Eligible Loan Asset (a) with
respect to which one or more Qualifying Value Adjustment Events have occurred and (b) with an origination date prior to the
Specified Period or (II) any other Eligible Loan Asset designated as a Subject Loan Asset by the Borrower with the consent
of the Administrative Agent in its sole discretion; provided that, (i) subject to clause (ii), if, during the
Specified Period, the aggregate Outstanding Balance of all Subject Loan Assets exceeds 50.0% of the sum of (x) the aggregate
Outstanding Balance of all Eligible Loan Assets plus (y) aggregate Principal Collections on deposit in the Controlled
Accounts as of such date (the sum of clauses (x) and (y), the “SLA Threshold Amount”), and
subsequently is reduced to an amount less than 50.0% of the SLA Threshold Amount, then additional Eligible Loan Assets satisfying
the requirements of this definition may be designated as Subject Loan Assets in the order in which the related Qualifying Value
Adjustment Events occur with respect to such Loan Assets, in each case, at the discretion of the Borrower, (ii) if on any
date of determination, multiple Eligible Loan Assets become subject to Qualifying Value Adjustments Events on the same date of
determination such that the aggregate Outstanding Balance of all Subject Loan Assets would exceed 50.0% of the SLA Threshold Amount,
then (A) the Borrower shall determine which such Eligible Loan Assets will constitute Subject Loan Assets so long as the Borrower
provides the Administrative Agent with written notice of such determination within three (3) Business Day of the date on which
the Borrower provides the Administrative Agent with notice of the related Qualifying Value Adjustment Event in respect of the Loan
Asset it wishes to designate as a Subject Loan Asset pursuant to this clause (ii)(A) and (B) otherwise, the Administrative
Agent, in its sole discretion, shall determine which such Eligible Loan Assets will constitute Subject Loan Assets and (iii) in
the event that a portion of any single Eligible Loan Asset would cause the aggregate amount of Subject Loan Assets by Outstanding
Balance to exceed 50% of the SLA Threshold Amount, only the portion of such Eligible Loan Asset not in excess of 50% of the SLA
Threshold Amount shall be deemed to be a Subject Loan Asset.

 

    	 	49	 

     

    

 

Notwithstanding the
foregoing, if, during the Specified Period, the aggregate Outstanding Balance of all Subject Loan Assets exceeds 50.0% of the SLA
Threshold Amount, the Borrower may elect that one or more Subject Loan Assets no longer be classified as a Subject Loan Asset (although
such designated Subject Loan Assets will remain subject to the decreased Advance Rate per the definition thereof); provided
that (i) upon such election, the Administrative Agent may amend the Assigned Value for such Eligible Loan Asset in its sole
discretion and (ii) the Borrower shall only be permitted to make such election in the order in which such Loan Assets were
designated Subject Loan Assets beginning with the most recent such designation and in sequential order thereafter. At any time
during the Specified Period, if the aggregate Outstanding Balance of all Subject Loan Assets is less than 50.0% of the SLA Threshold
Amount, a Loan Asset that was previously a Subject Loan Asset prior to being re-designated by the Borrower pursuant to this paragraph
may, at the Borrower’s election, be classified as a Subject Loan Asset again (for the avoidance of doubt, such Loan Asset
would retain its then-current Assigned Value at the time of its re-designation as a Subject Loan Asset).

 

"Subsidiary"
means with respect to a Person, a corporation, partnership or other entity of which shares of stock or other ownership interests
having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening
of a contingency) to elect a majority of the board of directors or other managers of such corporation, partnership or other entity
are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries,
or both, by such Person.

 

"Substitute
Eligible Loan Asset" means each Eligible Loan Asset Granted by a Loan Party to the Collateral Agent, on behalf of the
Secured Parties, pursuant to Section 2.07(c)(ii).

 

"Synthetic
Security" means a security or swap transaction that has payments associated with either payments of interest and/or principal
on a reference obligation or the credit performance of a reference obligation.

 

"Target Portfolio
Amount" means, $640,000,000.

 

"Tax Expense
Cap" means, for any Payment Date, a per annum amount equal to $50,000.

 

"Taxes"
means any present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), charges, assessments
or fees of any nature (including interest, penalties, and additions thereto) that are imposed by any Governmental Authority.

 

    	 	50	 

     

    

 

"Termination/Reduction
Notice" means each notice required to be delivered by the Borrower in respect of any termination of this Agreement or
any permanent reduction of the Facility Amount, in the form of Exhibit F.

 

"Total Leverage
Ratio" means, with respect to any Loan Asset (other than a Recurring Revenue Loan) for any period, the meaning of "Total
Leverage Ratio" or any comparable term in the Underlying Instruments for each Loan Asset (subject to the exclusions in the
definition of Indebtedness), and in any case that "Total Leverage Ratio" or such comparable term is not defined in such
Underlying Instruments, the ratio of (a) Indebtedness less Unrestricted Cash, to (b) EBITDA, as calculated by
the Servicer in accordance with the Servicing Standard using information from and calculations consistent with the relevant compliance
statements and financial reporting packages provided by the relevant Obligor as per the requirements of the related Underlying
Instruments.

 

"Transaction
Documents" means this Agreement, any Assignment and Acceptance, each Purchase and Sale Agreement, each Control Agreement,
each Securitization Subsidiary Joinder, the Pledge Agreement, the Wells Fargo Fee Letter, each Lender Fee Letter and each document,
instrument or agreement related to any of the foregoing.

 

"U.S. Tax Compliance
Certificate" has the meaning assigned to that term in Section 2.11(g)(i)c.

 

"UCC"
means the Uniform Commercial Code as from time to time in effect in the specified jurisdiction.

 

"Underlying
Instruments" means the loan agreement, credit agreement or other agreement pursuant to which a Loan Asset has been issued
or created and each other agreement that governs the terms of or secures the obligations represented by such Loan Asset or of which
the holders of such Loan Asset are the beneficiaries.

 

"Unfunded Exposure
Account" means, collectively, (i) a trust account (account number at the Account Bank) entitled "Unfunded Exposure
Account," in the name of the Borrower subject to the lien and control of the Collateral Agent for the benefit of the Secured
Parties and (ii) each trust account established for a Securitization Subsidiary in the name of the Collateral Agent and under
the sole dominion and control of the Collateral Agent for the benefit of the Secured Parties (it being understood, however, that
the Servicer shall be able to request distributions and releases therefrom in accordance herewith); provided that the funds
deposited therein (including any interest and earnings thereon) from time to time shall constitute the property and assets of the
applicable Loan Party and such Loan Party shall be solely liable for any Taxes payable with respect to the Unfunded Exposure Account.

 

"Unfunded Exposure
Amount" means, as of any date of determination, with respect to a Delayed Draw Loan Asset, an amount equal to the aggregate
amount of all unfunded commitments associated with such Loan Asset as of such date.

 

“Unfunded
Exposure Amount Shortfall” has the meaning assigned to that term in Section 2.02(f).

 

    	 	51	 

     

    

 

“Unfunded
Exposure Equity Amount” means, on any date of determination, an amount equal to:

 

(i)             for
all Eligible Loan Assets which have any unfunded commitments, the aggregate sum of the products of (a) the Unfunded Exposure
Amount for each such Eligible Loan Asset multiplied by (b) the difference of (x) 100% minus (y) the
Advance Rate for each such Eligible Loan Asset;

 

plus

 

(ii)         for
all Eligible Loan Assets which have any unfunded commitments, the aggregate sum of the products of (a) (x) 100% minus
the Assigned Value for each such Loan Asset multiplied by (y) the Unfunded Exposure Amount of each such Loan Asset
multiplied by (b) the Advance Rate for each such Eligible Loan Asset.

 

"United States"
means the United States of America.

 

"United States
Tax Person" means a "United States Person" as defined in Section 7701(a)(30) of the Code.

 

“Unitranche
Loan” means any Loan Asset (a) that is secured by a valid and perfected first priority Lien on substantially all
of the Obligor’s assets constituting Related Collateral for such Loan Asset, subject to expressly permitted Liens, including
any “permitted liens” as defined in the Underlying Instrument for such Loan Asset or such comparable definition if
 “permitted liens” is not defined therein and (b) that provides that the payment obligation of the Obligor on such
Loan Asset is either senior to, or pari passu with, all other indebtedness of such Obligor; provided that any Loan
Asset that would otherwise constitute a First Lien Loan but for clause (e) of the definition thereof shall constitute
a First Lien Loan and any Loan Asset that would satisfy the definition of both “Unitranche Loan” and “First Lien
Loan” shall constitute a First Lien Loan.

 

"Unmatured
Event of Default" means any event that, if it continues uncured, will, with lapse of time, notice or lapse of time and
notice, constitute an Event of Default.

 

"Unrestricted
Cash" means, (a) with respect to any Loan Asset, the meaning of "Unrestricted Cash" or any comparable term
in the Underlying Instruments for the applicable Loan Asset and (b) in any case that "Unrestricted Cash" or such
comparable term is not defined in such Underlying Instruments or otherwise as applicable in this Agreement, cash and cash equivalents
of the applicable Person available for use for general corporate purposes and not held in any reserve account or legally or contractually
restricted for any particular purposes or uses.

 

"Unused Fee"
has the meaning assigned to that term in Section 2.09.

 

"Unused Fee
Rate" means (a) during the Ramp-Up Period, a rate equal to 0.25% per annum and (b) thereafter, a rate
equal to 0.50% per annum.

 

“Valuation
Firm” means the nationally recognized accounting firm or valuation firm chosen in accordance with the definition of Approved
Valuation Firm.

 

    	 	52	 

     

    

 

"Valuation
Standard" means a standard that will be satisfied if an Approved Valuation Firm uses one or a combination of credit-based
methodologies that are generally acceptable in the market as commercially reasonable practices to derive a fair assessment of the
current market value of an Eligible Loan Asset; provided that such assessment shall take into consideration, but not be
limited to, the following:

 

(a)           the
financial performance and outlook of the Obligor of such Eligible Loan Asset;

 

(b)           a
fundamental analysis to value the Obligor of such Eligible Loan Asset which may be based on discounted cash flow and a multiples-based
approach based on comparable companies in the relevant sector or another generally accepted methodology for valuing companies in
the relevant sector; and

 

(c)           any
other facts or circumstances deemed relevant by the Approved Valuation Firm, including such facts and circumstances that constitute
the basis for a Value Adjustment Event with respect to such Eligible Loan Asset, if applicable.

 

"Value Adjustment
Event" means, with respect to any Loan Asset, the occurrence of any one or more of the following events after the related
Cut-Off Date:

 

(a)           (i) the
Cash Interest Coverage Ratio with respect to such Loan Asset on any date reported under the Underlying Instrument decreases by
more than 20.0% from the Cash Interest Coverage Ratio as calculated on the applicable Cut-Off Date, (ii) the Total Leverage
Ratio with respect to such Loan Asset (other than in the case of a Recurring Revenue Loan) on any date reported under the Underlying
Instrument increases by more than 20.0% from the same Total Leverage Ratio as calculated on the applicable Cut-Off Date, or (iii) in
the case of any Recurring Revenue Loan, the Debt-to-Recurring-Revenue Ratio with respect to such Loan Asset on any date reported
under the Underlying Instrument increases by more than 20.0% from the Debt-to-Recurring-Revenue Ratio calculated on the applicable
Cut-Off Date;

 

(b)           an
Obligor payment default, other than in respect of expenses, occurs under such Loan Asset that continues and has not been cured
after giving effect to any grace period applicable thereto;

 

(c)           any
payment default, other than in respect of expenses, occurs under any other senior or pari passu obligation for borrowed
money of the related Obligor;

 

(d)           a
Bankruptcy Event with respect to the related Obligor (after giving effect to any applicable grace or cure period thereunder);

 

(e)           the
related Obligor fails to deliver to the Borrower or the Servicer any financial reporting information (i) as required by the
Underlying Instruments of such Loan Asset (after giving effect to any applicable grace or cure period thereunder) and (ii) with
a frequency of at least quarterly; provided that such financial reporting information shall be provided no later than (A) with
respect to quarterly financial information for the first, second or third quarter of any fiscal year, (I) for the first and
second quarters of fiscal year 2020, ninety (90) days after the end of each such quarter, and (II) thereafter, sixty (60)
days after the end of each quarter, and (B) with respect to annual financial information for any fiscal year, (I) for
the fiscal year ending on December 31, 2019, two hundred and ten (210) days after the end of such fiscal year, but only if
unaudited financial reporting is delivered prior to the date that is one hundred and eighty (180) days following the end of such
fiscal year, and otherwise, one hundred and eighty (180) days after the end of such fiscal year and (II) thereafter, one hundred
and twenty (120) days after the end of each fiscal year (in each case, unless waived or otherwise agreed to by the Administrative
Agent in its sole discretion in writing);

 

    	 	53	 

     

    

 

(f)            the
occurrence of a Material Modification not previously approved in writing by the Administrative Agent in its sole discretion with
respect to such Loan Asset;

 

(g)           with
respect to any Recurring Revenue Loan, the related Obligor’s last quarter annualized Revenue is less than the minimum covenant,
if any, specified in the Underlying Instrument; or

 

(h)           the
Servicer determines that all or a material portion of such Loan Asset is uncollectible or otherwise places it on non-accrual status
in accordance with the policies and procedures of the Servicer and the Servicing Standard.

 

"Warranty Breach
Event" means, as to any Loan Asset, (a) the discovery that, as of the related Cut-Off Date, such Loan Asset did not
satisfy the definition of "Eligible Loan Asset" or there otherwise existed a breach of any representation or warranty
relating to such Loan Asset or (b) the applicable Loan Party fails to satisfy Section 3.02(a)(ii) or Section 3.04(b),
as applicable, with respect to such Loan Asset.

 

"Warranty Breach
Loan Asset" means any Loan Asset with respect to which a Warranty Breach Event has occurred.

 

"Weighted Average
Advance Rate" means, as of any date of determination with respect to all Eligible Loan Assets included in the Aggregate
Adjusted Borrowing Value, the number obtained by (a) summing the products obtained by multiplying (i) the Advance
Rate of each Eligible Loan Asset by (ii) such Eligible Loan Asset's contribution to the Aggregate Adjusted Borrowing Value
and dividing (b) such sum by the Aggregate Adjusted Borrowing Value.

 

"Weighted Average
Life" means, as of any date of determination, the number obtained by (a) for each Eligible Loan Asset, multiplying
the amount of each scheduled distribution of principal to be paid after such determination date by the number of years (rounded
to the nearest hundredth) from such determination date until such scheduled distribution of principal is due; (b) summing
all of the products calculated pursuant to clause (a) above; and (c) dividing the sum calculated pursuant
to clause (b) above by the sum of all scheduled distributions of principal due on all the Eligible Loan Assets
as of such determination date.

 

"Weighted Average
Life Test" means a test that will be satisfied on any date of determination if the Weighted Average Life of all Eligible
Loan Assets as of such date is less than or equal to nine (9) years minus the number of years (rounded to the nearest
quarter year) that have elapsed since the later of (a) the Closing Date and (b) the most recent facility renewal date,
if applicable.

 

    	 	54	 

     

    

 

"Wells Fargo
Fee Letter" means the Wells Fargo Fee Schedule, dated as of November 29, 2018, agreed to by the Borrower.

 

"Yield"
means the sum of the following, payable on each Payment Date:

 

(a)           with
respect to any previously ended Remittance Period and each Eligible Currency, the sum for each day in such Remittance Period of
amounts determined in accordance with the following formula (but only to the extent that such amounts were not previously paid
to the Lenders):

 

YR x L

D

 

		where:	YR	=	the Yield Rate applicable to such Advance on such day during such Remittance Period;

 

		L	=	the outstanding principal amount of such Advance on such day; and

 

		D	=	360 or, to the extent that the Yield Rate is the Alternative Rate, the number of days in the accounting year applicable
to such Alternative Rate;

 

		plus	

 

(b)           with
respect to any previously ended Remittance Period and each Eligible Currency, the sum for each day in such Remittance Period of
amounts determined in accordance with the following formula (but only to the extent that such amounts were not previously paid
to the Lenders):

 

YR x L

D

 

		where:	YR	=	the Yield Rate applicable on such day;

 

		L	=	the greater of (a) the Minimum Utilization minus the Advances Outstanding on such
day, and (b) 0; and

 

		D	=	360 or, to the extent that the Yield Rate is the Alternative Rate, the number of days in the
accounting year applicable to such Alternative Rate;

 

provided that (i) no provision
of this Agreement shall require the payment or permit the collection of Yield in excess of the maximum permitted by Applicable
Law and (ii) Yield shall not be considered paid by any distribution if at any time such distribution is later required to
be rescinded by the Lender to the Borrower or any other Person for any reason including, such distribution becoming void or otherwise
avoidable under any statutory provision or common law or equitable action, including, any provision of the Bankruptcy Code.

 

    	 	55	 

     

    

 

"Yield Rate"
means, for any Advance in any Eligible Currency, as of any date of determination during any Remittance Period applicable to such
Advance, an interest rate per annum equal to the Screen Rate on such date plus the Applicable Margin.

 

"Zero-Coupon
Obligation" means any loan that, at the time of purchase, does not by its terms provide for the payment of cash interest.

 

Section 1.02           Other
Terms.

 

(a)            All
capitalized terms used which are not specifically defined shall have the meanings provided in Article 9 of the UCC in effect
on the date hereof to the extent the same are used or defined therein.

 

(b)            Except
as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP,
as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower requests
an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application
thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request
an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change
in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately
before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance
herewith.

 

Section 1.03           Computation
of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified
date to a later specified date, the word "from" means "from and including" and the words "to" and
 "until" each mean "to but excluding."

 

Section 1.04           Interpretation.

 

In each Transaction
Document, unless a contrary intention appears:

 

(a)            The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined.

 

(b)           Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms.

 

(c)            The
words "include," "includes" and "including" shall be deemed to be followed by the phrase "without
limitation."

 

(d)            The
word "will" shall be construed to have the same meaning and effect as the word "shall."

 

    	 	56	 

     

    

 

(e)            The
word "law" shall be construed as referring to all statutes, rules, regulations, codes and other laws (including official
rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply), and all judgments,
orders and decrees, of all Governmental Authorities.

 

(f)            Unless
the context requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall
be construed as referring to such agreement, instrument or other document as amended, modified, supplemented, restated or replaced
from time to time in accordance with the terms thereof (subject to any restrictions on such amendments, modifications, supplements,
restatements or replacements set forth herein), (ii) any definition of or reference to any statute, rule or regulation
shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession
of comparable successor laws), (iii) any reference herein to any Person shall be construed to include such Person's successors
and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other
Governmental Authority that shall have succeeded to any or all functions thereof, (iv) the words "herein," "hereof"
and "hereunder," and words of similar import, shall be construed to refer to this Agreement in its entirety and not to
any particular provision hereof, (v) all references herein to Articles, Sections, Exhibits, Annexes and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits, Annexes and Schedules to, this Agreement and (vi) the words
 "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible
and intangible assets and properties, including cash, securities, accounts and contract rights.

 

(g)            Unless
expressly stated otherwise, any decision, consent, approval, waiver or other determination to be made at the discretion of the
Administrative Agent (or any Lender) shall be in its sole discretion.

 

(h)            All
calculations required to be made hereunder with respect to the Loan Assets and the Borrowing Base shall be made on a trade date
basis.

 

(i)            Reference
to any time means New York, New York time (unless expressly specified otherwise).

 

(j)            Any
reference to "close of business" means 6:00 p.m., New York, New York time.

 

(k)            Other
than as set forth herein, any use of the term "knowledge" or "actual knowledge" in this Agreement shall mean
actual knowledge of a Responsible Officer after reasonable inquiry.

 

(l)             For
purposes of this Agreement, an Event of Default or Servicer Default shall be deemed to be continuing until it is waived in accordance
with Section 12.01(a) or cured in accordance with the terms hereof.

 

(m)           Any
and all calculations herein with respect to the Loan Assets and all determinations as to whether an Loan Asset is an Eligible Loan
Asset shall be made on the basis of information (as to the terms of the Underlying Instruments with respect to each such Loan Asset)
and upon reports of payments, if any, received on such Loan Asset that are furnished by or on behalf of the Obligor of such Loan
Asset and, to the extent they are not manifestly in error, such information or reports may be conclusively relied upon by the Borrower,
the Servicer and the Originator in making such calculations and determinations.

 

    	 	57	 

     

    

 

(n)            For
all purposes of this Agreement with respect to the calculation of EBITDA, Cash Interest Coverage Ratio, Debt-to-Recurring-Revenue
Ratio, Revenue, Senior Leverage Ratio or Total Leverage Ratio at any time, each such calculation shall be made utilizing the most
recent financial information and calculations for the testing period required to be reported pursuant to the Underlying Instruments
of the Obligors received by the Borrower (or the Servicer on its behalf) and such calculation of EBITDA, Cash Interest Coverage
Ratio, Debt-to-Recurring-Revenue Ratio, Senior Leverage Ratio or Total Leverage Ratio shall be deemed to remain the same for each
day of such testing period (unless otherwise specified, in each case, by the Borrower (or the Servicer on its behalf)).

 

(o)           The
Obligations shall be joint and several obligations of each Loan Party in all respects.

 

Section 1.05           Currency
Conversion. For purposes of (i) complying with any requirement of this Agreement stated in Dollars and (ii) calculating
any ratio or other test set forth in this Agreement, the amount of any Loan Asset denominated in an Eligible Currency other than
Dollars shall be deemed to be the Dollar Equivalent of such amount of such Eligible Currency.

 

Section 1.06           Computation
of Covenants. Unless otherwise expressly stated in this Agreement, if at any time any change in generally accepted
accounting principles (including the adoption of IFRS) would affect the computation of a Value Adjustment Event or Material Modification,
Borrower and Administrative Agent shall negotiate in good faith to amend such covenant to preserve the original intent in light
of such change; provided, that, until so amended, such term shall continue to be computed in accordance with the application
of generally accepted accounting principles prior to such change.

 

ARTICLE II

 

THE
FACILITY

 

Section 2.01           Advances.

 

(a)            Advances.
From time to time from the Closing Date until the end of the Revolving Period, the Borrower may request that the Lenders make Advances
secured by the Collateral, in an aggregate amount up to the Availability as of such date, to the Borrower (or to a Securitization
Subsidiary as directed by the Borrower) for the purpose of (x) purchasing Eligible Loan Assets, (y) depositing funds
in the Unfunded Exposure Account in an amount up to the Unfunded Exposure Amount of the related Delayed Draw Loan Asset or (z) making
a distribution of such amounts to the holders of the membership interests of the Borrower. Under no circumstances shall any Lender
be required to make any Advance if after giving effect to such Advance and the addition to the Collateral of the Eligible Loan
Assets being acquired by the Borrower using the proceeds of such Advance, (i) an Event of Default exists or would result therefrom
or (ii) a Borrowing Base Deficiency exists or would result therefrom. Notwithstanding anything to the contrary herein, no
Lender shall be obligated to provide the Borrower with aggregate funds in connection with an Advance that would exceed such Lender's
unused Commitment then in effect.

 

    	 	58	 

     

    

 

(b)            Promissory
Note. Upon the request of any Lender, the Borrower shall promptly execute and deliver to such Lender a promissory note of the
Borrower (in form and substance satisfactory to the Administrative Agent in its sole discretion) evidencing the Advances of such
Lender with appropriate insertions as to the date and principal amount.

 

(c)            Borrowing
Base Certificate. On each Reporting Date, the Borrower (or the Servicer on its behalf) will provide a Borrowing Base Certificate,
updated as of such date, to the Administrative Agent and each Lender (with a copy to the Collateral Agent). On the Business Day
immediately following receipt of notice by the Administrative Agent that the Assigned Value of an Eligible Loan Asset is changed,
the Borrower (or the Servicer on its behalf) will deliver an adjusted Borrowing Base Certificate to the Administrative Agent and
each Lender.

 

Section 2.02           Procedure
for Advances.

 

(a)              
During the Revolving Period, the Lenders will make Advances on any Funding
Business Day at the request of the Borrower, subject to and in accordance with the terms and conditions of Sections
2.01 and 2.02 and subject to the provisions of Article III hereof.

 

(b)              
For each Advance, the Borrower shall deliver an irrevocable written notice in the form of a Notice of Borrowing to the Administrative
Agent and each Lender, with a copy to the Collateral Agent and the Collateral Custodian, no later than noon on (i) the proposed
Advance Date for Dollar Advances, (ii) the Funding Business
Day prior to the proposed Advance Date for CAD Advances, Euro Advances and GBP Advances (or such shorter period as agreed to from
time to time by the Administrative Agent and each of the Lenders) and (iii) the Funding
Business Day two (2) Funding Business Days prior
to the proposed Advance Date for AUD Advances; provided that, if such Notice of Borrowing is delivered later than noon,
in the case of an Advance made in Dollars, such Notice of Borrowing shall be deemed to have been received on the following Funding
Business Day. Each Notice of Borrowing shall include a duly completed Borrowing Base Certificate (updated to the date
such Advance is requested and giving pro forma effect to the Advance requested and the use of the proceeds thereof) and
an updated Loan Asset Schedule, and shall specify:

 

(i)              the
proposed aggregate amount of such Advance; provided that the amount of such Advance must be at least equal to the Dollar
Equivalent of $500,000 in such Eligible Currency;

 

(ii)             the
proposed date of such Advance;

 

(iii)            a
representation that all conditions precedent for an Advance described in Article III hereof have been satisfied; provided
that, in connection with any Notice of Borrowing in respect of the acquisition by the Borrower of a loan asset constituting
a newly originated loan, where the related Advance is to be remitted to the Principal Collection Subaccount, the conditions set
forth in Section 3.02(a)(ii) shall not apply, excepting that, notwithstanding the foregoing, the requirements
set forth in the proviso of Section 3.02(a)(ii) shall apply;

 

    	 	59	 

     

    

 

(iv)            the
amount of cash that will be funded by the Originator into the Unfunded Exposure Account in connection with any Delayed Draw Loan
Asset funded by such Advance, if applicable;

 

(v)             whether
such Advance should be remitted to the Principal Collection Subaccount, the Unfunded Exposure Account, or (subject to completion
of customary “know your customer” and anti-money laundering and sanctions diligence), the account of the Originator
or a Securitization Subsidiary; and

 

(vi)            the
proposed Eligible Currency of such Advance.

 

On the date of each
Advance, upon satisfaction of the applicable conditions set forth in Article III, each Lender shall, in accordance with
the Notice of Borrowing, either make available to the Borrower, by (A) if the related Notice of Borrowing was delivered at least
one Funding Business Day prior to such date, 2:00 p.m., New
York City time, and (B) if the related Notice of Borrowing was delivered on such date, no later than the close of business on such
date, (x) an amount equal to such Lender's Pro Rata Share of such Advance, for deposit by the Collateral Agent into the Principal
Collection Subaccount or (y) an amount equal to such Lender's Pro Rata Share of such Advance, for deposit by the Collateral Agent
into the Unfunded Exposure Account, as applicable. For the avoidance of doubt, each Advance and related increase in the Advances
Outstanding shall be allocated ratably to each Lender in accordance with their respective Lender's Pro Rata Share as in effect
before such increase. Any Lender which fails to remit its Pro Rata Share in connection with any Advance in accordance with this
Section 2.02 shall constitute a Defaulting Lender, and the Borrower shall have all rights available to the Borrower pursuant
to Section 2.19.

 

(c)            Each
Advance shall bear interest at the applicable Yield Rate.

 

(d)            Subject
to Section 2.16 and the other terms, conditions, provisions and limitations set forth herein (including, the payment
of the Prepayment Premium, as applicable), the Borrower may borrow, repay or prepay and reborrow Advances without any penalty,
fee or premium on and after the Closing Date and prior to the end of the Revolving Period.

 

(e)            The
obligation of each Lender to remit its Pro Rata Share of any Advance shall be several from that of each other Lender and the failure
of any Lender to so make such amount available to the Borrower shall not relieve any other Lender of its obligation hereunder.

 

(f)            Notwithstanding
anything to the contrary herein (including, without limitation, the existence of an Unmatured Event of Default or a Borrowing Base
Deficiency), if, on the last day of the Revolving Period, the amount on deposit in the Unfunded Exposure Account is less than the
Aggregate Unfunded Exposure Amount, the Borrower shall request an Advance in the amount of such shortfall (the “Unfunded
Exposure Amount Shortfall”). Following receipt of a Notice of Borrowing (which shall specify the account details of the
Unfunded Exposure Account where the funds will be made available), each Lender shall fund its Pro Rata Share of such Unfunded Exposure
Amount Shortfall in accordance with Section 2.02(b), notwithstanding anything to the contrary herein (including, without
limitation, the Borrower’s failure to satisfy any of the conditions precedent set forth in Section 3.02) other
than an Event of Default.

 

    	 	60	 

     

    

 

 

Section 2.03           Determination
of Yield. The Administrative Agent shall determine the Yield in respect of all Advances (including unpaid Yield related
thereto, if any, due and payable on a prior Payment Date) to be paid by the Borrower on each Payment Date for the related Remittance
Period and shall advise the Servicer thereof on or prior to the fifth (5th) Business Day prior to such Payment Date.

 

Section 2.04           Remittance
Procedures. The Servicer shall instruct the Collateral Agent by delivery of the Servicing Report and, if the Servicer
fails to do so, the Administrative Agent may instruct the Collateral Agent, to apply funds on deposit in the Controlled Accounts,
subject to Pari Passu Provisions, as described in this Section 2.04; provided that, at any time after delivery
of a Notice of Exclusive Control, the Administrative Agent shall instruct the Collateral Agent to apply funds on deposit in the
Controlled Accounts as described in this Section 2.04.

 

(a)            Interest
Payments prior to an Event of Default. Prior to the Borrower or the Administrative Agent becoming aware of the occurrence of
an Event of Default or prior to the occurrence of the Facility Maturity Date, on each Payment Date, the Collateral Agent shall
(as directed pursuant to the first paragraph of this Section 2.04) (x) transfer all Interest Collections in all
Interest Collection Accounts to the Interest Collection Account of the Borrower (such transfer constituting a deemed dividend of
all such amounts by each such Securitization Subsidiary to the Borrower in proportion with its percentage ownership of the outstanding
shares of such Securitization Subsidiary) and (y) transfer Interest Collections held by the Account Bank in the Collection
Account, in accordance with the Servicer Report, to the following Persons in the following amounts, calculated as of the most recent
Determination Date, and priority:

 

(i)            to
the payment of Taxes, registration and filing fees then due and owing by the Borrower that are attributable solely to the operations
of the Borrower; provided that the aggregate amounts payable under this clause (i) shall not exceed the Tax
Expense Cap;

 

(ii)           to
the payment of accrued and unpaid Administrative Expenses; provided that the aggregate amounts payable under this clause
(ii) shall not exceed the Administrative Expense Cap;

 

(iii)          to
the Servicer, in payment in full of all accrued and unpaid Servicing Fees;

 

(iv)          pro
rata, in accordance with the amounts due under this clause (iv), to each Lender, all Yield, the Unused Fee, and any
Breakage Fees that are accrued and unpaid as of the last day of the related Remittance Period;

 

    	 	61	 

     

    

 

(v)           to
pay the Advances Outstanding to the extent necessary to eliminate any outstanding Borrowing Base Deficiency on a pro forma
basis after giving effect to all payments through this clause (v);

 

(vi)          pro
rata, to each Lender and the Administrative Agent, as applicable, all accrued and unpaid fees, expenses (including attorneys'
fees, costs and expenses), Increased Costs and indemnity amounts payable by the Borrower to the Administrative Agent or any
Lender under the Transaction Documents;

 

(vii)         to
pay the Advances Outstanding, together with any applicable Prepayment Premium not paid pursuant to Section 2.04(b)(iii),
in connection with any complete refinancing or termination of this Agreement in accordance with Section 2.16(b), until
paid in full;

 

(viii)        to
the payment of any Administrative Expenses, to the extent not paid pursuant to clause (ii) above due to the limitation
contained therein;

 

(ix)          to
pay to the Servicer, all reasonable expenses incurred in connection with the performance of its duties under the Transaction Documents;

 

(x)           to
pay to the Valuation Firm all accrued and unpaid fees and expenses;

 

(xi)          to
pay any BDC Tax Distribution; and

 

(xii)         so
long as, to the Administrative Agent’s, Servicer’s and Borrower’s knowledge, no Unmatured Event of Default has
occurred and is continuing, to the Borrower, any remaining amounts as Interest Collections.

 

(b)            Principal
Payments prior to an Event of Default. Prior to the Borrower or the Administrative Agent becoming aware of the occurrence of
an Event of Default or prior to the occurrence of the Facility Maturity Date, on each Payment Date the Collateral Agent shall (as
directed pursuant to the first paragraph of this Section 2.04) (x) transfer all Principal Collections in all Principal
Collections Accounts to the Principal Collections Account of the Borrower (such transfer constituting a deemed dividend of all
such amounts by each such Securitization Subsidiary to the Borrower in proportion with its percentage ownership of the outstanding
shares of such Securitization Subsidiary) and (y) transfer Principal Collections held by the Account Bank in the Collection
Account, in accordance with the Servicer Report, to the following Persons in the following amounts, calculated as of the most recent
Determination Date, and priority:

 

(i)            to
pay amounts due under Section 2.04(a)(i) through Section 2.04(a)(v), to the extent not paid thereunder;

 

(ii)           (x) prior
to the end of the Revolving Period (at the discretion of the Servicer), to the Unfunded Exposure Account in an amount necessary
to cause the amount on deposit in the Unfunded Exposure Account to equal the Aggregate Unfunded Exposure Amount; or (y) after
the end of the Revolving Period, to the Unfunded Exposure Account in an amount necessary to cause the amount on deposit in the
Unfunded Exposure Account to equal the Aggregate Unfunded Exposure Amount;

 

    	 	62	 

     

    

 

(iii)          (A) during
the Revolving Period, to pay amounts due under Section 2.04(a)(v) but only to the extent not paid in full thereunder
and to the extent necessary to eliminate any outstanding Borrowing Base Deficiency, on a pro forma basis after giving effect
to all payments through this clause (iii); or (B) during the Amortization Period, to repay the Advances Outstanding
and any accrued and unpaid Prepayment Premium until paid in full;

 

(iv)          to
the payment of any Administrative Expenses, to the extent not paid pursuant to clause (i);

 

(v)           to
pay amounts due under Section 2.04(a)(ix) to the extent not paid thereunder;

 

(vi)          to
pay amounts due under Section 2.04(a)(x) to the extent not paid thereunder;

 

(vii)         to
pay any BDC Tax Distribution: and

 

(viii)        so
long as, to the Administrative Agent’s, Servicer’s and Borrower’s knowledge, no Unmatured Event of Default has
occurred and is continuing, to the Borrower any remaining amounts.

 

(c)            Payment
on and after the occurrence of an Event of Default. If the Borrower or the Administrative Agent have become aware that an Event
of Default exists and, in any case, after the declaration, or automatic occurrence, of the Facility Maturity Date, on each Business
Day thereafter the Collateral Agent shall (as directed pursuant to the first paragraph of this Section 2.04) (x) transfer
all collected funds held in all Collection Accounts to the Borrower Collection Account (such transfer constituting (provided such
Securitization Subsidiary is able to pay its debts as they fall due immediately after such transfer) a deemed dividend of all such
amounts by each such Securitization Subsidiary to the Borrower in proportion with its percentage ownership of the outstanding shares
of such Securitization Subsidiary) and (y) transfer collected funds held by the Account Bank in the Collection Account to
the following Persons in the following amounts, calculated as of the prior Business Day, and priority:

 

(i)            to
the payment of Taxes, registration and filing fees then due and owing by the Borrower that are attributable solely to the operations
of the Borrower; provided that the aggregate amounts payable under this clause (i) shall not exceed the Tax
Expense Cap;

 

(ii)           to
the payment of accrued and unpaid Administrative Expenses (excluding indemnities);

 

(iii)          to
the Servicer, in payment in full of all accrued and unpaid Servicing Fees but only to the extent that the Servicer is not an Affiliate
of the Borrower, the Originator or GC Advisors LLC;

 

    	 	63	 

     

    

 

(iv)          pro
rata, in accordance with the amounts due under this clause (iv), to each Lender, all Yield, the Unused Fee, and any
Breakage Fees that are accrued and unpaid as of the last day of the related Remittance Period;

 

(v)           pro
rata, to each Lender and the Administrative Agent, as applicable, all accrued and unpaid fees, expenses (including attorneys'
fees, costs and expenses), Increased Costs and indemnity amounts payable by the Borrower to the Administrative Agent or any
Lender under the Transaction Documents;

 

(vi)          to
pay the Advances Outstanding and any applicable Prepayment Premium until paid in full;

 

(vii)         to
the payment of any Administrative Expenses, to the extent not paid pursuant to clause (ii) above due to the limitation
contained therein;

 

(viii)        to
the Servicer, in payment in full of all accrued and unpaid Servicing Fees to the extent not paid pursuant to clause (iii) above
due to the limitation contained therein;

 

(ix)          to
the Servicer, all reasonable expenses incurred in connection with the performance of its duties under the Transaction Documents;

 

(x)           to
pay to the Approved Valuation Firm all accrued and unpaid fees and expenses; and

 

(xi)          to
the Borrower, any remaining amounts.

 

(d)            Unfunded
Exposure Account; Delayed Draw Loan Assets. Funds on deposit in the Unfunded Exposure Account as of any date of determination
may be withdrawn to fund draw requests of the relevant Obligors under any Delayed Draw Loan Asset. Any such draw request made by
an Obligor, along with wiring instructions for the applicable Obligor, shall be forwarded by the Borrower or the Servicer to the
Collateral Agent (with a copy to the Administrative Agent) in the form of a Disbursement Request, and the Collateral Agent shall
instruct the Account Bank to fund such draw request in accordance with the Disbursement Request. As of any date of determination,
the Servicer (or, after delivery of a Notice of Exclusive Control, the Administrative Agent) may cause any amounts on deposit in
the Unfunded Exposure Account that exceed (i) the aggregate of all Unfunded Exposure Equity Amounts prior to the end of the
Revolving Period and (ii) the Aggregate Unfunded Exposure Amount, in each case, to be deposited into the Principal Collection
Subaccount as Principal Collections.

 

    	 	64	 

     

    

 

(e)            Insufficiency
of Funds. The parties hereby agree that if the funds on deposit in the Collection Account are insufficient to pay any amounts
due and payable on a Payment Date or otherwise, the Borrower shall nevertheless remain responsible for, and shall pay when due,
all amounts payable under this Agreement and the other Transaction Documents in accordance with the terms of this Agreement and
the other Transaction Documents. The parties further agree that amounts that may be distributed to the Borrower or the holders
of any Equity Interest in the Borrower are fully subordinated and junior to the Obligations of the Borrower to the Secured Parties.
In the event the Borrower is subject to a Bankruptcy Event, any claim that the Borrower or the holders of any Equity Interest in
the Borrower may have with respect to such distributions shall, notwithstanding anything to the contrary herein and notwithstanding
any objection to, or rescission of, such filing, be fully subordinate in right of payment to the Obligations of the Borrower to
the Secured Parties. The foregoing sentence and the provisions of Section 2.04 shall constitute a "subordination
agreement" within the meaning of Section 510(a) of the Bankruptcy Code. The Borrower and the Originator hereby agree
that they may only receive distributions from amounts available pursuant to Sections 2.04(a)(xi), 2.04(b)(vii) and
2.04(c)(xi) or with respect to any Advance pursuant to Section 2.01 or the release of any Eligible Currency
(other than Dollars) pursuant to this Agreement.

 

(f)             Repayment
of Obligations. Notwithstanding anything to the contrary contained herein, the Borrower shall repay the Advances Outstanding,
all accrued and unpaid Yield, any Breakage Fees, Increased Costs, all accrued and unpaid costs and expenses of the Administrative
Agent and Lenders and all other Obligations (other than unmatured contingent obligations for which no claim has been made) in full
on the Facility Maturity Date.

 

(g)            Conversion.
The Servicer shall, pursuant to Section 2.17(f) instruct the Collateral Agent, no later than the date immediately preceding
each Payment Date and subject to the Pari Passu Provisions, to convert amounts on deposit in the applicable Collection Account
into each Eligible Currency (pro rata based on available amounts from each other Eligible Currency, unless otherwise directed in
writing by the Servicer) using the Spot Rate to the extent necessary to make payments required in each Eligible Currency pursuant
to Section 2.04(a), Section 2.04(b) and Section 2.04(c). All risk and expense incident
to such conversion is the responsibility of the Borrower, and the Collateral Agent shall have (x) no responsibility for fluctuations
in exchange rates affecting any Collections or conversion thereof and (y) to the extent it complies with the instructions
provided by the Servicer pursuant to the Servicing Standard, no liability for any losses incurred or resulting from the rates obtained
in such foreign exchange transactions.

 

Section 2.05           Instructions
to the Collateral Agent and the Account Bank. All instructions and directions given to the Collateral Agent or the
Account Bank by the Servicer, the Borrower or the Administrative Agent pursuant to Section 2.04 shall be in writing.
The Servicer and the Borrower shall promptly transmit to the Administrative Agent a copy of all instructions and directions given
to the Collateral Agent or the Account Bank by such party pursuant to Section 2.04. The Administrative Agent shall
promptly transmit to the Servicer and the Borrower a copy of all instructions and directions given to the Collateral Agent or
the Account Bank by the Administrative Agent pursuant to Section 2.04. If either the Administrative Agent or the Collateral
Agent disagrees with the computation of any amounts to be paid or deposited by the Borrower or the Servicer under Section 2.04
or otherwise pursuant to this Agreement, or upon their respective instructions, it shall so notify the Borrower, the Servicer
and the Collateral Agent or the Administrative Agent, as applicable, in writing and in reasonable detail to identify the specific
disagreement. If such disagreement cannot be resolved within five (5) Business Days, the determination of the Administrative
Agent as to such amounts shall be conclusive and binding on the parties hereto absent manifest or demonstrable error. In the event
the Collateral Agent or the Account Bank receives instructions from the Servicer or the Borrower which conflict with any instructions
received from the Administrative Agent, the Collateral Agent or the Account Bank, as applicable, shall rely on and follow the
instructions given by the Administrative Agent.

 

    	 	65	 

     

    

 

Section 2.06           Borrowing
Base Deficiency Payments.

 

(a)            If,
on any day prior to the Collection Date, any Borrowing Base Deficiency exists (other than as specified in clause (d) below),
then the Borrower shall eliminate such Borrowing Base Deficiency in its entirety within three (3) Business Days (or such longer
period as set forth herein) of the Borrower receiving written notice from the Administrative Agent of such Borrowing Base Deficiency
by effecting one or more (or any combination thereof) of the following actions in order to eliminate such Borrowing Base Deficiency
as of such date of determination: (i) deposit cash in Dollars into the Principal Collection Subaccount, (ii) repay Advances
Outstanding (together with any Breakage Fees in respect of the amount so prepaid), (iii) to the extent such sales, in conjunction
with other actions, eliminated such Borrowing Base Deficiency, sell Loan Assets in accordance with Section 2.07, (iv) Grant
(or arrange for one or more Securitization Subsidiaries to Grant) additional Eligible Loan Assets and/or (v) delivery of an
Equity Cure Notice (subject to the requirements set forth in Section 2.06(c)); provided that, if the Borrower
requests to Grant (or arrange for one or more Securitization Subsidiaries to Grant) another Eligible Loan Asset within three Business
Days of such Borrowing Base Deficiency and the Administrative Agent, in its sole and absolute discretion, does not either reject
such Loan Asset or approve such Loan Asset within three Business Days of the Borrower’s request to Grant (or arrange for
one or more Securitization Subsidiaries to Grant) such Loan Asset, then the Administrative Agent may, in its sole and absolute
discretion, elect in writing to extend the three Business Day grace period set forth in this Section 2.06.

 

(b)            No
later than 4:00 p.m. on the Business Day of the repayment of Advances Outstanding or Grant of additional Eligible Loan Assets
pursuant to Section 2.06(a), the Borrower (or the Servicer on its behalf) shall deliver (i) to the Administrative
Agent (with a copy to the Collateral Agent and the Collateral Custodian) notice of such repayment or Grant and a duly completed
Borrowing Base Certificate, updated to the date such repayment or Grant is being made and giving pro forma effect to such
repayment or Grant, and (ii) to the Administrative Agent, if applicable, a description of any Eligible Loan Asset and each
Obligor of such Eligible Loan Asset to be Granted and an updated Loan Asset Schedule. Failure to deliver any such notice shall
not affect the cure of the Borrowing Base Deficiency made pursuant to Section 2.06(a).

 

(c)            The
Borrower may cure a Borrowing Base Deficiency pursuant to Section 2.06(a)(iv) by delivering a notice to the Administrative
Agent within three (3) Business Days after such Borrowing Base Deficiency (such notice, an “Equity Cure Notice”),
subject to the following requirements:

 

(i)     Such
Equity Cure Notice sets forth evidence reasonably satisfactory to the Administrative Agent that the Originator has arranged for
funds to be made available to the Borrower in an aggregate amount sufficient to cure such Borrowing Base Deficiency (which funds
may be raised in connection with such means as is available to the applicable Affiliates of the Originator); and

 

    	 	66	 

     

    

 

(ii)    The
amount necessary to cure such Borrowing Base Deficiency is contributed to the Borrower in immediately available funds, and such
amount shall be applied by the Borrower to eliminate such Borrowing Base Deficiency, in each case, within ten (10) Business
Days of the date such Equity Cure Notice is delivered to the Administrative Agent.

 

(d)            Notwithstanding
anything to the contrary set forth in clause (a) above, if a Borrowing Base Deficiency exists on the last day of the Specified
Period and (i) if such Borrowing Base Deficiency is in an amount less than or equal to $7,500,000, then such Borrowing Base
Deficiency will not be required to be cured within three (3) Business Days pursuant to clause (a) above and, as of any
Payment Date during such time as the Borrowing Base Deficiency is not cured pursuant to the terms of clause (a) above, Interest
Collections and Principal Collections shall be used to pay down Advances Outstanding in accordance with Section 2.04(a)(v) and
Section 2.04(b)(iii)(A) (in addition to any other combination of cure mechanisms applied by the Borrower as set
forth in clause (a) above) until the earlier of (x) the expiration of the Post-Specified Period and (y) the date
on which such deficiency is cured; and (ii) if such Borrowing Base Deficiency is in an amount greater than $7,500,000, the
Borrower shall, within three (3) Business Days of the last day of the Specified Period, cure such deficiency (using any combination
of cure mechanisms applied by the Borrower as set forth in clause (a) above) until the Borrowing Base Deficiency is less than
or equal to $7,500,000 (and any failure to effectuate such cure shall be deemed to be an Event of Default pursuant to Section 7.01(j)),
after which, as of any Payment Date during such time as the Borrowing Base Deficiency is not cured pursuant to the terms of clause
(a) above, Interest Collections and Principal Collections shall be used to pay down Advances Outstanding in accordance
with Section 2.04(a)(vi) and Section 2.04(b)(ii)(A) (in addition to any other combination of
cure mechanisms applied by the Borrower as set forth in clause (a) above), until the earlier of (x) the expiration of
the Post-Specified Period and (y) the date on which such deficiency is cured. If a Borrowing Base Deficiency exists on any
date of determination during the Post-Specified Period and such Borrowing Base Deficiency is greater than the Borrowing Base Deficiency
in existence on the previous date of determination (any such increase in Borrowing Base Deficiency, a "Borrowing Base Deficiency
Increase"), it shall be an Event of Default pursuant to Section 7.01(j) if such Borrowing Base Deficiency
has not been reduced in accordance with the provisions set forth in clauses (a), (b) and (c) above by an amount equal
to or greater than the applicable Borrowing Base Deficiency Increase within three (3) Business Days of such later date of
determination. If a Borrowing Base Deficiency exists after the expiration of the Post-Specified Period, it shall be an Event of
Default pursuant to Section 7.01(j) if it has not been remedied in accordance with the provisions set forth in
clauses (a), (b) and (c) above.

 

Section 2.07           Sale
of Loan Assets; Affiliate Transactions.

 

(a)            Substitutions.
The Borrower may, with the consent of the Administrative Agent in its sole discretion, replace (or direct any Securitization Subsidiary
to replace) any Loan Asset with an Eligible Loan Asset so long as (i) no event has occurred, or would result from such substitution,
which constitutes an Event of Default and no event has occurred and is continuing, or would result from such substitution, which
constitutes an Unmatured Event of Default or a Borrowing Base Deficiency and (ii) simultaneously therewith, the Borrower (or
a Securitization Subsidiary) Grants (in accordance with all of the terms and provisions contained herein) a Substitute Eligible
Loan Asset.

 

    	 	67	 

     

    

 

(b)            Discretionary
Sales. (i) The Borrower shall be permitted to sell (or direct any Securitization Subsidiary to sell) Loan Assets to Persons
other than the Originator or its Affiliates from time to time (such sale, a “Discretionary Sale”); provided
that (i) the proceeds of such sale shall be deposited into the Collection Account to be disbursed in accordance with Section 2.04
hereof, (ii) any sale to an Affiliate of the Originator meets the requirements set forth in Section 2.07(d) below,
(iii) after giving effect to any such sale, no Borrowing Base Deficiency shall exist, (iv) no event has occurred, or
would result from such sale, which constitutes an Unmatured Event of Default and (v) after giving effect to such sale, the
Weighted Average Life Test is satisfied or, if not satisfied, would be maintained or improved.

 

(ii)  The Borrower
shall be permitted to sell (or direct any Securitization Subsidiary to sell) Non-Levered Loan Assets to any Person at any time
without restriction. The proceeds of such sale may (i) be deposited into the Collection Account to be disbursed in accordance
with Section 2.04 here or (ii) prior to the occurrence and continuation of an Event of Default, deposited into the Contribution
Account for distribution to the Originator.

 

(iii)  The Borrower
shall be permitted to sell (or direct any Securitization Subsidiary to sell) ineligible Loan Assets (including any Equity Security
or Margin Stock) at any time without restriction. In addition, the Borrower may sell (or direct any Securitization Subsidiary to
sell) any Loan Asset without restriction in connection with a termination of this facility.

 

(c)            Repurchase
or Substitution of Warranty Breach Loan Assets. No later than ten (10) Business Days following the earlier of knowledge
by a Loan Party of a Loan Asset becoming a Warranty Breach Loan Asset or receipt by such Loan Party from the Administrative Agent
or the Servicer of written notice thereof, the Borrower shall (or shall cause a Securitization Subsidiary to) either:

 

(i)            make
a deposit in the applicable Eligible Currency to the Collection Account (for allocation pursuant to Section 2.04) in
immediately available funds in an amount equal to the sum of (x) (i) the then-applicable Advance Rate of such Loan Asset,
multiplied by (ii) the Outstanding Balance of such Loan Asset, plus (y) any expenses or fees with respect
to such Loan Asset and costs and damages incurred by the Administrative Agent or by any Lender in connection with any violation
by such Loan Asset of any Applicable Law (a notification regarding the amount of such expenses or fees to be provided by the Administrative
Agent to the Borrower); provided that (A) the Administrative Agent shall have the right to determine whether the amount
so deposited is sufficient to satisfy the foregoing requirements and (B) the deposit of such funds into the Collection Account
may result from the sale of such Warranty Breach Loan Asset pursuant to Section 2.07(a); or

 

(ii)           with
the prior written consent of the Administrative Agent, in its sole discretion, substitute for such Warranty Breach Loan Asset a
Substitute Eligible Loan Asset.

 

    	 	68	 

     

    

 

Upon confirmation of
the deposit of the amounts set forth in Section 2.07(c)(i) into the Collection Account or the delivery by the
Borrower of a Substitute Eligible Loan Asset for each Warranty Breach Loan Asset pursuant to Section 2.07(c)(ii) (the
date of such confirmation or delivery, the "Release Date"), such Warranty Breach Loan Asset and Related Asset
shall be removed from the Collateral and, as applicable, the Substitute Eligible Loan Asset and Related Asset shall be included
in the Collateral. On the Release Date of each Warranty Breach Loan Asset, the Collateral Agent, for the benefit of the Secured
Parties, shall automatically and without further action be deemed to release to the Borrower, without recourse, representation
or warranty, all the right, title and interest and any Lien of the Collateral Agent, for the benefit of the Secured Parties in,
to and under the Warranty Breach Loan Asset and any Related Asset and all future monies due or to become due with respect thereto.

 

(d)            Conditions
to Sales, Substitutions and Repurchases. Any sales, substitutions or repurchases effected pursuant to Sections 2.07(a),
(b), or (c) shall be subject to the satisfaction of the following conditions (it being understood that a Borrowing
Base Deficiency may be continuing in connection with any sale effected pursuant to Section 2.06(a)(iii) so long
as such sales, collectively with other actions, are sufficient to eliminate such Borrowing Base Deficiency) (as certified in writing
to the Administrative Agent and Collateral Agent by the Borrower):

 

(i)           the
Borrower shall deliver a Borrowing Base Certificate and an updated Loan Asset Schedule to the Administrative Agent in connection
with such sale, substitution or repurchase;

 

(ii)          the
Borrower shall deliver a list of all Loan Assets to be sold, substituted, repurchased;

 

(iii)         the
Borrower shall (A) with respect to sales and repurchases, give one (1) Business Day's notice of such sale or repurchase
to the Administrative Agent and Collateral Agent and (B) with respect to substitutions, have received an Approval Notice (for
each Loan Asset added to the Collateral on the related Cut-Off Date);

 

(iv)         the
Borrower shall notify the Administrative Agent of any amount to be deposited into the Collection Account in connection with any
sale, substitution or repurchase;

 

(v)          the
representations and warranties contained in Sections 4.01, 4.02 and 4.03 hereof shall continue to be correct
in all respects, except to the extent relating to an earlier date; and

 

(vi)         any
repayment of Advances Outstanding in connection with any sale, substitution or repurchase of Loan Assets hereunder shall comply
with the requirements set forth in Section 2.16.

 

So long as the conditions
set forth in this clause (d), Section 2.07(b) and Section 2.07(e), as applicable, are satisfied, in
no event shall the sale price of any Loan Asset sold pursuant to Section 2.07(b) be required to exceed the Adjusted
Borrowing Value of such Loan Asset multiplied by the Advance Rate of such Loan Asset.

 

    	 	69	 

     

    

 

(e)            Affiliate
Transactions.

 

(i)            A
Loan Party may sell Loan Assets to Affiliates if such transaction is at arm’s length and for fair market value if such Loan
Party is selling (A) a Non-Levered Loan Asset to any Affiliate at any price, (B) a Loan Asset other than a Non-Levered
Loan Asset to an Existing Golub BDC CLO (directly or indirectly) or to GC Advisors LLC (or an Affiliate) for a substantially concurrent
transfer to a special purpose vehicle in accordance with the No-Action Relief in connection with an Existing Golub BDC CLO.

 

(ii)           Other
than as set forth in Section 2.07(e)(i), the Originator (or an Affiliate thereof) shall not reacquire from any Loan
Party, and neither the Originator nor any Affiliates thereof will have a right or ability to purchase, the Loan Assets of such
Loan Party without the prior written consent of the Administrative Agent (other than with respect to sales pursuant to Section 2.06(a)(iii)),
and any such transactions shall be at arm’s-length and for fair market value, except in the case of removals or substitutions
of Loan Assets by the Borrower pursuant to Section 2.07(c).

 

(f)             Limitations
on Sales and Substitutions. The Outstanding Balance of all Loan Assets (other than Warranty Loan Assets) (i) sold pursuant
to Section 2.07(b) to Persons other than the Originator or its Affiliates (other than during the Specified Period
and the Post-Specified Period, Subject Loan Assets (A) sold at fair market value and (B) during the Post-Specified Period,
the sale of which maintains or improves any Borrowing Base Deficiency then in existence), (ii) sold pursuant to Section 2.07(e) to
the Originator or an Affiliate thereof and (iii) substituted pursuant to Section 2.07(a) (other than during
the Specified Period and the Post-Specified Period Subject Loan Assets (A) sold at fair market value and (B) during the
Post-Specified Period, the sale of which maintains or improves any Borrowing Base Deficiency then in existence) shall not exceed
20% of the Net Purchased Loan Balance; provided, that any Loan Asset sold to any collateralized loan obligation (or, in
the case of clause (z)(II) below, any credit facility) undertaken by the Servicer or an Affiliate thereof (directly or indirectly)
or to GC Advisors LLC (or an Affiliate) for a substantially concurrent transfer to a special purpose vehicle in accordance with
the No-Action Relief shall be excluded from the numerator in the foregoing threshold so long as such Loan Asset is sold on arm’s-length
terms for fair market value (determined as required by, and in accordance with, the U.S. Investment Advisers Act of 1940, as amended)
(x) (1) for which the closing date was within the two months prior to the proposed date of sale and (2) for which
Morgan Stanley Senior Funding, Inc. or an Affiliate thereof acts as an underwriter or placement agent, (y) consented
to in writing by the Administrative Agent or (z) (I) with respect to a collateralized loan obligation, that had its effective
date and was declared fully ramped up (whether by meeting its target initial par amount requirement or otherwise) by the Servicer
prior to the sale of Loan Assets to such collateralized loan obligation and (II) with respect to any sale of Loan Assets to
such collateralized loan obligation or credit facility, such sale is being performed by the Servicer for the purpose of “rebalancing”
and not ramping the transaction, shall be excluded from the foregoing threshold so long as such Loan Asset is sold on arm’s-length
terms for fair market value (determined as required by, and in accordance with, the U.S. Investment Advisers Act of 1940, as amended);
provided, further, that the aggregate Loan Assets sold pursuant to Section 2.07(e) to any collateralized
loan obligation undertaken by the Servicer or an Affiliate thereof (directly or indirectly) and for which the closing date was
within the two months prior to the proposed date of sale that otherwise does not meet the requirements of the immediately preceding
proviso, shall not exceed 10% of the Net Purchased Loan Balance in any twelve-month period unless otherwise consented to by the
Administrative Agent. The Outstanding Balance of all defaulted Loan Assets (other than Warranty Loan Assets) (i) sold pursuant
to Section 2.07(b) to Persons other than the Originator or its Affiliates, (ii) sold pursuant to Section 2.07(e) to
the Originator or an Affiliate thereof and (iii) substituted pursuant to Section 2.07(a) shall not exceed
10% of the Net Purchased Loan Balance; provided that any Loan Asset sold to any credit facility undertaken by the Servicer
or an Affiliate thereof (directly or indirectly) (x) that had its effective date and was declared fully ramped up (whether
by meeting its target initial par amount requirement or otherwise) by the Servicer prior to the sale of Eligible Loan Assets to
such collateralized loan obligation and (y) with respect to any sale of Eligible Loan Assets to such collateralized loan obligation,
such sale is being performed by the Servicer for the purpose of “rebalancing” and not ramping the transaction, shall
be excluded from the foregoing threshold so long as such Loan Asset is sold on arm’s-length terms for fair market value (determined
as required by, and in accordance with, the U.S. Investment Advisers Act of 1940, as amended). For the avoidance of doubt, the
10% threshold set forth in the second sentence of this clause (f) shall be a sub-limit of the 20% threshold set forth in the
first sentence of this clause (f). Notwithstanding anything to the contrary herein, solely during the Specified Period,
the written consent of the Administrative Agent shall be required for any sale or substitution that would result in the aggregate
Outstanding Balance of all Subject Loan Assets to be in excess of 50.0% of the SLA Threshold Amount.

 

    	 	70	 

     

    

 

(g)            Sales
to Affiliates of Replacement Servicer. To the extent that Golub Capital BDC, Inc. (or an Affiliate thereof) is no longer
the Servicer, the Replacement Servicer may only sell assets owned by the Borrower to such Replacement Servicer’s Affiliates
to the extent that it receives the consent of the “member” of the Borrower identified in the Borrower LLC Agreement.

 

Section 2.08           Payments
and Computations, Etc.

 

(a)            All
amounts to be paid or deposited by a Loan Party or the Servicer hereunder shall be paid or deposited in accordance with the terms
hereof no later than 1:00 p.m. on the day when due in Dollars or in such other Eligible Currency in immediately available
funds to the Collection Account or such other account as is designated by the Administrative Agent. Any Obligation hereunder shall
not be reduced by any distribution of any portion of Available Collections if at any time such distribution is rescinded or required
to be returned by any Lender to the Borrower or any other Person for any reason. Each Advance shall accrue interest at the applicable
Yield Rate for its Eligible Currency for each day during each applicable Remittance Period. All computations of interest and all
computations with respect to the Yield and the Yield Rate shall be computed on the basis of a year of three hundred and sixty (360)
days and the actual number of days elapsed; provided that with respect to GBP Advances, such computations shall be computed
on the basis of a year of three hundred and sixty-five (365) days and the actual number of days elapsed. Each Advance shall accrue
interest at the Yield Rate for each day beginning on, and including, the Advance Date with respect to such Advance and ending on,
but excluding, the date such Advance is repaid in full.

 

    	 	71	 

     

    

 

(b)            Whenever
any payment hereunder shall be stated to be due on a day other than a Business Day, such payment shall be made on the next succeeding
Business Day, and such extension of time shall in such case be included in the computation of payment of Yield or any fee payable
hereunder, as the case may be. To the extent that Available Collections are insufficient on any Payment Date to satisfy the full
amount of any Increased Costs pursuant to Section 2.04(a)(v) and Section 2.04(b)(i), such unpaid amounts
shall remain due and owing and shall be payable on the next succeeding Payment Date until repaid in full.

 

(c)            If
any Advance requested by the Borrower pursuant to Section 2.02 is not for any reason whatsoever, except as a result
of the gross negligence or willful misconduct of, or failure to fund such Advance on the part of, the Lenders, made or effectuated,
as the case may be, on the date specified therefor, the Borrower shall indemnify such Lender against any loss, cost or expense
incurred by such Lender related thereto, including, any loss (including cost of funds and out-of-pocket expenses), cost or expense
incurred by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund Advances or maintain
the Advances. Any such Lender shall provide to the Borrower documentation setting forth the amounts of any loss, cost or expense
referred to in the previous sentence, such documentation to be conclusive absent manifest error.

 

Section 2.09           Unused
Fee. The Borrower shall pay, in accordance with Section 2.04, pro rata to each Lender, an unused
fee (the "Unused Fee") payable in arrears for each Remittance Period, equal to the sum of the products for each
day during such Remittance Period of (a) one divided by three hundred and sixty (360), (b) the applicable Unused
Fee Rate and (c) the Facility Amount minus the greater of (i) the Advances Outstanding on such date and (ii) the
Minimum Utilization.

 

Section 2.10           Increased
Costs; Capital Adequacy.

 

(a)            If
any Change in Law shall:

 

(i)            impose,
modify or deem applicable any reserve, special deposit, assessment, fee, tax, insurance charge, liquidity or similar requirement
(including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account
of, or credit extended by, any the Administrative Agent, any Lender or any Affiliate, participant, successor or assign thereof
(each of which shall be an "Affected Party");

 

(ii)           impose
on any Affected Party or the London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement
or Advances or participation therein or the obligation or right of any Lender to make Advances hereunder; or

 

(iii)          change
the amount of capital maintained or required or requested or directed to be maintained by any Affected Party; and the result
of any of the foregoing shall be to increase the cost to or impose a cost upon such Affected Party of funding or making or maintaining
any Advance or of maintaining its obligation to make any such Advance or otherwise performing its obligations under the Transaction
Documents or to increase the cost to such Affected Party or to reduce the amount of any sum received or receivable by such Affected
Party, whether of principal, interest or otherwise or to require any payment calculated by reference to the amount of interest
or loans received or held by such Affected Party, then the Borrower will pay to such Affected Party such additional amount or
amounts as will compensate such Affected Party for such additional costs incurred or reduction suffered.

 

    	 	72	 

     

    

 

(b)            If
any Affected Party determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of
reducing the rate of return on such Affected Party's capital or on the capital of Affected Party's holding company, if any, as
a consequence of this Agreement or the Advances made by such Affected Party to a level below that which such Affected Party or
Affected Party's holding company could have achieved but for such Change in Law (taking into consideration such Affected Party's
policies and the policies of such Affected Party's holding company with respect to capital adequacy and liquidity), the Borrower
will pay to such Affected Party such additional amount or amounts as will compensate such Affected Party or Affected Party's holding
company for any such reduction suffered on the immediately following Payment Date pursuant to Section 2.04 to the extent
of available funds.

 

(c)            A
certificate of an Affected Party providing an explanation of the applicable Change in Law and setting forth the amount or amounts
necessary to compensate such Affected Party or its holding company, as the case may be, as specified in clause (a) or
(b) of this Section 2.10 shall be delivered to the Borrower and shall be conclusive absent manifest or
demonstrable error. In determining any amount provided for in this Section 2.10, the Affected Party may use any reasonable
averaging and attribution methods. The Borrower shall pay such Affected Party the amount shown as due on any such certificate on
the Payment Date following receipt thereof to the extent of available funds.

 

(d)            If
a Currency Disruption Event as described in clause (a) of the definition of “Currency Disruption Event” with respect
to any Lender occurred, such Lender shall in turn so notify the Borrower, whereupon the Yield Rate with respect to all Advances
Outstanding of the affected Lender denominated in the affected Eligible Currency shall accrue Yield at the Designated Base Rate
plus the Applicable Margin.

 

(e)            Failure
or delay on the part of any Affected Party to demand compensation pursuant to this Section 2.10 shall not constitute
a waiver of any Affected Party's right to demand such compensation; provided that the Borrower shall not be required to
compensate any Affected Party pursuant to this Section 2.10 for any increased costs or reductions incurred more than
one hundred and eighty (180) days prior to the date that such Affected Party notifies the Borrower of the Change in Law giving
rise to such increased costs or reductions and of such Affected Party's intention to claim compensation therefor; provided,
further, that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the one hundred
and eighty (180)-day period referred to above shall be extended to include the period of retroactive effect thereof.

 

    	 	73	 

     

    

 

(f)             In
the event that any Affected Party shall incur any loss or expense (including any loss or expense incurred by reason of the liquidation
or reemployment of deposits or other funds acquired by such Affected Party to make any purchase or loan or maintain any purchase
or loan) as a result of any Advance not being made in accordance with a request therefor under Section 2.02, then,
on the immediately following Payment Date following written notice from such Affected Party to the Borrower, the Borrower shall
pay to such Affected Party, the amount of such loss or expense, pursuant to Section 2.04 (to the extent of available funds).
Such written notice (which shall include calculations in reasonable detail) shall, in the absence of manifest or demonstrable error,
be conclusive and binding upon the Borrower.

 

(g)            This
Section 2.10 shall not apply to any (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of
the definition of Excluded Taxes and (C) Connection Income Taxes.

 

Section 2.11           Taxes.

 

(a)            Any
and all payments made by the Borrower or made by the Servicer on behalf of the Borrower under this Agreement will be made free
and clear of and without deduction or withholding for or on account of any Taxes. If any Taxes are required by Applicable Law to
be withheld from any amounts payable to any Recipient, then the applicable withholding agent shall be entitled to make such deduction
or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with
Applicable Law and, if such Tax is an Indemnified Tax, then the amount payable by the Borrower to such Person will be increased
as necessary (the amount of such increase, the "Additional Amount") such that every net payment made under this
Agreement after withholding or deduction for or on account of any Taxes (including, any Taxes on such increase) is not less than
the amount that would have been paid had no such deduction or withholding been made.

 

(b)            The
Borrower or Servicer shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option
of the Administrative Agent or a Lender timely reimburse it for the payment of, any Other Taxes.

 

(c)            The
Borrower, the Servicer and the Originator shall pay (i) with respect to the Borrower, on the Payment Date pertaining to the
Remittance Period in which such cost is incurred and (ii) with respect to the Servicer and the Originator, on demand, in each
case, any and all stamp, sales, excise and other Taxes and fees payable or determined to be payable to any Governmental Authority
in connection with the execution, delivery, filing and recording of this Agreement, the other Transaction Documents or any other
document providing liquidity support, credit enhancement or other similar support to the Lenders in connection with this Agreement
or the funding or maintenance of Advances hereunder.

 

(d)            The
Borrower will indemnify, from funds available to it pursuant to Section 2.04 (and to the extent the funds available
for indemnification provided by the Borrower is insufficient the Servicer, on behalf of the Borrower, will indemnify) each Recipient
for the full amount of Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable
under this Section 2.11) payable or paid by such Person or required to be withheld or deducted from a payment to such
Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly
or legally imposed or asserted by the relevant Governmental Authority. All payments in respect of this indemnification shall be
made within ten (10) days from the date a written demand therefor is delivered to the Borrower. A certificate as to the amount
of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

    	 	74	 

     

    

 

(e)            Each
Lender shall severally indemnify the Administrative Agent, within ten (10) days after demand therefor, for (i) any Indemnified
Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent
for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), and (ii) any Excluded Taxes attributable
to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Transaction Document,
and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any
Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative
Agent to set off and apply any and all amounts at any time owing to such Lender under any Transaction Document or otherwise payable
by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this
Section 2.11(e).

 

(f)            Within
thirty (30) days after the date of any payment by the Borrower or by the Servicer on behalf of the Borrower of any Taxes, the Borrower
or the Servicer, as applicable, will furnish to the Administrative Agent at the applicable address set forth on this Agreement,
appropriate evidence of payment thereof.

 

(g)            Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Transaction
Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower
or the Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative
Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender,
if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by Applicable
Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent
to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding
anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other
than such documentation set forth in Section 2.11(g)(i), (ii) and (iii)) shall not be required if in the Lender's
reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense
or would materially prejudice the legal or commercial position of such Lender.

 

(i)            If
any Lender is not a United States Tax Person, such Lender shall deliver to the Borrower, to the extent legally entitled to do so,
with a copy to the Administrative Agent, on or prior to the date such Lender becomes a party to the Agreement (and from time to
time thereafter upon reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable:

 

    	 	75	 

     

    

 

a.           in
the case of a Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect
to payments of interest under any Transaction Document, executed copies of IRS Form W-8BEN or W-8BEN-E establishing an exemption
from, or reduction of, U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty and (y) with
respect to any other applicable payments under any Transaction Document, IRS Form W-8BEN or W-8BEN-E establishing an
exemption from, or reduction of, U.S. federal withholding Tax pursuant to the "business profits" or "other income"
article of such tax treaty;

 

b.           executed
copies of IRS Form W-8ECI;

 

c.           in
the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code,
(x) a certificate substantially in the form of Exhibit L-1 to the effect that such Lender is not a "bank"
within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower within the
meaning of Section 881(c)(3)(B) of the Code, or a "controlled foreign corporation" described in Section 881(c)(3)(C) of
the Code (a "U.S. Tax Compliance Certificate") and (y) executed copies of IRS Form W-8BEN or W-8BEN-E;
or

 

d.           to
the extent a Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN or W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-2 or Exhibit L-3, IRS
Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Lender
is a partnership and one or more direct or indirect partners of such Lender are claiming the portfolio interest exemption, such
Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit L-4 on behalf of each such
direct and indirect partner;

 

(ii)           If
a Lender is a United States Tax Person, such Lender shall deliver to the Borrower, with a copy to the Administrative Agent, on
or prior to the date such Lender becomes a party to this Agreement (and from time to time thereafter upon reasonable request of
the Borrower or the Administrative Agent), two (or such other number as may from time to time by prescribed by Applicable Law)
duly completed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding tax.

 

    	 	76	 

     

    

 

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

 

(iv)         If
any Lender is not a United States Tax Person, such Lender shall, to the extent it is legally entitled to do so, deliver to the
Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date
on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Administrative Agent), executed copies of any other form prescribed by Applicable Law as a basis for claiming exemption
from or a reduction in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed
by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made.

 

(v)          Each
Lender agrees that if any form or certification it previously delivered pursuant to this Section 2.11(g) expires
or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and
the Administrative Agent in writing of its legal inability to do so.

 

(h)            Unless
required by Applicable Law, at no time shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf
of a Lender, or have any obligation to pay to any Lender, any refund of Taxes withheld or deducted from funds paid for the account
of such Lender, as the case may be. If any party determines, in its sole discretion exercised in good faith, that it has received
a refund of any Indemnified Taxes as to which it has been indemnified or paid Additional Amounts pursuant to this Section 2.11,
it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made or Additional
Amounts paid under this Section 2.11 with respect to the Indemnified Taxes giving rise to such refund), net of all
out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall
repay to such indemnified party the amount paid over pursuant to this Section 2.11(h) (plus any penalties,
interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required
to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.11(h),
in no event will the indemnified party by required to pay any amount to any indemnifying party pursuant to this Section 2.11(h) the
payment of which would place the indemnified party in a less favorable net after-Tax position that the indemnified party would
have been in if the indemnification payments or Additional Amounts giving rise to such refund had never been paid. This paragraph
shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to
its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

    	 	77	 

     

    

 

(i)             Each
party's obligations under this Section 2.11 shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Transaction Document.

 

(j)             If
at any time the Borrower shall be liable for the payment of any Additional Amounts in accordance with this Section 2.11,
then the Borrower shall have the option to terminate this Agreement (in accordance with the provisions of Section 2.16(b));
provided that such option to terminate shall in no event relieve the Borrower of paying any amounts owing pursuant to this
Section 2.11 in accordance with the terms hereof.

 

Section 2.12           Grant
of a Security Interest; Collateral Assignment of Agreements.

 

(a)            (i) To
secure the prompt, complete and indefeasible payment in full when due, whether by lapse of time, acceleration or otherwise, of
the Obligations and the performance by the Borrower of all of the covenants and obligations to be performed by it pursuant to this
Agreement and each other Transaction Document, whether now or hereafter existing, due or to become due, direct or indirect, or
absolute or contingent (collectively, the "Secured Obligations"), the Borrower hereby (A) collaterally assigns
and pledges to the Collateral Agent, on behalf of the Secured Parties and (B) Grants a security interest to the Collateral
Agent, on behalf of the Secured Parties, in all of the Borrower's right, title and interest in, to and under (but none of the obligations
under) all of the Collateral, whether now existing or hereafter arising or acquired by the Borrower, and wherever the same may
be located. For the avoidance of doubt, the Collateral shall not include any Excluded Amounts, and the Borrower does not hereby
assign, pledge or Grant a security interest in any such amounts. Anything herein to the contrary notwithstanding, (x) the
Borrower shall remain liable under the Collateral to the extent set forth therein to perform all of its duties and obligations
thereunder to the same extent as if this Agreement had not been executed, (y) the exercise by the Collateral Agent, for the
benefit of the Secured Parties, of any of its rights in the Collateral shall not release the Borrower from any of its duties or
obligations under the Collateral, and (z) none of the Administrative Agent, the Collateral Agent, any Lender nor any Secured
Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall the Administrative Agent,
the Collateral Agent, any Lender nor any Secured Party be obligated to perform any of the obligations or duties of the Borrower
thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

 

    	 	78	 

     

    

 

(ii) To secure
the prompt, complete and indefeasible payment in full when due, whether by lapse of time, acceleration or otherwise, of the Obligations
and the performance by the Borrower of all of the covenants and obligations to be performed by it pursuant to this Agreement and
each other Transaction Document, whether now or hereafter existing, due or to become due, direct or indirect, or absolute or contingent,
each Securitization Subsidiary hereby (A) collaterally assigns and pledges to the Collateral Agent, on behalf of the Secured
Parties and (B) Grants a security interest to the Collateral Agent, on behalf of the Secured Parties, in all of such Securitization
Subsidiary's right, title and interest in, to and under (but none of the obligations under) all of the Collateral, whether now
existing or hereafter arising or acquired by such Securitization Subsidiary, and wherever the same may be located. For the avoidance
of doubt, the Collateral shall not include any Excluded Amounts, and such Securitization Subsidiary does not hereby assign, pledge
or Grant a security interest in any such amounts. Anything herein to the contrary notwithstanding, (x) such Securitization
Subsidiary shall remain liable under the Collateral to the extent set forth therein to perform all of its duties and obligations
thereunder to the same extent as if this Agreement had not been executed, (y) the exercise by the Collateral Agent, for the
benefit of the Secured Parties, of any of its rights in the Collateral shall not release such Securitization Subsidiary from any
of its duties or obligations under the Collateral, and (z) none of the Administrative Agent, the Collateral Agent, any Lender
nor any Secured Party shall have any obligations or liability under the Collateral by reason of this Agreement, nor shall the Administrative
Agent, the Collateral Agent, any Lender nor any Secured Party be obligated to perform any of the obligations or duties of the Borrower
thereunder or to take any action to collect or enforce any claim for payment assigned hereunder.

 

The foregoing Grants
shall, for the purpose of determining the property subject to the Lien of this Agreement, be deemed to include any securities and
any investments Granted to the Collateral Agent by or on behalf of the Borrower, whether or not such securities or investments
satisfy the criteria set forth in the definitions of "Eligible Loan Asset" or "Permitted Investments," as the
case may be.

 

(b)            As
Security for the Secured Obligations, each Loan Party hereby collaterally assigns to the Collateral Agent, for the benefit of the
Secured Parties, all of the such Loan Party’s right and title to and interest in, to and under (but not any obligations under)
each Purchase and Sale Agreement (and any UCC financing statements filed under or in connection therewith), the Underlying Instruments
related to each Loan Asset, all other agreements, documents and instruments evidencing, securing or guarantying any Loan Asset
and all other agreements, documents and instruments related to any of the foregoing but excluding any Excluded Amounts or Retained
Interest (the "Assigned Documents"). In furtherance and not in limitation of the foregoing, each Loan Party hereby
collaterally assigns to the Collateral Agent, for the benefit of the Secured Parties, its right to indemnification under each Purchase
and Sale Agreement. Each Loan Party confirms that following notice from the Administrative Agent to such Loan Party of the occurrence
of an Event of Default until the Collection Date the Collateral Agent (at the direction of the Administrative Agent) on behalf
of the Secured Parties shall have the sole right to enforce such Loan Party’s rights and remedies under each Purchase and
Sale Agreement and any UCC financing statements filed under or in connection therewith for the benefit of the Secured Parties.

 

The parties hereto
agree that such collateral assignment to the Collateral Agent, for the benefit of the Secured Parties, shall terminate upon the
Collection Date.

 

    	 	79	 

     

    

 

Section 2.13           Evidence
of Debt. The Administrative Agent shall maintain, solely for this purpose as a non-fiduciary agent of the Borrower,
at its address referred to in Section 12.02 a copy of each Assignment and Acceptance and participation agreement delivered
to and accepted by it and a register for the recordation of the names and addresses and interests of the Lenders (including principal
amounts and stated interest on the Advances) (the "Register"). The entries in the Register shall be conclusive
and binding for all purposes, absent manifest error, and the Borrower, the Administrative Agent and each Lender shall treat each
person whose name is recorded in the Register as a Lender under this Agreement for all purposes of this Agreement. The Register
shall be available for inspection by the Borrower or any Lender at any reasonable time during business hours and from time to
time upon reasonable prior notice. No Advance hereunder shall be assigned or sold, in whole or in part without registering such
assignment or sale on the Register.

 

Section 2.14           Release
of Loan Assets.

 

(a)            The
Lien of the Collateral Agent shall be automatically released with respect to: (i) any Loan Asset (and the Related Asset)
sold or substituted in accordance with the applicable provisions of Section 2.07, (ii) any Loan Asset (and the
Related Asset) with respect to which all amounts have been paid in full by the related Obligor and deposited in the Collection
Account, (iii) amounts distributed to the Borrower pursuant to Section 2.04, and (iv) the entire Collateral
following the Collection Date. Any Non-Levered Loan Asset sold by the Borrower shall be automatically released from the Lien of
the Collateral Agent. The Collateral Agent, for the benefit of the Secured Parties, shall, at the sole expense of the Servicer
and the Borrower and at the direction of the Administrative Agent, execute such documents and instruments of release as may be
prepared by the Servicer on behalf of the Borrower, give notice of such release to the Collateral Custodian (in the form of Exhibit J)
(unless the Collateral Custodian and Collateral Agent are the same Person) and take other such actions as shall reasonably be
requested by the Borrower to effect such release of the Lien created pursuant to this Agreement. Upon receiving such notification
by the Collateral Agent as described in the immediately preceding sentence, if applicable, the Collateral Custodian shall deliver
the Required Loan Documents to the Borrower. Notwithstanding anything to the contrary herein, each of the Administrative Agent,
Collateral Agent, Collateral Custodian and Lender agree that the release of the Lien on any Loan Assets (and Related Assets) designated
to be sold to GC Advisors LLC (or an Affiliate) for a substantially concurrent transfer to a special purpose vehicle in accordance
with the No-Action Relief in connection with an Existing Golub BDC CLO (the “No-Action Relief Assets”) shall
be deemed to occur prior to the payment by the Borrowers of its Obligations with respect to such No-Action Relief Assets on the
applicable date of transfer and the release of the Lien (other than with respect to the No-Action Relief Assets) with respect
to any other Loan Assets being sold to such Existing Golub BDC CLO shall be deemed to occur simultaneously with the payment by
the Borrower of its Obligations with respect to such Loan Assets on the applicable date of transfer, in each case, so as to allow
the Borrower to sell, assign and otherwise transfer the Collateral to certain parties in accordance with the terms of the No-Action
Relief and the related transaction documentation of the Existing Golub BDC CLO (it being understood no such release shall occur
until the Administrative Agent has received evidence reasonably satisfactory to it that the conditions precedent to closing of
the Existing Golub BDC CLO have been satisfied).

 

    	 	80	 

     

    

 

(b)         A
Securitization Subsidiary may obtain the release of its entire Securitization Subsidiary Collateral Portfolio (including such
Securitization Subsidiary’s Collection Accounts) and shall no longer be party to this Agreement upon (i) the closing
of a Securitization by such Securitization Subsidiary and transfer by the Borrower of the equity in such Securitization Subsidiary
to an Affiliate, third party or charitable trust or any combination of the foregoing and (ii) satisfaction of the following
conditions precedent:

 

(i)            the
Borrower shall have delivered a pro forma Borrowing Base Certificate and Loan Asset Schedule to the Administrative Agent reflecting
such release;

 

(ii)           the
Borrower shall deliver a list of all Loan Assets to be released;

 

(iii)          the
Borrower shall have provided ten Business Days’ prior notice of such release to the Administrative Agent and the Collateral
Agent and the Administrative Agent shall have provided its prior written consent to such release in its sole discretion;

 

(iv)          the
Borrower shall have notified the Administrative Agent of any amount to be deposited into the Borrower’s Collection Account
in connection with such release;

 

(v)           the
representations and warranties contained in Sections 4.01, 4.02 and 4.03 hereof shall be correct in all respects,
except to the extent relating to an earlier date, after giving effect to such release;

 

(vi)          after
giving effect to such release of the applicable Securitization Subsidiary Collateral Portfolio and the deposit into the Borrower
Collection Account in connection therewith and any payments of Advances Outstanding expected to be made in connection with the
closing of the Securitization, no Event of Default, Unmatured Event of Default or Borrowing Base Deficiency shall exist; and

 

(vii)         the
Borrower and the Servicer (on behalf of the Borrower) shall agree to pay the legal fees and expenses of the Administrative Agent,
each Lender, the Collateral Agent and the Collateral Custodian in connection with any such release.

 

The Collateral Agent,
for the benefit of the Secured Parties, shall, at the sole expense of the Servicer and at the direction of the Administrative
Agent, execute such documents and instruments of release as may be prepared by the Servicer on behalf of applicable Securitization
Subsidiary, give notice of such release to the Collateral Custodian (in the form of Exhibit J) (unless the Collateral
Custodian and Collateral Agent are the same Person) and take other such actions (including consenting to a UCC-3 termination for
the relevant Securitization Subsidiary, as applicable) as shall reasonably be requested by the applicable Securitization Subsidiary
to effect such release of the Lien in such Securitization Subsidiary Collateral Portfolio created pursuant to this Agreement (which
release shall be effective simultaneously with the closing of the relevant Securitization) and to evidence that such Securitization
Subsidiary is no longer party to this Agreement. Upon receiving such notification by the Collateral Agent as described in the
immediately preceding sentence, if applicable, the Collateral Custodian shall deliver the Required Loan Documents to the applicable
Securitization Subsidiary or any trustee or collateral administrator of such Securitization Subsidiary, as applicable, as directed
by the Servicer.

 

Section 2.15         Treatment
of Amounts Received by any Loan Party. Amounts received by any Loan Party pursuant to Section 2.07 on account
of Loan Assets (other than Non-Levered Loan Assets) shall be treated as payments of Principal Collections or Interest Collections,
as applicable, on Loan Assets hereunder.

 

    	 	81	 

     

    

 

Section 2.16          Prepayment;
Termination; Reduction.

 

(a)           Except
as expressly permitted or required herein, including any repayment necessary to cure a Borrowing Base Deficiency, Advances Outstanding
in any Eligible Currency may only be prepaid in whole or in part at the option of the Borrower at any time by delivering a Notice
of Reduction (which notice shall include a Borrowing Base Certificate) to the Administrative Agent and the Collateral Agent at
least one (1) Business Day prior to such prepayment; provided that any prepayment of Advances in an Eligible Currency
other than Dollars shall be made by converting such prepayment into the applicable Eligible Currency at the Spot Rate to the extent
sufficient funds have not been remitted in such Eligible Currency. In the event that an Advance is remitted to the Principal Collection
Subaccount in connection with a Notice of Borrowing in respect of the acquisition by the Borrower of a loan asset constituting
a newly originated loan and such loan asset is not acquired by the Borrower within two (2) Business Days of the date of such
Advance, the Servicer shall cause the Borrower to effect a prepayment in an amount equal to such Advance within two (2) Business
Days of such Advance. The Borrower may use amounts on deposit in the Contribution Account at any time for purposes of making a
prepayment of Advances Outstanding. Upon any prepayment in full, the Borrower shall also pay in full all accrued and unpaid Yield.
Upon any prepayment, the Borrower shall also pay any Breakage Fees, Increased Costs and all accrued and unpaid costs and
expenses of the Administrative Agent and Lenders related to such prepayment; provided that no reduction in Advances Outstanding
shall be given effect unless (i) sufficient funds have been remitted to pay all such amounts in full, as determined by the
Administrative Agent, in its sole discretion and (ii) no event has occurred or would result from such prepayment which would
constitute an Event of Default or an Unmatured Event of Default. The Administrative Agent shall apply amounts received from the
Borrower pursuant to this Section 2.16(a) to the payment of any Breakage Fees and to the pro rata reduction
of the Advances Outstanding. Any notice relating to any repayment pursuant to this Section 2.16(a) shall be irrevocable.

 

(b)           The
Borrower may, at its option and upon three (3) Business Days' prior written notice of such termination or permanent reduction
in the form of Exhibit F to the Administrative Agent and the Collateral Agent, either (i) terminate this Agreement
and the other Transaction Documents upon payment in full of all Advances Outstanding, all accrued and unpaid Yield and Fees, any
Breakage Fees, Increased Costs, all accrued and unpaid costs and expenses of the Administrative Agent and Lenders, payment
of the Prepayment Premium pro rata to each Lender and payment of all other Obligations (other than unmatured contingent
obligations for which no claim has been made), or (ii) permanently reduce in part the Facility Amount upon payment in full,
all accrued and unpaid Yield and Unused Fees (pro rata with respect to the portion of the Facility Amount so reduced),
any Breakage Fees, Increased Costs, all accrued and unpaid costs and expenses of the Administrative Agent and Lenders and
the Prepayment Premium pro rata to each Lender. Notwithstanding anything to the contrary herein, no Prepayment Premium
shall be due (i) to any Lender that is a Defaulting Lender pursuant to Section 2.19, (ii) to the Administrative
Agent as a lender if the Administrative Agent has previously resigned as Administrative Agent pursuant to the terms of this Agreement,
(iii) during the continuation of a Non-Approval Event, (iv) following the occurrence of a Currency Disruption Event
and (v) if at any time the Servicer does not consent to the Alternative Rate and, upon payment in full of all Obligations
hereunder, terminates the Transaction Documents. The Commitment of each Lender shall be reduced by an amount equal to its Pro
Rata Share (prior to giving effect to any reduction of Commitments hereunder) of the aggregate amount of any reduction under this
Section 2.16(b).

 

    	 	82	 

     

    

 

(c)           The
Borrower hereby acknowledges and agrees that the Prepayment Premium constitutes additional consideration for the Lenders to enter
into this Agreement.

 

Section 2.17          Collections
and Allocations.

 

(a)           The
Collateral Agent shall promptly identify all Available Collections received in the Collection Account as being on account of Interest
Collections or Principal Collections and shall segregate all Interest Collections and Principal Collections and transfer the same
to the Interest Collection Subaccount and the Principal Collection Subaccount, respectively. If, notwithstanding such compliance,
the Servicer receives any collections directly, the Servicer (upon obtaining knowledge thereof) shall transfer, or cause to be
transferred, any such collections received directly by it (if any) to the Collection Account by the close of business within two
(2) Business Days after obtaining knowledge of the receipt of such Collections; provided that the Servicer shall identify
to the Collateral Agent any collections received directly by the Servicer as being on account of Interest Collections or Principal
Collections. The Collateral Agent shall further provide to the Servicer a statement as to the amount of Interest Collections and
Principal Collections on deposit in the Interest Collection Subaccount and the Principal Collection Subaccount no later than three
(3) Business Days prior to each Reporting Date for inclusion in the Servicing Report delivered pursuant to Section 6.08(b).

 

(b)           On
the Cut-Off Date with respect to any Loan Asset, the Servicer will (i) deposit or will cause the Borrower to deposit into the Collection Account all Available Collections denominated in Dollars
received in respect of Eligible Loan Assets being transferred to and included as part of the Collateral on such date and (ii) deposit
or will cause the Borrower to deposit into the applicable Eligible Currency Account all Available Collections not denominated
in Dollars received in respect of Eligible Loan Assets being transferred to and included as part of the Collateral on such date.
The Servicer may, on any date, instruct the Account Bank to convert funds on deposit in any or all Eligible Currency Accounts
into Dollars using the Spot Rate. Such converted funds shall then be transferred into the Collection Account.

 

(c)           With
the prior written consent of the Administrative Agent (a copy of which will be provided by the Servicer to the Collateral Agent),
the Servicer may withdraw from the Collection Account any deposits thereto constituting Excluded Amounts if the Servicer has,
prior to such withdrawal and consent, delivered to the Administrative Agent a report setting forth the calculation of such Excluded
Amounts in form and substance satisfactory to the Administrative Agent and the Collateral Agent.

 

    	 	83	 

     

    

 

(d)           Prior
to the delivery of a Notice of Exclusive Control, the Servicer shall, pursuant to written instruction (which may be in the form
of standing instructions), direct the Collateral Agent to invest, or cause the investment of, funds on deposit in the Controlled
Accounts in Permitted Investments, from the date of this Agreement until the Collection Date. Absent any such written instruction,
such funds shall be invested in the Standby Investment. A Permitted Investment acquired with funds deposited in any Controlled
Account shall mature not later than the Business Day immediately preceding any Payment Date, and shall not be sold or disposed
of prior to its maturity. All such Permitted Investments shall be registered in the name of the Account Bank or its nominee for
the benefit of the Collateral Agent. All income and gain realized from any such investment, as well as any interest earned on
deposits in any Controlled Account shall be distributed in accordance with the provisions of Article II hereof. The
Borrower shall deposit in the Collection Account or the Unfunded Exposure Account, as the case may be (with respect to investments
made hereunder of funds held therein), an amount equal to the amount of any actual loss incurred, in respect of any such investment,
immediately upon realization of such loss. None of the Account Bank, the Collateral Agent, the Administrative Agent or any Lender
shall be liable for the amount of any loss incurred, in respect of any investment, or lack of investment, of funds held in any
Controlled Account. The parties hereto acknowledge that the Collateral Agent, the Administrative Agent, a Lender or any of their
respective Affiliates may receive compensation with respect to the Permitted Investments. The Servicer shall, pursuant to written
instruction (which may be in the form of standing instructions), direct the Collateral Agent to invest, or cause the investment
of, funds on deposit in the Contribution Account in Permitted Investments, from the Closing Date until the Collection Date. Absent
any such written instruction, such funds shall not be invested.

 

(e)           Until
the Collection Date, neither the Borrower nor the Servicer shall have any rights of direction or withdrawal, with respect to amounts
held in any Controlled Account, except to the extent explicitly set forth in Section 2.04, Section 2.17(c) or
Section 2.18.

 

(f)            Eligible
Currency.

 

(i)          Subject
to the Pari Passu Provisions, any and all payments made by the Borrower under the Transaction Documents shall be made in the applicable
Eligible Currency, as follows: (A) repayment of Advances in an Eligible Currency other than Dollars shall be made in the
corresponding Eligible Currency, and (B) payment of interest on the Advances in an Eligible Currency other than Dollars shall
be made in the corresponding Eligible Currency. Each party hereto agrees that the Available Collections and all such other amounts
described in Section 2.04(a), Section 2.04(b) and Section 2.04(c) shall be applied
in accordance with the priority of payments set forth in Section 2.04(a), Section 2.04(b) and Section 2.04(c).
The Lenders and the Administrative Agent hereby instruct the Collateral Agent to apply the Available Collections and all such
other amounts described in Section 2.04(a), Section 2.04(b) and Section 2.04(c) in
accordance with Section 2.04(a), Section 2.04(b) and Section 2.04(c); provided that such
payments shall be subject to availability of such funds pursuant to Section 2.04(a), Section 2.04(b) and
Section 2.04(c).

 

(ii)          The
Servicer shall instruct the Collateral Agent, on the Determination Date immediately preceding each Payment Date, to convert amounts
on deposit in the Collection Account into each Eligible Currency to the extent necessary to make payments pursuant to Section 2.04(a),
Section 2.04(b) and Section 2.04(c), as applicable (as determined by the Servicer using the Spot
Rate). The Borrower may receive collections on Non-Levered Loan Assets in currencies other than Eligible Currencies and deposit
such funds into the Contribution Account and distribute funds in such other currencies, in each case, to the extent such amounts
are not required to be deposited into the Collection Account in accordance herewith.

 

    	 	84	 

     

    

 

(iii)        Any
Available Collections on deposit in the Principal Collection Subaccount denominated in an Eligible Currency may be converted by
the Servicer into another Eligible Currency on any Business Day (other than a Payment Date) using the Spot Rate so long as (A) no
Borrowing Base Deficiency exists after giving effect to such conversion, and (B) the converted amounts are used solely for
purposes of acquiring a Loan denominated in such other Eligible Currency pursuant to Section 2.18. The Servicer shall
provide no less than one (1) Business Day’s prior written notice to the Administrative Agent and the Collateral Agent
of any such conversion.

 

Section 2.18         Reinvestment
of Principal Collections.

 

On the terms and conditions
hereinafter set forth as certified in writing to the Collateral Agent and the Administrative Agent, prior to the end of the Revolving
Period, the Servicer may, to the extent of any Principal Collections on deposit in the Principal Collection Subaccount:

 

(a)         direct
the Collateral Agent to withdraw such funds for the purpose of reinvesting in additional Eligible Loan Assets to be Granted hereunder;
provided that the following conditions are satisfied:

 

(i)             all
conditions precedent set forth in Section 3.02 and Section 3.04 have been satisfied;

 

(ii)            no
Event of Default has occurred, or would result from such withdrawal and reinvestment, and no Unmatured Event of Default exists
or would result from such withdrawal and reinvestment;

 

(iii)           delivery
of a Disbursement Request executed by the Borrower and a Responsible Officer of the Servicer; or

 

(b)         direct
the Collateral Agent to withdraw such funds for the purpose of making payments in respect of the Advances Outstanding in the applicable
Eligible Currency at such time in accordance with and subject to the terms of Section 2.16.

 

Upon the satisfaction
of the applicable conditions set forth in this Section 2.18 (as certified by the Borrower to the Collateral Agent
and the Administrative Agent), the Collateral Agent shall release funds from the Principal Collection Subaccount as directed by
the Servicer in an amount not to exceed the lesser of (x) the amount requested by the Servicer for reinvestment or repayment
and (y) the amount on deposit in the Principal Collection Subaccount on such day.

 

Section 2.19         Defaulting
Lenders.

 

(a)         Notwithstanding
any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the portion of the Loan funded
by such Defaulting Lender shall not be included in determining whether Required Lenders have taken or may take any action hereunder
and the Defaulting Lender shall not be included in determining whether all Lenders have taken or may have taken any action hereunder;
provided that any waiver, amendment or modification requiring the consent of all Lenders which affects such Defaulting
Lender differently than other affected Lenders or Lenders shall require the consent of such Defaulting Lender, as applicable.

 

    	 	85	 

     

    

 

(b)         In
the event that the Administrative Agent, and, so long as no Event of Default exists, the Borrower determines (such determination
not to be unreasonably withheld) that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a
Defaulting Lender, such Lender will cease to be a Defaulting Lender and the provisions of clause (a) above shall,
from and after such determination, cease to be of further force or effect with respect to such Lender; provided that no
change hereunder from Defaulting Lender to a non-Defaulting Lender will constitute a waiver or release of any claim of any party
hereunder arising from such Lender having been a Defaulting Lender.

 

(c)         Replacement
of a Lender.

 

(i)             If
any Lender other than Morgan Stanley becomes a Defaulting Lender or a Lender other than Morgan Stanley or any Affiliate thereof
imposes or attempts to impose costs pursuant to Section 2.10, then the Borrower may, at its sole expense and effort, upon
not less than five (5) Business Days advance notice to the Administrative Agent and (if different) the related Lender, (x) require
such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 12.04),
all of its respective interests, rights and obligations under this Agreement to an assignee that shall assume such obligations
(which assignee may be another Lender if a Lender accepts such assignment); provided that (A) the Borrower shall have
received the prior written consent of the Administrative Agent with respect to any assignee that is not already a Lender hereunder,
which consent shall not be unreasonably withheld, (B) the assignee shall not be an Affiliate of any of the Borrower, the
Servicer or the Originator and (C) such assigning Lender shall have received payment of an amount equal to all outstanding
Advances funded or maintained by such Lender, together with all accrued interest thereon and all accrued Fees or (y) terminate
the Commitment of such Lender and repay all Obligations of the Borrower owing to such Lender relating to the portion of the Advance
held by such Lender as of such termination date, without the payment of any penalty, fee or premium. A Lender shall not be required
to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances
entitling the Borrower to require such assignment and delegation cease to exist.

 

(ii)            Any
Lender being replaced pursuant to Section 2.19(c)(i) above shall execute and deliver an Assignment and Acceptance
with respect to such Lender's applicable Commitment and outstanding portion of the Advance funded by such Lender. Pursuant to
such Assignment and Acceptance, (A) the assignee Lender shall acquire all or a portion, as the case may be, of the assigning
Lender’s Commitment and outstanding portion of the Advance and (B) all obligations of the Borrower owing to the assigning
Lender relating to the Advance and Commitments so assigned shall be paid in full by the assignee Lender to such assigning Lender
concurrently with such Assignment and Acceptance, the assignee Lender shall become a Lender hereunder and under each of the Transaction
Documents and the assigning Lender shall cease to constitute a Lender hereunder with respect to such assigned portion of the Advance
and Commitments, except with respect to indemnification provisions under this Agreement, which shall survive as to such assignment
Lender. In connection with any such replacement, if any such Defaulting Lender does not execute and deliver to the Administrative
Agent a duly executed Assignment and Acceptance reflecting such replacement within three (3) Business Days of the date on
which the assignee Lender executes and delivers such Assignment and Acceptance to such Defaulting Lender, then such Defaulting
Lender shall be deemed to have executed and delivered such Assignment and Acceptance without any action on the part of the Defaulting
Lender.

 

    	 	86	 

     

    

 

Section 2.20         Investment
of Amounts on Deposit in Contribution Account. The Collateral Custodian shall cause the Account Bank, prior to the
Closing Date, to establish a single, segregated non-interest bearing account, which shall be designated as the Contribution Account,
in the name of and for the benefit of the Borrower. The Servicer may, to the extent of any amounts on deposit in the Contribution
Account, withdraw such funds for the purpose of investing in Non-Levered Loan Assets. For the avoidance of doubt, the Borrower,
or the Servicer on behalf of the Borrower, shall have sole rights of withdrawal with respect to the Contribution Account, and
the Account Bank shall only withdraw funds from the Contribution Account pursuant to the instructions of the Borrower or the Servicer.

 

Section 2.21         Incremental
Facilities.

 

(a)         The
Borrower may, by written notice to the Administrative Agent and each Lender, elect to request, prior to the last day of the Revolving
Period, an increase to the existing Commitments (any such increase, the “New Commitments”) by an amount with
the consent of the Administrative Agent and each Lender whose Commitment is being increased thereby in their respective sole discretion
and subject to any internal approvals, which would increase the Facility Amount to an amount greater than $400,000,000. Each such
notice shall specify (i) the date (each, an “Increased Amount Date”) on which the Borrower proposes that
the New Commitments shall be effective and approved in writing by the Administrative Agent and (ii) the identity of each
Lender or other Person (each, an “Increasing Lender”) to whom the Borrower proposes any portion of such New
Commitments be allocated and the amounts of such allocations (if then known). Such New Commitments shall become effective as of
such Increased Amount Date; provided that (A) no Event of Default shall exist on such Increased Amount Date before
or after giving effect to such New Commitments; (B) the New Commitments shall be effected pursuant to an Assignment and Acceptance
for each existing Lender or one or more Joinder Supplements for any new Lender executed and delivered by the Borrower, such new
Lender and the Administrative Agent, and each of which shall be recorded in the Register; (C) the Borrower shall pay any
applicable Breakage Fees in connection with the New Commitments and shall pay any other required fees in connection with the New
Commitments; (D) the Borrower shall deliver or cause to be delivered any legal opinions or other customary closing documents
(substantially consistent with the documents set forth in Section 3.01) reasonably requested by Administrative Agent
or an Increasing Lender in connection with any such transaction; and (E) the effectiveness of any allocation of New Commitments
to a non-Lender shall be subject to the prior written consent of the Administrative Agent.

 

    	 	87	 

     

    

 

(b)         On
any Increased Amount Date on which New Commitments are effected, subject to the satisfaction of the foregoing terms and conditions,
(i) each of the existing Lenders shall assign to each of the Increasing Lenders, and each of the Increasing Lenders shall
purchase from each of the existing Lenders, at the principal amount thereof (together with accrued interest), such interests in
the Advances Outstanding on such Increased Amount Date as shall be necessary in order that, after giving effect to all such assignments
and purchases, such Advances will be held by existing Lenders and Increasing Lenders ratably in accordance with their Commitments
after giving effect to the addition of such New Commitments to the Commitments, (ii) each New Commitment shall be deemed,
for all purposes, a Commitment and each Advance made thereunder (a “New Advance”) shall be deemed, for all
purposes, an Advance and (iii) each new Lender shall become a Lender with respect to the Commitments and all matters relating
thereto.

 

(c)         The
Administrative Agent shall notify the Lenders promptly upon receipt of the Borrower’s notice of each Increased Amount Date
and in respect thereof (i) the New Commitments and the Increasing Lenders and (ii) in the case of each notice to any
Lender, the respective interests in such Lender’s Advances, in each case subject to the assignments contemplated by this
Section 2.21.

 

The terms and provisions
of the New Advances shall be identical to the Advances. Each Assignment and Acceptance or each Joinder Supplement, as applicable,
may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Transaction Documents as
may be necessary or appropriate, in the opinion of the Administrative Agent, and consented to by the Borrower (such consent not
to be unreasonably withheld), to effect the provisions of this Section 2.21.

 

ARTICLE III

 

CONDITIONS
PRECEDENT

 

Section 3.01         Conditions
Precedent to Effectiveness.

 

(a)         This
Agreement shall be effective upon satisfaction of the conditions precedent that:

 

(i)             all
acts and conditions (including, the obtaining of any necessary consents and regulatory approvals and the making of any required
filings, recordings or registrations) required to be done and performed and to have happened prior to the execution, delivery
and performance of this Agreement and all related Transaction Documents and to constitute the same legal, valid and binding obligations,
enforceable in accordance with their respective terms, shall have been done and performed and shall have happened in due and strict
compliance with all Applicable Law;

 

(ii)            in
the reasonable judgment of the Administrative Agent, there has not been (x) any change in Applicable Law which adversely
affects any Lender's or the Administrative Agent's ability to enter into the transactions contemplated by the Transaction Documents
or (y) any Material Adverse Effect or material disruption in the financial, banking or commercial loan or capital markets
generally;

 

    	 	88	 

     

    

 

(iii)           any
and all information submitted to each Lender and the Administrative Agent by any Loan Party, the Originator or the Servicer or
any of their Affiliates is true and accurate;

 

(iv)           each
Lender shall have received all documentation and other information requested by such Lender and/or required by regulatory authorities
with respect to any Loan Party, the Originator and the Servicer under applicable "know your customer" and Anti-Money
Laundering Laws, including, the Patriot Act, all in form and substance satisfactory to each Lender;

 

(v)            the
Administrative Agent shall have received on or before the date of such effectiveness the items listed in Schedule I hereto,
each in form and substance satisfactory to the Administrative Agent and each Lender;

 

(vi)           in
the judgment of the Administrative Agent and each Lender, there shall have been no material adverse change in any Loan Party's
(or the Servicer's) underwriting, servicing, collection, operating and reporting procedures and systems since the completion of
due diligence by the Administrative Agent and each Lender;

 

(vii)          the
results of the Administrative Agent's financial, legal, tax and accounting due diligence relating to the Originator, each Loan
Party, the Servicer, the Eligible Loan Assets and the transactions contemplated hereunder are satisfactory to the Administrative
Agent; and

 

(viii)         the
Borrower shall have paid in full all fees then required to be paid, including all fees required hereunder and under the applicable
Lender Fee Letters and the Wells Fargo Fee Letter and shall have reimbursed the Lenders, the Administrative Agent, the Collateral
Custodian, the Account Bank and the Collateral Agent for all fees, costs and expenses of closing the transactions contemplated
hereunder and under the other Transaction Documents, including the attorney fees and any other legal and document preparation
costs incurred by the Lenders and the Administrative Agent.

 

(b)           By
its execution and delivery of this Agreement, each of the Borrower and the Servicer hereby certifies that each of the conditions
precedent to the effectiveness of this Agreement set forth in this Section 3.01 (other than such conditions precedent
subject to the judgment, consent or satisfaction of the Administrative Agent or any Lender) have been satisfied.

 

Section 3.02         Conditions
Precedent to All Advances. Each Advance to the Borrower from the Lenders shall be subject to the further conditions
precedent that:

 

(a)         On
the Advance Date of such Advance, the following statements shall be true and correct, and the Borrower by accepting any amount
of such Advance shall be deemed to have certified that:

 

    	 	89	 

     

    

 

(i)             the
Servicer (on behalf of the Borrower) shall have delivered to the Administrative Agent and each Lender (with a copy to the Collateral
Custodian and the Collateral Agent), no later than noon on (i) the proposed Advance Date for Dollar Advances and (ii) the
Business Day prior to the proposed Advance Date for Advances in an Eligible Currency other than Dollars (or such shorter period
as agreed to from time to time by the Administrative Agent and each Lender): (A) a Notice of Borrowing and an Officer's Certificate
(which may be included as part of the Notice of Borrowing) computed as of the proposed Advance Date and after giving effect thereto
and to the purchase by the Borrower of the Eligible Loan Assets to be purchased by it on such Advance Date, demonstrating that
the Investment Criteria are satisfied on the date on which the Borrower (or the Servicer on its behalf) commits to purchase such
Eligible Loan Asset (and after giving effect to such commitment), (B) a Borrowing Base Certificate, (C) a Loan Asset
Schedule and (D) such additional information, approvals, documents, certificates and reports as may be reasonably requested
by the Administrative Agent and an executed copy of each assignment and assumption agreement, transfer document or instrument
(including any Loan Assignment) relating to each Loan Asset to be Granted evidencing the assignment of such Loan Asset from any
prior third party owner thereof directly to the applicable Loan Party (other than in the case of any Loan Asset acquired by the
applicable Loan Party at origination);

 

(ii)            the
Borrower shall have delivered to the Collateral Custodian (with a copy to the Administrative Agent), no later than 4:00 p.m. on
the related Advance Date, a copy of the duly executed original promissory notes of the Loan Assets (or, in the case of any Noteless
Loan, a fully executed assignment agreement or credit agreement (as applicable)); provided that, notwithstanding the foregoing,
the Borrower shall cause the Loan Asset Checklist and the other Required Loan Documents with respect to such Loan Assets to be
in the possession of the Collateral Custodian not later than (A) five (5) Business Days if the Servicer or its Affiliate
is the agent with respect to such Loan Asset and (B) otherwise, thirty (30) days in each case after the related Cut-Off Date
as to any Loan Assets;

 

(iii)           the
representations and warranties contained in Sections 4.01, 4.02 and 4.03 are true and correct in all respects,
and there exists no material breach of any covenant contained in Sections 5.01, 5.02, 5.03 and 5.04
before and after giving effect to the Advance to take place on such Advance Date and to the application of proceeds therefrom,
on and as of such day as though made on and as of such date (other than any representation and warranty that is made as of a specific
date);

 

(iv)           no
Event of Default has occurred, or would result from such Advance, no Unmatured Event of Default or Borrowing Base Deficiency exists
or would result from such Advance;

 

(v)            no
event has occurred and is continuing, or would result from such Advance, which constitutes a Servicer Default or any event which,
if it continues uncured, will, with notice or lapse of time, constitute a Servicer Default;

 

    	 	90	 

     

    

 

(vi)           since
the Closing Date, there has been no Material Adverse Effect;

 

(vii)          no
Liens exist in respect of Taxes (other than Permitted Liens) which are prior to the lien of the Collateral Agent on the Eligible
Loan Assets to be Granted on such Advance Date;

 

(viii)         all
terms and conditions of each Purchase and Sale Agreement required to be satisfied in connection with the assignment of each Eligible
Loan Asset being Granted hereunder on such Advance Date (and the Related Asset related thereto), including, the perfection of
the applicable Loan Party's interests therein, shall have been satisfied in full, and all filings (including, UCC filings) required
to be made by any Person and all actions required to be taken or performed by any Person in any jurisdiction to give the Collateral
Agent, for the benefit of the Secured Parties, a first priority perfected security interest (subject only to Permitted Liens)
in the Collateral, including such Eligible Loan Assets and the Related Asset and the proceeds thereof shall have been made, taken
or performed;

 

(ix)           the
Loan Asset to be acquired with the proceeds of such Advance is an Eligible Loan Asset as of the date of funding; and

 

(x)            (A) with
respect to Eligible Loan Assets purchased with Advances, such Advance shall be denominated in the same Eligible Currency as such
Loan Asset, (B) with respect to Eligible Loan Assets purchased with available Principal Collections, such Principal Collections
shall be denominated in the same Eligible Currency (or converted to such Eligible Currency pursuant to Section 2.17(f)(iii))
as the Loan Asset acquired in connection with such reinvestment and (C) with respect to any substitution pursuant to Section 2.07(a),
the Loan sold in connection with such substitution shall be denominated in the same Eligible Currency as the Loan Asset acquired
in connection with such substitution;.

 

(b)           The
Borrower shall have provided a request for an Approval Notice for each Loan Asset intended to be included in the Collateral in
connection with the applicable Advance Date (and such information in respect of each such Loan Asset that is requested by the
Administrative Agent). The Administrative Agent shall have provided an Approval Notice to the Borrower for each of the Eligible
Loan Assets identified in the applicable Loan Asset Schedule for inclusion in the Collateral on the applicable Advance Date.

 

(c)           No
Applicable Law shall prohibit, and no order, judgment or decree of any federal, state or local court or governmental body, agency
or instrumentality shall prohibit or enjoin, the making of such Advances by any Lender or the proposed Grant of Eligible Loan
Assets in accordance with the provisions hereof.

 

(d)           The
proposed Advance Date shall take place during the Revolving Period.

 

    	 	91	 

     

    

 

(e)           The
Borrower shall have paid in full all fees then required to be paid, including all fees required hereunder and under the applicable
Lender Fee Letters and the Wells Fargo Fee Letter.

 

The failure to satisfy
any of the foregoing conditions precedent in respect of any Advance shall give rise to a right of the Administrative Agent and
the Lenders to rescind the related Advance, to the extent of funds on deposit in the Collection Account, and direct the Borrower
to pay to the Administrative Agent for the benefit of the Lenders an amount equal to the Advances made during any such time that
any of the foregoing conditions precedent were not satisfied.

 

Section 3.03         Advances
Do Not Constitute a Waiver. No Advance made hereunder shall constitute a waiver of any condition to any Lender's obligation
to make such an Advance unless such waiver is in writing and executed by such Lender.

 

Section 3.04         Conditions
to Acquisition of Loan Assets. Each Grant of an additional Eligible Loan Asset pursuant to Section 2.06,
a Substitute Eligible Loan Asset pursuant to Section 2.07(c), an additional Eligible Loan Asset pursuant to Section 2.18
or any other Grant of a Loan Asset hereunder shall be subject to the further conditions precedent that (as certified to the
Collateral Agent by the Borrower):

 

(a)         the
Servicer (on behalf of the Borrower) shall have delivered to the Administrative Agent and each Lender (with a copy to the Collateral
Custodian and the Collateral Agent) no later than 5:00 p.m. on the date that is one (1) Business Day prior to the related
Cut-Off Date: (i) a Borrowing Base Certificate, (ii) a Loan Asset Schedule, (iii) and Approval Notice (for each
Loan Asset added to the Collateral on the related Cut-Off Date) and (iv) such additional information, approvals, documents,
certificates and reports as may be requested by the Administrative Agent and an executed copy of each assignment and assumption
agreement, transfer document or instrument (including any Loan Assignment) relating to each Loan Asset to be pledged evidencing
the assignment of such Loan Asset from any prior third party owner thereof directly to the applicable Loan Party (other than in
the case of any Loan Asset acquired by the applicable Loan Party at origination);

 

(b)         the
Borrower shall have delivered to the Collateral Custodian (with a copy to the Administrative Agent), no later than noon on the
related Cut-Off Date, a copy of the duly executed original promissory notes of the Loan Assets (and, in the case of any Noteless
Loan, a fully executed assignment agreement); provided that, notwithstanding the foregoing, the Borrower shall cause the
Loan Asset Checklist and the Required Loan Documents to be in the possession of the Collateral Custodian not later than (A) five
(5) Business Days if the Servicer or its Affiliate is the agent with respect to such Loan Asset and (B) otherwise, thirty
(30) days, in each case after the related Cut-Off Date as to any Loan Assets;

 

(c)          with
respect to Eligible Loan Assets purchased with Advances and available Principal Collections, the Investment Criteria are satisfied
on the date on which the Borrower (or the Servicer on its behalf) commits to purchase such Eligible Loan Asset (and after giving
effect to such commitment);

 

    	 	92	 

     

    

 

(d)         no
Liens exist in respect of Taxes (other than Permitted Liens) which are prior to the lien of the Collateral Agent on the Eligible
Loan Assets to be Granted on such Cut-Off Date;

 

(e)          all
terms and conditions of each Purchase and Sale Agreement required to be satisfied in connection with the assignment of each Eligible
Loan Asset being Granted hereunder on such Cut-Off Date (and the Related Asset), including, the perfection of the applicable Loan
Party's interests therein, shall have been satisfied in full, and all filings (including, UCC filings) required to be made by
any Person and all actions required to be taken or performed by any Person in any jurisdiction to give the Collateral Agent, for
the benefit of the Secured Parties, a first priority perfected security interest (subject only to Permitted Liens) in such Eligible
Loan Assets and the Related Asset and the proceeds thereof shall have been made, taken or performed;

 

(f)          the
Administrative Agent shall have provided an Approval Notice to the Borrower for each of the Eligible Loan Assets identified in
the applicable Loan Asset Schedule for inclusion in the Collateral on the applicable Cut-Off Date;

 

(g)         no
Event of Default has occurred, or would result from such Grant, and no Unmatured Event of Default exists, or would result from
such Grant (other than, with respect to any Grant of an Eligible Loan Asset necessary to cure a Borrowing Base Deficiency in accordance
with Section 2.06, an Unmatured Event of Default arising solely pursuant to such Borrowing Base Deficiency); and

 

(h)         the
representations and warranties contained in Sections 4.01, 4.02 and 4.03 are true and correct in all material
respects, and there exists no breach of any covenant contained in Sections 5.01, 5.02, 5.03 and 5.04
before and after giving effect to the Grant to take place on such Cut-Off Date, on and as of such day as though made on and as
of such date (other than any representation and warranty that is made as of a specific date).

 

ARTICLE IV

 

REPRESENTATIONS
AND WARRANTIES

 

Section 4.01         Representations
and Warranties of the Loan Parties. Each Loan Party hereby represents and warrants, as of each Measurement Date and
as of each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties
are required to be (or deemed to be) made (unless a specific date is specified below):

 

(a)         Organization,
Good Standing and Due Qualification. Such Loan Party is a limited liability company, duly organized, validly existing and
in good standing under the laws of the State of Delaware and has the power and all licenses necessary to own its assets and to
transact the business in which it is engaged and is duly qualified and in good standing under the laws of each jurisdiction where
the transaction of such business or its ownership of the Loan Assets and the Collateral requires such qualification.

 

    	 	93	 

     

    

 

(b)         Power
and Authority; Due Authorization; Execution and Delivery. Such Loan Party has the power, authority and legal right to make,
deliver and perform this Agreement and each of the Transaction Documents to which it is a party and all of the transactions contemplated
hereby and thereby, and has taken all necessary action to authorize the execution, delivery and performance of this Agreement
and each of the Transaction Documents to which it is a party, and to Grant to the Collateral Agent, for the benefit of the Secured
Parties, a first priority perfected security interest in the Collateral on the terms and conditions of this Agreement, subject
only to Permitted Liens.

 

(c)         Binding
Obligation. This Agreement and each of the Transaction Documents to which such Loan Party is a party constitutes the legal,
valid and binding obligation of such Loan Party, enforceable against it in accordance with their respective terms, except as the
enforceability hereof and thereof may be limited by Bankruptcy Laws and by general principles of equity (whether such enforceability
is considered in a proceeding in equity or at law).

 

(d)         All
Consents Required. No consent of any other party and no consent, license, approval or authorization of, or registration or
declaration with, any Governmental Authority, bureau or agency is required in connection with the execution, delivery or performance
by such Loan Party of this Agreement or any Transaction Document to which it is a party or the validity or enforceability of this
Agreement or any such Transaction Document or the Loan Assets or the transfer of an ownership interest or security interest in
such Loan Assets, other than such as have been met or obtained and are in full force and effect.

 

(e)         No
Violation. The execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a
party and all other agreements and instruments executed and delivered or to be executed and delivered pursuant hereto or thereto
in connection with the Grant of the Collateral will not (i) create any Lien on the Collateral other than Permitted Liens
or (ii) violate any Applicable Law or the Constituent Documents of such Loan Party or (iii) violate any contract or
other agreement to which such Loan Party is a party or by which such Loan Party or any property or assets of such Loan Party may
be bound.

 

(f)          No
Proceedings. There is no litigation or administrative proceeding or investigation pending or threatened against such Loan
Party or any properties of such Loan Party, before any Governmental Authority (i) asserting the invalidity of this Agreement
or any other Transaction Document to which such Loan Party is a party, (ii) seeking to prevent the consummation of any of
the transactions contemplated by this Agreement or any other Transaction Document to which such Loan Party is a party or (iii) seeking
any determination or ruling that could reasonably be expected to have a Material Adverse Effect.

 

(g)          Selection
Procedures. In selecting the Loan Assets to be Granted pursuant to this Agreement, no selection procedures were employed which
are intended to be adverse to the interests of the Lenders.

 

(h)         Bulk
Sales. The Grant of the security interest in the Collateral by such Loan Party to the Collateral Agent, for the benefit of
the Secured Parties, pursuant to this Agreement, is in the ordinary course of business for such Loan Party and is not subject
to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction.

 

    	 	94	 

     

    

 

(i)          Grant
of Collateral. The Loan Parties have good and marketable title to all of the Collateral. Such Loan Party has taken all actions
necessary to perfect its interest in the Collateral transferred by the Originator. Except as otherwise expressly permitted by
the terms of this Agreement, no item of Collateral has been sold, transferred, assigned or pledged by such Loan Party to any Person,
other than as contemplated by Article II and the Grant of such Collateral to the Collateral Agent, for the benefit
of the Secured Parties, pursuant to the terms of this Agreement.

 

(j)          Indebtedness.
Such Loan Party has no Indebtedness, secured or unsecured, direct or contingent (including guaranteeing any obligation), other
than (i) Indebtedness incurred under the terms of the Transaction Documents and (ii) Indebtedness incurred pursuant
to certain ordinary business expenses arising pursuant to the transactions contemplated by this Agreement and the other Transaction
Documents.

 

(k)          Sole
Purpose. Such Loan Party has been formed solely for the purpose of engaging in transactions of the types contemplated by this
Agreement, and has not engaged in any business activity other than the negotiation, execution and to the extent applicable, performance
of this Agreement and the transactions contemplated by the Transaction Documents; provided that, any Securitization Subsidiary
may enter into any agreements or letters (including, but not limited to, engagement letters, term sheets and agreements with rating
agencies), so long as any Lien created thereunder is expressly subordinated to the Liens created hereunder, as is customary for
an issuer prior to and in contemplation of a Securitization.

 

(l)          No
Injunctions. No injunction, writ, restraining order or other order of any nature adversely affects such Loan Party's performance
of its obligations under this Agreement or any Transaction Document to which such Loan Party is a party.

 

(m)        Taxes.
Such Loan Party has filed or caused to be filed (on a consolidated basis or otherwise) on a timely basis all tax returns (including,
all foreign, federal, state, local and other tax returns) required to be filed by it, is not liable for Taxes payable by any other
Person and has paid or made adequate provisions for the payment of all Taxes, assessments and other governmental charges due and
payable from such Loan Party except for those Taxes being contested in good faith by appropriate proceedings and in respect of
which it has established reserves in accordance with GAAP on its books or to the extent that the failure to do so could not reasonably
be expected to have a Material Adverse Effect. No Tax lien (other than a Permitted Lien) or similar adverse claim has been filed,
and no claim is being asserted, with respect to any such Tax, assessment or other governmental charge. Any Taxes, fees and other
governmental charges due and payable by such Loan Party in connection with the execution and delivery of this Agreement and the
other Transaction Documents and the transactions contemplated hereby or thereby have been paid or shall have been paid if and
when due.

 

(n)         Location.
Such Loan Party's location (within the meaning of Article 9 of the UCC) is Delaware. The chief executive office of such Loan
Party (and the location of such Loan Party's records regarding the Collateral (other than those delivered to the Collateral Custodian))
is located at the address set forth in Section 12.02 (or at such other address as shall be designated by such party
in a written notice to the other parties hereto).

 

    	 	95	 

     

    

 

(o)         Tradenames.
Such Loan Party has not changed its name since its formation and does not have tradenames, fictitious names, assumed names or
 "doing business as" names under which it has done or is doing business.

 

(p)         Solvency.
Such Loan Party is not the subject of any Bankruptcy Proceedings or Bankruptcy Event. Such Loan Party is Solvent, and the transactions
under this Agreement and any other Transaction Document to which such Loan Party is a party do not and will not render such Loan
Party not Solvent. Such Loan Party is paying its debts as they become due (subject to any applicable grace period); and such Loan
Party, after giving effect to the transactions contemplated hereby, will have adequate capital to conduct its business.

 

(q)         No
Subsidiaries. Such Loan Party has no Subsidiaries other than, in the case of the Borrower, the Securitization Subsidiaries
party hereto.

 

(r)          Value
Given. Such Loan Party has given fair consideration and reasonably equivalent value to the Originator (or such other Permitted
Seller) in exchange for the purchase of the Loan Assets (or any number of them) from the Originator (or such other Permitted Seller)
pursuant to the applicable Purchase and Sale Agreement. No such transfer has been made for or on account of an antecedent debt
owed by such Loan Party to the Originator and no such transfer is or may be voidable or subject to avoidance under any section
of the Bankruptcy Code.

 

(s)          Reports
Accurate. All Servicer Certificates, Servicing Reports, Notices of Borrowing, Borrowing Base Certificates and other written
or electronic information, exhibits, financial statements, documents, books, records or reports furnished by such Loan Party (or
the Servicer on its behalf) to the Administrative Agent, the Collateral Agent, the Lenders or the Collateral Custodian in connection
with the Transaction Documents are, as of their date, accurate, true and correct in all material respects and no such document
or certificate omits to state a material fact or any fact necessary to make the statements contained therein not misleading in
all material respects; provided that, solely with respect to written or electronic factual information furnished by the
Servicer which was provided to the Servicer from an Obligor with respect to a Loan Asset, such information need only be accurate,
true and correct to the knowledge of such Loan Party. Any projections or forward-looking information (including such statements
with respect to the collectability of, or risks or benefits associated with a Loan Asset) provided by or on behalf of the Servicer
were prepared in good faith based on assumptions believed by the Servicer to be reasonable at the time so prepared.

 

(t)          Exchange
Act Compliance; Regulations T, U and X. None of the transactions contemplated herein or in the other Transaction Documents
(including, the use of proceeds from the sale of the Collateral) will violate or result in a violation of Section 7 of the
Exchange Act, or any regulations issued pursuant thereto, including, Regulations T, U and X of the Board of Governors of the Federal
Reserve System, 12 C.F.R., Chapter II. Such Loan Party does not own or intend to carry or purchase, and no proceeds from the Advances
will be used to carry or purchase, any Margin Stock or to extend "purpose credit" within the meaning of Regulation U.

 

    	 	96	 

     

    

 

(u)         No
Adverse Agreements. There are no agreements in effect adversely affecting the rights of such Loan Party to make, or cause
to be made, the grant of the security interest in the Collateral contemplated by the Grant.

 

(v)         Event
of Default/Unmatured Event of Default. No event has occurred and is continuing which constitutes an Event of Default or an
Unmatured Event of Default (other than any Event of Default or Unmatured Event of Default which has previously been disclosed
to the Administrative Agent as such).

 

(w)        Servicing
Standard. Each of the Loan Assets was underwritten or acquired and is being serviced in conformance with the Servicing Standard
and the standard underwriting, credit, collection, operating and reporting procedures and systems of the Servicer or the Originator.

 

(x)          ERISA.

 

(i)             The
present value of all benefits vested under each Pension Plan does not exceed the value of the assets of the Pension Plan allocable
to such vested benefits (based on the value of such assets as of the last annual valuation date) determined in accordance with
the assumptions used for funding such Pension Plan pursuant to Sections 412 and 430 of the Code. No ERISA Event has occurred or
is reasonably expected to occur, that, in the aggregate, could subject such Loan Party to any material tax, penalty or other liability.

 

(ii)            Each
Foreign Plan is in compliance in all material respects with its terms and with the requirements of any and all Applicable Laws,
statutes, rules, regulations and orders and has been maintained, where required, in good standing with applicable regulatory authorities.
Except as could not, in the aggregate, subject such Loan Party to any material tax, penalty or other liability: (i) all contributions
required to be made with respect to a Foreign Plan have been timely made; (ii) such Loan Party has not incurred any obligations
in connection with the termination of, or withdrawal from, any Foreign Plan; and (iii) the present value of the accrued benefit
liabilities (whether or not vested) under each Foreign Plan, determined as of the end of such Loan Party's most recently ended
fiscal year on the basis of reasonable actuarial assumptions, did not exceed the current value of the assets of such Foreign Plan
allocable to such benefit liabilities.

  

(iii)           Such
Loan Party (a) is not a Benefit Plan Investor and (b) is not a "governmental plan" within the meaning of Section 3(32)
of ERISA ("Governmental Plan"), and neither such Loan Party nor any transactions by or with such Loan Party are
subject to state statutes regulating investments of and fiduciary obligations with respect to Governmental Plans or to state statutes
that impose prohibitions similar to those contained in Section 406 of ERISA or Section 4975 of the Code ("Similar
Law").

 

(y)         Allocation
of Charges. There is not any agreement or understanding between the Servicer and such Loan Party (other than as expressly
set forth herein or as consented to by the Administrative Agent), providing for the allocation or sharing of obligations to make
payments or otherwise in respect of any taxes, fees, assessments or other governmental charges.

 

    	 	97	 

     

    

 

(z)          Broker/Dealer.
Such Loan Party is not a broker/dealer or subject to the Securities Investor Protection Act of 1970, as amended.

 

(aa)       Instructions
to Obligors. The Collection Account is the only account to which Obligors (solely with respect to non-agented Loan Assets),
agent banks or administrative agents on the Loan Assets have been instructed by such Loan Party, or the Servicer on the Loan Party's
behalf, to send Principal Collections and Interest Collections on the Collateral. Notwithstanding the foregoing, any Securitization
Subsidiary may notify administrative or payment agents of any change in payment instructions necessary to close a Securitization.
Such Loan Party has not granted any Person other than the Collateral Agent, on behalf of the Secured Parties, a Lien on the Collection
Account.

 

(bb)      Investment
Company Act. Such Loan Party is not required to register as an "investment company" under the provisions of the
1940 Act.

 

(cc)       Compliance
with Law. Such Loan Party (i) has complied in all material respects with all Applicable Law to which it may be subject
and (ii) is not in violation of any order of any Governmental Authority or other board or tribunal. Such Loan Party has not
received any notice that it is not in compliance in any respect with any of the requirements of the foregoing.

 

(dd)       Collections.
Such Loan Party acknowledges that all Available Collections received by it or its Affiliates with respect to the Collateral Granted
hereunder are held and shall be held in trust for the benefit of the Collateral Agent, on behalf of the Secured Parties until
deposited into the Collection Account within two (2) Business Days after receipt as required herein.

  

(ee)       Set-Off, etc.
No Loan Asset in the Collateral has been compromised, satisfied, rescinded or set-off by such Loan Party, the Originator or the
Obligor thereof, and no Loan Asset in the Collateral is subject to compromise, satisfaction, rescission, set-off, counterclaim,
defense, abatement, suspension, deferment, deduction, reduction or termination or whether arising out of transactions concerning
the Collateral or otherwise, by such Loan Party, the Originator or the Obligor with respect thereto, except, in each case, for
amendments, adjustments, extensions, subordination and modifications, if any, to such Collateral otherwise permitted pursuant
to Section 6.04(a) of this Agreement and in accordance with the Servicing Standard.

 

(ff)        Securitization
Subsidiaries. In the case of the Borrower only, each Securitization Subsidiary is in compliance with the representations and
warranties set forth in this Section 4.01.

 

    	 	98	 

     

    

 

(gg)      Environmental.
With respect to each item of Related Collateral as of the applicable Cut-Off Date for the Loan Asset related to such Related Collateral,
to the actual knowledge of a Responsible Officer of such Loan Party: (i) the related Obligor's operations comply in all material
respects with all applicable Environmental Laws; (ii) none of the related Obligor's operations is the subject of a federal
or state investigation evaluating whether any remedial action, involving expenditures, is needed to respond to a release of any
Materials of Environmental Concern into the environment; and (iii) the related Obligor does not have any material contingent
liability in connection with any release of any Materials of Environmental Concern into the environment, in each case, except
as otherwise specified in the Underlying Instruments pertaining to such Loan Asset. As of the applicable Cut-Off Date for the
Loan Asset related to such Related Collateral, none of such Loan Party, the Originator nor the Servicer has received any written
or verbal notice of, or inquiry from any Governmental Authority regarding, any violation, alleged violation, non-compliance, liability
or potential liability regarding environmental matters or compliance with Environmental Laws with regard to any of the Related
Collateral, nor does any such Person have knowledge or reason to believe that any such notice will be received or is being threatened.

 

(hh)      Anti-Terrorism;
OFAC; Anti-Corruption.

 

(i)             None
of such Loan Party nor any of its Affiliates nor, to the knowledge of such Loan Party, any Obligor (i) is a Person whose
property or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23,
2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed.
Reg. 49079 (2001)), (ii) engages in any dealings or transactions prohibited by Section 2 of such executive order, or
is otherwise associated with any such Person in any manner violative of Section 2 of such executive order, or (iii) is
a Person (1) designated on OFAC's list of Specially Designated Nationals and Blocked Persons or otherwise the subject of
any Sanctions or (2) in violation of the limitations or prohibitions under any other Sanctions.

 

(ii)            None
of such Loan Party nor any of its Affiliates (i) is a Politically Exposed Person, immediate family member of a Politically
Exposed Person or close associate of a Politically Exposed Person; or (ii) a foreign shell bank. For purposes of the forgoing,
 "foreign shell bank" means a bank that does not maintain a physical presence in any country and is not subject to inspection
by a banking authority.

 

(iii)           No
part of the proceeds of any Advance will be used by such Loan Party or any of its Affiliates, or permitted to be used by any other
Person (in each case, directly or indirectly including by an Obligor), (i) for any payments to any governmental official
or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of applicable anti-corruption
and anti-bribery laws, including the United States Foreign Corrupt Practices Act of 1977, as amended; (ii) to fund or facilitate
any money laundering or terrorist financing activities or business, or in any other manner that would cause or result in violation
of applicable anti-money laundering laws, rules or regulations, including the Patriot Act, as amended (collectively, "Anti-Money
Laundering Laws"); or (iii) to fund any activities or business of or with any Person, or in any country or territory,
that, at the time of such funding, is, or whose government is, the subject of Sanctions, or in any other manner that would result
in a violation by any Person of any Sanctions.

 

    	 	99	 

     

    

 

(iv)           No
Collateral or any portion thereof is or will consist of funds, assets or other property or interests in property that is blocked
or frozen pursuant to any Sanctions.

 

(v)            Such
Loan Party acknowledges by executing this Agreement that each Lender and the Administrative Agent (for itself and not on behalf
of any other Lender) hereby notifies such Loan Party that United States law requires each United States Lender and the Administrative
Agent to obtain, verify and record information that identifies such Loan Party, which information includes the name and address
of such Loan Party (and certain Persons having a beneficial interest in such Loan Party) and other information that will allow
such Lender and the Administrative Agent, as applicable, to identify such Loan Party.

 

(ii)         Security
Interest.

 

(i)             This
Agreement creates a valid and continuing security interest (as defined in the applicable UCC) in the Collateral in favor of the
Collateral Agent, on behalf of the Secured Parties, which security interest is prior to all other Liens (except for Permitted
Liens), and is enforceable as such against creditors of and purchasers from such Loan Party;

 

(ii)            the
Collateral is comprised of "instruments," "security entitlements," "general intangibles," "accounts,"
 "certificated securities," "uncertificated securities," "securities accounts," "deposit accounts,"
 "supporting obligations" or "insurance" (each as defined in the applicable UCC) and/or such other category
of collateral under the applicable UCC as to which such Loan Party has complied with its obligations under this Section 4.01(ii);

 

(iii)           with
respect to Collateral that constitute "security entitlements":

 

a.            all
of such security entitlements have been credited to one of the Controlled Accounts and the securities intermediary for each Controlled
Account has agreed to treat all assets credited to such Controlled Account as "financial assets" within the meaning
of the applicable UCC;

 

b.            such
Loan Party has taken all steps necessary to cause the securities intermediary to identify in its records such Loan Party, subject
to the Lien of the Collateral Agent, for the benefit of the Secured Parties, as the Person having a security entitlement against
the securities intermediary in each of the Controlled Accounts; and

 

    	 	100	 

     

    

 

 

c.            the
Controlled Accounts are not in the name of any Person other than such Loan Party, as applicable, subject to the lien of the Collateral
Agent, for the benefit of the Secured Parties. The securities intermediary of any Controlled Account which is a "securities
account" under the UCC has agreed to comply with the entitlement orders and instructions of such Loan Party, as applicable,
the Servicer and the Collateral Agent (acting at the direction of the Administrative Agent) in accordance with the Transaction
Documents, including causing cash to be invested in Permitted Investments; provided that, upon the delivery of a Notice
of Exclusive Control by the Collateral Agent (acting at the direction of the Administrative Agent), the securities intermediary
has agreed to only follow the entitlement orders and instructions of the Collateral Agent, on behalf of the Secured Parties, including
with respect to the investment of cash in Permitted Investments;

 

(iv)            all
Controlled Accounts constitute "securities accounts" or "deposit accounts" as defined in the applicable UCC;

 

(v)             with
respect to any Controlled Account which constitutes a "deposit account" as defined in the applicable UCC, such Loan Party,
the Account Bank and the Collateral Agent, on behalf of the Secured Parties, have entered into an account control agreement which
permits the Collateral Agent on behalf of the Secured Parties to direct disposition of the funds in such deposit account without
further consent of such Loan Party;

 

(vi)            such
Loan Party owns and has good and marketable title to (or, with respect to its interests in assets securing any Loan Assets, a valid
security interest in) the Collateral (other than with respect to the Controlled Accounts) free and clear of any Lien (other than
Permitted Liens) of any Person;

 

(vii)           such
Loan Party has received all consents and approvals required by the terms of any Loan Asset to the granting of a security interest
in the Loan Assets hereunder to the Collateral Agent, on behalf of the Secured Parties (after giving effect to any provisions
of the UCC that render such requirement void);

 

(viii)          such
Loan Party 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 the Collateral and that portion of the Loan Assets in which a
security interest may be perfected by filing granted to the Collateral Agent, on behalf of the Secured Parties, under this Agreement;

 

(ix)            other
than as expressly permitted by the terms of this Agreement and the security interest Granted to the Collateral Agent, on behalf
of the Secured Parties, pursuant to this Agreement, such Loan Party has not pledged, assigned, sold, granted a security interest
in or otherwise conveyed any of the Collateral. Such Loan Party has not authorized the filing of and is not aware of any financing
statements against such Loan Party that include a description of collateral covering the Collateral other than any financing statement
(A) relating to the security interests granted to such Loan Party under the applicable Purchase and Sale Agreement, or (B) that
has been terminated and/or fully and validly assigned to the Collateral Agent on or prior to the Closing Date. Such Loan Party
is not aware of the filing of any judgment or Tax lien filings against such Loan Party;

 

    	 	101	 

     

    

 

(x)              all
original executed underlying promissory notes that constitute or evidence each Loan Asset has been, or subject to the delivery
requirements contained herein, will be delivered to the Collateral Custodian;

 

(xi)             [reserved];

 

(xii)            none
of the underlying promissory notes (if any) that constitute or evidence the Loan Assets has any marks or notations indicating that
they have been pledged, assigned or otherwise conveyed to any Person other than the Collateral Agent, on behalf of the Secured
Parties;

 

(xiii)           with
respect to any Collateral that constitutes a "certificated security," such certificated security has been delivered to
the Collateral Custodian, on behalf of the Secured Parties and, if in registered form, has been specially Indorsed to the Collateral
Agent, for the benefit of the Secured Parties, or in blank by an effective Indorsement or has been registered in the name of the
Collateral Agent, for the benefit of the Secured Parties, upon original issue or registration of transfer by such Loan Party of
such certificated security; and

 

(xiv)           with
respect to any Collateral that constitutes an "uncertificated security," that such Loan Party shall cause the issuer
of such uncertificated security to register the Collateral Agent, on behalf of the Secured Parties, as the registered owner of
such uncertificated security.

 

(jj)         [Reserved].

 

(kk)       Constituent
Documents in Effect. The Borrower LLC Agreement and the Constituent Documents of each Loan Party remain in full force and
effect and there exists no breach of, default under, or threatened breach of, the Borrower LLC Agreement or any Constituent Document
of such Loan Party by the Borrower, such Loan Party or the Originator that could reasonably be expected to cause a Material Adverse
Effect.

 

Section 4.02        Representations
and Warranties of each Loan Party Relating to the Agreement and the Collateral. Each Loan Party hereby represents and
warrants, as of the Closing Date, as of each applicable Cut-Off Date (solely with respect to the relevant Loan Assets being pledged
as of such Cut-Off Date), as of each Measurement Date and as of each other date provided under this Agreement or the other Transaction
Documents on which such representations and warranties are required to be (or deemed to be) made:

 

(a)         Valid
Transfer and Security Interest. This Agreement constitutes a Grant of a security interest in all of the Collateral to the
Collateral Agent, for the benefit of the Secured Parties, which is a valid and first priority perfected security interest in the
Collateral and in that portion of the Collateral in which a security interest may be perfected by filing subject only to Permitted
Liens. No Person claiming through or under such Loan Party shall have any claim to or interest in the Controlled Accounts.

 

    	 	102	 

     

    

 

(b)        Eligibility
of Collateral. (i) The Loan Asset Schedule (other than with respect to Non-Levered Loan Assets), and the information contained
in each Notice of Borrowing, is an accurate and complete listing of all the Loan Assets contained in the Collateral as of the related
Cut-Off Date and the information contained therein with respect to the identity of such item of Collateral and the amounts owing
thereunder is true and correct as of the related Cut-Off Date in all material respects, (ii) to the knowledge of such Loan
Party, each Loan Asset designated on any Borrowing Base Certificate as an Eligible Loan Asset and each Loan Asset included as an
Eligible Loan Asset in any calculation of Borrowing Base or Borrowing Base Deficiency is an Eligible Loan Asset and (iii) with
respect to each item of Collateral (other than with respect to Non-Levered Loan Assets), all consents, licenses, approvals or authorizations
of or registrations or declarations of any Governmental Authority or any Person required to be obtained, effected or given by such
Loan Party in connection with the transfer of a security interest in each item of Collateral to the Collateral Agent, for the benefit
of the Secured Parties, have been duly obtained, effected or given and are in full force and effect.

 

(c)        No
Fraud. Each Loan Asset was originated without any fraud or misrepresentation by the Originator or, to the best of such Loan
Party's knowledge, on the part of the Obligor.

 

Section 4.03        Representations
and Warranties of the Servicer. The Servicer hereby represents and warrants, as of each Measurement Date and as of
each other date provided under this Agreement or the other Transaction Documents on which such representations and warranties
are required to be (or deemed to be) made:

 

(a)         Organization
and Good Standing. The Servicer has been duly organized and is validly existing as a corporation in good standing under the
laws of the State of Delaware, with all requisite corporate power and authority to own or lease its properties and to conduct its
business as such business is presently conducted and to enter into and perform its obligations pursuant to this Agreement.

 

(b)        Due
Qualification. The Servicer is duly qualified to do business as a corporation and is in good standing as a corporation, and
has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of its property and or the
conduct of its business requires such qualification, licenses or approvals.

 

(c)         Power
and Authority; Due Authorization; Execution and Delivery. The Servicer (i) has all necessary power, authority and legal
right to (a) execute and deliver this Agreement and the other Transaction Documents to which it is a party, (b) carry
out the terms of the Transaction Documents to which it is a party, and (ii) has duly authorized by all necessary corporate
action the execution, delivery and performance of this Agreement and the other Transaction Documents to which it is a party. This
Agreement and each other Transaction Document to which the Servicer is a party have been duly executed and delivered by the Servicer.

 

    	 	103	 

     

    

 

(d)        Binding
Obligation. This Agreement and each other Transaction Document to which the Servicer is a party constitutes a legal, valid
and binding obligation of the Servicer enforceable against the Servicer in accordance with its respective terms, except as such
enforceability may be limited by Bankruptcy Laws and general principles of equity (whether considered in a suit at law or in equity).

 

(e)        No
Violation. The consummation of the transactions contemplated by this Agreement and the other Transaction Documents to which it
is a party and the fulfillment of the terms hereof and thereof will not (i) conflict with, result in any breach of any of
the terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the Servicer's Constituent
Documents or any contractual obligation of the Servicer, (ii) result in the creation or imposition of any Lien upon any of
the Servicer's properties pursuant to the terms of any contractual obligation, other than this Agreement and Permitted Liens,
or (iii) violate any Applicable Law.

 

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

 

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

 

(h)        Reports
Accurate. All Servicer Certificate, Servicing Report, Notices of Borrowing, Borrowing Base Certificates and other written or electronic
information, exhibits, financial statements, documents, books, records or reports furnished by the Servicer to the Administrative
Agent, the Collateral Agent, the Lenders or the Collateral Custodian in connection with the Transaction Documents are, as of their
date, accurate, true and correct in all material respects and no such document or certificate omits to state a material fact or
any fact necessary to make the statements contained therein not misleading in all material respects; provided that, solely
with respect to written or electronic factual information furnished by the Servicer which was provided to the Servicer from an
Obligor with respect to a Loan Asset, such information need only be accurate, true and correct to the knowledge of the Servicer.
Any projections or forward-looking information (including such statements with respect to the collectability of, or risks or benefits
associated with a Loan Asset) provided by or on behalf of the Servicer were prepared in good faith based on assumptions believed
by the Servicer to be reasonable at the time so prepared.

 

(i)         Servicing
Standard. The Servicer has complied in all material respects with the Servicing Standard with regard to the servicing of the Loan
Assets.

 

(j)          Collections.
The Servicer acknowledges that all Available Collections received by it or its Affiliates with respect to the Collateral transferred
or Granted hereunder are held and shall be held in trust for the benefit of the Secured Parties until deposited into the Collection
Account within two (2) Business Days from receipt as required herein.

 

    	 	104	 

     

    

 

(k)         Solvency.
The Servicer is not the subject of any Bankruptcy Proceedings or Bankruptcy Event. The transactions under this Agreement and any
other Transaction Document to which the Servicer is a party do not and will not render the Servicer not Solvent.

 

(l)         Taxes.
The Servicer has filed or caused to be filed on a timely basis all tax returns that are required to be filed by it (subject to
any extensions to file properly obtained by the same) and is not liable for Taxes payable by any other Person. The Servicer has
paid or made adequate provisions for the payment of all Taxes and all assessments made against it or any of its property (other
than any amount of Tax the validity of which is currently being contested in good faith by appropriate proceedings and with respect
to which reserves in accordance with GAAP have been provided on the books of the Servicer or to the extent that the failure to
do so could not reasonably be expected to have a Material Adverse Effect), and no Tax lien (other than a Permitted Lien) has been
filed and no claim is being asserted, with respect to any such Tax, assessment or other charge.

 

(m)        Exchange
Act Compliance; Regulations T, U and X. None of the transactions contemplated herein or the other Transaction Documents (including,
the use of the Proceeds from the sale of the Collateral) will violate or result in a violation of Section 7 of the Exchange
Act, or any regulations issued pursuant thereto, including, Regulations T, U and X of the Board of Governors of the Federal Reserve
System, 12 C.F.R., Chapter II.

 

(n)        Security
Interest. The Servicer will take all steps necessary to ensure that such Loan Party has granted a security interest (as defined
in the UCC) to the Collateral Agent, for the benefit of the Secured Parties, in the Collateral, which is enforceable in accordance
with Applicable Law upon execution and delivery of this Agreement and such security interest is a valid and first priority perfected
security interest in the Loan Assets and that portion of the Collateral in which a security interest may be perfected by filing
(except for any Permitted Liens). All filings (including, such UCC filings) as are necessary for the perfection of the Secured
Parties' security interest in the Loan Assets and that portion of the Collateral in which a security interest may be perfected
by filing have been (or prior to the applicable Advance will be) made.

 

(o)        ERISA.
The present value of all benefits vested under each Servicer Pension Plan does not exceed the value of the assets of the Servicer
Pension Plan allocable to such vested benefits (based on the value of such assets as of the last annual valuation date) determined
in accordance with the assumptions used for funding such Servicer Pension Plan pursuant to Sections 412 and 430 of the Code. No
Servicer ERISA Event has occurred or is reasonably expected to occur that, in the aggregate, could subject the Servicer to any
material tax, penalty or other liability.

 

(p)        Anti-Terrorism;
OFAC; Anti-Corruption.

 

(i)            None
of the Servicer nor any of its Affiliates nor, to the knowledge of the Servicer, any Obligor (i) is a Person whose property
or interest in property is blocked or subject to blocking pursuant to Section 1 of Executive Order 13224 of September 23,
2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (66 Fed.
Reg. 49079 (2001)), (ii) engages in any dealings or transactions prohibited by Section 2 of such executive order, or
is otherwise associated with any such Person in any manner violative of Section 2 of such executive order, or (iii) is
a Person (1) designated on OFAC's list of Specially Designated Nationals and Blocked Persons or otherwise the subject of any
Sanctions or (2) in violation of the limitations or prohibitions under any other Sanctions.

 

    	 	105	 

     

    

 

(ii)            None
of the Servicer nor any of its Affiliates (i) is a Politically Exposed Person, immediate family member of a Politically Exposed
Person or close associate of a Politically Exposed Person; or (ii) a foreign shell bank. For purposes of the forgoing, "foreign
shell bank" means a bank that does not maintain a physical presence in any country and is not subject to inspection by a banking
authority.

 

(iii)           No
part of the proceeds of any Advance will be used by the Servicer or any of its Affiliates, or permitted to be used by any other
Person (in each case, directly or indirectly including by an Obligor), (i) for any payments to any governmental official or
employee, political party, official of a political party, candidate for political office, or anyone else acting in an official
capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of applicable anti-corruption
and anti-bribery laws, including the United States Foreign Corrupt Practices Act of 1977, as amended; (ii) to fund or facilitate
any money laundering or terrorist financing activities or business, or in any other manner that would cause or result in violation
of applicable Anti-Money Laundering Laws; or (iii) to fund any activities or business of or with any Person, or in any country
or territory, that, at the time of such funding, is, or whose government is, the subject of Sanctions, or in any other manner that
would result in a violation by any Person of any Sanctions.

 

(iv)           No
Collateral or any portion thereof is or will consist of funds, assets or other property or interests in property that is blocked
or frozen pursuant to any Sanctions.

 

(v)            The
Servicer acknowledges by executing this Agreement that each Lender and the Administrative Agent (for itself and not on behalf of
any other Lender) hereby notifies such Loan Party that United States law requires each United States Lender and the Administrative
Agent to obtain, verify and record information that identifies such Loan Party, which information includes the name and address
of such Loan Party (and certain Persons having a beneficial interest in such Loan Party) and other information that will allow
such Lender and the Administrative Agent, as applicable, to identify such Loan Party.

 

(q)            Environmental.
With respect to each item of Related Collateral, to the actual knowledge of a Responsible Officer of the Servicer: (i) the
related Obligor's operations comply in all material respects with all applicable Environmental Laws; (ii) none of the related
Obligor's operations is the subject of a federal or state investigation evaluating whether any remedial action, involving expenditures,
is needed to respond to a release of any Materials of Environmental Concern into the environment; and (iii) the related Obligor
does not have any material contingent liability in connection with any release of any Materials of Environmental Concern into the
environment, in each case, except as otherwise specified in the Underlying Instruments pertaining to such Loan Asset. The Servicer
has not received any written or verbal notice of, or inquiry from any Governmental Authority regarding, any violation, alleged
violation, non-compliance, liability or potential liability regarding environmental matters or compliance with Environmental Laws
with regard to any of the Related Collateral, nor does the Servicer have knowledge or reason to believe that any such notice will
be received or is being threatened.

 

    	 	106	 

     

    

 

(r)          No
Injunctions. No injunction, writ, restraining order or other order of any nature adversely affects the Servicer's performance
of its obligations under this Agreement or any Transaction Document to which the Servicer is a party.

 

(s)         Instructions
to Obligors. The Collection Account is the only account to which Obligors (solely with respect to non-agented Loan Assets),
agent banks or administrative agents on the Loan Assets have been instructed by the Servicer on such Loan Party's behalf to send
Principal Collections and Interest Collections on the Collateral.

 

(t)         Allocation
of Charges. There is not any agreement or understanding between the Servicer and such Loan Party (other than as expressly set
forth herein or as consented to by the Administrative Agent), providing for the allocation or sharing of obligations to make payments
or otherwise in respect of any taxes, fees, assessments or other governmental charges.

 

(u)        Servicer
Default. No event has occurred which constitutes a Servicer Default (other than any Servicer Default which has previously been
disclosed to the Administrative Agent as such).

 

(v)         Broker/Dealer.
The Servicer is not a broker/dealer or subject to the Securities Investor Protection Act of 1970, as amended.

 

(w)        Compliance
with Applicable Law. The Servicer has complied in all material respects with all Applicable Law to which it may be subject.

 

Section 4.04        Representations
and Warranties of the Collateral Agent. The Collateral Agent in its individual capacity and as Collateral Agent represents
and warrants as follows:

 

(a)         Organization;
Power and Authority. It is a duly organized and validly existing national banking association in good standing under the laws
of the United States. It has full corporate power, authority and legal right to execute, deliver and perform its obligations as
Collateral Agent under this Agreement.

 

(b)        Due
Authorization. The execution and delivery of this Agreement and the consummation of the transactions provided for herein have
been duly authorized by all necessary association action on its part, either in its individual capacity or as Collateral Agent,
as the case may be.

 

    	 	107	 

     

    

 

(c)         No
Conflict. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment
of the terms hereof will not conflict with, result in any breach of its articles of incorporation or bylaws or any of the terms
and provisions of, or constitute (with or without notice or lapse of time or both) a default under any indenture, contract, agreement,
mortgage, deed of trust, or other instrument to which the Collateral Agent is a party or by which it or any of its property is
bound.

 

(d)        No
Violation. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment
of the terms hereof will not conflict with or violate, in any respect, any Applicable Law.

 

(e)        All
Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or Governmental Authority
applicable to the Collateral Agent, required in connection with the execution and delivery of this Agreement, the performance by
the Collateral Agent of the transactions contemplated hereby and the fulfillment by the Collateral Agent of the terms hereof have
been obtained.

 

(f)         Validity,
Etc. The Agreement constitutes the legal, valid and binding obligation of the Collateral Agent, enforceable against the Collateral
Agent in accordance with its terms, except as such enforceability may be limited by applicable Bankruptcy Laws and general principles
of equity (whether considered in a suit at law or in equity).

 

Section 4.05        Representations
and Warranties of the Collateral Custodian. The Collateral Custodian in its individual capacity and as Collateral Custodian
represents and warrants as follows:

 

(a)         Organization;
Power and Authority. It is a duly organized and validly existing national banking association in good standing under the laws
of the United States. It has full corporate power, authority and legal right to execute, deliver and perform its obligations as
Collateral Custodian under this Agreement.

 

(b)        Due
Authorization. The execution and delivery of this Agreement and the consummation of the transactions provided for herein have
been duly authorized by all necessary association action on its part, either in its individual capacity or as Collateral Custodian,
as the case may be.

 

(c)         No
Conflict. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment
of the terms hereof will not conflict with, result in any breach of its articles of incorporation or bylaws or any of the terms
and provisions of, or constitute (with or without notice or lapse of time or both) a default under any indenture, contract, agreement,
mortgage, deed of trust, or other instrument to which the Collateral Custodian is a party or by which it or any of its property
is bound.

 

    	 	108	 

     

    

 

(d)        No
Violation. The execution and delivery of this Agreement, the performance of the transactions contemplated hereby and the fulfillment
of the terms hereof will not conflict with or violate, in any respect, any Applicable Law.

 

(e)         All
Consents Required. All approvals, authorizations, consents, orders or other actions of any Person or Governmental Authority
applicable to the Collateral Custodian, required in connection with the execution and delivery of this Agreement, the performance
by the Collateral Custodian of the transactions contemplated hereby and the fulfillment by the Collateral Custodian of the terms
hereof have been obtained.

 

(f)         Validity,
Etc. The Agreement constitutes the legal, valid and binding obligation of the Collateral Custodian, enforceable against the
Collateral Custodian in accordance with its terms, except as such enforceability may be limited by applicable Bankruptcy Laws and
general principles of equity (whether considered in a suit at law or in equity).

 

ARTICLE V

 

GENERAL
COVENANTS

 

Section 5.01        Affirmative
Covenants of the Loan Parties.

 

From the Closing Date
until the Collection Date:

 

(a)         Organizational
Procedures and Scope of Business. Each Loan Party will observe all organizational procedures required by its Constituent Documents
and the laws of its jurisdiction of formation in all material respects. Without limiting the foregoing, each Loan Party will limit
the scope of its business to: (i) the acquisition of Loan Assets or Non-Levered Loan Assets and the ownership and management
of the Related Asset and the related assets in the Collateral; (ii) the sale, transfer or other disposition of Loan Assets
as and when permitted under the Transaction Documents; (iii) entering into and performing under the Transaction Documents;
(iv) consenting or withholding consent as to proposed amendments, waivers and other modifications of the Underlying Instruments
to the extent not in conflict with the terms of this Agreement or any other Transaction Document; (v) exercising any rights
(including but not limited to voting rights and rights arising in connection with a Bankruptcy Event with respect to an Obligor
or the consensual or non-judicial restructuring of the debt or equity of an Obligor) or remedies in connection with the Loan Assets
and participating in the committees (official or otherwise) or other groups formed by creditors of an Obligor to the extent not
in conflict with the terms of this Agreement or any other Transaction Document; and (vi) engaging in any activity and to exercise
any powers permitted to limited liability companies under the laws of the State of Delaware that are related to the foregoing and
necessary, convenient or advisable to accomplish the foregoing; provided that, any Securitization Subsidiary may enter into
any agreements or letters (including, but not limited to, engagement letters, term sheets and agreements with rating agencies),
so long as any Lien created thereunder is expressly subordinated to the Liens created hereunder, as is customary for an issuer
prior to and in contemplation of a Securitization.

 

    	 	109	 

     

    

 

(b)        Special
Purpose Entity Requirements. Each Loan Party will at all times: (i) maintain at least one (1) Independent Manager;
(ii) maintain its own separate books and records and bank accounts; (iii) hold itself out to the public and all other
Persons as a legal entity separate from the Originator and any other Person; (iv) file its own tax returns, if any, as may
be required under Applicable Law, to the extent it is (A) not part of a consolidated group filing a consolidated return or
returns or (B) not treated as a division for tax purposes of another taxpayer, and pay any Taxes so required to be paid under
Applicable Law in accordance with the terms of this Agreement; (v) not commingle its assets with assets of any other Person
(other than any Securitization Subsidiary); (vi) conduct its business in its own name and strictly comply with all organizational
formalities to maintain its separate existence; (vii) maintain separate financial statements, except to the extent that such
Loan Party's financial and operating results are consolidated with those of the Originator in consolidated financial statements
or to the extent any Securitization Subsidiary’s financial and operating results are consolidated with those of such Loan
Party; provided that appropriate notation shall be made on such consolidated financial statements to indicate the separateness
of such Loan Party from such Affiliate and to indicate that such Loan Party's assets and credit are not available to satisfy the
debts and other obligations of such Affiliate or any other Person; (viii) pay its own liabilities only out of its own funds;
(ix) maintain an arm's-length relationship with its Affiliates and not enter into any transaction with an Affiliate except
on commercially reasonable terms similar to those available to unaffiliated parties in an arm's length transaction (except for
(A) capital contributions or capital distributions permitted under the terms and conditions of such Loan Party's organizational
document and properly reflected on the books and records of such Loan Party and (B) in connection with the transfer of assets
or funds amongst the Borrower and the Securitization Subsidiaries); (x) pay the salaries of its own employees, if any; (xi) not
hold out its credit or assets as being available to satisfy the obligations of others (it being understood that the assets of the
Securitization Subsidiaries shall be pledged to secure the obligations of the Borrower); (xii) allocate fairly and reasonably
any overhead for shared office space; (xiii) to the extent used, use separate stationery, invoices and checks; (xiv) except
as expressly permitted by this Agreement, not pledge its assets as security for the obligations of any other Person (it being understood
that the assets of the Securitization Subsidiaries shall be pledged to secure the obligations of the Borrower); (xv) correct
any known misunderstanding regarding its separate identity; (xvi) maintain adequate capital in light of its contemplated business
purpose transactions and liabilities and pay its operating expenses and liabilities from its own assets (it being understood that
this covenant shall apply to the Borrower and the Securitization Subsidiaries on a combined basis); (xvii) cause the managers,
officers, agents and other representatives of such Loan Party to act at all times with respect to such Loan Party consistently
and in furtherance of the foregoing and in the best interests of such Loan Party; and (xviii) not acquire the obligations
or any securities of its Affiliates (other than the Securitization Subsidiaries). Where necessary, a Loan Party will obtain proper
authorization from its members for limited liability company action.

 

(c)         Preservation
of Company Existence. Each Loan Party will preserve and maintain its limited liability company existence in good standing under
the laws of its jurisdiction of formation and will promptly obtain and thereafter maintain qualifications to do business as a foreign
limited liability company in any other state in which it does business and in which it is required to so qualify under Applicable
Law.

 

(d)         Compliance
with Legal Opinions. The Borrower shall take all other actions necessary to maintain the accuracy of the factual assumptions
in all material respects set forth in the legal opinions of Dechert LLP, as special counsel to the Borrower, issued in connection
with the Originator Purchase and Sale Agreement and relating to the issues of substantive consolidation and true sale of the Loan
Assets.

 

    	 	110	 

     

    

 

(e)         Deposit
of Collections. Each Loan Party shall promptly (but in no event later than two (2) Business Days after receipt) deposit
or cause to be deposited into the Collection Account (or, with respect to assets denominated in an Eligible Currency other than
Dollars, the applicable Eligible Currency Account) any and all Available Collections received by such Loan Party, the Servicer
or any of their Affiliates.

 

(f)         Disclosure
of Purchase Price. Each Loan Party shall disclose to the Administrative Agent and the Lenders the purchase price for each Loan
Asset proposed to be acquired by such Loan Party.

 

(g)         Obligor
Defaults and Bankruptcy Events. To the extent that the Administrative Agent has not received such notice from a Loan Party
or the Servicer in writing, such Loan Party shall give, or shall cause the Servicer to give, notice to the Administrative Agent
and the Lenders within two (2) Business Days of the occurrence of any payment default, other than expenses, by an Obligor
under any Loan Asset or any Bankruptcy Event with respect to any Obligor under any Loan Asset.

 

(h)         Required
Loan Documents. Each Loan Party shall deliver to the Collateral Custodian a hard copy or electronic copy of the Required Loan
Documents (other than with respect to any original executed promissory note and, with respect to Non-Levered Loan Assets, only
Required Loan Documents described in clause (a) of the definition of “Required Loan Documents”) and the Loan Asset
Checklist pertaining to each Loan Asset not later than (i) the Cut-Off Date pertaining to such Loan Asset if the Servicer
or its Affiliate is the agent with respect to such Loan Assets and (ii) otherwise, thirty (30) days after the Cut-Off Date.

 

(i)          Taxes.
Each Loan Party will file or cause to be filed its tax returns, if any, and pay any and all Taxes imposed on it or its property
as required by the Transaction Documents (except as contemplated in Section 4.01(m)).

 

(j)          Notice
of Event of Default. Each Loan Party shall notify the Administrative Agent and each Lender of the occurrence of any Event of
Default under this Agreement promptly, and in any event within two (2) Business Days, upon obtaining knowledge of such event.
In addition, no later than two (2) Business Days following such Loan Party’s knowledge or notice of the occurrence of
any Event of Default or Unmatured Event of Default, such Loan Party will provide to the Administrative Agent and each Lender a
written statement of a Responsible Officer of such Loan Party setting forth the details of such event and the action that such
Loan Party proposes to take with respect thereto.

 

(k)           Notice
of Material Events. Each Loan Party shall promptly notify the Administrative Agent and each Lender of any event or other circumstance
that is reasonably likely to have a Material Adverse Effect.

 

    	 	111	 

     

    

 

(l)          Notice
of Income Tax Liability. Each Loan Party shall furnish to the Administrative Agent and each Lender notice within ten (10) Business
Days (confirmed in writing within five (5) Business Days thereafter) of the receipt of revenue agent reports or other written
proposals, determinations or assessments of the Internal Revenue Service or any other taxing authority which propose, determine
or otherwise set forth positive adjustments (i) to the Tax liability of the Originator or any "affiliated group"
(of which the Originator is a member) in an amount equal to or greater than $2,500,000 in the aggregate, or (ii) to the Tax
liability of such Loan Party itself in an amount equal to or greater than $500,000 in the aggregate. Any such notice shall specify
the nature of the items giving rise to such adjustments and the amounts thereof.

 

(m)        Beneficial
Ownership Certification. Each Loan Party shall deliver promptly following the request of the Administrative Agent, a Beneficial
Ownership Certification.

 

(n)         Notice
of Breaches of Representations and Warranties under this Agreement. Each Loan Party shall promptly notify the Administrative
Agent and each Lender if it obtains knowledge that any representation or warranty set forth in Section 4.01 or Section 4.02
was incorrect at the time it was given or deemed to have been given and at the same time deliver to the Collateral Agent, the Administrative
Agent and the Lenders a written notice setting forth in reasonable detail the nature of such facts and circumstances.

 

(o)         Notice
of Breaches of Representations and Warranties under each Purchase and Sale Agreement. Each Loan Party confirms and agrees that
such Loan Party will, upon receipt of notice or discovery thereof, promptly send to the Administrative Agent, each Lender and the
Collateral Agent a notice of (i) any breach of any representation, warranty, agreement or covenant under a Purchase and Sale
Agreement or (ii) any event or occurrence that, upon notice, or upon the passage of time or both, would constitute such a
breach.

 

(p)        Notice
of Proceedings. Each Loan Party shall notify the Administrative Agent and each Lender, as soon as possible and in any event
within five (5) Business Days, after such Loan Party receives notice or obtains knowledge thereof, of any settlement of, judgment
(including a judgment with respect to the liability phase of a bifurcated trial) in or commencement of any labor controversy, litigation,
action, suit or proceeding before any court or governmental department, commission, board, bureau, agency or instrumentality, domestic
or foreign, affecting the Collateral, the Transaction Documents, the Collateral Agent's security interest in the Collateral.

 

(q)        Notice
of ERISA Events. Each Loan Party shall promptly notify the Administrative Agent and each Lender (i) in the event that
a Lien is imposed on any asset of such Loan Party with respect to any Pension Plan or Multiemployer Plan or (ii) in the event
any ERISA Event occurs.

 

(r)         Notice
of Benefit Plan Investor Status or Prohibited Transaction. Each Loan Party shall promptly notify the Administrative Agent and
each Lender in the event such Loan Party becomes a Benefit Plan Investor, in the event such Loan Party becomes subject to state
statutes regulating investments of or fiduciary obligations with respect to such governmental plans or to state statutes that impose
prohibitions similar to those contained in Section 406 of ERISA or Section 4975 of the Code or in the event such Loan
Party has knowledge that this Agreement or any other action or transaction in connection with this Agreement or any other Transaction
Document will constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975
of the Code or a non-exempt violation of Similar Law.

 

    	 	112	 

     

    

 

(s)         [Reserved].

 

(t)         Additional
Documents. Each Loan Party shall, to the extent reasonably obtainable by such Loan Party, provide the Administrative Agent
and each Lender with (i) copies of such documents as the Administrative Agent or any Lender may reasonably request evidencing
the truthfulness of the representations set forth in this Agreement or (ii) information and documentation reasonably requested
by the Administrative Agent or any Lender for purposes of compliance with the applicable "know your customer" requirements
under the Patriot Act or other applicable Anti-Money Laundering Laws.

 

(u)         Protection
of Security Interest. With respect to the Collateral acquired by each Loan Party, such Loan Party will (i) if acquired
from the Originator, acquire such Collateral pursuant to and in accordance with the terms of the applicable Purchase and Sale
Agreement or such other similar agreement, as applicable, (ii) (at the expense of the applicable Loan Party) take all action
necessary to perfect, protect and more fully evidence such Loan Party's ownership of such Collateral free and clear of any Lien
other than the Lien created hereunder and Permitted Liens, including, (A) with respect to the Loan Assets and that portion
of the Collateral in which a security interest may be perfected by filing, filing and maintaining (at the expense of the applicable
Loan Party), effective financing statements against the Originator in all necessary or appropriate filing offices, (including
any amendments thereto or assignments thereof) and filing continuation statements, amendments or assignments with respect thereto
in such filing offices, (including any amendments thereto or assignments thereof) and (B) executing or causing to be executed
such other instruments or notices as may be necessary or appropriate, (iii) (at the expense of the applicable Loan Party)
take all action necessary to cause a valid, subsisting and enforceable first priority perfected security interest, subject only
to Permitted Liens, to exist in favor of the Collateral Agent (for the benefit of the Secured Parties) in such Loan Party's interests
in all of the Collateral being Granted hereunder including the filing of UCC financing statements in the applicable jurisdiction
adequately describing the Collateral (which may include an "all asset" filing), and naming each Loan Party as debtor
and the Collateral Agent as the secured party, and filing continuation statements, amendments or assignments with respect thereto
in such filing offices, (including any amendments thereto or assignments thereof), (iv) permit the Administrative Agent or
any Lender or their respective agents or representatives to visit the offices of such Loan Party during normal office hours and
upon reasonable advance notice examine and make copies of all documents, books, records and other information concerning the Collateral
and discuss matters related thereto with any of the officers or employees of such Loan Party having knowledge of such matters
(provided that such Loan Party shall not be liable for the costs and expenses of more than one such visit in any calendar
year unless an Event of Default has occurred), and (v) take all additional action that the Administrative Agent, any Lender
or the Collateral Agent may reasonably request to perfect, protect and more fully evidence the respective first priority perfected
security interests of the parties to this Agreement in the Collateral, or to enable the Administrative Agent or the Collateral
Agent to exercise or enforce any of their respective rights hereunder.

 

    	 	113	 

     

    

 

(v)         Liens.
Each Loan Party will promptly notify the Administrative Agent and the Lenders of the existence of any Lien on the Collateral (other
than Permitted Liens) and such Loan Party shall defend the right, title and interest of the Collateral Agent, for the benefit of
the Secured Parties, in, to and under the Collateral against all claims of third parties.

 

(w)        Other
Documents. At any time from time to time upon prior written request of the Administrative Agent or any Lender, at the sole
expense of such Loan Party, each Loan Party will promptly and duly execute and deliver such further instruments and documents (to
the extent provided to such Loan Party or reasonably obtainable by such Loan Party) and take such further actions as the Administrative
Agent or any Lender may reasonably request for the purposes of obtaining or preserving the full benefits of this Agreement including
the first priority security interest in the Collateral (subject only to Permitted Liens) granted hereunder and of the rights and
powers herein granted (including, among other things, authorizing the filing of such UCC financing statements as the Administrative
Agent may request).

 

(x)         Compliance
with Law. Each Loan Party shall at all times comply in all material respects with all Applicable Law applicable to such Loan
Party or any of its assets (including, Environmental Laws, and all federal securities laws), and such Loan Party shall do or cause
to be done all things necessary to preserve and maintain in full force and effect its legal existence, and all licenses material
to its business.

 

(y)        Proper
Records. Each Loan Party shall at all times keep proper books of records and accounts in which full, true and correct entries
shall be made of its transactions in accordance with GAAP and set aside on its books from its earning for each fiscal year all
such proper reserves in accordance with GAAP.

 

(z)         Satisfaction
of Obligations. Each Loan Party shall pay, discharge or otherwise satisfy at or before maturity or before they become delinquent,
as the case may be, all its obligations of whatever nature, except where the amount or validity thereof is currently being contested
in good faith by appropriate proceedings and reserves with respect thereto have been provided on the books of such Loan Party.

 

(aa)       Performance
of Covenants. Each Loan Party shall observe, perform and satisfy all the terms, provisions, covenants and conditions required
to be observed, performed or satisfied by it, and shall pay when due all costs, fees and expenses required to be paid by it, under
the other Transaction Documents. Each Loan Party shall pay and discharge all Taxes, levies, liens and other charges on it or its
assets and on the Collateral that, in each case, in any manner would create any lien or charge upon the Collateral, except for
any such Taxes as are being appropriately contested in good faith by appropriate proceedings diligently conducted and with respect
to which adequate reserves have been provided in accordance with GAAP.

 

(bb)      Tax
Treatment. Each Loan Party, the Originator and the Lenders shall treat the Advances advanced hereunder as indebtedness of such
Loan Party for U.S. federal income tax purposes and to file any and all tax forms in a manner consistent therewith.

 

(cc)       Maintenance
of Records. Each Loan Party will maintain records with respect to the Collateral and the conduct and operation of its business
with no less a degree of prudence than if the Collateral were held by such Loan Party for its own account and will furnish the
Administrative Agent and each Lender, upon the reasonable request by the Administrative Agent, information with respect to the
Collateral and the conduct and operation of its business.

 

    	 	114	 

     

    

 

(dd)      [Reserved].

 

(ee)       [Reserved].

 

(ff)        Continuation
Statements. Each Loan Party shall, not earlier than six months and not later than three months prior to the fifth anniversary
of the date of filing of the financing statement referred to in Schedule I hereto or any other financing statement filed
pursuant to this Agreement or in connection with any Advance hereunder, unless the Collection Date shall have occurred:

 

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

 

(ii)           deliver
or cause to be delivered to the Collateral Agent, the Administrative Agent and the Lenders an opinion of the counsel for such Loan
Party, in form and substance reasonably satisfactory to the Administrative Agent, confirming and updating the opinion delivered
pursuant to Schedule I with respect to perfection and otherwise to the effect that the security interest hereunder continues
to be an enforceable and perfected security interest, subject to no other Liens of record except as provided herein or otherwise
permitted hereunder, which opinion may contain usual and customary assumptions, limitations and exceptions.

 

(gg)      Disregarded
Entity. Each Loan Party will be either (i) disregarded as an entity separate from its owner pursuant to Treasury Regulation
Section 301.7701-3(b)(ii) or (ii) a partnership (other than a publicly traded partnership) all of whose beneficial
owners are United States persons for U.S. federal income tax purposes, and neither such Loan Party nor any other Person on its
behalf shall make an election to be treated as a corporation for U.S. federal income tax purposes under Treasury Regulation Section 301.7701-3(c).

 

(hh)      Notices;
Material Information, etc. Each Loan Party shall, within five (5) Business Days after filing, provide to the Administrative
Agent written notification of the filing of any litigation against such Loan Party or the Originator which, if a judgment were
to be obtained by the plaintiff, would result in the occurrence of an Event of Default or otherwise cause a Material Adverse Effect.

 

(ii)         [Reserved].

 

(jj)         Other
Information. Each Loan Party shall, to the extent reasonably obtainable by such Loan Party, deliver, (i) promptly following
the Administrative Agent's request, in any event within five (5) days of such request, such other information, financial or
otherwise, with respect to such Loan Party and the Collateral, as the Administrative Agent may reasonably request from time to
time and (ii) to the extent a Beneficial Ownership Certificate has previously been provided by such Loan Party to the Administrative
Agent, promptly following any change in the information provided in such Beneficial Ownership Certification that would result in
a change to the list of beneficial owners identified in parts (c) or (d) of such certification.

 

    	 	115	 

     

    

 

(kk)       Securitization
Subsidiaries. Each Loan Party shall cause each Securitization Subsidiary to comply with the covenants set forth in Sections
5.01(a) through (jj) and the negative covenants set forth in Section 5.02, as if such covenants were
applicable directly to such Securitization Subsidiary and each reference to such Loan Party therein were a reference to such Securitization
Subsidiary.

 

(ll)         Reduction
of Subject Loan Assets. If on any date of determination solely during the Specified Period, the aggregate Outstanding Balance
of all Subject Loan Assets exceeds 50.0% of the SLA Threshold Amount, as a result of pay-downs or prepayments in respect of any
Eligible Loan Asset(s), the Borrower shall use commercially reasonable efforts to eliminate such excess within five (5) Business
Days after obtaining knowledge of such event from the Administrative Agent (including but not limited to by effecting sales of
one or more Subject Loan Assets subject to Section 2.07(f) or the re-classification of such Subject Loan Asset pursuant
to the terms of the definition thereof).

 

Section 5.02        Negative
Covenants of the Loan Parties.

 

From the Closing Date until the Collection Date:

 

(a)         Special
Purpose Entity Requirements. Except as otherwise permitted by this Agreement, no Loan Party shall (i) guarantee any obligation
of any Person, including any Affiliate (it being understood that the assets of the Securitization Subsidiaries shall be pledged
to secure the obligations of the Borrower); (ii) engage, directly or indirectly, in any business, other than the actions required
or permitted to be performed under the Transaction Documents; (iii) incur, create or assume any Indebtedness, other than Indebtedness
incurred under the Transaction Documents; (iv) make or permit to remain outstanding any loan or advance to, or own or acquire
any stock or securities of, any Person, except that such Loan Party may invest in those Loan Assets and other investments permitted
under the Transaction Documents and may make any advance required or expressly permitted to be made pursuant to any provisions
of the Transaction Documents and permit the same to remain outstanding in accordance with such provisions; (v) fail to pay
its debts and liabilities from its assets when due; (vi) to the fullest extent permitted by law, engage in any dissolution,
liquidation, consolidation, merger, sale or other transfer of any of its assets outside the ordinary course of such Loan Party's
business other than such activities as are expressly permitted pursuant to this Agreement; (vii) create, form or otherwise
acquire any Subsidiaries (other than Securitization Subsidiaries, solely in the case of the Borrower); or (viii) release,
sell, transfer, convey or assign any Loan Asset unless in accordance with the Transaction Documents.

 

(b)         Requirements
for Material Actions. No Loan Party shall fail to provide (and at all times such Loan Party's organizational documents shall
reflect) that the unanimous consent of all managers (including the consent of the Independent Manager(s)) is required for such
Loan Party to (i) file any insolvency, or reorganization case or proceeding, (ii) institute proceedings to have such
Loan Party be adjudicated bankrupt or insolvent, (iii) institute proceedings under any applicable insolvency law, (iv) seek
any relief under any law relating to relief from debts or the protection of debtors, (v) consent to the filing or institution
of bankruptcy or insolvency proceedings against such Loan Party, (vi) file a petition seeking, or consent to, reorganization
or relief with respect to such Loan Party under any applicable federal or state law relating to bankruptcy or insolvency, (vii) seek
or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian, or any similar official of
or for such Loan Party, or a substantial part of its property, (viii) make any assignment for the benefit of its creditors,
(ix)  admit in writing its inability to pay its debts generally as they become due, or (x) take any action in furtherance
of any of the foregoing.

 

    	 	116	 

     

    

 

(c)         Protection
of Title. No Loan Party shall take any action which would directly or indirectly impair or adversely affect any Loan Party's
title to the applicable Collateral.

 

(d)         Transfer
Limitations. No Loan Party shall transfer, assign, convey, grant, bargain, sell, set over, deliver or otherwise dispose of,
or pledge or hypothecate, directly or indirectly, any interest in the Collateral to any person other than the Collateral Agent
for the benefit of the Secured Parties, or engage in financing transactions or similar transactions with respect to the Collateral
with any person other than the Administrative Agent and the Lenders, in each case, except as otherwise expressly permitted by the
terms of this Agreement.

 

(e)         Liens.
No Loan Party shall not create, incur or permit to exist any Lien in or on any of the Collateral subject to the security interest
granted by such Loan Party pursuant to this Agreement, other than Permitted Liens.

 

(f)         Organizational
Documents. No Loan Party shall amend, modify or terminate any of the Constituent Documents of such Loan Party without the prior
written consent of the Administrative Agent. Notwithstanding the foregoing, any Securitization Subsidiary may amend or restate
any of its Constituent Documents in connection with a Securitization without the consent of any other Person so long as such amendment
or restatement is effective on or after the closing of such Securitization.

 

(g)         Merger,
Acquisitions, Sales, etc. No Loan Party shall change its organizational structure, enter into any transaction of merger
or consolidation or amalgamation, or asset sale (other than pursuant to Section 2.07), or liquidate, wind up or dissolve
itself (or suffer any liquidation, winding up or dissolution) without the prior written consent of the Administrative Agent.

 

(h)         Use
of Proceeds. No Loan Party shall use the proceeds of any Advance other than (i) to finance the purchase on a "true
sale" basis (or the origination), by such Loan Party of Collateral, (ii) to pay fees and expenses in connection with
the transactions contemplated under this Agreement, (iii) to fund the Unfunded Exposure Account in order to establish reserves
for unfunded commitments of Delayed Draw Loan Assets included in the Collateral or (iv) to distribute such proceeds to the
Originator.

 

(i)          Limited
Assets. No Loan Party shall hold or own any assets that are not part of the Collateral (other than with respect to Non-Levered
Loan Assets).

 

    	 	117	 

     

    

 

(j)          Tax
Treatment. No Loan Party shall elect to be treated as a corporation for U.S. federal income tax purposes and shall take all
reasonable steps necessary to avoid being treated as a corporation for U.S. federal income tax purposes.

 

(k)         [Reserved].

 

(l)          Purchase
and Sale Agreement. No Loan Party will amend, modify, waive or terminate any provision of a Purchase and Sale Agreement without
the prior written consent of the Administrative Agent.

 

(m)        Restricted
Junior Payments. No Loan Party shall make any Restricted Junior Payment, except that, so long as the Facility Maturity Date
has not been declared or automatically occurred and, to the Administrative Agent’s, Servicer’s and such Loan Party’s
knowledge, no Event of Default or Unmatured Event of Default has occurred and is continuing or would result therefrom, such Loan
Party may declare and make Restricted Junior Payments to the holders of its membership interests from amounts available pursuant
to Sections 2.04(a)(xi) and 2.04(c)(xi). Nothing herein shall restrict any Securitization Subsidiary from effecting
any dividend of Loan Assets or cash from such Securitization Subsidiary to such Loan Party, which such dividend shall not require
the consent of the Administrative Agent or any other Person.

 

(n)         ERISA
Matters. No Loan Party will (i) take, and will exercise its best efforts not to permit any ERISA Affiliate to take, any
action that could reasonably be expected to result in an ERISA Event that, in the aggregate, could subject such Loan Party to any
material tax, penalty or other liability, or (ii) take, and will exercise its best efforts not to permit any ERISA Affiliate
to take, any action that could result in the imposition of a Lien on any asset of such Loan Party with respect to any Pension Plan
or Multiemployer Plan.

 

(o)         Instructions
to Obligors. No Loan Party will make any change, or permit the Servicer to make any change, in its instructions to Obligors
(solely with respect to non-agented Loan Assets), agent banks or administrative agents on the Loan Assets regarding payments to
be made with respect to the Collateral to the Collection Account (or, with respect to assets denominated in an Eligible Currency
other than Dollars, the applicable Eligible Currency Account), unless the Administrative Agent has consented to such change. Notwithstanding
the foregoing, any Securitization Subsidiary may notify administrative or payment agents of any change in payment instructions
necessary to close a Securitization.

 

(p)         Change
of Jurisdiction, Location, Names or Location of Loan Files. No Loan Party shall change the jurisdiction of its formation, make
any change to its corporate name or use any tradenames, fictitious names, assumed names, "doing business as" names or
other names unless, prior to the effective date of any such change in the jurisdiction of its formation, name change or use, such
Loan Party receives prior written consent from the Administrative Agent of such change and delivers to the Administrative Agent
such financing statements as the Administrative Agent may request to reflect such name change or use, together with such Opinions
of Counsel and other documents and instruments as the Administrative Agent may request in connection therewith. No Loan Party will
change the location of its chief executive office unless prior to the effective date of any such change of location, such Loan
Party notifies the Administrative Agent of such change of location in writing. No Loan Party will move, or consent to the Collateral
Custodian or the Servicer moving, the Loan Files from the location thereof on the Closing Date, unless the Administrative Agent
shall consent to such move in writing and the Servicer shall provide the Administrative Agent with such Opinions of Counsel and
other documents and instruments as the Administrative Agent may request in connection therewith.

 

    	 	118	 

     

    

 

(q)         Allocation
of Charges. There will not be any agreement or understanding between the Servicer and any Loan Party (other than as expressly
set forth herein or as consented to by the Administrative Agent), providing for the allocation or sharing of obligations to make
payments or otherwise in respect of any Taxes, fees, assessments or other governmental charges; provided that it is understood
and acknowledged that such Loan Party will be disregarded as an entity separate from the Originator for U.S. federal income tax
purposes.

 

(r)          Anti-Terrorism;
OFAC; Anti-Corruption. Each of the representations and warranties set out in sub clauses (i) through (v) (inclusive)
of Section 4.01(hh) shall be deemed here restated and, mutatis mutandis, construed as covenants made and given
under this Section 5.02.

 

(s)         Securitization
Subsidiary. The Borrower shall not form any new Securitization Subsidiary without the prior written consent of the Administrative
Agent and delivery to the Administrative Agent of a complete set of all agreements, documents, certificates and opinions for such
Securitization Subsidiary acceptable to the Administrative Agent in its sole discretion. The Borrower shall cause the Constituent
Documents of each Securitization Subsidiary to prohibit any transfer of the equity in such Securitization Subsidiary without the
prior written consent of each of the Administrative Agent and the board of directors of such Securitization Subsidiary, unless
such transfer is in connection with a Securitization.

 

Section 5.03        Affirmative
Covenants of the Servicer.

 

From the Closing Date until the Collection Date:

 

(a)         Compliance
with Law. The Servicer will comply in all material respects with all Applicable Law, including those with respect to servicing
the Collateral or any part thereof.

 

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

 

(c)         Obligations
and Compliance with Collateral. The Servicer will duly fulfill and comply with all obligations on the part of each Loan Party
to be fulfilled or complied with under or in connection with the administration of each item of Collateral and will do nothing
to impair the rights of the Collateral Agent, for the benefit of the Secured Parties, or of the Secured Parties in, to and under
the Collateral. It is understood and agreed that the Servicer does not hereby assume any obligations of the Borrower in respect
of any Advances or assume any responsibility for the performance by the Borrower of any of its obligations hereunder or under any
other agreement executed in connection herewith that would be inconsistent with its undertaking as the Servicer.

 

    	 	119	 

     

    

 

(d)         Keeping
of Records and Books of Account.

 

(i)             The
Servicer will maintain and implement administrative and operating procedures (including, an ability to recreate records evidencing
Collateral in the event of the destruction of the originals thereof), and keep and maintain all documents, books, records and other
information necessary or advisable for the collection of all Collateral and the identification of the Collateral.

 

(ii)            Subject
to Section 6.11, the Servicer shall permit the Administrative Agent, each Lender or their respective agents or representatives,
to visit the offices of the Servicer during normal office hours and upon reasonable advance notice and examine and make copies
of all documents, books, records and other information concerning the Collateral and the Servicer's servicing thereof and discuss
matters related thereto with any of the officers or employees of the Servicer having knowledge of such matters (provided
that the Servicer shall not be liable for the costs and expenses of more than one such visit in any calendar year unless an Event
of Default has occurred hereunder).

 

(iii)            The
Servicer will on or prior to the Closing Date, mark its internal records to relating to the Collateral with a legend describing
the sale of the Collateral to any Loan Party and the Grant from such Loan Party to the Collateral Agent, for the benefit of the
Secured Parties.

 

(e)         Preservation
of Security Interest. The Servicer (at the Borrower's expense) will file such financing and continuation statements and any
other documents that it reasonably should know may be required by any law or regulation of any Governmental Authority to preserve
and protect fully the first priority perfected security interest of the Collateral Agent, for the benefit of the Secured Parties,
in, to and under the Loan Assets and that portion of the Collateral in which a security interest may be perfected by filing.

 

(f)          Events
of Default. The Servicer will provide the Administrative Agent and each Lender (with a copy to the Collateral Agent) with immediate
written notice of the occurrence of each Event of Default and each Unmatured Event of Default of which the Servicer has knowledge
or has received notice. In addition, no later than two (2) Business Days following the Servicer's knowledge or notice of the
occurrence of any Event of Default or Unmatured Event of Default, the Servicer will provide to the Collateral Agent, the Administrative
Agent and each Lender a written statement of a Responsible Officer of the Servicer setting forth the details of such event and
the action that the Servicer proposes to take with respect thereto.

 

(g)         Taxes.
The Servicer will file its tax returns, if any, and pay any and all Taxes imposed on it or its property as required under the Transaction
Documents (except as contemplated by Section 4.03(l)).

 

    	 	120	 

     

    

 

 

(h)         Other.
The Servicer will promptly furnish to the Collateral Agent, the Administrative Agent and each Lender, to the extent reasonably
obtainable by the Servicer, such other information, documents, records or reports respecting the Collateral or the condition or
operations, financial or otherwise, of each Loan Party or the Servicer as the Collateral Agent, any Lender or the Administrative
Agent may from time to time reasonably request in order to protect the interests of the Administrative Agent, the Lenders, the
Collateral Agent or Secured Parties under or as contemplated by this Agreement.

 

(i)          Proceedings
Related to the Loan Parties, the Originator and the Servicer and the Transaction Documents. The Servicer shall notify the Administrative
Agent and each Lender as soon as possible and in any event within five (5) Business Days after the Servicer receives notice
or obtains knowledge thereof of any settlement of, judgment (including a judgment with respect to the liability phase of a bifurcated
trial) in or commencement of any labor controversy, litigation, action, suit or proceeding before any court or governmental department,
commission, board, bureau, agency or instrumentality, domestic or foreign, that could reasonably be expected to have a Material
Adverse Effect, the Originator or the Servicer (or any of their Affiliates that are in the business of originating, acquiring or
servicing assets similar to Loan Assets) or the Transaction Documents. For purposes of this Section 5.03(i), (i) any
settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Transaction Documents in excess of
$1,000,000 shall be deemed to be expected to have such a Material Adverse Effect and (ii) any settlement, judgment, labor
controversy, litigation, action, suit or proceeding affecting the Servicer or the Originator in excess of $10,000,000 shall be
deemed to be expected to have such a Material Adverse Effect.

 

(j)          Deposit
of Collections. The Servicer shall promptly (but in no event later than two (2) Business Days after receipt) deposit or
cause to be deposited into the Collection Account any and all Available Collections received by any Loan Party, the Servicer or
any of their Affiliates.

 

(k)         Special
Purpose Entity Requirements. At the Borrower's expense, the Servicer shall take such actions as are necessary to cause each
Loan Party to be in compliance with the special purpose entity requirements set forth in Sections 5.01(a) and 5.01(b) and
5.02(a) and 5.02(b); provided that, for the avoidance of doubt, the Servicer shall not be required to
expend any of its own funds to cause a Loan Party to be in compliance with subsection 5.02(a)(v) or subsection 5.01(b)(xvi).

 

(l)          [Reserved].

 

(m)        Proceedings
Related to the Collateral. The Servicer shall notify the Administrative Agent and each Lender as soon as possible and in any
event within two (2) Business Days after any Responsible Officer of the Servicer receives notice or has actual knowledge of
any settlement of, judgment (including a judgment with respect to the liability phase of a bifurcated trial) in or commencement
of any labor controversy, litigation, action, suit or proceeding before any court or governmental department, commission, board,
bureau, agency or instrumentality, domestic or foreign, that the Servicer reasonably believes would have a Material Adverse Effect
on the interests of the Collateral Agent or the Secured Parties in, to and under the Collateral. For purposes of this Section 5.03(m),
any settlement, judgment, labor controversy, litigation, action, suit or proceeding affecting the Collateral or the Collateral
Agent's or the Secured Parties' interest in the Collateral in excess of $10,000,000 or more shall be deemed to be expected to have
such a Material Adverse Effect. In addition, this Section 5.03(m) shall not be construed to require delivery by
the Servicer or any Affiliate thereof of any proceeding, litigation, suit or action involving an Obligor to the extent that such
delivery of notice is required pursuant to Section 5.01(p).

 

    	 	121	 

     

    

 

(n)        Compliance
with Legal Opinions. The Servicer shall take all other actions necessary to maintain the accuracy of the factual assumptions
in all material respects set forth in the legal opinions of Dechert LLP, as special counsel to the Servicer, issued in connection
with the Transaction Documents and relating to the issues of substantive consolidation and true sale of the Loan Assets.

 

(o)         Instructions
to Agents and Obligors. Subject to Section 6.04(d), the Servicer shall direct, or shall cause the Originator to
direct, any agent or administrative agent for any Loan Asset to remit all payments and collections with respect to such Loan Asset,
and, if applicable, to direct the Obligor with respect to such Loan Asset to remit all such payments and collections with respect
to such Loan Asset directly to the Collection Account (or, with respect to assets denominated in an Eligible Currency other than
Dollars, the applicable Eligible Currency Account). The Servicer shall take steps consistent with the Servicing Standard to ensure,
and shall cause the Originator to take commercially reasonable steps to ensure, that only funds constituting payments and collections
relating to Loan Assets shall be deposited into the Collection Account.

 

(p)         Capacity
as Servicer. The Servicer will ensure that, at all times when it is dealing with or in connection with the Loan Assets in its
capacity as Servicer, it holds itself out as Servicer, and not in any other capacity.

 

(q)         Notice
of Breaches of Representations and Warranties under each Purchase and Sale Agreement. The Servicer confirms and agrees that
the Servicer will, upon receipt of notice or discovery thereof, promptly send to the Administrative Agent, each Lender and the
Collateral Agent a notice of (i) any breach of any representation, warranty, agreement or covenant under a Purchase and Sale
Agreement or (ii) any event or occurrence that, upon notice, or upon the passage of time or both, would constitute such a
breach, in each case, promptly upon learning thereof.

 

(r)         Audits.
Periodically after the Closing Date, at the discretion of the Administrative Agent and each Lender, the Servicer shall allow the
Administrative Agent and each Lender (during normal office hours and upon advance notice) to review the Servicer's collection and
administration of the Collateral in order to assess compliance by the Servicer with the Servicing Standard, as well as with the
Transaction Documents, and to conduct an audit of the Collateral and Required Loan Documents in conjunction with such a review
(provided that the Servicer shall not be liable for the costs and expenses of more than one such visit in any calendar year
unless an Event of Default has occurred hereunder). Such review shall be reasonable in scope and shall be completed in a reasonable
period of time.

 

    	 	122	 

     

    

 

(s)         Notice
of Breaches of Representations and Warranties under this Agreement. The Servicer shall promptly notify the Administrative Agent
and the Lenders if any representation or warranty set forth in Section 4.03 was incorrect at the time it was given
or deemed to have been given and at the same time deliver to the Collateral Agent, the Administrative Agent and the Lenders a written
notice setting forth in reasonable detail the nature of such facts and circumstances.

 

(t)          Insurance
Policies. The Servicer has caused, and will cause, to be performed any and all acts required to be performed to preserve the
rights and remedies of the Collateral Agent and the Secured Parties in any Insurance Policies applicable to Loan Assets (to the
extent the Servicer is the agent or servicer under the applicable Underlying Instruments) including, in each case, any necessary
notifications of insurers, assignments of policies or interests therein, and establishments of co-insured, joint loss payee and
mortgagee rights in favor of the Collateral Agent and the Secured Parties; provided that, unless a Loan Party is the sole
lender under such Underlying Instruments, the Servicer shall only take such actions that are customarily taken by or on behalf
of a lender in a syndicated loan facility to preserve the rights of such lender.

 

(u)         Disregarded
Entity. The Servicer shall not permit or take any action that would cause a Loan Party to be treated as other than a disregarded
entity or a partnership (other than a publicly traded partnership) all of whose beneficial owners are United States persons for
U.S. federal income tax purposes.

 

(v)         Anti-Terrorism;
OFAC; Anti-Corruption. Each of the representations and warranties set out in sub clauses (i) through (v) (inclusive)
of Section 4.03(p) shall be deemed here restated and, mutatis mutandis, construed as covenants made and given
under this Section 5.03.

 

(w)        Value
Adjustment Event. Promptly upon obtaining knowledge thereof, the Servicer will provide the Administrative Agent and each Lender
(with a copy to the Collateral Agent) with written notice of the occurrence of any event that the Servicer reasonably believes
is a Value Adjustment Event with respect to any Eligible Loan Asset; provided that, the Servicer will be deemed to not
have knowledge of any Valuation Adjustment Event that requires a determination be made by the Administrative Agent until such
determination has been made. Any such notice will be considered delivered if notation of such potential Value Adjustment Event
is made in any Borrowing Base Certificate, Servicing Report, or other report delivered by the Servicer or a Loan Party to the
Administrative Agent within the timeframe contemplated by this Section 5.03(w).

 

Section 5.04        Negative
Covenants of the Servicer.

 

From the Closing Date until the Collection Date:

 

(a)         Mergers,
Acquisition, Sales, etc. The Servicer will not consolidate with or merge into any other Person or convey or transfer
its properties and assets substantially as an entirety to any Person, unless the Servicer is the surviving entity and unless:

 

    	 	123	 

     

    

 

(i)            the
Servicer has delivered to the Administrative Agent and each Lender (A) an Officer's Certificate stating that any such consolidation,
merger, conveyance or transfer and any supplemental agreement executed in connection therewith comply with this Section 5.04
and that all conditions precedent herein provided for relating to such transaction have been complied with and (B) such
other items as the Administrative Agent may reasonably request; provided that in no event shall the Servicer be required
to provide an Opinion of Counsel to the Administrative Agent or Lenders with respect to a merger effectuated in accordance with
the proviso below;

 

(ii)           the
Servicer shall have delivered notice of such consolidation, merger, conveyance or transfer to the Administrative Agent and each
Lender;

 

(iii)          after
giving effect thereto, no Event of Default or Servicer Default or event that with notice or lapse of time would constitute either
an Event of Default or a Servicer Default shall exist; and

 

(iv)          the
Administrative Agent shall have consented in writing to such consolidation, merger, conveyance or transfer.

 

provided that
the consent of the Administrative Agent and the Required Lenders shall not be required in the event that the Servicer consolidates
or merges into entity with the same investment adviser as the Servicer (“Permitted Entity”) or conveys or transfers
all or substantially all of its properties and assets to a Permitted Entity, in each case, so long as (x) the surviving entity
has, together with all other entities and accounts advised by the same investment adviser, at least $2,000,000,000 of assets under
management (measured as of the last day of the most recent fiscal quarter of such surviving entity and the other entities and
accounts), (y) the surviving entity’s regular business includes the servicing of assets similar to the Collateral Portfolio
and (z) the surviving entity reaffirms its obligations under this Agreement and the other Transaction Documents.

 

(b)         Change
in Payment Instructions to Obligors. The Servicer will not make any change in its instructions to Obligors (solely with respect
to non-agented Loan Assets), agent banks or administrative agents on the Loan Assets regarding payments to be made with respect
to the Collateral to the Collection Account, unless the Administrative Agent has consented to such change.

 

(c)         [Reserved].

 

(d)        Allocation
of Charges. There will not be any agreement or understanding between the Servicer and any Loan Party (other than as expressly
set forth herein or as consented to by the Administrative Agent), providing for the allocation or sharing of obligations to make
payments or otherwise in respect of any Taxes, fees, assessments or other governmental charges.

 

(e)         Taxable
Mortgage Pool Matters. The Servicer will manage the portfolio and advise any Loan Party with respect to the purchases from
any third party seller so as to not at any time cause such Loan Party to be treated as a taxable mortgage pool for U.S. federal
income tax purposes or cause more than 50% of the of the Loan Assets owned by such Loan Party to consist of real estate mortgages
as defined in Treasury Regulation Section 301.7701(i)-1 of the Code.

 

    	 	124	 

     

    

 

Section 5.05        Affirmative
Covenants of the Collateral Agent.

 

From the Closing Date
until the Collection Date:

 

(a)         Compliance
with Law. The Collateral Agent will comply in all respects with all Applicable Law.

 

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

 

Section 5.06        Negative
Covenants of the Collateral Agent.

 

From the Closing Date
until the Collection Date, the Collateral Agent will not make any changes to the Collateral Agent Fees without the prior written
approval of the Administrative Agent.

 

Section 5.07        Affirmative
Covenants of the Collateral Custodian.

 

From the Closing Date
until the Collection Date:

 

(a)         Compliance
with Law. The Collateral Custodian will comply in all respects with all Applicable Law.

 

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

 

(c)         Location
of Required Loan Documents. Subject to Article XII of this Agreement, the Required Loan Documents shall remain
at all times in the possession of the Collateral Custodian at its address located at 425 Hennepin Ave, Minneapolis, MN 55414 unless
notice of a different address is given in accordance with the terms hereof or unless the Administrative Agent agrees to allow
certain Required Loan Documents to be released to the Servicer on a temporary basis in accordance with the terms hereof, except
as such Required Loan Documents may be released pursuant to the terms of this Agreement.

 

Section 5.08        Negative
Covenants of the Collateral Custodian.

 

From the Closing Date until the Collection Date:

 

    	 	125	 

     

    

 

(a)         Required
Loan Documents. The Collateral Custodian will not dispose of any documents constituting the Required Loan Documents in any
manner that is inconsistent with the performance of its obligations as the Collateral Custodian pursuant to this Agreement and
will not dispose of any Collateral except as contemplated by this Agreement.

 

(b)         No
Changes in Collateral Custodian Fees. The Collateral Custodian will not make any changes to the Collateral Custodian Fees
without the prior written approval of the Administrative Agent.

 

ARTICLE VI

 

ADMINISTRATION
AND SERVICING OF CONTRACTS

 

Section 6.01        Appointment
and Designation of the Servicer.

 

(a)         Initial
Servicer. Each Loan Party hereby appoints Golub Capital BDC, Inc., pursuant to the terms and conditions of this Agreement,
as Servicer, with the authority to service, administer and exercise rights and remedies, on behalf of each Loan Party, in respect
of the Collateral. Until the Administrative Agent gives Golub Capital BDC, Inc. a Servicer Removal Notice, Golub Capital
BDC, Inc. hereby accepts such appointment and agrees to perform the duties and responsibilities of the Servicer pursuant
to the terms hereof. The Servicer and the Borrower hereby acknowledge that the Administrative Agent and the Secured Parties are
third party beneficiaries of the obligations undertaken by the Servicer hereunder.

 

(b)        Servicer
Removal Notice. The Borrower, the Servicer, each Lender and the Administrative Agent hereby agree that, upon the occurrence
of an Event of Default (including, as a result of a Servicer Default), the Administrative Agent, by written notice to the Servicer
(with a copy to the Collateral Agent) (a "Servicer Removal Notice"), may terminate all of the rights, obligations,
power and authority of the Servicer under this Agreement. On and after the receipt by the Servicer of a Servicer Removal Notice
pursuant to this Section 6.01(b), the Servicer shall continue to perform all servicing functions under this Agreement
until the date specified in the Servicer Removal Notice or otherwise specified by the Administrative Agent in writing or, if no
such date is specified in such Servicer Removal Notice or otherwise specified by the Administrative Agent, until a date mutually
agreed upon by the Servicer and the Administrative Agent and shall be entitled to receive, to the extent of funds available therefor
pursuant to Section 2.04, the Servicing Fee therefor accrued until such date. After such date, the Servicer agrees
that it will terminate its activities as Servicer hereunder in a manner that the Administrative Agent believes will facilitate
the transition of the performance of such activities to a successor Servicer, and the successor Servicer shall assume each and
all of the Servicer's obligations to service and administer the Collateral, on the terms and subject to the conditions herein
set forth, and the Servicer shall use its best efforts to assist the successor Servicer in assuming such obligations.

 

(c)         Appointment
of Replacement Servicer. At any time following the delivery of a Servicer Removal Notice, the Administrative Agent may, in
its sole discretion, appoint a replacement servicer (the "Replacement Servicer"), which appointment shall take
effect upon the Replacement Servicer accepting such appointment by a written assumption in a form satisfactory to the Administrative
Agent in its sole discretion. Upon the appointment of a Replacement Servicer, the initial Servicer shall have no liability with
respect to any action performed by the Replacement Servicer on or after the date that the Replacement Servicer becomes the successor
to the Servicer.

 

    	 	126	 

     

    

 

(d)         Liabilities
and Obligations of Replacement Servicer. Upon its appointment, the Replacement Servicer shall be the successor in all respects
to the Servicer with respect to servicing functions under this Agreement and shall be subject to all the responsibilities, duties
and liabilities relating thereto placed on the Servicer by the terms and provisions hereof, and all references in this Agreement
to the Servicer shall be deemed to refer to the Replacement Servicer; provided that the Replacement Servicer shall have
(i) no liability with respect to any action performed by the terminated Servicer prior to the date that the Replacement Servicer
becomes the successor to the Servicer or any claim of a third party based on any alleged action or inaction of the terminated
Servicer, (ii) no obligation to perform any advancing obligations, if any, of the Servicer unless it elects to in its sole
discretion, (iii) no obligation to pay any Taxes required to be paid by the Servicer (provided that the Replacement
Servicer shall pay any income Taxes for which it is liable), (iv) no obligation to pay any of the fees and expenses of any
other party to the transactions contemplated hereby, and (v) no liability or obligation with respect to any Servicer indemnification
obligations of any prior Servicer, including the original Servicer. The indemnification obligations of the Replacement Servicer
upon becoming a Replacement Servicer, are expressly limited to those arising on account of its failure to act in good faith and
with reasonable care under the circumstances. In addition, the Replacement Servicer shall have no liability relating to the representations
and warranties of the Servicer contained in Section 4.03.

 

(e)         Authority
and Power. All authority and power granted to the Servicer under this Agreement shall automatically cease and terminate upon
termination of this Agreement as to the Servicer and shall pass to and be vested in the applicable Loan Party and each Loan Party
is hereby authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, all documents
and other instruments, and to do and accomplish all other acts or things necessary or appropriate to effect the purposes of such
transfer of servicing rights. The Servicer agrees to cooperate with each Loan Party in effecting the termination of the responsibilities
and rights of the Servicer to conduct servicing of the Collateral.

 

(f)          Subcontracts.
The Servicer may, with the prior written consent of the Administrative Agent (other than in the case of its Affiliates for which
such consent shall not be required), subcontract with any other Person for servicing, administering or collecting the Collateral;
provided that (i) the Servicer shall select any such Person with reasonable care and shall be solely responsible for
the fees and expenses payable to any such Person, (ii) the Servicer shall not be relieved of, and shall remain liable for,
the performance of the duties and obligations of the Servicer pursuant to the terms hereof without regard to any subcontracting
arrangement and (iii) any such subcontract (other than a subcontract between the Servicer and its Affiliate) shall be terminable
upon the occurrence of a Servicer Default.

 

    	 	127	 

     

    

 

(g)         Waiver.
Each Loan Party acknowledges that, after delivery of a Servicer Removal Notice, the Administrative Agent or any of its Affiliates
may act as the Collateral Agent and/or the Servicer, and the Borrower waives any and all claims against the Administrative Agent,
each Lender or any of their respective Affiliates, the Collateral Agent and the Servicer (other than claims relating to such party's
gross negligence or willful misconduct) relating in any way to the custodial or collateral administration functions having been
performed by the Administrative Agent or any of its Affiliates in accordance with the terms and provisions (including the standard
of care) set forth in the Transaction Documents.

 

Section 6.02        Duties
of the Servicer.

 

(a)         Duties.
The Servicer shall take or cause to be taken all such actions as may be necessary or advisable to service, administer and collect
on the Collateral from time to time, all in accordance with Applicable Law and the Servicing Standard. Prior to the delivery of
a Servicer Removal Notice, but subject to the terms of this Agreement (including, Section 6.04), the Servicer has
the sole and exclusive authority to make any and all decisions with respect to the Collateral and take or refrain from taking
any and all actions with respect to the Collateral. Without limiting the foregoing, the duties of the Servicer shall include the
following:

 

(i)            supervising
the Collateral, including communicating with Obligors, executing amendments, providing consents and waivers, enforcing and collecting
on the Collateral and otherwise managing the Collateral on behalf of the Loan Parties;

 

(ii)           maintaining
all necessary servicing records with respect to the Collateral and providing such reports to the Administrative Agent and each
Lender (with a copy to the Collateral Agent and the Collateral Custodian) in respect of the servicing of the Collateral (including
information relating to its performance under this Agreement) as may be required hereunder or as the Administrative Agent or any
Lender may request;

 

(iii)          maintaining
and implementing administrative and operating procedures (including, an ability to recreate servicing records evidencing the Collateral
in the event of the destruction of the originals thereof) and keeping and maintaining all documents, books, records and other
information necessary or advisable for the collection of the Collateral;

 

(iv)          promptly
delivering to the Administrative Agent, each Lender, the Collateral Agent or the Collateral Custodian, from time to time, such
information and servicing records (including information relating to its performance under this Agreement) as the Administrative
Agent, each Lender, Collateral Custodian or the Collateral Agent may from time to time request;

 

(v)           identifying
each Loan Asset in its internal servicing records to reflect the ownership of such Loan Asset by the applicable Loan Party;

 

(vi)          using
its best efforts to maintain the perfected security interest of the Collateral Agent, for the benefit of the Secured Parties,
in the Collateral;

 

    	 	128	 

     

    

 

(vii)         maintaining
the Loan File with respect to Loan Assets included as part of the Collateral;

 

(viii)        directing
the Collateral Agent to make payments pursuant to the terms of the Servicing Report in accordance with Section 2.04;

 

(ix)          directing
the sale or substitution of Collateral in accordance with Section 2.07;

 

(x)           providing
advice to the Borrower with respect to the purchase and sale of and payment for the Loan Assets;

 

(xi)          instructing
the Obligors and the administrative agents on the Loan Assets to make payments directly into the Collection Account established
and maintained with the Collateral Agent;

 

(xii)         delivering
the Loan Files and a Loan Asset Schedule to the Collateral Custodian;

 

(xiii)        preparing
and delivering to the Borrower, the Collateral Agent and the Administrative Agent on each Reporting Date a Borrowing Base Certificate
setting forth the calculation of the Borrowing Base as of such Reporting Date;

 

(xiv)        directing
the Collateral Agent to convert amounts denominated in any Eligible Currency to any other Eligible Currency for any permitted
purpose hereunder; and

 

(xv)         complying
with such other duties and responsibilities as may be required of the Servicer by this Agreement.

 

It is acknowledged
and agreed that the Servicer shall perform its servicing duties hereunder only to the extent a lender under the related loan syndication
Underlying Instruments has the right to do so unless a Loan Party is the sole lender thereunder.

 

(b)         Notwithstanding
anything to the contrary contained herein, the exercise by the Administrative Agent, the Collateral Agent, each Lender and the
Secured Parties of their rights hereunder shall not release the Servicer (unless replaced by a Replacement Servicer), the Originator
or any Loan Party from any of their duties or responsibilities with respect to the Collateral other than with respect to any mistake,
reckless act or any action or inaction undertaken in a negligent manner on the part of any of the Administrative Agent, the Collateral
Agent, each Lender and the Secured Parties. The Secured Parties, the Administrative Agent, each Lender and the Collateral Agent
shall not have any obligation or liability with respect to any Collateral, nor shall any of them be obligated to perform any of
the obligations of the Servicer hereunder, unless one of them becomes a Replacement Servicer hereunder.

 

    	 	129	 

     

    

 

Section 6.03        Authorization
of the Servicer.

 

(a)         Each
of each Loan Party, the Administrative Agent and each Lender hereby authorizes the Servicer (including any successor thereto)
to take any and all steps consistent with the Servicing Standard in its name and on its behalf necessary or desirable in the determination
of the Servicer and not inconsistent with the sale of the Collateral by the Originator to the Borrower or the Borrower to a Securitization
Subsidiary, as applicable, under the applicable Purchase and Sale Agreement and, thereafter, the Grant by each Loan Party to the
Collateral Agent on behalf of the Secured Parties hereunder, to collect all amounts due under any and all Collateral, including,
endorsing any of their names on checks and other instruments representing Interest Collections and Principal Collections, executing
and delivering any and all instruments of satisfaction or cancellation, or of partial or full release or discharge, and all other
comparable instruments, with respect to the Collateral and, after the delinquency of any Collateral and to the extent permitted
under and in compliance with Applicable Law, to commence proceedings with respect to enforcing payment thereof, to the same extent
as the Originator could have done if it had continued to own such Collateral. Each Loan Party, the Originator and the Collateral
Agent on behalf of the Secured Parties shall furnish the Servicer (and any successors thereto) with any powers of attorney and
other documents necessary or appropriate to enable the Servicer to carry out its servicing and administrative duties hereunder,
and shall cooperate with the Servicer to the fullest extent in order to ensure the collectability of the Collateral. In no event
shall the Servicer be entitled to make the Secured Parties, the Administrative Agent, the Collateral Agent or any Lender a party
to any litigation without such party's express prior written consent, or to make any Loan Party a party to any litigation (other
than any routine foreclosure or similar collection procedure) without the Administrative Agent's consent.

 

(b)        After
the declaration of the Facility Maturity Date, at the direction of the Administrative Agent, the Servicer shall take such action
as the Administrative Agent may deem necessary or advisable to enforce collection of the Collateral; provided that the
Administrative Agent may, at any time that an Event of Default has occurred and is continuing, notify any Obligor with respect
to any Collateral of the assignment of such Collateral to the Collateral Agent on behalf of the Secured Parties and direct that
payments of all amounts due or to become due be made directly to the Administrative Agent or any servicer, collection agent or
account designated by the Administrative Agent and, upon such notification and at the expense of the Borrower, the Administrative
Agent may enforce collection of any such Collateral, and adjust, settle or compromise the amount or payment thereof.

 

Section 6.04        Collection
of Payments; Accounts.

 

(a)         Collection
Efforts, Modification of Collateral.

 

(i)            The
Servicer will collect, cause to be collected, or make arrangements for the collection of all payments due and owing to the Borrower
pursuant to the terms and provisions of the Loan Assets included in the Collateral as and when the same become due, all in accordance
with the Servicing Standard.

 

    	 	130	 

     

    

 

(ii)           In
the performance of its obligations hereunder, a Loan Party (or the Servicer on its behalf) may enter into any amendment or waiver
of or supplement to any Underlying Instrument, all in accordance with the Servicing Standard; provided that, on and after
the occurrence of an Event of Default, the prior written consent of the Administrative Agent shall be required for any waiver,
modification or variance that would impair the collectability of the Collateral Portfolio, increase such Loan Party’s commitment
or outstanding loans thereunder or extend the maturity of any outstanding or committed loans of such Loan Party thereunder beyond
the Facility Maturity Date.

 

(b)        [Reserved].

 

(c)         Taxes
and other Amounts. The Servicer will use efforts consistent with the Servicing Standard to collect all payments with respect
to amounts due for Taxes, assessments and insurance premiums relating to each Loan Asset to the extent required to be paid to
such Loan Party for such application under the applicable Underlying Instruments and remit such amounts to the appropriate Governmental
Authority or insurer as required by the Underlying Instruments.

 

(d)         Payments
to Collection Account. On or before the applicable Cut-Off Date, the Servicer shall have instructed all (solely with respect
to non-agented Loan Assets), agent banks or administrative agents on the Loan Assets to make all payments in respect of the Collateral
in the applicable Eligible Currency directly to the Collection Account; provided that the Servicer is not required to so
instruct any Obligor which is solely a guarantor or other surety (or an Obligor that is not designated as the "lead borrower"
or another such similar term) unless and until the Servicer calls on the related guaranty or secondary obligation.

 

(e)         Controlled
Accounts. Each of the parties hereto hereby agrees that (i) each Controlled Account is intended to be a "securities
account" or "deposit account" within the meaning of the UCC and (ii) except as otherwise expressly provided
herein and in the Control Agreement, as applicable, prior to the delivery of a Notice of Exclusive Control, the Borrower, the
Servicer and the Collateral Agent (acting at the direction of the Administrative Agent) shall be entitled to exercise the rights
that comprise each Financial Asset held in each Controlled Account which is a securities account and have the right to direct
the disposition of funds in any Controlled Account which is a deposit account; provided that, after the delivery of a Notice
of Exclusive Control, such rights shall be exclusively held by the Collateral Agent (acting at the direction of the Administrative
Agent). Each of the parties hereto hereby agrees to cause the securities intermediary that holds any money or other property for
a Loan Party in a Controlled Account that is a securities account to agree with the parties hereto that (A) the cash and
other property (subject to Section 6.04(f) below with respect to any property other than investment property,
as defined in Section 9-102(a)(49) of the UCC) is to be treated as a Financial Asset and (B) regardless of any provision
in any other agreement, for purposes of the UCC, with respect to the Controlled Accounts, New York shall be deemed to be the Account
Bank's jurisdiction (within the meaning of Section 9-304 of the UCC) and the securities intermediary's jurisdiction (within
the meaning of Section 8-110 of the UCC). All securities or other property underlying any Financial Assets credited to the
Controlled Accounts in the form of securities or instruments shall be registered in the name of the Account Bank or if in the
name of a Loan Party or the Collateral Agent, Indorsed to the Account Bank, Indorsed in blank, or credited to another
securities account maintained in the name of the Account Bank, and in no case will any Financial Asset credited to the Controlled
Accounts be registered in the name of such Loan Party, payable to the order of such Loan Party or specially Indorsed to such Loan
Party, except to the extent the foregoing have been specially Indorsed to the Account Bank or Indorsed in blank.

 

    	 	131	 

     

    

 

(f)          Underlying
Instruments. Notwithstanding any term hereof (or any term of the UCC that might otherwise be construed to be applicable to
a "securities intermediary" as defined in the UCC) to the contrary, none of the Collateral Agent, the Collateral Custodian
nor any securities intermediary shall be under any duty or obligation in connection with the acquisition by a Loan Party, or the
Grant by such Loan Party to the Collateral Agent, of any Loan Asset in the nature of a loan or a participation in a loan to examine
or evaluate the sufficiency of the documents or instruments delivered to it by or on behalf of such Loan Party under the related
Underlying Instruments, or otherwise to examine the Underlying Instruments, in order to determine or compel compliance with any
applicable requirements of or restrictions on transfer (including any necessary consents). The Collateral Custodian shall hold
any Instrument delivered to it evidencing any Loan Asset Granted to the Collateral Agent hereunder as custodial agent for the
Collateral Agent in accordance with the terms of this Agreement.

 

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

 

Section 6.05        [Reserved].

 

Section 6.06        Servicer
Compensation. As compensation for its activities hereunder and reimbursement for its expenses, the Servicer shall be entitled
to be paid the Servicing Fee and reimbursed its reasonable out-of-pocket expenses as provided in Section 2.04.

 

Section 6.07        Payment
of Certain Expenses by Servicer. The Servicer will be required to pay all expenses incurred by it in connection with its activities
under this Agreement, including fees and disbursements of its independent accountants, Taxes imposed on the Servicer and expenses
incurred by the Servicer in connection with payments and reports pursuant to this Agreement. The Servicer may be reimbursed for
any reasonable out-of-pocket expenses incurred hereunder (including out-of-pocket expenses paid by the Servicer on behalf of the
Borrower), subject to the availability of funds pursuant to Section 2.04.

 

Section 6.08        Reports
to the Administrative Agent; Account Statements; Servicer Information.

 

(a)         Borrowing
Base Certificate. On each Measurement Date, the Borrower (or the Servicer on its behalf) will provide a Borrowing Base Certificate,
updated as of such date, to the Administrative Agent and each Lender (with a copy to the Collateral Agent).

 

    	 	132	 

     

    

 

(b)         Servicing
Report. On each Reporting Date, the Servicer will provide to the Borrower, each Lender, the Administrative Agent and the Collateral
Agent, a statement including (i) a Borrowing Base Certificate, (ii) a Loan Asset Schedule, (iii) a then current
calculation of the Weighted Average Life Test, (iv) a list of Loan Assets acquired, sold, substituted or released during
the last Reporting Period, (v) a then current calculation of the Diversity Score in respect of the Loan Assets included in
the Collateral and (vi) if such Reporting Date occurs in a calendar month in which a Payment Date occurs, amounts to be remitted
pursuant to Section 2.04 to the applicable parties (which shall include any applicable wiring instructions of the
parties receiving payment) (such monthly statement, a "Servicing Report"), with respect to the Monthly Determination
Date or Determination Date, as applicable, in the case of clauses (i) through (iii) and with respect to
the Reporting Period in the case of clause (iv), signed by a Responsible Officer of the Servicer and the Borrower and substantially
in the form of Exhibit H.

 

(c)         Servicer
Certificate. Together with each Servicing Report, the Servicer shall submit to the Administrative Agent, each Lender and the
Collateral Agent a certificate substantially in the form of Exhibit I (a "Servicer Certificate"),
signed by a Responsible Officer of the Servicer, which shall include a certification by such Responsible Officer that, to his/her
knowledge, no Event of Default, Servicer Default or Unmatured Event of Default has occurred as of the date of such Servicer Certificate.

 

(d)         Financial
Statements. The Servicer will submit for reasonably prompt delivery to the Administrative Agent, each Lender and the Collateral
Agent, upon the written request of any such party (i) the unaudited financial statements of Golub Capital BDC, Inc.
for the most recent fiscal quarter and (ii) audited financial statements of Golub Capital BDC, Inc. audited by a firm
of nationally recognized independent public accountants, as of the end of the most recent fiscal year, in each case, only to the
extent such financial statements are not publicly available on EDGAR in accordance with the deadlines required pursuant to the
Exchange Act and the associated rules and regulations.

 

(e)         Obligor
Financial Statements; Valuation Reports; Other Reports. The Servicer will deliver to the Administrative Agent, the Lenders
and the Collateral Agent, with respect to each Obligor, (i) all documents and information required to be delivered by the
Obligor under the Underlying Instruments with respect to each Loan Asset, and the complete financial reporting package with respect
to such Obligor and with respect to each Loan Asset for such Obligor (including any financial statements, management discussion
and analysis, executed covenant compliance certificates and related covenant calculations with respect to such Obligor and with
respect to each Loan Asset for such Obligor) provided to a Loan Party and/or the Servicer quarterly by such Obligor, which delivery
shall be made within sixty (60) days after the end of such Obligor's first three (3) fiscal quarters and one hundred twenty
(120) days after the end of such Obligor's fiscal year-end (which financial reporting package shall include, at minimum, sufficient
details to determine Cash Interest Coverage Ratio, Senior Leverage Ratio, Total Leverage Ratio and EBITDA, as applicable, for
such Obligor) and (ii) (x) on a quarterly basis, (A) the status of each Loan Asset, including an assessment of
the related Obligor and information known to the Servicer that may be material to their future financial performance, (B) the
Servicer's expectations, projections or plans for working out, restructuring, managing, selling or otherwise monetizing such Loan
Asset and (C) any other information reasonably requested by the Administrative Agent (including a report listing, and providing
an explanation of, all amendments, modifications and waivers made with respect to any Underlying Instrument related to any Loan
Asset during the immediately preceding Remittance Period and all information provided to an Approved Valuation Firm) relating
to any Loan Asset, and (y) promptly upon receipt by a Loan Party or the Servicer, the valuation report(s) for such fiscal
quarter. Upon demand by the Administrative Agent, the Servicer will provide such other information as the Administrative Agent
may request with respect to any Obligor.

 

    	 	133	 

     

    

 

(f)          Amendments
to Loan Assets. The Servicer will deliver to the Administrative Agent, the Lenders and the Collateral Custodian a copy of
any material amendment, restatement, supplement, waiver or other modification to the Underlying Instruments of any Loan Asset
(along with any internal documents prepared by the Servicer and provided to its investment committee in connection with such amendment,
restatement, supplement, waiver or other modification) within ten (10) Business Days of the effectiveness of such amendment,
restatement, supplement, waiver or other modification.

 

(g)         Electronic
Format. Notwithstanding anything to the contrary contained herein, information required to be delivered or submitted to any
Secured Party pursuant to Section 5.03(h) and this Article VI shall be deemed to have been delivered
on the date on which such information is posted on a website to which the Administrative Agent has access or upon receipt of such
information through email or another delivery method acceptable to the Administrative Agent.

  

(h)         Obligor
Reports. The Servicer shall furnish to the Administrative Agent within a reasonable period updated Obligor Information for
each Obligor if and when such information is available.

 

(i)          Officer's
Certificate. On each anniversary of the date of this Agreement, the Borrower shall deliver an Officer's Certificate, in form
and substance acceptable to the Lenders and the Administrative Agent, providing (i) a certification, based upon a review
and summary of UCC search results, that there is no other interest in the Collateral perfected by filing of a UCC financing statement
other than in favor of the Collateral Agent and (ii) a certification, based upon a review and summary of tax and judgment
lien searches satisfactory to the Administrative Agent, that there is no other interest in the Collateral based on any tax or
judgment lien.

 

Section 6.09        Annual
Statement as to Compliance. The Servicer will provide to the Administrative Agent, each Lender and the Collateral Agent within
ninety (90) days following the end of each fiscal year of the Servicer, commencing with the fiscal year ending on December 31,
2019, a fiscal report signed by a Responsible Officer of the Servicer certifying that (a) a review of the activities of the
Servicer, and the Servicer's performance pursuant to this Agreement, for the fiscal period ending on the last day of such fiscal
year has been made under such Person's supervision and (b) the Servicer has performed or has caused to be performed all of
its obligations under this Agreement throughout such year and no Servicer Default has occurred.

 

    	 	134	 

     

    

 

Section 6.10        Annual
Independent Public Accountant's Servicing Reports. The Servicer will cause a nationally recognized auditing firm (who may
also render other services to the Servicer) to furnish to the Administrative Agent, each Lender and the Collateral Agent within
(a) one hundred eighty (180) days following the end of the fiscal year ending on December 31, 2019 and (b) ninety
(90) days following the end of each fiscal year of the Servicer thereafter, a report covering such fiscal year to the effect that
such auditors have applied certain agreed-upon procedures (a copy of which procedures are attached hereto as Schedule III,
it being understood that the Servicer and the Administrative Agent will provide an updated Schedule III reflecting any
further amendments to such Schedule III prior to the issuance of the first such agreed-upon procedures report, a copy of
which shall replace the then-existing Schedule III) to certain documents and records relating to the Collateral under any
Transaction Document, compared the information contained in the Servicing Reports and the Servicer Certificates delivered during
the period covered by such report with such documents and records and that no matters came to the attention of such auditors that
caused them to believe that such servicing was not conducted in compliance with this Article VI, except for such exceptions
as such auditors shall believe to be immaterial and such other exceptions as shall be set forth in such statement.

 

Section 6.11        Procedural
Review of Loan Assets; Access to Servicer and Servicer's Records.

 

(a)         Each
of each Loan Party and the Servicer shall permit both (i) the Administrative Agent (who may be accompanied by any Lender
(at its sole discretion)) and (ii) the representatives of the Administrative Agent, each at any time and from time to time
as the Administrative Agent shall reasonably request (A) to inspect and make copies of and abstracts from its records relating
to the Loan Assets and (B) to visit its properties in connection with the collection, processing or servicing of the Loan
Assets for the purpose of examining such records, and to discuss matters relating to the Loan Assets or such Person's performance
under this Agreement and the other Transaction Documents with any officer or employee or auditor (if any) of such Person having
knowledge of such matters. Each of the Borrower and the Servicer agrees to render to the Administrative Agent such clerical and
other assistance as may be reasonably requested with regard to the foregoing; provided, that such assistance shall not
interfere in any material respect with the Servicer's business and operations. So long as no Unmatured Event of Default, Event
of Default or Servicer Default has occurred and is continuing, such visits and inspections shall occur only (x) upon five
(5) Business Days' prior written notice and (y) during normal business hours. During the existence of an Unmatured Event
of Default, an Event of Default or a Servicer Default, there shall be no limit on the timing of such inspections provided that
the Administrative Agent shall have provided the Borrower and Servicer with one Business Day notice before any such inspection.
The Administrative Agent agrees to use good faith efforts to provide the Lenders at least ten (10) Business Days advance
notice of any inspection or visit under this Section 6.11(a) so that the Lenders may accompany the Administrative
Agent at their option.

 

(b)         Each
Loan Party and the Servicer, as applicable, shall provide to the Administrative Agent access to the Loan Assets and all other
documents regarding the Loan Assets included as part of the Collateral in its possession, in such cases where the Administrative
Agent is required in connection with the enforcement of the rights or interests of the Lenders, or by applicable statutes or regulations,
to review such documentation, such access being afforded without charge but only (i) upon five (5) Business Days' prior
written notice (so long as no Unmatured Event of Default, Event of Default or Servicer Default has occurred and is continuing)
and (ii) during normal business hours. During the existence of an Unmatured Event of Default, an Event of Default or a Servicer
Default, there shall be no limit on the timing of such inspections and no prior notice will be required before any inspection.
From and after the Closing Date and periodically thereafter at the reasonable discretion of the Administrative Agent, the Administrative
Agent may review each Loan Party's and the Servicer's collection and administration of the Loan Assets in order to assess compliance
by the Servicer with the Servicer's written policies and procedures, as well as this Agreement and may conduct an audit of the
Loan Assets and Records in conjunction with such review (subject to and in accordance with Section 6.11(a)).

 

    	 	135	 

     

    

 

Section 6.12        The
Servicer Not to Resign. The Servicer shall not resign from the obligations and duties hereby imposed on it except upon the
Servicer's determination that (a) the performance of its duties hereunder is or becomes impermissible under Applicable Law
and (b) there is no reasonable action that the Servicer could take to make the performance of its duties hereunder permissible
under Applicable Law. No such resignation shall become effective until a Replacement Servicer shall have assumed the responsibilities
and obligations of the Servicer in accordance with Section 6.02.

 

ARTICLE VII

 

EVENTS
OF DEFAULT

 

Section 7.01        Events
of Default. If any of the following events (each, an "Event of Default") shall occur:

 

(a)         a
default in the payment when due of (i) any principal of any Advance or (ii) any other amount payable by the Borrower,
the Servicer or the Originator, including any Yield, any Unused Fee or any other fee and such failure to pay is not cured within
one (1) Business Day after the same becomes due; provided, however, that an Event of Default shall not occur
under this clause (a) if such failure to pay is caused by an error or omission of an administrative or operational
nature and such payment is in fact made on or before the third following Business Day;

 

(b)         any
failure to pay, on the Facility Maturity Date, all accrued Obligations;

 

(c)         (i) any
of any Loan Party, the Originator or the Servicer shall, (x) with respect to a Loan Party, fail to pay any principal of,
or premium or interest on, any Indebtedness (other than the Obligations) and (y) with respect to the Originator, the Servicer,
fail to pay any principal of, or premium or interest on, any Indebtedness (other than the Obligations), in excess of $2,500,000
with respect to the Originator and $1,000,000 with respect to a Loan Party, when the same becomes due and payable; (ii) any
other default by any of any Loan Party, the Originator or the Servicer under any agreement, contract, document or instrument relating
to any such Indebtedness or any other event shall occur and shall continue after the applicable grace period, if the effect of
such default or event is to accelerate the maturity of such Indebtedness; or (iii) any such Indebtedness is in fact declared
to be due and payable or required to be prepaid, redeemed, purchased or defeased, or an offer to prepay, redeem, purchase or defease
such Indebtedness shall be required to be made, in each case, prior to the stated maturity thereof;

 

    	 	136	 

     

    

 

(d)        except
as otherwise provided in this definition of "Event of Default," a default in the performance, or breach, of any other
covenant or other agreement of a Loan Party or the Originator in the Transaction Documents to which it is a party (it being understood,
without limiting the generality of the foregoing, that the failure to satisfy the Weighted Average Life Test is not, in and of
itself, an Event of Default and the existence of a Borrowing Base Deficiency is not, in and of itself, an Event of Default except
to the extent provided in clause ((j) immediately below) and the same continues unremedied (it being agreed that the
sale of any Loan Asset that is not an Eligible Loan Asset shall remedy the failure of any representation, warranty or certification
related to such Loan Asset being an Eligible Loan Asset) for a period of 30 days (if such failure can be remedied) after the date
on which written notice of such failure requiring the same to be remedied shall have been given to such Loan Party or the Servicer
by the Administrative Agent or Collateral Agent; provided that the delivery of a certificate or other report within 30
days that corrects any inaccuracy contained in a previous certificate or report shall be deemed to cure such inaccuracy as of
the date of delivery of such updated certificate or report and any and all inaccuracies arising from the continuation of such
initial inaccurate certificate or report;

 

(e)         the
occurrence of a Bankruptcy Event relating to any Loan Party, the Originator or the Servicer;

 

(f)         the
occurrence of a Servicer Default;

 

(g)         (i) the
rendering of one or more judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment of money
in excess individually or in the aggregate of $1,000,000 against a Loan Party and the Servicer and such Loan Party or the Servicer,
as applicable, shall not have either (A) discharged or provided for the discharge of any such judgment, decree or order in
accordance with its terms or (B) perfected a timely appeal of such judgment, decree or order and caused the execution of
same to be stayed during the pendency of the appeal; (ii) any action shall be legally taken by a judgment creditor to attach
or levy upon any assets of a Loan Party to enforce any such judgment; or (iii) (x) any Loan Party and the Servicer shall
have each in the aggregate made payments of amounts in excess of $1,000,000, in the settlement of any litigation, claim or dispute
(excluding payments actually made from insurance proceeds);

 

(h)        the
failure of a Loan Party to qualify as a bankruptcy remote entity based upon customary criteria or the failure to satisfy Section 5.01(d) and
Dechert LLP is unable to issue a new legal opinion (with updated factual assumptions) within 30 Business Days after the date a
Responsible Officer of such Loan Party becomes aware of such failure;

 

(i)            (1) any
Transaction Document, or any lien or security interest granted thereunder, shall (except in accordance with its terms), in whole
or in part, terminate, cease to be effective or cease in all material respects to be the legally valid, binding and enforceable
obligation of any Loan Party, the Originator or the Servicer,

 

(2)            any
Loan Party, the Originator or the Servicer or any other party shall, directly or indirectly, contest in any manner the effectiveness,
validity, binding nature or enforceability of any Transaction Document or any lien or security interest thereunder (except as
the enforceability hereof and thereof may be limited by Bankruptcy Laws and by general principles of equity (whether such enforceability
is considered in a proceeding in equity or at law)), or

 

    	 	137	 

     

    

 

(3)            any
security interest in any Collateral securing any Obligation shall, in whole or in part, cease to be a first priority perfected
security interest except as otherwise expressly permitted to be released in accordance with the applicable Transaction Document
(provided that this clause (3) shall not apply to an immaterial portion of the Collateral which (x) does not
meet the criteria solely as set forth in the second sentence of clause (2) of Schedule II, (y) does not result
in a Borrowing Base Deficiency and (z) does not have a Material Adverse Effect on the Secured Parties); or with respect to
any mistake on the part of the Administrative Agent or Collateral Agent in connection with the failure to have a first priority
perfected security interest in respect of any portion of the Collateral);

 

(j)          a
Borrowing Base Deficiency exists and has not been remedied in accordance with Section 2.06 within the time period
set forth therein; provided that, in each case, during the period of time that such event remains unremedied, any payments
required to be made by the Servicer on a Payment Date shall be made under Section 2.04(c);

 

(k)         any
Loan Party shall become required to register as an "investment company" in accordance with the 1940 Act or the arrangements
contemplated by the Transaction Documents shall become required to register as an "investment company" in accordance
with the 1940 Act;

  

(l)          the
Internal Revenue Service shall file notice of a Lien pursuant to Section 6323 of the Code with regard to any assets of any
Loan Party or the Originator, or the PBGC shall file notice of a Lien pursuant to Section 4068 of ERISA with regard to any
of the assets of any Loan Party or the Originator;

 

(m)        the
occurrence of an ERISA Event or a Servicer ERISA Event;

 

(n)         any
Change of Control shall occur;

 

(o)         any
representation, warranty or certification made by any Loan Party or the Servicer in any Transaction Document or in any certificate
delivered pursuant to any Transaction Document shall prove to have been incorrect when made and continues to be unremedied (it
being agreed that the sale of any Loan Asset that is not an Eligible Loan Asset shall remedy the failure of any representation,
warranty or certification related to such Loan Asset being an Eligible Loan Asset) for a period of thirty (30) days after the
earlier to occur of (i) the date on which written notice of such incorrectness requiring the same to be remedied shall have
been given to such Loan Party or the Originator by the Administrative Agent or the Collateral Agent (which shall be given at the
direction of the Administrative Agent) and (ii) the date on which a Responsible Officer of such Loan Party or the Originator
acquires knowledge thereof; provided that the delivery of a certificate or other report within 30 days which corrects any
inaccuracy contained in a previous certificate or report shall be deemed to cure such inaccuracy as of the date of delivery of
such updated certificate or report and any and all inaccuracies arising from the continuation of such initial inaccurate certificate
or report; or

 

    	 	138	 

     

    

 

(p)         (i) failure
of a Loan Party to maintain at least one Independent Manager or (ii) the removal of any Independent Manager without cause
or prior written notice to the Administrative Agent (in each case as required by the organization documents of such Loan Party);

 

(q)         the
failure to satisfy the Financial Covenant Test; or

 

(r)         any
Loan Party, the Originator or the Servicer makes or attempts to make any assignment of its rights or obligations under this Agreement
or any other Transaction Document without first obtaining the specific written consent of each of the Lenders and the Administrative
Agent, which consent may be withheld by any Lender or the Administrative Agent in its sole and absolute discretion;

 

then the Administrative Agent may or,
at the request of the Required Lenders, shall, by notice to the Borrower, declare the "Facility Maturity Date" to have
occurred; provided that, in the case of any event described in Section 7.01(e) above, the "Facility
Maturity Date" shall be deemed to have occurred automatically upon the occurrence of such event. Upon any such declaration
or automatic occurrence, (i) the Revolving Period shall end and each Loan Party shall cease purchasing Loan Assets from the
Originator or the Borrower, as applicable, under any Purchase and Sale Agreement or from any other third party and shall cease
originating Loan Assets, (ii) the Administrative Agent or the Required Lenders may declare the Advances to be immediately
due and payable in full (without presentment, demand, protest or notice of any kind, all of which are hereby waived by each Loan
Party) and any other Obligations to be immediately due and payable, (iii) the Administrative Agent may terminate the Servicer
by providing a Servicer Removal Notice in accordance with Section 6.01(b), and (iv) all proceeds and distributions
in respect of the Collateral shall be distributed by the Collateral Agent (at the direction of the Administrative Agent) as described
in Section 2.04(c) (provided that the Loan Parties shall in any event remain liable to pay such Advances
Outstanding and all such amounts and Obligations immediately in accordance with Section 2.04(e)). In addition, upon
any such declaration or upon any such automatic occurrence, the Collateral Agent, on behalf of the Secured Parties and at the
direction of the Administrative Agent, shall have, in addition to all other rights and remedies under this Agreement or otherwise,
all other rights and remedies provided under the UCC of the applicable jurisdiction and other Applicable Law, which rights shall
be cumulative. Without limiting any obligation of the Servicer hereunder, each Loan Party confirms and agrees that the Collateral
Agent, on behalf of the Secured Parties and at the direction of the Administrative Agent (or any designee thereof, including,
the Servicer), following an Event of Default, shall, at its option, have the sole right to enforce such Loan Party's rights and
remedies under each Assigned Document, but without any obligation on the part of the Administrative Agent, the Lenders or any
of their respective Affiliates to perform any of the obligations of such Loan Party under any such Assigned Document. If any Event
of Default shall have occurred, Applicable Margin shall be increased pursuant to the definition thereof, effective as of the date
of the occurrence of such Event of Default, and shall apply on each day after the occurrence of such Event of Default.

 

    	 	139	 

     

    

 

Section 7.02        Additional
Remedies of the Administrative Agent.

 

(a)         If,
upon the declaration or automatic occurrence of the Facility Maturity Date (including, the date on which the Facility Maturity
Date is declared (or is deemed to have occurred automatically) pursuant to Section 7.01), the aggregate outstanding
principal amount of the Advances Outstanding, all accrued and unpaid Fees and Yield and any other Obligations are not immediately
paid in full, then the Collateral Agent (acting as directed by the Administrative Agent) or the Administrative Agent, in addition
to all other rights specified hereunder, shall have the right, in its own name and as agent for the Lenders, to immediately sell
(at the Borrower’s expense) in a commercially reasonable manner, in a recognized market (if one exists) at such price or
prices as the Administrative Agent may reasonably deem satisfactory, any or all of the Collateral Portfolio and apply the proceeds
thereof to the Obligations.

 

(b)         The
parties recognize that it may not be possible to sell all of the Collateral on a particular Business Day, or in a transaction
with the same purchaser, or in the same manner because the market for the assets constituting the Collateral may not be liquid.
Accordingly, the Administrative Agent may elect, in its sole discretion, the time and manner of liquidating any of the Collateral,
and nothing contained herein shall obligate the Administrative Agent to liquidate any of the Collateral on the date the Administrative
Agent or all of the Lenders declares the Advances Outstanding hereunder to be immediately due and payable pursuant to Section 7.01
or to liquidate all of the Collateral in the same manner or on the same Business Day.

 

(c)         If
the Collateral Agent (acting as directed by the Administrative Agent) or the Administrative Agent proposes to sell the Collateral
or any part thereof in one or more parcels at a public or private sale, at the request of the Collateral Agent or the Administrative
Agent, as applicable, each Loan Party and the Servicer shall make available to (i) the Administrative Agent, on a timely
basis, all information relating to the Collateral subject to sale, including, copies of any disclosure documents, contracts, financial
statements of the applicable Obligors, covenant certificates and any other materials requested by the Administrative Agent, and
(ii) each prospective bidder, on a timely basis, all reasonable information relating to the Collateral subject to sale, including,
copies of any disclosure documents, contracts, financial statements of the applicable Obligors, covenant certificates and any
other materials reasonably requested by each such bidder.

 

(d)         Each
of each Loan Party and the Servicer agrees, to the full extent that it may lawfully so agree, that neither it nor anyone claiming
through or under it will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption
law now or hereafter in force in any locality where any Collateral may be situated in order to prevent, hinder or delay the enforcement
or foreclosure of this Agreement, or the absolute sale of any of the Collateral or any part thereof, or the final and absolute
putting into possession thereof, immediately after such sale, of the purchasers thereof, and each of each Loan Party and the Servicer,
for itself and all who may at any time claim through or under it, hereby waives, to the full extent that it may be lawful so to
do, the benefit of all such laws, and any and all right to have any of the properties or assets constituting the Collateral marshaled
upon any such sale, and agrees that the Collateral Agent, or the Administrative Agent on its behalf, or any court having jurisdiction
to foreclose the security interests granted in this Agreement may sell the Collateral as an entirety or in such parcels as the
Collateral Agent (acting at the direction of the Administrative Agent) or such court may determine. Pursuant to the UCC, each
of each Loan Party and the Collateral Agent hereby specifically agrees (x) that it shall not raise any objection to a Secured
Party's purchase of the Collateral (through bidding on the obligations or otherwise) and (y) that a foreclosure sale conducted
in conformity with the principles set forth in various no-action letters promulgated by the SEC staff (1) shall be considered
to be a "public" sale for purposes of the UCC and (2) shall be considered to be commercially reasonable notwithstanding
that a Secured Party purchases the Collateral at such a sale.

 

    	 	140	 

     

    

 

(e)         Any
amounts received from any sale or liquidation of the Collateral pursuant to this Section 7.02 in excess of the Obligations
will be applied by the Collateral Agent (as directed by the Administrative Agent) in accordance with the provisions of Section 2.04(c),
or as a court of competent jurisdiction may otherwise direct.

 

(f)          The
Administrative Agent and the Lenders shall have, in addition to all the rights and remedies provided herein and provided by applicable
federal, state, foreign, and local laws (including, the rights and remedies of a secured party under the UCC of any applicable
state, to the extent that the UCC is applicable, and the right to offset any mutual debt and claim), all rights and remedies available
to the Lenders at law, in equity or under any other agreement between any Lender and the Borrower.

 

(g)         Except
as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy,
each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right or
remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Event of Default.

 

(h)            Each
of each Loan Party and the Servicer hereby irrevocably appoints, during the continuance of an Event of Default and at all times
following the Facility Maturity Date, each of the Collateral Agent and the Administrative Agent its true and lawful attorney (with
full power of substitution) in its name, place and stead and at its expense, in connection with the enforcement of the rights and
remedies provided for in this Agreement, including without limitation the following powers: (i) to give any necessary receipts
or acquittance for amounts collected or received hereunder, (ii) to make all necessary transfers of the Collateral in connection
with any such sale or other disposition made pursuant hereto, (iii) to execute and deliver for value all necessary or appropriate
bills of sale, assignments and other instruments in connection with any such sale or other disposition, each Loan Party and the
Servicer hereby ratifying and confirming all that such attorney (or any substitute) shall lawfully do hereunder and pursuant hereto,
and (iv) to sign any agreements, orders or other documents in connection with or pursuant to any Transaction Document. Nevertheless,
if so requested by the Collateral Agent or the Administrative Agent, each Loan Party shall ratify and confirm any such sale or
other disposition by executing and delivering to the Collateral Agent or the Administrative Agent all proper bills of sale, assignments,
releases and other instruments as may be designated in any such request.

 

    	 	141	 

     

    

 

(i)          The
Administrative Agent is hereby authorized and empowered, during the existence of an Event of Default and at all times following
the Facility Maturity Date, on behalf of each Loan Party, to endorse the name of such Loan Party or the Originator, as applicable,
upon any check, draft, instrument, receipt, instruction, or other document or agreement or item, coming into the Administrative
Agent's possession, and to receive and apply the proceeds therefrom in accordance with the terms hereof. The Administrative Agent
is hereby granted an irrevocable power of attorney, which is coupled with an interest, to execute all checks, drafts, receipts,
instruments, instructions, or other documents, agreements, or items on behalf of such Loan Party, either before or after demand
of payment on the Obligations but only during the existence of an Event of Default, as shall be deemed by the Administrative Agent
to be necessary or advisable, in the sole discretion of the Administrative Agent, to preserve the security interests and Liens
in the Collateral or to secure the repayment of the Obligations, and the Administrative Agent shall not incur any liability, in
the absence of gross negligence or willful misconduct, in connection with or arising from its exercise of such power of attorney.
The application by the Administrative Agent of such funds shall, unless the Administrative Agent shall agree otherwise in writing,
be the same as set forth in Section 2.04 hereof.

 

Section 7.03        Option
to Purchase Collateral. Notwithstanding anything to the contrary herein, in connection with any liquidation in full
of the Collateral, including without limitation, (a) upon the termination of the Commitment following the occurrence and
during the continuation of an Event of Default or (b) at the Stated Maturity, provided that, in the case of the Servicer,
a Servicer Default described in clause (g) of the definition thereof, the Servicer, the Equityholder and/or any of
their Affiliates shall, subject to the additional requirements set forth in this Section 7.03, have the right to purchase
all (but not less than all) of the Loan Assets included in the Collateral at a purchase price at least equal to the sum of the-then
accrued and outstanding Obligations, as reasonably determined by the Administrative Agent. Any such party may exercise such right
by giving written notice to the Borrower and the Administrative Agent (with a copy to the Collateral Agent) of its election to
exercise such right (the “Exercise Notice”) which shall include a proposed purchase price and be delivered
not later than 5:00 p.m. New York City time on the Stated Maturity or the date on which each of the Equity Investors and
the Servicer receive notice from the Administrative Agent of the occurrence of such Event of Default and termination of the Commitments,
as applicable; provided that if notice of an Event of Default and termination of the Commitment is delivered by the Administrative
Agent after 2:00 p.m. New York City time, the Exercise Notice shall be delivered not later than 9:00 a.m. New York City
time on the Business Day immediately following the date of such notice. Once an Exercise Notice is delivered to the Administrative
Agent, the delivering party (or its designated Affiliate or managed fund) shall be obligated, irrevocably and unconditionally,
to purchase the Collateral, at the price referenced above, for settlement within the normal settlement period for such Collateral.
The cash purchase price must be received no later than 10 Business Days following delivery of the Exercise Notice or, if earlier,
upon settlement of the loan transfers. The Administrative Agent shall not cause liquidation of the Loan Assets to occur during
the time that the Servicer and Equityholder are entitled to provide an Exercise Notice. The sale of Collateral by a Loan Party
as set forth in this Section 7.03 is not intended to be a foreclosure by the Collateral Agent on any of the Collateral
pursuant to a public or private sale under the UCC and the Borrower shall be required to deliver the Collateral to one legal buyer
in accordance with market settlement procedures.

 

    	 	142	 

     

    

 

ARTICLE VIII

 

INDEMNIFICATION

 

Section 8.01        Indemnities
by the Borrower.

 

(a)         Except
for Taxes (other than Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim) and without limiting
any other rights which the Affected Parties, the Secured Parties, the Administrative Agent, the Lenders, the Collateral Agent,
the Account Bank, the Collateral Custodian or any of their respective Affiliates may have hereunder or under Applicable Law, the
Loan Parties hereby agree to indemnify, jointly and severally, the Affected Parties, the Secured Parties, the Administrative Agent,
the Lenders, the Collateral Agent, the Account Bank, the Collateral Custodian and each of their respective Affiliates, assigns,
officers, directors, employees and agents (each, an "Indemnified Party" for purposes of this Article VIII)
against, and to hold each Indemnified Party harmless from, any and all damages, losses, claims, liabilities and related costs and
expenses, including attorneys' fees and disbursements of (x) one outside counsel to the Administrative Agent (and any Lender
Affiliated with the Administrative Agent) and the Lenders (subject to clause (z) below), (y) one outside counsel to the
Collateral Agent, the Account Bank and the Collateral Custodian, and (z) one counsel per foreign or local jurisdiction deemed
reasonably necessary by the Administrative Agent or the Collateral Agent, as applicable (all of the foregoing being collectively
referred to as "Indemnified Amounts"), awarded against or actually incurred by such Indemnified Party arising
out of, in any way connected with, or as a result of this Agreement, any of the other Transaction Documents or in respect of any
of the Collateral or any claim, litigation, investigation or proceeding relating to any of the foregoing, including the enforcement
of this Agreement or any Transaction Document against the Borrower, regardless of whether any such Indemnified Party is a party
thereto (and regardless of whether such matter is initiated by a third party or by the Borrower or any of its Affiliates or shareholders);
provided that Indemnified Amounts shall not be available to an Indemnified Party to the extent that such damages, losses,
claims, liabilities and related costs and expenses (i) are determined by a court of competent jurisdiction by a final and
nonappealable judgment to have resulted solely from the gross negligence or willful misconduct on the part of such Indemnified
Party or (ii) result from Loan Assets which are uncollectible due to the Obligor’s financial inability to pay.

 

(b)        Any
amounts subject to the indemnification provisions of this Section 8.01 shall be paid by the Borrower to the Administrative
Agent on behalf of the applicable Indemnified Party within two (2) Business Days following the Administrative Agent's written
demand therefor on behalf of the applicable Indemnified Party (and the Administrative Agent shall pay such amounts to the applicable
Indemnified Party promptly after the receipt by the Administrative Agent of such amounts). The Administrative Agent, on behalf
of any Indemnified Party making a request for indemnification under this Section 8.01, shall submit to the Borrower
a certificate (solely based on information provided by such Indemnified Party if not the Administrative Agent) setting forth the
basis for and the computations of the Indemnified Amounts with respect to which such indemnification is requested, which certificate
shall be conclusive absent demonstrable error.

 

    	 	143	 

     

    

 

(c)         If
for any reason the indemnification provided above in this Section 8.01 is unavailable to the Indemnified Party or is
insufficient to hold an Indemnified Party harmless in respect of any losses, claims, damages or liabilities, then the Borrower
shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities
in such proportion as is appropriate to reflect not only the relative benefits received by such Indemnified Party on the one hand
and the Borrower on the other hand but also the relative fault of such Indemnified Party as well as any other relevant equitable
considerations.

 

(d)         If
the Borrower has made any payments in respect of Indemnified Amounts to the Administrative Agent on behalf of an Indemnified Party
pursuant to this Section 8.01 and such Indemnified Party thereafter collects any of such amounts from others, such
Indemnified Party will promptly repay such amounts collected to the Borrower, without interest.

 

(e)         The
obligations of the Borrower under this Section 8.01 shall survive the resignation or removal of the Administrative
Agent, the Lenders, the Servicer, the Collateral Agent, the Account Bank or the Collateral Custodian, the invalidity or unenforceability
of any term or provision of this Agreement or any other Transaction Document, any investigation made by or on behalf of the Administrative
Agent, the Collateral Agent, any Lender, the Servicer, the Account Bank or the Collateral Custodian and the termination of this
Agreement.

 

Section 8.02        Indemnities
by Servicer.

 

(a)         Without
limiting any other rights which any Indemnified Party may have hereunder or under Applicable Law, the Servicer hereby agrees to
indemnify each Indemnified Party from and against any and all Indemnified Amounts, awarded against or incurred by any Indemnified
Party as a consequence of any acts or omissions of the Servicer constituting bad faith, willful misconduct or gross negligence
in the performance of its duties hereunder and any other Transaction Document to which it is a party; provided that Indemnified
Amounts shall not be available to an Indemnified Party to the extent that such Indemnified Amounts are determined by a court of
competent jurisdiction by a final and non-appealable judgment to have resulted solely from the gross negligence or willful misconduct
on the part of such Indemnified Party claiming indemnification hereunder.

 

(b)        Any
Indemnified Amounts shall be paid by the Servicer to the Administrative Agent, for the benefit of the applicable Indemnified Party,
within fifteen (15) Business Days following receipt by the Servicer of the Administrative Agent's written demand therefor (and
the Administrative Agent shall pay such amounts to the applicable Indemnified Party promptly after the receipt by the Administrative
Agent of such amounts). The Administrative Agent, on behalf of any Indemnified Party making a request for indemnification under
this Section 2, shall submit to the Servicer a certificate setting forth the basis for and the computations of the
Indemnified Amounts with respect to which such indemnification is requested, which certificate shall be conclusive absent demonstrable
error.

 

(c)         If
the Servicer has made any indemnity payments to the Administrative Agent, on behalf of an Indemnified Party pursuant to this Section 8.02
and such Indemnified Party thereafter collects any of such amounts from others, such Indemnified Party will promptly repay such
amounts collected to the Servicer, without interest.

 

    	 	144	 

     

    

 

(d)        The
obligations of the Servicer under this Section 8.02 shall survive the resignation or removal of the Administrative
Agent, the Lenders, the Collateral Agent, the Account Bank or the Collateral Custodian, the invalidity or unenforceability of any
term or provision of this Agreement or any other Transaction Document, any investigation made by or on behalf of the Administrative
Agent, the Collateral Agent, any Lender, the Borrower, the Account Bank or the Collateral Custodian and the termination of this
Agreement.

 

(e)         The
Servicer shall have no liability for making indemnification hereunder to the extent any such indemnification constitutes recourse
for uncollectible or uncollected Loan Assets.

 

(f)         Any
indemnification pursuant to this Section 8.02 shall not be payable from the Collateral.

 

Section 8.03        Waiver
of Certain Claims. To the extent permitted by Applicable Law, none of the Borrower or the Servicer shall assert, and
each hereby waives, any claim against any Indemnified Person, on any theory of liability, for special, indirect, consequential
or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement
or any of the Transaction Documents.

 

Section 8.04        Legal
Proceedings. In the event an Indemnified Party becomes involved in any action, claim, or legal, governmental or administrative
proceeding (an "Action") for which it seeks indemnification hereunder, the Indemnified Party shall promptly notify
the other party or parties against whom it seeks indemnification (the "Indemnifying Party") in writing of the
nature and particulars of the Action; provided that its failure to do so shall not relieve the Indemnifying Party of its
obligations hereunder except to the extent such failure has a material adverse effect on the Indemnifying Party. Upon written
notice to the Indemnified Party acknowledging in writing that the indemnification provided hereunder applies to the Indemnified
Party in connection with the Action (subject to the exclusion in the first sentence of Section 8.01, the first sentence
of Section 8.02, as applicable), the Indemnifying Party may assume the defense of the Action at its expense with counsel
acceptable to the Indemnified Party. The Indemnified Party shall have the right to retain separate counsel in connection with
the Action, and the Indemnifying Party shall not be liable for the legal fees and expenses of the Indemnified Party after the
Indemnifying Party has done so; provided that if the Indemnified Party determines in good faith that there may be a conflict
between the positions of the Indemnified Party and the Indemnifying Party in connection with the Action, or that the Indemnifying
Party is not conducting the defense of the Action in a manner reasonably protective of the interests of the Indemnified Party,
the legal fees and expenses of the Indemnified Party shall be paid by the Indemnifying Party; provided further that the
Indemnifying Party shall not, in connection with any one Action or separate but substantially similar or related Actions in the
same jurisdiction arising out of the same general allegations or circumstances, be liable for the fees or expenses of more than
one separate firm of attorneys (and any required local counsel) for such Indemnified Party, which firm (and local counsel, if
any) shall be designated in writing to the Indemnifying Party by the Indemnified Party. If the Indemnifying Party elects to assume
the defense of the Action, it shall have full control over the conduct of such defense; provided that the Indemnifying
Party and its counsel shall, as requested by the Indemnified Party or its counsel, consult with and keep them informed with respect
to the conduct of such defense. The Indemnifying Party shall not settle an Action without the prior written approval of the Indemnified
Party unless such settlement provides for the full and unconditional release of the Indemnified Party from all liability in connection
with the Action. The Indemnified Party shall reasonably cooperate with the Indemnifying Party in connection with the defense of
the Action.

 

    	 	145	 

     

    

 

Section 8.05        After-Tax
Basis. Indemnification under Sections 8.01 and Section 8.02 shall be in an amount necessary to make
the Indemnified Party whole after taking into account any Tax consequences to the Indemnified Party of the receipt of the indemnity
provided hereunder, including the effect of such Tax or refund on the amount of Tax measured by net income or profits that is
or was payable by the Indemnified Party.

 

ARTICLE IX

 

THE
ADMINISTRATIVE AGENT

 

Section 9.01        The
Administrative Agent.

 

(a)        Appointment.
Each Lender hereby irrevocably appoints and authorizes the Administrative Agent as its agent hereunder and hereby further authorizes
the Administrative Agent to appoint additional agents to act on its behalf and for the benefit of each Lender. Each Lender further
authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers under this Agreement
and the other Transaction Documents as are delegated to the Administrative Agent by the terms hereof and thereof, together with
such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement
or in any other Transaction Document, the Administrative Agent shall not have any duties or responsibilities, except those expressly
set forth in this Agreement, nor shall the Administrative Agent have or be deemed to have any fiduciary relationship with any
Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement
or any other Transaction Document or otherwise exist against the Administrative Agent. Without limiting the generality of the
foregoing sentence, the use of the term "agent" in this Agreement with reference to the Administrative Agent is not
intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law.
Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship
between independent contracting parties.

 

(b)         Delegation
of Duties. The Administrative Agent may execute any of its duties under this Agreement or any other Transaction Document by
or through agents, employees or attorneys in fact and shall be entitled to advice of counsel concerning all matters pertaining
to such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agent or attorney in
fact that it selects with reasonable care.

 

    	 	146	 

     

    

 

(c)         Administrative
Agent's Reliance, Etc. Neither the Administrative Agent nor any of its directors, officers, agents or employees shall be liable
for any action taken or omitted to be taken by it or them as Administrative Agent under or in connection with this Agreement or
any of the other Transaction Documents, except, subject to Section 9.01(b), for its or their own gross negligence or
willful misconduct (each as determined in a final, non-appealable judgment by a court of competent jurisdiction). Each Secured
Party hereby waives any and all claims against the Administrative Agent or any of its Affiliates for any action taken or omitted
to be taken by the Administrative Agent or any of its Affiliates under or in connection with this Agreement or any of the other
Transaction Documents, except, subject to Section 9.01(b), for its or their own gross negligence or willful misconduct
(each as determined in a final, non-appealable judgment by a court of competent jurisdiction). Without limiting the foregoing,
the Administrative Agent: (i) may consult with legal counsel (including counsel for the Borrower or the Originator), independent
public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good
faith by it in accordance with the advice of such counsel, accountants or experts; (ii) makes no warranty or representation
and shall not be responsible for any statements, warranties or representations made in or in connection with this Agreement; (iii) shall
not have any duty to ascertain or to inquire as to the performance or observance of any of the terms, covenants or conditions of
this Agreement or any of the other Transaction Documents on the part of any Loan Party, the Originator or the Servicer or to inspect
the property (including the books and records) of any Loan Party, the Originator or the Servicer; (iv) shall not be responsible
for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement, any of the other
Transaction Documents or any other instrument or document furnished pursuant hereto or thereto; (v) shall incur no liability
under or in respect of this Agreement or any of the other Transaction Documents by acting upon any notice (including notice by
telephone), consent, certificate or other instrument or writing believed by it to be genuine and signed or sent by the proper party
or parties; (vi) shall not be responsible for or have any duty to ascertain or inquire into the contents of any certificate,
report or other document delivered thereunder or in connection therewith; and (vii) shall be entitled to rely upon, and shall
not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing
believed by it to be genuine and to have been signed or sent by the proper Person.

 

(d)         Actions
by Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to take any action under
this Agreement or any other Transaction Document unless it shall first receive such advice or concurrence of the Required Lenders
as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by the Lenders against any and
all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative
Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Transaction
Document in accordance with a request or consent of the Required Lenders; provided that, notwithstanding anything to the
contrary herein, the Administrative Agent shall not be required to take any action hereunder if the taking of such action, in the
reasonable determination of the Administrative Agent, shall be in violation of any Applicable Law or contrary to any provision
of this Agreement or shall expose the Administrative Agent to liability hereunder or otherwise. In the event the Administrative
Agent requests the consent of a Lender pursuant to the foregoing provisions and the Administrative Agent does not receive a consent
(either positive or negative) from such Person within ten (10) Business Days of such Person's receipt of such request, then
such Lender shall be deemed to have consented to the relevant action.

 

    	 	147	 

     

    

 

(e)         Notice
of Event of Default, Unmatured Event of Default or Servicer Default. The Administrative Agent shall not be deemed to have knowledge
or notice of the occurrence of an Event of Default, Unmatured Event of Default or Servicer Default, unless the Administrative Agent
has received written notice from a Lender, the Borrower or the Servicer referring to this Agreement, describing such Event of Default,
Unmatured Event of Default or Servicer Default and stating that such notice is a "Notice of Event of Default," "Notice
of Unmatured Event of Default" or "Notice of Servicer Default," as applicable. The Administrative Agent shall (subject
to Section 9.01(c)) take such action with respect to such Event of Default, Unmatured Event of Default or Servicer
Default as may be requested by the Required Lenders acting jointly or as the Administrative Agent shall deem advisable or in the
best interest of the Lenders.

 

(f)         Credit
Decision with Respect to the Administrative Agent. Each Lender and each Secured Party acknowledges that none of the Administrative
Agent or any of its Affiliates has made any representation or warranty to it, and that no act by the Administrative Agent hereinafter
taken, including any consent to and acceptance of any assignment or review of the affairs of any Loan Party, the Servicer, the
Originator or any of their respective Affiliates or review or approval of any of the Collateral, shall be deemed to constitute
any representation or warranty by any of the Administrative Agent or its Affiliates to any Lender as to any matter, including whether
the Administrative Agent has disclosed material information in its possession. Each Lender and each Secured Party acknowledges
that it has, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent's Affiliates,
and based upon such documents and information as it has deemed appropriate, made its own evaluation and decision to enter into
this Agreement and the other Transaction Documents to which it is a party. Each Lender and each Secured Party also acknowledges
that it will, independently and without reliance upon the Administrative Agent, or any of the Administrative Agent's Affiliates,
and based on such documents and information as it shall deem appropriate at the time, continue to make its own decisions in taking
or not taking action under this Agreement and the other Transaction Documents to which it is a party. Each Lender and each Secured
Party hereby agrees that the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit
or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness
of the any Loan Party, the Servicer, the Originator or their respective Affiliates which may come into the possession of the Administrative
Agent or any of its Affiliates.

 

(g)         Indemnification
of the Administrative Agent. Each Lender agrees to indemnify the Administrative Agent (to the extent not reimbursed by the
Borrower or the Servicer), ratably in accordance with the Pro Rata Share of its related Lender, from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever
which may be imposed on, incurred by, or asserted against the Administrative Agent in any way relating to or arising out of this
Agreement or any of the other Transaction Documents, or any action taken or omitted by the Administrative Agent hereunder or thereunder.
Without limitation of the foregoing, each Lender agrees to reimburse the Administrative Agent, ratably in accordance with the Pro
Rata Share of its related Lender, promptly upon demand for any out-of-pocket expenses (including counsel fees) incurred by the
Administrative Agent in connection with the administration, modification, amendment or enforcement (whether through negotiations,
legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement and the other
Transaction Documents, to the extent that such expenses are incurred in the interests of or otherwise in respect of the Lenders
hereunder and/or thereunder and to the extent that the Administrative Agent is not reimbursed for such expenses by the Borrower
or the Servicer.

 

    	 	148	 

     

    

 

(h)        Successor
Administrative Agent. The Administrative Agent may resign at any time, effective upon the appointment and acceptance of a successor
Administrative Agent as provided below, by giving at least five (5) days' written notice thereof to each Lender and the Borrower
and may be removed at any time with cause by the Lenders acting jointly. Upon any such resignation or removal, the Required Lenders
shall appoint a successor Administrative Agent, subject to the approval of the Borrower and the Originator (which approval shall
not be (i) unreasonably withheld, conditioned or delayed or (ii) required at any time during the continuance of an Event
of Default or after the declaration or automatic occurrence of the Facility Maturity Date). Each Lender agrees that it shall not
unreasonably withhold or delay its approval of the appointment of a successor Administrative Agent. If no such successor Administrative
Agent shall have been so appointed, and shall have accepted such appointment, within thirty (30) days after the retiring Administrative
Agent's giving of notice of resignation or the removal of the retiring Administrative Agent, then the retiring Administrative Agent
may, on behalf of the Secured Parties, appoint a successor Administrative Agent which successor Administrative Agent shall be either
(x) a commercial bank organized under the laws of the United States or of any state thereof and have a combined capital and
surplus of at least $50,000,000 or (y) an Affiliate of such a bank. Upon the acceptance of any appointment as Administrative
Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become
vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative
Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent's resignation
or removal hereunder as Administrative Agent, the provisions of this Article IX shall continue to inure to its benefit
as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement.

 

(i)          Payments
by the Administrative Agent. Unless specifically allocated to a specific Lender pursuant to the terms of this Agreement, all
amounts received by the Administrative Agent on behalf of the Lenders shall be paid by the Administrative Agent to the Lenders
in accordance with their respective Pro Rata Shares in the applicable Advances Outstanding, or if there are no Advances Outstanding
in accordance with their related Lender's most recent Commitments, on the Business Day received by the Administrative Agent, unless
such amounts are received after 12:00 noon on such Business Day, in which case the Administrative Agent shall use its reasonable
efforts to pay such amounts to each Lender on such Business Day, but, in any event, shall pay such amounts to such Lender not
later than the following Business Day.

 

(j)          The
Administrative Agent shall not be responsible or have any liability for, or have any duty to ascertain, inquire into, monitor or
enforce compliance with the provisions hereof relating to Disqualified Institutions. Without limiting the generality of the foregoing,
the Administrative Agent shall not ‎(x) be obligated to ascertain, monitor or inquire as to whether any Lender or prospective
Lender is a Disqualified ‎Institution or (y) have any liability with respect to or arising out of any assignment or participation
of Loans, or disclosure of confidential information, to any ‎Disqualified Institution.

 

    	 	149	 

     

    

 

ARTICLE X

 

COLLATERAL
AGENT

 

Section 10.01      Designation
of Collateral Agent.

 

(a)         Initial
Collateral Agent. Each of the Borrowers, the Servicer, the Lenders and the Administrative Agent hereby designate and appoint
the Collateral Agent to act as its agent for the purposes of perfection of a security interest in the Collateral and hereby authorizes
the Collateral Agent to take such actions on its behalf and on behalf of each of the Secured Parties and to exercise such powers
and perform such duties as are expressly granted to the Collateral Agent by this Agreement. The Collateral Agent hereby accepts
such agency appointment to act as Collateral Agent pursuant to the terms of this Agreement, until its resignation or removal as
Collateral Agent pursuant to the terms hereof.

 

(b)         Successor
Collateral Agent. Upon the Collateral Agent's receipt of a Collateral Agent Termination Notice from the Administrative Agent
of the designation of a successor Collateral Agent pursuant to the provisions of Section 10.05, the Collateral Agent
agrees that it will terminate its activities as Collateral Agent hereunder.

 

(c)         Secured
Party. The Administrative Agent and the Lenders hereby appoint Wells Fargo Bank, National Association, in its capacity as Collateral
Agent hereunder, as their agent for the purposes of perfection of a security interest in the Collateral. Wells Fargo Bank, National
Association, in its capacity as Collateral Agent hereunder, hereby accepts such appointment and agrees to perform the duties set
forth in Section 10.02(b).

 

Section 10.02      Duties
of Collateral Agent.

 

(a)        Appointment.
The Borrowers, the Servicer, the Lenders and the Administrative Agent each hereby appoints Wells Fargo Bank, National Association
to act as Collateral Agent, for the benefit of the Secured Parties. The Collateral Agent hereby accepts such appointment and agrees
to perform the duties and obligations with respect thereto set forth herein.

 

(b)         Duties.
On or before the initial Advance Date, and until its removal pursuant to Section 10.05, the Collateral Agent shall
perform, on behalf of the Secured Parties, the following duties and obligations:

 

(i)            The
Collateral Agent shall calculate amounts to be remitted pursuant to Section 2.04 to the applicable parties and notify
the Servicer and the Administrative Agent in the event of any discrepancy between the Collateral Agent's calculations and the Servicing
Report (such dispute to be resolved in accordance with Section 2.05);

 

(ii)            The
Collateral Agent shall make payments pursuant to the terms of the Servicing Report or as otherwise directed in accordance with
Sections 2.04 or 2.05.

 

    	 	150	 

     

    

 

(iii)           The
Collateral Agent shall provide to the Servicer a copy of all written notices and communications identified as being sent to it
in connection with the Loan Assets and the other Collateral held hereunder which it receives from the related Obligor, participating
bank and/or agent bank. In no instance shall the Collateral Agent be under any duty or obligation to take any action on behalf
of the Servicer in respect of the exercise of any voting or consent rights, or similar actions, unless it receives specific written
instructions from the Servicer, prior to the occurrence of an Event of Default, or the Administrative Agent, after the occurrence
of Event of Default, in which event the Collateral Agent shall vote, consent or take such other action in accordance with such
instructions.

 

(iv)           The
Collateral Agent shall create a database (the "Collateral Database") with respect to the Loan Assets held by the
Borrower on the Closing Date, which Collateral Database shall include all information reasonably requested by the Administrative
Agent with respect to the Loan Assets and the Collateral, on an individual Loan Asset basis and on a portfolio basis. The Collateral
Agent shall permit access to the information in the Collateral Database by the Servicer, the Borrower and the Administrative Agent
no later than the Closing Date. The Collateral Agent shall provide a daily report to the Servicer, the Borrower and the Administrative
Agent, in an electronic format and in scope mutually acceptable to the Collateral Agent, the Servicer, the Borrower and the Administrative
Agent, that summarizes the material information contained in the Collateral Database, including, without limitation, the Excess
Concentration Amount (and details thereof), the Outstanding Balance of the Collateral and balances of the Controlled Accounts.
The Collateral Agent shall update the Collateral Database promptly for Loan Assets and Permitted Investments acquired or sold or
otherwise disposed of and for any amendments or changes to Loan Asset amounts or interest rates.

 

(v)            The
Collateral Agent shall establish each Collection Account, each Eligible Currency Account and each Unfunded Exposure Account in
the name of the Borrower or the applicable Securitization Subsidiary, as applicable, subject to the lien and control of the Collateral
Agent for the benefit of the Secured Parties.

 

(vi)           The
Collateral Agent shall track the receipt and daily allocation of cash to the Interest Collection Subaccount and Principal Collection
Subaccount and any withdrawals therefrom and, on each Business Day, provide to the Servicer daily reports reflecting such actions
to the Interest Collection Subaccount and Principal Collection Subaccount as of the close of business on the preceding Business
Day.

 

(vii)          The
Collateral Agent shall assist and reasonably cooperate with the independent certified public accountants in the preparation of
those reports required under Section 6.10.

 

(viii)         The
Collateral Agent shall provide the Servicer with such other information as may be reasonably requested in writing by the Servicer
and as is within the possession of the Collateral Agent.

 

    	 	151	 

     

    

 

(c)         (i) The
Administrative Agent, each Lender and each Secured Party further authorizes the Collateral Agent to take such action as agent on
its behalf and to exercise such powers under this Agreement and the other Transaction Documents as are expressly delegated to the
Collateral Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. In furtherance,
and without limiting the generality of the foregoing, each Secured Party hereby appoints the Collateral Agent (acting at the direction
of the Administrative Agent) as its agent to execute and deliver all further instruments and documents, and take all further action
that the Administrative Agent deems necessary or desirable in order to perfect, protect or more fully evidence the security interests
granted by the Loan Parties hereunder, or to enable any of them to exercise or enforce any of their respective rights hereunder,
including, the execution by the Collateral Agent as secured party/assignee of such financing or continuation statements, or amendments
thereto or assignments thereof, relative to all or any of the Loan Assets now existing or hereafter arising, and such other instruments
or notices, as may be necessary or appropriate for the purposes stated hereinabove. Nothing in this Section 10.02(c) shall
be deemed to relieve any Loan Party or the Servicer of their respective obligations to protect the interest of the Collateral Agent
(for the benefit of the Secured Parties) in the Collateral, including to file financing and continuation statements in respect
of the Collateral in accordance with Section 5.01(u).

 

(ii)            The
Administrative Agent may direct the Collateral Agent to take any such incidental action hereunder. With respect to other actions
which are incidental to the actions specifically delegated to the Collateral Agent hereunder, the Collateral Agent shall not be
required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall be fully
protected in acting or refraining from acting) upon the direction of the Administrative Agent; provided that the Collateral
Agent shall not be required to take any action hereunder at the request of the Administrative Agent, any Secured Party or otherwise
if the taking of such action, in the reasonable determination of the Collateral Agent, (x) shall be in violation of any Applicable
Law or contrary to any provisions of this Agreement or (y) shall expose the Collateral Agent to liability hereunder or otherwise
(unless it has received indemnity which it reasonably deems to be satisfactory with respect thereto). In the event the Collateral
Agent requests the consent of the Administrative Agent and the Collateral Agent does not receive a consent (either positive or
negative) from the Administrative Agent within ten (10) Business Days of its receipt of such request, then the Administrative
Agent shall be deemed to have declined to consent to the relevant action.

 

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

 

    	 	152	 

     

    

 

(d)         If,
in performing its duties under this Agreement, the Collateral Agent is required to decide between alternative courses of action,
the Collateral Agent may request written instructions from the Administrative Agent as to the course of action desired by it. If
the Collateral Agent does not receive such instructions within two (2) Business Days after it has requested them, the Collateral
Agent may, but shall be under no duty to, take or refrain from taking any such courses of action. The Collateral Agent shall act
in accordance with instructions received after such two (2) Business Day period except to the extent it has already, in good
faith, taken or committed itself to take, action inconsistent with such instructions. The Collateral Agent shall be entitled to
rely on the advice of legal counsel and independent accountants in performing its duties hereunder and shall be deemed to have
acted in good faith if it acts in accordance with such advice.

 

(e)         Concurrently
herewith, the Administrative Agent directs the Collateral Agent and the Collateral Agent is authorized to enter into the Control
Agreement and the Pledge Agreement. For the avoidance of doubt, all of the Collateral Agent's rights, protections and immunities
provided herein shall apply to the Collateral Agent for any actions taken or omitted to be taken under the Control Agreement in
such capacity.

 

Section 10.03      Merger
or Consolidation. Any Person (a) into which the Collateral Agent may be merged or consolidated, (b) that
may result from any merger or consolidation to which the Collateral Agent shall be a party, or (c) that may succeed to the
properties and assets of the Collateral Agent substantially as a whole or that may succeed to all or substantially all of the
corporate trust business of the Collateral Agent, shall be the successor to the Collateral Agent under this Agreement (and shall
be deemed to have expressly assumed all obligations of the Collateral Agent under this Agreement) without further act of any of
the parties to this Agreement.

 

Section 10.04      Collateral
Agent Compensation. As compensation for its Collateral Agent activities hereunder, the Collateral Agent shall be entitled
to the Collateral Agent Fees and Collateral Agent Expenses from the Borrower as set forth in the Wells Fargo Fee Letter, payable
to the extent of funds available therefor pursuant to the provisions of Section 2.04. The Collateral Agent's entitlement
to receive the Collateral Agent Fees shall cease on the earlier to occur of: (a) its removal as Collateral Agent pursuant
to Section 10.05 or (b) the termination of this Agreement.

 

Section 10.05      Collateral
Agent Removal. The Collateral Agent may be removed, with or without cause, by the Administrative Agent by notice given
in writing to the Collateral Agent (the "Collateral Agent Termination Notice"); provided that, notwithstanding
its receipt of a Collateral Agent Termination Notice, the Collateral Agent shall continue to act in such capacity until a successor
Collateral Agent has been appointed by the Administrative Agent (and consented to by each of the Borrower, the Originator and
the Servicer) and has agreed to act as Collateral Agent hereunder; provided that the Collateral Agent shall continue to
receive compensation of its fees and expenses in accordance with Section 10.04 above while so serving as the Collateral
Agent prior to a successor Collateral Agent being appointed. In the case of a resignation or removal of the Collateral Agent,
if no successor shall have been appointed and an instrument of acceptance by a successor shall not have been delivered to the
Collateral Agent within ninety (90) days after the giving of such notice of resignation or removal, the Collateral Agent may petition
any court of competent jurisdiction for the appointment of a successor Collateral Agent.

 

Section 10.06      Limitation
on Liability.

 

(a)         The
Collateral Agent may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion, notice,
letter or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been signed by
the proper party or parties. The Collateral Agent may rely conclusively on and shall be fully protected in acting upon the written
instructions of any designated officer of the Administrative Agent.

 

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

 

(c)         The
Collateral Agent shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good faith,
or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in the case
of its willful misconduct or grossly negligent performance or omission of its duties.

 

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

 

    	 	153	 

     

    

 

 

(e)         The
Collateral Agent shall have no duties or responsibilities except such duties and responsibilities as are specifically set forth
in this Agreement and no covenants or obligations shall be implied in this Agreement against the Collateral Agent. Notwithstanding
any provision to the contrary elsewhere in the Transaction Documents, the Collateral Agent shall not have any fiduciary relationship
with any party hereto or any Secured Party in its capacity as such, and no implied covenants, functions, obligations or responsibilities
shall be read into this Agreement, the other Transaction Documents or otherwise exist against the Collateral Agent. Without limiting
the generality of the foregoing, it is hereby expressly agreed and stipulated by the other parties hereto that the Collateral Agent
shall not be required to exercise any discretion hereunder and shall have no investment or management responsibility.

 

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

 

    	 	154	 

     

    

 

(g)         It
is expressly agreed and acknowledged that the Collateral Agent is not overseeing or guaranteeing performance of or assuming any
liability for the obligations of the other parties hereto or any parties to the Collateral.

 

(h)         Subject
in all cases to the last sentence of Section 2.05, in case any reasonable question arises as to its duties hereunder,
the Collateral Agent may, prior to the occurrence of an Event of Default or the Facility Maturity Date, request instructions from
the Servicer and may, after the occurrence of an Event of Default or the Facility Maturity Date, request instructions from the
Administrative Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions
from the Servicer or the Administrative Agent, as applicable. The Collateral Agent shall in all events have no liability, risk
or cost for any action taken pursuant to and in compliance with the instruction of the Administrative Agent. In no event shall
the Collateral Agent be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not
limited to lost profits), even if the Collateral Agent has been advised of the likelihood of such loss or damage and regardless
of the form of action.

 

(i)          The
Collateral Agent shall not be liable for the acts or omissions of the Collateral Custodian under this Agreement and shall not be
required to monitor the performance of the Collateral Custodian. Notwithstanding anything herein to the contrary, the Collateral
Agent shall have no duty to perform any of the duties of the Collateral Custodian under this Agreement.

 

(j)          It
is expressly acknowledged by the parties hereto that application and performance by the Collateral Agent of its various duties
hereunder (including, without limitation, recalculations to be performed in respect of the matters contemplated hereby) shall be
based upon, and in reliance upon, data, information and notice provided to it by the Servicer, the Administrative Agent, the Borrowers
and/or any related bank agent, obligor or similar party, and the Collateral Agent shall have no responsibility for the accuracy
of any such information or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary
or appropriate).

 

(k)         The
Collateral Agent shall not be responsible for delays or failures in performance resulting from circumstances beyond its control
(such circumstances include but are not limited to acts of God, strikes, lockouts, riots, acts of war, loss or malfunctions of
utilities, computer (hardware or software) or communications services).

 

(l)          The
parties acknowledge that in accordance with the Customer Identification Program (CIP) requirements under the Patriot Act and its
implementing regulations, the Collateral Agent in order to help fight the funding of terrorism and money laundering, is required
to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens
an account with the Collateral Agent. The Borrower hereby agrees that it shall provide the Collateral Agent with such information
as it may reasonably request including, but not limited to, such Borrower’s name, physical address, tax identification number
and other information that will help the Collateral Agent to identify and verify the identities of such Borrower such as organizational
documents, certificate of good standing, license to do business, or other pertinent identifying information.

 

    	 	155	 

     

    

 

Section 10.07      Collateral
Agent Resignation. The Collateral Agent may resign at any time by giving not less than ninety (90) days' written notice
thereof to the Administrative Agent and with the consent of the Administrative Agent, which consent shall not be unreasonably
withheld. Upon receiving such notice of resignation, the Administrative Agent shall promptly appoint a successor collateral agent
or collateral agents by written instrument, in duplicate, executed by the Administrative Agent, one copy of which shall be delivered
to the Collateral Agent so resigning and one copy to the successor collateral agent or collateral agents, together with a copy
to the Borrower, Servicer and Collateral Custodian. If no successor collateral agent shall have been appointed and an instrument
of acceptance by a successor Collateral Agent shall not have been delivered to the Collateral Agent within forty-five (45) days
after the giving of such notice of resignation, the resigning Collateral Agent may petition any court of competent jurisdiction
for the appointment of a successor Collateral Agent. Notwithstanding anything herein to the contrary, the Collateral Agent may
not resign prior to a successor Collateral Agent being appointed.

 

ARTICLE XI

 

COLLATERAL
CUSTODIAN

 

Section 11.01      Designation
of Collateral Custodian.

 

(a)         Initial
Collateral Custodian. The role of Collateral Custodian with respect to the Required Loan Documents shall be conducted by the
Person designated as Collateral Custodian hereunder from time to time in accordance with this Section 11.01. The Administrative
Agent, the Borrowers, the Lenders and the Servicer hereby designates and appoints the Collateral Custodian to act as its agent
and hereby authorizes the Collateral Custodian to take such actions on its behalf and to exercise such powers and perform such
duties as are expressly granted to the Collateral Custodian by this Agreement. The Collateral Custodian hereby accepts such agency
appointment to act as Collateral Custodian pursuant to the terms of this Agreement, until its resignation or removal as Collateral
Custodian pursuant to the terms hereof.

 

(b)         Successor
Collateral Custodian. Upon the Collateral Custodian's receipt of a Collateral Custodian Termination Notice from the Administrative
Agent of the designation of a successor Collateral Custodian pursuant to the provisions of Section 11.05, the Collateral
Custodian agrees that it will terminate its activities as Collateral Custodian hereunder.

 

Section 11.02      Duties
of Collateral Custodian.

 

(a)         Appointment.
The Administrative Agent, the Borrowers, the Lenders and the Servicer each hereby appoints Wells Fargo Bank, National Association
to act as Collateral Custodian, for the benefit of the Secured Parties. The Collateral Custodian hereby accepts such appointment
and agrees to perform the duties and obligations with respect thereto set forth herein.

 

    	 	156	 

     

    

 

(b)         Duties.
From the Closing Date until its removal pursuant to Section 11.05, the Collateral Custodian shall perform, on behalf
of the Secured Parties, the following duties and obligations:

 

(i)            The
Collateral Custodian shall take and retain custody of the Required Loan Documents delivered by the Borrower pursuant to Section 3.02(a) and
Section 3.04(b) hereof in accordance with the terms and conditions of this Agreement, all for the benefit of the
Secured Parties. Within five (5) Business Days of its receipt of any Required Loan Documents, the related Loan Asset Schedule
and a hard copy of the Loan Asset Checklist, the Collateral Custodian shall review the Required Loan Documents to confirm that
(A) such Required Loan Documents have been executed (either an original or a copy, as indicated on the Loan Asset Checklist)
and have no mutilated pages, (B) filed stamped copies of the UCC and other filings (required by the Required Loan Documents)
are included, (C) if listed on the Loan Asset Checklist, a copy of an Insurance Policy (or evidence thereof) with respect
to any real or personal property constituting the Related Collateral is included, and (D) the related original balance (based
on a comparison to the note or assignment agreement, as applicable), Loan Asset number and Obligor name, as applicable, with respect
to such Loan Asset is referenced on the related Loan Asset Schedule (such items (A) through (D) collectively, the "Review
Criteria"). In order to facilitate the foregoing review by the Collateral Custodian, in connection with each delivery
of Required Loan Documents hereunder to the Collateral Custodian, the Servicer shall provide to the Collateral Custodian a hard
copy (which may be preceded by an electronic copy, as applicable) of the related Loan Asset Checklist which contains the Loan Asset
information with respect to the Required Loan Documents being delivered, identification number and the name of the Obligor with
respect to such Loan Asset. Notwithstanding anything herein to the contrary, the Collateral Custodian's obligation to review the
Required Loan Documents shall be limited to reviewing such Required Loan Documents based on the information provided on the Loan
Asset Checklist. If, at the conclusion of such review, the Collateral Custodian shall determine that (I) the original balance
of the Loan Asset with respect to which it has received Required Loan Documents is less than as set forth on the Loan Asset Schedule,
the Collateral Custodian shall notify the Administrative Agent and the Servicer of such discrepancy within one (1) Business
Day, or (II) any Review Criteria is not satisfied, the Collateral Custodian shall within one (1) Business Day notify
the Servicer of such determination and provide the Servicer with a list of the non-complying Loan Assets and the applicable Review
Criteria that they fail to satisfy. The Servicer shall have five (5) Business Days after notice or knowledge thereof to correct
any non-compliance with any Review Criteria. In addition, if requested in writing (in the form of Exhibit J) by the
Servicer and approved by the Administrative Agent within ten (10) Business Days of the Collateral Custodian's delivery of
such report, the Collateral Custodian shall return any Loan Asset which fails to satisfy a Review Criteria to the Borrower. Other
than the foregoing, the Collateral Custodian shall not have any responsibility for reviewing any Required Loan Documents. Notwithstanding
anything to the contrary contained herein, the Collateral Custodian shall have no duty or obligation with respect to any Loan Asset
Checklist delivered to it in electronic form.

 

    	 	157	 

     

    

 

(ii)          In
taking and retaining custody of the Required Loan Documents, the Collateral Custodian shall be deemed to be acting as the agent
of the Secured Parties; provided that the Collateral Custodian makes no representations as to the existence, perfection
or priority of any Lien on the Required Loan Documents or the instruments therein; and provided further that the Collateral
Custodian's duties shall be limited to those expressly contemplated herein.

 

(iii)         All
Required Loan Documents shall be kept in fire resistant vaults, rooms or cabinets at the address of the Collateral Custodian located
at 425 Hennepin Ave., Minneapolis, MN 55414, or at such other office as shall be specified to the Administrative Agent and the
Servicer by the Collateral Custodian in a written notice delivered at least thirty (30) days prior to such change. All Required
Loan Documents shall be placed together with an appropriate identifying label and maintained in such a manner so as to permit retrieval
and access. The Collateral Custodian shall segregate the Required Loan Documents on its inventory system and will not commingle
the physical Required Loan Documents with any other files of the Collateral Custodian other than those, if any, relating to the
Originator and its Affiliates and subsidiaries.

 

(iv)          On
the Reporting Date of each month, the Collateral Custodian shall provide a written report to the Administrative Agent and the Servicer
(in a form mutually agreeable to the Administrative Agent and the Collateral Custodian) identifying each Loan Asset for which it
holds Required Loan Documents and the applicable Review Criteria that any Loan Asset fails to satisfy.

 

(v)            Notwithstanding
any provision to the contrary elsewhere in the Transaction Documents, the Collateral Custodian shall not have any fiduciary relationship
with any party hereto or any Secured Party in its capacity as such, and no implied covenants, functions, obligations or responsibilities
shall be read into this Agreement, the other Transaction Documents or otherwise exist against the Collateral Custodian. Without
limiting the generality of the foregoing, it is hereby expressly agreed and stipulated by the other parties hereto that the Collateral
Custodian shall not be required to exercise any discretion hereunder and shall have no investment or management responsibility.

 

(vi)            If,
in performing its duties under this Agreement, the Collateral Custodian is required to decide between alternative courses of action,
the Collateral Custodian may request written instructions from the Administrative Agent as to the course of action desired by the
Administrative Agent. If the Collateral Custodian does not receive such instructions within two (2) Business Days after it
has requested them, the Collateral Custodian may, but shall be under no duty to, take or refrain from taking any such courses of
action. The Collateral Custodian shall act in accordance with instructions received after such two (2) Business Day period
except to the extent it has already, in good faith, taken or committed itself to take, action inconsistent with such instructions.
The Collateral Custodian shall be entitled to rely on the advice of legal counsel and independent accountants in performing its
duties hereunder and shall be deemed to have acted in good faith if it acts in accordance with such advice.

 

    	 	158	 

     

    

 

(c)         (i) The
Collateral Custodian agrees to cooperate with the Administrative Agent and the Collateral Agent and deliver any Required Loan Documents
to the Collateral Agent or Administrative Agent (pursuant to a written request in the form of Exhibit J), as applicable,
as requested in order to take any action that the Administrative Agent deems necessary or desirable in order to perfect, protect
or more fully evidence the security interests granted by the Borrower hereunder, or to enable any of them to exercise or enforce
any of their respective rights hereunder, including any rights arising with respect to Article VII. In the event the
Collateral Custodian receives instructions from the Collateral Agent, the Servicer or the Borrower which conflict with any instructions
received by the Administrative Agent, the Collateral Custodian shall rely on and follow the instructions given by the Administrative
Agent.

 

(ii)         The
Administrative Agent may direct the Collateral Custodian to take any such incidental action hereunder. With respect to other actions
which are incidental to the actions specifically delegated to the Collateral Custodian hereunder, the Collateral Custodian shall
not be required to take any such incidental action hereunder, but shall be required to act or to refrain from acting (and shall
be fully protected in acting or refraining from acting) upon the direction of the Administrative Agent; provided that the
Collateral Custodian shall not be required to take any action hereunder at the request of the Administrative Agent, any Secured
Party or otherwise if the taking of such action, in the reasonable determination of the Collateral Custodian, (x) shall be
in violation of any Applicable Law or contrary to any provisions of this Agreement or (y) shall expose the Collateral Custodian
to liability hereunder or otherwise (unless it has received indemnity which it reasonably deems to be satisfactory with respect
thereto). In the event the Collateral Custodian requests the consent of the Administrative Agent and the Collateral Custodian does
not receive a consent (either positive or negative) from the Administrative Agent within ten (10) Business Days of its receipt
of such request, then the Administrative Agent shall be deemed to have declined to consent to the relevant action.

 

(iii)          The
Collateral Custodian shall not be liable for any action taken, suffered or omitted by it in accordance with the request or direction
of any Secured Party, to the extent that this Agreement provides such Secured Party the right to so direct the Collateral Custodian,
or the Administrative Agent. The Collateral Custodian shall not be deemed to have notice or knowledge of any matter hereunder,
including an Event of Default, unless a Responsible Officer of the Collateral Custodian has actual knowledge of such matter or
written notice thereof is received by the Collateral Custodian.

 

Section 11.03        Merger
or Consolidation. Any Person (a) into which the Collateral Custodian may be merged or consolidated, (b) that
may result from any merger or consolidation to which the Collateral Custodian shall be a party, or (c) that may succeed to
the properties and assets of the Collateral Custodian substantially as a whole, which Person in any of the foregoing cases executes
an agreement of assumption to perform every obligation of the Collateral Custodian hereunder, shall be the successor to the Collateral
Custodian under this Agreement without further act of any of the parties to this Agreement.

  

    	 	159	 

     

    

 

Section 11.04      Collateral
Custodian Compensation. As compensation for its Collateral Custodian activities hereunder, the Collateral Custodian
shall be entitled to the Collateral Custodian Fees from the Borrower as set forth in the Wells Fargo Fee Letter, payable pursuant
to the extent of funds available therefor pursuant to the provisions of Section 2.04. The Collateral Custodian's entitlement
to receive the Collateral Custodian Fees shall cease on the earlier to occur of: (a) its removal as Collateral Custodian
pursuant to Section 11.05, (b) its resignation as Collateral Custodian pursuant to Section 11.07
of this Agreement or (c) the termination of this Agreement.

 

Section 11.05      Collateral
Custodian Removal. The Collateral Custodian may be removed, with or without cause, by the Administrative Agent by notice
given in writing to the Collateral Custodian (the "Collateral Custodian Termination Notice"); provided
that, notwithstanding its receipt of a Collateral Custodian Termination Notice, the Collateral Custodian shall continue to act
in such capacity until a successor Collateral Custodian has been appointed and has agreed to act as Collateral Custodian hereunder.
In the case of a resignation or removal of the Collateral Custodian, if no successor shall have been appointed and an instrument
of acceptance by a successor shall not have been delivered to the Collateral Custodian within ninety (90) days after the giving
of such notice of resignation or removal, the Collateral Custodian may petition any court of competent jurisdiction for the appointment
of a successor Collateral Custodian.

 

Section 11.06      Limitation
on Liability.

 

(a)         The
Collateral Custodian may conclusively rely on and shall be fully protected in acting upon any certificate, instrument, opinion,
notice, letter or other document delivered to it and that in good faith it reasonably believes to be genuine and that has been
signed by the proper party or parties. The Collateral Custodian may rely conclusively on and shall be fully protected in acting
upon the written instructions of any designated officer of the Administrative Agent.

 

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

 

(c)         The
Collateral Custodian shall not be liable for any error of judgment, or for any act done or step taken or omitted by it, in good
faith, or for any mistakes of fact or law, or for anything that it may do or refrain from doing in connection herewith except in
the case of its willful misconduct or grossly negligent performance or omission of its duties.

 

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

 

    	 	160	 

     

    

 

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

 

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

 

(g)         It
is expressly agreed and acknowledged that the Collateral Custodian is not overseeing or guaranteeing performance of or assuming
any liability for the obligations of the other parties hereto or any parties to the Collateral.

 

(h)         Subject
in all cases to the last sentence of Section 11.02(c)(i), in case any reasonable question arises as to its duties hereunder,
the Collateral Custodian may, prior to the occurrence of an Event of Default or the Facility Maturity Date, request instructions
from the Servicer and may, after the occurrence of an Event of Default or the Facility Maturity Date, request instructions from
the Administrative Agent, and shall be entitled at all times to refrain from taking any action unless it has received instructions
from the Servicer or the Administrative Agent, as applicable. The Collateral Custodian shall in all events have no liability, risk
or cost for any action taken pursuant to and in compliance with the instruction of the Administrative Agent. In no event shall
the Collateral Custodian be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but
not limited to lost profits), even if the Collateral Custodian has been advised of the likelihood of such loss or damage and regardless
of the form of action.

 

(i)          It
is expressly acknowledged by the parties hereto that application and performance by the Collateral Custodian of its various duties
hereunder (including, without limitation, recalculations to be performed in respect of the matters contemplated hereby) shall be
based upon, and in reliance upon, data, information and notice provided to it by the Servicer, the Administrative Agent, the Borrowers
and/or any related bank agent, obligor or similar party, and the Collateral Custodian shall have no responsibility for the accuracy
of any such information or data provided to it by such persons and shall be entitled to update its records (as it may deem necessary
or appropriate).

 

(j)          The
Collateral Custodian shall not be responsible for delays or failures in performance resulting from circumstances beyond its control
(such circumstances include but are not limited to acts of God, strikes, lockouts, riots, acts of war, loss or malfunctions of
utilities, computer (hardware or software) or communications services).

 

(k)         The
parties acknowledge that in accordance with the Customer Identification Program (CIP) requirements under the Patriot Act and its
implementing regulations, the Collateral Custodian in order to help fight the funding of terrorism and money laundering, is required
to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens
an account with the Collateral Custodian. The Borrower hereby agrees that it shall provide the Collateral Custodian with such information
as it may request including, but not limited to, such Borrower’s name, physical address, tax identification number and other
information that will help the Collateral Custodian to identify and verify such Borrower’s identity such as organizational
documents, certificate of good standing, license to do business, or other pertinent identifying information.

 

    	 	161	 

     

    

  

Section 11.07      Collateral
Custodian Resignation. Collateral Custodian may resign and be discharged from its duties or obligations hereunder,
not earlier than ninety (90) days after delivery to the Administrative Agent of written notice of such resignation specifying
a date when such resignation shall take effect. Upon the effective date of such resignation, or if the Administrative Agent gives
Collateral Custodian written notice of an earlier termination hereof, Collateral Custodian shall (i) be reimbursed for any
costs and expenses Collateral Custodian shall incur in connection with the termination of its duties under this Agreement and
(ii) deliver all of the Required Loan Documents in the possession of Collateral Custodian to the Administrative Agent or
to such Person as the Administrative Agent may designate to Collateral Custodian in writing upon the receipt of a request in the
form of Exhibit J. Notwithstanding anything herein to the contrary, the Collateral Custodian may not resign prior
to a successor Collateral Custodian being appointed.

 

Section 11.08      Release
of Documents.

 

(a)         Release
for Servicer. From time to time and as appropriate for the enforcement or servicing of any of the Collateral, the Collateral
Custodian is hereby authorized (unless and until such authorization is revoked by the Administrative Agent), upon written receipt
from the Servicer of a request for release of documents and receipt in the form annexed hereto as Exhibit J, to release
to the Servicer within two (2) Business Days of receipt of such request, the related Required Loan Documents or the documents
set forth in such request and receipt to the Servicer. All documents so released to the Servicer shall be held by the Servicer
in trust for the benefit of the Collateral Agent, on behalf of the Secured Parties in accordance with the terms of this Agreement.
The Servicer shall return to the Collateral Custodian the Required Loan Documents or other such documents (i) promptly upon
the request of the Administrative Agent, or (ii) when the Servicer's need therefor in connection with such foreclosure or
servicing no longer exists, unless the Loan Asset shall be liquidated, in which case, the Servicer shall deliver an additional
request for release of documents to the Collateral Custodian and receipt certifying such liquidation from the Servicer to the Collateral
Agent, all in the form annexed hereto as Exhibit J.

 

(b)        Limitation
on Release. The foregoing provision with respect to the release to the Servicer of the Required Loan Documents and documents
by the Collateral Custodian upon request by the Servicer shall be operative only to the extent that the Administrative Agent has
consented to such release. Promptly after delivery to the Collateral Custodian of any request for release of documents, the Servicer
shall provide notice of the same to the Administrative Agent. Any additional Required Loan Documents or documents requested to
be released by the Servicer may be released only upon written authorization of the Administrative Agent. The limitations of this
paragraph shall not apply to the release of Required Loan Documents to the Servicer pursuant to the immediately succeeding subsection.

 

    	 	162	 

     

    

 

(c)         Release
for Payment. Upon receipt by the Collateral Custodian of the Servicer's request for release of documents and receipt in the
form annexed hereto as Exhibit J (which certification shall include a statement to the effect that all amounts received)
in connection with such payment or repurchase have been credited to the Collection Account, the Collateral Custodian shall promptly
release the related Required Loan Documents to the Servicer.

 

Section 11.09      Return
of Required Loan Documents. The Borrower may, with the prior written consent of the Administrative Agent (such consent
not to be unreasonably withheld), require that the Collateral Custodian return each Required Loan Document (a) delivered
to the Collateral Custodian in error or (b) released from the Lien of the Collateral Agent hereunder pursuant to Section 2.14,
in each case by submitting to the Collateral Custodian and the Administrative Agent a written request in the form of Exhibit J
hereto (signed by both the Borrower and the Administrative Agent) specifying the Collateral to be so returned and reciting
that the conditions to such release have been met (and specifying the Section or Sections of this Agreement being relied
upon for such release). The Collateral Custodian shall upon its receipt of each such request for return executed by the Borrower
and the Administrative Agent promptly, but in any event within five (5) Business Days, return the Required Loan Documents
so requested to the Borrower.

 

Section 11.10       Access
to Certain Documentation and Information Regarding the Collateral. The Collateral Custodian shall provide to the Administrative
Agent and each Lender access to the Required Loan Documents and all other documentation regarding the Collateral including in
such cases where the Administrative Agent and each Lender is required in connection with the enforcement of the rights or interests
of the Secured Parties, or by applicable statutes or regulations, to review such documentation, such access being afforded without
charge but only (a) upon two (2) Business Days prior written request, (b) during normal business hours and (c) subject
to the Servicer's and the Collateral Custodian's normal security and confidentiality procedures. Without limiting the foregoing
provisions of this Section 11.10, from time to time on request of the Administrative Agent, the Collateral Custodian
shall permit certified public accountants or other auditors acceptable to the Administrative Agent to conduct, at the expense
of the Servicer (on behalf of the Borrower), a review of the Required Loan Documents and all other documentation regarding the
Collateral; provided that, prior to the occurrence of an Event of Default, such review shall be conducted no more than
two times in any calendar year.

 

Section 11.11      Bailment.
The Collateral Custodian agrees that, with respect to any Required Loan Documents at any time or times in its possession or held
in its name, the Collateral Custodian shall be the agent and bailee of the Collateral Agent, for the benefit of the Secured Parties,
for purposes of perfecting (to the extent not otherwise perfected) the Collateral Agent's security interest in the Collateral
and for the purpose of ensuring that such security interest is entitled to first priority status under the UCC.

 

    	 	163	 

     

    

 

ARTICLE XII

 

MISCELLANEOUS

 

Section 12.01      Amendments
and Waivers.

 

(a)         (i) No
amendment or modification of any provision of this Agreement or any other Transaction Document, or consent to any departure by
the Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Borrower, the Servicer,
the Required Lenders (or the Administrative Agent on their behalf), the Administrative Agent and, solely if such amendment or modification
would adversely affect the rights and obligations of the Originator, the Collateral Agent, the Account Bank or the Collateral Custodian,
the written agreement of the Originator, the Collateral Agent, the Account Bank or the Collateral Custodian, as applicable; and
(ii) no termination or waiver of any provision of this Agreement or consent to any departure therefrom by the Borrower or
the Servicer shall be effective without the written consent of the Administrative Agent and the Required Lenders. Any waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given.

 

(b)         Notwithstanding
the provisions of Section 12.01(a) but subject to the other provisions hereof, the written consent of all of the
Lenders (unless otherwise noted) shall be required for any amendment, modification or waiver:

 

(i)           reducing
the principal amount of the Advances Outstanding or the Yield (or the rate of the Yield) thereon;

 

(ii)          solely
with the consent of each Lender affected thereby, increasing the aggregate Commitments or the Facility Amount;

 

(iii)          solely
with the consent of each Lender affected thereby, extending, waiving or postponing any date for any payment of any Advance, all
or any portion of the Yield thereon or any fees or other amounts due to the Lenders (or any of them);

 

(iv)          modifying,
amending or waiving the provisions of this Section 12.01 or the definition of “Amortization Period”, “Required
Lenders”, “Collateral”, “Concentration Limitations”, “Advance Rate”, or any other provision
hereof specifying the number or percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make
any determination or grant any consent hereunder;

 

(v)          solely
to the extent any such modification would reasonably be expected to adversely affect the Lenders, modifying the provisions of Section 2.04
or any related definitions or provisions that would alter the order of application of proceeds or would alter the pro rata
sharing of payments required thereby;

 

(vi)          extending
the Stated Maturity or clause (a) of the definition of "Commitment Termination Date";

 

(vii)         making
any modification to the defined term of “Eligible Currency” that would add a currency;

 

(viii)        except
as permitted by the Transaction Documents, releasing all or substantially all of the Collateral; or

 

    	 	164	 

     

    

 

(ix)           waive
the occurrence of an Event of Default set forth under Sections 7.01(a), 7.01(b) and 7.01(r).

 

Section 12.02      Notices,
Etc. Except as otherwise provided herein, all notices and other communications hereunder to any party shall be in writing
and sent by certified or registered mail, return receipt requested, by overnight delivery service, with all charges paid, by electronic
mail ("email") or by hand delivery, to such party's address set forth below:

 

BORROWER:                                                               Golub
Capital BDC Funding II LLC

c/o Golub Capital BDC, Inc.

200 Park Avenue, 25th Floor

New York, New York 10166

Attention: Structured Products

Email: structuredproducts@golubcapital.com

 

SERVICER
AND ORIGINATOR:                               c/o
Golub Capital BDC, Inc.

200 Park Avenue, 25th Floor

New York, New York 10166

Attention: Structured Products

Email: structuredproducts@golubcapital.com

 

SECURITIZATION
SUBSIDIARIES:                         NONE

 

ADMINISTRATIVE
AGENT:                                     Morgan
Stanley Senior Funding, Inc.

1585 Broadway, 24th Floor

New York, New York 10036

Attention: FID Secured Lending Group

Email: (for borrowing requests) mmborrowingrequests@morganstanley.com

(for all other purposes) mmloanapprovals@morganstanley.com

 

With a copy to:

 

Morgan Stanley Bank, N.A.

1300 Thames Street Wharf

Baltimore, MD 21231

Attention: CLO Team

Email: (for borrowing requests) mmborrowingrequests@morganstanley.com

(for all other purposes) mmloanapprovals@morganstanley.com

 

    	 	165	 

     

    

 

COLLATERAL
AGENT:                                             Wells
Fargo Bank, National Association

Corporate Trust Services Division

9062 Old Annapolis Rd.

Columbia, MD 21045

Attn: CDO Trust
Services – Golub Capital

Financing Funding III LLC

Email: golubcapital@wellsfargo.com

Phone: 410-884-2000

 

ACCOUNT
BANK:                                                      Wells
Fargo Bank, National Association

Corporate Trust Services Division

9062 Old Annapolis Rd.

Columbia, MD 21045

Attn: CDO Trust
Services – Golub Capital BDC

Funding
LLC

Email: golubcapital@wellsfargo.com

Phone: 410-884-2000

 

LENDER:                                                                      Morgan
Stanley Bank, N.A.

201 South Main Street

Salt Lake City, Utah 84111-2215

Email: (for borrowing requests) mmborrowingrequests@morganstanley.com

(for all other purposes) mmloanapprovals@morganstanley.com

 

With copies to:

 

Morgan Stanley Bank, N.A.

1585 Broadway, 24th Floor

New York, New York 10036

Attention:         FID
Secured Lending Group

Email: (for borrowing requests) mmborrowingrequests@morganstanley.com

(for all other purposes) mmloanapprovals@morganstanley.com

 

Morgan Stanley Bank, N.A.

1300 Thames Street, Thames Street Wharf

Baltimore, Maryland 21231

Email: (for borrowing requests) mmborrowingrequests@morganstanley.com

(for all other purposes) mmloanapprovals@morganstanley.com

 

    	 	166	 

     

    

 

or at such other address as such party
may hereafter specify in a notice given in the manner required under this Section 12.02. All such notices and correspondence
shall be deemed given (a) if sent by certified or registered mail, three (3) Business Days after being postmarked, (b) if
sent by overnight delivery service or by hand delivery, when received at the above stated addresses or when delivery is refused
and (c) if sent by email, when received.

 

Section 12.03      No
Waiver; Remedies. No failure on the part of the Administrative Agent, the Collateral Agent or any Lender to exercise,
and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of
any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided
are cumulative and not exclusive of any remedies provided by law.

 

Section 12.04      Binding
Effect; Assignability; Multiple Lenders.

 

(a)         This
Agreement shall be binding upon and inure to the benefit of each Loan Party, the Servicer, the Administrative Agent, each Lender,
the Collateral Agent, the Account Bank, the Collateral Custodian and their respective successors and permitted assigns. With the
prior written consent of the Administrative Agent (unless such assignment is to an Affiliate of a Lender or is otherwise required
by Applicable Law), each Lender and their respective successors and assigns may assign, grant a security interest or sell a participation
interest in, (i) this Agreement and such Lender's rights and obligations hereunder and interest herein in whole or in part
(including by way of the sale of participation interests therein) and/or (ii) any Advance (or portion thereof) to any Person;
provided that, so long as no Default or Event of Default has occurred, the Borrower has provided its written consent (such
consent not to be unreasonably withheld, conditioned or delayed) to such assignment to any Person that is a Disqualified Institution,
or is not a Lender or an Affiliate of a Lender (but, for the avoidance of doubt, no such consent of the Borrower shall be required
for any grant of a security interest or sale of a participation interest to any Person, an assignment to a Lender or an Affiliate
of a Lender, an assignment to a Person that is not a Disqualified Institution or an assignment that is required by Applicable Law).
Any such assignee shall execute and deliver to the Servicer, the Borrower and the Administrative Agent a fully-executed assignment
and acceptance agreement in the form of Exhibit K hereto (a "Assignment and Acceptance"). The parties
to any such assignment, grant or sale of a participation interest shall execute and deliver to the related Lender for its acceptance
and recording in its books and records, such agreement or document as may be satisfactory to such parties and the applicable Lender.
None of any Loan Party, the Originator or the Servicer may assign, or permit any Lien to exist upon, any of its rights or obligations
hereunder or under any Transaction Document or any interest herein or in any Transaction Document without the prior written consent
of each Lender and the Administrative Agent. Each Lender that sells a participation shall, acting solely for this purpose as a
non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal
amounts (and stated interest) of each participant’s interest in the Advances or other obligations under the Transaction Documents
(the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the
Participant Register (including the identity of any participant or any information relating to a participant’s interest in
any commitments, loans, letters of credit or its other obligations under any Transaction Document) to any Person except to the
extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered
form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall
be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance
of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register.

 

    	 	167	 

     

    

 

(b)        Notwithstanding
any other provision of this Section 12.04, any Lender may at any time pledge or grant a security interest in all or
any portion of its rights (including, rights to payment of principal and interest) under this Agreement to secure obligations of
such Lender to a Federal Reserve Bank, without notice to or consent of the Borrower or the Administrative Agent; provided
that no such pledge or grant of a security interest shall release such Lender from any of its obligations hereunder, or substitute
any such pledgee or grantee for such Lender as a party hereto.

 

(c)         Each
Affected Party and each Indemnified Party shall be an express third party beneficiary of this Agreement.

 

(d)        Upon
the effectiveness of any assignment by any Lender of all or any of its rights and obligations under the Transaction Documents pursuant
to Section 12.04(a) and the delivery to the Administrative Agent of all assignment documentation and the Assignment
and Acceptance, the Administrative Agent shall revise Annex A to reflect such assignment.

 

Section 12.05      Term
of This Agreement. This Agreement, including, each Loan Party's representations and covenants set forth in Articles
IV and V and the Servicer's representations, covenants and duties set forth in Articles IV, V and VI,
shall remain in full force and effect until the Collection Date; provided that the rights and remedies with respect to
any breach of any representation and warranty made or deemed made by any Loan Party or the Servicer pursuant to Articles III
and IV and the indemnification and payment provisions of Article VIII, IX and Article XII
and the provisions of Section 2.10, Section 2.11, Section 12.07 and Section 12.09
shall be continuing and shall survive any termination of this Agreement.

 

Section 12.06      GOVERNING
LAW; JURY WAIVER.

 

(a)         THIS
AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).

 

(b)         BY
EXECUTION AND DELIVERY OF EACH TRANSACTION DOCUMENT TO WHICH IT IS A PARTY, EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION
OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY
AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR,
TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH
ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER
MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT SHALL AFFECT ANY RIGHT THAT ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE
HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AGAINST ANY LOAN PARTY OR ITS PROPERTIES IN THE COURTS OF ANY
JURISDICTION.

 

    	 	168	 

     

    

 

(c)         EACH
LOAN PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY
OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT IN ANY COURT REFERRED TO IN PARAGRAPH (A) OF THIS Section 12.06. EACH OF THE PARTIES HERETO
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH
ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)         EACH
OF THE PARTIES (OTHER THAN THE COLLATERAL AGENT, COLLATERAL CUSTODIAN, AND ACCOUNT BANK) HERETO WAIVES PERSONAL SERVICE OF PROCESS
AND IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN Section 12.02. NOTHING IN THIS
AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

 

(e)         JURY
WAIVER. EACH OF THE PARTIES HERETO HEREBY (i) WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ANY RIGHT TO A TRIAL BY JURY
IN ANY ACTION OR PROCEEDING BASED UPON, ARISING OUT OF, OR IN ANY WAY RELATING TO (1) THIS AGREEMENT; (2) ANY OTHER TRANSACTION
DOCUMENT; OR (3) ANY CONDUCT, ACTS OR OMISSIONS UNDER THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT OF ANY LOAN PARTY,
THE ADMINISTRATIVE AGENT, A LENDER OR ANY OF THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES, ADMINISTRATIVE AGENTS, ATTORNEYS
OR OTHER AFFILIATES, IN EACH CASE WHETHER SOUNDING IN CONTRACT, TORT, EQUITY OR OTHERWISE, AND (ii) AGREES AND CONSENTS
THAT ANY SUCH CLAIM OR CAUSE OF ACTION UNDER THIS AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT SHALL BE DECIDED BY COURT TRIAL WITHOUT
A JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION AS WRITTEN
EVIDENCE OF THE CONSENTS OF THE PARTIES TO THE WAIVER OF THEIR RESPECTIVE RIGHTS TO TRIAL BY JURY

 

    	 	169	 

     

    

 

Section 12.07      Costs,
Expenses and Taxes.

 

(a)         In
addition to the rights of indemnification granted to the Indemnified Parties under Section 8.01 and Section 8.02
hereof, each of the Borrower, the Servicer and the Originator agrees to pay (i) with respect to the Borrower, on the Payment
Date pertaining to the Remittance Period in which such cost is incurred and (ii) with respect to the Servicer and the Originator,
on demand to the extent not paid by the Borrower on the Payment Date pertaining to the Remittance Period in which such cost is
incurred, in each case, all costs and expenses of the Administrative Agent, the Lenders, the Collateral Agent, the Account Bank
and the Collateral Custodian incurred in connection with (x) the preparation, execution, delivery, administration, amendment
or modification of, any waiver or consent issued in connection with, this Agreement, the Transaction Documents and the other documents
to be delivered hereunder or in connection herewith, including, the fees and expenses of counsel for the Administrative Agent,
the Lenders, the Collateral Agent, the Account Bank and the Collateral Custodian with respect thereto and with respect to advising
the Administrative Agent, the Lenders, the Collateral Agent, the Account Bank and the Collateral Custodian as to their respective
rights and remedies under this Agreement and the other documents to be delivered hereunder or in connection herewith, and (y) the
enforcement or potential enforcement of this Agreement or any Transaction Document by such Person and the other documents to be
delivered hereunder or in connection herewith.

 

(b)        The
Borrower shall pay, on the Payment Date pertaining to a Remittance Period, all other costs and expenses described in clause (a) above
incurred by the Administrative Agent, the Lenders, the Collateral Agent, the Collateral Custodian and the Account Bank during such
Remittance Period or any prior Remittance Period to the extent not previously paid.

 

(c)         Nothing
contained in this Section 12.07 shall relate to the payment of Taxes under the Transaction Documents.

 

Section 12.08      Further
Assurances. Each Loan Party shall promptly upon request by the Administrative Agent, or any Lender through the Administrative
Agent, do, execute, acknowledge, deliver, record, re-record, file, re-file, register and re-register any and all such further
acts, financing statements, deeds, certificates, assurances and other instruments as the Administrative Agent, or any Lender through
the Administrative Agent, may reasonably require from time to time in order to (i) to the fullest extent permitted by applicable
law, subject any of any Loan Party's properties, assets, rights or interests to the Liens now or hereafter intended to be covered
by any of the security documents, (ii) perfect and maintain the validity, effectiveness and priority of any of the security
documents and any of the Liens intended to be created thereunder and (iii) assure, convey, grant, assign, transfer, preserve,
protect and confirm more effectively unto the Secured Parties the rights granted or now or hereafter intended to be granted to
the Secured Parties under any Transaction Document or under any other instrument executed in connection with any Transaction Document
to which a Loan Party is or is to be a party.

 

    	 	170	 

     

    

 

Section 12.09      Recourse
Against Certain Parties.

 

(a)         Notwithstanding
any contrary provision set forth herein, no claim may be made by any Loan Party, the Originator or the Servicer or any other Person
against the Administrative Agent or any Secured Party or their respective Affiliates, directors, officers, employees, attorneys
or agents for any special, indirect, consequential or punitive damages in respect to any claim for breach of contract or any other
theory of liability arising out of or related to the transactions contemplated by this Agreement, or any act, omission or event
occurring in connection therewith; and each Loan Party, the Originator and the Servicer each hereby waives, releases, and agrees
not to sue upon any claim for any such damages, whether or not accrued and whether or not known or suspected.

 

(b)         No
obligation or liability to any Obligor under any of the Loan Assets is intended to be assumed by the Administrative Agent, the
Lenders or any Secured Party under or as a result of this Agreement and the transactions contemplated hereby.

 

(c)         The
provisions of this Section 12.09 shall survive the termination of this Agreement.

 

Section 12.10      Execution
in Counterparts; Severability; Integration. This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which when
taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this
Agreement by email in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart of this
Agreement. In the event that any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in
any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations, or of such provision or
obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. This Agreement and any agreements
or letters (including fee letters) executed in connection herewith contains the final and complete integration of all prior and
contemporaneous expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement
among the parties hereto with respect to the subject matter hereof, superseding all prior and contemporaneous oral or written
understandings other than any fee letter delivered by the Servicer to the Administrative Agent and the Lenders. The express terms
hereof control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. Moreover,
the parties to this Agreement waive reliance on any representation made by any other party, whether orally or in writing, prior
to the execution of this Agreement.

 

    	 	171	 

     

    

 

Section 12.11      Characterization
of Conveyances Pursuant to each Purchase and Sale Agreement.

 

(a)         It
is the express intent of the parties hereto that the conveyance of the Eligible Loan Assets by the Originator to the Borrower and
the Borrower to a Securitization Subsidiary, as applicable, as contemplated by the applicable Purchase and Sale Agreement be, and
be treated for all purposes as, a sale by the Originator or the Borrower, as applicable, of such Eligible Loan Assets. It is, further,
not the intention of the parties that such conveyance be deemed a pledge of the Eligible Loan Assets by the Originator or Borrower,
as applicable, to the Borrower or a Securitization Subsidiary, as applicable, to secure a debt or other obligation of the Originator
or the Borrower, as applicable. However, in the event that, notwithstanding the intent of the parties, the Eligible Loan Assets
are held to continue to be property of the Originator or the Borrower, as applicable, then the parties hereto agree that: (i) the
applicable Purchase and Sale Agreement shall also be deemed to be a security agreement under Applicable Law; (ii) as set forth
in such Purchase and Sale Agreement, the transfer of the Eligible Loan Assets provided for in such Purchase and Sale Agreement
shall be deemed to be a grant by the Originator or the Borrower, as applicable, to the Borrower or the applicable Securitization
Subsidiary of a first priority security interest (subject only to Permitted Liens) in all of the Originator's or Borrower’s,
as applicable, right, title and interest in and to the Eligible Loan Assets and all amounts payable to the holders of the Eligible
Loan Assets in accordance with the terms thereof and all proceeds of the conversion, voluntary or involuntary, of the foregoing
into cash, instruments, securities or other property, including, all amounts from time to time held or invested in the Controlled
Accounts, whether in the form of cash, instruments, securities or other property; (iii) the possession by a Loan Party (or
the Collateral Custodian on its behalf) of Loan Assets and such other items of property as constitute instruments, money, negotiable
documents or chattel paper shall be, subject to clause (iv) below, for purposes of perfecting the security interest
pursuant to the UCC; and (iv) acknowledgements from Persons holding such property shall be deemed acknowledgements from custodians,
bailees or agents (as applicable) of the applicable Loan Party for the purpose of perfecting such security interest under Applicable
Law. The parties further agree that any assignment of the interest of a Loan Party pursuant to any provision hereof shall also
be deemed to be an assignment of any security interest created pursuant to the terms of the applicable Purchase and Sale Agreement.
Each Loan Party shall, to the extent consistent with this Agreement and the other Transaction Documents, take such actions as may
be necessary to ensure that, if a Purchase and Sale Agreement was deemed to create a security interest in the Eligible Loan Assets,
such security interest would be deemed to be a perfected security interest of first priority (subject only to Permitted Liens)
under Applicable Law and will be maintained as such throughout the term of this Agreement.

  

(b)         It
is the intention of each of the parties hereto that the Eligible Loan Assets conveyed by the Originator to the Borrower or the
Borrower to a Securitization Subsidiary, as applicable, pursuant to a Purchase and Sale Agreement shall constitute assets owned
by the Borrower or such Securitization Subsidiary, as applicable, and shall not be part of the Originator's or Borrower’s,
as applicable, estate in the event of the filing of a bankruptcy petition by or against the Originator or Borrower, as applicable,
under any bankruptcy or similar law.

 

(c)         Each
Loan Party agrees to treat, and shall cause the Originator and the Borrower, as applicable, to treat, for all purposes, the transactions
effected by the Purchase and Sale Agreements as sales of assets to the Borrower or a Securitization Subsidiary, as applicable.
Each Loan Party and the Servicer each hereby agree to cause the Originator to reflect in the Originator's financial records and
to include a note in the publicly filed annual and quarterly financial statements of the Originator indicating that assets sold
to a Loan Party under a Purchase and Sale Agreement are owned by such Loan Party that is consolidated in the Originator's financial
statements, the creditors of such Loan Party have received security interests in such assets and such assets are not intended to
be available to the creditors of the Originator (or any other affiliate of the Originator).

 

    	 	172	 

     

    

 

Section 12.12      Confidentiality.

 

(a)         Each
of the Administrative Agent, the Lenders, the Servicer, the Collateral Agent, each Loan Party, the Account Bank, the Originator
and the Collateral Custodian shall maintain and shall cause each of its employees and officers to maintain the confidentiality
of the Agreement (and the terms thereof) and all information with respect to the other parties, including all information regarding
the Loan Assets, the related Obligors, each Loan Party and the Originator (including any Affiliated thereof) and their respective
businesses obtained by it or them in connection with the structuring, negotiating and execution of the transactions contemplated
herein, except that each such party and its officers and employees may (i) disclose such information to its external accountants,
investigators, auditors, attorneys or other agents, including any valuation firm engaged by such party in connection with any due
diligence or comparable activities with respect to the transactions and Loan Assets contemplated herein and the agents of such
Persons ("Excepted Persons"); provided that each Excepted Person shall, as a condition to any such disclosure,
agree for the benefit of the Administrative Agent, the Lenders, the Servicer, the Collateral Agent, each Loan Party, the Account
Bank, the Originator and the Collateral Custodian (A) to maintain the confidentiality of the Agreement (and the terms thereof)
and all information with respect to the other parties, including all information regarding the Loan Assets and each Loan Party
and the Servicer hereto and their respective businesses obtained by it or them in connection with the structuring, negotiating
and execution of the transactions contemplated herein, and (B) that such information shall be used solely in connection with
such Excepted Person's evaluation of, or relationship with, each Loan Party and its affiliates, (ii) disclose the existence
of the Agreement, but not the terms thereof, (iii) disclose such information as is required by Applicable Law (including disclosures
which such party determines are required or advisable under applicable federal securities or banking laws, rules or regulations)
and (iv) disclose the Agreement and such information in any suit, action, proceeding or investigation (whether in law or in
equity or pursuant to arbitration) involving any of the Transaction Documents for the purpose of defending itself, reducing its
liability, or protecting or exercising any of its claims, rights, remedies, or interests under or in connection with any of the
Transaction Documents. It is understood that the financial terms that may not be disclosed except in compliance with this Section 12.12(a) include,
all fees and other pricing terms, and all Events of Default, Servicer Defaults, and priority of payment provisions.

  

(b)         Anything
herein to the contrary notwithstanding, each Loan Party and the Servicer each hereby consents to the disclosure of any nonpublic
information with respect to it (i) to the Administrative Agent, the Lenders, the Account Bank, the Collateral Agent or the
Collateral Custodian by each other, or (ii) by the Administrative Agent, the Lenders, the Account Bank, the Collateral Agent
and the Collateral Custodian to any prospective or actual assignee or participant of any of them provided such Person agrees to
hold such information confidential, and to any officers, directors, employees, outside accountants and attorneys of any of the
foregoing, provided each such Person is informed of the confidential nature of such information. In addition, the Lenders, the
Administrative Agent, the Collateral Agent, the Account Bank and the Collateral Custodian may disclose any such nonpublic information
as required pursuant to any law, rule, regulation, direction, request or order of any judicial, administrative or regulatory authority
or proceedings (whether or not having the force or effect of law).

 

    	 	173	 

     

    

 

(c)         Notwithstanding
anything herein to the contrary, the foregoing shall not be construed to prohibit (i) disclosure of any and all information
that is or becomes publicly known (after such information becomes publicly known); (ii) disclosure of any and all information
(A) if required to do so by any applicable statute, law, rule or regulation, (B) following a request from any government
agency or regulatory body having or claiming authority to regulate or oversee any aspects of the Lenders', the Administrative
Agent's, the Collateral Agent's, the Account Bank's or the Collateral Custodian's business or that of their affiliates; provided
that to the extent reasonably practicable and permitted by Applicable Law, such Person shall use reasonable efforts to inform
the Borrower and Golub Capital BDC, Inc. of such request, (C) pursuant to any subpoena, civil investigative demand or
similar demand or request of any court, regulatory authority, arbitrator or arbitration to which the Administrative Agent, any
Lender, the Collateral Agent, the Collateral Custodian or the Account Bank or an officer, director, employer, shareholder or affiliate
of any of the foregoing is a party; provided that to the extent reasonably practicable and permitted by Applicable Law,
such Person shall use reasonable efforts to inform the Borrower and Golub Capital BDC, Inc. of such request, (D) in
any preliminary or final offering circular, registration statement or contract or other document approved in advance by the Borrower,
the Servicer or the Originator or (E) to any affiliate, independent or internal auditor, agent, employee or attorney of the
Administrative Agent, the Lenders, the Collateral Agent or the Collateral Custodian having a need to know the same, provided
that the disclosing party advises such recipient of the confidential nature of the information being disclosed; or (iii) any
other disclosure authorized by the Borrower, Servicer (so long as the Servicer is Golub Capital BDC, Inc. or an Affiliate
thereof) or the Originator.

 

Section 12.13      Waiver
of Set Off. Each of the parties hereto hereby waives any right of setoff it may have or to which it may be entitled
under this Agreement from time to time against the Administrative Agent, the Lenders or their respective assets.

 

Section 12.14      Headings
and Exhibits. The headings herein are for purposes of references only and shall not otherwise affect the meaning or
interpretation of any provision hereof. The schedules and exhibits attached hereto and referred to herein shall constitute a part
of this Agreement and are incorporated into this Agreement for all purposes.

 

Section 12.15      Ratable
Payments. If any Lender, whether by setoff or otherwise, shall obtain any payment (whether voluntary, involuntary,
through the exercise of any right of setoff, or otherwise) on account of Advances owing to it (other than pursuant to Breakage
Fees, Section 2.10 or Section 2.11) in excess of its ratable share of payments on account of the Advances
obtained by all the Lenders, such Lender shall forthwith purchase from the other Lenders such participations in the Advances owing
to them as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of them; provided
that, if all or any portion of such excess payment is thereafter recovered from such purchasing Lender, such purchase from
each Lender shall be rescinded and such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery
together with an amount equal to such Lender's ratable share (according to the proportion of (a) the amount of such Lender's
required repayment to (b) the total amount so recovered from the purchasing Lender) of any interest or other amount paid
or payable by the purchasing Lender in respect of the total amount so recovered.

 

Section 12.16      Failure
of any Loan Party or Servicer to Perform Certain Obligations. If any Loan Party or the Servicer, as applicable, fails
to perform any of its agreements or obligations under Section 5.01(u), Section 5.02(p) or Section 5.03(e),
the Administrative Agent may (but shall not be required to) itself perform, or cause performance of, such agreement or obligation,
and the expenses of the Administrative Agent incurred in connection therewith shall be payable by the Borrower upon the Administrative
Agent's demand therefor.

 

    	 	174	 

     

    

 

Section 12.17      Power
of Attorney. Each Loan Party irrevocably authorizes the Administrative Agent and appoints the Administrative Agent
as its attorney-in-fact to act on behalf of such Loan Party (a) to file financing statements necessary or desirable in the
Administrative Agent's sole discretion to perfect and to maintain the perfection and priority of the interest of the Secured Parties
in the Collateral and (b) to file a carbon, photographic or other reproduction of this Agreement or any financing statement
with respect to the Collateral as a financing statement in such offices as the Administrative Agent in its sole discretion deems
necessary or desirable to perfect and to maintain the perfection and priority of the interests of the Secured Parties in the Collateral.
This appointment is coupled with an interest and is irrevocable.

 

Section 12.18      Delivery
of Termination Statements, Releases, etc. Upon payment in full of all of the Obligations (other than unmatured contingent
obligations for which no claim has been made) and the termination of this Agreement, the Collateral Agent shall deliver to the
Borrower termination statements, reconveyances, releases and other documents the Borrower deems reasonably necessary or appropriate
to evidence the termination of the Grant and other Liens securing the Obligations, all at the expense of the Borrower.

 

Section 12.19      Non-Petition.

 

(a)        Each
of the parties hereto (other than the Administrative Agent and the Lenders) hereby agrees for the benefit of the Borrower, the
Administrative Agent and the Lenders that it will not institute against, or join any other Person in instituting against, any Loan
Party any Bankruptcy Proceeding so long as there shall not have elapsed one (1) year, or if longer, the applicable preference
period then in effect, and one (1) day since the Collection Date. The applicable Loan Party shall file a timely objection
to, and promptly and timely move to dismiss and diligently prosecute such objection and/or motion to dismiss, any Bankruptcy Proceeding
commenced by any Person in violation of this Section 12.19(a). Each Loan Party hereby expressly consents to, and agrees
not to raise any objection in respect of, each of the Administrative Agent and the Lenders having creditor derivative standing
in any Bankruptcy Proceeding to enforce each and every covenant contained in this Section 12.19(a).

 

(b)         Each
Loan Party, the Servicer and the Originator further agrees that (i) a breach of any of their respective covenants contained
in Section 12.19(a) will cause irreparable injury to the Administrative Agent and the Lenders, (ii) the Administrative
Agent and the Lenders have no adequate remedy at law in respect of such breach, and (iii) each and every covenant contained
in Section 12.19(a) shall be specifically enforceable against each Loan Party, the Servicer and the Originator,
and each Loan Party, the Servicer and the Originator hereby waives and agrees not to object, or assert any defenses to an action
for specific performance, or injunction in respect of any breach of such covenants.

 

(c)        Each
Loan Party hereby irrevocably appoints the Administrative Agent its true and lawful attorney (with full power of substitution)
in its name, place and stead and at its expense, in connection with the enforcement of the covenants provided for in this Section 12.19,
including without limitation the following powers: (i) to object to and seek to dismiss any Bankruptcy Proceeding relating
to a Bankruptcy Event described in clause (i) of the definition thereof, and (ii) all powers and rights incidental thereto.
This appointment is coupled with an interest and is irrevocable.

 

    	 	175	 

     

    

 

(d)        The
provisions of this Section 12.19 shall survive the termination of this Agreement.

  

[Signature pages to follow.]

 

    	 	176	 

     

    

 

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

 

	 	BORROWER:
	 	 
	 	GOLUB CAPITAL BDC FUNDING II LLC
	 	 
	 	By:	          
	 	  Name:
	 	  Title:

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

[Signature
Page to Loan and Servicing Agreement]

 

    

     

    

 

	 	ORIGINATOR
    AND SERVICER:
	 	 
	 	GOLUB CAPITAL BDC, INC.
	 	 
	 	By:	          
	 	  Name:
	 	  Title:

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

[Signature
Page to Loan and Servicing Agreement]

 

    

     

    

 

	ADMINISTRATIVE AGENT:
	 	 
	 	MORGAN STANLEY SENIOR FUNDING, INC.
	 	 
	 	By:	               
	 	 	Name:
	 	 	Title:

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

[Signature
Page to Loan and Servicing Agreement]

 

    

     

    

 

	 	LENDER:
	 	 
	 	MORGAN STANLEY BANK, N.A.
	 	 
	 	By:	       
	 	 	Name:
	 	 	Title:

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

[Signature
Page to Loan and Servicing Agreement]

 

    

     

    

 

	 	COLLATERAL AGENT:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURES CONTINUE ON THE FOLLOWING PAGE]

 

[Signature Page to Loan and Servicing
Agreement]

 

     

     

    

 

	 	ACCOUNT BANK:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[SIGNATURES CONTINUE
ON THE FOLLOWING PAGE]

 

[Signature Page to Loan and Servicing
Agreement]

 

     

     

    

 

	 	COLLATERAL CUSTODIAN:
	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Loan and Servicing Agreement]

 

     

     

    

 

SCHEDULE I

 

CONDITIONS PRECEDENT DOCUMENTS

 

As required by Section 3.01
of this Agreement, each of the following items must be delivered to the Administrative Agent and the Lenders prior to the effectiveness
of the Agreement:

 

(a)            A
copy of this Agreement duly executed by each of the parties hereto;

 

(b)            A
certificate of the Secretary or Assistant Secretary of each of the Borrower, each then-existing Securitization Subsidiary, the
Servicer and the Originator, dated as of the Closing Date, certifying (i) the names and true signatures of the incumbent officers
of such Person authorized to sign on behalf of such Person the Transaction Documents to which it is a party (on which certificate
the Administrative Agent, the Lenders and the Lenders may conclusively rely until such time as the Administrative Agent and the
Lenders shall receive from the Borrower, and the Servicer or the Originator, as applicable, a revised certificate meeting the requirements
of this paragraph (b)(i)), (ii) that the copy of the certificate of formation, certificate of incorporation, articles
of incorporation or articles of organization, as applicable, of such Person attached to such certificate is a complete and correct
copy and that such certificate of formation has not been amended, modified or supplemented and is in full force and effect, (iii) that
the copy of the bylaws, limited liability company agreement or limited partnership agreement, as applicable, of such Person attached
to such certificate is a complete and correct copy, and that such bylaws, limited liability company agreement or limited partnership
agreement, as applicable, has not been amended, modified or supplemented and are in full force and effect, and (iv) that the
copy of the resolutions of the board of directors or managers of such Person attached to such certificate, approving and authorizing
the execution, delivery and performance by such Person of the Transaction Documents to which it is a party, is a complete and correct
copy and such resolutions have not been amended, modified or supplemented and are in full force and effect;

 

(c)           A
good standing certificate, dated as of a recent date for each of the Borrower, each then-existing Securitization Subsidiary, the
Servicer and the Originator, issued by the Secretary of State of such Person's State of formation, incorporation or organization,
as applicable;

 

(d)           Financing
statements (the "Facility Financing Statements") describing the Collateral, and (i) naming the Borrower or
each then-existing Securitization Subsidiary, as applicable, as debtor and the Collateral Agent, on behalf of the Secured Parties,
as secured party, (ii) naming the Originator as debtor, the Borrower as assignor and the Collateral Agent, on behalf of the
Secured Parties, as secured party/total assignee and (iii) other, similar instruments or documents, as may be necessary or,
in the opinion of the Administrative Agent, desirable under the UCC of all appropriate jurisdictions or any comparable law to perfect
each Loan Party's interest and the Collateral Agent's, on behalf of the Secured Parties, interests, respectively, in all Collateral;

 

(e)            Financing
statements, if any, necessary to release all security interests and other rights of any Person in the Collateral previously granted
by the Originator;

 

    Sch. I- 1

     

    

 

(f)             Copies
of tax and judgment lien searches in all jurisdictions reasonably requested by the Administrative Agent and requests for information
(or a similar UCC search report certified by a party acceptable to the Administrative Agent), dated a date reasonably near to the
Closing Date, and with respect to such requests for information or UCC searches, listing all effective financing statements which
name the Borrower and any then-existing Securitization Subsidiary (under its present name and any previous name) and the Originator
(under its present name and any previous name) as debtor(s) and which are filed in the jurisdiction of Delaware, as applicable,
together with copies of such financing statements (none of which shall cover any Collateral);

 

(g)           One
or more favorable Opinions of Counsel of counsel to the Borrower, each then-existing Securitization Subsidiary, the Servicer and
the Originator acceptable to the Administrative Agent and addressed to the Administrative Agent, the Lenders and the Collateral
Agent, with respect to such matters as the Administrative Agent may request (including an opinion, with respect to the first priority
perfected security interest of the Collateral Agent, for the benefit of the Secured Parties, in the Collateral and the membership
interests of each then-existing Securitization Subsidiary under the UCC laws of the State of New York, the due authorization, execution
and delivery of, and enforceability of, the Agreement and the other Transaction Documents, true sale and non-consolidation matters,
and other matters);

 

(h)            Duly
completed copies of IRS Form W-9 (or any successor forms or other certificates or statements that may be required from time
to time by the relevant United States taxing authorities or Applicable Law) for the Borrower and each then-existing Subsidiary;
and

 

(i)             A
copy of each of the other Transaction Documents duly executed by the parties thereto.

 

    Sch. I- 2

     

    

 

SCHEDULE II

 

ELIGIBILITY CRITERIA

 

The representations
and warranties set forth in this Schedule II are made by each Loan Party and the Servicer under this Agreement and the Originator
under the Originator Purchase and Sale Agreement, with respect to all Loan Assets which are designated as being Eligible Loan Assets
on any Borrowing Base Certificate or are otherwise represented to the Administrative Agent or the Lenders as being Eligible Loan
Assets, or are included as Eligible Loan Assets in any calculation set forth in this Agreement to which this Schedule II
is attached; provided that, if any asset does not satisfy any criterion below, the Administrative Agent may expressly consent
in its sole discretion to the treatment of such asset as an Eligible Loan Asset; provided, further, that the Administrative
Agent will only be considered to have consented to such inclusion if the applicable Loan Party and the Servicer have expressly
acknowledged that the applicable criterion is not satisfied with respect to such Loan and each such applicable criterion is accurately
identified on Schedule 1 of the related Approval Notice; provided, further, that, if an asset does not satisfy the
representations and warranties below and the applicable Loan Party or the Servicer requests in writing that the Administrative
Agent consent to the acquisition of such asset, such Loan Party may acquire such asset (a “Non-Levered Loan Asset”)
on the conditions that: (a) such asset will be acquired by the applicable Loan Party by contribution from the Originator or
its Affiliates or by using the proceeds of equity contributions made by the Originator or amounts available for distribution pursuant
to Section 2.04(a)(ix), Section 2.04(b)(vi) or Section 2.04(c)(ix), (b) the applicable
Loan Party (or the Servicer on its behalf) shall have provided such information to the Administrative Agent regarding such asset
as may be requested by the Administrative Agent and (c) the Administrative Agent has approved such acquisition in writing
or not objected in writing within seven (7) Business Days of receipt of the Administrative Agent of such information described
in clause (b) above.

 

1.              As
of the related Cut-Off Date, each such Loan Asset has been approved in writing by the Administrative Agent in its sole discretion.

 

2.             As
of the related Cut-Off Date, each such Loan Asset is a First Lien Loan, Second Lien Loan, Unitranche Loan or FLLO Loan, evidenced
by a note or a credit document and an assignment document, as applicable, in the form specified in the applicable credit agreement
or, if no such specification, on a form acceptable to the agent in respect of such Loan Asset. Each such Loan Asset and the Related
Asset is subject to a valid, subsisting and enforceable first priority perfected security interest (subject only to Permitted Liens)
in favor of the Collateral Agent, on behalf of the Secured Parties, and the applicable Loan Party has good and marketable title
to, and is the sole owner of, such Loan Asset and the Related Asset, free and clear of all Liens other than any Permitted Liens.

 

3.             The
Obligor with respect to each such Loan Asset is organized under the laws of (i) the United States or any state thereof, (ii) Canada
or any territory thereof or (iii) any of Antilles, Australia, Belgium, Bermuda, the British Virgin Islands, the Cayman Islands,
Cyprus, Denmark, Estonia, Finland, Guernsey, Ireland, Jersey, the Isle of Man, Luxembourg, Malta, Netherlands, Antilles, Russia,
Serbia, Spain, Sweden, Switzerland and the United Kingdom or any other country that has a Moody's foreign currency rating of at
least "Aa3" and an S&P foreign issuer credit rating of at least "AA-" (or, in each case, any territory
thereof) or (iv), another jurisdiction consented to by the Administrative Agent (any such country, an “Eligible Country”).

 

    Sch. II- 1

     

    

 

4.              Each
such Loan Asset is denominated and payable only in an Eligible Currency and does not permit the currency (unless such permitted
currency is another Eligible Currency) or country in which such Loan Asset is payable to be changed.

 

5.              As
of the Cut-Off Date, no such Loan Asset is Margin Stock.

 

6.              The
acquisition of such Loan Asset does not cause the applicable Loan Party or the assets constituting the Collateral to be required
to be registered as an investment company under the 1940 Act.

 

7.              As
of the Cut-Off Date, each such Loan Asset is not a DIP Loan.

 

8.              No
such Loan Asset is principally secured by interests in real property.

 

9.              Each
such Loan Asset constitutes a legal, valid, binding and enforceable obligation of the Obligor thereunder and each guarantor thereof,
enforceable against each such Person in accordance with its terms, subject to usual and customary bankruptcy, insolvency and equity
limitations, and there are no conditions precedent to the enforceability or validity of the Loan Asset that have not been satisfied
or validly waived.

 

10.            [Reserved].

 

11.            As
of the related Cut-Off Date, such Loan Asset is not a Defaulted Loan.

 

12.            Neither
the Originator nor the Servicer are Affiliates of the Obligor with respect to such Loan Asset.

 

13.           The
acquisition of any such Loan Asset by the applicable Loan Party and the Grant thereof would not (a) violate any Applicable
Law or (b) as of the Cut-Off Date, cause the Administrative Agent or the Lenders to fail to comply with any request or directive
(whether or not having the force of law) from any banking or other Governmental Authority having jurisdiction over the Administrative
Agent or the Lenders.

 

14.           Pursuant
to the Underlying Instruments with respect to such Loan Asset, (a) either (i) such Loan Asset is freely assignable to
the applicable Loan Party and able to be Granted to the Collateral Agent, on behalf of the Secured Parties, without the consent
of the Obligor or (ii) all consents necessary for assignment of such Loan Asset to the applicable Loan Party and Grant to
the Collateral Agent for the benefit of the Secured Parties have been obtained and (b) the Underlying Instruments requires
only usually and customary consents and provides that any consents necessary for future assignments (other than customary restrictions
against assignments to persons that are disqualified lenders) shall not be unreasonably withheld by the applicable Obligor and/or
agent, and the rights to enforce rights and remedies in respect of the same under the applicable Underlying Instruments inure to
the benefit of the holder of such Loan Asset (subject to the rights of any applicable agent or other lenders).

 

    Sch. II- 2

     

    

 

15.            The
funding obligations for each such Loan Asset and the Underlying Instruments under which such Loan Asset was created have been fully
satisfied and all sums available thereunder (other than customary protective advances permitted to be made thereunder which represent
a de-minimus amount relative to the outstanding balance of such Loan as determined by the Servicer in its commercially reasonable
judgment) have been fully advanced, or if such Loan Asset is a Delayed Draw Loan Asset, either (i) the applicable Loan Party
shall have or have caused to be, at the time of the sale of such Loan Asset to such Loan Party, deposited into the Unfunded Exposure
Account an amount in Dollars equal to the Unfunded Exposure Equity Amount or (ii) the Unfunded Exposure Equity Amount with
respect to such Loan Asset shall not create a Borrowing Base Deficiency.

 

16.            As
of the related Cut-Off Date, no such Loan Asset is the subject of any assertions in respect of, any litigation, right of rescission,
set-off, counterclaim or defense, including the defense of usury, by the related Obligor, nor will the operation of any of the
terms of the Underlying Instruments, or the exercise of any right thereunder, render the Underlying Instruments unenforceable in
whole or in part, or subject to any right of rescission, set-off, counterclaim or defense, including the defense of usury, and
no such right of rescission, set-off, counterclaim or defense has been asserted with respect thereto, and the Underlying Instruments
with respect to the Loan Asset provide for an affirmative waiver by the related Obligor of all rights of rescission, set-off and
counterclaim against the Originator and its assignees.

 

17.            With
respect to each such Loan Asset acquired by the Borrower from the Originator under the Originator Purchase and Sale Agreement,
by the Cut-Off Date on which such Loan Asset is Granted under this Agreement and on each day thereafter, the Originator will have
caused its master computer records relating to such Loan Asset to be clearly and unambiguously marked to show that such Loan Asset
has been sold or contributed to the Borrower.

 

18.            No
such Loan Asset has been repaid, prepaid, satisfied or rescinded, in each case, in full.

 

19.            No
such Loan Asset has been sold, transferred, assigned or pledged by a Loan Party to any Person other than the Collateral Agent for
the benefit of the Secured Parties.

 

20.            Such
Loan Asset is not subject to United States or foreign withholding tax unless the Obligor thereon is required under the terms of
the related Underlying Instruments to make "gross-up" payments that cover the full amount of such withholding tax on
an after-tax basis in the event of a Change in Law. The transfer, assignment and conveyance of such Loan Asset (and the Related
Asset) from the Originator to the Borrower or the Borrower to a Securitization Subsidiary pursuant to a Purchase and Sale Agreement,
is not subject to and will not result in any fee or governmental charge (other than income taxes) payable by a Loan Party or any
other Person to any federal, state or local government.

 

21.          To
the knowledge of the applicable Loan Party and the Servicer, as of the Cut-Off Date, the Obligor with respect to such Loan Asset
(and any guarantor of such Obligor's obligations thereunder), had full legal capacity to execute and deliver the Underlying Instruments
which creates such Loan Asset and any other documents related thereto.

 

    Sch. II- 3

     

    

 

22.            As
of the Cut-Off Date, the Obligor of each such Loan Asset is not a Governmental Authority.

 

23.            Each
such Loan Asset (a) was originated and/or funded by the Originator or its Affiliates (including the Borrower) or acquired
by the applicable Loan Party, the Originator or their respective Affiliates in the ordinary course of such Person’s business
and, to the extent required by Applicable Law, the Originator has all necessary consents, licenses, approvals, authorizations and
permits to originate or acquire such Loan Asset in the State where the Obligor was located (to the extent required by Applicable
Law), and (b) other than with respect to a Loan Asset originated and / or funded or acquired directly by a Loan Party, was
sold or contributed to the Borrower or was sold or contributed by the Borrower to a Securitization Subsidiary, as applicable, under
the applicable Purchase and Sale Agreement and the assignment and acceptance agreement under such Loan Asset, acquired from another
special purpose vehicle Affiliate of the Originator or acquired directly by the applicable Loan Party from a third party in a transaction
underwritten by the Originator or any transaction in which such Loan Party is the designee of the Originator under the instruments
of conveyance relating to the applicable Loan Asset and, to the extent required by Applicable Law, such Loan Party has all necessary
consents, licenses, approvals, authorizations and permits to purchase and own such Loan Assets and enter into Underlying Instruments
pursuant to which such Loan Asset was created, in the State where the Obligor is located (to the extent required by Applicable
Law).

 

24.            There
are no proceedings pending or, to the applicable Loan Party's knowledge, threatened (a) asserting insolvency of the Obligor
of such Loan Asset, or (b) wherein the Obligor of such Loan Asset, any other obligated party or any Governmental Authority
has alleged that such Loan Asset or the Underlying Instruments which creates such Loan Asset is illegal or unenforceable.

 

25.            Each
such Loan Asset requires the related Obligor to pay all material maintenance, repair, insurance and taxes, together with all other
material ancillary costs and expenses, with respect to the Related Collateral.

 

26.           To
the knowledge of the applicable Loan Party and the Servicer, the Related Collateral to each such Loan Asset has not, and will not,
be used by the related Obligor in any manner or for any purpose which would result in any material risk of liability being imposed
upon the Originator, any Loan Party, the Administrative Agent or the Lenders under any federal, state, local or foreign laws, common
laws, statutes, codes, ordinances, rules, regulations, permits, judgments, agreements or order related to or addressing the environment,
health or safety.

 

27.            With
respect to First Lien Loans and Unitranche Loans, such Loan Asset has an original term to maturity of not greater than seven (7) years.
With respect to Second Lien Loans, such Loan Asset has an original term to maturity of not greater than eight (8) years.

 

28.            Each
such Loan Asset does not contain confidentiality restrictions that would prohibit the Administrative Agent or the Lenders from
accessing all necessary information (as required to be provided pursuant to the Transaction Documents) with regards to such Loan
Asset.

 

    Sch. II- 4

     

    

 

29.          Each
such Loan Asset (a) was originated and underwritten, or purchased and re-underwritten, by the Originator or the Servicer,
or an Affiliate of the foregoing (including the Borrower), as applicable, including, without limitation, the completion of a due
diligence and, if applicable, a collateral assessment and (b) is being serviced by the Servicer in accordance with the Servicing
Standard.

 

30.            Each
such Loan Asset is not an extension of credit by the Originator to the Obligor for the purpose of (a) making any past due
principal, interest or other payments due on such Loan Asset, (b) preventing such Loan Asset or any other loan to the related
Obligor from becoming past due or (c) preventing such Loan Asset from becoming defaulted.

 

31.            To
the knowledge of the applicable Loan Party and the Servicer, the Obligor with respect to such Loan Asset, on the applicable date
of determination, (a) is a business organization (and not a natural person) duly organized and validly existing under the
laws of its jurisdiction of organization; (b) is a legal operating entity or holding company; (c) has not entered into
the Loan Asset primarily for personal, family or household purposes; and (d) as of the related Cut-Off Date, is not the subject
of a Bankruptcy Event, and, as of the related Cut-Off Date, such Obligor is not in financial distress and has not experienced a
material adverse change in its condition, financial or otherwise, in each case, as determined by the Servicer in accordance with
the Servicing Standard unless approved in writing by the Administrative Agent.

 

32.            Each
such Loan Asset is not an Equity Security and does not provide for the conversion into an Equity Security.

 

33.            As
of the Cut-Off Date, no selection procedure adverse to the interests of the Secured Parties was utilized by a Loan Party or the
Servicer in the selection of such Loan Asset for inclusion in the Collateral.

 

34.            Each
such Loan Asset is not a participation interest.

 

35.           No
such Loan Asset is a high-yield bond, a Bridge Loan, a Zero-Coupon Obligation, a Revolving Loan, an unsecured loan, a commercial
real estate loan, a letter of credit or in support of a letter of credit, a lease, a Synthetic Security, an interest in a grantor
trust, a step-down obligation or a Structured Finance Obligation.

 

36.            As
of the related Cut-Off Date, no such Loan Asset is subject to substantial non-credit related risk, as reasonably determined by
the Servicer in accordance with the Servicing Standard.

 

37.            Each
such Loan Asset is Registered.

 

38.            As
of the related Cut-Off Date, no such Loan Asset is the subject of an offer, exchange or tender by the related Obligor.

 

    Sch. II- 5

     

    

 

SCHEDULE III

 

AGREED-UPON PROCEDURES FOR

INDEPENDENT PUBLIC ACCOUNTANTS

 

[to be provided]

 

    Sch. III- 1

     

    

 

SCHEDULE IV

 

LOAN ASSET SCHEDULE

 

For each Loan Asset, the applicable Loan
Party shall provide, as applicable, the following information:

 

		(a)	Loan Asset Number

 

		(b)	Obligor Information

 

		(c)	The currency denomination of such Loan Asset

 

		(d)	Loan Asset Type (Broadly Syndicated Loan, First Lien Loan, Second Lien Loan, FLLO Loan, Unitranche
Loan, Recurring Revenue Loan)

 

		(e)	Whether such Loan Asset is a term loan or a Delayed Draw Loan Asset

 

		(f)	Whether such Loan Asset is a Cov-Lite Loan Asset

 

		(g)	Whether the rate of interest is floating or fixed

 

		(h)	Rate of interest (and reference rate)

 

		(i)	LIBOR floor (if applicable)

 

		(j)	PIK Percentage

 

		(k)	Industry Classification

 

		(l)	S&P's Facility Rating and Corporate Family Rating of such Loan Asset

 

		(m)	The Servicer's internal rating (1-5 or whichever is the Servicer's current rating system) of the
Loan Asset as of the applicable Cut-Off Date and as of the date of such Loan Asset Schedule

 

		(n)	Outstanding Balance

 

		(o)	Any Unfunded Exposure Amount (if applicable)

 

		(p)	Par Amount

 

		(q)	Tranche size

 

		(r)	Scheduled maturity date

 

		(s)	The Cut-Off Date for such Loan Asset

 

		(t)	Date of the last delivered Obligor financials

 

    Sch. IV- 1

     

    

 

		(u)	Total first lien senior secured Indebtedness and total Indebtedness as of the applicable Cut-Off
Date and the most recent period for such Loan Asset

 

		(v)	Calculation of the Senior Leverage Ratio as of the applicable Cut-Off Date and the most recent
period

 

		(w)	Calculation of the Total Leverage Ratio as of the applicable Cut-Off Date and the most recent period

 

		(x)	Calculation of the Cash Interest Coverage Ratio as of the applicable Cut-Off Date and the most
recent period

 

		(y)	Trailing twelve month EBITDA and Adjusted EBITDA as of the applicable Cut-Off Date and the most
recent period

 

		(z)	Whether such Loan Asset has been subject to a Value Adjustment Event (and of what type)

 

		(aa)	Whether such Loan Asset has been subject to a Material Modification

 

		(bb)	Purchase Price

 

		(cc)	Assigned Value as of the applicable Cut-Off Date for such Loan Asset and as of the date of such
Loan Asset Schedule

 

		(dd)	Advance Rate

 

		(ee)	Adjusted Borrowing Value

 

		(ff)	Debt-to-Recurring-Revenue Ratio for Recurring Revenue Loans

 

		(gg)	Recurring Revenue for Recurring Revenue Loans

 

    Sch. IV- 2

     

    

 

SCHEDULE V

 

INDUSTRY CLASSIFICATION

 

	1020000	Energy Equipment & Services
	1030000	Oil, Gas & Consumable Fuels
	1033403	Mortgage Real Estate Investment Trusts (REITs)
	2020000	Chemicals
	2030000	Construction Materials
	2040000	Containers & Packaging
	2050000	Metals & Mining
	2060000	Paper & Forest Products
	3020000	Aerospace & Defense
	3030000	Building Products
	3040000	Construction & Engineering
	3050000	Electrical Equipment
	3060000	Industrial Conglomerates
	3070000	Machinery
	3080000	Trading Companies & Distributors
	3110000	Commercial Services & Supplies
	3210000	Air Freight & Logistics
	3220000	Airlines
	3230000	Marine
	3240000	Road & Rail
	3250000	Transportation Infrastructure
	4011000	Auto Components
	4020000	Automobiles
	4110000	Household Durables
	4120000	Leisure Products
	4130000	Textiles, Apparel & Luxury Goods
	4210000	Hotels, Restaurants & Leisure
	4310000	Media
	43100001	Entertainment
	43100002	Interactive Media and Services
	4410000	Distributors
	4420000	Internet and Catalog Retail
	4430000	Multiline Retail
	4440000	Specialty Retail
	5020000	Food & Staples Retailing
	5110000	Beverages
	5120000	Food Products
	5130000	Tobacco

 

    Sch. V- 1

     

    

 

	5210000	Household Products
	5220000	Personal Products
	6020000	Healthcare Equipment & Supplies
	6030000	Healthcare Providers & Services
	6110000	Biotechnology
	6120000	Pharmaceuticals
	7011000	Banks
	7020000	Thrifts & Mortgage Finance
	7110000	Diversified Financial Services
	7120000	Consumer Finance
	7130000	Capital Markets
	7210000	Insurance
	7310000	Real Estate Management & Development
	7311000	Real Estate Investment Trusts (REITs)
	8020000	IT Services
	8040000	Software
	8110000	Communications Equipment
	8120000	Technology Hardware, Storage & Peripherals
	8130000	Electronic Equipment, Instruments & Components
	8210000	Semiconductors & Semiconductor Equipment
	9020000	Diversified Telecommunication Services
	9030000	Wireless Telecommunication Services
	9520000	Electric Utilities
	9530000	Gas Utilities
	9540000	Multi-Utilities
	9550000	Water Utilities
	9551701	Diversified Consumer Services
	9551702	Independent Power and Renewable Electricity Producers
	9551727	Life Sciences Tools & Services
	9551729	Healthcare Technology
	9612010	Professional Services

 

    Sch. V- 2

     

    

 

SCHEDULE VI

 

DIVERSITY
SCORE

 

Diversity Score Calculations

 

Diversity Score

 

Calculated as follows:

 

(a) An “Obligor Par Amount”
is calculated for each Obligor of a Loan Asset, and is equal to the outstanding principal amount of Loan Assets issued by such
Obligor and its Affiliates.

 

(b) An “Average Par Amount”
is calculated by summing the Obligor Par Amounts for all Obligors, and dividing by the aggregate number of Obligors.

 

(c) An “Equivalent Unit Score”
is calculated for each Obligor, and is equal to the lesser of (a) one and (b) the Obligor Par Amount for such Obligor
divided by the Average Par Amount.

 

(d) An “Aggregate Industry
Equivalent Unit Score” is then calculated for each Industry Classification and is equal to the sum of the Equivalent
Unit Scores for each Obligor in such Industry Classification.

 

(e) An “Industry Diversity
Score” is then established for each Industry Classification by reference to the following table for the related Aggregate
Industry Equivalent Unit Score; provided, that if any Aggregate Industry Equivalent Unit Score falls between any two such
scores, the applicable Industry Diversity Score will be the lower of the two Industry Diversity Scores:

 

	Aggregate
 Industry
 Equivalent
 Unit Score	 	 	Industry 
 Diversity Score	 	 	Aggregate
 Industry
 Equivalent
 Unit Score	 	 	Industry 
 Diversity Score	 	 	Aggregate
 Industry
 Equivalent
 Unit Score	 	 	Industry 
 Diversity Score	 	 	Aggregate
 Industry
 Equivalent
 Unit Score	 	 	Industry
 Diversity Score	 
	 	0.0000	 	 	 	0.0000	 	 	 	5.0500	 	 	 	2.7000	 	 	 	10.1500	 	 	 	4.0200	 	 	 	15.2500	 	 	 	4.5300	 
	 	0.0500	 	 	 	0.1000	 	 	 	5.1500	 	 	 	2.7333	 	 	 	10.2500	 	 	 	4.0300	 	 	 	15.3500	 	 	 	4.5400	 
	 	0.1500	 	 	 	0.2000	 	 	 	5.2500	 	 	 	2.7667	 	 	 	10.3500	 	 	 	4.0400	 	 	 	15.4500	 	 	 	4.5500	 
	 	0.2500	 	 	 	0.3000	 	 	 	5.3500	 	 	 	2.8000	 	 	 	10.4500	 	 	 	4.0500	 	 	 	15.5500	 	 	 	4.5600	 
	 	0.3500	 	 	 	0.4000	 	 	 	5.4500	 	 	 	2.8333	 	 	 	10.5500	 	 	 	4.0600	 	 	 	15.6500	 	 	 	4.5700	 
	 	0.4500	 	 	 	0.5000	 	 	 	5.5500	 	 	 	2.8667	 	 	 	10.6500	 	 	 	4.0700	 	 	 	15.7500	 	 	 	4.5800	 
	 	0.5500	 	 	 	0.6000	 	 	 	5.6500	 	 	 	2.9000	 	 	 	10.7500	 	 	 	4.0800	 	 	 	15.8500	 	 	 	4.5900	 
	 	0.6500	 	 	 	0.7000	 	 	 	5.7500	 	 	 	2.9333	 	 	 	10.8500	 	 	 	4.0900	 	 	 	15.9500	 	 	 	4.6000	 
	 	0.7500	 	 	 	0.8000	 	 	 	5.8500	 	 	 	2.9667	 	 	 	10.9500	 	 	 	4.1000	 	 	 	16.0500	 	 	 	4.6100	 
	 	0.8500	 	 	 	0.9000	 	 	 	5.9500	 	 	 	3.0000	 	 	 	11.0500	 	 	 	4.1100	 	 	 	16.1500	 	 	 	4.6200	 
	 	0.9500	 	 	 	1.0000	 	 	 	6.0500	 	 	 	3.0250	 	 	 	11.1500	 	 	 	4.1200	 	 	 	16.2500	 	 	 	4.6300	 
	 	1.0500	 	 	 	1.0500	 	 	 	6.1500	 	 	 	3.0500	 	 	 	11.2500	 	 	 	4.1300	 	 	 	16.3500	 	 	 	4.6400	 
	 	1.1500	 	 	 	1.1000	 	 	 	6.2500	 	 	 	3.0750	 	 	 	11.3500	 	 	 	4.1400	 	 	 	16.4500	 	 	 	4.6500	 
	 	1.2500	 	 	 	1.1500	 	 	 	6.3500	 	 	 	3.1000	 	 	 	11.4500	 	 	 	4.1500	 	 	 	16.5500	 	 	 	4.6600	 
	 	1.3500	 	 	 	1.2000	 	 	 	6.4500	 	 	 	3.1250	 	 	 	11.5500	 	 	 	4.1600	 	 	 	16.6500	 	 	 	4.6700	 
	 	1.4500	 	 	 	1.2500	 	 	 	6.5500	 	 	 	3.1500	 	 	 	11.6500	 	 	 	4.1700	 	 	 	16.7500	 	 	 	4.6800	 
	 	1.5500	 	 	 	1.3000	 	 	 	6.6500	 	 	 	3.1750	 	 	 	11.7500	 	 	 	4.1800	 	 	 	16.8500	 	 	 	4.6900	 
	 	1.6500	 	 	 	1.3500	 	 	 	6.7500	 	 	 	3.2000	 	 	 	11.8500	 	 	 	4.1900	 	 	 	16.9500	 	 	 	4.7000	 
	 	1.7500	 	 	 	1.4000	 	 	 	6.8500	 	 	 	3.2250	 	 	 	11.9500	 	 	 	4.2000	 	 	 	17.0500	 	 	 	4.7100	 
	 	1.8500	 	 	 	1.4500	 	 	 	6.9500	 	 	 	3.2500	 	 	 	12.0500	 	 	 	4.2100	 	 	 	17.1500	 	 	 	4.7200	 
	 	1.9500	 	 	 	1.5000	 	 	 	7.0500	 	 	 	3.2750	 	 	 	12.1500	 	 	 	4.2200	 	 	 	17.2500	 	 	 	4.7300	 
	 	2.0500	 	 	 	1.5500	 	 	 	7.1500	 	 	 	3.3000	 	 	 	12.2500	 	 	 	4.2300	 	 	 	17.3500	 	 	 	4.7400	 
	 	2.1500	 	 	 	1.6000	 	 	 	7.2500	 	 	 	3.3250	 	 	 	12.3500	 	 	 	4.2400	 	 	 	17.4500	 	 	 	4.7500	 
	 	2.2500	 	 	 	1.6500	 	 	 	7.3500	 	 	 	3.3500	 	 	 	12.4500	 	 	 	4.2500	 	 	 	17.5500	 	 	 	4.7600	 
	 	2.3500	 	 	 	1.7000	 	 	 	7.4500	 	 	 	3.3750	 	 	 	12.5500	 	 	 	4.2600	 	 	 	17.6500	 	 	 	4.7700	 
	 	2.4500	 	 	 	1.7500	 	 	 	7.5500	 	 	 	3.4000	 	 	 	12.6500	 	 	 	4.2700	 	 	 	17.7500	 	 	 	4.7800	 
	 	2.5500	 	 	 	1.8000	 	 	 	7.6500	 	 	 	3.4250	 	 	 	12.7500	 	 	 	4.2800	 	 	 	17.8500	 	 	 	4.7900	 
	 	2.6500	 	 	 	1.8500	 	 	 	7.7500	 	 	 	3.4500	 	 	 	12.8500	 	 	 	4.2900	 	 	 	17.9500	 	 	 	4.8000	 
	 	2.7500	 	 	 	1.9000	 	 	 	7.8500	 	 	 	3.4750	 	 	 	12.9500	 	 	 	4.3000	 	 	 	18.0500	 	 	 	4.8100	 
	 	2.8500	 	 	 	1.9500	 	 	 	7.9500	 	 	 	3.5000	 	 	 	13.0500	 	 	 	4.3100	 	 	 	18.1500	 	 	 	4.8200	 
	 	2.9500	 	 	 	2.0000	 	 	 	8.0500	 	 	 	3.5250	 	 	 	13.1500	 	 	 	4.3200	 	 	 	18.2500	 	 	 	4.8300	 
	 	3.0500	 	 	 	2.0333	 	 	 	8.1500	 	 	 	3.5500	 	 	 	13.2500	 	 	 	4.3300	 	 	 	18.3500	 	 	 	4.8400	 
	 	3.1500	 	 	 	2.0667	 	 	 	8.2500	 	 	 	3.5750	 	 	 	13.3500	 	 	 	4.3400	 	 	 	18.4500	 	 	 	4.8500	 
	 	3.2500	 	 	 	2.1000	 	 	 	8.3500	 	 	 	3.6000	 	 	 	13.4500	 	 	 	4.3500	 	 	 	18.5500	 	 	 	4.8600	 
	 	3.3500	 	 	 	2.1333	 	 	 	8.4500	 	 	 	3.6250	 	 	 	13.5500	 	 	 	4.3600	 	 	 	18.6500	 	 	 	4.8700	 
	 	3.4500	 	 	 	2.1667	 	 	 	8.5500	 	 	 	3.6500	 	 	 	13.6500	 	 	 	4.3700	 	 	 	18.7500	 	 	 	4.8800	 
	 	3.5500	 	 	 	2.2000	 	 	 	8.6500	 	 	 	3.6750	 	 	 	13.7500	 	 	 	4.3800	 	 	 	18.8500	 	 	 	4.8900	 
	 	3.6500	 	 	 	2.2333	 	 	 	8.7500	 	 	 	3.7000	 	 	 	13.8500	 	 	 	4.3900	 	 	 	18.9500	 	 	 	4.9000	 
	 	3.7500	 	 	 	2.2667	 	 	 	8.8500	 	 	 	3.7250	 	 	 	13.9500	 	 	 	4.4000	 	 	 	19.0500	 	 	 	4.9100	 
	 	3.8500	 	 	 	2.3000	 	 	 	8.9500	 	 	 	3.7500	 	 	 	14.0500	 	 	 	4.4100	 	 	 	19.1500	 	 	 	4.9200	 
	 	3.9500	 	 	 	2.3333	 	 	 	9.0500	 	 	 	3.7750	 	 	 	14.1500	 	 	 	4.4200	 	 	 	19.2500	 	 	 	4.9300	 
	 	4.0500	 	 	 	2.3667	 	 	 	9.1500	 	 	 	3.8000	 	 	 	14.2500	 	 	 	4.4300	 	 	 	19.3500	 	 	 	4.9400	 
	 	4.1500	 	 	 	2.4000	 	 	 	9.2500	 	 	 	3.8250	 	 	 	14.3500	 	 	 	4.4400	 	 	 	19.4500	 	 	 	4.9500	 
	 	4.2500	 	 	 	2.4333	 	 	 	9.3500	 	 	 	3.8500	 	 	 	14.4500	 	 	 	4.4500	 	 	 	19.5500	 	 	 	4.9600	 
	 	4.3500	 	 	 	2.4667	 	 	 	9.4500	 	 	 	3.8750	 	 	 	14.5500	 	 	 	4.4600	 	 	 	19.6500	 	 	 	4.9700	 
	 	4.4500	 	 	 	2.5000	 	 	 	9.5500	 	 	 	3.9000	 	 	 	14.6500	 	 	 	4.4700	 	 	 	19.7500	 	 	 	4.9800	 
	 	4.5500	 	 	 	2.5333	 	 	 	9.6500	 	 	 	3.9250	 	 	 	14.7500	 	 	 	4.4800	 	 	 	19.8500	 	 	 	4.9900	 
	 	4.6500	 	 	 	2.5667	 	 	 	9.7500	 	 	 	3.9500	 	 	 	14.8500	 	 	 	4.4900	 	 	 	19.9500	 	 	 	5.0000	 
	 	4.7500	 	 	 	2.6000	 	 	 	9.8500	 	 	 	3.9750	 	 	 	14.9500	 	 	 	4.5000	 	 	 	 	 	 	 	 	 
	 	4.8500	 	 	 	2.6333	 	 	 	9.9500	 	 	 	4.0000	 	 	 	15.0500	 	 	 	4.5100	 	 	 	 	 	 	 	 	 
	 	4.9500	 	 	 	2.6667	 	 	 	10.0500	 	 	 	4.0100	 	 	 	15.1500	 	 	 	4.5200	 	 	 	 	 	 	 	 	 

 

    Sch. VI- 1

     

    

 

(f) The Diversity Score is then calculated
by summing each of the Industry Diversity Scores for each Industry Classification.

 

For purposes of calculating
the Diversity Score, Affiliates of an Obligor in the same industry are deemed to be a single Obligor, except as otherwise agreed
to in writing by the Administrative Agent.

 

    Sch. VI- 2

     

    

 

SCHEDULE VII

 

EXISTING
GOLUB BDC CLOS

 

Golub Capital BDC CLO III LLC

 

    Sch. VII- 1

     

    

 

ANNEX A

 

	Lender	 	Commitment	 
	Morgan Stanley Bank, N.A.	 	$	400,000,000	 

 

    Annex A- 1

     

    

 

EXHIBITS

 

[attached]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]