Document:

Exhibit 10.1

 

Execution Version

 

 

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of

 

June 30, 2017

 

among

 

Fifth
Street Holdings L.P.

 

The Guarantors Party Hereto

 

The Lenders Party Hereto

 

Sumitomo
Mitsui Banking Corporation

as Administrative Agent

 

and

 

CORTLAND CAPITAL MARKET SERVICES LLC

as Collateral Agent

 

 

 

Morgan
Stanley Senior Funding, Inc.

 

Sumitomo
Mitsui Banking Corporation

 

as Joint Lead Arrangers and Joint Bookrunners

for the Existing Credit Agreement

 

Morgan
Stanley Senior Funding, Inc.

 

as Syndication Agent

for the Existing Credit Agreement

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE I	DEFINITION AND CONSTRUCTION	1
	 	 	 
	1.1	Definitions	1
	 	 	 
	1.2	Construction	27
	 	 	 
	ARTICLE II	AMOUNT AND TERMS OF LOANS	28
	 	 	 
	2.1	Term Facility	28
	 	 	 
	2.2	Rate Designation	28
	 	 	 
	2.3	Interest Rates; Payment of Principal and Interest	28
	 	 	 
	2.4	Default Rate	30
	 	 	 
	2.5	Computation of Interest and Fees	30
	 	 	 
	2.6	Funding Losses	31
	 	 	 
	2.7	Conversion or Continuation	31
	 	 	 
	2.8	Amortization and Mandatory Repayments and Prepayments	32
	 	 	 
	2.9	Voluntary Prepayments	33
	 	 	 
	2.10	Fees	33
	 	 	 
	2.11	Maintenance of Records; Effect	34
	 	 	 
	2.12	Increased Costs	34
	 	 	 
	2.13	Market Disruption and Alternate Rate of Interest	35
	 	 	 
	2.14	Illegality	35
	 	 	 
	2.15	Place of Loans	35
	 	 	 
	2.16	Survivability	35
	 	 	 
	2.17	[Intentionally Omitted]	36
	 	 	 
	2.18	Defaulting Lenders	36
	 	 	 
	2.19	Taxes	36
	 	 	 
	2.20	Mitigation of Obligations; Replacement of Lenders	38
	 	 	 
	ARTICLE III	CONDITIONS TO RESTATEMENT EFFECTIVE DATE	39
	 	 	 
	3.1	Conditions Precedent to the Restatement Effective Date	39
	 	 	 
	ARTICLE IV	REPRESENTATIONS AND WARRANTIES OF BORROWER	40
	 	 	 
	4.1	Due Organization	40
	 	 	 
	4.2	Interests in Loan Parties	41
	 	 	 
	4.3	Requisite Power and Authorization	41
	 	 	 
	4.4	Binding Agreements	41
	 	 	 
	4.5	Other Agreements	41
	 	 	 
	4.6	Litigation; Adverse Facts	42
	 	 	 
	4.7	Government Consents	42
	 	 	 
	4.8	Title to Assets; Liens	42

 

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TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	4.9	Payment of Taxes	42
	 	 	 
	4.10	Governmental Regulation	43
	 	 	 
	4.11	Disclosure	43
	 	 	 
	4.12	Debt	44
	 	 	 
	4.13	Existing Defaults	44
	 	 	 
	4.14	Financial Condition; No Default; No Material Adverse Effect	44
	 	 	 
	4.15	Immaterial Subsidiaries	44
	 	 	 
	4.16	[Intentionally Omitted]	44
	 	 	 
	4.17	Governing Documents of the Guarantors	44
	 	 	 
	4.18	Anti-Corruption Laws and Sanctions	45
	 	 	 
	4.19	Labor Matters	45
	 	 	 
	4.20	Solvency	45
	 	 	 
	4.21	Security Interest in Collateral	45
	 	 	 
	4.22	ERISA	45
	 	 	 
	ARTICLE V	AFFIRMATIVE COVENANTS OF BORROWER	46
	 	 	 
	5.1	Accounting Records and Inspection	46
	 	 	 
	5.2	Financial Statements and Other Information	46
	 	 	 
	5.3	Existence	49
	 	 	 
	5.4	Payment of Taxes and Claims	49
	 	 	 
	5.5	Compliance with Laws	49
	 	 	 
	5.6	Further Assurances	49
	 	 	 
	5.7	Additional Loan Parties and Covenant to Provide Security	50
	 	 	 
	5.8	Obligation to Upstream Management Fees and Incentive Fees	50
	 	 	 
	5.9	Foreign Qualification	51
	 	 	 
	5.10	Maintenance of Properties	51
	 	 	 
	5.11	Maintenance of Insurance	51
	 	 	 
	5.12	Lender Calls	51
	 	 	 
	5.13	Post-Closing Covenant	51
	 	 	 
	ARTICLE VI	NEGATIVE COVENANTS OF BORROWER	52
	 	 	 
	6.1	Debt	52
	 	 	 
	6.2	Liens	53
	 	 	 
	6.3	Investments	53
	 	 	 
	6.4	Dividends	53
	 	 	 
	6.5	Restriction on Fundamental Changes	53
	 	 	 
	6.6	Sale of Assets	54

 

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TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	6.7	Transactions with Shareholders and Affiliates	55
	 	 	 
	6.8	Conduct of Business	56
	 	 	 
	6.9	Amendments or Waivers of Certain Documents; Actions Requiring the Consent of the Administrative Agent	56
	 	 	 
	6.10	Use of Proceeds	56
	 	 	 
	6.11	Margin Regulations	56
	 	 	 
	6.12	Financial Covenants	56
	 	 	 
	6.13	Restrictive Agreements	57
	 	 	 
	ARTICLE VII	EVENTS OF DEFAULT AND REMEDIES	57
	 	 	 
	7.1	Events of Default	57
	 	 	 
	7.2	Remedies	60
	 	 	 
	7.3	Equity Cure Right	61
	 	 	 
	ARTICLE VIII	EXPENSES AND INDEMNITIES	61
	 	 	 
	8.1	Expenses	61
	 	 	 
	8.2	Indemnity	62
	 	 	 
	ARTICLE IX	ASSIGNMENT AND PARTICIPATIONS	63
	 	 	 
	9.1	Assignments and Participations	63
	 	 	 
	9.2	Successors	65
	 	 	 
	ARTICLE X	AGENTS; THE LENDER GROUP	65
	 	 	 
	10.1	Appointment and Authorization of the Agent	65
	 	 	 
	10.2	Reports and Information	68
	 	 	 
	10.3	Set Off; Sharing of Payments	68
	 	 	 
	10.4	Payments by the Agent to the Lenders	69
	 	 	 
	10.5	Several Obligations; No Liability	69
	 	 	 
	10.6	No Other Duties	69
	 	 	 
	10.7	Release of Collateral or Guarantors	69
	 	 	 
	ARTICLE XI	MISCELLANEOUS	70
	 	 	 
	11.1	No Waivers, Remedies	70
	 	 	 
	11.2	Waivers and Amendments	70
	 	 	 
	11.3	Notices	71
	 	 	 
	11.4	Successors and Assigns	71
	 	 	 
	11.5	Headings	72
	 	 	 
	11.6	Execution in Counterparts; Effectiveness	72
	 	 	 
	11.7	GOVERNING LAW	72
	 	 	 
	11.8	JURISDICTION AND VENUE	72

 

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TABLE OF CONTENTS

(continued)

 

	 	 	Page
	 	 	 
	11.9	WAIVER OF TRIAL BY JURY	73
	 	 	 
	11.10	Independence of Covenants	73
	 	 	 
	11.11	Confidentiality	73
	 	 	 
	11.12	Complete Agreement	74
	 	 	 
	11.13	USA Patriot Act Notice	74
	 	 	 
	11.14	No Fiduciary Duties	74
	 	 	 
	11.15	Survival of Representations and Warranties	74
	 	 	 
	11.16	Amendment and Restatement	74
	 	 	 
	11.17	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	75
	 	 	 
	11.18	Release by Loan Parties	76
	 	 	 
	ARTICLE XII	GUARANTY	76
	 	 	 
	12.1	Guaranty of Payment	76
	 	 	 
	12.2	Obligations Unconditional	76
	 	 	 
	12.3	Modifications	79
	 	 	 
	12.4	Waiver of Rights	79
	 	 	 
	12.5	Reinstatement	79
	 	 	 
	12.6	Remedies	79
	 	 	 
	12.7	Limitation of Guaranty	80
	 	 	 
	12.8	Subordination of Subrogation	80

 

EXHIBITS

 

	Exhibit A-1	Form of Assignment and Acceptance
	Exhibit A-2	Form of Promissory Note
	Exhibit A-3	Form of Loan Party Joinder Agreement
	Exhibit B	Form of Intercompany Subordination Agreement
	Exhibit C	Form of Compliance Certificate
	Exhibit R-1	Persons Authorized to Request a Conversion/Continuation
	Exhibit R-2	[Intentionally Omitted]
	Exhibit R-3	Form of Request for Conversion/Continuation
	Exhibit 3.1(d)	Form of Certificates
	Exhibit 11.3	Addresses and Information for Notices

 

SCHEDULES

 

	Schedule A-1	Agent’s Account
	Schedule A-2	Approved Banks
	Schedule P	Liens
	Schedule 2.1	Initial Principal Amounts
	Schedule 4.2	Interests in Loan Parties
	Schedule 5.13	Post-Closing Obligations
	Schedule 6.1	Debt
	Schedule 6.3	Investments
	Schedule 6.7	Transactions with Shareholders and Affiliates
	Schedule 6.13	Restrictive Agreements

 

    iv 

     

    

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

THIS AMENDED AND RESTATED
CREDIT AGREEMENT, dated as of June 30, 2017, is entered into by and among FIFTH STREET HOLDINGS L.P., a Delaware limited partnership
(the “Borrower”), the Guarantors (as defined below) party hereto from time to time, the lenders identified on
the signature pages hereof (such lenders, together with their respective successors and permitted assigns, are referred to hereinafter
each individually as a “Lender” and collectively as the “Lenders”), Sumitomo
Mitsui Banking Corporation (“SMBC”), as administrative agent for the Lenders (together with its successors
and assigns in such capacity, the “Administrative Agent”) and CORTLAND CAPITAL MARKET SERVICES LLC, as collateral
agent (together with its successors and assigns in such capacity, the “Collateral Agent”).

 

WHEREAS, the Borrower,
the Administrative Agent and the Lenders are party to that certain Credit Agreement, dated as of November 4, 2014 (as amended by
that certain Amendment No. 1 to Credit Agreement, dated as of February 29, 2016 (“Amendment No. 1”), and Supplement
to Amendment No. 1 to Credit Agreement, dated as of May 11, 2017 (the “Supplement”), the “Existing
Credit Agreement”); and

 

WHERAS, the Borrower,
the Administrative Agent and the Lenders desire to amend and restate in its entirety the Existing Credit Agreement, without constituting
a novation, all on terms and subject to the conditions contained herein.

 

NOW, THEREFORE, the
parties hereto agree to amend and restate the Existing Credit Agreement in its entirety as follows:

 

ARTICLE
I

 

DEFINITION
AND CONSTRUCTION

 

1.1          Definitions.
For purposes of this Agreement (as defined below), the following initially capitalized terms shall have the following meanings:

 

“Adjusted EBITDA”
means, with respect to the Borrower and its Subsidiaries on a Stand Alone Basis, for any period of four consecutive fiscal quarters,
the Net Income of the Borrower and its Subsidiaries on a Stand Alone Basis for such period plus

 

(a)            the
sum, without duplication (including with respect to any item already added back to Net Income) and to the extent deducted in calculating
Net Income, of the amounts for such period of:

 

(i)          depreciation
and amortization (including any purchase price amortization but excluding any marketing fee amortization);

 

(ii)         Interest
Expense;

 

(iii)        income
taxes;

 

(iv)        non-recurring,
extraordinary or unusual expenses, losses and charges;

 

(v)         other
non-cash charges, losses and expenses

 

    	 	1	 

     

    

 

(vi)        to
the extent paid with internally generated cash, costs and expenses related to (A) the execution of the Supplement and this Agreement
or (B) any fine, settlement or other amounts imposed by the Securities and Exchange Commission on the Borrower or any of its Subsidiaries;
minus

 

(b)            the
sum, without duplication and to the extent included in Net Income, of the amounts (which may be negative) for such period of:

 

(i)          any
extraordinary, unusual or other non-recurring gains;

 

(ii)         any
non-cash items (other than accrual of Management Fees in the ordinary course of business) increasing Net Income, but excluding
any such items in respect of which cash was received in a prior period (other than accrual of Management Fees in the ordinary course
of business);

 

(iii)        interest
and dividend income received in cash later than one fiscal quarter after the end of such period;

 

(iv)        an
amount equal to the Net Income attributable to Persons not constituting Subsidiaries;

 

(v)         an
amount equal to the Net Income attributable to Persons constituting Excluded Subsidiaries (to the extent such Net Income is not
distributed to a Loan Party during such period);

 

(vi)        an
amount equal to 75% of all earned Incentive Fees (other than the Fifth Street Part I Fees) included in Net Income for such period;

 

(vii)       solely
for the purposes of determining compliance with the financial covenants set forth in Sections 6.12(b) (but not for purposes
of calculating the Applicable Rate), an amount equal to 50% of all earned Fifth Street Part I Fees included in Net Income for such
period;

 

(viii)      an
amount equal to all unearned Incentive Fees included in Net Income for such period;

 

(ix)         an
amount equal to any “carried interest” or similar profit interest not constituting Incentive Fees and included in Net
Income for such period;

 

(x)          an
amount equal to the Net Income attributable to a particular Fifth Street Fund, if, with respect to any Management Fees or any Incentive
Fees attributable to such Fifth Street Fund, (A) such Management Fees or Incentive Fees are not paid to the party entitled thereto
in full in cash within one fiscal quarter of the date on which such Management Fees or Incentive Fees were included in Net Income,
(B) the rights to receive that portion of Management Fees or Incentive Fees are assigned or delegated to a Person that is not consolidated
with the Borrower (and its Subsidiaries) or (C) there are not sufficient funds available to pay (or the applicable Fifth Street
Fund is otherwise not permitted to pay or the manager of such Fifth Street Fund voluntarily agrees to defer payment of) such Management
Fees or such Incentive Fees in full in cash during such period (to the extent due and payable during such period) provided, however,
previously deferred Management Fees or Incentive Fees that are collected in a subsequent period should be added to Net Income in
the period such collection occurs so long as such deferred Management Fees or Incentive Fees were not otherwise included in Adjusted
EBITDA for a prior period; and

 

    	 	2	 

     

    

 

(xi)         an
amount equal to the Net Income attributable to any CLO Management Subsidiary that is an obligor in connection with any Permitted
Risk Retention Debt which is outstanding at any time during such period (to the extent such Net Income is not distributed to a
Loan Party during such period).

 

For purposes of calculating Adjusted EBITDA,
for any period of four consecutive quarters, if at any time during such period (and after the Restatement Effective Date), the
Borrower or any of its Subsidiaries shall have consummated a New Acquisition, the Adjusted EBITDA for such period shall be calculated
after giving pro forma effect to any Management Fees received in respect of any new Fee Generating Entity as if such acquisition
occurred on the first day of such period; provided that (x) if such Fee Generating Entity is subject to a remaining
lock-up period of at least two years from the date of such acquisition, the Adjusted EBITDA for such period shall be calculated
after giving pro forma effect to 100% of such Management Fee; and (y) if such Fee Generating Entity is not subject to a remaining
lock-up period of at least two years from the date of such acquisition (any such entity, a “No Lockup Entity”),
the Adjusted EBITDA for such period shall be calculated after giving pro forma effect to such Management Fee, together with the
pro forma Management Fee attributable to other acquired No Lockup Entities, in an amount not to exceed 5% of the aggregate Management
Fees included in Adjusted EBITDA after giving pro forma effect to such New Acquisition and all other relevant New Acquisitions.

 

“Adjustment Date”
means the date of delivery of financial statements required to be delivered pursuant to Section 5.2(a) or Section 5.2(b),
as applicable.

 

“Administrative
Agent” has the meaning set forth in the preamble to this Agreement.

 

“Administrative
Agent Fee Letter” means that certain Agent Fee Letter, dated as of the Closing Date, between the Administrative Agent
and the Borrower.

 

“Administrative
Agent’s Account” means the Deposit Account of the Administrative Agent identified on Schedule A-1.

 

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

 

“Affiliate”
means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with,
that Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,”
“controlled by,” and “under common control with”), as applied to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management or policies of that Person, whether through the
ownership of voting securities, by contract, or otherwise.

 

“Agents”
means the Administrative Agent and the Collateral Agent; provided that for purposes of Section 11.2 “Agent”
shall mean the Administrative Agent.

 

“Agent-Related Persons”
means each of the Agents, the Lead Arrangers and the Syndication Agent, in each case, together with its Affiliates and the officers,
directors, employees, advisors, attorneys, and agents of each of the foregoing.

 

    	 	3	 

     

    

 

“Agreement”
means this Amended and Restated Credit Agreement among the Borrower, the Guarantors, the Lenders, and the Agents, together with
all exhibits and schedules hereto.

 

“Amendment No. 1”
has the meaning set forth in the preamble to this Agreement.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower, any other Loan Party or
their respective Subsidiaries from time to time concerning or relating to bribery or corruption.

 

“Anti-Money Laundering
Laws” means the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and all other applicable anti-money laundering
statutes, rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or
enforced by any Governmental Authority of any jurisdiction applicable to the Borrower, any other Loan Party or their respective
Subsidiaries from time to time.

 

“Applicable Lending
Office” means, for each Lender, the office of such Lender (or of a branch or affiliate of such Lender) designated for
its Loans in its Administrative Questionnaire or such other office of such Lender (or of an affiliate or branch of such Lender)
as such Lender may from time to time specify to the Borrower as the office by which its Loans to the Borrower of the respective
type are to be made and maintained.

 

“Applicable Rate”
means, for any day, with respect to any Base Rate Loan or LIBOR Rate Loan, as the case may be:

 

(a)          prior
to January 1, 2018, a percentage equal to the percentage rate per annum set forth below in the applicable column opposite the level
corresponding to the applicable Total Leverage Ratio:

 

	 	 	 	 	Applicable Rate	 
	Level	 	Total Leverage Ratio	 	LIBOR Rate
 Loans	 	 	Base Rate
 Loans	 
	I	 	Less than 1:00:1.00	 	 	2.00	%	 	 	1.00	%
	II	 	Greater than or equal to 1.00:1.00 but less than 1.50:1.00	 	 	2.25	%	 	 	1.25	%
	III	 	Greater than or equal to 1.50:1.00 but less than 2.00:1.00	 	 	2.50	%	 	 	1.50	%
	IV	 	Greater than or equal to 2.00:1.00	 	 	3.00	%	 	 	2.00	%

 

The Applicable Rate shall be adjusted quarterly
on a prospective basis on each Adjustment Date based upon the Total Leverage Ratio in accordance with the grid above; provided
that if financial statements are not delivered when required pursuant to Section 5.2(a) or (b), as applicable, the
“Applicable Rate” shall be the rate per annum set forth above in Level IV of the grid above until such financial statements
are delivered in compliance with Section 5.2(a) or (b), as applicable. Upon the occurrence and during the continuance
of an Event of Default, the Applicable Rate shall be based on Level IV ; and

 

    	 	4	 

     

    

 

(b)          from
and after January 1, 2018, a percentage equal to 5.00% per annum for LIBOR Rate Loans, and 4.00% per annum for Base Rate Loans.

 

“Application Event”
means the occurrence of (a) a failure by the Borrower to repay in full all of the Obligations on the Maturity Date, or (b) an
Event of Default and the election by the Administrative Agent or the Required Lenders to accelerate the Loans.

 

“Approved Fund”
means with respect to any Lender, any Person (other than a natural person) that is engaged in making, purchasing, holding or otherwise
investing in commercial loans and similar extensions of credit in the ordinary course of its activities and is administered, advised
or managed by (a) such Lender, (b) any Affiliate of such Lender or (c) any entity or any Affiliate of any entity that administers,
advises or manages such Lender. An Approved Fund may under no circumstances include a Direct Competitor.

 

“Approved Increase”
means [intentionally omitted].

 

“Asset”
means any interest of a Person in any kind of property or asset, whether real, personal, or mixed real and personal, or whether
tangible or intangible.

 

“Assets Under Management”
means, as of any date, the aggregate amount on such date, without duplication, of the sum of the assets under management of the
Fifth Street Funds and material control investments thereof on which Management Fees are directly or indirectly earned, comprising
the sum of: (i) the net asset value of the Fifth Street Funds and their material control investments and (ii) the drawn debt and
unfunded debt and equity commitments at the fund- or investment- level (including amounts subject to restrictions); provided,
that the assets under management of any CLO Management Subsidiary and material control investments thereof shall be excluded from
the calculation of Assets Under Management.

 

“Assignee”
has the meaning set forth in Section 9.1(a).

 

“Assignment and
Acceptance” means an Assignment and Acceptance Agreement substantially in the form of Exhibit A-1.

 

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

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.

 

“Bankruptcy Code”
means Title 11 of the United States Code, as amended or supplemented from time to time, and any successor statute, and all
of the rules and regulations issued or promulgated in connection therewith.

 

“Bankruptcy Event”
means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver,
conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization
or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any
action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided
that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership
interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership
interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from
the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality)
to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

 

    	 	5	 

     

    

 

“Base LIBOR Rate”
means, with respect to any LIBOR Rate Loan and for any applicable Interest Period, the London interbank offered rate administered
by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for Dollars for a period
equal in length to such Interest Period as displayed on pages LIBOR01 or LIBOR02 of the Reuters screen or, in the event such rate
does not appear on such Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or
on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative Agent
from time to time in its reasonable discretion (the “Screen Rate”) at approximately 11:00 a.m., London time,
on the Quotation Day for such Interest Period; provided, that, if a Screen Rate shall not be available at the applicable
time for the applicable Interest Period (the “Impacted Interest Period”), then the Base LIBOR Rate shall be
the Interpolated Rate at such time, subject to Section 2.13; provided further that the Base LIBOR Rate shall
not be less than 0% per annum.

 

“Base Rate”
means the highest of (i) the rate of interest per annum from time to time published in the “Money Rates” section
of The Wall Street Journal as being the “Prime Lending Rate” or, if more than one rate is published as the Prime Lending
Rate, then the highest of such rates (the “Prime Rate”) (each change in the Prime Rate to be effective as of
the date of publication in The Wall Street Journal of a “Prime Lending Rate” that is different from that published
on the preceding domestic business day); provided, that in the event that The Wall Street Journal shall, for any reason,
fail or cease to publish the Prime Lending Rate, the Administrative Agent shall choose a reasonably comparable index or source
to use as the basis for the Prime Lending Rate, (ii) the Federal Funds Rate from time to time plus 0.50% and (iii) the
LIBOR Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business
Day) plus 1.00% (which shall be the relevant rate appearing on the relevant Reuters screen page at approximately 11:00
a.m. London time on such day).

 

“Base Rate Loan”
means each portion of the Loans bearing interest based on the Base Rate.

 

“Benefit Plan”
means those certain equity incentive or ownership programs established by any Loan Party or any of its Subsidiaries in good faith
to provide equity ownership or participation to Permitted Holders and other Persons associated or affiliated with a Loan Party
or any Affiliate thereof and not for the purpose of or in view of avoiding the obligations of the Borrower as set forth in this
Agreement.

 

“Borrower”
has the meaning set forth in the preamble to this Agreement.

 

“Borrower Designated
Account” means the deposit account of the Borrower (located within the United States) designated, in writing, and from
time to time, by the Borrower to the Administrative Agent.

 

“Borrower Parties”
has the meaning set forth in Section 11.18(a).

 

“Business Day”
means a day when major commercial banks are open for business in New York, New York, other than Saturdays or Sundays.

 

    	 	6	 

     

    

 

“Capitalized Lease
Obligations” means the aggregate amount which, in accordance with GAAP, is required to be reported as a liability on
the balance sheet of Person at such time in respect of such Person’s interest as lessee under a capitalized lease.

 

“Cash Equivalents”
means (a) marketable direct obligations issued by, or unconditionally guaranteed by, the United States or issued by any agency
thereof and backed by the full faith and credit of the United States, in each case maturing within 1 year from the date of
acquisition thereof, (b) marketable direct obligations issued by any state of the United States or any political subdivision
of any such state or any public instrumentality thereof maturing within 1 year from the date of acquisition thereof and, at
the time of acquisition, having one of the two highest ratings obtainable from either Standard & Poor’s Ratings Services
(“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”), (c) commercial
paper maturing no more than 270 days from the date of creation thereof and, at the time of acquisition, having a rating
of at least A-1 from S&P or at least P-1 from Moody’s, (d) certificates of deposit or bankers’ acceptances
maturing within 1 year from the date of acquisition thereof issued by any bank organized under the laws of the United States
or any state thereof having at the date of acquisition thereof combined capital and surplus of not less than $250,000,000, (e) demand
deposit accounts maintained with any bank organized under the laws of the United States or any state thereof having combined capital
and surplus of not less than $1,000,000,000, so long as the amount maintained with any individual bank is less than or equal to
$1,000,000 and is insured by the Federal Deposit Insurance Corporation, or larger amounts, to the extent that such amounts are
covered by insurance which is reasonably satisfactory to the Administrative Agent, (f) demand deposit accounts maintained
with any of the financial institutions listed on Schedule A-2 (as may be modified from time to time upon reasonably
prompt written notice to the Administrative Agent following the establishment of such an account), Affiliates thereof, or any Lender
that is a bank that is insured by the Federal Deposit Insurance Corporation, and (g) Investments in money market funds substantially
all of whose assets are invested in the types of assets described in clauses (a) through (e) above.

 

“Change in Law”
means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule
or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or
(c) compliance by any Lender (or, for purposes of Section 2.12(b), by any lending office of such Lender or by
such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law)
of any Governmental Authority made or issued after the date of this Agreement. For the purposes hereof, (i) the Dodd-Frank Wall
Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder issued in
connection therewith or in implementation thereof and (ii) all requests, rules, guidelines or directives promulgated by the Bank
for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or any applicable
national, foreign or regulatory authorities implementing the same, shall in each case be deemed to be a “Change in Law”,
regardless of the date enacted, adopted, issued or implemented.

 

“Change of Control
Event” means the occurrence of any of the following: (i) the acquisition of ownership, directly or indirectly, beneficially
or of record, by any Person or group (within the meaning of the Exchange Act and the rules of the SEC thereunder as in effect on
the date hereof) other than the Permitted Holders, of Securities representing more than 40% of the aggregate voting power represented
by the issued and outstanding Securities of Holdings; (ii) the occupation of a majority of the seats (other than vacant seats)
on the board of directors of Holdings by Persons who were neither (A) nominated by the board of directors of Holdings, Permitted
Holders or an entity controlled by one or more of the Permitted Holders nor (B) appointed by directors or the equivalent so nominated;
(iii) Holdings ceasing to directly own and control 100% of the outstanding general partnership interests issued by the Borrower;
or (iv) the Borrower ceasing to directly own and control 100% of the outstanding membership interests issued by FSCO and by FSM.

 

    	 	7	 

     

    

 

“CLO Business Sale”
means the sale (including by merger), assignment, transfer, conveyance or other disposition by the Borrower of the equity interests
in Fifth Street CLO Management LLC and any related assets.

 

“CLO Management
Subsidiary” means a Subsidiary of the Borrower which engages solely in managing collateralized loan obligations and holding
and financing (directly or indirectly) Risk Retention Investments related thereto.

 

“Closing Date”
means November 4, 2014.

 

“Code”
means the Internal Revenue Code of 1986, as amended or supplemented from time to time, and any successor statute, and all of the
rules and regulations issued or promulgated in connection therewith.

 

“Co-Invest Entity”
means an entity that (a) distributes, distributed or intends to distribute, directly or indirectly, all or a portion of the
carried interest, similar profit interest, incentive fee, performance fee, or partnership-related distribution (which shall not
include any Management Fees) with respect to a particular Fifth Street Fund to (i) the individuals who are to provide or who
have provided, the investment management services to such Fifth Street Fund and (ii) other current or former employees, partners,
consultants and executives of the Borrower and its Affiliates, or (b) permits such Persons and entities to invest directly
or indirectly in a Fifth Street Fund; provided, however, that if such entity receives or is entitled to receive Management
Fees, such entity shall not constitute a Co-Invest Entity unless (and only for so long as) it has delegated its rights to receive
all such Management Fees to a Loan Party or a wholly owned Subsidiary of a Loan Party that is the manager of such Fifth Street
Fund.

 

“Collateral”
means all Assets and interests in Assets and proceeds thereof now owned or hereafter acquired by any Loan Party, in or upon which
a Lien is granted, purported to be granted, or now or hereafter exists in favor of any Lender or Agent for the benefit of the Agents,
the Lenders and other Secured Parties, under any Loan Document; provided, that the Collateral shall not include any Excluded Asset.

 

“Collateral Agent”
has the meaning set forth in the preamble to this Agreement.

 

“Collateral Agent
Fee Letter” means that certain Fee Letter, dated as of the Restatement Effective Date, between the Collateral Agent and
the Borrower.

 

“Collateral Documents”
means, collectively, the Security Agreement, each Control Agreement and all other security agreements and other similar agreements,
and all amendments, restatements, modifications or supplements thereof or thereto, by or between any one or more of any Loan Party
and any Lender or the Collateral Agent for the benefit of the Secured Parties now or hereafter delivered to the Lenders or the
Collateral Agent pursuant to or in connection with the transactions contemplated hereby, as any of the foregoing may be amended,
restated and/or modified from time to time.

 

“Compliance Certificate”
means a certificate substantially in the form of Exhibit C delivered by the chief financial officer of the Borrower
to the Administrative Agent.

 

    	 	8	 

     

    

 

“Contingent Obligation”
means, as to any Person and without duplication of amounts, any written obligation of such Person guaranteeing or intended to guarantee
(whether guaranteed, endorsed, co-made, discounted, or sold with recourse to such Person) any Debt, noncancellable lease, dividend,
reimbursement obligations relating to letters of credit, or any other obligation that pertains to Debt, a noncancellable lease,
a dividend, or a reimbursement obligation related to letters of credit (each, a “primary obligation”) of any
other Person (“primary obligor”) in any manner, whether directly or indirectly, including any written obligation
of such Person, irrespective of whether contingent, (a) to purchase any such primary obligation, (b) to advance or supply
funds (whether in the form of a loan, advance, stock purchase, capital contribution, or otherwise) (i) for the purchase, repurchase,
or payment of any such primary obligation or any Asset constituting direct or indirect security therefor, or (ii) to maintain
working capital or equity capital of the primary obligor, or otherwise to maintain the net worth, solvency, or other financial
condition of the primary obligor, or (c) to purchase or make payment for any Asset, securities, services, or noncancellable
lease if primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to
make payment of such primary obligation.

 

“Contractual Obligation”
means, as applied to any Person, any material provision of any material indenture, mortgage, deed of trust, contract, undertaking,
agreement, or other instrument to which that Person is a party or by which any of its Assets is subject.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Control Agreement”
means, with respect to any deposit account, securities account, commodity account, securities entitlement or commodity contract,
an agreement, in form and substance reasonably satisfactory to the Agents, among the Collateral Agent, the financial institution
or other Person at which such account is maintained or with which such entitlement or contract is carried and the Loan Party maintaining
such account or owning such entitlement or contract, effective to grant “control” (within the meaning of Articles 8
and 9 under the applicable UCC) over such account to the Collateral Agent.

 

“CT Loan Documents”
means that certain Amended and Restated Promissory Note, dated as of May 2, 2016, between FSC CT, as maker and the State of Connecticut,
acting by and through its Department of Economic and Community Development (the “State”), for the principal
sum of $4,000,000, and the related Second Amended and Restated Assistance Agreement, between FSC CT and the State, dated by the
State as of May 2, 2016 and the Security Agreement, dated as of October 7, 2013 between FSC CT and the State, in each case, as
in effect on the date hereof.

 

“Debt”
means, with respect to any Person, (a) all obligations for such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes, or other similar instruments and all reimbursement or other obligations of such Person
in respect of letters of credit (including contingent obligations in respect of undrawn letters of credit), bankers acceptances,
interest rate swaps, other Hedging Agreements, or other financial products, (c) all obligations of such Person to pay the deferred
purchase price of Assets or services, exclusive of trade payables that are due and payable in the ordinary and usual course of
such Person’s business, but including earn outs, deferred purchase price, adjustment of purchase price or similar obligations
incurred in connection with any acquisition, (d) all Capitalized Lease Obligations of such Person, (e) all obligations
or liabilities of others secured by a Lien on any Asset owned by such Person, irrespective of whether such obligation or liability
is assumed, to the extent of the lesser of such obligation or liability or the fair market value of such Asset, and (f) all
Contingent Obligations of such Person with respect to any of the foregoing.

 

“Defaulting Lender”
means any Lender that has become the subject of a Bankruptcy Event or a Bail-In Action.

 

    	 	9	 

     

    

 

“Defaulting Lender
Rate” means (a) for the first 3 days from and after the date the relevant payment is due, the Federal Funds
Rate, and (b) thereafter, the interest rate then applicable to Loans that are Base Rate Loans.

 

“Deposit Account”
means any “deposit account” (as that term is defined in the UCC).

 

“Direct Competitor”
means any Person who is a direct competitor (or any Affiliate thereof) of the Borrower or any of its Subsidiaries if the Administrative
Agent and the assigning Lender have actual knowledge of the foregoing (including, upon notification by the Borrower); provided
that in connection with any assignment or participation, the assignee with respect to such proposed assignment that is an
investment bank, a commercial bank, a finance company, a fund or other entity which merely has an economic interest in any such
Person, and is not itself such a direct competitor of the Borrower or any of its Subsidiaries, shall be deemed not to be a Direct
Competitor for the purposes of this definition so long as it does not exercise direct control over, or is controlled directly or
indirectly by, such Person that is a direct competitor of the Borrower or any of its Subsidiaries.

 

“Distribution”
has the meaning set forth in Section 6.4.

 

“Dollars”
or “$” means United States dollars.

 

“Domestic Subsidiary”
means, with respect to any Person, any Subsidiary of such Person that is not a Foreign Subsidiary.

 

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

 

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

 

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

 

“Eligible Transferee”
means (a) a commercial bank organized under the laws of the United States, or any state thereof, (b) a commercial bank
organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development or
a political subdivision of any such country, (c) a finance company, insurance company, financial institution, or fund that
is engaged in making, purchasing, or otherwise investing in commercial loans in the ordinary course of its business, (d) any
Lender, (e) any Affiliate (other than individuals) of a Lender, and (f) any other Person approved by the Administrative Agent
and, so long as no Event of Default has occurred and is continuing, the Borrower (which approval of the Borrower, except in the
case of a proposed assignment to a Direct Competitor, and the Administrative Agent shall not be unreasonably withheld, delayed,
or conditioned, provided that the Borrower shall be deemed to have consented to any such assignment unless it shall
object thereto by written notice to the Administrative Agent within 10 Business Days after having received notice thereof); provided
that “Eligible Transferee” shall not in any event include (i) the Borrower or any of its Affiliates, (ii) a
natural person, (iii) any holding company or investment vehicle for, or owned and operated for the primary benefit of, a natural
person and/or family members or relatives of such person and (iv) any trust for the primary benefit of a natural person and/or
family members or relatives of such person, other than any entity referred to in clause (iii) or (iv) that (x) has not been formed
or established for the primary purpose of acquiring any Loans under this Agreement, (y) is managed by a professional adviser (other
than said natural person or family members or relatives of such person) having significant experience in the business of making
or purchasing commercial loans, and (z) has assets of greater than $25,000,000 and a significant part of the business, activities
or operations of which consist of making or purchasing (by assignment as principal), commercial loans and similar extensions of
credit in the ordinary course.

 

    	 	10	 

     

    

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time.

 

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

 

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect
to a Plan (other than an event for which the 30-day notice period is waived); (b) with respect to any Plan, the failure to satisfy
the minimum funding standard (as defined in Section 412 of the Code or Section 302 of ERISA); (c) the filing pursuant to Section
412(d) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any
Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to
the termination of any Plan; (e) the receipt by the Borrower or any ERISA Affiliate from the PBGC or a plan administrator of any
notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence
by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan
or Multiemployer Plan; (g) the occurrence of any nonexempt prohibited transaction within the meaning of Section 4975 of the Code
or Section 406 of ERISA or any liability for breach of Title I of ERISA by the Borrower or any of its Subsidiaries; (h) the failure
to make any required contribution to a Multiemployer Plan or failure to make by its due date any required contribution to any Plan;
(i) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from the Borrower
or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer
Plan is, or is expected to be, insolvent or in reorganization; (j) the incurrence of any material liability for post-retirement
health or welfare benefits, except as may be required by 4980B of the Code or similar laws; or (k) incurrence of an event that
could reasonably be expected to result in any liability under Section 4062(e) of ERISA.

 

“Equity Cure Notice”
has the meaning set forth in Section 7.3(a).

 

“Equity Cure Right”
has the meaning set forth in Section 7.3.

 

“Equity Cure Securities”
has the meaning set forth in Section 7.3(b).

 

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

 

“Eurocurrency Reserve
Requirement” means the sum (without duplication) of the rates (expressed as a decimal) of reserves (including, without
limitation, any basic, marginal, supplemental, or emergency reserves) that are required to be maintained by banks during the Interest
Period under any regulations of the Federal Reserve Board, or any other governmental authority having jurisdiction with respect
thereto, applicable to funding based on so-called “Eurocurrency Liabilities”, including Regulation D (12 CFR 224).

 

    	 	11	 

     

    

 

“Eurodollar Business
Day” means any Business Day on which major commercial banks are open for international business (including dealings in
Dollar deposits) in New York, New York and London, England.

 

“Event of Default”
has the meaning set forth in Article VII.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended or supplemented from time to time, and any successor statute, and all of
the rules and regulations issued or promulgated in connection therewith.

 

“Excluded Asset”
means (a) any fee-owned Real Estate with a fair market value, individually, of less than $1,000,000 and all leasehold interests
in any Real Estate, (b) motor vehicles and other assets (to the extent perfection must be obtained through notation on a certificate
of title) and commercial tort claims with a value of less than $1,000,000, (c) pledges and security interests prohibited by applicable
law, rule or regulation (to the extent such law, rule or regulation is effective under applicable anti-assignment provisions of
the UCC), other than proceeds and receivables in respect thereof (unless such proceeds or receivables would otherwise constitute
Excluded Asset), (d) any “intent to use” trademark applications for which a “statement of use” or an “amendment
to allege use” has not been filed and accepted (but only until such statement or amendment is filed and accepted), (e) any
interests in joint ventures, (f) Excluded Equity, (g) any general intangible, permit, lease, license, contract or agreement to
which any Loan Party is a party or has any right, title or interest thereunder to the extent that such general intangible, permit,
lease, license, contract or agreement contains a term or is subject to a rule of law, statute or regulation that restricts, prohibits,
or requires a consent (that has not been obtained) of a Person (other than a Loan Party or Affiliate thereof) to, the creation,
attachment or perfection of the security interest granted herein, and any such restriction, prohibition and/or requirement of consent
is effective and enforceable under applicable law and is not rendered ineffective by applicable law (including, without limitation,
pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC) or principles of equity, (h) any lease, license or other agreement
or any property subject to a purchase money security interest or similar arrangement to the extent that a grant of a security interest
therein would violate or invalidate such lease, license or agreement or purchase money arrangement or create a right of termination
in favor of any other party thereto (other than a Loan Party or Affiliate thereof), except to the extent any such agreement or
term providing for such violation, invalidation or right of termination is ineffective or rendered unenforceable under applicable
law (including, without limitation, pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC) or principles of equity, (i)
the Management Agreements (but not proceeds or receivables in respect thereof) and (j) those assets as to which the Administrative
Agent and the Borrower reasonably agree in writing that the cost of obtaining a security interest or perfection thereof are excessive
in relation to the benefit to the Secured Parties of the security to be afforded thereby; provided, that, (i) “Excluded
Asset” shall not include, any Proceeds of any of the foregoing (unless such Proceeds would otherwise constitute Excluded
Asset), (ii) any item of the foregoing that at any time ceases to satisfy the criteria for Excluded Asset, shall no longer be Excluded
Asset and (iii) no equity interest of any Fifth Street BDC shall constitute “Excluded Assets”.

 

“Excluded Equity”
means any voting stock representing greater than 65% of the voting power of the voting stock of any first-tier Foreign Subsidiary.
For the purpose of this definition, “voting stock” means, with respect to any issuer thereof, the issued and outstanding
shares of each class of stock entitled to vote (within the meaning of Treasury Regulations Section 1.956-2(c)(2)).

 

    	 	12	 

     

    

 

“Excluded Subsidiary”
means any Co-Invest Entity (or any of their respective successor entities); provided that none of the Borrower, FSCO and
FSM shall be considered an Excluded Subsidiary for purposes of this Agreement.

 

“Excluded Taxes”
means any of the following Taxes imposed on with respect to the Administrative Agent, any Lender or any other recipient of any
payment to be made by or on account of any obligation of the Borrower hereunder, (a) income, branch profits or franchise taxes
imposed on (or measured by) its net income, in each case, (i) by the United States or by the jurisdiction under the laws of which
such recipient is organized or resident for tax purposes, in which its principal office is located or, in the case of any Lender,
in which its applicable lending office is located (or any political subdivision thereof), or (ii) without duplication, that are
Other Connection Taxes, (b) any withholding tax (other than withholding taxes imposed on an assignee of a Foreign Lender pursuant
to a request by the Borrower under Section 11.2) that is imposed on amounts payable to such Lender at the time such Lender
becomes a party to this Agreement (or designates a new lending office) or is attributable to such Lender’s failure to comply
with Section 2.19(e), (f) or (g), except to the extent that such Lender is a Foreign Lender and such Foreign
Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional
amounts from the Borrower with respect to such withholding tax pursuant to Section 2.19(a), and (c) any U.S. federal withholding
taxes imposed under FATCA.

 

“Existing Credit
Agreement” has the meaning set forth in the preamble to this Agreement.

 

“Family Member”
means, with respect to any individual, any other individual having a relationship by blood (to the second degree of consanguinity),
marriage, or adoption to such individual.

 

“Family Trusts”
means, with respect to any individual, trusts or other estate planning vehicles established for the primary benefit of such individual
or Family Members of such individual and in respect of which such individual or a bona fide third party trustee serves as trustee
or in a similar capacity.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), including any regulations or official interpretations thereof and any
agreements entered into pursuant to Section 1471(b)(1) of the Code or intergovernmental agreement (and implementing laws) pursuant
to any of the foregoing.

 

“Federal Funds Rate”
shall mean, for any day, the rate per annum (rounded upwards, if necessary, to the next 1/100th of 1%) equal to the weighted average
of the rates on overnight Federal funds transactions with member banks of the Federal Reserve System, as published by the Federal
Reserve Bank of New York on the next succeeding Business Day or if such rate is not so published for any Business Day, the Federal
Funds Rate for such day shall be the average rounded upwards, if necessary, to the next 1/100th of 1% of the quotations for such
day on such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected
by the Administrative Agent; provided that the Federal Funds Rate shall not be less than 0% per annum.

 

“Federal Reserve
Board” means the Board of Governors of the Federal Reserve System or any successor thereto.

 

“Fee Generating
Entity” has the meaning set forth in the definition of “New Management Fee Assets”.

 

    	 	13	 

     

    

 

“Fee Letter”
means the Administrative Agent Fee Letter, the Collateral Agent Fee Letter and any fee letter between the Borrower and any member
of the Lender Group (or any Affiliate of any member of the Lender Group) relating to this Agreement.

 

“Fifth Street BDCs”
means FSC, FSFR and any other business development corporations created for similar purposes by the Borrower or any of its Subsidiaries.

 

“Fifth Street Fund”
means (i) any fund that is managed or serviced, directly or indirectly, by a Loan Party; (ii) any entity that, upon the making
of an Investment therein or upon the acquisition of the related management rights with respect thereto, would be a fund under clause
(i) of this definition or a Subsidiary of such a fund; (iii) any entity that the Borrower intends, in good faith, to cause to become
a fund under clause (i) of this definition or a Subsidiary of such a fund within a reasonable period of time; provided that
if at any time the Borrower no longer intends in good faith to cause such entity to become a Fifth Street Fund or a Subsidiary
of a Fifth Street Fund within such reasonable period of time, such entity shall no longer constitute a Fifth Street Fund; (iv) any
entity the primary purpose of which is to receive funds or other assets to be invested in, or constituting investments in, a Fifth
Street Fund, solely to the extent that (and for so long as) such entity conducts no other material business activities other than
those related to the receiving of funds or other assets to be invested in, making investments with such funds in, holding interests
in, or the investment activities related to, other Fifth Street Funds or using such funds to purchase assets substantially all
of which would be contributed to a Fifth Street Fund or (v) any entity into which the Borrower in good faith believes an Investment
has been made or that is acquired for the primary purposes of providing a benefit to the Borrower, a Guarantor or any Affiliate
thereof; provided, however, that if at any time any Person described above in any of clauses (i), (ii), (iii),
(iv) or (v) of this definition receives any Management Fees (or if any Management Fees are payable, in whole or in part, to
any such Person), such Person shall thereafter no longer be a Fifth Street Fund for all purposes under this Agreement and the other
Loan Documents.

 

“Fifth Street Part
I Fees” means the fees received from the Fifth Street BDCs that are based on a fixed percentage of pre-Incentive Fee
net investment income which are calculated and paid quarterly, and subject to certain performance hurdles.

 

“Financial Covenant
Cure Amount” has the meaning set forth in Section 7.3(b).

 

“Financial Officer”
of any Person shall mean the Chief Financial Officer, Chief Accounting Officer, principal accounting officer, Treasurer, Assistant
Treasurer or Controller of such Person or of the general partner of such Person.

 

“FINRA”
means the Financial Industry Regulatory Authority.

 

“Foreign Lender”
means any Lender that is organized under the laws of a jurisdiction other than that in which the Borrower is located. For purposes
of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single jurisdiction.

 

“Foreign Subsidiary”
means, with respect to any Person, any Subsidiary of such Person that is not organized or incorporated under the laws of the United
States, any state of the United States or the District of Columbia, or whose direct or indirect parent is a Foreign Subsidiary
or any Subsidiary that holds no material assets other than equity interest in Foreign Subsidiaries.

 

“Funding Losses”
has the meaning set forth in Section 2.6.

 

“FSC”
means Fifth Street Finance Corp., a Delaware corporation.

 

    	 	14	 

     

    

 

“FSC CT”
means FSC CT LLC, a Connecticut limited liability company.

 

“FSCO”
means FSCO GP LLC, a Delaware limited liability company.

 

“FSFR”
means Fifth Street Senior Floating Rate Corp., a Delaware corporation.

 

“FSM”
means Fifth Street Management LLC, a Delaware limited liability company.

 

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

 

“Governing Documents”
means, with respect to any Person, the certificate or articles of incorporation, by-laws, or other organizational documents of
such Person.

 

“Governmental Authority”
means any federal, state, local, or other governmental department, commission, board, bureau, agency, central bank, court, tribunal,
or other instrumentality, domestic or foreign.

 

“Guarantors”
means (a) FSCO, (b) FSM and (c) each other Person identified on the signature pages hereto as a “Guarantor”
or who from time to time guarantees the Debt of the Borrower to the Lender Group under the Loan Documents pursuant to the provisions
of Section 5.7, and “Guarantor” means any one of them.

 

“Guaranty”
means the guaranty provided for under Article XII of this Agreement.

 

“Hedging Agreement”
means any interest rate, foreign currency, commodity or equity swap, collar, cap, floor or forward rate agreement, or other agreement
or arrangement designed to protect against fluctuations in interest rates or currency, commodity or equity values (including any
option with respect to any of the foregoing and any combination of the foregoing agreements or arrangements), and any confirmation
executed in connection with any such agreement or arrangement.

 

“Holdings”
means Fifth Street Asset Management Inc., a Delaware corporation.

 

“Holdout Lender”
has the meaning set forth in Section 11.2.

 

“Immaterial Subsidiaries”
means, as of any date, any direct or indirect Subsidiary of the Borrower that for the four fiscal quarters preceding such date,
did not receive or was not entitled (including, as a result of delegation) to receive Management Fees in an aggregate amount at
least equal to 5% of the aggregate Management Fees paid or required to be paid to the Borrower and its Subsidiaries during such
four fiscal quarter period; provided that if, as of the last day of any fiscal quarter, any Subsidiary that then or previously
met the test for an Immaterial Subsidiary was paid or was required to be paid Management Fees (which rights were not delegated
to another Subsidiary) during the preceding four fiscal quarter period in an aggregate amount equal to or greater than 5% of the
aggregate Management Fees paid or required to be paid to the Borrower and its Subsidiaries during such four fiscal quarter period,
such Subsidiary shall no longer be considered an Immaterial Subsidiary and shall be required to be joined to the relevant Loan
Documents pursuant to Section 5.7. For purposes of the foregoing calculations, Management Fees payable to the Borrower
or any Subsidiary of a Loan Party that are earned from a closed-end Fifth Street Fund (or from any other Fee Generating Entity
that is subject to a remaining lock-up period of at least two years) that was acquired or formed during such period shall be included
in such calculation on a pro-forma basis for such period.

 

    	 	15	 

     

    

 

“Impacted Interest
Period” has the meaning set forth in the definition of “Base LIBOR Rate”.

 

“Incentive Fee”
means, with respect to any Fifth Street Fund, any payment or distribution received in respect of any “carried interest”
or similar profit interest in such Fifth Street Fund (including incentive or performance fees dependent on investment performance
or results); provided that “Incentive Fees” shall not include that portion of any “carried interest”,
similar profit interest, incentive fee or performance fee in any Fifth Street Fund accruing to any Co-Invest Entity or otherwise
directly or indirectly to the individuals providing or who have provided investment management services to such Fifth Street Fund,
or the current or former members, partners, employees, executives, consultants, contractors or advisors of the Loan Parties or
any of their Affiliates, or allocable under GAAP to any Person that is not the manager or general partner of such Fifth Street
Fund.

 

“Indemnified Liabilities”
has the meaning set forth in Section 8.2.

 

“Indemnified Taxes”
means Taxes other than Excluded Taxes.

 

“Indemnitee”
has the meaning set forth in Section 8.2.

 

“Insolvency Proceeding”
means any proceeding commenced by or against any Person under any provision of the Bankruptcy Code or under any other state or
federal bankruptcy or insolvency law, assignments for the benefit of creditors, formal or informal moratoria, compositions, extensions
generally with creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

 

“Intercompany Subordination
Agreement” means that certain Subordination Agreement, dated as of the Closing Date, among the Loan Parties and the Administrative
Agent.

 

“Interest Expense”
means, with respect to any period, the aggregate interest expense (both accrued and paid) with respect to all outstanding Debt
(excluding Permitted Risk Retention Debt) of the Borrower and its Subsidiaries for such period on a Stand Alone Basis, including
the portion of any payments or accruals with respect to Capitalized Lease Obligations allocable to interest expense, in each case,
determined in accordance with GAAP, plus any net hedging interest payments (or minus any net interest hedging amounts received
in cash), excluding any mark to market gain or loss from the underlying hedge instrument. For purposes of calculating Interest
Expense, for any period, if at any time during such period (and after the Closing Date) the Borrower or any of its Subsidiaries
shall have assumed or acquired any Person obligated to pay any Debt (excluding Permitted Risk Retention Debt), Interest Expense
for such period shall be calculated after giving pro forma effect thereto as if such acquisition of Debt occurred on the first
day of such period.

 

“Interest Payment
Date” means, (x) in the case of Base Rate Loans, the last Business Day of each of March, June, September and December
and, (y) in the case of LIBOR Rate Loans, the last day of the applicable Interest Period, provided, however,
that in the case of any Interest Period greater than 3 months in duration, interest shall be payable at 3 month intervals
after the commencement of the applicable Interest Period and on the last day of such Interest Period.

 

“Interest Period”
means, with respect to any LIBOR Rate Loan, the period commencing on the date such LIBOR Rate Loan is made (including the date
a Base Rate Loan is converted to a LIBOR Rate Loan, or a LIBOR Rate Loan is renewed as a LIBOR Rate Loan, which, in the latter
case, will be the last day of the expiring Interest Period) and ending on the date which is one (1), two (2), three (3), or six
(6) months thereafter, as selected by the Borrower, or twelve (12) months thereafter, as requested by the Borrower and approved
by the Lenders; provided, however, that (i) if the date that is such selected or requested number of months after
the first day of an Interest Period is not a Eurodollar Business Day, the affected proposed Interest Period shall end on the next
following Eurodollar Business Day and (ii) if the calendar month (the “End Month”) that is the selected or requested
number of months after the calendar month in which the first day of an Interest Period occurs does not include a date corresponding
to the date of such first day, the affected proposed Interest Period shall end on the last Eurodollar Business Day in such End
Month; provided, further, however, that no Interest Period may extend beyond the Maturity Date.

 

    	 	16	 

     

    

 

“Interpolated Rate”
means, at any time, for any Impacted Interest Period, the rate per annum (rounded upward to four decimal places) determined by
the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that
results from interpolating on a linear basis between: (a) the applicable Screen Rate (for the longest period for which the applicable
Screen Rate is available for the applicable currency) that is shorter than such Impacted Interest Period and (b) the applicable
Screen Rate for the shortest period (for which such Screen Rate is available for the applicable currency) that exceeds such Impacted
Interest Period, in each case, at such time.

 

“Investment”
means, as applied to any Person, (a) any direct or indirect purchase or other acquisition by that Person of, or beneficial interest
in, (i) stock, instruments, bonds, debentures or other securities of any other Person or (ii) all or substantially of the assets
of or a division or line of business any other Person or (b) any direct or indirect loan, advance, or capital contribution by such
Person to any other Person and (c) deposit accounts (including certificates of deposit).

 

“IPO”
means the underwritten public offering by Holdings pursuant to an effective registration statement filed with the Securities and
Exchange Commission in accordance with the Securities Act.

 

“Key Person Departure
Event” means any two of (i) Leonard Tannenbaum (ii) Bernard Berman and (iii) Ivelin Dimitrov (collectively, the “Key
Persons”), in each case, cease to be actively involved in the operations of the Borrower and its Subsidiaries (provided
that there shall be no Key Person Departure Event in connection with Holdings if the requisite Key Persons remain actively involved
in the operations of the Borrower and its Subsidiaries) and such individual or individuals have not within 120 days thereafter
been replaced with officers reasonably satisfactory to the Administrative Agent and the Required Lenders in their reasonable discretion.

 

“Lead Arrangers”
means each of MSSF and SMBC, in its capacity as lead arranger and bookrunner for the credit facility evidenced by the Existing
Credit Agreement.

 

“Lender”
and “Lenders” have the respective meanings set forth in the preamble to this Agreement, and shall include any
other Person made a party to this Agreement in accordance with the provisions of Section 9.1.

 

“Lenders’
Affiliates” has the meaning set forth in Section 11.18(a).

 

“Lender Group”
means, individually and collectively, each of the Lenders and the Agents.

 

    	 	17	 

     

    

 

“Lender Group Expenses”
means all (a) reasonable and documented out-of-pocket costs or expenses (including taxes, and insurance premiums) required to be
paid by the Borrower or any other Loan Party under any of the Loan Documents that are paid, advanced, or incurred by either Agent,
(b) reasonable and documented fees or charges paid or incurred by either Agent in connection with the Lender Group’s transactions
with the Borrower or any other Loan Party, including, fees or charges for photocopying, notarization, couriers and messengers,
(c) costs and expenses incurred by the Administrative Agent in the disbursement of funds to the Borrower or other members of the
Lender Group (by wire transfer or otherwise), (d) charges paid or incurred by either Agent resulting from the dishonor of checks
received in connection with any Loan Document or the transactions contemplated thereby, (e) reasonable costs and expenses paid
or incurred by either Agent or any Lender to correct any default or enforce any provision of the Loan Documents, (f) reasonable
costs and expenses of third party claims or any other suit paid or incurred by either Agent or any Lender in enforcing or defending
the Loan Documents or in connection with the transactions contemplated by the Loan Documents or the Lender Group’s relationship
with any Loan Party, (g) the Agents’ reasonable costs and expenses (including attorneys’ fees of one counsel (and if
reasonably required, of one local counsel in any relevant jurisdiction) incurred in advising, structuring, drafting, reviewing,
administering, syndicating, or amending the Loan Documents, and (h) each Agent’s and each Lender’s costs and expenses
(including attorneys, accountants, consultants, and other advisors fees and expenses) incurred in terminating, enforcing (including
attorneys, accountants, consultants, and other advisors fees and expenses incurred in connection with a “workout,”
a “restructuring,” or an Insolvency Proceeding concerning the Borrower or any other Loan Party or in exercising rights
or remedies under the Loan Documents), or defending the Loan Documents, irrespective of whether suit is brought, or in taking any
remedial action (but limited, in the case of legal fees and expenses, to one counsel to the Lender Group taken as a whole and,
solely in the case of an actual or potential conflict of interest, one additional counsel to all affected Lenders, taken as a whole
(and, if reasonably required, of one local counsel in any relevant jurisdiction to all such Lenders, taken as a whole and, solely
in the case of any actual or potential conflict of interest, one additional local counsel to all affected Lenders taken as a whole,
in each such relevant jurisdiction).

 

“Lender Parties”
has the meaning set forth in Section 11.18(a).

 

“Lender-Related
Person” means, with respect to any Lender, such Lender, together with such Lender’s Affiliates and the officers,
directors, employees, advisors, attorneys, and agents of such Lender and such Lender’s Affiliates.

 

“LIBOR Rate”
means the rate per annum (rounded upward to the next one-sixteenth (1/16th) of one percent (0.0625%), if necessary) determined
by the Administrative Agent to be the quotient of (a) the Base LIBOR Rate divided by (b) one minus the Eurocurrency Reserve
Requirement for the Interest Period; which is expressed by the following formula:

 

Base LIBOR Rate divided by
(1 - Eurocurrency Reserve Requirement).

 

“LIBOR Rate Loan”
means each portion of a Loan bearing interest based on the LIBOR Rate.

 

“Lien”
means any lien, hypothecation, mortgage, pledge, assignment (including any assignment of rights to receive payments of money) for
security, security interest, charge, or encumbrance of any kind (including any conditional sale or other title retention agreement,
any lease in the nature thereof, and any agreement to give any security interest).

 

“Loan”
has the meaning set forth in Section 2.1.

 

“Loan Documents”
means this Agreement, the Intercompany Subordination Agreement, the Collateral Documents, each Loan Party Joinder Agreement, each
Fee Letter, and any and all other documents, agreements, or instruments that have been or are entered into by the Borrower or any
Guarantor, on the one hand, and the Administrative Agent or Collateral Agent, on the other hand, in connection with the transactions
contemplated by this Agreement.

 

    	 	18	 

     

    

 

“Loan Party”
means the Borrower or any Guarantor, and “Loan Parties” means, collectively, the Borrower and the Guarantors.

 

“Loan Party Joinder
Agreement” shall mean a Loan Party Joinder Agreement executed by a new Loan Party and the Administrative Agent in substantially
the form of Exhibit A-3 or such other form agreed to by the Borrower and the Administrative Agent.

 

“Management Agreements”
means (a) that certain Fourth Amended and Restated Investment Advisory Agreement, made effective as of January 1, 2017, by and
between FSM and FSC, (b) that certain Investment Advisory Agreement, dated as of June 27, 2013, by and between FSM and FSFR, (c)
any similar agreement or other management agreement providing for the payment of a Management Fee to the Borrower, any Loan Party
or any Subsidiary of any Loan Party and (d) any amendment, restatement, amendment and restatement, supplement, replacement or other
modification of the foregoing.

 

“Management Fee”
means, with respect to any Fifth Street Fund, any management or administrative fee and any other similar (and regularly recurring)
compensation paid by a fund for the management of such fund (excluding any Incentive Fee).

 

“Margin Stock”
means “margin stock” as that term is defined in Regulation U of the Federal Reserve Board.

 

“Material Adverse
Effect” means a material and adverse effect on the business, operations, Assets, or financial condition of the Borrower
and its Subsidiaries, taken as a whole.

 

“Material Operating
Group Entity” means any Operating Group Entity existing on the Closing Date or formed or acquired thereafter that, directly
or indirectly, owns or controls (a) any investment or asset management services, financial advisory services, money management
services, merchant banking activities or similar or related business, including but not limited to a business providing services
to mutual funds, private equity or debt funds, hedge funds, funds of funds, corporate or other business entities or individuals
or (b) any person that makes investments, including investments in funds of the type specified in clause (a); provided,
however, that no Fifth Street Fund, Subsidiary of a Fifth Street Fund, Co-Invest Entity or Excluded Subsidiary shall be a “Material
Operating Group Entity” hereunder.

 

“Maturity Date”
means the earlier to occur of (a) August 1, 2019 or (b) such earlier date on which the Loans shall become due and payable
in accordance with the terms of this Agreement and the other Loan Documents.

 

“Moody’s”
has the meaning set forth in the definition of “Cash Equivalents” hereto.

 

“MSSF”
means Morgan Stanley Senior Funding, Inc.

 

"Multiemployer Plan"
means a "multiemployer plan" (as defined in Section (3)(37) of ERISA) that is subject to Title IV of ERISA that is contributed
to for any employees of a Loan Party or any ERISA Affiliate of a Loan Party.

 

    	 	19	 

     

    

 

“Net Cash Proceeds”
means, in respect of any sale, assignment, conveyance or other disposition of any Asset, cash proceeds thereof net of (a)(x) reasonable
expenses, (y) reasonable third party fees incurred on an arm’s length basis and (z) taxes, in each case, directly incurred
by the Borrower (and, in the case of taxes, the partners of the Borrower solely to the extent a Distribution on account of such
taxes would qualify as a Permitted Tax Distribution and be permitted to be distributed hereunder), any Loan Party or any Subsidiary
of a Loan Party, in each case, as a result of any sale, assignment, conveyance or other disposition giving rise to such proceeds
and (b) the principal amount, premium or penalty, if any, interest, customary breakage fees and customary lender and/or agent expense
reimbursements on any Debt which is secured by the asset sold in such sale, assignment, conveyance or other disposition and which
is required to be repaid as a result of such sale, assignment, conveyance or other disposition

 

“Net Income”
means, with respect to the Borrower for any period, the net income (loss) of the Borrower and its Subsidiaries for such period
on a Stand Alone Basis, determined in accordance with GAAP, but excluding from the determination of Net Income all unrealized gains
and losses on Investments incurred by such Person during such period.

 

“Net Issuance Proceeds”
means, in respect of any issuance of equity (including preferred or common equity), cash proceeds thereof (including cash proceeds
as and when received in respect of non-cash proceeds received or receivable in connection with such issuance, but excluding any
portion of such cash proceeds to be used for the payment of interest due and payable pursuant to this Agreement) net of (x) reasonable
expenses, (y) reasonable third party fees incurred on an arm’s length basis and (z) taxes, in each case, directly incurred
by the Borrower (and, in the case of taxes, the partners of the Borrower solely to the extent a Distribution on account of such
taxes would qualify as a Permitted Tax Distribution and be permitted hereunder), or Holdings, in each case, as a result of the
issuance giving rise to such proceeds.

 

“New Acquisition”
means any acquisition of Assets after the Closing Date, to the extent permitted by this Agreement.

 

“New Management
Fee Assets” means, for any New Acquisition and determined immediately upon the consummation of such New Acquisition,
the aggregate amount (without duplication and calculated on a consistent basis with “Assets Under Management”) for
the applicable fund and any Person or asset pool subject to an asset management contract that requires payment of Management Fees
included in such New Acquisition (any of the foregoing funds, Persons or asset pools, a “Fee Generating Entity”)
of invested capital in such Fee Generating Entities to the extent Management Fees are earned thereon (whether such Management Fees
are calculated on a percentage or a flat fee basis, provided that the amount of invested capital on which any Management
Fees are calculated on a flat fee basis shall exclude the amount thereof funded from Debt) and only to the extent such Fee Generating
Entity would also constitute a Fifth Street Fund upon the consummation of such New Acquisition.

 

“Obligations”
means all loans (including the Loans), debts, principal, interest (including any interest that accrues after the commencement of
an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding),
premiums, liabilities, obligations (including indemnification obligations), fees (including the fees provided for in any Fee Letter),
charges, costs, expenses (including Lender Group Expenses) (including any portion thereof that accrues after the commencement of
an Insolvency Proceeding, whether or not allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding),
guaranties, covenants, and duties of any kind and description incurred and outstanding by the Borrower to the Lender Group pursuant
to or evidenced by the Loan Documents and irrespective of whether for the payment of money, whether direct or indirect, absolute
or contingent, due or to become due, now existing or hereafter arising, and including all interest not paid when due and all expenses
that the Borrower is required to pay or reimburse by the Loan Documents, by law, or otherwise. Any reference in this Agreement
or in the Loan Documents to the Obligations shall include all extensions, modifications, renewals, or alterations thereof, both
prior and subsequent to any Insolvency Proceeding.

 

    	 	20	 

     

    

 

“Operating Group
Entity” means each Loan Party and each of its Subsidiaries.

 

“Originating Lender”
has the meaning set forth in Section 9.1(d).

 

“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 Loan Document, or sold or assigned an interest in any Loan or Loan Document).

 

“Other Taxes”
means any and all present or future stamp 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 Loan Document, except any such Taxes that are Other Connection Taxes imposed
with respect to an assignment (other than an assignment made pursuant to Section 11.2).

 

“Proceeds”
means all “proceeds” as such term is defined in Article 9 of the UCC.

 

“Participant”
has the meaning set forth in Section 9.1(d).

 

“Participant Register”
has the meaning set forth in Section 9.1(d).

 

“Permitted Holders”
means Holdings and current and former partners, senior management and employees of any Loan Party and its Affiliates and their
Family Members and their Family Trusts, in each case, immediately prior to giving effect to the IPO.

 

“Permitted Investments”
means (a) Investments in cash and Cash Equivalents; (b) Investments in negotiable instruments for collection; (c) advances
made in connection with purchases of goods or services in the ordinary course of business; (d) Investments in capital stock,
limited partnership interests, limited liability company interests, warrants, options, bonds, notes, debentures and other equity
and debt securities and interests that are tradable on a national securities exchange (including NASDAQ) and that are not subject
to any restrictions that reasonably would be expected to prevent the transfer thereof by the Borrower or any of its Subsidiaries;
(e) Investments or transfers of cash, Cash Equivalents or any other Assets, in each case, made by any Loan Party or its Subsidiaries
to the extent that (i) the Distribution by the Borrower of the cash, Cash Equivalents or other Assets used to fund such Investment
or transfer would not have violated this Agreement and (ii) such Investment or such transfer would not otherwise result in
an Event of Default or an Unmatured Event of Default; (f) Investments in any Loan Party (including Investments in any Person that
becomes a Domestic Subsidiary as a result of making such Investment), provided no Unmatured Event of Default or Event of
Default has occurred and is continuing; (g) Investments by any Loan Party or any Subsidiary directly or indirectly in (i)
a Loan Party or a Co-Invest Entity, (ii) any entity that will become a manager of a Fifth Street Fund upon the purchase thereof,
or (iii) any entity from which any Loan Party, directly or indirectly, will receive Incentive Fees upon the purchase thereof; (h) loans
and advances to employees, partners or officers of any Loan Party or its Affiliates in the nature of travel advances, advances
against salary and other similar advances in an aggregate outstanding amount at any one time not in excess of $2,500,000; (i) other
Investments existing on the Restatement Effective Date described in Schedule 6.3; (j) deposits, prepayments and other
credits to suppliers made in the ordinary course of business consistent with past practices of any Loan Party or any Subsidiary;
(k) Investments of any Loan Party or any Subsidiary under any Hedging Agreement so long as such Hedging Agreements are used
solely as a part of its normal business operations as a risk management strategy or hedge against changes resulting from market
operations and not as a means to speculate for investment purposes on trends and shifts in financial or commodities markets; (l) existing
Investments of Persons acquired to the extent such acquisition is otherwise permitted hereunder and so long as such Investment
was not made in contemplation of such acquisition; (m) Investments comprising general partnership interests held by Excluded Subsidiaries
in Fifth Street Funds; (n) [intentionally omitted]; (o) [intentionally omitted]; (p) Investments received or acquired in connection
with a restructuring, reorganization, bankruptcy or workout of an existing Investment; (q) any Investment acquired by the Borrower
or any Subsidiary in satisfaction of judgments against other Persons; (r) loans and advances to employees, partners or officers
of any Loan Party or its Affiliates to fund such Person’s purchase of equity interests of the Borrower or any direct or indirect
parent company thereof under compensation plans approved by the Borrower in good faith in an aggregate outstanding amount at any
one time not in excess of $15,000,000; (s) illiquid Investments received or acquired in connection with a liquidation of a Fifth
Street Fund; and (t) Risk Retention Investments; provided that, (x) until FSC CT shall have executed a joinder to the Security
Agreement that is reasonably acceptable to the Administrative Agent, Investments pursuant to clause (f) or (g) above
shall only be made in FSC CT to the extent used to finance compensation and benefits, occupancy, professional fees, taxes or general
administrative expenses of FSC CT, in each case, consistent with past practices and (y) no CLO Management Subsidiary shall be considered
a Loan Party in connection with an Investment pursuant to clause (f) or (g) unless such CLO Management Subsidiary
has executed the Security Agreement or a joinder to the Security Agreement.

 

    	 	21	 

     

    

 

“Permitted Liens”
means: (a) Liens for taxes, assessments, or governmental charges or claims the payment of which is not, at such time, required
by Section 5.4, (b) any attachment or judgment Lien either in existence less than 30 calendar days after the entry
thereof, or with respect to which execution has been stayed, or with respect to which payment in full above any applicable deductible
is covered by insurance (so long as no reservation of rights has been made by the insurer in connection with such coverage), and
Liens incurred to secure any surety bonds, appeal bonds, supersedeas bonds, or other instruments serving a similar purpose in connection
with the appeal of any such judgment, (c) banker’s Liens in the nature of rights of setoff arising in the ordinary course
of business of a Loan Party, (d) Liens, granted by the Loan Parties to the Collateral Agent in order to secure their respective
obligations under this Agreement and the other Loan Documents to which they are a party, (e) Liens and deposits in connection
with workers’ compensation, unemployment insurance, social security and other legislation affecting any Loan Party and its
Subsidiaries, (f) Liens arising by operation of law in favor of carriers, warehousemen, landlords, mechanics, materialmen,
laborers or employees for sums that are not yet delinquent or are being contested in good faith, (g) Liens described on Schedule P,
if any, but not the extension of coverage thereof to other property or assets, (h) easements, rights of way, zoning restrictions
and similar encumbrances on real property and minor irregularities in the title thereto that do not (i) secure obligations
for the payment of money or (ii) materially impair the value of such property or its use by any Loan Party or any of its Subsidiaries
in the normal conduct of such Person’s business, any interest or title of a lessor under any lease entered into by a Loan
Party or any Subsidiary in the ordinary course of its business and covering only the assets so leased, (i) leases or subleases,
licenses or sublicenses granted to other Persons not materially interfering with the conduct of the business of the Borrower or
any of its Subsidiaries, (j) Liens in connection with the financing of insurance premiums in the ordinary course of business
which attach solely to the proceeds thereof or any premium refund, (k) Liens in favor of any escrow agent solely on and in
respect of any cash earnest money deposits made by any Loan Party or any Subsidiary in connection with any letter of intent or
purchase agreement (to the extent that the acquisition or disposition with respect thereto is otherwise permitted hereunder), provided
that (i) the Distribution by the Borrower of cash in an amount equal to such cash earnest money deposit would not be prohibited
by Section 6.4 and (ii) such acquisition would not otherwise result in an Event of Default or an Unmatured Event of Default,
(l) Liens encumbering customary deposits and margin deposits, and similar Liens and margin deposits, and similar Liens attaching
to commodity trading accounts and other deposit or brokerage accounts incurred in the ordinary course of business, provided
that (i) the Distribution by the Borrower of cash in an amount equal to such deposit would not be prohibited by Section
6.4 and (ii) no Event of Default or an Unmatured Event of Default has occurred and is continuing at the time of such incurrence,
(m) Liens deemed to exist as a matter of law in connection with permitted repurchase obligations or set-off rights, (n) Liens
in favor of collecting banks arising under Section 4-210 of the UCC, (o) purported Liens evidenced by the filing of precautionary
UCC financing statements relating solely to operating leases of personal property entered into the ordinary course of business,
(p) [intentionally omitted], (q) precautionary Liens and filings of financing statements under the UCC, covering assets
sold or contributed to any Person not prohibited hereunder, (r) [intentionally omitted] and (s) Liens granted by a CLO Management
Subsidiary on Risk Retention Investments (and its related assets, including Management Fees received by such CLO Management Subsidiary)
securing Permitted Risk Retention Debt of such CLO Management Subsidiary; provided, notwithstanding the foregoing, no Lien
may attach to or otherwise encumber any Management Agreement.

 

    	 	22	 

     

    

 

“Permitted Risk
Retention Debt” means Debt (including, without limitation, Debt incurred under that certain credit agreement, dated as
of September 28, 2015, by and among, Fifth Street CLO Management LLC, as borrower, the lenders party thereto, and Natixis, New
York Branch, as agent) incurred by any CLO Management Subsidiary in connection with, or otherwise to finance (directly or indirectly)
its holding of Risk Retention Investments; provided that (i) any such Debt is non-recourse to the Borrower and each other
Subsidiary (other than such CLO Management Subsidiary) and (ii) the outstanding principal amount thereof shall not exceed $30,000,000
in the aggregate for all CLO Management Subsidiaries at any given time.

 

“Permitted Tax Distribution”
means in respect of any fiscal year during which any Loan Party or Subsidiary qualifies as a partnership for U.S. federal and state
income tax purposes, a Distribution to owners of its Securities with respect to such fiscal year in an aggregate cash amount not
to exceed the product of (a) the amount of taxable income allocated by such Loan Party or Subsidiary to such owners for such fiscal
year, as reduced by any available carryforwards of net operating losses, capital losses, and similar items, calculated by assuming
that each such owner elects to carry forward such items and that such owner’s only income, gain, deductions, losses and similar
items are those allocated to such owner by such Loan Party or Subsidiary and taking into account such limitations as the limitation
on the deductibility of capital, multiplied by (b) the highest effective combined federal, state and local income
tax rate applicable during such fiscal year to a natural person residing in the applicable jurisdiction taxable at the highest
marginal federal income tax rate and the highest marginal income tax rates (after giving effect to the federal income tax deduction
for such state and local income taxes and without taking into account the effects of Sections 67 and 68 of the Code).

 

“Person”
means and includes natural persons, corporations, partnerships, limited liability companies, joint ventures, associations, companies,
business trusts, or other organizations, irrespective of whether they are legal entities.

 

“Plan"
means an employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV or Section 302 of
ERISA, or Section 412 of the Code, and in respect of which a Loan Party or any ERISA Affiliate is an "employer" as defined
in Section 3(5) of ERISA, or with respect to which it may have any liability.

 

“Prime Rate”
has the meaning set forth in the definition of “Base Rate” hereto.

 

    	 	23	 

     

    

 

“Pro Rata Share”
means, as of any date of determination, the percentage obtained by dividing (a) the aggregate outstanding principal amount
of such Lender’s Loans by (b) the aggregate outstanding principal amount of all Loans, in each case at such time.

 

“Purchase Money
Debt” means Debt (other than the Obligations, but including Capitalized Lease Obligations), incurred at the time of,
or within 20 days after, the acquisition of any fixed assets for the purpose of financing all or any part of the acquisition
cost thereof (and secured by a Permitted Lien under clause (p) of the definition thereof).

 

“Quotation Day”
means, with respect to any LIBOR Rate Loan for any Interest Period, the day that is two Eurodollar Business Days before the first
day of such Interest Period.

 

“Reaffirmed Agreement”
or “Reaffirmed Agreements” means each Loan Document executed in connection with the Existing Credit Agreement
that has not been amended and restated in connection with this Agreement.

 

“Real Estate”
means any real property owned, leased, subleased or otherwise operated or occupied by any Loan Party.

 

“Reference Banks”
means any banks as may be appointed by the Administrative Agent in consultation with the Borrower.

 

“Reference Bank
Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Administrative
Agent at its request by the Reference Banks (as the case may be) in relation to LIBOR, as the rate at which the relevant Reference
Bank could borrow funds in the London interbank market in Dollars and for the relevant period, were it to do so by asking for and
then accepting interbank offers in reasonable market size in that currency and for that period.

 

“Register”
has the meaning set forth in Section 9.1(a).

 

“Related Parties”
means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees,
agents, partners, trustees, administrators and advisors of such Person and such Person’s Affiliates.

 

“Replacement Lender”
has the meaning set forth in Section 11.2.

 

“Request for Conversion/Continuation”
means an irrevocable written notice from any of the individuals identified on Exhibit R-1 attached hereto (or, in certain
cases, two of such individuals, all as set forth in further detail in Exhibit R-1 attached hereto) to the Administrative
Agent pursuant to the terms of Section 2.7, substantially in the form of Exhibit R-3 attached hereto.

 

“Required Contribution
Date” has the meaning set forth in Section 7.3(b).

 

“Required Lenders”
means, at any time, Lenders whose aggregate Pro Rata Shares exceed 50%.

 

“Responsible Officer”
means the president, chief executive officer, chief operating officer, chief financial officer, secretary, general counsel, co-president,
chief accounting officer, vice president, manager, or controller of a Person, or such other officer of such Person designated by
a Responsible Officer in a writing delivered to the Administrative Agent, in each case, to the extent that any such officer is
authorized to bind the Borrower or the applicable Guarantor (as applicable).

 

    	 	24	 

     

    

 

“Restatement Effective
Date” means June 30, 2017.

 

“Revolver Commitment”
means any Loan.

 

“Revolving Credit
Facility” means the Term Facility.

 

“Risk Retention
Investments” means Investments in collateralized loan obligations made to comply with any regulatory requirements (including
risk retention requirements) applicable to a CLO Management Subsidiary’s management of such collateralized loan obligations.

 

“S&P”
has the meaning set forth in the definition of “Cash Equivalents”.

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department
of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom.

 

“Sanctioned Country”
means, at any time, a country or territory which is the subject or target of any Sanctions.

 

“Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign
Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, or by the United Nations Security Council,
the European Union or any EU member state, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person
controlled by any such Person.

 

“Screen Rate”
has the meaning set forth in the definition of “Base LIBOR Rate”.

 

“SEC”
means the Securities and Exchange Commission of the United States or any successor thereto.

 

“Secured Parties”
means (i) the Lenders, (ii) the Administrative Agent, (iii) the Collateral Agent and (iv) the beneficiaries of each indemnification
obligation undertaken by any Loan Party under any Loan Document.

 

“Securities”
means the capital stock, membership interests, partnership interests (whether limited or general) or other securities or equity
interests of any kind of a Person, all warrants, options, convertible securities, and other interests which may be exercised in
respect of, converted into or otherwise relate to such Person’s capital stock, membership interests, partnership interests
(whether limited or general) or other equity interests and any other securities, including debt securities of such Person.

 

“Securities Act”
shall mean the Securities Act of 1933, as amended.

 

“Security Agreement”
means that certain Security Agreement, dated as of the Restatement Effective Date, made by the Loan Parties party thereto in favor
of Collateral Agent, for the benefit of the Secured Parties.

 

“Significant Subsidiary”
means, at any time of determination, any (a) Loan Party or (b) any other Subsidiary of a Loan Party that, together with its Subsidiaries,
earns or is entitled to receive aggregate Management Fees greater than 5% of the aggregate Management Fees of the Loan Parties
and their Subsidiaries, taken as a whole, at such time.

 

    	 	25	 

     

    

 

“SMBC”
has the meaning set forth in the preamble to this Agreement.

 

“Solvent”
means, as to any Person at any time, that (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 548 of the Bankruptcy Code and for purposes of the New York Uniform Fraudulent
Transfer Act; (b) the present fair saleable value of the property of such Person is not less than the amount that will be
required to pay the probable liability of such Person on its debts as they become absolute and matured; (c) such Person is
able to realize upon its property and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities)
as they mature in the normal course of business; (d) such Person does not intend to, and does not believe that it will, incur
debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; and (e) such Person is
not engaged in business or a transaction, and is not about to engage in business or a transaction, for which such Person’s
property would constitute unreasonably small capital.

 

“Specified Financial
Covenant Default” has the meaning set forth in Section 7.3.

 

“Specified Sale”
means a transaction contemplated pursuant to an asset purchase agreement for the sale, assignment, transfer or other disposition,
as applicable, of certain assets related to the BDC advisory business, as previously disclosed to the Lenders, to the buyer previously
disclosed to the Lenders, subject to customary closing conditions as set forth therein.

 

“Stand Alone Basis”
means, with respect to any financial calculation or information that is specified herein to be calculated or reported on a “Stand
Alone Basis”, such calculation or information for the Borrower and its Subsidiaries on a stand-alone basis which deconstructs
funds required to be consolidated under GAAP.

 

“State”
has the meaning set forth in the definition of “CT Loan Documents”.

 

“Subsidiary”
means, with respect to any Person (a) any corporation in which such Person, directly or indirectly through its Subsidiaries,
owns more than 50% of the stock of any class or classes having by the terms thereof the ordinary voting power to elect a majority
of the directors of such corporation, and (b) any partnership, association, joint venture, limited liability company, or other
entity in which such Person, directly or indirectly through its Subsidiaries, has more than a 50% equity interest at the time;
and, unless otherwise specified, “Subsidiary” shall refer to a Subsidiary of the Borrower; provided, however,
that for the purposes of this Agreement, (x) no Fifth Street Fund or Subsidiary of a Fifth Street Fund shall be deemed to
be a Subsidiary of a Loan Party and (y) no Co-Invest Entity shall be deemed to be a Subsidiary of a Loan Party.

 

“Supplement”
has the meaning set forth in the preamble to this Agreement.

 

“Syndication Agent”
means MSSF, in its capacity as syndication agent for the credit facility evidenced by this Agreement.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any Governmental Authority.

 

“Term Facility”
means the term facility described in Section 2.1.

 

    	 	26	 

     

    

 

“Termination Date”
has the meaning set forth in the lead-in to Article V.

 

“Testing Date”
has the meaning set forth in Section 7.3(a).

 

“Total Leverage
Ratio” has the meaning set forth in Section 6.12(b).

 

“Triggering Event”
means, with respect to any Fifth Street Fund, either (a) an event or occurrence that results in such Fifth Street Fund not
having sufficient funds to pay the Management Fees that were otherwise required to be paid by such Fifth Street Fund when such
Management Fees were otherwise due and payable, or (b) an agreement by a Loan Party with one or more of the partners of such
Fifth Street Fund to defer the payment by such Fifth Street Fund of Management Fees or to amend or otherwise modify any agreement
evidencing any obligation of such Fifth Street Fund to pay Management Fees; provided, however, that any customary
deferral of the payment of Management Fees that is set forth in the agreements that are executed in connection with the closing
of any Fifth Street Fund in connection with an initial period during which the proceeds of equity contributions to such Fifth Street
Fund are invested, shall not constitute a Triggering Event.

 

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

 

“United States”
means the United States of America.

 

“Unmatured Event
of Default” means an event, act, or occurrence which, with the giving of notice or the passage of time, would become
an Event of Default.

 

“USA Patriot Act”
has the meaning set forth in Section 11.13.

 

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

 

“Working Capital
Needs” means compensation and benefits costs, occupancy (rent) costs, IT costs, communications costs, professional fees,
interest expense, insurance costs, board of director fees and business travel related costs, in each case, incurred in the ordinary
course of business.

 

“Write-Down and
Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

1.2          Construction.
Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular and to the singular
include the plural, the part includes the whole, the term “including” is not limiting, and the term “or”
has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” References in this
Agreement to a “determination” or “designation” include estimates by the Administrative Agent (in the case
of quantitative determinations or designations), and beliefs by the Administrative Agent (in the case of qualitative determinations
or designations). The words “hereof,” “herein,” “hereby,” “hereunder,” and similar
terms in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Article, section,
subsection, clause, exhibit, and schedule references are to this Agreement unless otherwise specified. Any reference herein to
this Agreement or any of the Loan Documents includes any and all alterations, amendments, restatements, changes, extensions, modifications,
renewals, or supplements thereto or thereof, as applicable. Any reference herein or in any other Loan Document to the satisfaction
or repayment in full of the Obligations, any reference herein or in any other Loan Document to the Obligations being “paid
in full” or “repaid in full”, and any reference herein or in any other Loan Document to the action by any Person
to repay the Obligations in full, shall mean the repayment in full in cash in Dollars of all Obligations other than contingent
indemnification Obligations. Any reference to an officer of the Borrower shall also be a reference to any officer of the general
partner of the Borrower.

 

    	 	27	 

     

    

 

ARTICLE
II
 

AMOUNT
AND TERMS OF LOANS

 

2.1          Term
Facility. Subject to the terms and conditions of this Agreement (i) each Lender made (severally, not jointly or jointly and
severally) loans (“Loans”) prior to the Restatement Effective Date pursuant to the Existing Credit Agreement
to the Borrower in Dollars in an aggregate principal amount outstanding as of the Restatement Effective Date as set forth beside
such Lender’s name under the applicable heading on Schedule 2.1, and (ii) amounts borrowed prior to the Restatement
Effective Date may be repaid at any time during the term of this Agreement and may not be reborrowed.

 

2.2          Rate
Designation. The Borrower shall designate each Loan as a Base Rate Loan or a LIBOR Rate Loan in the Request for Conversion/Continuation
given to the Administrative Agent in accordance with Section 2.7. Each Loan shall be denominated in Dollars. Each Base
Rate Loan shall be in a minimum principal amount of $500,000 and, thereafter, in integral multiples of $100,000 and each LIBOR
Rate Loan shall be in a minimum principal amount of $500,000 and, thereafter, in integral multiples of $100,000.

 

2.3          Interest
Rates; Payment of Principal and Interest.

 

(a)            The
Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or under Section 2.12,
2.13 or 2.19, or otherwise) or under any other Loan Document (except to the extent otherwise provided therein) prior
to 2:00 p.m., New York time, on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts
received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the
next succeeding Business Day, and, in the case of payments of principal or interest with respect to LIBOR Rate Loans, on the next
succeeding Eurodollar Business Day, for purposes of calculating interest thereon. All such payments shall be made to the Administrative
Agent at the Administrative Agent’s Account, except as otherwise expressly provided in the relevant Loan Document and payments
pursuant to Sections 2.12, 2.13, 2.19 and 8.2, which shall be made directly to the Persons entitled
thereto. If any payment hereunder shall be due on a day that is not a Business Day or, in the case of a payment of principal or
interest with respect to a LIBOR Rate Loan, on a day that is not a Eurodollar Business Day, the date for payment shall be extended
to the next succeeding Business Day or Eurodollar Business Day, as the case may be, and, in the case of any payment accruing interest,
interest thereon shall be payable for the period of such extension.

 

(b)            All
amounts owing under this Agreement or under any other Loan Document (except to the extent otherwise provided therein) are payable
in Dollars.

 

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

 

    	 	28	 

     

    

 

(d)            Except
as otherwise provided with respect to Defaulting Lenders and except as otherwise provided in the Loan Documents (including agreements
between the Administrative Agent and individual Lenders), aggregate principal and interest payments shall be apportioned ratably
among the Lenders (according to the unpaid principal balance of the Obligations to which such payments relate held by each Lender)
and applied thereto and payments of fees and expenses (other than fees or expenses that are for an Agent’s separate account,
after giving effect to any agreements between either Agent and individual Lenders) shall be apportioned ratably among the Lenders
in accordance with their respective Pro Rata Shares.

 

(i)          Subject
to Section 2.3(d)(iii) below, all payments and proceeds of the Collateral shall be remitted to the Administrative Agent
and all such payments and proceeds of the Collateral shall be applied as follows:

 

(A)         first,
ratably to pay any fees and Lender Group Expenses then due to the Agents under the Loan Documents, until paid in full,

 

(B)         second,
to pay any fees and Lender Group Expenses then due to the Lenders under the Loan Documents, on a ratable basis, until paid in full,

 

(C)         third,
ratably to pay interest due in respect of the Loans until paid in full,

 

(D)         fourth,
to pay the principal of all Advances until paid in full,

 

(E)         fifth,
to pay any other Obligations until paid in full, and

 

(F)         sixth,
to the Borrower (to the Borrower Designated Account) or such other Person entitled thereto under applicable law.

 

(ii)        the
Administrative Agent promptly shall distribute to each Lender, pursuant to the applicable wire instructions received from each
Lender in writing, such funds as it may be entitled to receive.

 

(iii)       In
each instance, so long as no Application Event has occurred and is continuing, Section 2.3(d)(i) shall not apply to
any payment made by the Borrower to the Administrative Agent and specified by the Borrower to be for the payment of specific Obligations
then due and payable (or prepayable) under any provision of this Agreement.

 

(iv)       For
purposes of the foregoing, “paid in full” means payment of all amounts owing under the Loan Documents according to
the terms thereof, including loan fees, service fees, professional fees, interest (and specifically including interest accrued
after the commencement of any Insolvency Proceeding), default interest, interest on interest, and expense reimbursements, whether
or not any of the foregoing would be or is allowed or disallowed in whole or in part in any Insolvency Proceeding, other than any
contingent and unasserted indemnification or similar Obligations.

 

    	 	29	 

     

    

 

(v)        In
the event of a direct conflict between the priority provisions of this Section 2.3 and other provisions contained in
any other Loan Document, it is the intention of the parties hereto that such priority provisions in such documents shall be read
together and construed, to the fullest extent possible, to be in concert with each other. In the event of any actual, irreconcilable
conflict that cannot be resolved as aforesaid, the terms and provisions of this Section 2.3 shall control and govern.

 

(e)             Subject
to Section 2.4, each Base Rate Loan shall bear interest upon the unpaid principal balance thereof, from and including
the date advanced or converted, to but excluding the date of conversion or repayment thereof, at a fluctuating rate, per annum,
equal to the Base Rate plus the Applicable Rate. Any change in the interest rate resulting from a change in the Base Rate will
become effective on the day on which each change in the Base Rate is announced by the Administrative Agent. Interest due with respect
to Base Rate Loans shall be due and payable, in arrears, commencing on the first Interest Payment Date following the Restatement
Effective Date, and continuing on each Interest Payment Date thereafter up to and including the Interest Payment Date immediately
preceding the Maturity Date, and on the Maturity Date.

 

(f)             Subject
to Section 2.4, each LIBOR Rate Loan shall bear interest upon the unpaid principal balance thereof, from the date advanced,
converted, or continued, at a rate, per annum, equal to the LIBOR Rate plus the Applicable Rate. Interest due with respect to each
LIBOR Rate Loan shall be due and payable, in arrears, on each Interest Payment Date applicable to that LIBOR Rate Loan and on the
Maturity Date. Anything to the contrary contained in this Agreement notwithstanding, the Borrower may not have more than ten LIBOR
Rate Loans outstanding at any one time.

 

(g)             Unless
prepaid in accordance with the terms hereof, the outstanding principal balance of all Advances, together with accrued and unpaid
interest thereon, shall be due and payable, in full, on the Maturity Date.

 

(h)             Any
Lender by written notice to the Borrower (with a copy to the Administrative Agent) may request that Loans made by it be evidenced
by a promissory note. In such event, the Borrower shall execute and deliver to such Lender a promissory note, substantially in
the form of Exhibit A-2, payable to the order of such Lender (or, if requested by such Lender, to such Lender and its
registered assigns). Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including
after assignment pursuant to Section 9) be represented by one or more promissory notes in such form payable to the
order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).
Assignments of any Loans by Lenders (irrespective of whether promissory notes are issued hereunder) shall be in accordance with
the provisions of Section 9 of this Agreement.

 

2.4           Default
Rate. (i) If any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid
when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as
before judgment, at a rate per annum equal to (A) in the case of overdue principal of any Loan, the rate otherwise applicable
to such Loan as provided above plus 2.0 percentage points or (B) in the case of any other amount, 2.0 percentage points
plus the rate applicable to Base Rate Loans as provided above.

 

2.5           Computation
of Interest and Fees.

 

All computations of interest
with respect to the Loans and computations of the fees due hereunder for any period shall be calculated on the basis of a year
of 360 days (except that interest computed by reference to the Base Rate at times when it is based upon the Prime Rate shall
be computed on the basis of a year of 365 days or 366 days in a leap year), and in each case for the actual number of days elapsed
in such period. Interest shall accrue from the first day of the making of a Loan (or the date on which interest or fees or other
payments are due hereunder, if applicable) to (but not including) the date of repayment of such Loan (or the date of the payment
of interest or fees or other payments, if applicable) in accordance with the provisions hereof.

 

    	 	30	 

     

    

 

2.6           Funding
Losses.

 

In connection with each LIBOR
Rate Loan, the Borrower shall indemnify, defend, and hold the Administrative Agent and the Lenders harmless against any loss, cost,
or expense incurred by the Administrative Agent or any Lender as a result of (A) the payment of any principal of any LIBOR
Rate Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (B) the
conversion of any LIBOR Rate Loan other than on the last day of the Interest Period applicable thereto, or (C) the failure
to convert, continue or prepay any LIBOR Rate Loan on the date specified in any Request for Conversion/Continuation delivered pursuant
hereto (such losses, costs, and expenses, collectively, “Funding Losses”). Funding Losses shall, with respect
to the Administrative Agent or any Lender, be deemed to equal the amount determined by the Administrative Agent or such Lender
to be the excess, if any, of (I) the amount of interest that would have accrued on the principal amount of such LIBOR Rate
Loan had such event not occurred, at the LIBOR Rate that would have been applicable thereto, for the period from the date of such
event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert, or continue,
for the period that would have been the Interest Period therefor), minus (II) the amount of interest that would accrue
on such principal amount for such period at the interest rate which the Administrative Agent or such Lender would be offered were
it to be offered, at the commencement of such period, Dollar deposits of a comparable amount and period in the London interbank
market. A certificate of the Administrative Agent or a Lender delivered to the Borrower setting forth any amount or amounts that
the Administrative Agent or such Lender is entitled to receive pursuant to this Section 2.6 shall be conclusive absent
manifest error.

 

2.7          Conversion
or Continuation.

 

(a)          Subject
to the provisions of clause (d) of this Section 2.7 and the provisions of Section 2.13, the
Borrower shall have the option to (i) convert all or any portion of the outstanding Base Rate Loans equal to $500,000, and
integral multiples of $100,000 in excess of such amount, to a LIBOR Rate Loan, (ii) convert all or any portion of the outstanding
LIBOR Rate Loans denominated in Dollars equal to $500,000 and integral multiples of $100,000 in excess of such amount, to a Base
Rate Loan, and (iii) upon the expiration of any Interest Period applicable to any of its LIBOR Rate Loans, continue all or
any portion of such LIBOR Rate Loan equal to $500,000, and integral multiples of $100,000 in excess of such amount, as a LIBOR
Rate Loan, and the succeeding Interest Period of such continued Loan shall commence on the expiration date of the Interest Period
previously applicable thereto; provided, however, that a LIBOR Rate Loan only may be converted or continued, as the
case may be, on the expiration date of the Interest Period applicable thereto; provided further, however,
that no outstanding Loan may be continued as, or be converted into, a LIBOR Rate Loan when any Unmatured Event of Default or Event
of Default has occurred and is continuing; provided further, however, that if, before the expiration of an
Interest Period of a LIBOR Rate Loan, the Borrower fails timely to deliver the appropriate Request for Conversion/Continuation,
such LIBOR Rate Loan, in the case of a LIBOR Rate Loan denominated in Dollars, automatically shall be continued as a LIBOR Rate
Loan with an Interest Period of one (1) month.

 

    	 	31	 

     

    

 

(b)             The
Borrower shall by facsimile, mail, electronic mail (in a format bearing a copy of the signature(s) required thereon), personal
service or by telephone (which shall be confirmed by one of the other means of delivery) deliver a Request for Conversion/Continuation
to the Administrative Agent (i) no later than 2:00 p.m., New York time, one (1) Business Day prior to the proposed conversion
date (in the case of a conversion to a Base Rate Loan), and (ii) no later than 2:00 p.m. New York, three (3) Eurodollar
Business Days before (in the case of a conversion to, or a continuation of, a LIBOR Rate Loan). A Request for Conversion/Continuation
shall specify (x) the proposed conversion or continuation date (which shall be a Business Day or a Eurodollar Business Day,
as applicable), (y) the amount and type of the Loan to be converted or continued, and (z) the nature of the proposed
conversion or continuation.

 

(c)             Any
Request for Conversion/Continuation (or telephonic notice in lieu thereof) shall be irrevocable and the Borrower shall be obligated
to convert or continue in accordance therewith.

 

(d)             No
Loan (or portion thereof) may be converted into, or continued as, a LIBOR Rate Loan with an Interest Period that ends after the
Maturity Date.

 

2.8          Amortization
and Mandatory Repayments and Prepayments.

 

(a)            (i)
The Borrower hereby unconditionally promises to repay the outstanding principal amount of the Loans to the Administrative Agent
for the account of each Lender commencing January 1, 2018, on the first day of each calendar month prior to Maturity Date, in an
amount equal to 5.0% of the aggregate principal amount of the Loans as of January 1, 2018 (as such payments may be reduced from
time to time as a result of the application of prepayments in accordance with this Section 2.8 (other than a prepayment
pursuant to Section 2.8(b)(ii) in connection with the CLO Business Sale) or Section 2.9).

 

(ii)         The
Borrower hereby unconditionally promises to repay the remaining outstanding principal amount of the Loans, all unpaid fees, costs,
and expenses that are payable hereunder or under any other Loan Document, and all other Obligations in full, without notice or
demand on the Maturity Date.

 

(b)            The
Borrower shall prepay the Loans, in each case, at the following times in the following amounts:

 

(i)          within
one Business Day of receipt by Holdings or the Borrower of any Net Issuance Proceeds, in an amount equal to such Net Issuance Proceeds;

 

(ii)         within
one Business Day of receipt by the Borrower, any Loan Party or any Subsidiary of a Loan Party of any Net Cash Proceeds of any non-ordinary
course sale, assignment, conveyance or other disposition of any Asset (other than the sale of any equity interests of any Fifth
Street BDC or any Management Agreement), in an amount equal to the lesser of (x) the then outstanding Working Capital Needs as
reasonably estimated by the Borrower and (y) 25% of such Net Cash Proceeds;

 

(iii)        within
one Business Day of receipt by the Borrower, any Loan Party or any Subsidiary of a Loan Party of any Net Cash Proceeds of the sale,
assignment, conveyance or other disposition of the equity interests of any Fifth Street BDC by the Borrower, any Loan Party or
any Subsidiary of a Loan Party, in an amount equal to such Net Cash Proceeds;

 

(iv)        upon
the consummation of any direct or indirect sale, assignment, conveyance or other disposition of any Management Agreement (including
any direct or indirect sale of the equity interests of any Subsidiary party to any Management Agreement), in an amount equal to
the outstanding principal amount of the Loans together, with all unpaid fees, costs, and expenses that are payable hereunder or
under any other Loan Document, and all other Obligations in full; and

 

    	 	32	 

     

    

 

(v)         when
any Event of Default has occurred and is outstanding, upon the receipt by any Loan Party of any Distribution on account of the
equity interests of any Fifth Street BDC, in an amount equal to such Distribution.

 

(c)             Concurrently
with each prepayment referred to in Section 2.8(b), the Borrower shall deliver to the Administrative Agent a certificate
executed by a Financial Officer of the Borrower setting forth in reasonable detail the calculation of (i) the Net Cash Proceeds
with respect to the sale, assignment conveyance or other disposition or (ii) the Net Issuance Proceeds with respect to the equity
issuance, in each case, giving rise thereto.

 

(d)             Each
payment or prepayment pursuant to this Section 2.8 shall include interest accrued on the amount prepaid to, but not including,
the date of payment in accordance with the terms hereof. Any repayment or prepayments of principal pursuant to this Section
2.8 by the Borrower of a LIBOR Rate Loan prior to the end of the applicable Interest Period shall be subject to Section 2.6.
Each prepayment of the Loans pursuant to Section 2.8(b) shall be applied to prepay the installments of principal due in
respect of the Loans in reverse order of maturity.

 

2.9          Voluntary
Prepayments.

 

The Borrower shall have the
right, at any time and from time to time, to prepay the Loans without penalty or premium, in the case of LIBOR Rate Loans, subject
to Section 2.6. The Borrower shall give the Administrative Agent written notice not less than 1 Business Day prior to any
such prepayment with respect to Base Rate Loans and not less than 3 Eurodollar Business Days prior written notice of any such prepayment
with respect to LIBOR Rate Loans. In each case, such notice shall specify the date on which such prepayment is to be made (which
shall be a Business Day or Eurodollar Business Day, as applicable), and the amount of such prepayment. Each such prepayment shall
be in an aggregate minimum amount of $1,000,000 and shall include interest accrued on the amount prepaid to, but not including,
the date of payment in accordance with the terms hereof (or, in each case, such lesser amount constituting the amount of all Loans
then outstanding). Any voluntary prepayments of principal by the Borrower of a LIBOR Rate Loan prior to the end of the applicable
Interest Period shall be subject to Section 2.6. Each prepayment of Loans shall be applied against the remaining scheduled
installments of principal due in respect of the Loans in the manner specified by the Borrower or, in the absence of any such specification
on or prior to the date of the relevant optional prepayment, in direct order of maturity.

 

2.10        Fees.

 

(a)             Amendment
Fee. The Borrower shall timely pay on January 1, 2018 to the Administrative Agent for the ratable account of the Lenders, an
amendment fee equal to 0.40% of the aggregate principal amount of the Loans outstanding as of such date.

 

(b)             Fee
Letter Fees. The Borrower shall pay as and when due and payable under the terms of each Fee Letter, the fees set forth therein.

 

(c)             Lender
Expenses. The Borrower shall pay on July 7, 2017, all Lender Group Expenses incurred in connection with the transactions evidenced
by this Agreement.

 

    	 	33	 

     

    

 

2.11        Maintenance
of Records; Effect. Each Lender shall maintain in accordance with its usual practice records evidencing the indebtedness of
the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts and currency of principal and interest
payable and paid to such Lender from time to time hereunder. The Administrative Agent shall maintain records in which it shall
record (i) the amount of each Loan made hereunder, the type thereof and each Interest Period therefor, (ii) the amount of any principal
or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any
sum received by the Administrative Agent hereunder for account of the Lenders and each Lender’s share thereof. The entries
made in the records maintained pursuant to this Section shall be prima facie evidence, absent obvious error, of the existence and
amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent
to maintain such records or any error therein shall not in any manner affect the obligation of the Borrower to repay the Obligations
in accordance with the terms of this Agreement.

 

2.12        Increased
Costs.

 

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

 

(i)          impose,
modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account
of, or credit extended by, any Lender (except any such reserve requirement reflected in the LIBOR Rate); or

 

(ii)         impose
on any Lender or the London interbank market any other condition (other than Excluded Taxes, Indemnified Taxes or Other Taxes of
such Lender covered under Section 2.19) affecting this Agreement or LIBOR Rate Loans made by such Lender;

 

and the result of any of the foregoing is to
increase the cost to such Lender of making, continuing, converting to or maintaining any LIBOR Rate Loan (or of maintaining its
obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of
principal, interest or otherwise), then the Borrower shall pay to such Lender such additional amount or amounts as will compensate
such Lender for such additional costs incurred or reduction suffered.

 

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

 

(c)           Certificates
from Lenders. A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding
company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower
and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate
within 10 days after receipt thereof.

 

    	 	34	 

     

    

 

(d)           Notice:
Delay in Requests. Each Lender agrees to use reasonable efforts to notify the Borrower upon becoming aware of any Change in
Law giving rise to a right to compensation pursuant to this Section. Notwithstanding the foregoing, no failure or delay on the
part of any Lender to give any such notice to the Borrower or to demand compensation pursuant to this Section shall constitute
a waiver of such Lender’s right to demand such compensation or otherwise form the basis of any liability of such Lender to
the Borrower; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased
costs or reductions incurred more than 180 days prior to the date that such Lender notifies the Borrower of the Change in
Law giving rise to such increased costs or reductions and of such Lender’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 180-day period
referred to above shall be extended to include the period of retroactive effect thereof.

 

2.13        Market
Disruption and Alternate Rate of Interest.

 

(a)            If
at the time that the Administrative Agent shall seek to determine the relevant Screen Rate on the Quotation Day for any Interest
Period for a LIBOR Rate Loan the applicable Screen Rate shall not be available for such Interest Period for any reason and the
Administrative Agent shall determine that it is not possible to determine the Interpolated Rate (which conclusion shall be conclusive
and binding absent manifest error), then the applicable Reference Bank Rate shall be the Base LIBOR Rate for such Interest Period
for such LIBOR Rate Loan; provided, however, if less than two Reference Banks shall supply a rate to the Administrative
Agent for purposes of determining the Base LIBOR Rate for such LIBOR Rate Loan then such Advance shall be made as a Base Rate Loan
at the Base Rate.

 

(b)            If
prior to the commencement of any Interest Period for a LIBOR Rate Loan the Administrative Agent is advised by the Required Lenders
that the LIBOR Rate or the Base LIBOR Rate, as applicable, for a Loan for the applicable Interest Period will not adequately and
fairly reflect the cost to such Lenders of making or maintaining their Loans included in such Advance for such Interest Period,
then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as
practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving
rise to such notice no longer exist, (i) any Request for Conversion/Continuation that requests the conversion of any Loan
to, or continuation of any Loan as, a LIBOR Rate Loan shall be ineffective and (ii) any Request for Conversion/Continuation
shall be made as a Base Rate Loan.

 

2.14        Illegality.
Notwithstanding any other provision of this Agreement, in the event that it becomes unlawful for any Lender or its Applicable Lending
Office to honor its obligation to make or maintain LIBOR Rate Loans, then such Lender shall promptly notify the Borrower thereof
(with a copy to the Administrative Agent), such Lender’s obligation to make, convert or continue LIBOR Rate Loans shall be
suspended until such time as such Lender may again make or maintain LIBOR Rate Loans, and if applicable law shall so mandate,
such Lender’s LIBOR Rate Loans shall be prepaid by the Borrower, together with accrued and unpaid interest thereon and all
other amounts payable by the Borrower under this Agreement, on or before such date as shall be mandated by such applicable law.

 

2.15        Place
of Loans. Nothing herein shall be deemed to obligate the Lenders (or the Administrative Agent on behalf thereof) to obtain
the funds to make any Loan in any particular place or manner and nothing herein shall be deemed to constitute a representation
by the Administrative Agent or any Lender that it has obtained or will obtain such funds in any particular place or manner.

 

2.16        Survivability.
The Borrower’s obligations under Section 2.12 and 2.19 shall survive the termination of this Agreement,
the repayment of the Loans and the discharge of the Borrower’s obligations hereunder for a period of 180 days after such
terminations, repayment and discharge.

 

    	 	35	 

     

    

 

2.17        [Intentionally
Omitted].

 

2.18        Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the
for so long as such Lender is a Defaulting Lender the Loans of such Defaulting Lender shall not be included in determining whether
the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification
pursuant to Section 11.2); provided, that this clause shall not apply to the vote of a Defaulting Lender in
the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby.

 

2.19        Taxes.

 

(a)             Any
and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and without deduction
for any Indemnified Taxes or Other Taxes, except as required by applicable law; provided that if the Borrower shall be required
(as determined in the good faith discretion of the Borrower) to deduct any Indemnified Taxes or Other Taxes from such payments,
then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions
applicable to additional sums payable under this Section) each Agent and each Lender (as the case may be) receives an amount equal
to the sum it would have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the
Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

 

(b)             In
addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

 

(c)             The
Borrower shall indemnify each Agent and each Lender within ten days after written demand therefor, for the full amount of any Indemnified
Taxes or Other Taxes paid by each Agent or such Lender on or with respect to any payment by or on account of any obligation of
the Borrower hereunder (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under
this Section) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
as to the amount of such payment or liability delivered to the Borrower by a Lender, or by each Agent on its own behalf or on behalf
of a Lender, shall be conclusive absent manifest error.

 

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

 

    	 	36	 

     

    

 

(e)             Each
Foreign Lender shall deliver to the Borrower and the Administrative Agent on the date on which such Foreign Lender becomes
a Lender under any Loan Document (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), two original copies of whichever of the following is applicable: (i) in the case of a Foreign Lender claiming the benefits
of an income tax treaty to which the United States is a party (1) with respect to payments of interest under any Loan Document,
IRS Form W-8BEN or Form W-8BEN-E (or any subsequent versions thereof or successors thereto) establishing an exemption from, or
reduction of, U.S. federal withholding tax pursuant to the “interest” article of such tax treaty and (2) with respect
to any other applicable payments under any Loan Document, IRS Form W-8BEN or Form W-8BEN-E (or any subsequent versions thereof
or successors thereto) 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, (ii) duly completed copies of Internal Revenue Service
Form W-8ECI (or any subsequent versions thereof or successors thereto), (iii) in the case of a Foreign Lender claiming the benefits
of the exemption for portfolio interest under section 871(h) or 881(c) of the Code, (x) a certificate to the effect that such
Foreign 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 and (y) duly completed copies of Internal Revenue Service Form W-8BEN or Form W-8BEN-E (or
any subsequent versions thereof or successors thereto), (iv) duly completed copies of Internal Revenue Service Form W-8IMY, together
with forms and certificates described in clauses (i) through (iii) above (and Forms W-9 and additional Form W-8IMYs) as may be
required or (v) any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in tax duly completed
together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding
or deduction required to be made. In addition, in each of the foregoing circumstances, each Foreign Lender shall deliver such forms,
if legally entitled to deliver such forms, promptly upon the obsolescence, expiration or invalidity of any form previously delivered
by such Foreign Lender. Each Foreign Lender shall promptly notify the Borrower (or such other relevant Loan Party) at any time
it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any other
form of certification adopted by the United States or other taxing authorities for such purpose).

 

(f)             Each
Lender shall deliver to the Borrower and the Administrative Agent on or prior to the date on which such Lender becomes a Lender
under this Agreement (and from time to time thereafter as prescribed by applicable law or upon the request of the Borrower or the
Administrative Agent), duly executed and properly completed copies of Internal Revenue Service Form W-9 or W-8, as applicable,
together with such supplementary documentation as may be prescribed by applicable law, certifying that it is not subject to U.S.
federal backup withholding.

 

(g)             If
a payment made to a Foreign Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if
such Foreign 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 Foreign Lender shall deliver to the Borrower and the Administrative Agent,
at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent,
such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional
documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the applicable withholding
agent to comply with its obligations under FATCA, to determine that such Foreign Lender has complied with such Foreign Lender’s
obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause
(g), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. Each Lender agrees that
if any form or certification it previously delivered 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.

 

    	 	37	 

     

    

 

(h)             If
an Agent or a Lender determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes or
Other Taxes as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts
pursuant to this Section, it shall pay over such refund to the Borrower (but only to the extent of indemnity payments made, or
additional amounts paid, by the Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund),
net of all out-of-pocket expenses of such Agent or such Lender and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund); provided that the Borrower, upon the request of such Agent or such
Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to such Agent or such Lender in the event such Agent or such Lender is required to repay such refund to
such Governmental Authority. This Section shall not be construed to require either Agent or any Lender to make available its tax
returns (or any other information relating to its taxes which it deems confidential) to the Borrower or any other Person. Notwithstanding
anything to the contrary in this Section 2.19(h), in no event will the indemnified party be required to pay any amount to
an indemnifying party pursuant to this Section 2.19(h) the payment of which would place the indemnified party in a less
favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving
rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts
with respect to such Tax had never been paid.

 

2.20        Mitigation
of Obligations; Replacement of Lenders.

 

(a)             If
any Lender requests compensation under Section 2.12, or if the Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.19, then such Lender shall use
reasonable efforts to designate a different lending office for funding or booking its Loans or to assign its rights and obligations
hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Sections 2.12 or 2.19, as the case may be, in the future
and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender.
The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation
or assignment.

 

(b)             If
any Lender requests compensation under Section 2.12, or if the Borrower is required to pay an additional amount to any Lender
or any Governmental Authority for the account of any Lender pursuant to Section 2.19 and, in each case, such Lender has
declined or is unable to designate a different lending office in accordance with Section 2.20(a), then Borrower may, at
its sole expense and effort, upon notice to such Lender and the Administrative Agent, replace such Lender by requiring such Lender
to assign and delegate (and such Lender shall be obligated to assign and delegate), without recourse (in accordance with and subject
to the restrictions contained in Article IX), all its interests, rights (other than its existing rights to payments pursuant
to Section 2.12 or 2.19) and obligations under this Agreement and the related Loan Documents to an Eligible Assignee
that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided
that (i) Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not be unreasonably
withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest
thereon, accrued fees and all other amounts due and payable to it hereunder and under the other Loan Documents, from the assignee
(to the extent of such outstanding principal, participation and accrued interest and fees) or the Borrower (in the case of all
other amounts), (iii) in the case of any such assignment resulting from a claim for compensation under Section 2.12 or payments
required to be made pursuant to Section 2.19, such assignment will result in a reduction in such compensation or payments
thereafter, (iv) the Borrower shall have paid to the Administrative Agent the assignment fee (if any) specified in Article IX
and (v) such assignment does not conflict with applicable law. A Lender shall not be required to make any such assignment or delegation
if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances giving rise to such assignment and delegation
cease to apply.

 

    	 	38	 

     

    

 

ARTICLE
III

 

CONDITIONS
TO RESTATEMENT EFFECTIVE DATE

 

3.1          Conditions
Precedent to the Restatement Effective Date. The effectiveness of this Agreement is subject to the fulfillment, to the reasonable
satisfaction (or waiver in accordance with Section 11.2), of each of the following conditions:

 

(a)            the
Agents shall have received this Agreement and the Security Agreement, each duly executed and delivered by each Agent, each Loan
Party and the Lenders (as defined in the Existing Credit Agreement) representing the Required Lenders (as defined in the Existing
Credit Agreement);

 

(b)            the
Agents shall have received the written opinions, dated the Restatement Effective Date, of counsel to the Loan Parties, with respect
to this Agreement, which written opinions shall be in form and substance reasonably satisfactory to the Agents;

 

(c)            the
Agents shall have received a certificate of status with respect to each Loan Party dated within 30 days of the Restatement
Effective Date, or confirmed by facsimile, if facsimile confirmation is available, each such certificate to be issued by the secretary
of state of the jurisdiction of incorporation or formation of such Loan Party, and, to the extent available in such jurisdiction,
which certificates shall indicate that the applicable Loan Party is in good standing in such state;

 

(d)            the
Agents shall have received a copy of each Loan Party’s Governing Documents, certified by a Responsible Officer with respect
to the Borrower, which certificate shall be in form and substance as set forth in Exhibit 3.1(d);

 

(e)            the
Agents shall have received a copy of the resolutions or the unanimous written consents with respect to each Loan Party, certified
as of the Restatement Effective Date by a Responsible Officer, authorizing the execution, delivery and performance by such Loan
Party of each this Agreement and the Security Agreement and the execution and delivery of the other documents to be delivered by
it in connection herewith and therewith, which certificate shall be in form and substance as set forth in Exhibit 3.1(d);

 

(f)            the
Agents shall have received a signature and incumbency certificate of the Responsible Officer with respect to each Loan Party executing
this Agreement and the other Loan Documents not previously delivered to the Agents to which it is a party, certified by a Responsible
Officer, which certificate shall be in form and substance as set forth in Exhibit 3.1(d);

 

(g)            the
Collateral Agent (or its counsel) shall have received (i) the certificates, if any, representing the equity interests required
to be pledged pursuant to the Security Agreement, together with an undated stock power or similar instrument of transfer for each
such certificate endorsed in blank by a duly authorized officer of the pledgor thereof, and (ii) each Pledged Debt Instrument (as
defined in the Security Agreement) (if any) endorsed (without recourse) in blank (or accompanied by a transfer form endorsed in
blank) by the pledgor thereof;

 

(h)            each
document (including any UCC (or similar) financing statement) required by any Collateral Document or under applicable law to be
filed, registered or recorded in order to create in favor of the Collateral Agent, for the benefit of the Secured Parties, a perfected
Lien on the Collateral required to be delivered on the Restatement Effective Date pursuant to such Collateral Document, shall be
in proper form for filing, registration or recordation;

 

    	 	39	 

     

    

 

(i)             the
Borrower shall have paid on the Restatement Effective Date all fees and Lender Group Expenses due to be paid or reimbursed, as
applicable, on the Restatement Effective Date pursuant to the Collateral Agent Fee Letter;

 

(j)             the
Agents shall have received a customary officer certificate in form and substance reasonably satisfactory to the Agents signed by
a Financial Officer of the Borrower certifying that (i) the representations and warranties of Loan Parties contained in this Agreement
and the other Loan Documents are true and correct in all material respects on and as of the Restatement Effective Date (provided
that, to the extent that such representations and warranties specifically refer to an earlier date, they are true and correct
in all material respects as of such earlier date; provided, further that, any representation and warranty that is
qualified as to “materiality,” “Material Adverse Effect” or similar language is true and correct in all
respects on such respective dates) and (ii) no Event of Default or Unmatured Event of Default has occurred and is continuing on
the Restatement Effective Date;

 

(k)             the
Agents shall have received, at least 5 Business Days prior to the Restatement Effective Date, all documentation and other information
required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations,
including the PATRIOT Act, as reasonably requested by any of the Agents and/or the Lenders in writing at least 10 Business Days
in advance of the Restatement Effective Date;

 

(l)             the
Administrative Agent shall have received (i) for the account of each Lender who has executed this Agreement, an amendment fee equal
to 0.10% of the aggregate principal amount of the Loans of such Lender’s outstanding as of the Restatement Effective Date
and (ii) for the account of each Lender, any accrued and unpaid “Commitment Fees” under the Existing Credit Agreement;

 

(m)            the
Agents shall have received customary officer certificates in form and substance reasonably satisfactory to the Agent signed by
a Financial Officer of the Borrower (i) certifying that the Borrower and its Subsidiaries, on a Stand Alone Basis, are Solvent
on the Restatement Effective Date, (ii) demonstrating compliance on the Restatement Effective Date with the financial covenants
in Sections 6.12(b), (c) and (d), as of March 31, 2017, (iii) certifying that no equity interests of any Fifth
Street BDC has been sold or otherwise transferred by any Loan Party since March 31, 2017 and (iv) certifying there is no condition
or event which has resulted or could reasonably be expected to result in a Material Adverse Effect.

 

ARTICLE
IV
 

REPRESENTATIONS
AND WARRANTIES OF BORROWER

 

On the Restatement Effective
Date the Borrower represents and warrants to the Lenders that:

 

4.1           Due
Organization. The Borrower is a duly organized and validly existing limited partnership in good standing under the laws of
the State of Delaware and is duly qualified to conduct business in all jurisdictions where its failure to do so could reasonably
be expected to have a Material Adverse Effect. Each Guarantor is a duly organized and validly existing limited liability company,
corporation, or limited partnership, as applicable, in good standing under the laws of the state of its organization and is duly
qualified to conduct business in all jurisdictions where its failure to do so could reasonably be expected to have a Material Adverse
Effect.

 

    	 	40	 

     

    

 

4.2           Interests
in Loan Parties. As of the Restatement Effective Date, all of the interests in each Loan Party are owned by the Persons identified
in Schedule 4.2. As of the Restatement Effective Date, the Subsidiaries listed in Schedule 4.2 include all of the
Significant Subsidiaries (other than the Loan Parties or any Foreign Subsidiaries).

 

4.3           Requisite
Power and Authorization. The Borrower has all requisite limited partnership power to execute and deliver this Agreement and
the other Loan Documents to which it is a party, and to borrow the sums provided for in this Agreement. Each Guarantor has all
requisite limited liability company, corporate, or limited partnership power to execute and deliver the Loan Documents to which
it is a party. Each Loan Party has all governmental licenses, authorizations, consents, and approvals necessary to own and operate
its Assets and to carry on its businesses as now conducted and as proposed to be conducted, other than licenses, authorizations,
consents, and approvals that are not currently required or the failure to obtain which could not reasonably be expected to have
a Material Adverse Effect. The execution, delivery, and performance of this Agreement and the other Loan Documents have been duly
authorized by the Borrower and all necessary limited partnership action in respect thereof has been taken, and the execution, delivery,
and performance thereof do not require any consent or approval of any other Person that has not been obtained. The execution, delivery,
and performance of the Loan Documents to which it is a party have been duly authorized by each Guarantor and all necessary limited
liability company, corporate, or limited partnership action in respect thereof has been taken, and the execution, delivery, and
performance of the Loan Documents to which a Guarantor is a party do not require any consent or approval of any other Person that
has not been obtained.

 

4.4           Binding
Agreements. This Agreement and the other Loan Documents to which the Borrower is a party, when executed and delivered by the
Borrower, will constitute, the legal, valid, and binding obligations of the Borrower, enforceable against the Borrower in accordance
with their terms, and the Loan Documents to which the Guarantors are a party, when executed and delivered by the Guarantors, as
applicable, will constitute, the legal, valid, and binding obligations of the Guarantors, as applicable, enforceable against the
Guarantors, as applicable, in accordance with their terms, in each case except as the enforceability hereof or thereof may be affected
by: (a) bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting the enforcement of creditors’
rights generally, and (b) equitable principles of general applicability.

 

4.5           Other
Agreements. The execution, delivery, and performance by the Borrower of this Agreement and the other Loan Documents to which
it is a party, and the execution, delivery and performance by each of the Guarantors of the Loan Documents to which they are a
party, do not and will not: (a) violate (i) any provision of any federal (including the Exchange Act), state, or local
law, rule, or regulation (including Regulations T, U, and X of the Federal Reserve Board) binding on any Loan Party, (ii) any
order of any domestic governmental authority, court, arbitration board, or tribunal binding on any Loan Party, or (iii) the
Governing Documents of any Loan Party, or (b) contravene any provisions of, result in a breach of, constitute (with the giving
of notice or the lapse of time) a default under, or result in the creation of any Lien upon any of the Assets of any Loan Party
pursuant to, any Contractual Obligation of any Loan Party, or (c) require termination of any Contractual Obligation of any
Loan Party, or (d) constitute a tortious interference with any Contractual Obligation of any Loan Party.

 

    	 	41	 

     

    

 

4.6          Litigation;
Adverse Facts.

 

(a)            There
is no action, suit, proceeding, or arbitration (irrespective of whether purportedly on behalf of any Loan Party) at law or in equity,
or before or by any federal, state, municipal, or other governmental department, commission, board, bureau, agency, or instrumentality,
domestic or foreign, pending or, to the actual knowledge of the Borrower, threatened in writing against or affecting any Loan Party,
that could reasonably be expected to have a Material Adverse Effect or could reasonably be expected to materially and adversely
affect such Person’s ability to perform its obligations under the Loan Documents to which it is a party (including the Borrower’s
ability to repay any or all of the Loans when due);

 

(b)            None
of the Loan Parties is: (i) in violation of any applicable law in a manner that could reasonably be expected to have a Material
Adverse Effect or (ii) subject to or in default with respect to any final judgment, writ, injunction, decree, rule, or regulation
of any court or of any federal, state, municipal, or other governmental department, commission, board, bureau, agency, or instrumentality,
domestic or foreign, in a manner that could reasonably be expected to have a Material Adverse Effect or could reasonably be expected
to materially and adversely affect such Person’s ability to perform its obligations under the Loan Documents to which it
is a party (including the Borrower’s ability to repay any or all of the Loans when due); and

 

(c)            (i)
there is no action, suit, proceeding or, to the best of the Borrower’s knowledge, investigation pending or, to the best of
the Borrower’s knowledge, threatened in writing against or affecting any Loan Party that questions the validity or the enforceability
of this Agreement or other the Loan Documents, and (ii) there is no action, suit, or proceeding pending against or affecting
any Loan Party pursuant to which, on the date of the making of any Loan hereunder, there is in effect a binding injunction that
could reasonably be expected to materially and adversely affect the validity or enforceability of this Agreement or the other Loan
Documents.

 

4.7          Government
Consents. Other than such as may have previously been obtained, filed, or given, as applicable, no consent, license, permit,
approval, or authorization of, exemption by, notice to, report to or registration, filing, or declaration with, any governmental
authority or agency is required in connection with the execution, delivery, and performance by the Loan Parties of the Loan Documents
to which they are a party except for recordings and filings in connection with the Liens granted to the Collateral Agent under
the Collateral Documents.

 

4.8          Title
to Assets; Liens. Except for Permitted Liens, all of the Assets of the Loan Parties are free from all Liens of any nature whatsoever.
Except for Permitted Liens, the Loan Parties have good and sufficient title to all of their respective Assets reflected in their
books and records as being owned by them or their nominee. Neither this Agreement, nor any of the other Loan Documents, nor any
transaction contemplated under any such agreement will affect any right, title, or interest of any Loan Party in and to any of
the Assets of any Loan Party in a manner that could reasonably be expected to have a Material Adverse Effect. No Loan Party owns
any Real Estate in fee as of the Restatement Effective Date.

 

4.9          Payment
of Taxes. All tax returns and reports of the Loan Parties (and all taxpayers with which any Loan Party is or has been consolidated
or combined) required to be filed by it has been timely filed (inclusive of any permitted extensions), and all taxes, assessments,
fees, amounts required to be withheld and paid to a Governmental Authority and all other governmental charges upon the Loan Parties,
and upon their Assets, income, and franchises, that are due and payable have been paid, except to the extent that: (a) the
failure to file such returns or reports, or pay such taxes, assessments, fees, or other governmental charges, as applicable, could
not reasonably be expected to have a Material Adverse Effect or (b) other than with respect to taxes, assessments, charges
or claims which have become a federal tax Lien upon any of any Loan Party’s Assets, such tax, assessment, charge, or claim
is being contested, in good faith, by appropriate proceedings promptly instituted and diligently conducted, and an adequate reserve
or other appropriate provision, if any, shall have been made as required in order to be in conformity with GAAP. The Borrower does
not know of any proposed, asserted, or assessed tax deficiency against it or any Guarantor that, if such deficiency existed and
had to be rectified, could reasonably be expected to have a Material Adverse Effect.

 

    	 	42	 

     

    

 

4.10       Governmental
Regulation.

 

(a)            Neither
the Borrower nor any of its Subsidiaries is, nor immediately after the application by the Borrower of the proceeds of the Loans
will any of them be, an “investment company” under the Investment Company Act of 1940, as amended. Each Fifth Street
Fund that is required to be registered as an “investment company” or “business development company” under
the Investment Company Act of 1940, as amended, is so registered.

 

(b)            The
Borrower and each of its Subsidiaries and their respective members, partners, officers, directors and other employees (in their
capacity as employees), to the extent required under applicable law, are duly registered as an investment adviser or an investment
adviser representative, as applicable, under the Investment Advisers Act of 1940, as amended or other applicable law (and has been
so registered at all times when such registration has been required by applicable law with respect to the services provided for
the Borrower’s Subsidiaries and for the Fifth Street Funds). Other than the Borrower, its Subsidiaries, their respective
members, partners, officers, directors and employees, and other Persons in connection with subadvisory arrangements, there are
no other Persons who act in the capacity as an investment adviser (as such term is defined in the Investment Advisers Act of 1940,
as amended) or an associated person of an investment adviser, in each case with respect to any of the Fifth Street Funds.

 

(c)            The
Borrower, each of its Subsidiaries, and each of their respective members, partners, officers, directors and other employees (in
their capacity as employees), as the case may be, to the extent required under applicable law, is duly registered, licensed or
qualified as a broker-dealer, broker-dealer representative, a registered representative, or agent in any State of the United States
or with the SEC, and is a member in good standing of FINRA or any other self-regulatory organization as may be required by applicable
law (and has been so registered, licensed, qualified or a member at all times when such registration, license, qualification or
membership has been required by applicable law with respect to the services provided for the Borrower’s Subsidiaries and
for the Fifth Street Funds).

 

(d)            No
Loan Party is subject to regulation under the Federal Power Act or any federal, state, or local law, rule, or regulation generally
limiting its ability to incur Debt.

 

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

 

4.11        Disclosure.
(a) All written information furnished to either Agent or any Lender and all other information presented to either Agent or any
Lender in due diligence sessions, in each case, by the Borrower or any of its representatives (other than projections (if any))
is, when taken as a whole, complete and correct in all material respects and does not, when taken as a whole, contain any untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements contained herein or therein
not misleading in light of the circumstances under which such statements were made and (b) any projections made available to either
Agent or any Lender by the Borrower or any of its representatives have been prepared in good faith based upon assumptions believed
by the Borrower to be reasonable at the time furnished (it being understood that such projections are not to be viewed as facts
and are subject to significant uncertainties and contingencies, any of which are beyond the Borrower’s control, and that
no assurance can be given that any particular projection will be realized, that actual results may differ from projected results
and that such differences may be material). The Borrower has disclosed to the Agents and the Lenders all agreements, instruments
and corporate or other restrictions to which it or any of its Subsidiaries is subject, and all other matters known to it, that,
individually or in the aggregate, could be reasonably be expected to result in a Material Adverse Effect.

 

    	 	43	 

     

    

 

4.12        Debt.
Neither any Loan Party nor any of their respective Subsidiaries has any Debt outstanding other than Debt permitted by Section 6.1.

 

4.13        Existing
Defaults. No Loan Party is in default in the performance, observance or fulfillment of any of the obligations, contained in
any Contractual Obligation applicable to it, and no condition exists which, with or without the giving of notice or the lapse of
time, would constitute a default under such Contractual Obligation, except, in any such case, where the consequences, direct or
indirect, of such default or defaults, if any, could not reasonably be expected to have a Material Adverse Effect on the Loan Parties,
taken as a whole.

 

4.14        Financial
Condition; No Default; No Material Adverse Effect.

 

(a)             As
of the Restatement Effective Date, the Borrower has delivered to the Lenders (i) the audited consolidated balance sheets and related
statements of income, stockholders’ equity and cash flows of Holdings and its subsidiaries for the fiscal year ended December
31, 2016 and (ii) the unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash
flows of Holdings and its subsidiaries for March 31, 2017 (and the corresponding period(s) of the prior fiscal year), in each case,
together with reconciliations of each of the foregoing with respect to the Borrower and its Subsidiaries (and excluding Holdings)
for each such fiscal period. Such financial statements present fairly, in all material respects, the consolidated financial position
and results of operations and cash flows of the Borrower and its Subsidiaries as of such dates and for such periods in accordance
with GAAP, subject to year-end audit adjustments and the absence of footnotes. None of the Borrower or any of its Subsidiaries
has any material contingent liabilities, liabilities for taxes, unusual forward or long-term commitments or unrealized or anticipated
losses from any unfavorable commitments not reflected in the financial statements referred to above.

 

(b)             No
Event of Default or Unmatured Event of Default has occurred and is continuing or would result from any proposed Loan.

 

(c)             Since
December 31, 2016, no event or development has occurred which could reasonably be expected to result in a Material Adverse Effect.

 

4.15        Immaterial
Subsidiaries. Each of the Persons that the Borrower has identified as an Immaterial Subsidiary constitutes an Immaterial Subsidiary,
unless such Person has been joined to the relevant Loan Documents in accordance with Section 5.7.

 

4.16        [Intentionally
Omitted].

 

4.17        Governing
Documents of the Guarantors. As of the Restatement Effective Date, true, correct and complete copies of each Loan Party’s
Governing Documents have been provided to the Agents and each Lender.

 

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4.18        Anti-Corruption
Laws and Sanctions.

 

(a)             Neither
the Borrower nor any of its Subsidiaries nor any director, officer, or employee thereof, nor, to the Borrower’s or any Subsidiary’s
knowledge, any, agent, Affiliate or representative  of the Borrower or such Subsidiary, (i) is a Person that is, or is owned
or controlled by a Person that is the subject of any Sanctions nor (ii) located, organized or resident in a country or territory
that is the subject of Sanctions (including, without limitation, Cuba, Iran, North Korea, Sudan and Syria).

 

(b)             Neither
the Borrower nor any of its Subsidiaries or Affiliates, nor any director, officer, or employee, nor, to the Borrower’s knowledge,
any agent or representative of the Borrower or of any of its Subsidiaries or Affiliates, has taken or will take any action in furtherance
of an offer, payment, promise to pay, or authorization or approval of the payment or giving of money, property, gifts or anything
else of value, directly or indirectly, to any “government official” (including any officer or employee of a government
or government-owned or controlled entity or of a public international organization, or any person acting in an official capacity
for or on behalf of any of the foregoing, or any political party or party official or candidate for political office) to influence
official action or secure an improper advantage; and the Borrower and its Subsidiaries and Affiliates have conducted their businesses
in compliance with Anti-Corruption Laws and have instituted and maintain and will continue to maintain policies and procedures
designed to promote and achieve compliance with such laws and with the representation and warranty contained herein. No Loan, use
of proceeds or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions.

 

(c)             The
operations of the Borrower and its Subsidiaries are and have been conducted at all times in material compliance with all applicable
financial recordkeeping and reporting requirements of Anti-Money Laundering Laws, and no action, suit or proceeding by or before
any Governmental Authority or any arbitrator involving the Borrower or any of its Subsidiaries with respect to Anti-Money Laundering
Laws is pending or, to the best knowledge of the Borrower, threatened.

 

4.19        Labor
Matters. There are no strikes, work stoppages, election or decertification petitions or proceedings, unfair labor charges,
equal employment opportunity proceedings, wage payment or material unemployment compensation proceedings, material workers’
compensation proceedings or other material labor/employee related controversies pending or, to the knowledge of the Responsible
Officers of the Borrower, threatened between the Borrower or any of its Subsidiaries and any of their respective employees, other
than employee grievances and other proceedings which could not in the aggregate reasonably be expected to have a Material Adverse
Effect.

 

4.20        Solvency.
The Borrower is, and the Borrower and its consolidated Subsidiaries are, on a Stand Alone Basis, Solvent.

 

4.21        Security
Interest in Collateral. The Collateral Documents create legal, valid and enforceable Liens on all of the Collateral in favor
of the Collateral Agent, for the benefit of itself and the other Secured Parties, and such Liens constitute perfected Liens (with
the priority that such Liens are expressed to have under the relevant Collateral Documents, unless otherwise permitted hereunder
or under any Collateral Document) on the Collateral (to the extent such Liens are required to be perfected under the terms of the
Loan Documents) securing the Obligations, in each case as and to the extent set forth therein.

 

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

 

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ARTICLE
V
 

AFFIRMATIVE
COVENANTS OF BORROWER

 

The Borrower covenants and
agrees that, until payment, in full, of the Loans, with interest accrued and unpaid thereon, all other Obligations and all other
amounts due hereunder (the “Termination Date”), the Borrower will do, and (except in the case of the covenants
set forth in Sections 5.2(a), (b), (c), (d) and (e), which covenants shall be performed
by the Borrower) will cause each of its Subsidiaries and the other Loan Parties to do, each and all of the following:

 

5.1          Accounting
Records and Inspection. Maintain adequate financial and accounting books and records in accordance with sound business practices
and, to the extent so required, GAAP consistently applied, and permit any representative of the Administrative Agent (and after
the occurrence and during the continuance of an Event of Default, a representative of each Lender) upon reasonable notice to the
Borrower, at any time during usual business hours, to inspect, audit, and examine such books and records and to make copies and
take extracts therefrom, and to discuss its affairs, financing, and accounts with the Borrower’s or the applicable Subsidiary’s
officers and independent public accountants; provided, that the Borrower shall only be obligated to reimburse the Administrative
Agent for the reasonable documented, out-of-pocket expenses for one such inspection, audit or examination performed by such representative
per calendar year absent the occurrence and continuance of an Event of Default. Subject to Section 9.11, the Borrower
shall furnish the Administrative Agent with any information reasonably requested by the Administrative Agent regarding the Borrower’s
or its Subsidiaries’ business or finances promptly upon request.

 

5.2          Financial
Statements and Other Information.

 

Furnish to the Administrative
Agent (and, with respect to subsections (f), (h), (i), (j), (l) and (o) to the Collateral Agent):

 

(a)             Within
90 days after the end of each fiscal year of Holdings, (i) an annual report containing a consolidated statement of assets, liabilities,
and capital as of the end of such fiscal year, and consolidated statements of operations and cash flows for Holdings for the year
then ended (“Annual Financial Statements”), prepared in accordance with accounting principles generally accepted
in the United States, which shall be accompanied by a report and an unqualified opinion under generally accepted auditing standards
of PricewaterhouseCoopers LLP or other independent certified public accountants of recognized national standing selected by Holdings
and reasonably satisfactory to the Administrative Agent (which opinion shall be without (1) a “going concern”
or like qualification or exception, (2) any qualification or exception as to the scope of such audit, or (3) any qualification
which relates to the treatment or classification of any item and which, as a condition to the removal of such qualification, would
require an adjustment to such item, the effect of which would be to cause any noncompliance with the provisions of Section 6.12),
together with a written statement of such accountants to the effect that, such consolidated financial statements present fairly
in all material respects the financial condition and results of operations of Holdings and its consolidated subsidiaries in accordance
with GAAP consistently applied; provided that, so long as Holdings is subject to the reporting requirements of the
Exchange Act, the filing of Holdings’ report on Form 10-K for such fiscal year shall satisfy the requirements of this clause
(i), so long as such Form 10-K is concurrently furnished (which may be by a link to a website containing such document sent by
automated electronic notification) to the Administrative Agent upon filing thereof, and (ii) a reconciliation (that may be part
of the financial statements) prepared by a Financial Officer of the Borrower or its general partner and indicating the differences
between (x) the statement of financial condition and statement of operations referred to in clause (i) above and (y) the unaudited
statement of financial condition and statement of operations of the Borrower and its consolidated Subsidiaries on a Stand Alone
Basis in respect of such year.

 

    	 	46	 

     

    

 

(b)             Within
45 days after the end of each of the first three quarters of each fiscal year of Holdings (or, in the case of the fiscal quarter
ended September 30, 2014, by December 15, 2014), (i) a financial report containing a consolidated statement of assets, liabilities,
and capital, consolidated statements of operations and cash flows for Holdings for the period then ended (“Quarterly Financial
Statements”); provided that, so long as Holdings is subject to the reporting requirements of the Exchange
Act, the filing of Holdings report on Form 10-Q for such fiscal quarter shall satisfy the requirements of this clause (i), so long
as such Form 10-Q is concurrently furnished (which may be by a link to a website containing such document sent by automated electronic
notification) to the Administrative Agent upon filing thereof, and, (ii) a reconciliation (that may be part of the financial statements)
prepared by a Financial Officer of the Borrower or its general partner and indicating the differences between (x) the statement
of financial condition and statement of operations referred to in clause (i) above and (y) the unaudited statement of financial
condition and statement of operations of the Borrower and its consolidated Subsidiaries on a Stand Alone Basis in respect of such
year.

 

(c)             Promptly
upon the filing thereof, all material documents filed by Holdings with the SEC (which may be by a link to a website containing
such document sent by automated electronic notification);

 

(d)             Substantially
concurrent with the delivery of the financial reports described above in clauses (a) and (b) of this Section 5.2,
a Compliance Certificate duly executed by the chief financial officer of the Borrower (1) stating that (i) he or she
has individually reviewed the provisions of this Agreement and the other Loan Documents, (ii) the financial statements contained
in such report have been prepared in accordance with GAAP consistently applied (except in the case of reports required to be delivered
pursuant to clause (b) above, for the lack of footnotes and being subject to year-end audit adjustments) and fairly present
in all material respects the financial condition and results of operations of the Borrower and its Subsidiaries, (iii) consistent
with past practice, a review of the activities of the Borrower and its Subsidiaries during such year or quarterly period, as the
case may be, has been made by or under such individual’s supervision, with a view to determining whether the Loan Parties
have fulfilled all of their respective obligations under this Agreement, and the other Loan Documents, and (iv) no Loan Party
is in default in the observance or performance of any of the provisions hereof or thereof, or if any Loan Party shall be so in
default, specifying all such defaults and events of which such individual may have knowledge, (2) attaching a schedule thereto
that sets forth, on a Fifth Street Fund by Fifth Street Fund basis, the Assets Under Management for such Fifth Street Fund, (3) attaching
a schedule thereto that sets forth a listing of each Fifth Street Fund that has closed during the period covered by this Compliance
Certificate to the extent not previously disclosed, (4) solely to the extent that agreements executed in connection with the
closing of any Fifth Street Fund noted in the preceding clause (3) provide for the deferral of the payment of Management Fees,
attaching a schedule thereto that sets forth on a one-time basis for any such Fifth Street Fund, a listing of the portion of the
Management Fees that have been so agreed to be so deferred, and (5) attaching a schedule thereto that sets forth a calculation
of Adjusted EBITDA for the most recent four quarter period, including reasonable detail of each component of Adjusted EBITDA as
set forth in the definition thereof;

 

(e)              if
not otherwise provided pursuant to clause (a) or (b), above, as applicable, then, substantially contemporaneously with each
year-end financial report required by clause (a) of this Section 5.2, a certificate of the chief financial officer
of the Borrower separately identifying and describing all material Contingent Obligations of the Loan Parties;

 

    	 	47	 

     

    

 

(f)             notice,
as soon as possible and, in any event, within 5 days after the Borrower has knowledge, of: (i) the occurrence of any
Event of Default or any Unmatured Event of Default; or (ii) any default or event of default as defined in any evidence of
Debt in an aggregate principal amount equal to or greater than $15,000,000 of the Borrower or any Subsidiary or under any material
agreement, indenture, or other instrument under which such Debt has been issued, to the extent such Debt may be accelerated under
the terms thereof. In any such event, the Borrower also shall supply the Administrative Agent and the Collateral Agent with a statement
from a Responsible Officer of the Borrower, setting forth the details thereof and the action that the Borrower or such Subsidiary
proposes to take with respect thereto; provided, that the Borrower or such Subsidiary shall not be required to provide any
information that reasonably would be expected to result in a waiver of any attorney-client privilege of the Borrower or such Subsidiary;

 

(g)             as
soon as practicable, any written report pertaining to material items in respect of the Borrower’s internal control matters
submitted to the Borrower by its independent accountants in connection with each annual audit of the financial condition of the
Borrower;

 

(h)             as
soon as practicable, written notice of any condition or event which has resulted or could reasonably be expected to result in:
(i) a Material Adverse Effect; or (ii) a breach of, or noncompliance with, any term, condition, or covenant of any Contractual
Obligation of any Loan Party that would result in an Event of Default hereunder;

 

(i)             promptly
upon becoming aware of any Person’s seeking to obtain or threatening to seek to obtain a decree or order for relief with
respect to any Loan Party in an involuntary case under any applicable bankruptcy, insolvency, or other similar law now or hereafter
in effect, a written notice thereof specifying what action the Borrower is taking or proposes to take with respect thereto;

 

(j)             promptly,
copies of all amendments to the Governing Documents of any Loan Party except for (i) immaterial amendments or waivers permitted
by such Governing Documents not requiring the consent of the holders of the Securities in the applicable Loan Party or Subsidiary,
or (ii) amendments or waivers which would not, either individually or collectively, be materially adverse to the interests
of the Lender Group;

 

(k)             promptly,
but in any event within 10 days after the Borrower has knowledge of, the occurrence of any ERISA Event that, alone or together
with any other ERISA Events that have occurred could result in Material Adverse Effect, including a written statement of a Responsible
Officer describing such ERISA Event and the action, if any, which is proposed to be taken with respect to such ERISA Event and
a copy of any notice filed with the Governmental Authority pertaining to such ERISA Event;

 

(l)             prompt
notice of:

 

(i)          all
legal or arbitral proceedings, and all proceedings by or before any governmental or regulatory authority or agency, against or,
to the knowledge of the Borrower, threatened in writing against or affecting any Loan Party which, if adversely determined, could
reasonably be expected to have a Material Adverse Effect, or on the timely payment of the principal of or interest on the Loans,
or the enforceability of this Agreement or the other Loan Documents, or the rights and remedies of the Lender Group hereunder or
thereunder, as applicable; and

 

    	 	48	 

     

    

 

(ii)         the
issuance by any United States federal or state court or any United States federal or state regulatory authority of any injunction,
order, or other restraint prohibiting, or having the effect of prohibiting or delaying, the making of the Loans, or the institution
of any litigation or similar proceeding seeking any such injunction, order, or other restraint, in each case, of which the Borrower
or any of its Subsidiaries has knowledge;

 

(m)             reasonably
promptly, such other information and data (other than monthly financial statements) with respect to the Loan Parties, as from time
to time may be reasonably requested by either Agent or any Lender;

 

(n)             as
soon as available and in any event no later than 90 days after the beginning of each fiscal year (starting with fiscal year 2017),
financial projections, prepared by management of Holdings, on an annual basis for such fiscal year, in substantially similar detail
to the projections delivered pursuant to Section 3(e) of Amendment No. 1; and

 

(o)             promptly,
a copy of any amendment to this Agreement.

 

5.3          Existence.
Except as expressly permitted by Section 6.5, preserve and keep in full force and effect, at all times, its existence unless
(i) such Subsidiary does not have assets or other property with a fair market value as of such date that exceeds $1,000,000
in the aggregate or is an Excluded Subsidiary or (ii) such Subsidiary is wound up or dissolved as a result of the Fifth Street
Fund applicable to such Subsidiary being wound up or dissolved.

 

5.4          Payment
of Taxes and Claims. Pay all material taxes, assessments, and other governmental charges imposed upon it or any of its Assets
or in respect of any of its businesses, incomes, or Assets before any penalty or interest accrues thereon, and all claims (including
claims for labor, services, materials, and supplies) for sums which have become due and payable and which by law have or may become
a Lien upon any of its Assets, prior to the time when any penalty or fine shall be incurred with respect thereto; provided,
however, that, unless such taxes, assessments, charges, or claims have become a federal tax Lien on any of any Loan Party’s
Assets, no such tax, assessment, charge, or claim need be paid if the same is being contested, in good faith, by appropriate proceedings
promptly instituted and diligently conducted and if an adequate reserve or other appropriate provision, if any, shall have been
made there for as required in order to be in conformity with GAAP.

 

5.5          Compliance
with Laws. Comply with all laws, regulations and orders of any Governmental Authority applicable to it or its property and
all indentures, agreements and other instruments binding upon it or its property, except, in each case, where the failure to do
so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The Borrower will
maintain in effect and enforce policies and procedures reasonably designed to ensure compliance in all material respects by the
Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws, Anti-Money
Laundering Laws and applicable Sanctions.

 

5.6          Further
Assurances. At any time or from time to time upon the request of the Administrative Agent or the Collateral Agent, the Borrower
shall, and shall cause each other Loan Party to, execute and deliver such further documents and do such other acts and things as
the Administrative Agent or Collateral Agent, as applicable, may reasonably request in order to effect fully the purposes of this
Agreement or the other Loan Documents and to provide for payment of the Loans made hereunder, with interest thereon, in accordance
with the terms of this Agreement.

 

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5.7          Additional
Loan Parties and Covenant to Provide Security. (a) Within 5 Business Days after a Material Operating Group Entity is formed
or acquired or such person becomes a Material Operating Group Entity, as applicable, notify the Administrative Agent of such occurrence,
and, within 30 days following such notification, cause such Material Operating Group Entity to (i) become a Loan Party by delivering
to the Administrative Agent a Loan Party Joinder Agreement (together with Annex 1 to the Intercompany Subordination Agreement)
executed by such new Loan Party, (ii) deliver to the Administrative Agent a certificate of such Material Operating Group Entity,
substantially in the form of the certificates delivered pursuant to Section 3.1(d) through (f) on the Restatement
Effective Date, with appropriate insertions and attachments, (iii) deliver a joinder to the Security Agreement in form and substance
reasonable acceptable to the Administrative Agent and comply with the requirements of the Security Agreement to grant the Collateral
Agent a perfected security interest in the Assets of such Material Operating Group Entity (other than Excluded Assets); provided,
that (A) FSC CT shall not be required to execute such joinder so long as the CT Loan Documents prohibit the pledge of its assets
to secure the Obligations and (B) no CLO Management Subsidiary shall be required to execute such joinder to the extent the pledge
of the assets of such CLO Management Subsidiary to secure the Obligations is prohibited by the terms governing any applicable Permitted
Risk Retention Debt and (iii) if reasonably requested by the Administrative Agent, deliver to the Administrative Agent legal opinions
relating to the matters described above, which opinions shall be in form and substance, and from Proskauer Rose LLP or other counsel,
reasonably satisfactory to the Administrative Agent; provided, that in the case of any Material Operating Group Entity that is
an Immaterial Subsidiary, such Immaterial Subsidiary shall not be required to comply with this Section 5.7(a) so long as
the aggregate Management Fees paid or payable directly to the Loan Parties during the four fiscal quarter period preceding such
date equals or exceeds 95% of the aggregate Management Fees paid or payable to the Borrower and its Subsidiaries during such period.
For purposes of the foregoing proviso, Management Fees payable to any Subsidiary that are earned from a closed-end Fifth Street
Fund (or from any other Fee Generating Entity that is subject to a remaining lock-up period of at least two years) that was acquired
or formed during such period shall be included in such calculation on a pro-forma basis for such period. Any document, agreement,
or instrument executed or issued pursuant to this Section 5.7 shall be a Loan Document.

 

(b)             If
a Material Operating Group Entity that was previously an Immaterial Subsidiary ceases to be an Immaterial Subsidiary (or is required
to become a Loan Party pursuant to Section 5.7(a)), the Borrower shall be required to comply with Section 5.7(a)
with respect to such Subsidiary on or before the date that is 30 days (or, in the case of any Immaterial Subsidiary that has ceased
to be an Immaterial Subsidiary because it no longer delegates its right to receive Management Fees to the manager of a Fifth Street
Fund, 20 days) after the end of the applicable fiscal quarter (as contemplated by the definition of Immaterial Subsidiary) when
such Subsidiary ceased to be an Immaterial Subsidiary.

 

(c)             Notwithstanding
the foregoing, if such new Material Operating Group Entity is a Foreign Subsidiary (which, for purposes of this Section 5.7(c)
shall include any Subsidiary (a) all or substantially all of the assets of which are equity interests (or equity and debt interests)
in a Foreign Subsidiary or (b) that is a disregarded entity or partnership for United States federal income tax purposes and holds
the equity interests of one or more Foreign Subsidiaries), then the Loan Parties shall not be required to comply with Section
5.7(a) if (i) compliance would result in any material adverse tax consequence to the Loan Parties or Holdings, or (ii) would
cause any Loan Party to have material inclusions in income under Section 956 of the Code.

 

5.8          Obligation
to Upstream Management Fees and Incentive Fees.

 

(a)            the
Borrower shall ensure that each Subsidiary (other than any Foreign Subsidiary, except as provided in clause (b)) that is not a
Loan Party:

 

(i)          promptly,
and in any event within 7 Business Days of receipt thereof, distributes to a Loan Party all cash Management Fees received by such
Subsidiary; and

 

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(ii)         promptly,
and in any event within 12 Business Days of receipt thereof, distributes to a Loan Party all cash Incentive Fees received by such
Subsidiary.

 

(b)            the
Borrower shall ensure that any amounts included in the calculation of Adjusted EBITDA and attributable to any Foreign Subsidiary
shall be distributed to a Loan Party in accordance with Sections 5.8(a)(i) and 5.8(a)(ii).

 

5.9          Foreign
Qualification. Each of the Borrower and the Guarantors shall duly qualify to conduct business in all jurisdictions where its
failure to do so could reasonably be expected to have a Material Adverse Effect.

 

5.10        Maintenance
of Properties. The Borrower shall, and shall cause each of its Subsidiaries to, (a) maintain, preserve and protect all
of its properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and
tear excepted and except in connection with transactions permitted by Section 6.6 except where the failure to do so
could not reasonably be expected to have a Material Adverse Effect; and (b) make all necessary repairs thereto and renewals
and replacements thereof, in each case except where the failure to do so could not reasonably be expected to have a Material Adverse
Effect. No Loan Party will acquire or otherwise possess any fee simple interest in Real Estate.

 

5.11        Maintenance
of Insurance. The Borrower shall, and shall cause each of its Subsidiaries to, maintain with financially sound and reputable
insurance companies which are not Affiliates of the Borrower insurance with respect to its properties and business against loss
or damage of the kinds customarily insured against by Persons engaged in the same or similar business, of such types and in such
amounts as are customarily carried under similar circumstances by such other Persons. Subject to Section 5.13, each such
policy of insurance shall (i) in the case of each liability policy, name each Agent on behalf of the Secured Parties as an additional
insured thereunder as its interests may appear and (ii) in the case of each casualty insurance policy contain a lender loss payable
clause or endorsement that names the Collateral Agent, on behalf of the Secured Parties, as the lender loss payee thereunder and,
in each case, the Borrower shall use commercially reasonable efforts to have such insurance policy, provide for at least thirty
days’ prior written notice to the Agents of any cancellation of such policy (or such shorter number of days as may be agreed
to by the Administrative Agent).

 

5.12        Lender
Calls. At least once in every fifteen Business Day period after the Restatement Effective Date, the Borrower shall host a conference
call with the Lenders at a time selected by the Borrower during normal business hours (and the Borrower shall directly provide
the Lenders with reasonable advance notice via email of the date, time and dial-in information of such call) to review the status
of (x) any non-ordinary course Asset sales (including of Holdings or any Subsidiary thereof) and (y) any investigation by a Governmental
Authority or material ongoing litigation.

 

5.13        Post-Closing
Covenant. The Borrower and each Loan Party will satisfy its respective obligations described on Schedule 5.13, in each
case, within the time periods set forth therein with respect to the relevant obligation (or such longer period as the Administrative
Agent may agree in its sole discretion).

 

    	 	51	 

     

    

 

ARTICLE
VI

NEGATIVE COVENANTS OF BORROWER

 

The Borrower covenants and
agrees that, until the Termination Date, the Borrower will not do, and will not permit any Loan Party, or permit any Subsidiary
of any Loan Party, to do any of the following:

 

6.1           Debt.
Create, incur, assume, permit, guarantee, or otherwise become or remain, directly or indirectly, liable with respect to any Debt,
except:

 

(a)          the
Obligations evidenced by this Agreement and the other Loan Documents;

 

(b)          [intentionally
omitted];

 

(c)          Contingent
Obligations resulting from the endorsement of instruments for collection in the ordinary course of business;

 

(d)          Debt
of (i) any Subsidiary to the Borrower or to any Guarantor, (ii) the Borrower or any Guarantor to any other the Borrower or any
Guarantor, or (iii) any Subsidiary that is not a Loan Party to any other Subsidiary that is not a Loan Party;

 

(e)          Debt
which may be deemed to exist pursuant to any performance bonds, surety bonds, statutory bonds, appeal bonds or similar obligations
incurred in the ordinary course of business;

 

(f)          Debt
in respect of netting services, overdraft protections and otherwise in connection with deposit accounts incurred in the ordinary
course of business;

 

(g)          guaranties
in the ordinary course of business of the obligations of suppliers, customers, franchisees and licensees of Loan Parties and their
Subsidiaries;

 

(h)          Debt
of a Loan Party or any of its Subsidiaries under any Hedging Agreement so long as such Hedging Agreements are used solely as a
part of its normal business operations as a risk management strategy or hedge against changes resulting from market operations
and not as a means to speculate for investment purposes on trends and shifts in financial or commodities markets;

 

(i)          Debt
incurred in the ordinary course of business under incentive, non-compete, consulting, deferred compensation, or other similar arrangements
incurred by any Loan Party;

 

(j)          Debt
incurred in the ordinary course of business with respect to the financing of insurance premiums;

 

(k)          Debt
in respect of taxes, assessments or governmental charges to the extent that payment thereof shall not at the time be required to
be made hereunder; and

 

(l)          [intentionally
omitted];

 

(m)        guaranties
by Loan Parties or other Subsidiaries in respect of real estate lease obligations incurred in the ordinary course of business;

 

    	 	52	 

     

    

 

(n)          Debt
existing, or pursuant to commitments existing, on the Restatement Effective Date and set forth on Schedule 6.1;

 

(o)          Purchase
Money Debt; and

 

(p)          Permitted
Risk Retention Debt;

 

provided that in no event shall the
Borrower or any of its Subsidiaries be liable for any Debt of any Fifth Street Fund (which shall not include obligations to contribute
cash, Assets or Investments to any Fifth Street Fund to the extent not prohibited by Section 6.3, 6.5 or 6.6
or obligations in respect of letters of credit to the extent such obligations are otherwise permitted to be incurred under this
Section 6.1).

 

6.2           Liens.
Create, incur, assume, or permit to exist, directly or indirectly, any Lien on or with respect to any of its Assets, of any kind,
whether now owned or hereafter acquired, or any income or profits therefrom, except Permitted Liens.

 

6.3           Investments.
Make or own, directly or indirectly, any Investment in any Person, except Permitted Investments; provided that no Investments
shall be permitted to be incurred (other than any Permitted Investments in or to a Loan Party) so long as an Event of Default under
Sections 7.1(a), 7.1(b)(i) (solely with respect to a breach of Section 6.12), 7.1(d), 7.1(e),
7.1(f), 7.1(g) or 7.1(o) has occurred and is continuing.

 

6.4           Dividends.
The Borrower shall not make or declare, directly or indirectly, any dividend (in cash, return of capital, or any other form of
Assets) on, or make any other payment or distribution on account of, or set aside Assets for a sinking or other similar fund for
the purchase, redemption, or retirement of, or redeem, purchase, retire, or otherwise acquire any interest of any class of equity
interests in the Borrower, whether now or hereafter outstanding, or grant or issue any warrant, right, or option pertaining thereto,
or other security convertible into any of the foregoing, or make any other distribution in respect thereof, either directly or
indirectly, whether in cash or Assets or in obligations (collectively, a “Distribution”), except for (w) irrespective
of whether an Event of Default or an Unmatured Event of Default has occurred and is continuing or would result therefrom, any Distributions
by any Loan Party or any Subsidiary to any other Loan Party, including any distribution required by Section 5.8, (x) irrespective
of whether an Event of Default or an Unmatured Event of Default has occurred and is continuing or would result therefrom, to make
any Permitted Tax Distribution; provided, the aggregate amount of Permitted Tax Distributions in any fiscal quarter of the
Borrower shall not exceed the lesser of $3,000,000 and the amount of applicable taxes actually due and payable for which the relevant
Permitted Tax Distribution is to be made during such fiscal quarter; provided further, that (I) the limitation in
the preceding proviso shall not apply to any Permitted Tax Distribution made as a result of any sale, assignment, transfer, conveyance,
or other disposition outside the ordinary course of business, including, for the avoidance of doubt, the CLO Business Sale and
(II) the Permitted Tax Distribution as a result of the CLO Business Sale shall not exceed $2,400,000 and (y) irrespective
of whether an Event of Default or an Unmatured Event of Default has occurred and is continuing or would result therefrom, Distributions
by an Excluded Subsidiary or a Co-Invest Entity, as applicable, that are otherwise made in respect of the “carried interest”
in the applicable Fifth Street Funds, or any “carried interest” or other “partnership related distributions”
(which shall not include Management Fees) of an Excluded Subsidiary in the applicable Fifth Street Funds.

 

6.5           Restriction
on Fundamental Changes. Change its name, change the nature of its business, enter into any merger, consolidation, reorganization,
or recapitalization, or reclassify its partnership interests (whether limited or general) or membership interests, as applicable,
or convey, sell, assign, lease, transfer, or otherwise dispose of, in one transaction or a series of transactions, all or any part
of its business or Assets, whether now owned or hereafter acquired, or acquire any business or Assets from, or capital stock of,
or be a party to any acquisition of, any other Person except for purchases of inventory and other property to be sold or used in
the ordinary course of business.

 

    	 	53	 

     

    

 

Notwithstanding the foregoing
provisions of this Section:

 

(a)          a
Loan Party or any of its Subsidiaries may sell or otherwise transfer Assets in accordance with the provisions of Section 6.6
hereof;

 

(b)          a
Loan Party or any of its Subsidiaries may make Investments in accordance with the provisions of Section 6.3 hereof;

 

(c)          a
Loan Party or any of its Subsidiaries may acquire any business or Assets (other than Investments permitted under clause (b) above)
from any Person to the extent that (i) the Distribution by the Borrower of the cash, Cash Equivalents or other Assets used to fund
such acquisition would not have violated this Agreement and (ii) such acquisition would not otherwise result in an Event of Default
or an Unmatured Event of Default;

 

(d)          a
Loan Party or any of its Subsidiaries may change its name or corporate, partnership or limited liability structure so long as,
in the case of any change by a Loan Party, the Borrower provides written notice thereof to the Agents on or before the date that
is 45 days after the date when such name or structure change occurs;

 

(e)          any
Person may merge, consolidate or reorganize with and into a Loan Party or any Subsidiary, provided that (i) if such
transaction involves a Loan Party, a Loan Party is the sole surviving entity of such merger, consolidation or reorganization and
on or prior to the consummation of such merger, consolidation or reorganization, such Loan Party expressly reaffirms its Obligations,
if any, to the Lender Group under this Agreement and the other Loan Documents to which it is a party (provided, in the case of
any Loan Party other than the Borrower, such reaffirmation may be provided within 5 Business Days of the consummation of such transaction),
and (ii) the consummation of such merger, consolidation or reorganization does not result in a Change of Control Event; and

 

(f)          any
Subsidiary may liquidate, wind-up or dissolve, in each case, in the ordinary course of business, consistent with past practice
and to the extent not otherwise material to the Borrower and its Subsidiaries; provided that all of the proceeds
of such liquidation, winding up or dissolution allocable to the direct or indirect ownership in such Subsidiary of the Borrower
or any other Loan Party are distributed to the direct or indirect holder of such Subsidiary’s Securities (pro rata based
on ownership at the time of such liquidation, wind-up or dissolution) or to a Loan Party or a wholly owned Subsidiary of a Loan
Party.

 

6.6           Sale
of Assets. Sell, assign, transfer, convey, or otherwise dispose of any part of its property or business or any Asset, except
that any Loan Party or Subsidiary may dispose of any property (including any investment):

 

(a)          in
the ordinary course of business and consistent with past practices,

 

(b)          pursuant
to the CLO Business Sale so long as (i) the aggregate gross consideration thereof (including any assumption of liabilities by the
buyer in connection with the CLO Business Sale) is not less than $24,000,000, (ii) the Net Cash Proceeds thereof are applied as
required by Section 2.8(b)(ii) and (iii) the Net Cash Proceeds thereof retained by the Borrower, any Loan Party or any Subsidiary
of any Loan Party are used solely to finance Working Capital Needs,

 

    	 	54	 

     

    

 

(c)          outside
the ordinary course of business (other than CLO Business Sale or any sale, assignment, conveyance or other disposition of any Management
Agreement) so long as, if the fair market value of the Assets subject to such disposition (or series of related dispositions) exceeds
$1,000,000 (i) such disposition is for fair market value, on arm’s length terms and solely for cash consideration, (ii) at
the time of the consummation thereof no Event of Default or Unmatured Event of Default has occurred and is continuing, (iii) a
Responsible Officer of the Borrower has delivered a certificate to the Administrative Agent certifying compliance with clauses
(c)(i) and (ii) above, (iv) the Net Cash Proceeds thereof are applied as required by Section 2.8(b) and (v)
any Net Cash Proceeds thereof retained by the Borrower, any Loan Party or any Subsidiary of any Loan Party as permitted by Section
2.8(b) are used solely to finance Working Capital Needs,

 

(d)          to
the extent constituting a disposition, the Borrower may dispose of its equity interests in connection with the issuance of preferred
or common equity of the Borrower so long as (i) there is no Distribution on such equity interests prior to the Termination Date
other than Permitted Tax Distributions permitted under Section 6.4 and (ii) the Net Issuance Proceeds thereof are applied as required
by Section 2.8(b)(i),

 

(e)          pursuant
to any direct or indirect sale, assignment, conveyance or other disposition of any Management Agreement and any related assets
(including any direct or indirect sale of the equity interests of any Subsidiary party to any Management Agreement) so long as
(i) the Net Cash Proceeds of such sale, assignment, conveyance or other disposition are equal to or greater than the Obligations
outstanding at such time and (ii) the proceeds thereof are applied as required by Section 2.8(b)(iv), and

 

(f)          so
long as such disposition would not reasonably be expected to have a Material Adverse Effect, to any Person in the ordinary course
pursuant to the terms of a Benefit Plan.

 

To the extent that any Collateral
is sold, assigned, transferred, conveyed, or otherwise disposed of as expressly permitted by this Section 6.6 to any
Person other than a Loan Party, such Collateral shall be sold free and clear of the Liens created by the Loan Documents, which
Liens shall be automatically released upon the consummation of such sale, assignment transfer, conveyance or other disposition;
it being understood and agreed that the Administrative Agent and Collateral Agent, as applicable, shall be authorized to take,
and shall take, any actions reasonably requested by the Borrower in order to effect the foregoing in accordance with Article X.

 

6.7           Transactions
with Shareholders and Affiliates. Enter into or permit to exist, directly or indirectly, any transaction (including the purchase,
sale, lease, or exchange of any Asset or the rendering of any service) with any holder of 5% or more of any class of equity interests
of the Borrower or any of its Subsidiaries or Affiliates, or with any Affiliate of the Borrower or of any such holder, in each
case other than a Loan Party, on terms taken as a whole that are less favorable to the Borrower than those terms that might be
obtained at the time from Persons who are not such a holder, Subsidiary, or Affiliate, or if such transaction is not one in which
terms could be obtained from such other Person on terms that are not negotiated in good faith on an arm’s length basis, and
prior to the Borrower or any of its Subsidiaries engaging in any such transaction described in this Section 6.7, other
than transactions in de minimis amounts, the Borrower shall determine that such transaction has been negotiated in
good faith and on an arm’s length basis; provided, however, that the foregoing shall not prohibit (a) Debt
permitted under Section 6.1, (b) Permitted Investments, (c) the execution, delivery and performance of the
agreements evidencing the obligation to pay the Management Fees, (d) transactions contemplated by the agreements set forth on Schedule
6.7 effected in connection with the IPO, (e) transactions in the ordinary course pursuant to the terms of a Benefit Plan, (f)
any investment in a Co-Invest Entity or (g) transactions involving the use, transfer, or other disposition of any Assets,
to the extent that (i) the Distribution by the Borrower of such Assets would not have violated this Agreement and (ii) such
use, transfer, or other disposition would not otherwise result in an Event of Default or an Unmatured Event of Default.

 

    	 	55	 

     

    

 

6.8           Conduct
of Business. Engage in any line of business other than those lines of business carried on by the Borrower and its Subsidiaries
on the Closing Date, or any businesses or activities substantially similar or related thereto.

 

6.9           Amendments
or Waivers of Certain Documents; Actions Requiring the Consent of the Administrative Agent. Without the prior written consent
of the Administrative Agent, which consent shall not unreasonably be withheld or delayed, agree to any amendment to or waiver of
the terms or provisions of its Governing Documents except for: (i) immaterial amendments or waivers permitted by such Governing
Documents not requiring the consent of the holders of the Securities in the applicable Loan Party or Subsidiary, or (ii) amendments
or waivers which would not, either individually or collectively, be materially adverse to the interests of the Lender Group.

 

6.10         Use
of Proceeds. Use the proceeds of the Loans issued hereunder for any purpose inconsistent with Section 4.10. The Borrower
will not request any Loan, and the Borrower shall not, directly or indirectly, use, and shall procure that its Subsidiaries and
its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan (i) in furtherance of
an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person
in violation of any Anti-Corruption Laws, (ii) (A) to fund or facilitate any activities or business of or with any Person or in
any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or (B) in any other manner
that will result in a violation of Sanctions by any Person.

 

6.11         Margin
Regulations. Use any portion of the proceeds of any of the Loans in any manner which could reasonably be expected to cause
the Loans, the application of such proceeds, or the transactions contemplated by this Agreement to violate Regulations T, U or
X of the Federal Reserve Board, or any other regulation of such board, or to violate the Exchange Act, or to violate the Investment
Company Act of 1940.

 

6.12         Financial
Covenants.

 

(a)          Management
Fees. During any twelve month period, commencing with the twelve month period ending December 31, 2014, waive, or permit any
of the Borrower’s Subsidiaries to waive, any payment of Management Fees by any Fifth Street Fund, or permit, or permit any
of the Borrower’s Subsidiaries to permit, any Fifth Street Fund to defer payment of such Management Fees or otherwise fail
to pay such Management Fees in cash as a result of a Triggering Event with respect to the applicable Fifth Street Fund (or amend
or otherwise modify any agreement evidencing any obligation by any Fifth Street Fund to pay Management Fees as a result of a Triggering
Event with respect to the applicable Fifth Street Fund, to the extent that any such amendment or modification, together with any
such deferral, waiver or failure to pay Management Fees in cash described above, would result in a failure to pay in cash) Management
Fees (when aggregated with (but without duplication of) the Management Fees which are deferred, waived or otherwise not paid in
cash as described in Section 7.1(o)) equal to 10% or more of all of the Management Fees (taken as a whole) that, as required
to be reported under GAAP, otherwise would have been due and payable to any Loan Party during such twelve month period.

 

(b)          Debt
to Adjusted EBITDA. Permit the ratio of (i) the total outstanding amount of Debt (excluding Permitted Risk Retention Debt)
of the Borrower and its Subsidiaries on a Stand Alone Basis as of the last day of any four fiscal quarter period of the Borrower,
commencing with the four fiscal quarter period ending December 31, 2014, to (ii) the Adjusted EBITDA of the Borrower and its
Subsidiaries on a Stand Alone Basis for such period (the “Total Leverage Ratio”), to be greater than (x) if
the principal amount of Debt then outstanding does not exceed $102,000,000, 4.00:1.00 and (y) if the principal amount of Debt then
outstanding does exceed $102,000,000, 3.00:1.00.

 

    	 	56	 

     

    

 

(c)             Assets
Under Management. Permit Assets Under Management at any time to be less than the sum of (i) $2,000,000,000 plus (ii) 50% of
all New Management Fee Assets.

 

(d)             Interest
Coverage Ratio. Permit the ratio of (i) Adjusted EBITDA of the Borrower and its Subsidiaries on a Stand Alone Basis for
any four fiscal quarter period of the Borrower, commencing with the four fiscal quarter period ending December 31, 2014, to (ii) the
Interest Expense of Borrower and its Subsidiaries on a Stand Alone Basis for such period, to be less than 5.00:1.00.

 

6.13         Restrictive
Agreements. The Borrower will not, and will not permit any Loan Party, or any Subsidiary of any Loan Party, to, directly or
indirectly, enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition
upon (a) the ability of such Loan Party or such Subsidiary to create, incur or permit to exist any Lien upon any of its property
or assets, or (b) the ability of any Subsidiary to pay in cash any Management Fees or Incentive Fees to the Persons entitled thereto,
the ability to make or repay loans or advances to the Borrower or any of its Subsidiaries or to guarantee Debt of any Loan Party
or any of its Subsidiaries or the ability in any material respect to pay dividends or other distributions with respect to any of
its Securities, provided that:

 

(i)          the
foregoing shall not apply to (w) restrictions existing on the Restatement Effective Date and set forth on Schedule 6.13,
(x) restrictions on Excluded Subsidiaries or Immaterial Subsidiaries, (y) restrictions and conditions imposed by law, rule or regulation
or by this Agreement or other Loan Documents and (z) customary restrictions and conditions contained in agreements relating to
the sale of any property pending such sale, provided that such restrictions and conditions apply only to the property that
is to be sold and such sale is permitted under this Agreement; and

 

(ii)         clause
(a) of the foregoing shall not apply to (x) customary provisions in leases and other contracts restricting the assignment thereof
or the property subject thereto or (y) customary provisions of any Purchase Money Debt, provided that such provisions apply
only to the property or assets being acquired with such Purchase Money Debt.

 

ARTICLE
VII

 

EVENTS OF DEFAULT AND REMEDIES

 

7.1           Events
of Default. The occurrence of any one or more of the following events, acts, or occurrences shall constitute an event of default
(“Event of Default”) hereunder:

 

(a)             Failure
to Make Payments When Due.

 

(i)          the
Borrower shall fail to pay any amount owing hereunder with respect to the principal of any of the Loans when such amount is due,
whether at stated maturity, by acceleration, or otherwise;

 

(ii)         the
Borrower shall fail to pay, within five days of the date when due, any amount owing hereunder with respect to interest on any of
the Loans or with respect to any other amounts (including fees, costs, or expenses), other than principal, payable in connection
herewith;

 

    	 	57	 

     

    

 

(b)             Breach
of Certain Covenants.

 

(i)          the
Borrower shall fail to perform or comply with any covenant, term, or condition contained in Article VI of this Agreement;

 

(ii)         the
Borrower shall fail to perform or comply with any covenant, term, or condition contained in Section 5.1, 5.2(a),
5.2(b), 5.2(c), 5.2(d), 5.2(e), 5.2(f), or 5.8 and such failure shall not have been remedied
or waived within 10 days after the occurrence thereof; or

 

(iii)        any
Loan Party shall fail to perform or comply with any other covenant, term, or condition contained in this Agreement or other Loan
Documents to which it is a party and such failure shall not have been remedied or waived within 30 days after receipt of notice
from the Administrative Agent (which shall be given at the request of any Lender) of the occurrence thereof; provided, however,
that this clause (iii) shall not apply to: (1) the covenants, terms, or conditions referred to in subsections (a)
and (c) of this Section 7.1; or (2) the covenants, terms, or conditions referred to in clause (i)
or (ii) above of this subsection (b);

 

(c)             Breach
of Representation or Warranty. Any financial statement, representation, warranty, or certification made or furnished by the
Borrower under this Agreement or in any statement, document, letter, or other writing or instrument furnished or delivered by or
on behalf of any Loan Party to either Agent or any Lender pursuant to or in connection with this Agreement or any other Loan Document
to which it is a party, or as an inducement to the Lender Group to enter into this Agreement or any other Loan Document shall have
been false, incorrect, or incomplete in any material respect when made, effective, or reaffirmed, as the case may be;

 

(d)             Involuntary
Bankruptcy.

 

(i)          An
involuntary case seeking the liquidation or reorganization of Holdings, any Loan Party or Significant Subsidiary under Chapter 7
or Chapter 11, respectively, of the Bankruptcy Code shall be commenced or any similar proceeding shall be commenced against
Holdings, any Loan Party or Significant Subsidiary under any other applicable law and, in either case, any of the following events
occur: (1) such Person consents to the institution of the involuntary case or similar proceeding; (2) the petition commencing
the involuntary case or similar proceeding is not timely controverted; (3) the petition commencing the involuntary case or
similar proceeding is not dismissed within 60 days of the date of the filing thereof; provided, however, that,
during the pendency of such period, the Lender Group shall be relieved of its obligation to make additional Loans; (4) an
interim trustee is appointed to take possession of all or a substantial portion of the Assets of Holdings, any Loan Party or Significant
Subsidiary; or (5) an order for relief shall have been issued or entered therein; or

 

(ii)         A
decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, custodian,
trustee, or other officer having similar powers over Holdings, any Loan Party or Significant Subsidiary to take possession of all
or a substantial portion of its Assets shall have been entered and, within 60 days from the date of entry, is not vacated,
discharged, or bonded against, provided, however, that, during the pendency of such period, the Lender Group shall
be relieved of their obligation to make additional Loans;

 

(e)             Voluntary
Bankruptcy. Holdings or any Loan Party shall institute a voluntary case seeking liquidation or reorganization under Chapter 7
or Chapter 11, respectively, of the Bankruptcy Code; Holdings, any Loan Party or Significant Subsidiary shall file a petition,
answer, or complaint or shall otherwise institute any similar proceeding under any other applicable law, or shall consent thereto;
Holdings, any Loan Party or Significant Subsidiary shall consent to the conversion of an involuntary case to a voluntary case;
or Holdings, any Loan Party or Significant Subsidiary shall consent or acquiesce to the appointment of a receiver, liquidator,
sequestrator, custodian, trustee, or other officer with similar powers to take possession of all or a substantial portion of its
Assets; Holdings, any Loan Party or Significant Subsidiary shall generally fail to pay its debts as such debts become due or shall
admit in writing its inability to pay its debts generally; or Holdings, any Loan Party or Significant Subsidiary shall make a general
assignment for the benefit of creditors;

 

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(f)             Dissolution.
Any order, judgment, or decree shall be entered decreeing the dissolution of Holdings, any Loan Party or Significant Subsidiary,
and such order shall remain undischarged or unstayed for a period in excess of 60 days;

 

(g)             Change
of Control. A Change of Control Event shall occur;

 

(h)             Judgments
and Attachments. Any Loan Party shall suffer (i) any money judgment, writ, or warrant of attachment, similar process, decision
or settlement involving payment of money in an amount, net of any portion thereof that is covered by or recoverable by such Loan
Party under applicable insurance policies (if any) in excess of $15,000,000 in the aggregate for all such judgments, writs, or
warrants of attachment, similar processes, decisions or settlements and such judgment, writ, or warrant of attachment, similar
process, decision or settlement shall not be discharged, vacated, bonded, or stayed the same within a period of 30 days and
(ii) with respect to any proceeding or investigation by any Governmental Authority, a non-monetary settlement with or judgment
or decision by such Governmental Authority that enjoins or materially impairs the ability of the Borrower and its Subsidiaries
to conduct their business or operations, taken as a whole; provided that the occurrence of an Event of Default under this
clause (ii) in connection with a non-monetary settlement or judgment that requires the termination or transfer or other
disposition of any Management Agreement shall be determined at the time of actual implementation of such restriction or other action
required by such settlement, judgment or decision resulting in such enjoinment or material impairment and not upon the entry of
such settlement, judgment or decision so long as the Specified Sale is reasonably expected to be completed prior to such implementation;

 

(i)             Guaranty.
If the obligation of any Guarantor under the Guaranty is limited or terminated by operation of law or any Guarantor thereunder,
except to the extent permitted by the terms of the Loan Documents;

 

(j)             Material
Agreements. If there is a default in any material agreement to which the Borrower or any of its Subsidiaries is a party and
such default (a) involves Debt in an aggregate principal amount equal to $15,000,000 or more and (b) either (i) occurs
at the final maturity of the obligations thereunder, or (ii) results in a right by the other party thereto, irrespective of
whether exercised, to accelerate the maturity of the Borrower’s or such Subsidiary’s obligations thereunder or to terminate
such agreement;

 

(k)             Intercompany
Subordination Agreement. If any Loan Party makes any payment on account of Debt that has been contractually subordinated under
the Intercompany Subordination Agreement, except to the extent such payment is permitted by the terms of the Intercompany Subordination
Agreement;

 

(l)             Departure
Events. A Key Person Departure Event shall occur;

 

(m)           Loan
Documents. Any provision of any Loan Document (including any Lien purported to be created under any Collateral Document) shall
at any time for any reason be declared to be null and void, or the validity or enforceability thereof shall be contested by any
Loan Party, or a proceeding shall be commenced by any Loan Party, or by any Governmental Authority having jurisdiction over any
Loan Party, seeking to establish the invalidity or unenforceability thereof, or any Loan Party shall deny that any Loan Party has
any liability or obligation purported to be created under any Loan Document;

 

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(n)          ERISA.
One or more ERISA Events shall have occurred that in the aggregate could reasonably be expected to result in a Material Adverse
Effect;

 

(o)          Management
Fees. Any Fifth Street Fund during any twelve month period, commencing with the twelve month period ending December 31, 2014,
shall be permitted to defer payment, shall receive a waiver of payment or shall for any other reason fail to pay in cash as a result
of a Triggering Event with respect to the applicable Fifth Street Fund (or any agreement evidencing any obligation of the applicable
Fifth Street Fund to pay Management Fees shall be amended or otherwise modified as a result of a Triggering Event with respect
to the applicable Fifth Street Fund, to the extent that any such amendment or modification, together with any such deferral, waiver
or failure to pay Management Fees in cash described above, would result in a failure to pay in cash) Management Fees equal (when
aggregated with (but without duplication of) the Management Fees which are deferred, waived or otherwise not paid in cash as described
in Section 6.12(a)) to 10% or more of all of the Management Fees (taken as a whole) that, as required to be reported under
GAAP, otherwise would have been due and payable to any Loan Party during such twelve month period; and

 

(p)          Activities
of Holdings. Holdings shall at any time (i) engage in any business or activity or own any assets other than its ownership and
management of the general partnership interests of the Borrower and activities incidental to the conduct of its business as a public
holding company with respect to the Borrower, (ii) incur or guarantee any Debt, or (except in the ordinary course of business and
incidental to activities permitted by clause (i) above) incur or guarantee any other liabilities or (iii) consolidate with,
merge with or into, or convey, transfer, lease or license all or substantially all of its Assets to any Person.

 

7.2           Remedies.
Upon the occurrence of an Event of Default:

 

(a)          If
such Event of Default arises under subsections (d) or (e) of Section 7.1, then all of the Obligations
owing hereunder or under the other Loan Documents automatically shall become immediately due and payable, without presentment,
demand, protest, notice, or other requirements of any kind, all of which are hereby expressly waived by the Borrower; and

 

(b)          Subject
to Section 7.3, in the case of any other Event of Default that has occurred and is continuing, the Administrative Agent
at the request of the Required Lenders, by written notice to the Borrower, may declare all of the Obligations owing hereunder or
under the Loan Documents to be, and the same immediately shall become due and payable, without presentment, demand, protest, further
notice, or other requirements of any kind, all of which are hereby expressly waived by the Borrower.

 

Upon acceleration, the Administrative
Agent (without notice to or demand upon the Borrower, which are expressly waived by the Borrower to the fullest extent permitted
by law), shall be entitled to proceed to protect, exercise, and enforce the Lender Group’s rights and remedies hereunder
or under the other Loan Documents (including directing the Collateral Agent to foreclose on the Collateral), or any other rights
and remedies as are provided by law or equity. The Administrative Agent may determine, in its sole discretion, the order and manner
in which the Lender Group’s rights and remedies are to be exercised. All payments received by the Administrative Agent or
the Collateral Agent shall be applied in accordance with Section 2.3(d)(i).

 

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7.3           Equity
Cure Right. In the event the Borrower fails to comply with the financial covenant contained in Section 6.12(b) or (d)
(a “Specified Financial Covenant Default”), the Borrower shall have the right to cure such Event of Default
on the following terms and conditions (the “Equity Cure Right”):

 

(a)          In
the event the Borrower desires to cure any Specified Financial Covenant Default, the Borrower shall deliver to Administrative Agent
irrevocable written notice of its intent to cure (an “Equity Cure Notice”) no later than five (5) days after
the date on which financial statements and a Compliance Certificate for the period ending on the last day of the fiscal quarter
with respect to which such Specified Financial Covenant Default occurred (the “Testing Date”) are required to
be delivered; provided, that in each consecutive four fiscal quarter period there will be at least two fiscal quarters in
which no Equity Cure Right is exercised and there shall be no more than five (5) uses of the Equity Cure Right in total during
the term of this Agreement. The Equity Cure Notice shall set forth the calculation of the applicable Financial Covenant Cure Amount.

 

(b)          In
the event the Borrower delivers an Equity Cure Notice, a cash equity contribution shall be made to the Borrower (funded with proceeds
of common equity (or such other form of equity reasonably satisfactory to the Administrative Agent) issued by the Borrower or by
Holdings and contributed to the Borrower) (“Equity Cure Securities”) on the day that is no more than ten (10)
days after the day on which financial statements are required to be delivered for such fiscal quarter (the “Required Contribution
Date”) in an amount equal to the amount needed to cure the applicable Specified Financial Covenant Defaults (the “Financial
Covenant Cure Amount”). Such Financial Covenant Cure Amount received by the Borrower shall be included in the calculation
for Adjusted EBITDA solely for the purposes of determining compliance with the financial covenant giving rise to the applicable
Specified Financial Covenant Default at the end of the fiscal quarter in which such Specified Financial Covenant Default occurred
and any subsequent period that includes such fiscal quarter but shall be disregarded for purposes of the calculation of Adjusted
EBITDA for all other purposes, including for purposes of determining pricing, financial ratio-based conditions or other baskets
with respect to covenants contained in the Loan Documents.

 

(c)          If
an Equity Cure Notice has been delivered, then from the Testing Date related to such Equity Cure Notice until the earlier to occur
of the Required Contribution Date and the date on which Administrative Agent is notified that the required contribution will not
be made, the Event of Default on the basis of the applicable Specified Financial Covenant Default in respect of which the Equity
Cure Notice was delivered shall no longer be deemed to exist and neither Administrative Agent nor any Lender shall exercise any
rights or remedies (including enforcement remedies) against the Borrower, any other Loan Party or any of their respective properties
solely as a result of the Specified Financial Covenant Default that has been cured by the Equity Cure Right pursuant to the terms
hereof; provided that until timely receipt of the Financial Covenant Cure Amount, an Event of Default shall be deemed to
exist for all other purposes of this Agreement. Upon receipt by the Borrower in cash of the Financial Covenant Cure Amount, the
Financial Covenant Default shall be deemed cured. All proceeds from the issuance of Equity Cure Securities shall be required to
repay the Loans in accordance with Section 2.8(b)(i).

 

ARTICLE
VIII

EXPENSES AND INDEMNITIES

 

8.1           Expenses.
Irrespective of whether any Loans are made hereunder, the Borrower agrees to pay on demand any and all Lender Group Expenses.

 

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8.2           Indemnity.

 

(a)          In
addition to the payment of expenses pursuant to Section 8.1, and irrespective of whether the transactions contemplated
hereby are consummated, the Borrower agrees to indemnify, exonerate, defend, pay, and hold harmless the Agent-Related Persons,
the Lender-Related Persons, and each Participant (collectively the “Indemnitees” and individually an “Indemnitee”)
from and against any and all liabilities, obligations, losses, damages, penalties, actions, causes of action, judgments, suits,
claims (any of the foregoing, a “Proceeding”), costs, expenses, and disbursements of any kind or nature whatsoever
(including, to reimburse each Indemnitee within thirty (30) days following written demand for the reasonable and documented out-of-pocket
fees and disbursements of counsel in connection with any investigation, administrative, or judicial proceeding, whether such Indemnitee
shall be designated a party thereto (but limited, in the case of legal fees and expenses, to (i) one counsel to the Collateral
Agent and the Agent-Related Persons affiliated therewith (collectively, the “Collateral Agent Indemnitees”)
taken as a whole, (ii) one counsel to the other Indemnitees taken as a whole, and (iii) solely in the case of an actual or potential
conflict of interest, one additional counsel to all affected Indemnitees, taken as a whole (and, if reasonably required, of (x)
one local counsel in any relevant jurisdiction to all the Collateral Agent Indemnitees, taken as a whole, (y) one local counsel
in any relevant jurisdiction to all other Indemnitees, taken as a whole, and (z) solely in the case of any actual or potential
conflict of interest, one additional local counsel to all affected Indemnitees taken as a whole, in each such relevant jurisdiction)),
that may be imposed on, incurred by, or asserted against such Indemnitee, in any manner relating to or arising out of the Term
Facility, the use or intended use of the proceeds of the Loans or the consummation of the transactions contemplated by this Agreement,
any other Loan Document or any related transactions, including any matter relating to or arising out of the filing or recordation
of any of the Loan Documents which filing or recordation is done based upon information supplied by the Borrower to either Agent
and its counsel or any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing,
whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party,
and regardless of whether any Indemnitee is a party thereto (the “Indemnified Liabilities”); provided,
however, that the Borrower shall have no obligation hereunder to any Indemnitee (i) to the extent that such Indemnified
Liabilities are found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the bad faith,
gross negligence or willful misconduct of such Indemnitee or (ii) with respect to any dispute solely among Indemnitees which does
not arise out of any act or omission of Holdings or the Borrower or any of their respective subsidiaries (other than any Proceeding
against any Indemnitee with respect to its capacity or in fulfilling its role as an agent under the Term Facility). Each Indemnitee
will promptly notify the Borrower of each event of which it has knowledge which may give rise to a claim under the indemnification
provisions of this Section 8.2. To the extent that the undertaking to indemnify, pay, and hold harmless set forth in
the preceding sentence may be unenforceable because it is violative of any law or public policy, the Borrower shall make the maximum
contribution to the payment and satisfaction of each of the Indemnified Liabilities that is permissible under applicable law. The
obligations of the Borrower under this Section 8.2 will survive the termination of this Agreement, the repayment of
the Loans and the discharge of the Borrower’s other obligations hereunder.

 

(b)          Indemnification
by Lenders. The Lenders shall indemnify each Agent-Related Person (to the extent not timely paid or reimbursed by the Borrower
and without relieving the Borrower of its obligation to do so), and hold harmless each Agent-Related Person from and against all
Lender-Related Expenses and Indemnified Liabilities incurred by it; provided that each Lender severally agrees to pay to
the applicable Agent, such Lender’s Pro Rata Share (determined as of the time that the applicable unreimbursed expense or
indemnity payment is sought) of such unpaid amount; provided further that the unreimbursed expense or indemnified loss,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the applicable Agent in its
capacity as such.

 

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(c)          Waiver
of Consequential Damages, Etc. To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives,
any claim against any Indemnitee, 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 agreement or instrument
contemplated hereby, any Loan or the use of the proceeds thereof. Without limiting the foregoing, no Indemnitee referred to in
subsection (a) above shall be liable for any damages arising from the use by unintended recipients of any information or other
materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby
other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee as determined
by a final and nonappealable judgment of a court of competent jurisdiction.

 

ARTICLE
IX

ASSIGNMENT AND PARTICIPATIONS

 

9.1           Assignments
and Participations.

 

(a)          With
the consent of the Borrower (which consent of the Borrower shall not be (x) required if (I) an Event of Default has occurred
and is continuing or (II) the Assignee is a Lender, an Affiliate of a Lender or an Approved Fund, or (y) other than with respect
to Direct Competitors, unreasonably withheld, conditioned or delayed; provided that the Borrower shall be deemed
to have consented to any such assignment unless it shall object thereto by written notice to the Administrative Agent within ten
Business Days after having received notice thereof) and the Administrative Agent (which consent of the Administrative Agent shall
not (x) be required if the Assignee is a Lender, an Affiliate of a Lender or an Approved Fund (y) unreasonably withheld, conditioned
or delayed), any Lender may assign and delegate to one or more assignees (each an “Assignee”) that are Eligible
Transferees all, or any ratable part of all, of the Obligations, the Loans and the other rights and obligations of such Lender
hereunder and under the other Loan Documents, in a minimum amount of $5,000,000 (or the remaining amount of any Lender’s
Loans, if less); provided, however, that the Borrower, the Administrative Agent, and the Collateral Agent may continue
to deal solely and directly with such Lender in connection with the interest so assigned to an Assignee until (i) written
notice of such assignment, together with payment instructions, addresses, and related information including any documentation required
pursuant to Section 2.19(e), (f) and (g) with respect to the Assignee, have been given to the Borrower, the
Administrative Agent, and the Collateral Agent by such Lender and the Assignee, (ii) such Lender and its Assignee have delivered
to the Borrower, the Administrative Agent, and the Collateral Agent an Assignment and Acceptance, fully executed and delivered
by each party thereto, and (iii) the assigning Lender or Assignee has paid to the Administrative Agent for the Administrative
Agent’s separate account a processing fee in the amount of $3,500. Anything contained herein to the contrary notwithstanding,
the payment of any fees shall not be required and the Assignee need not be an Eligible Transferee and the consent of the Borrower
shall not be required if such assignment is in connection with any merger, consolidation, sale, transfer, or other disposition
of all or any substantial portion of the business or loan portfolio of the assigning Lender. The Administrative Agent, acting solely
for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Acceptance
delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal
amounts (and stated interest) of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”).
The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent and the Lenders
shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes
of this Agreement. The Register shall be available for inspection by the Borrower at any reasonable time and from time to time
upon reasonable prior notice. The Administrative Agent shall provide a copy of the Register to the Collateral Agent at any time
and from time to time upon request of the Collateral Agent and the Collateral Agent shall be entitled to rely on the same, and
to treat each Person whose name is recorded in the Register most recently received by the Collateral Agent pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement.

 

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(b)          From
and after the date that the Administrative Agent notifies the assigning Lender (with a copy to the Borrower) that it has received
an executed Assignment and Acceptance satisfying clause (a) above and payment of the above-referenced processing fee,
(i) the Assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned
to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Lender under the Loan Documents, and
(ii) the assigning Lender shall, to the extent that rights and obligations hereunder and under the other Loan Documents have
been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights (except with respect to Section 8.2)
and be released from any future obligations under this Agreement (and in the case of an Assignment and Acceptance covering all
or the remaining portion of an assigning Lender’s rights and obligations under this Agreement and the other Loan Documents,
such Lender shall cease to be a party hereto and thereto), and such assignment shall effect a novation between the Borrower and
the Assignee; provided, however, that nothing contained herein shall release any assigning Lender from obligations that
survive the termination of this Agreement, including such assigning Lender’s obligations under Section 8.2(b) of this
Agreement relating to any period prior to the effectiveness of such assignment.

 

(c)          Immediately
upon the Administrative Agent’s receipt of the required processing fee payment and the fully executed Assignment and Acceptance
satisfying clause (a) above, this Agreement shall be deemed to be amended to the extent, but only to the extent, necessary
to reflect the addition of the Assignee and the resulting adjustment of the Loans arising therefrom. The Loans allocated to each
Assignee shall reduce such Loans of the assigning Lender pro tanto.

 

(d)          Any
Lender may at any time sell to one or more commercial banks, financial institutions, or other Persons not Affiliates of such Lender
and who are not Direct Competitors (a “Participant”) participating interests in its Obligations, its Loans and
the other rights and interests of that Lender (the “Originating Lender”) hereunder and under the other Loan
Documents; provided, however, that (i) the Originating Lender shall remain a “Lender” for all purposes
of this Agreement and the other Loan Documents and the Participant receiving the participating interest in the Obligations, the
Loans and the other rights and interests of the Originating Lender hereunder shall not constitute a “Lender” hereunder
or under the other Loan Documents and the Originating Lender’s obligations under this Agreement shall remain unchanged, (ii) the
Originating Lender shall remain solely responsible for the performance of such obligations, (iii) the Borrower, the Administrative
Agent, and the Lenders shall continue to deal solely and directly with the Originating Lender in connection with the Originating
Lender’s rights and obligations under this Agreement and the other Loan Documents, (iv) no Lender shall transfer or
grant any participating interest under which the Participant has the right to approve any amendment to, or any consent or waiver
with respect to, this Agreement or any other Loan Document, except to the extent such amendment to, or consent or waiver with respect
to this Agreement or of any other Loan Document would (A) extend the final maturity date of the Obligations hereunder in which
such Participant is participating, (B) reduce the interest rate applicable to the Obligations hereunder in which such Participant
is participating, (C) release all or substantially all of the guaranties (except to the extent expressly provided herein or
in any of the Loan Documents) supporting the Obligations hereunder in which such Participant is participating, (D) postpone
the payment of, or reduce the amount of, the interest or fees payable to such Participant through such Lender, or (E) change
the amount or due dates of scheduled principal repayments or prepayments or premiums, and (v) all amounts payable by the Borrower
hereunder shall be determined as if such Lender had not sold such participation, except that, if amounts outstanding under this
Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event
of Default, each Participant shall be deemed to have the right of set off in respect of its participating interest in amounts owing
under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under
this Agreement. The rights of any Participant only shall be derivative through the Originating Lender with whom such Participant
participates and no Participant shall have any rights under this Agreement or the other Loan Documents or any direct rights as
to the other Lenders, the Administrative Agent, the Borrower, its Subsidiaries, or otherwise in respect of the Obligations. No
Participant shall have the right to participate directly in the making of decisions by the Lenders among themselves. Each Originating
Lender 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
obligations under the Loan Documents (the “Participant Register”); provided that no Lender shall
have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any
information relating to a Participant’s interest in any commitments, loans or its other obligations under any Loan Document)
to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan or other obligation
is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.

 

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(e)          In
connection with any such assignment or participation or proposed assignment or participation, a Lender may, subject to the provisions
of Section 11.11, disclose all documents and information which it now or hereafter may have relating to the Borrower
and its Subsidiaries and their respective businesses.

 

(f)          Any
other provision in this Agreement notwithstanding, any Lender may at any time create a security interest in, or pledge, all or
any portion of its rights under and interest in this Agreement in favor of any Federal Reserve Bank in accordance with Regulation
A of the Federal Reserve Bank or U.S. Treasury Regulation 31 CFR §203.24 or any other central bank having jurisdiction over
such Lender, and such Federal Reserve Bank or other central bank may enforce such pledge or security interest in any manner permitted
under applicable law.

 

9.2           Successors.
This Agreement shall bind and inure to the benefit of the respective successors and assigns of each of the parties; provided,
however, that the Borrower may not assign this Agreement or any rights or duties hereunder without the Lenders’ prior
written consent and any prohibited assignment shall be absolutely void ab initio. No consent to assignment by the Lenders
shall release the Borrower from its Obligations. A Lender may assign this Agreement and the other Loan Documents and its rights
and duties hereunder and thereunder pursuant to Section 9.1 and, except as expressly required pursuant to Section 9.1,
no consent or approval by the Borrower is required in connection with any such assignment.

 

ARTICLE
X

AGENTS; THE LENDER GROUP

 

10.1         Appointment
and Authorization of the Agent. Each of the Lenders hereby irrevocably appoints (a) the Administrative Agent as its agent and
authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative
Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto and (b) the Collateral Agent
as its agent and authorizes the Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated
to the Collateral Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto.

 

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Without limiting the generality
of the preceding paragraph, the Collateral Agent (at the direction of the Administrative Agent) shall have the sole and exclusive
right and authority (to the exclusion of the other Secured Parties), and is hereby authorized, to (i) file and prove claims and
file other documents necessary or desirable to allow the claims of the Secured Parties with respect to any Obligation in any proceeding
described in Section 7.1(d) or 7.1(e) or any other bankruptcy, insolvency or similar proceeding (but not to vote,
consent or otherwise act on behalf of such Person), (ii) act as collateral agent for each Secured Party for purposes of the perfection
of all Liens created by such agreements and all other purposes stated therein, (iii) manage, supervise and otherwise deal with
the Collateral, (iv) take such other action as is necessary or desirable to maintain the perfection and priority of the Liens created
or purported to be created by the Loan Documents, (v) except as may be otherwise specified in any Loan Document, exercise all remedies
given to the Collateral Agent and the other Secured Parties with respect to the Loan Parties and/or the Collateral, whether under
the Loan Documents, applicable law or otherwise and (vi) execute any amendment, consent or waiver under the Loan Documents on behalf
of any Lender that has consented in writing to such amendment, consent or waiver; provided, however, that the Collateral
Agent hereby appoints, authorizes and directs each Secured Party to act as collateral sub-agent for the Collateral Agent for purposes
of the perfection of all Liens with respect to the Collateral, including any deposit account maintained by a Credit Party with,
and cash and Cash Equivalents held by, such Secured Party, and may further authorize and direct the Secured Parties to take further
actions as collateral sub-agents for purposes of enforcing such Liens or otherwise to transfer the Collateral subject thereto to
the Collateral Agent, and each Secured Party hereby agrees to take such further actions to the extent, and only to the extent,
so authorized and directed.

 

Any bank serving as an Agent
hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though
it were not an Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind
of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not an Agent hereunder.

 

Neither Agent shall have
any duties nor obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) neither
Agent shall be subject to any fiduciary or other implied duties, regardless of whether an Unmatured Event of Default or Event of
Default has occurred and is continuing, (b) neither Agent shall have any duty to take any discretionary action or exercise
any discretionary powers, except discretionary rights and powers expressly contemplated hereby that applicable Agent is required
to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary
under the circumstances as provided in Section 11.2), and (c) except as expressly set forth herein, neither Agent
shall have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower
or any of its Subsidiaries that is communicated to or obtained by the bank serving as the applicable Agent or any of its Affiliates
in any capacity. No Agent shall be liable for any action taken or not taken by it with the consent or at the request of the Required
Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 11.2)
or in the absence of its own gross negligence or wilful misconduct. No Agent shall be deemed not to have knowledge of any Unmatured
Event of Default or Event of Default unless and until written notice thereof is given to the applicable Agent by the Borrower or
a Lender, referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice
of default.” Neither Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement,
warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other
document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements
or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement
or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV
or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the applicable Agent.

 

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The Agents 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. The Agents also may
rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur
any liability for relying thereon. The Agents may consult with legal counsel (who may be counsel for the Borrower), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with
the advice of any such counsel, accountants or experts.

 

Each Agent may perform any
and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by such Agent. Each Agent
and any such sub-agent may perform any and all of its duties and exercise its rights and powers through their respective Related
Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of
both Agents and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as an Agent.

 

Each party hereto agrees
that no amendment, waiver or consent shall, unless in writing and signed by the Collateral Agent, affect the rights or duties of
the Collateral Agent under this Agreement or any other Loan Document.

 

Subject to the appointment
and acceptance of a successor to the applicable Agent as provided in this paragraph, either Agent may resign at any time by notifying
the Lenders, the other Agent and the Borrower. Upon any such resignation, the Required Lenders shall have the right, with the consent
of the Borrower not to be unreasonably withheld or delayed (or if an Event of Default has occurred and is continuing, in consultation
with the Borrower), to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent
may, on behalf of the Lenders, appoint a successor to such Agent which shall be a bank with an office in New York, New York, or
an Affiliate of any such bank. Upon the acceptance of its appointment as the applicable Agent hereunder by a successor, such successor
shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Agent, and the retiring Agent
shall be discharged from its duties and obligations hereunder. If no successor Agent has accepted appointment as the applicable
Agent by the date 30 days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation shall
nevertheless thereupon become effective, the retiring Agent shall be discharged from its duties and obligations hereunder, and
the Required Lenders shall perform all of the duties of the retired Agent hereunder until such time, if any, as the Required Lenders
appoint a successor Agent as provided for above. The fees payable by the Borrower to a successor Agent shall be the same as those
payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the applicable Agent’s
resignation hereunder, the provisions of this Article X and Sections 8.1 and 8.2 shall continue in effect
for the benefit of such retiring Agent, its sub-agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while it was acting as the applicable Agent.

 

Each Lender acknowledges
that it has, independently and without reliance upon either Agent or any other Lender and based on such documents and information
as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges
that it will, independently and without reliance upon either Agent or any other Lender and based on such documents and information
as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based
upon this Agreement, the other Loan Documents, any related agreement or any document furnished hereunder or thereunder.

 

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10.2         Reports
and Information. By becoming a party to this Agreement, each Lender:

 

(a)          is
deemed to have requested that the Administrative Agent furnish such Lender, promptly after it becomes available, a copy of each
document delivered to the Administrative Agent pursuant to Sections 5.2(a), (b), (c), (d) and
(f)(i) (each a “Report” and collectively, “Reports”), and the Administrative Agent
shall so furnish each Lender with such Reports,

 

(b)          expressly
agrees and acknowledges that the Administrative Agent does not (i) make any representation or warranty as to the accuracy
of any Report, and (ii) shall not be liable for any information contained in any Report, and

 

(c)          agrees
to keep all Reports and other material, non-public information regarding the Borrower and its Subsidiaries and their operations,
assets, and existing and contemplated business plans in a confidential manner in accordance with Section 11.11.

 

In addition to the foregoing:
(x) any Lender may from time to time request of the Administrative Agent or the Collateral Agent (through the Administrative
Agent) in writing that such Agent provide to such Lender a copy of any report or document provided by the Borrower to such Agent
that has not been contemporaneously provided by the Borrower to such Lender, and, upon receipt of such request, such Agent promptly
shall provide a copy of same to such Lender, and (y) to the extent that such Agent is entitled, under any provision of the
Loan Documents, to request additional reports or information from the Borrower, any Lender may, from time to time, reasonably request
Administrative Agent or the Collateral Agent (through the Administrative Agent) to exercise such right as specified in such Lender’s
written notice to the Administrative Agent, whereupon such Agent promptly shall request of the Borrower the additional reports
or information reasonably specified by such Lender, and, upon receipt thereof from the Borrower, such Agent promptly shall provide
a copy of same to such Lender.

 

10.3         Set
Off; Sharing of Payments.

 

(a)          If
an Event of Default shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time
and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time
or demand, provisional or final) at any time held and other obligations at any time owing by such Lender or Affiliate to or for
the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under
this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement
and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and
remedies (including other rights of setoff) which such Lender may have.

 

(b)          If,
at any time or times any Lender shall receive (i) by payment, foreclosure, setoff, or otherwise, any payments with respect
to the Obligations, except for any such proceeds or payments received by such Lender from the applicable Agent pursuant to the
terms of this Agreement, or (ii) payments from either Agent in excess of such Lender’s ratable portion of all such distributions
by the Agent, such Lender promptly shall (1) turn the same over to the Agent, in kind, and with such endorsements as may be
required to negotiate the same to the Agent, or in immediately available funds, as applicable, for the account of all of the Lenders
and for application to the Obligations in accordance with the applicable provisions of this Agreement, or (2) purchase, without
recourse or warranty, an undivided interest and participation in the Obligations owed to the other Lenders so that such excess
payment received shall be applied ratably as among the Lenders in accordance with their Pro Rata Shares; provided, however,
that to the extent that such excess payment received by the purchasing party is thereafter recovered from it, those purchases of
participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid therefor
shall be returned to such purchasing party, but without interest except to the extent that such purchasing party is required to
pay interest in connection with the recovery of the excess payment.

 

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10.4         Payments
by the Agent to the Lenders. All payments to be made by either Agent to the Lenders shall be made by bank wire transfer of
immediately available funds pursuant to such wire transfer instructions as each party may designate for itself by written notice
to the applicable Agent. Concurrently with each such payment, the applicable Agent shall identify whether such payment (or any
portion thereof) represents principal, premium, fees, or interest of the Obligations.

 

10.5         Several
Obligations; No Liability. Nothing contained herein shall confer upon any Lender any interest in, or subject any Lender to
any liability for, or in respect of, the business, assets, profits, losses, or liabilities of any other Lender. Each Lender shall
be solely responsible for notifying its Participants of any matters relating to the Loan Documents to the extent any such notice
may be required, and no Lender shall have any obligation, duty, or liability to any Participant of any other Lender. No member
of the Lender Group shall have any liability for the acts of any other member of the Lender Group. No Lender shall be responsible
to the Borrower or any other Person for any failure by any other Lender to to take any other action on its behalf hereunder or
in connection with the financing contemplated herein.

 

10.6         No
Other Duties. Anything herein to the contrary notwithstanding, none of the Lead Arrangers or Syndication Agent shall have any
powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its capacity, as applicable,
as an Agent or a Lender.

 

10.7         Release
of Collateral or Guarantors. Each Secured Party hereby consents to the and directs:

 

(a)          the
Administrative Agent to release any Subsidiary of the Borrower from its guaranty of any Obligation if all of the equity interests
of such Subsidiary owned by any Loan Party are sold or transferred in a transaction permitted under the Loan Documents (including
pursuant to a waiver or consent), to the extent that, after giving effect to such transaction, such Subsidiary would not be required
to guaranty any Obligations pursuant to Section 5.7; and

 

(b)          the
Collateral Agent at the direction of the Administrative Agent to release any Lien held by the Collateral Agent for the benefit
of the Secured Parties against (i) any Collateral that is sold, transferred, conveyed or otherwise disposed of by a Loan Party
in a transaction permitted by the Loan Documents (including pursuant to a valid waiver or consent), to the extent all Liens required
to be granted in such Collateral pursuant to Section 5.7 after giving effect to such transaction have been granted and (ii)
all of the Collateral and all Loan Parties, upon the occurrence of the Termination Date.

 

(c)          Each
Secured Party hereby directs the Agents, and each Agent hereby agrees, upon receipt of reasonable advance written notice from the
Borrower, to execute and deliver or file such documents and to perform other actions reasonably necessary at the Borrower’s
expense to evidence the release of the guaranties and Liens as provided in this Section 10.7.

 

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ARTICLE
XI

MISCELLANEOUS

 

11.1         No
Waivers, Remedies. No failure or delay on the part of either Agent or any Lender, or the holder of any interest in this Agreement
in exercising any right, power, privilege, or remedy under this Agreement or any of the other Loan Documents shall impair or operate
as a waiver thereof, nor shall any single or partial exercise of any such right, power, privilege, or remedy preclude any other
or further exercise thereof or the exercise of any other right, power, privilege, or remedy. The waiver of any such right, power,
privilege, or remedy with respect to particular facts and circumstances shall not be deemed to be a waiver with respect to other
facts and circumstances. The remedies provided for under this Agreement or the other Loan Documents are cumulative and are not
exclusive of any remedies that may be available to either Agent or any Lender, or the holder of any interest in this Agreement
at law, in equity, or otherwise.

 

11.2         Waivers
and Amendments. No amendment or waiver of any provision of this Agreement (other than an amendment pursuant to and in accordance
with Section 2.17) or any other Loan Document (other than any Fee Letter), and no consent with respect to any departure
by the Borrower therefrom, shall be effective unless the same shall be in writing and signed by the Required Lenders (or by the
Agent at the written request of the Required Lenders) and the Borrower and then any such waiver or consent shall be effective,
but only in the specific instance and for the specific purpose for which given; provided, however, that no such waiver,
amendment, or consent shall:

 

(a)          increase
or extend any Revolver Commitment of any Lender without the written consent of such Lender; provided that no amendment,
modification or waiver of any condition precedent, covenant, Event of Default or Unmatured Event of Default shall constitute an
increase in any Revolver Commitment of any Lender,

 

(b)          postpone
or delay any date fixed by this Agreement or any other Loan Document for any payment of principal, interest, fees, or other amounts
due hereunder or under any other Loan Document without the written consent of each Lender adversely affected thereby,

 

(c)          reduce
the principal of, or the rate of interest on, any loan or other extension of credit hereunder, or reduce any fees or other amounts
payable hereunder or under any other Loan Document without the written consent of each Lender adversely affected thereby,

 

(d)          change
“Pro Rata Share” or Sections 2.3 or 10.3 in a manner that would alter the pro rata sharing of payments
required thereby without the written consent of each Lender adversely affected thereby,

 

(e)          amend
or modify this Section or any provision of this Agreement providing for consent or other action by all Lenders without the written
consent of each Lender,

 

(f)          change
the definition of “Required Lenders” without the written consent of each Lender, or

 

(g)          other
than as permitted by Article XII, (i) release any Loan Party from any obligation for the payment of money or (ii) release
any Guarantor from its guarantee of the Revolving Credit Facility (other than as required by this Agreement or the other Loan Documents),
in each case, without the written consent of each Lender, and

 

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provided further, however,
that no amendment, waiver or consent shall, unless in writing and signed by the Agent affect the rights or duties of the Agent
under this Agreement or any other Loan Document. The foregoing notwithstanding, any amendment, modification, waiver, consent, termination,
or release of, or with respect to, any provision of this Agreement or any other Loan Document that relates only to the relationship
of the Lender Group among themselves, and that does not affect the rights or obligations of the Borrower, shall not require consent
by or the agreement of the Borrower. The foregoing to the contrary notwithstanding, an amendment to this Agreement to effectuate
an Approved Increase in accordance with Section 2.17 shall only require the consent of the Borrower, the Agent and the new
Lender and shall not require the consent of any other Lender.

 

If any action to be taken
by the Lender Group or the Agent hereunder requires unanimous consent, authorization, or agreement of all Lenders, and a Lender
(“Holdout Lender”) fails to give its consent, authorization, or agreement or if any Lender is a Defaulting Lender
hereunder, then the Agent or, if no Event of Default has occurred and is continuing, the Borrower, upon at least five Business
Days’ prior irrevocable notice to the Holdout Lender or Defaulting Lender, may permanently replace the Holdout Lender or
Defaulting Lender with one or more substitute Lenders (each, a “Replacement Lender”), and the Holdout Lender
or Defaulting Lender shall have no right to refuse to be replaced hereunder. Such notice to replace the Holdout Lender or Defaulting
Lender shall specify an effective date for such replacement, which date shall not be later than 15 Business Days after the date
such notice is given. Prior to the effective date of such replacement, the Holdout Lender or Defaulting Lender, as applicable,
and each Replacement Lender shall execute and deliver an Assignment and Acceptance, subject only to the Holdout Lender or such
Defaulting Lender being repaid its share of the outstanding Obligations without any premium or penalty of any kind whatsoever.
If the Holdout Lender or Defaulting Lender shall refuse or fail to execute and deliver any such Assignment and Acceptance prior
to the effective date of such replacement, the Holdout Lender or Defaulting Lender shall be deemed to have executed and delivered
such Assignment and Acceptance. The replacement of any Holdout Lender or Defaulting Lender shall be made in accordance with the
terms of Section 9.1. Until such time as the Replacement Lenders shall have acquired all of the Obligations, the Revolver
Commitments, and the other rights and obligations of the Holdout Lender or Defaulting Lender hereunder and under the other Loan
Documents, the Holdout Lender or Defaulting Lender, as applicable, shall remain obligated to make its Pro Rata Share of Loans in
accordance with this Agreement.

 

11.3         Notices.
Except as otherwise provided herein, all notices, demands, instructions, requests, and other communications required or permitted
to be given to, or made upon, any party hereto shall be in writing and (except for financial statements and certain other documents
to be furnished pursuant hereto, which may be sent as provided herein) shall be personally delivered or sent by registered or certified
mail, postage prepaid, return receipt requested, or by courier, electronic mail (at such e-mail addresses as a party may designate
in accordance herewith), or facsimile and shall be deemed to be given for purposes of this Agreement on the day that such writing
is received by the Person to whom it is to be sent pursuant to the provisions of this Agreement. Unless otherwise specified in
a notice sent or delivered in accordance with the foregoing provisions of this Section 11.3, notices, demands, requests,
instructions, and other communications in writing shall be given to or made upon the respective parties hereto at their respective
addresses (or to their respective facsimile numbers) indicated on Exhibit 11.3 attached hereto.

 

11.4         Successors
and Assigns. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors
and permitted assigns; provided, however, that the Borrower may not assign or transfer any interest or rights hereunder
without the prior written consent of the Administrative Agent and the Lenders and any such prohibited assignment or transfer shall
be absolutely void.

 

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11.5         Headings.
Article and Section headings used in this Agreement and the table of contents preceding this Agreement are for convenience of reference
only and shall neither constitute a part of this Agreement for any other purpose nor affect the construction of this Agreement.

 

11.6         Execution
in Counterparts; Effectiveness. This Agreement may be executed in any number of counterparts and by different parties on separate
counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together,
shall constitute but one and the same Agreement. Delivery of an executed counterpart of this Agreement by facsimile or other electronic
method of transmission shall be equally as effective as delivery of an original executed counterpart of this Agreement. Any party
delivering an executed counterpart of this Agreement by facsimile or other electronic method of transmission also shall deliver
an original executed counterpart of this Agreement but the failure to deliver an original executed counterpart shall not affect
the validity, enforceability, and binding effect of this Agreement. The foregoing shall apply to each other Loan Document mutatis
mutandis.

 

11.7         GOVERNING
LAW. EXCEPT AS SPECIFICALLY SET FORTH IN ANY OTHER LOAN DOCUMENT: (A) THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL
BE DEEMED TO HAVE BEEN MADE IN THE STATE OF NEW YORK; AND (B) THE VALIDITY OF THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS,
AND THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF AND THEREOF, AND THE RIGHTS OF THE PARTIES THERETO SHALL BE DETERMINED
UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

11.8         JURISDICTION
AND VENUE. TO THE EXTENT THEY MAY LEGALLY DO SO, THE PARTIES HERETO AGREE THAT ALL ACTIONS, SUITS, OR PROCEEDINGS ARISING BETWEEN
ANY MEMBER OF THE LENDER GROUP OR BORROWER IN CONNECTION WITH THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS SHALL BE TRIED AND LITIGATED
ONLY IN THE STATE OR FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK; PROVIDED THAT IF NONE OF SUCH
COURTS CAN AND WILL EXERCISE JURISDICTION, SUCH EXCLUSIVITY WILL NOT APPLY. BORROWER AND EACH MEMBER OF THE LENDER GROUP, TO THE
EXTENT THEY MAY LEGALLY DO SO, HEREBY WAIVE ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS
OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 11.8 AND STIPULATE THAT
THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF NEW YORK SHALL HAVE IN PERSONAM JURISDICTION AND VENUE OVER SUCH PERSON
FOR THE PURPOSE OF LITIGATING ANY SUCH DISPUTE, CONTROVERSY, OR PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE OTHER
LOAN DOCUMENTS. TO THE EXTENT PERMITTED BY LAW, SERVICE OF PROCESS SUFFICIENT FOR PERSONAL JURISDICTION IN ANY ACTION AGAINST BORROWER
MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO ITS ADDRESS INDICATED ON EXHIBIT 11.3 ATTACHED
HERETO.

 

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11.9         WAIVER
OF TRIAL BY JURY. EACH PARTY HERETO, TO THE EXTENT THEY MAY LEGALLY DO SO, HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY
OF ANY CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR PROCEEDING ARISING UNDER OR WITH RESPECT TO THIS AGREEMENT OR THE OTHER LOAN
DOCUMENTS, OR IN ANY WAY CONNECTED WITH, OR RELATED TO, OR INCIDENTAL TO, THE DEALINGS OF THE PARTIES HERETO WITH RESPECT TO THIS
AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND IRRESPECTIVE OF WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE. TO THE EXTENT THEY MAY LEGALLY DO SO, EACH PARTY
HERETO HEREBY AGREES THAT ANY SUCH CLAIM, DEMAND, ACTION, CAUSE OF ACTION, OR PROCEEDING SHALL BE DECIDED BY A COURT TRIAL WITHOUT
A JURY AND THAT ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 11.9 WITH ANY COURT AS
WRITTEN EVIDENCE OF THE CONSENT OF THE OTHER PARTY OR PARTIES HERETO TO WAIVER OF ITS OR THEIR RIGHT TO TRIAL BY JURY.

 

11.10         Independence
of Covenants. All covenants under this Agreement and other Loan Documents shall be given independent effect so that if a particular
action or condition is not permitted by any one covenant, the fact that it would be permitted by another covenant, shall not avoid
the occurrence of an Event of Default or Unmatured Event of Default if such action is taken or condition exists.

 

11.11         Confidentiality.
The Agents and Lenders each individually (and not jointly or jointly and severally) agree that material, non-public information
regarding Holdings and its Subsidiaries, their operations, assets, and existing and contemplated business plans shall be treated
by the Agents and the Lenders in a confidential manner, and shall not be disclosed by either Agent and the Lenders to Persons who
are not parties to this Agreement, except: (a) to officers, directors, employees, stockholders, partners, members, accountants,
auditors, attorneys, agents, advisors and other representatives of any Agent or member of the Lender Group and to actual or prospective
Assignees and Participants on a confidential basis, (b) to Subsidiaries and Affiliates of any member of the Lender Group and
any of their respective officers, directors, employees, counsel, accountants, auditors, attorneys, agents, advisors and other representatives;
provided that in the case of clause (a) and (b), such Persons to whom such disclosure is made will be informed of
the confidential nature of such information and instructed to keep such information confidential, (c) as may be required by
statute, decision, or judicial or administrative order, rule, regulation or any Governmental Authority (other than any state, federal
or foreign authority or examiner regulating banks or banking); provided that, to the extent it may lawfully do so,
the applicable Agent or any such Lender shall notify the Borrower promptly thereof, (d) as may be agreed to in advance by
the Borrower or its Subsidiaries or as requested or required by any Governmental Authority (other than any state, federal or foreign
authority or examiner regulating banks or banking) pursuant to any subpoena or other legal process; provided that,
to the extent it may lawfully do so, the applicable Agent or any such Lender shall notify the Borrower promptly thereof, (e) as
requested or required by any state, federal or foreign regulatory or other authority or examiner regulating banks or banking, (f) as
to any such information that is or becomes generally available to the public (other than as a result of prohibited disclosure by
the Agents or the Lenders), (g) in connection with any assignment, prospective assignment, sale, prospective sale, participation
or prospective participations, or pledge or prospective pledge of any Lender’s interest under this Agreement, provided
that any such assignee, prospective assignee, purchaser, prospective purchaser, participant, prospective participant, pledgee,
or prospective pledgee is reasonably expected to be a permitted assignee, purchaser, participant, or pledgee hereof and shall have
agreed in writing to receive such information hereunder subject to the terms of this Section (h) in connection with any litigation
or other adversary proceeding involving the parties hereto which such litigation or adversary proceeding involves claims related
to the rights or duties of such parties under this Agreement or the other Loan Documents and (i) to any actual or prospective party
(or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Borrower
and its obligations, this Agreement or payments hereunder, provided that any such actual or prospective party shall
have agreed in writing to receive such information hereunder subject to the terms of this Section. The provisions of this Section 11.11
shall survive for one year after the payment in full of the Obligations. Notwithstanding the foregoing, confidential information
shall not include, as to either Agent or any Lender, information independently developed by such Person or its Affiliates or information
that was in such Person’s and/or Affiliates possession and was not known by such Person or its Affiliates to be subject to
an obligation of confidentiality to the Borrower and its Affiliates.

 

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11.12         Complete
Agreement. This Agreement, together with the schedules and exhibits hereto and the other Loan Documents, is intended by the
parties hereto as a final expression of their agreement and is intended as a complete statement of the terms and conditions of
their agreement with respect to the subject matter of this Agreement and shall not be contradicted or qualified by any other agreement,
oral or written, before the Restatement Effective Date.

 

11.13         USA
Patriot Act Notice. Each Lender hereby notifies the Loan Parties that pursuant to the requirements of the USA Patriot Act (Title
III of Pub. L. 107-56) signed into law October 26, 2001 (the “USA Patriot Act”), it may be required to
obtain, verify and record information that identifies each Loan Party, which information includes the name and address of such
Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the USA Patriot Act.

 

11.14         No
Fiduciary Duties. Each of the Loan Parties hereby acknowledges and agrees that none of the Agents nor any Lender has any fiduciary
relationship with or duty to such Loan Party arising out of or in connection with this Agreement or any of the other Loan Documents,
and the relationship between the Agents and Lenders, on the one hand, and such Loan Party, on the other hand, in connection herewith
or therewith is solely that of creditor and debtor.

 

11.15         Survival
of Representations and Warranties. All representations and warranties made hereunder and in any document, certificate or statement
delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of
the Loans; provided that all such representations and warranties shall terminate on the date upon which the Commitments
have been terminated and all Obligations have been paid in full (other than contingent indemnification obligations not then due
and owing).

 

11.16         Amendment
and Restatement.

 

(a)          On
the Restatement Effective Date, the Existing Credit Agreement shall be amended, restated and superseded in its entirety. The parties
hereto acknowledge and agree that (a) this Agreement and the other Loan Documents executed and delivered in connection herewith
do not constitute a novation, payment and reborrowing, or termination of the Obligations under the Existing Credit Agreement as
in effect prior to the Restatement Effective Date and (b) such Obligations are in all respects continuing with only the terms thereof
being modified as provided in this Agreement.

 

(b)          Notwithstanding
the modifications effected by this Agreement of the representations, warranties and covenants of the Loan Parties contained in
the Existing Credit Agreement, the Loan Parties acknowledge and agree that any causes of action or other rights created prior to
the Restatement Effective Date in favor of any Lender and its successors arising out of the representations and warranties of the
Loan Parties contained in or delivered (including representations and warranties delivered in connection with the making of the
loans or other extensions of credit thereunder) in connection with the Existing Credit Agreement shall survive the execution and
delivery of this Agreement; provided, however, that it is understood and agreed that the Borrower’s monetary
obligations under the Existing Credit Agreement in respect of the loans thereunder are evidenced by this Agreement as provided
herein.

 

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(c)          All
indemnification obligations of the Loan Parties pursuant to the Existing Credit Agreement shall survive the amendment and restatement
of the Existing Credit Agreement pursuant to this Agreement.

 

(d)          Each
Loan Party hereby (a) ratifies and reaffirms all of its payment and performance obligations, contingent or otherwise, under each
Reaffirmed Agreement to which it is a party, (b) agrees and acknowledges that such ratification and reaffirmation is not a condition
to the continued effectiveness of such Reaffirmed Agreements, (c) agrees that neither such ratification and reaffirmation, nor
the Administrative Agent’s, or any Lender’s solicitation of such ratification and reaffirmation, constitutes a course
of dealing giving rise to any obligation or condition requiring a similar or any other ratification or reaffirmation from any Loan
Party with respect to any subsequent modifications to the Reaffirmed Agreements and (d) each reference in any Reaffirmed Agreement
to the Existing Credit Agreement shall be deemed to be a reference this Agreement. The Reaffirmed Agreements shall remain in full
force and effect and are hereby ratified and confirmed.

 

11.17         Acknowledgement
and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any
other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down
and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)             the
application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)             the
effects of any Bail-in Action on any such liability, including, if applicable:

 

(i)          a
reduction in full or in part or cancellation of any such liability;

 

(ii)         a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution,
its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or
any other Loan Document; or

 

(iii)        the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution
Authority.

 

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11.18         Release
by Loan Parties.

 

(a)          In
consideration of, among other things, the agreements provided for herein, each Loan Party, on behalf of itself and its Subsidiaries
(collectively, the “Borrower Parties”), jointly and severally releases, acquits and forever discharges the Administrative
Agent and each Lender (collectively, the “Lender Parties”), and their respective subsidiaries, parents, affiliates,
officers, directors, employees, agents, attorneys, partners, successors and assigns, both present and former (collectively, the
“Lenders’ Affiliates”) from any and all manner of actions, causes of action, suits, debts, controversies,
damages, judgments, executions, claims (including without limitation crossclaims, counterclaims and rights of set-off and recoupment)
and demands whatsoever, whether known or unknown, whether now existing or hereafter arising, whether asserted or unasserted, in
contract, tort, law or equity which the Borrower or any other Borrower Party has or may have against any of the Lender Parties
and/or the Lenders’ Affiliates by reason of any action, failure to act, matter or thing whatsoever arising from or based
on facts occurring prior to the date hereof, including but not limited to any claim or defense that relates to, in whole or in
part, directly or indirectly, (i) the making or administration of the Loans, including without limitation, any such claims and
defenses based on fraud, mistake, duress, usury or misrepresentation, or any other claim based on so-called “lender liability
theories”, (ii) any covenants, agreements, duties or obligations set forth in the Loan Documents, (iii) any actions or omissions
of any of the Lender Parties and/or the Lenders’ Affiliates in connection with the initiation or continuing exercise of any
right or remedy contained in the Loan Documents or at law or in equity, (iv) lost profits, (v) loss of business opportunity, (vi)
increased financing costs, (vii) increased legal or other administrative fees or (viii) damages to business reputation.

 

(b)          In
entering into this Agreement, the Borrower and the other Loan Parties have consulted with and been represented by counsel and expressly
disclaim any reliance on any representations, acts or omissions by any of the Lender Parties or Lenders’ Affiliates and hereby
agree and acknowledge that the validity and effectiveness of the releases set forth above do not depend in any way on any such
representations, acts and/or omissions or the accuracy, completeness or validity thereof. The provisions of this Section 11.18
shall survive the termination of this Agreement and the other Loan Documents and payment in full of all amounts owing thereunder.

 

ARTICLE
XII

GUARANTY

 

12.1         Guaranty
of Payment. Subject to Section 12.7, each Guarantor hereby unconditionally and irrevocably and jointly and severally,
as primary obligor, guarantees to the Administrative Agent, for the benefit of the Lenders the prompt payment of the Obligations
in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise). Any payment hereunder shall
be made at such place and in the same currency as such relevant Obligation is payable. This guaranty is a guaranty of payment and
not solely of collection and is a continuing guaranty and shall apply to all Obligations whenever arising.

 

12.2         Obligations
Unconditional. (a) Guarantee Absolute. The obligations of the Guarantors under this Article XII are primary,
absolute and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of
the obligations of the Loan Parties under this Agreement, the other Loan Documents or any other agreement or instrument referred
to herein or therein, or any substitution, release or exchange of any other guarantee of or security for any of the Obligations,
and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever that might otherwise
constitute a legal or equitable discharge or defense of a surety or guarantor other than payment in full of the Obligations, it
being the intent of this Section 12.2 that the obligations of the Guarantors hereunder shall be absolute and unconditional,
joint and several, under any and all circumstances and shall apply to any and all Obligations now existing or in the future arising.
Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not
affect the enforceability of this Agreement in accordance with its terms or affect, limit, reduce, discharge, terminate, alter
or impair the liability of the Guarantors hereunder, which shall remain absolute and unconditional as described above:

 

(i)          at
any time or from time to time, without notice to the Guarantors, the time for any performance of or compliance with any of the
Obligations shall be extended, or such performance or compliance shall be waived;

 

    	 	76	 

     

    

 

(ii)         any
of the acts mentioned in any of the provisions of this Agreement, the other Loan Documents or any other agreement or instrument
referred to herein or therein shall be done or omitted;

 

(iii)        the
maturity of any of the Obligations shall be accelerated, or any of the Obligations shall be modified, supplemented or amended in
any respect, or any right under this Agreement, the other Loan Documents or any other agreement or instrument referred to herein
or therein shall be waived or any other guarantee of any of the Obligations or any security therefor shall be released or exchanged
in whole or in part or otherwise dealt with;

 

(iv)        any
application by any member of the Lender Group of the proceeds of any other guaranty of or insurance for any of the Obligations
to the payment of any of the Obligations;

 

(v)         any
settlement, compromise, release, liquidation or enforcement by any member of the Lender Group of any of the Obligations;

 

(vi)        the
giving by any member of the Lender Group of any consent to the merger or consolidation of, the sale of substantial assets by, or
other restructuring or termination of the corporate existence of, the Borrower or any other Person, or to any disposition of any
Securities by the Borrower or any other Person;

 

(vii)       the
exercise by any member of the Lender Group of any of their rights, remedies, powers and privileges under the Loan Documents;

 

(viii)      the
entering into any other transaction or business dealings with the Borrower or any other Person; or

 

(ix)         any
combination of the foregoing.

 

(b)           Waiver
of Defenses. The enforceability of this Agreement and the liability of the Guarantors and the rights, remedies, powers and
privileges of the Lender Group under this Agreement shall not be affected, limited, reduced, discharged or terminated, and each
Guarantor hereby expressly waives to the fullest extent permitted by law any defense now or in the future arising, by reason of:

 

(i)          the
illegality, invalidity or unenforceability of any of the Obligations, any Loan Document or any other agreement or instrument whatsoever
relating to any of the Obligations;

 

(ii)         any
disability or other defense with respect to any of the Obligations, including the effect of any statute of limitations, that may
bar the enforcement thereof or the obligations of such Guarantor relating thereto;

 

(iii)        the
illegality, invalidity or unenforceability of any other guaranty of or insurance for any of the Obligations;

 

(iv)        the
cessation, for any cause whatsoever, of the liability of the Borrower or any Guarantor with respect to any of the Obligations;

 

    	 	77	 

     

    

 

(v)         any
failure of any member of the Lender Group to marshal assets, to pursue or exhaust any right, remedy, power or privilege it may
have against the Borrowers or any other Person, or to take any action whatsoever to mitigate or reduce the liability of any Guarantor
under this Agreement, the Lender Group being under no obligation to take any such action notwithstanding the fact that any of the
Obligations may be due and payable and that the Borrower may be in default of its obligations under any Loan Document;

 

(vi)        any
counterclaim, set-off or other claim which the Borrower or any Guarantor has or claims with respect to any of the Obligations;

 

(vii)       any
failure of any member of the Lender Group to file or enforce a claim in any bankruptcy, insolvency, reorganization or other proceeding
with respect to any Person;

 

(viii)      any
bankruptcy, insolvency, reorganization, winding-up or adjustment of debts, or appointment of a custodian, liquidator or the like
of it, or similar proceedings commenced by or against the Borrower or any other Person, including any discharge of, or bar, stay
or injunction against collecting, any of the Obligations (or any interest on any of the Obligations) in or as a result of any such
proceeding;

 

(ix)         any
action taken by any member of the Lender Group that is authorized by this Section or otherwise in this Agreement or by any other
provision of any Loan Document, or any omission to take any such action; or

 

(x)          any
other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor
other than payment in full of the Obligations.

 

(c)           Waiver
of Counterclaim. The Guarantors expressly waive, to the fullest extent permitted by law, for the benefit of the Lender Group,
any right of set-off and counterclaim with respect to payment of its obligations hereunder, and all diligence, presentment, demand
of payment or performance, protest, notice of nonpayment or nonperformance, notice of protest, notice of dishonor and all other
notices or demands whatsoever, and any requirement that any member of the Lender Group exhaust any right, power, privilege or remedy
or proceed against the Loan Parties under this Agreement, the other Loan Documents or any other agreement or instrument referred
to herein or therein, or against any other Person under any other guarantee of, or security for, any of the Obligations, and all
notices of acceptance of this Agreement or of the existence, creation, incurrence or assumption of new or additional Obligations.
Each Guarantor further expressly waives the benefit of any and all statutes of limitation, to the fullest extent permitted by applicable
law.

 

(d)           Other
Waivers. Each Guarantor expressly waives, to the fullest extent permitted by law, for the benefit of the Lender Group, any
right to which it may be entitled:

 

(i)          that
the assets of the Borrower first be used, depleted and/or applied in satisfaction of the Obligations prior to any amounts being
claimed from or paid by such Guarantor;

 

(ii)         to
require that the Borrower be sued and all claims against the Borrower be completed prior to an action or proceeding being initiated
against such Guarantor; and

 

    	 	78	 

     

    

 

(iii)        to
have its obligations hereunder be divided among the Guarantors, such that each Guarantor’s obligation would be less than
the full amount claimed.

 

12.3         Modifications.
Each Guarantor agrees to the fullest extent permitted by applicable law that (a) all or any part of any security which hereafter
may be held for the Obligations, if any, may be exchanged, compromised or surrendered from time to time; (b) the Agents and the
Lenders shall not have any obligation to protect, perfect, secure or insure any such security interests or Liens which hereafter
may be held, if any, for the Obligations or the properties subject thereto; (c) the time or place of payment of the Obligations
may be changed or extended, in whole or in part, to a time certain or otherwise, and may be renewed or accelerated, in whole or
in part; (d) the Borrower and any other party liable for payment under this Agreement may be granted indulgences generally; (e)
any of the provisions of this Agreement or any other Loan Document may be modified, amended or waived; (f) any party liable for
the payment thereof may be granted indulgences or be released; and (g) any deposit balance for the credit of the Borrower or any
other party liable for the payment of the Obligations or liable upon any security therefor may be released, in whole or in part,
at, before or after the stated, extended or accelerated maturity of the Obligations, all without notice to or further assent by
such Guarantor, which shall remain bound thereon, notwithstanding any such exchange, compromise, surrender, extension, renewal,
acceleration, modification, indulgence or release.

 

12.4         Waiver
of Rights. Each Guarantor expressly waives to the fullest extent permitted by applicable law: (a) notice of acceptance of this
guaranty by the Agents and the Lenders, and of all Loans made to the Borrower by the Lenders; (b) presentment and demand for payment
or performance of any of the Obligations; (c) protest and notice of dishonor or of default (except as specifically required in
this Agreement) with respect to the Obligations or with respect to any security therefor; (d) notice of the Lenders obtaining,
amending, substituting for, releasing, waiving or modifying any Lien, if any, hereafter securing the Obligations, or the Agents’
or Lenders’ subordinating, compromising, discharging or releasing such Liens, if any; (e) all other notices to which the
Borrower might otherwise be entitled in connection with the guaranty evidenced by this Article XII; and (f) demand for payment
under this guaranty.

 

12.5         Reinstatement.
The obligations of each Guarantor under this Section 12.5 shall be automatically reinstated if and to the extent that for
any reason any payment by or on behalf of any person in respect of the Obligations is rescinded or must be otherwise restored by
any holder of any of the Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and
each Guarantor agrees that it will indemnify the Lenders on demand for all reasonable costs and expenses (including, but not limited
to, reasonable fees and expenses of counsel) incurred by the Agents and the Lenders in connection with such rescission or restoration,
including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference,
fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law.

 

12.6         Remedies.
Each Guarantor agrees to the fullest extent permitted by applicable law that, as between such Guarantor, on the one hand, and the
Agents and Lenders, on the other hand, the Obligations may be declared to be forthwith due and payable as provided in Article
VII (and shall be deemed to have become automatically due and payable in the circumstances provided in Article VII)
notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing such Obligations from becoming
automatically due and payable) as against any other person and that, in the event of such declaration (or such Obligations being
deemed to have become automatically due and payable), such Obligations (whether or not due and payable by any other person) shall
forthwith become due and payable by such Guarantor.

 

    	 	79	 

     

    

 

12.7         Limitation
of Guaranty. Notwithstanding any provision to the contrary contained herein, to the extent the obligations of a Guarantor shall
be adjudicated to be invalid or unenforceable for any reason (including, without limitation, because of any applicable state or
federal law relating to fraudulent conveyances or transfers) then the obligations of such Guarantor hereunder shall be limited
to the maximum amount that is permissible under applicable law (whether federal or state and including, without limitation, the
Bankruptcy Code). Notwithstanding anything herein or in any other Loan Document, the partners of the Loan Parties shall not be
personally liable under this Agreement or any other Loan Document.

 

12.8         Subordination
of Subrogation. Until the Obligations have been fully and finally performed and indefeasibly paid in full, the Guarantors (i)
shall have no right of subrogation with respect to such Obligations, (ii) waive any right to enforce any remedy which the holders
of the Obligations or the Agents now have or may hereafter have against the Borrower, any endorser or any guarantor of all or any
part of the Obligations or any other Person, and (iii) waive any benefit of, and any right to participate in, any security or collateral
given to the holders of the Obligations and the Agents to secure the payment or performance of all or any part of the Obligations
or any other liability of the Borrower to the holders of the Obligations or the Agents. Should any Guarantor have the right, notwithstanding
the foregoing, to exercise its subrogation rights, each Guarantor hereby expressly and irrevocably (A) subordinates any and all
rights at law or in equity to subrogation, reimbursement, exoneration, contribution, indemnification or set off that such Guarantor
may have to the indefeasible payment in full in cash of the Obligations and (B) waives any and all defenses available to a surety,
guarantor or accommodation co-obligor until the Obligations are indefeasibly paid in full. Each Guarantor acknowledges and agrees
that this subordination is intended to benefit the Agents and the other holders of the Obligations and shall not limit or otherwise
affect such Guarantor’s liability hereunder or the enforceability of this Guaranty.

 

[Signature Pages Follow]

 

    	 	80	 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Agreement to be executed and delivered as of the date first set forth above.

 

	 	FIFTH STREET HOLDINGS L.P.,
	 	as the Borrower
	 	 	 
	 	By:	/s/ Alexander C. Frank
	 	Name: Alexander C. Frank
	 	Title: Chief Financial Officer
	 	 	 
	 	FSCO GP LLC,
	 	as a Guarantor
	 	 	 
	 	By: 	/s/ Alexander C. Frank
	 	Name: Alexander C. Frank
	 	Title: Chief Operating Officer
	 	 	 
	 	Fifth Street Management LLC,
	 	as a Guarantor
	 	 	 
	 	By: 	/s/ Alexander C. Frank
	 	Name: Alexander C. Frank
	 	Title: Chief Operating Officer
	 	 	 
	 	FSC CT LLC,
	 	as a Guarantor
	 	 	 
	 	By: 	/s/ Leonard M. Tannenbaum
	 	Name: Leonard M. Tannenbaum
	 	Title: Chief Executive Officer

 

[Signature Page to Amended and Restated Credit
Agreement]

 

     

     

    

 

	 	Fifth Street Capital LLC,
	 	as a Guarantor
	 	 	 
	 	By: 	/s/ Leonard M. Tannenbaum
	 	Name: Leonard M. Tannenbaum
	 	Title: Chief Executive Officer
	 	 	 
	 	FSC LLC,
	 	as a Guarantor
	 	 	 
	 	By: 	/s/ Leonard M. Tannenbaum
	 	Name: Leonard M. Tannenbaum
	 	Title: Chief Executive Officer
	 	 	 
	 	FSC Midwest LLC,
	 	as a Guarantor
	 	 	 
	 	By: 	/s/ Leonard M. Tannenbaum
	 	Name: Leonard M. Tannenbaum
	 	Title: Chief Executive Officer
	 	 	 
	 	FIFth Street Capital West LLC,
	 	as a Guarantor
	 	 	 
	 	By: 	/s/ Leonard M. Tannenbaum
	 	Name: Leonard M. Tannenbaum
	 	Title: Chief Executive Officer
	 	 	 
	 	FIFTH STREET CLO MANAGEMENT LLC,
	 	as a Guarantor
	 	 	 
	 	By: 	/s/ Alexander C. Frank
	 	Name: Alexander C. Frank
	 	Title: Chief Operating Officer

 

[Signature Page to Amended and Restated Credit
Agreement]

 

     

     

    

 

	 	Sumitomo Mitsui Banking Corporation,
	 	as the Administrative Agent and a Lender
	 	 	 
	 	By:  	/s/ Chris Droussiotis
	 	Name: Chris Droussiotis 
	 	Title: Managing Director 

 

[Signature Page to Amended and Restated Credit
Agreement]

 

     

     

    

 

	 	CORTLAND CAPITAL MARKET SERVICES LLC,
	 	as the Collateral Agent
	 	 	 
	 	By: 	/s/ Matthew Trybula
	 	Name: Matthew Trybula 
	 	Title: Associate Counsel

 

[Signature Page to Amended and Restated Credit
Agreement]

 

     

     

    

 

 

	 	Morgan Stanley BANK, N.A.
	 	as a Lender
	 	 	 
	 	By:	/s/ Christopher Winthrop 
	 	Name: Christopher Winthrop 
	 	Title: Authorized Signatory 

 

[Signature Page to Amended and Restated Credit
Agreement]

 

     

     

    

 

	 	JPMORGAN CHASE BANK, N.A.,
	 	as a Lender
	 	 	 
	 	By:	/s/ Matthew Griffith 
	 	Name: Matthew Griffith 
	 	Title: Executive Director

 

[Signature Page to Amended and Restated Credit
Agreement]

 

     

     

    

 

	 	ROYAL BANK OF CANADA,
	 	as a Lender
	 	 	 
	 	By:	/s/ Glenn Van Allen 
	 	Name: Glenn Van Allen 
	 	Title: Authorized Signatory 

 

[Signature Page to Amended and Restated Credit
Agreement]

 

     

     

    

 

	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
	 	as a Lender
	 	 	 
	 	By:	/s/ Bryan J. Matthews
	 	Name: Bryan J. Matthews 
	 	Title: Authorized Signatory 
	 	 	 
	 	By:	/s/ Peter J. Winstanley
	 	Name: Peter J. Winstanley
	 	Title: Authorized Signatory 

 

[Signature Page to Amended and Restated Credit
Agreement]

 

     

     

    

 

	 	EAST WEST BANK,
	 	as a Lender
	 	 	 
	 	By:	/s/ Kailey Bay 
	 	Name: Kailey Bay 
	 	Title: Vice President

 

[Signature Page to Amended and Restated Credit
Agreement]

 

     

     

    

 

EXHIBITS AND SCHEDULES

 

	Exhibit A-1	Form of Assignment and Acceptance
	 	 
	Exhibit A-2	Form of Promissory Note for Advances
	 	 
	Exhibit A-3	Form of Loan Party Joinder Agreement
	 	 
	Exhibit B	Form of Intercompany Subordination Agreement
	 	 
	Exhibit C	Form of Compliance Certificate
	 	 
	Exhibit R-1	Persons Authorized to Request a Loan
	 	 
	Exhibit R-2	[Intentionally Omitted]
	 	 
	Exhibit R-3	Form of Request for Conversion/Continuation
	 	 
	Exhibit 3.1(d)	Form of Certificates
	 	 
	Exhibit 11.3	Addresses and Information for Notices
	 	 
	Schedule A-1	Agent's Account
	 	 
	Schedule A-2	Approved Banks
	 	 
	Schedule P	Liens
	 	 
	Schedule 2.1	Initial Principal Amounts
	 	 
	Schedule 4.2	Interests in Loan Parties
	 	 
	Schedule 6.1	Debt
	 	 
	Schedule 6.3	Investments
	 	 
	Schedule 6.7	Transactions with Shareholders and Affiliates
	 	 
	Schedule 6.13	Restrictive Agreements

 

     

     

    

 

EXHIBIT A-1

FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT

 

This ASSIGNMENT AND ACCEPTANCE
AGREEMENT (“Assignment Agreement”) is entered into as of _____________________ between __________________
(“Assignor”) and ___________________(“Assignee”). Reference is made to the credit agreement
described in Annex I hereto (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).
Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Credit Agreement.

 

1.          In
accordance with the terms and conditions of Section 9.1 of the Credit Agreement, the Assignor hereby sells and assigns to the Assignee,
and the Assignee hereby purchases and assumes from the Assignor, that interest in and to the Assignor's rights and obligations
under the Loan Documents as of the date hereof with respect to the Obligations owing to the Assignor, and Assignor's portion of
the Loans, all to the extent specified on Annex I.

 

2.          The
Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the interest being assigned by it hereunder
and that such interest is free and clear of any adverse claim and (ii) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment Agreement and to consummate the transactions contemplated hereby; (b) makes no
representation or warranty and assumes no responsibility with respect to (i) any statements, representations or warranties made
in or in connection with the Loan Documents, or (ii) the execution, legality, validity, enforceability, genuineness, sufficiency
or value of the Loan Documents or any other instrument or document furnished pursuant thereto; and (c) makes no representation
or warranty and assumes no responsibility with respect to the financial condition of any Loan Party or the performance or observance
by any Loan Party of any of their respective obligations under the Loan Documents or any other instrument or document furnished
pursuant thereto.

 

3.          The
Assignee (a) confirms that it has received copies of the Credit Agreement and the other Loan Documents, together with copies of
the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its
own credit analysis and decision to enter into this Assignment Agreement; (b) agrees that it will, independently and without reliance
upon either Agent, Assignor, or any other Lender, based upon such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking any action under the Loan Documents; (c) confirms that
it is an Eligible Transferee; (d) appoints and authorizes each Agent to take such action as agent on its behalf and to exercise
such powers under the Loan Documents as are delegated such Agent by the terms thereof, together with such powers as are reasonably
incidental thereto; (e) agrees that it will perform in accordance with their terms all of the obligations which by the terms of
the Loan Documents are required to be performed by it as a Lender; [and (f) attaches the forms prescribed by the Internal Revenue
Service of the United States certifying as to the Assignee's status for purposes of determining exemption from United States withholding
taxes with respect to all payments to be made to the Assignee under the Credit Agreement or such other documents as are necessary
to indicate that all such payments are subject to such rates at a rate reduced by an applicable tax treaty.]

 

4.          Following
the execution of this Assignment Agreement by the Assignor and Assignee, the Assignor will deliver this Assignment Agreement to
the Administrative Agent for recording by the Administrative Agent. The effective date of this Assignment Agreement (the “Settlement
Date”) shall be the latest to occur of (a) the date of the execution and delivery hereof by the Assignor and the Assignee,
(b) the receipt by the Administrative Agent for its sole and separate account a processing fee in the amount of $3,500, (c) the
receipt of any required consent of the Administrative Agent and (d) the date specified on Annex I.

 

     

     

    

 

5.          As
of the Settlement Date (a) the Assignee shall be a party to the Credit Agreement and, to the extent of the interest assigned pursuant
to this Assignment Agreement, have the rights and obligations of a Lender thereunder and under the other Loan Documents, and (b)
the Assignor shall, to the extent of the interest assigned pursuant to this Assignment Agreement, relinquish its rights and be
released from its obligations under the Credit Agreement and the other Loan Documents, provided, however, that nothing
contained herein shall release any assigning Lender from obligations that survive the termination of this Agreement, including
such assigning Lender's obligations under Article X and Section 11.11 of the Credit Agreement.

 

6.          From
and after the Settlement Date, the Administrative Agent shall make all payments that are due and payable to the holder of the interest
assigned hereunder (including payments of principal, interest, fees and other amounts) to Assignor for amounts which have accrued
up to but excluding the Settlement Date and to Assignee for amounts which have accrued from and after the Settlement Date. On the
Settlement Date, Assignor shall pay to Assignee an amount equal to the portion of any interest, fee, or any other charge that was
paid to Assignor prior to the Settlement Date on account of the interest assigned hereunder and that are due and payable to Assignee
with respect thereto, to the extent that such interest, fee or other charge relates to the period of time from and after the Settlement
Date.

 

7.          This
Assignment Agreement may be executed in counterparts and by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. This Assignment
Agreement may be executed and delivered by facsimile or other electronic method of transmission all with the same force and effect
as if the same were a fully executed and delivered original manual counterpart.

 

8.          THIS
ASSIGNMENT AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

     

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Assignment Agreement and Annex I hereto to be executed by their respective officers, as of
the first date written above.

 

	 	[NAME OF ASSIGNOR], as Assignor
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	[NAME OF ASSIGNEE], as Assignee
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	ACCEPTED THIS _____DAY OF	 
	______________, 20___	 
	 	 
	Sumitomo Mitsui Banking Corporation,	 
	as the Administrative Agent	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 	 
	[CONSENTED TO THIS _____ DAY OF	 
	______________, 20___	 
	 	 
	FIFTH STREET HOLDINGS L.P.,	 
	 	 	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:		]1

 

 

 

 1
Include to the extent required by Section 9.1(a) of the Credit Agreement.

 

     

     

    

 

ANNEX FOR ASSIGNMENT AND ACCEPTANCE AGREEMENT

 

ANNEX I

 

1.          Borrower:
               FIFTH STREET HOLDINGS L.P., a Delaware limited partnership (the “Borrower”)

 

2.          Name
and Date of Credit Agreement:

 

Amended
and Restated Credit Agreement, dated as of June 30, 2017, by and among
FIFTH STREET HOLDINGS L.P., a Delaware limited partnership (the “Borrower”),
the Guarantors party thereto from time to time, the lenders from time to time party thereto, Sumitomo
Mitsui Banking Corporation, as administrative agent for the Lenders (together with its successors and assigns in such capacity,
the “Administrative Agent”) and CORTLAND CAPITAL MARKET
SERVICES LLC, as collateral agent for the Lenders (together with its successors
and assigns in such capacity, the “Collateral Agent” and together with the Administrative Agent, the “Agents”)

 

	3.	Date of Assignment Agreement:	_____________
	 	 	 
	4.	Assigned Amount of Loans	$____________
	 	 	 
	a.	Settlement Date:	_____________

 

	5.	Notice and Payment Instructions, etc.

 

	 	Assignee:	 	Assignor:	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

     

     

    

 

EXHIBIT A-2

 

FORM OF PROMISSORY NOTE

 

	$_______________________________	As of _________________, 20__
	Promissory Note No.___	 

 

FOR VALUE RECEIVED,
FIFTH STREET HOLDINGS L.P. (the “Borrower”), hereby promises to pay to the order of _________________________________,
(hereinafter “Lender”), such payment to be made to the Administrative Agent (as defined below) for the account
of Lender, in such coin or currency of the United States which shall be legal tender in payment of all debts and dues, public and
private, at the time of payment, the principal sum of $________________, together with interest from and after the date hereof
on the principal amount hereof at the rates, and on the dates, specified in the Credit Agreement (as defined below).

 

This Promissory Note (this
“Note”) is one of a series of the promissory notes referred to in, and is issued pursuant to, that certain Amended
and Restated Credit Agreement, dated as of June 30, 2017 (the “Credit
Agreement”), by and among the Borrower, the Guarantors party thereto from time to time, the lenders from
time to time party thereto, Sumitomo Mitsui Banking Corporation, as administrative
agent for the Lenders (together with its successors and assigns in such capacity, the “Administrative Agent”)
and CORTLAND CAPITAL MARKET SERVICES LLC, as collateral agent
for the Lenders (together with its successors and assigns in such capacity, the “Collateral Agent” and together
with the Administrative Agent, the “Agents”) and is entitled to all of the benefits of the Credit Agreement.
All capitalized terms used herein, unless otherwise specifically defined in this Note, shall have the meanings ascribed to them
in the Credit Agreement. This Note evidences the Loan by Lender to the Borrower pursuant to the Credit Agreement.

 

This Note is guaranteed as
provided in the Credit Agreement and the Loan Documents.

 

All interest shall be computed
in the manner provided in Article II of the Credit Agreement. Upon the occurrence and during the continuation of an Event
of Default, the interest rate provided herein may be increased in accordance with the provisions of Section 2.4 of the Credit
Agreement.

 

The principal amount and
accrued interest of this Note shall be due and payable in accordance with the Credit Agreement. Notwithstanding the foregoing,
the entire unpaid principal balance hereof and accrued interest thereon shall be due and payable immediately upon any termination
of the Credit Agreement pursuant to Section 2.9 thereof

 

This Note shall be subject
to mandatory repayment in accordance with the provisions of Section 2.8 of the Credit Agreement.

 

To the maximum extent permitted
by law, the Borrower hereby waives presentment, demand, protest and all other notices of any kind. This Note may not be transferred
except in compliance with the terms of the Credit Agreement. This Note shall be governed by, and construed and enforced in accordance
with, the laws of the State of New York.

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

 

IN WITNESS WHEREOF,
this Note has been duly executed and delivered on the date first above written.

 

	 	FIFTH STREET HOLDINGS L.P.,
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

EXHIBIT A-3

 

FORM OF LOAN PARTY JOINDER AGREEMENT

 

Supplement No. __ (this “Supplement”)
dated as of [__], 20[_], to that certain Credit Agreement (as defined below) by each of the parties listed on the signature pages
thereto and those additional entities that thereafter become parties thereto and Sumitomo
Mitsui Banking Corporation, as administrative agent for the Lender Group (in such capacity, together with its successors
and assigns in such capacity, the “Administrative Agent”).

 

WITNESSETH:

 

WHEREAS, pursuant to that
certain Amended and Restated Credit Agreement, dated as of June 30, 2017
(as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among FIFTH STREET HOLDINGS L.P., a Delaware limited partnership (the “Borrower”),
the Guarantors party thereto from time to time, the lenders from time to time party thereto, the Administrative Agent and CORTLAND
CAPITAL MARKET SERVICES LLC, as collateral agent for the Lenders (together with its successors and assigns in such capacity,
the “Collateral Agent” and together with the Administrative Agent, the “Agents”), pursuant
to which the Lenders made certain financial accommodations available to Borrower pursuant to the terms and conditions thereof;
and

 

WHEREAS, capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement; and

 

WHEREAS, each of the undersigned
new Operating Group Entities (collectively, the “New Loan Parties”), each an affiliate of the Loan Parties,
desires to become a party to the Credit Agreement by the execution of this Supplement in favor of the Administrative Agent, for
the benefit of the Secured Parties.

 

NOW, THEREFORE, for and in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
each New Loan Party hereby agrees as follows:

 

1.          In
accordance with Section 5.7 of the Credit Agreement, each New Loan Party, by its signature below, becomes a “Guarantor”
under the Credit Agreement with the same force and effect as if originally named therein as a “Guarantor” and each
New Loan Party hereby (a) agrees to all of the terms and provisions of the Credit Agreement applicable to it as a “Guarantor”
thereunder and (b) represents and warrants that the representations and warranties made by it as a “Guarantor” thereunder
are true and correct in all material respects on and as of the date hereof. Each reference to “Guarantor” in the Credit
Agreement shall be deemed to include each New Loan Party. The Credit Agreement is incorporated herein by reference.

 

2.          Each
New Loan Party represents and warrants to the Secured Parties that this Supplement has been duly executed and delivered by such
New Loan Party and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except
as enforceability thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other similar
laws affecting creditors’ rights generally and general principles of equity (regardless of whether such enforceability is
considered in a proceeding at law or in equity).

 

     

     

    

 

3.          This
Supplement may be executed in multiple counterparts, each of which shall be deemed to be an original, but all such separate counterparts
shall together constitute but one and the same instrument. Delivery of a counterpart hereof by facsimile transmission or by e-mail
transmission shall be as effective as delivery of a manually executed counterpart hereof.

 

4.          Except
as expressly supplemented hereby, the Credit Agreement shall remain in full force and effect.

 

5.          This
Supplement shall be construed in accordance with and governed by the laws of the State of New York, without regard to the conflict
of laws principles thereof.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK]

 

     

     

    

 

IN WITNESS WHEREOF,
each New Loan Party and the Administrative Agent have duly executed this Supplement to the Credit Agreement as of the day and year
first above written.

 

	NEW LOAN PARTY:	[Name of New Loan Party ]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	 	[Name of New Loan Party ]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	ADMINISTRATIVE AGENT:	Sumitomo Mitsui Banking Corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

EXHIBIT B

FORM OF INTERCOMPANY SUBORDINATION AGREEMENT

 

THIS INTERCOMPANY SUBORDINATION
AGREEMENT (this “Agreement”), November 4,
2014, is made by and among FIFTH STREET HOLDINGS L.P., a Delaware limited partnership (the “Borrower”), Fifth
Street Management LLC, a Delaware limited liability company (“FSM”), FSCO GP LLC, a Delaware limited
liability company (“FSCO”), Fifth Street EIV, LLC, a Delaware
limited liability company (“FSEIV”), FSC CT LLC, a Connecticut
limited liability company (“FSCCT”), Fifth Street Capital LLC,
a New York limited liability company (“Capital”), FSC LLC, a New York limited liability company (“FSC”),
FSC Midwest LLC, an Illinois limited liability company (“Midwest”)
and FIFTH STREET CAPITAL West LLC, a California limited liability company (“West”,
together with FSM, FSCO, FSEIV, FSCCT, Capital, FSC, Midwest and any other Person that thereafter becomes a Guarantor under the
Credit Agreement by joinder, are referred to hereinafter individually and collectively, jointly and severally, as the “Guarantors”),
each of the Loan Parties’ subsidiaries identified on the signature pages hereto, and those additional entities that hereafter
become parties hereto by executing the form of Supplement attached hereto as Annex 1 (such additional entities, together
with Borrower, the Guarantors, and such subsidiaries, are referred to hereinafter each individually as a “Subordinated
Creditor”, and individually and collectively, jointly and severally, as the “Subordinated Creditors”),
in favor of Sumitomo Mitsui Banking Corporation, as administrative agent
for the Lender Group (in such capacity, together with its successors and assigns in such capacity, the “Agent”).

 

WHEREAS, the Borrower, the
Agent, the Guarantors and the lenders identified on the signature pages thereof (such lenders, together with their respective successors
and permitted assigns, are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”)
are, contemporaneously herewith, entering into that certain Credit Agreement (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), pursuant to which the Agent and the Lenders have agreed to extend
credit to the Borrower;

 

WHEREAS, each Subordinated
Creditor has made or may make certain loans or advances from time to time to one or more other Subordinated Creditors; and

 

WHEREAS, each Subordinated
Creditor has agreed to the subordination of such indebtedness of each other Subordinated Creditor to such Subordinated Creditor,
upon the terms and subject to the conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual promises, covenants, conditions, representations, and warranties set forth herein and for other good and valuable
consideration, the parties hereto agree as follows:

 

SECTION 1        Definitions;
Interpretation.

 

(a)          Terms
Defined in Credit Agreement. All capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings
assigned to them in the Credit Agreement.

 

(b)          Certain
Defined Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Insolvency Events”
has the meaning set forth in Section 3.

 

     

     

    

 

“Senior Debt”
means the Debt and liabilities of the Subordinated Creditors to the Agent and the Lenders under or in connection with the Credit
Agreement (including the Guaranty) and the other Loan Documents, including all unpaid principal of the Loans, all interest accrued
thereon, all fees due under the Credit Agreement and the other Loan Documents, the Obligations and all other amounts payable by
the Subordinated Creditors to the Agent and the Lenders thereunder or in connection therewith, whether now existing or hereafter
arising, and whether due or to become due, absolute or contingent, liquidated or unliquidated, determined or undetermined, and
including without limitation interest, fees, and other such amounts, which would accrue and become due but for the commencement
of an Insolvency Event, whether or not such interest, fees, and other amounts are allowed or allowable in whole or in part in any
such Insolvency Event.

 

“Subordinated Creditor”
and “Subordinated Creditors” have the respective meanings set forth in the preamble hereto.

 

“Subordinated Debt”
means, with respect to each Subordinated Creditor, all indebtedness, liabilities, and other obligations of any other Subordinated
Creditor owing to such Subordinated Creditor in respect of any and all loans or advances made by such Subordinated Creditor to
such other Subordinated Creditor whether now existing or hereafter arising, and whether due or to become due, absolute or contingent,
liquidated or unliquidated, determined or undetermined, including all fees and all other amounts payable by any other Subordinated
Creditor to such Subordinated Creditor under or in connection with any documents or instruments related thereto.

 

“Subordinated Debt
Payment” means any payment or distribution by or on behalf of the Subordinated Creditors, directly or indirectly, of
assets of the Subordinated Creditors of any kind or character, whether in cash, property, or securities, including on account of
the purchase, redemption, or other acquisition of Subordinated Debt, as a result of any collection, sale, or other disposition
of collateral, or by setoff, exchange, or in any other manner, for or on account of the Subordinated Debt.

 

(c)          Interpretation.
Unless the context of this Agreement clearly requires otherwise, references to the plural include the singular, references to the
singular include the plural, the term “including” is not limiting, and the term “or” has, except where
otherwise indicated, the inclusive meaning represented by the phrase “and/or.” The words “hereof,” “herein,”
“hereby,” “hereunder,” and similar terms in this Agreement refer to this Agreement as a whole and not to
any particular provision of this Agreement. Section, subsection, clause, schedule, and exhibit references are to this Agreement
unless otherwise specified. References to agreements and other contractual instruments shall be deemed to include all subsequent
amendments and other modifications thereto. References to statutes or regulations are to be construed as including all statutory
and regulatory provisions consolidating, amending, or replacing the statute or regulation referred to. The captions and headings
are for convenience of reference only and shall not affect the construction of this Agreement.

 

SECTION 2      Subordination
to Payment of Senior Debt. As to each Subordinated Creditor, all payments on account of the Subordinated Debt shall be subject,
subordinate, and junior, in right of payment and exercise of remedies, to the extent and in the manner set forth herein, to the
prior payment, in full, in cash or cash equivalents of the Senior Debt.

 

    	 	2	 

     

    

 

SECTION
3      Subordination Upon Any Distribution of Assets of the Subordinated Creditors. As to each
Subordinated Creditor, in the event of any payment or distribution of assets of any other Subordinated Creditor of any kind or
character, whether in cash, property, or securities, upon the dissolution, winding up, or total or partial liquidation or reorganization,
readjustment, arrangement, or similar proceeding relating to such other Subordinated Creditor or its property, whether voluntary
or involuntary, or in bankruptcy, insolvency, receivership, arrangement, or similar proceedings or upon an assignment for the
benefit of creditors, or upon any other marshaling or composition of the assets and liabilities of such other Subordinated Creditor,
or otherwise (such events, collectively, the “Insolvency Events”): (i) all amounts owing on account of
the Senior Debt shall first be paid, in full, in cash, or payment provided for in cash or in cash equivalents, before any Subordinated
Debt Payment is made; and (ii) to the extent permitted by applicable law, any Subordinated Debt Payment to which such Subordinated
Creditor would be entitled except for the provisions hereof, shall be paid or delivered by the trustee in bankruptcy, receiver,
assignee for the benefit of creditors, or other liquidating agent making such payment or distribution directly to Agent for application
to the payment of the Senior Debt in accordance with clause (i), after giving effect to any concurrent payment or distribution
or provision therefor to Agent in respect of such Senior Debt.

 

SECTION 4      Payments
on Subordinated Debt.

 

(a)          Permitted
Payments. So long as no Event of Default has occurred and is continuing, each Subordinated Creditor may make, and each other
Subordinated Creditor shall be entitled to accept and receive, payments on account of the Subordinated Debt in the ordinary course
of business or as permitted by the Credit Agreement.

 

(b)          No
Payment Upon Senior Debt Defaults. Upon the occurrence and during the continuance of any Event of Default with respect to any
Senior Debt and the Subordinated Creditor for Subordinated Debt shall have received written notice from the Agent, each Subordinated
Creditor shall not make, and each other Subordinated Creditor shall not accept or receive, any Subordinated Debt Payment.

 

SECTION 5      Subordination
of Remedies. As long as any Senior Debt shall remain outstanding and unpaid, following the occurrence and during the
continuance of any Event of Default with respect to any Senior Debt and the Subordinated Creditor for Subordinated Debt shall
have received written notice from the Agent, each Subordinated Creditor shall not, without the prior written consent of the
Agent:

 

(a)          accelerate,
make demand, or otherwise make due and payable prior to the original due date thereof any Subordinated Debt or bring suit or institute
any other actions or proceedings to enforce its rights or interests in respect of the obligations of any other Subordinated Creditor
owing to such Subordinated Creditor;

 

(b)          exercise
any rights under or with respect to guaranties of the Subordinated Debt, if any;

 

(c)          exercise
any rights to set-offs and counterclaims in respect of any indebtedness, liabilities, or obligations of such Subordinated Creditor
to any other Subordinated Creditor against any of the Subordinated Debt; or

 

(d)          commence,
or cause to be commenced, or join with any creditor other than the Agent and the Lenders in commencing, any bankruptcy, insolvency,
or receivership proceeding against the other Subordinated Creditor.

 

SECTION 6      Payment
Over to the Agent. In the event that, notwithstanding the provisions of Sections 3, 4, and 5, any Subordinated
Debt Payments shall be received in contravention of Section 3, 4, or 5 by any Subordinated Creditor before all
Senior Debt is paid, in full, in cash or cash equivalents, such Subordinated Debt Payments shall be held in trust for the
benefit of Agent and the Lenders and shall be paid over or delivered to Agent for application to the payment, in full, in
cash or cash equivalents of all Senior Debt remaining unpaid to the extent necessary to give effect to such Sections 3,
4, and 5, after giving effect to any concurrent payments or distributions to Agent in respect of the Senior Debt.

 

    	 	3	 

     

    

 

SECTION 7      Authorization
to Agent. If, while any Subordinated Debt is outstanding, any Insolvency Event shall occur and be continuing with
respect to any other Subordinated Creditor or its property: (i) Agent hereby is irrevocably authorized and empowered (in
the name of each Subordinated Creditor or otherwise), but shall have no obligation, to demand, sue for, collect, and receive
every payment or distribution in respect of the Subordinated Debt and give acquittance therefor and to file claims and proofs
of claim and take such other action (including voting the Subordinated Debt) as it may deem necessary or advisable for the
exercise or enforcement of any of the rights or interests of Agent; and (ii) each Subordinated Creditor shall promptly
take such action as the Agent reasonably may request (A) to collect the Subordinated Debt for the account of the Agent
and the Lenders and to file appropriate claims or proofs of claim in respect of the Subordinated Debt, (B) to execute
and deliver to the Agent such powers of attorney, assignments, and other instruments as it may request to enable it to
enforce any and all claims with respect to the Subordinated Debt, and (C) to collect and receive any and all
Subordinated Debt Payments.

 

SECTION 8      Certain
Agreements of Each Subordinated Creditor.

 

(a)          No
Benefits. Each Subordinated Creditor understands that there may be various agreements between Agent, the Lenders and any other
Subordinated Creditor evidencing and governing the Senior Debt, and each Subordinated Creditor acknowledges and agrees that such
agreements are not intended to confer any benefits on such Subordinated Creditor and that the Agent and the Lenders shall not have
any obligation to such Subordinated Creditor or any other Person to exercise any rights, enforce any remedies, or take any actions
which may be available to them under such agreements.

 

(b)          Reliance
by Agent and the Lenders. Each Subordinated Creditor acknowledges and agrees that the Agent and the Lenders will have relied
upon and will continue to rely upon the subordination provisions provided for herein and the other provisions hereof in entering
into the Loan Documents and making or issuing the Loans or other financial accommodations thereunder.

 

(c)          Waivers.
Except as provided under the Credit Agreement, each Subordinated Creditor hereby waives any and all notice of the incurrence of
the Senior Debt or any part thereof and any right to require marshaling of assets.

 

(d)          Obligations
of Each Subordinated Creditor Not Affected. Each Subordinated Creditor hereby agrees that at any time and from time to time,
without notice to or the consent of such Subordinated Creditor, without incurring responsibility to such Subordinated Creditor,
and without impairing or releasing the subordination provided for herein or otherwise impairing the rights of Agent or any Lender
hereunder: (i) the time for any other Subordinated Creditor’s performance of or compliance with any of its agreements
contained in the Loan Documents may be extended or such performance or compliance may be waived by the Agent and the Lenders; (ii) the
agreements of any other Subordinated Creditor with respect to the Loan Documents may from time to time be modified by such other
Subordinated Creditor, Agent and the Lenders for the purpose of adding any requirements thereto or changing in any manner the rights
and obligations of such other Subordinated Creditor, the Agent or the Lenders thereunder; (iii) the manner, place, or terms
for payment of Senior Debt or any portion thereof may be altered or the terms for payment extended, or the Senior Debt may be renewed
in whole or in part; (iv) the maturity of the Senior Debt may be accelerated in accordance with the terms of any present or
future agreement by any other Subordinated Creditor, Agent and the Lenders; (v)  any Person liable in any manner for Senior
Debt may be discharged, released, or substituted; and (vi) all other rights against the other Subordinated Creditor or any
other Person may be exercised (or the Agent and the Lenders may waive or refrain from exercising such rights).

 

    	 	4	 

     

    

 

(e)          Rights
of Agent and the Lenders Not to Be Impaired. No right of the Agent or any Lender to enforce the subordination provided for
herein or to exercise its other rights hereunder shall at any time in any way be prejudiced or impaired by any act or failure to
act by any other Subordinated Creditor, Agent or any Lender hereunder or under or in connection with the other Loan Documents or
by any noncompliance by the other Subordinated Creditor with the terms and provisions and covenants herein or in any other Loan
Document, regardless of any knowledge thereof the Agent or any Lender may have or otherwise be charged with.

 

(f)          Financial
Condition of the Subordinated Creditors. Except as provided under the Credit Agreement or any Loan Document, each Subordinated
Creditor shall not have any right to require the Agent or any Lender to obtain or disclose any information with respect to: (i) the
financial condition or character of any other Subordinated Creditor or the ability of the other Subordinated Creditor to pay and
perform Senior Debt; (ii) the Senior Debt; (iii)  the existence or nonexistence of any guarantees of, or any other
subordination agreements with respect to, all or any part of the Senior Debt; (iv) any action or inaction on the part of the
Agent, the Lenders or any other Person; or (v) any other matter, fact, or occurrence whatsoever.

 

(g)          Acquisition
of Liens or Guaranties. Except as expressly permitted under the Credit Agreement (assuming, solely for purposes of this clause
(g) that each Subordinated Creditor is a Loan Party under the Credit Agreement), each Subordinated Creditor shall not, without
the prior consent of the Agent, acquire any right or interest in or to any assets of any other Subordinated Creditor or accept
any guaranties from any other Subordinated Creditor or from any other Subsidiary of Borrower for the Subordinated Debt.

 

SECTION 9      Subrogation.

 

(a)          Subrogation.
Until the payment and performance in full in cash of all Senior Debt, no Subordinated Creditor shall have or directly or indirectly
exercise any rights that it may acquire by way of subrogation under this Agreement (and each Subordinated Creditor hereby waives
any such right of subrogation), whether by any payment or distribution to Agent hereunder or otherwise.

 

(b)          Payments
Over to the Subordinated Creditors. If any payment or distribution to which any Subordinated Creditor would otherwise have
been entitled but for the provisions of Section 3, 4, or 5 shall have been applied pursuant to the provisions of Section 3,
4, or 5 to the payment of all amounts payable under the Senior Debt, such Subordinated Creditor shall be entitled to receive
from Agent and the Lenders any payments or distributions received by Agent and the Lenders in excess of the amount sufficient to
pay in full in cash all amounts payable under or in respect of the Senior Debt. If any such excess payment is made to the Agent
and the Lenders, the Agent and the Lenders shall promptly remit such excess to such Subordinated Creditor and until so remitted
shall hold such excess payment for the benefit of such Subordinated Creditor.

 

SECTION 10      Continuing
Agreement; Reinstatement.

 

(a)          Continuing
Agreement. This Agreement is a continuing agreement of subordination and shall continue in effect and be binding upon each
Subordinated Creditor until payment and performance in full in cash of the Senior Debt. The subordinations, agreements, and priorities
set forth herein shall remain in full force and effect regardless of whether any party hereto in the future seeks to rescind, amend,
terminate, or reform, by litigation or otherwise, its respective agreements with the other Subordinated Creditor.

 

    	 	5	 

     

    

 

(b)          Reinstatement.
This Agreement shall continue to be effective or shall be reinstated, as the case may be, if, for any reason, any payment of the
Senior Debt by or on behalf of any other Subordinated Creditor shall be rescinded or must otherwise be restored by the Agent or
any Lender, whether as a result of an Insolvency Event or otherwise.

 

SECTION 11      Transfer
of Subordinated Debt. Except as expressly permitted by the Credit Agreement (assuming, solely for purposes of this
Section 11, that each Subordinated Creditor is a Loan Party under the Credit Agreement), no Subordinated Creditor may assign
or transfer its rights and obligations in respect of the Subordinated Debt without the prior written consent of the Agent,
provided that any such transferee or assignee, as a condition to acquiring an interest in the Subordinated Debt shall agree
to be bound hereby, in form reasonably satisfactory to the Agent.

 

SECTION 12      Obligations
of the Subordinated Creditors Not Affected. The provisions of this Agreement are intended solely for the purpose of
defining the relative rights of each Subordinated Creditor against the other Subordinated Creditors, on the one hand, and of
the Agent and the Lenders against the Subordinated Creditors, on the other hand. Nothing contained in this Agreement shall
(i) impair, as between each Subordinated Creditor and the other Subordinated Creditors, the obligation of the other
Subordinated Creditors to pay their respective obligations with respect to the Subordinated Debt as and when the same shall
become due and payable, or (ii) otherwise affect the relative rights of each Subordinated Creditor against the other
Subordinated Creditors, on the one hand, and of the creditors (other than Agent and the Lenders) of the other Subordinated
Creditors against the other Subordinated Creditors, on the other hand.

 

SECTION 13      Endorsement
of Subordinated Creditor Documents; Further Assurances and Additional Acts.

 

(a)          Endorsement
of Subordinated Creditor Documents. At the request of the Agent, all documents and instruments evidencing any of the Subordinated
Debt, if any, shall be endorsed with a legend noting that such documents and instruments are subject to this Agreement, and each
Subordinated Creditor shall promptly deliver to the Agent evidence of the same.

 

(b)          Further
Assurances and Additional Acts. Each Subordinated Creditor shall execute, acknowledge, deliver, file, notarize, and register
at its own expense all such further agreements, instruments, certificates, financing statements, documents, and assurances, and
perform such acts as the Agent reasonably shall deem necessary or appropriate to effectuate the purposes of this Agreement, and
promptly provide the Agent with evidence of the foregoing reasonably satisfactory in form and substance to Agent.

 

SECTION 14     Notices.
All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including
by facsimile transmission) and shall be mailed, sent, or delivered in accordance with the notice provisions contained in the
Credit Agreement and to each Subordinated Creditor in care of the Borrower.

 

SECTION 15      No
Waiver; Cumulative Remedies. No failure on the part of the Agent or any Lender to exercise, and no delay in exercising,
any right, remedy, power, or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise
of any such right, remedy, power, or privilege preclude any other or further exercise thereof or the exercise of any other
right, remedy, power, or privilege. The rights and remedies under this Agreement are cumulative and not exclusive of any
rights, remedies, powers, and privileges that may otherwise be available to Agent or any Lender, whether under any Loan
Document, or under applicable law.

 

    	 	6	 

     

    

 

SECTION16      Survival.
All covenants, agreements, representations and warranties made in this Agreement shall, except to the extent otherwise
provided herein, survive the execution and delivery of this Agreement, and shall continue in full force and effect so long as
any Senior Debt remains unpaid.

 

SECTION 17      Benefits
of Agreement. This Agreement is entered into for the sole protection and benefit of the parties hereto and their
successors and assigns, and no other Person shall be a direct or indirect beneficiary of, or shall have any direct or
indirect cause of action or claim in connection with, this Agreement.

 

SECTION 18      Binding
Effect. This Agreement shall be binding upon, inure to the benefit of and be enforceable by each Subordinated Creditor
and Agent and their respective successors and permitted assigns.

 

SECTION 19      CHOICE OF
LAW AND VENUE; JURY TRIAL WAIVER.

 

THE VALIDITY OF THIS AGREEMENT,
ITS CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT, AND THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER
OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK.

 

THE PARTIES AGREE THAT ALL
ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS SHALL BE TRIED AND LITIGATED ONLY
IN THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK; PROVIDED, HOWEVER, THAT ANY
SUIT SEEKING ENFORCEMENT AGAINST ANY PROPERTY MAY BE BROUGHT, AT THE AGENT’S OPTION, IN THE COURTS OF ANY JURISDICTION WHERE
THE AGENT ELECTS TO BRING SUCH ACTION TO THE EXTENT SUCH COURTS HAVE IN PERSONAM JURISDICTION OVER THE RELEVANT SUBORDINATED CREDITOR
OR IN REM JURISDICTION OVER SUCH PROPERTY. EACH SUBORDINATED CREDITOR AND THE AGENT WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE
LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT
ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 19 AND STIPULATE THAT THE STATE AND FEDERAL COURTS LOCATED
IN THE STATE OF NEW YORK SHALL HAVE IN PERSONAM JURISDICTION AND VENUE OVER SUCH PARTY FOR THE PURPOSE OF LITIGATING
ANY SUCH DISPUTE, CONTROVERSY, OR PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE OTHER LOAN DOCUMENTS.

 

EACH SUBORDINATED CREDITOR
AND THE AGENT HEREBY WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND
ALL OTHER COMMON LAW OR STATUTORY CLAIMS. EACH SUBORDINATED CREDITOR AND THE AGENT REPRESENT THAT EACH SUCH PARTY HAS REVIEWED
THIS WAIVER AND EACH SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.
IN THE EVENT OF LITIGATION, A COPY OF THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

    	 	7	 

     

    

 

SECTION 20      Entire
Agreement; Amendments and Waivers.

 

(a)          Entire
Agreement. This Agreement constitutes the entire agreement of each of the Subordinated Creditors, the Agent and the Lenders
with respect to the matters set forth herein and supersedes any prior agreements, commitments, drafts, communications, discussions,
and understandings, oral or written, with respect thereto.

 

(b)          Amendments
and Waivers. No amendment to any provision of this Agreement shall in any event be effective unless the same shall be in writing
and signed by each of the Subordinated Creditors and Agent; and no waiver of any provision of this Agreement, or consent to any
departure by any Subordinated Creditor therefrom, shall in any event be effective unless the same shall be in writing and signed
by Agent. Any such amendment, waiver, or consent shall be effective only in the specific instance and for the specific purpose
for which given.

 

SECTION 21      Conflicts.
In case of any conflict or inconsistency between any terms of this Agreement, on the one hand, and any documents or
instruments in respect of the Subordinated Debt, on the other hand, then the terms of this Agreement shall control.

 

SECTION 22      Severability.
Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
all applicable laws and regulations. If, however, any provision of this Agreement shall be prohibited by or invalid under any
such law or regulation in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum
requirements of such law or regulation, or, if for any reason it is not deemed so modified, it shall be ineffective and
invalid only to the extent of such prohibition or invalidity without affecting the remaining provisions of this Agreement or
the validity or effectiveness of such provision in any other jurisdiction.

 

SECTION 23      Interpretation.
This Agreement is the result of negotiations between, and have been reviewed by the respective counsel to, the Subordinated
Creditors and Agent and is the product of all parties hereto. Accordingly, this Agreement shall not be construed against
Agent merely because of the Agent’s involvement in the preparation hereof.

 

SECTION 24      Counterparts;
Facsimile Execution. 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 taken together shall
constitute but one and the same agreement. Delivery of an executed counterpart of this Agreement by facsimile or electronic
mail shall be equally effective as delivery of an original executed counterpart of this Agreement. Any party delivering an
executed counterpart of this Agreement by facsimile or electronic mail also shall deliver an original executed counterpart of
this Agreement but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and
bind effect of this Agreement.

 

SECTION 25      Termination
of Agreement. Upon payment and performance in full in cash of the Senior Debt, including the full and final termination
of any commitment to extend any financial accommodations under the Credit Agreement, this Agreement shall terminate and Agent
shall promptly execute and deliver to each Subordinated Creditor such documents and instruments as shall be reasonably
necessary to evidence such termination.

 

    	 	8	 

     

    

 

SECTION 26      Other
Subsidiaries. As set forth in, and subject to the limitations of, Section 5.7 of the Credit Agreement, any new
Subsidiary (whether by acquisition or creation) of the Borrower that is required to become a Loan Party under the terms of
the Credit Agreement is required to enter into this Agreement by executing and delivering in favor of the Agent a supplement
to this Agreement in the form of Annex 1 attached hereto. Upon the execution and delivery of Annex 1 by any
such new Subsidiary, such Subsidiary shall become a Subordinated Creditor hereunder with the same force and effect as if
originally named as a Subordinated Creditor herein. The execution and delivery of any instrument adding an additional
Subordinated Creditor as a party to this Agreement shall not require the consent of any Subordinated Creditor hereunder. The
rights and obligations of each Subordinated Creditor hereunder shall remain in full force and effect notwithstanding the
addition of any new Subordinated Creditor hereunder.

 

[Signature page follows.]

 

    	 	9	 

     

    

 

IN WITNESS WHEREOF,
each of the undersigned has executed and delivered this Agreement as of the date first written above.

 

	 	SUBORDINATED CREDITORS:
	 	 
	 	FIFTH STREET HOLDINGS L.P.
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Fifth Street Management LLC
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	FSCO GP LLC
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	Fifth Street EIV, LLC
	 	 	By: Fifth Street Management LLC,
	 	 	its Manager
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	FSC CT LLC
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

	 	Fifth Street Capital LLC
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	FSC Midwest LLC
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	FIFTH STREET CAPITAL West LLC
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	 	 
	 	FSC LLC
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

     

     

    

 

	ACKNOWLEDGED BY:	 
	 	 
	Sumitomo Mitsui Banking Corporation, as the Agent	 
	 	 	 
	By:  	 	 
	Name:  	 	 
	Title:  	 	 

 

     

     

    

 

ANNEX 1 TO INTERCOMPANY SUBORDINATION
AGREEMENT

FORM OF SUPPLEMENT

 

Supplement No. ______ (this
“Supplement”) dated as of _______________, ________, to that certain Intercompany Subordination Agreement, dated
as of November 4, 2014 (as amended, restated, supplemented
or otherwise modified from time to time, the “Intercompany Subordination Agreement”), by each of the parties
listed on the signature pages thereto and those additional entities that thereafter become parties thereto (collectively, jointly
and severally, and together with any other Person required to become or designated a “Subordinated Creditor” hereunder,
the “Subordinated Creditors” and each individually an “Subordinated Creditor”) and Sumitomo
Mitsui Banking Corporation, as administrative agent for the Lender Group (in such capacity, together with its successors
and assigns in such capacity, “Agent”).

 

WITNESSETH:

 

WHEREAS, pursuant to that
certain Credit Agreement, dated as of November 4, 2014 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among
FIFTH STREET HOLDINGS L.P., a Delaware limited partnership (the “Borrower”), the guarantors party thereto, the
lenders identified on the signature pages thereof (such lenders, together with their respective successors and permitted assigns,
are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”)
and the Agent, pursuant to which the Lenders are willing to extend credit to the Borrower from time to time pursuant to the terms
and conditions thereof; and

 

WHEREAS, capitalized terms
used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement; and

 

WHEREAS, the Subordinated
Creditors have entered into the Intercompany Subordination Agreement in order to induce Agent and the Lenders to make certain financial
accommodations to Borrower; and

 

WHEREAS, pursuant to Section 5.7
of the Credit Agreement and Section 26 of the Intercompany Subordination Agreement, new Subsidiaries of the Borrower that
are required to become Loan Parties pursuant to the terms of Section 5.7 of the Credit Agreement must execute and deliver
certain Loan Documents, including the Intercompany Subordination Agreement, and the execution of the Intercompany Subordination
Agreement by the undersigned new Subordinated Creditor or Subordinated Creditors (collectively, the “New Subordinated
Creditors”) may be accomplished by the execution of this Supplement in favor of Agent, for the benefit of the Lender
Group;

 

NOW, THEREFORE, for and in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
each New Subordinated Creditor hereby agrees as follows:

 

1.          In
accordance with Section 26 of the Intercompany Subordination Agreement, each New Subordinated Creditor, by its signature below,
becomes an “Subordinated Creditor” under the Intercompany Subordination Agreement with the same force and effect as
if originally named therein as an “Subordinated Creditor” and each New Subordinated Creditor hereby (a) agrees
to all of the terms and provisions of the Intercompany Subordination Agreement applicable to it as an “Subordinated Creditor”
thereunder and (b) represents and warrants that the representations and warranties made by it as “Subordinated Creditor”
thereunder are true and correct on and as of the date hereof. Each reference to “Subordinated Creditor” in the Intercompany
Subordination Agreement shall be deemed to include each New Subordinated Creditor. The Intercompany Subordination Agreement is
incorporated herein by reference.

 

     

     

    

 

2.          Each
New Subordinated Creditor represents and warrants to the Lender Group that this Supplement has been duly executed and delivered
by such New Subordinated Creditor and constitutes its legal, valid and binding obligation, enforceable against it in accordance
with its terms, except as enforceability thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer,
moratorium or other similar laws affecting creditors’ rights generally and general principles of equity (regardless of whether
such enforceability is considered in a proceeding at law or in equity).

 

3.          This
Supplement may be executed in multiple counterparts, each of which shall be deemed to be an original, but all such separate counterparts
shall together constitute but one and the same instrument. Delivery of a counterpart hereof by facsimile transmission or by e-mail
transmission shall be as effective as delivery of a manually executed counterpart hereof.

 

4.          Except
as expressly supplemented hereby, the Intercompany Subordination Agreement shall remain in full force and effect.

 

5.          This
Supplement shall be construed in accordance with and governed by the laws of the State of New York, without regard to the conflict
of laws principles thereof that would result in the application of the law of another jurisdiction.

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

     

     

    

 

IN WITNESS WHEREOF,
each New Subordinated Creditor and Agent have duly executed this Supplement to the Intercompany Subordination Agreement as of the
day and year first above written.

 

	NEW SUBORDINATED CREDITORS:	[Name of New Subordinated Creditor]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	[Name of New Subordinated Creditor]
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	AGENT:	Sumitomo Mitsui Banking Corporation
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

EXHIBIT C

FORM OF COMPLIANCE CERTIFICATE

 

		To:	Sumitomo Mitsui Banking Corporation

277 Park Avenue

New York, New York 10172

Office: 212-224-4375

Fax: 212-918-1633

Email : Kevin_DeFreitas@smbcgroup.com

Attn: Kevin DeFreitas

 

		CC:	Email: AgencyServices@smbcgroup.com

Office: 212-224-4847

Fax: 212-918-1633

Attn: Agency Services

 

		CC	Email: jungjin_kim@smbcgroup.com

Attn: Jean Kim

 

		CC	Email: Stephen_Chan@smbcgroup.com

Attn: Steven Chan

 

		CC	Email: Kah_Yim_Lim@smbcgroup.com

Attn: Kah Yim Lim

 

		Re:	Compliance Certificate dated __________________________

 

Ladies and Gentlemen: Reference
is made to that certain Amended and Restated Credit Agreement, dated as
of June 30, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among FIFTH STREET HOLDINGS L.P., a Delaware limited partnership (the “Borrower”),
the Guarantors party thereto from time to time, the lenders from time to time party thereto (such lenders, together with their
respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and
collectively as the “Lenders”), Sumitomo Mitsui Banking Corporation,
as administrative agent for the Lenders (together with its successors and assigns in such capacity, the “Administrative
Agent”) and CORTLAND CAPITAL MARKET SERVICES LLC, as collateral
agent for the Lenders (together with its successors and assigns in such capacity, the “Collateral Agent”
and together with the Administrative Agent, the “Agents”). Capitalized terms used in this Compliance Certificate
have the meanings set forth in the Credit Agreement unless specifically defined herein.

 

The undersigned officer of
the Borrower hereby certifies on behalf of the Borrower (and not in his or her personal capacity) that:

 

     

     

    

 

1.          The
financial statements contained in the report of Holdings and its Subsidiaries furnished in Schedule 1 attached hereto, have
been prepared in accordance with GAAP (except in the case of financial statements delivered pursuant to Section 5.2(b) of the Credit
Agreement, for the lack of footnotes and being subject to year-end audit adjustments) and fairly present in all material respects
the financial condition of Holdings and its Subsidiaries.2 Also attached is a reconciliation (that may be part of the
financial statements) prepared by a Financial Officer of the Borrower or its general partner and indicating the differences between
(x) the statement of financial condition and statement of operations of Holdings and its consolidated Subsidiaries and (y) the
unaudited statement of financial condition and statement of operations of the Borrower and its consolidated Subsidiaries on a Stand
Alone Basis in respect of such year.

 

2.          Such
officer has reviewed the terms of the Credit Agreement and the other Loan Documents and has made, or caused to be made under his/her
supervision, a review of the activities of the Borrower and its Subsidiaries during the accounting period covered by such financial
statements, with a view to determining whether the Loan Parties have fulfilled all of their respective obligations under the Credit
Agreement and the other Loan Documents.

 

3.          Such
review has not disclosed the existence on and as of the date hereof, and the undersigned does not have knowledge of the existence
as of the date hereof, of any event or condition that constitutes an Unmatured Event of Default or Event of Default, except for
such conditions or events listed on Schedule 2 attached hereto, specifying the nature and period of existence thereof and
the actions Borrower has taken, is taking, or proposes to take with respect thereto.

 

4.          Attached
hereto on Schedule 3 are true and correct calculations of (i) the percentage of Management Fees deferred, waived or not
paid in cash as described in Sections 6.12(a) and/or 7.1(o) of the Credit Agreement, (ii) the Total Leverage Ratio,
(iii) Assets Under Management pursuant to Section 6.12(c) and (iv) the ratio of Adjusted EBITDA to Interest Expense, in
each case, as of the end of the period specified in Schedule 3.

 

5.          [Attached
hereto on Schedule 4 is a description of all material Contingent Obligations of the Loan Parties.]3

 

6.          Attached
hereto on Schedule 5 is, on a Fifth Street Fund by Fifth Street Fund basis and based on the information available to Borrower
as of the date hereof, a listing of the Assets Under Management for such Fifth Street Fund.

 

7.          Attached
hereto on Schedule 6 is a listing of each Fifth Street Fund, if any, that has closed during the period covered by this Compliance
Certificate to the extent not previously disclosed.

 

8.          Attached
hereto on Schedule 7 is, solely to the extent that agreements executed in connection with the closing of any Fifth Street
Fund noted in paragraph 7 of this Compliance Certificate provide for the deferral of the payment of Management Fees, a listing
of the portion of the Management Fees that have been so agreed to be so deferred for any such Fifth Street Fund.

 

 

 2
So long as Holdings is subject to the reporting requirements of the Exchange Act, the filing of Holdings’ report on Form
10-K for such fiscal year shall satisfy the requirements of Section 5.2(a)(i) of the Credit Agreement, so long as such
Form 10-K is concurrently furnished (which may be by a link to a website containing such document sent by automated electronic
notification) to the Agent upon filing thereof.

3 To be included only with respect
to Compliance Certificates delivered along with financial statements delivered pursuant to Section 5.2(a).

 

     

     

    

 

IN WITNESS WHEREOF,
this Compliance Certificate is executed by the undersigned this _______ day of _______________, ________.

 

	 	FIFTH STREET HOLDINGS L.P.,
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

SCHEDULE l

 

     

     

    

 

SCHEDULE 2

 

     

     

    

 

SCHEDULE 3

 

1.            Management
Fees.

 

(a)          The
amount of all of the Management Fees (taken as a whole) that, as required to be reported under GAAP, would have been due and payable
to the Borrower or any Subsidiary during the twelve month period ending ____________, ___ is $ __________.

 

(b)          The
amount of Management Fees for which Borrower or any of its Subsidiaries have waived or permitted any of the Borrower’s Subsidiaries
to permit, any Fifth Street Fund to defer payment of such Management Fees or otherwise fail to pay such Management Fees in cash
as a result of a Triggering Event with respect to the applicable Fifth Street Fund (or amended or otherwise modified any agreement
evidencing any obligation by any Fifth Street Fund to pay Management Fees as a result of a Triggering Event with respect to the
applicable Fifth Street Fund, to the extent that any such amendment or modification, together with any such deferral, waiver or
failure to pay Management Fees in cash described above, resulted in a failure to pay in cash) Management Fees that, as required
to be reported under GAAP, otherwise would have been due and payable to the Borrower or any Subsidiary (but without duplication
of the Management Fees deferred, waived or otherwise not paid in cash as described in clause (c) below), during the twelve
month period ending ____________, ___ is $ __________.

 

(c)          The
amount of Management Fees that any Fifth Street Fund was permitted to defer payment, received a waiver of payment or for any other
reason failed to pay in cash as a result of a Triggering Event with respect to the applicable Fifth Street Fund (or any agreement
evidencing any obligation of the applicable Fifth Street Fund to pay Management Fees was amended or otherwise modified as a result
of a Triggering Event with respect to the applicable Fifth Street Fund, to the extent that any such amendment or modification,
together with any such deferral, waiver or failure to pay Management Fees in cash described above, resulted in a failure to pay
in cash) Management Fees that, as required to be reported under GAAP, otherwise would have been due and payable to the Borrower
or any Subsidiary (but without duplication of the Management Fees deferred, waived or otherwise not paid in cash as described in
clause (b) above), during the twelve month period ending ____________, ___ is $ __________.

 

(d)          The
sum of the amounts in clause (b) plus (c) of this Item 1 is less than ten percent (10%) of the amount in clause (a) of this Item
1.

 

2.            Debt
to Adjusted EBITDA.

 

(a)          The
total outstanding amount of Debt (excluding Permitted Risk Retention Debt) of Borrower and its Subsidiaries on a Stand Alone Basis
as of the last day of the four fiscal quarter period of the Borrower ending ___________, ___ is equal to $________________.

 

(b)          The
Adjusted EBITDA of Borrower and its Subsidiaries on a Stand Alone Basis for the four fiscal quarter period of the Borrower ending
___________, ___ is equal to $________________.

 

(c)          The
ratio obtained by dividing the amount under clause (a) of this Item 2 by the amount under clause (b) of this Item 2 is __________,
which is less than or equal to (x) if the amount under clause (a) does not exceed $[●], 4.00:1.00 and (y) if the amount under
clause (a) does exceed $[●], 3.00:1.00, in each case, set forth in Section 6.12(b) of the Credit Agreement.

 

(d)          A
calculation of each component of Adjusted EBITDA for the four fiscal quarter period of the Borrower ending ___________, ___ is
shown below:

 

     

     

    

 

[___]

 

3.            Assets
Under Management.

 

(a)          Assets
Under Management, measured as of any date of determination, for the measurement date ______________,____ is $_______________.

 

(b)          50%
of the total amount of New Management Fee Assets, measured as of any date of determination, for the measurement date ___________,
___ is $________________.

 

(c)          The
amount set forth in clause (a) of this Item 3 is ____________, which is greater than or equal to the sum of the amount set forth
in clause (b) of this Item 3 and $2,000,000,000, which is the amount set forth in Section 6.12(c) of the Credit Agreement.

 

4.            Interest
Coverage Ratio.

 

(a)          The
Adjusted EBITDA of Borrower and its Subsidiaries on a Stand Alone Basis for the four fiscal quarter period of Borrower ending ___________,
___ is equal to $________________.

 

(b)          The
Interest Expense of the Borrower and its Subsidiaries on a Stand Alone Basis for the four fiscal quarter period of the Borrower
ending ___________, ___ is equal to $________________.

 

(c)          The
ratio obtained by dividing the amount under clause (a) of this Item 4 by the amount under clause (b) of this Item 4 is ___________,
which is not less than the ratio of 5.00:1.00 set forth in Section 6.12(d) of the Credit Agreement.

 

(d)          A
calculation of each component of Interest Expense is shown below:

 

[___]

 

(e)          A
calculation of Adjusted EBITDA for the four fiscal quarter period of the Borrower ending ___________, ___, eliminating the adjustment
in clause (b)(vii) of the definition thereof in is shown below:

 

[___]

 

     

     

    

 

EXHIBIT R-l

 

PERSONS AUTHORIZED TO REQUEST
A CONVERSION/CONTINUATION

 

Leonard Tannenbaum

 

Bernard Berman

 

Ivelin Dimitrov

 

Alexander Frank

 

Steven Noreika

 

     

     

    

 

EXHIBIT R-2

[Intentionally Omitted]

 

     

     

    

 

EXHIBIT R-3

 

FORM OF REQUEST FOR CONVERSION/CONTINUATION

 

[●] [●], 201[●]

 

		To:	Sumitomo Mitsui Banking Corporation

277 Park Avenue

New York, New York 10172

Office: 212-224-4375

Fax: 212-918-1633

Email : Kevin_DeFreitas@smbcgroup.com

Attn: Kevin DeFreitas

 

		CC:	Email: AgencyServices@smbcgroup.com

Office: 212-224-4847

Fax: 212-918-1633

Attn: Agency Services

 

Ladies and Gentlemen:

 

Reference is made to that
certain Amended and Restated Credit Agreement, dated as of June
30, 2017 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), by and among FIFTH STREET HOLDINGS L.P., a Delaware limited partnership (the “Borrower”),
the Guarantors party thereto from time to time, the lenders from time to time party thereto (such lenders, together with their
respective successors and permitted assigns, are referred to hereinafter each individually as a “Lender” and
collectively as the “Lenders”), Sumitomo Mitsui Banking Corporation,
as administrative agent for the Lenders (together with its successors and assigns in such capacity, the “Administrative
Agent”) and CORTLAND CAPITAL MARKET SERVICES LLC, as collateral
agent for the Lenders (together with its successors and assigns in such capacity, the “Collateral Agent”
and together with the Administrative Agent, the “Agents”). Capitalized terms used herein and not otherwise defined
herein shall have the meanings ascribed to them in the Credit Agreement.

 

This Request for Conversion/Continuation
represents Borrower's request to [convert $___________ of Base Rate Loans into LIBOR Rate Loans] [convert $_________ of LIBOR Rate
Loans into Base Rate Loans] [continue Loans in an amount of $____________ as LIBOR Rate Loans] [, and is a written confirmation
of the telephonic notice of such election given to the Administrative Agent].

 

[Such LIBOR Rate Loans will
have an Interest Period of [1, 2, 3, or 6] [or 12]1 month(s) commencing on _____________.]

 

The date and [Business Day]
[Eurodollar Business Day] of the proposed [conversion] [continuation] is __________.

 

This Request for Conversion/Continuation
further confirms Borrower's acceptance, for purposes of determining the rate of interest based on the LIBOR Rate under the Credit
Agreement, of the LIBOR Rate as determined pursuant to the Credit Agreement.

 

 

1 Any request of 12 months by Borrower
must be approved by the Lenders.

 

     

     

    

 

The Borrower represents and
warrants, on behalf of Borrower, that (i) as of the date hereof, each representation or warranty contained in or pursuant to any
Loan Document, any agreement, instrument, certificate, document or other writing furnished at any time under or in connection with
any Loan Document, and as of the effective date of any continuation or conversion requested above, is true and correct in all material
respects (provided that, to the extent that such representations and warranties specifically refer to an earlier
date, they shall be true and correct in all material respects as of such earlier date; provided, further that, any
representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar
language shall be true and correct in all respects on such respective dates) and (ii) no Unmatured Event of Default or Event of
Default has occurred and is continuing on the date hereof, nor will any thereof occur after giving effect to the request above.

 

	 	FIFTH STREET HOLDINGS L.P.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

     

     

    

 

EXHIBIT 3.1(D)

 

OFFICER’S CERTIFICATE

OF

[●]

 

June
30, 2017

 

The undersigned hereby certifies
to Sumitomo Mitsui Banking Corporation, as administrative agent for the Lenders (the “Administrative Agent”)
and Cortland Capital Market Services LLC, as collateral agent for the Lenders, that the undersigned is the [●] of
[●], a [●][●] (the “Company”), and as a result of the foregoing, the undersigned
is familiar with the affairs of the Company and is authorized to execute and deliver this Officer’s Certificate on behalf
of the Company (and not in his or her personal capacity), and the undersigned further certifies to the Administrative Agent that:

 

1.          Attached
hereto as Exhibit A is a true, complete and correct copy of the [certificate of formation] [certificate of incorporation]
[articles of incorporation] [articles of formation] of the Company, certified by the Secretary of State for the State of [●],
as in full force and effect on the date hereof.

 

2.          Attached
hereto as Exhibit B is a true, complete and correct copy of the [limited partnership agreement] [limited liability company
agreement] [bylaws] of the Company, together with all amendments thereto, as in full force and effect on the Closing Date.

 

3.          Attached
hereto as Exhibit C is a true, complete and correct copy of the resolutions duly adopted by the [general partner] [member]
[board of directors] [board of managers] of the Company, acting in such capacity as set forth therein, authorizing (a) the execution
and delivery of the Credit Agreement and (b) the performance by the Company of the Company’s obligations under the applicable
Loan Documents. Such resolutions have not been modified, rescinded or amended and each such resolution is in full force and effect
on the date hereof.

 

4.          The
persons named on the Certificate of Incumbency (attached hereto as Exhibit D), have been designated as Responsible Officers
of the Company, holding the respective offices set forth opposite their respective names, each of such persons having been duly
appointed or elected, and set forth opposite their respective names are their respective genuine signatures. Each such Responsible
Officer is authorized to sign each Loan Document on behalf of the Company and any other document, agreement or instrument to be
delivered by the Company pursuant to the Loan Documents to which it is a party.

 

Capitalized terms used herein
and not otherwise defined shall have the meaning ascribed to such terms in that certain Amended
and Restated Credit Agreement, dated as of June 30, 2017 (as amended, restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”), by and among FIFTH STREET HOLDINGS L.P., a Delaware limited partnership (the
“Borrower”), the Guarantors party thereto from time to time, the lenders from time to time party thereto, Sumitomo
Mitsui Banking Corporation, as administrative agent for the Lenders (together with its successors and assigns in such capacity,
the “Administrative Agent”) and CORTLAND CAPITAL MARKET
SERVICES LLC, as collateral agent for the Lenders (together with its successors and assigns in such capacity, the
“Collateral Agent” and together with the Administrative Agent, the “Agents”).

 

[Signature Page to Follow]

 

     

     

    

 

IN WITNESS WHEREOF,
I have signed this Certificate as of the date first set forth above.

 

	 	By:	 
	 	Name:	[●]
	 	Title:	[●]

 

I hereby certify on behalf
of the Company, that [●] is the duly elected and qualified [●] of the Company, and that the signature
set forth above his name is authentic.

 

IN WITNESS WHEREOF,
I have hereunto set my hand as of the date first set forth above.

 

	 	By:	 
	 	Name:	[●]
	 	Title:	[●]

 

     

     

    

 

EXHIBIT A

 

[Certified Charter]

 

     

     

    

 

EXHIBIT B

 

[Governing Document]

 

     

     

    

 

EXHIBIT C

 

[Resolutions]

 

     

     

    

 

EXHIBIT D

 

CERTIFICATE OF INCUMBENCY

 

	NAME	 	OFFICE	 	SIGNATURE
	[●]	 	[●]	 	_______________
	[●]	 	[●]	 	_______________

 

     

     

    

 

EXHIBIT 11.3

ADDRESSES AND INFORMATION FOR NOTICES

 

Notices, demands, requests, instructions, and
other communications in writing shall be given or made upon the respective parties hereto at their respective addresses (or to
their respective facsimile numbers) indicated below:

 

If to the Borrower, to:

 

Fifth Street Holdings L.P.

777 West Putnam Ave.

3rd Floor

Greenwich, CT 06830

 

Facsimile: (203) 681-3879

Email: snoreika@fifthstreetfinance.com and afrank@fifthstreetfinance.com (include both email
addresses on all notices)

Attention: Steven Noreika and Alexander Frank

 

with a copy to:

 

Proskauer Rose LLP

Eleven Times Square

New York, NY 10036

Attention: Gary Creem

Email: gcreem@proskauer.com

Facsimile: 617-526-9899

 

If to the Administrative Agent, to:

 

Sumitomo Mitsui Banking Corporation

277 Park Avenue

New York, New York 10172

Office: 212-224-4375

Fax: 212-918-1633

Email : Kevin_DeFreitas @smbcgroup.com

Attn: Kevin DeFreitas

 

with a copies to:

 

Email: AgencyServices@smbcgroup.com

Fax: 212-918-1633

Attn: Agency Services

 

Email: jungjin_kim@smbcgroup.com

Attn: Jean Kim

 

Email: Stephen_Chan@smbcgroup.com

Attn: Steven Chan

 

     

     

    

 

Email: Kah_Yim_Lim@smbcgroup.com

Attn: Kah Yim Lim

 

If to the Collateral Agent, to:

 

Cortland Capital Market Services LLC

225 W. Washington St., 21st Floor

Chicago, IL 60606

Attn: Eric Duncan and Legal Department

Fax: 312 378-0751

Email: Eric.duncan@cortlandglobal.com and legal@cortlandglobal.com

 

     

     

    

 

Schedule A-1

to the Amended and Restated

Credit Agreement

 

AGENT’S ACCOUNT

 

An account at a bank designated by Agent from
time to time as the account into which Borrower shall make all payments to Agent for the benefit of the Lender Group and into which
the Lender Group shall make all payments to Agent under this Agreement and the other Loan Documents; unless and until the Agent
notifies the Borrower and the Lender Group to the contrary, Agent's Account shall be that certain deposit account bearing account
number 36023837 and maintained by the Agent with Citibank, N.A., New York, New York,
ABA #021-000-089, Attention: Loan Services, Reference: Fifth Street Holdings L.P.

 

     

     

    

 

Schedule A-2

to the Amended and Restated

Credit Agreement

 

APPROVED BANKS

 

		1.	Bank of America, N.A.

 

		2.	US Bank, National Association

 

		3.	Capital One, National Association

 

		4.	General Electric Capital Corporation

 

		5.	Wells Fargo Bank, National Association

 

		6.	Deutsche Bank AG

 

		7.	East West Bank

 

     

     

    

 

Schedule P

to the Amended and Restated

Credit Agreement

 

LIENS

 

		1.	Lien on all assets of FSC CT LLC (formerly FSC CT, Inc.)
in favor of the State of Connecticut, Department of Economic and Community Development in connection with loan set forth in Item 1
of Schedule 6.1.

 

     

     

    

 

Schedule 2.1

to the Amended and Restated

Credit Agreement

 

INITIAL PRINCIPAL AMOUNTS

 

	Lender	 	Loans	 
	Morgan Stanley Bank, N.A.	 	$	23,579,545.46	 
	Sumitomo Mitsui Banking Corporation	 	$	23,579,545.44	 
	JPMorgan Chase Bank, N.A.	 	$	16,477,272.73	 
	Royal Bank of Canada	 	$	16,477,272.73	 
	Credit Suisse AG, Cayman Islands Branch	 	$	11,363,636.37	 
	East West Bank	 	$	8,522,727.27	 
	TOTAL	 	$	100,000,000.00	 

 

     

     

    

 

 

Schedule 4.2

to the Amended and Restated

Credit Agreement

 

INTERESTS IN LOAN PARTIES

 

		1.	Fifth Street Holdings L.P.-

 

		a.	Fifth Street Asset Management Inc., as general partner,
holds 100% of the general partnership interests.

 

		b.	Fifth Street Asset Management Inc., Leonard M. Tannenbaum,
Bernard D. Berman, Ivelin M. Dimitrov, Charles J. Zmijeski, Sandeep K. Khorana, Alexander C. Frank, Brian D. Finkelstein, Kyde
S. Sharp, James F. Velgot, Stacey L. Tannenbaum, Steven M. Noreika, Matthew Bandini, Greg Browne, Tannenbaum Family 2012 Trust,
FSC CT II, Inc. and Bernard D. Berman 2012 Trust, as limited partners, collectively hold 100% of the limited partnership interests.

 

		2.	Fifth Street Management LLC – Fifth Street Holdings
L.P. holds 100% of membership interests.

 

		3.	FSCO GP LLC – Fifth Street Holdings L.P. holds 100%
of membership interests.

 

		4.	FSC CT LLC – Fifth Street Management LLC holds 100%
of membership interests.

 

		5.	Fifth Street Capital LLC – Fifth Street Management
LLC holds 0.5% of membership interests and FSC LLC owns 99.5% of membership interests.

 

		6.	FSC LLC – Fifth Street Management LLC holds 100%
of membership interests.

 

		7.	FSC Midwest LLC – Fifth Street Management LLC holds
100% of membership interests.

 

		8.	Fifth Street Capital West LLC – Fifth Street Capital
LLC holds 100% of membership interests.

 

		9.	Fifth Street CLO Management LLC – Fifth Street Holdings
L.P. holds 100% of membership interests.

 

     

     

    

 

Schedule 5.13

to the Amended and Restated

Credit Agreement

 

POST-CLOSING OBLIGATIONS

 

		1.	Use commercially reasonable efforts to deliver to the Agents
executed Control Agreements over each bank account held by a Loan Party (to the extent required by Section 4.9 of the Security
Agreement).

 

		2.	Within thirty days after the Restatement Effective Date
the Borrower shall provide evidence that all insurance required to be maintained pursuant to Section 5.11 has been obtained
and is in effect, together with (in the case of property or casualty insurance and liability insurance) the endorsements required
thereby.

 

     

     

    

 

Schedule 6.1

to the Amended and Restated

Credit Agreement

 

DEBT

 

		1.	Amended and Restated Promissory Note, dated as of May 2,
2016, between FSC CT LLC (formerly FSC CT, Inc.), as maker and the State of Connecticut, acting by and through its Department
of Economic and Community Development for the principal sum of $4,000,000.

 

		2.	Promissory Note, dated as of October 29, 2014, between
Fifth Street Management LLC, as maker, and FSC CT II, Inc., as payee, for the principal sum of $10,829,622.

 

		3.	Promissory Note, dated as of October 29, 2014, between
Fifth Street Management LLC, as maker, and Tannenbaum Family 2012 Trust, as payee, for the principal sum of $2,399,170.

 

     

     

    

 

Schedule 6.3

to the Amended and Restated

Credit Agreement

 

INVESTMENTS

 

None.

 

     

     

    

 

Schedule 6.7

to the Amended and Restated

Credit Agreement

 

TRANSACTIONS WITH SHAREHOLDERS
AND AFFILIATES

 

		1.	Contribution Agreement dated as of September 17, 2014,
by and among Fifth Street Holdings L.P. and each of the transferors named therein, as amended by Amendment, dated as of October
24, 2014.

 

		2.	Contribution Agreement dated as of September 17, 2014,
by and among Fifth Street Holdings L.P. and each of the transferors named therein (Principals), as amended by Amendment, dated
as of October 24, 2014.

 

		3.	Contribution Agreement dated as of September 17, 2014,
by and between Fifth Street Holdings L.P. and Alexander C. Frank.

 

		4.	Exchange Agreement, dated as of November 4, 2014, by and
among Fifth Street Asset Management Inc., Fifth Street Holdings L.P. and the persons named therein.

 

		5.	Registration Rights Agreement, dated as of November 4,
2014, by and among Fifth Street Asset Management Inc. and the persons named therein.

 

		6.	Tax Receivable Agreement, dated as of October 29, 2014,
by and among Fifth Street Asset Management Inc., Fifth Street Holdings L.P., Leonard M. Tannenbaum, Bernard D. Berman, Ivelin
M. Dimitrov, Tannenbaum Family 2012 Trust, Bernard D. Berman 2012 Trust and FSC CT II, Inc.

 

     

     

    

 

Schedule 6.13

to the Amended and Restated

Credit Agreement

 

RESTRICTIVE AGREEMENTS

 

		1.	Credit Agreement, dated as of September 28, 2015, by and
among Bleachers Finance 1 Limited and the other lenders from time to time party thereto, Natixis, New York Branch, as agent, and
Fifth Street CLO Management LLC, as borrower.

 

		2.	Second Amended and Restated Assistance Agreement, dated
as of May 2, 2016, by and between the State of Connecticut acting by the Department of Economic and Community Development and
FSC CT LLC.

 

		3.	Security Agreement, dated as of October 7, 2013, by and
between the State of Connecticut acting by and through its Department of Economic and Community Development and FSC CT LLC (formerly
known as FSC CT, Inc.).Exhibit 10.2

 

 

 

PURCHASE AGREEMENT

 

by and between

 

NEWSTAR
FINANCIAL, INC.

 

And

 

FIFTH STREET HOLDINGS L.P.

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	ARTICLE I DEFINITIONS	1
	 	 	 
	Section 1.1	Definitions	1
	 	 	 
	Section 1.2	Construction and Interpretation	11
	 	 	 
	ARTICLE II PURCHASE AND SALE	12
	 	 	 
	Section 2.1	Purchase and Sale	12
	 	 	 
	Section 2.2	Working Capital Adjustment	13
	 	 	 
	Section 2.3	Closing	14
	 	 	 
	Section 2.4	Deliveries at Closing	14
	 	 	 
	Section 2.5	Purchase Price Allocation	15
	 	 	 
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER	16
	 	 	 
	Section 3.1	Organization, Etc	16
	 	 	 
	Section 3.2	Authority; No Violations	16
	 	 	 
	Section 3.3	Title	16
	 	 	 
	Section 3.4	Foreign Person Status	16
	 	 	 
	Section 3.5	Compliance with Law	17
	 	 	 
	Section 3.6	Brokers and Finders	17
	 	 	 
	ARTICLE IV REPRESENTATIONS AND WARRANTIES REGARDING THE COMPANY AND THE COMPANY FUNDS	17
	 	 	 
	Section 4.1	Organization, Etc	17
	 	 	 
	Section 4.2	Capital Structure	17
	 	 	 
	Section 4.3	Consents and Approvals	18
	 	 	 
	Section 4.4	No Conflicts	18
	 	 	 
	Section 4.5	Financial Statements	18
	 	 	 
	Section 4.6	Absence of Undisclosed Liabilities	19
	 	 	 
	Section 4.7	Absence of Certain Changes	19
	 	 	 
	Section 4.8	Assets	19
	 	 	 
	Section 4.9	Real Property	20
	 	 	 
	Section 4.10	Company Contracts	20
	 	 	 
	Section 4.11	Legal Proceedings	20
	 	 	 
	Section 4.12	Affiliate Transactions	21
	 	 	 
	Section 4.13	Compliance with Law; Government Regulation	21
	 	 	 
	Section 4.14	Company Funds	25

 

     ii

     

    

 

	Section 4.15	Assets Under Management	28
	 	 	 
	Section 4.16	Taxes	29
	 	 	 
	Section 4.17	Benefit Plans; Employees	30
	 	 	 
	Section 4.18	Intellectual Property and Information Technology	30
	 	 	 
	Section 4.19	Insurance	31
	 	 	 
	Section 4.20	[Reserved]	31
	 	 	 
	Section 4.21	Reporting	31
	 	 	 
	Section 4.22	Brokers and Finders	31
	 	 	 
	Section 4.23	Disclaimer	31
	 	 	 
	ARTICLE V REPRESENTATIONS AND WARRANTIES OF BUYER	31
	 	 	 
	Section 5.1	Organization	31
	 	 	 
	Section 5.2	Authority; No Violations.	32
	 	 	 
	Section 5.3	Purchase for Own Account	32
	 	 	 
	Section 5.4	Investment Experience	32
	 	 	 
	Section 5.5	Investor Suitability	32
	 	 	 
	Section 5.6	Acknowledgements	32
	 	 	 
	Section 5.7	Brokers and Finders	33
	 	 	 
	Section 5.8	Disclaimer	33
	 	 	 
	ARTICLE VI COVENANTS	33
	 	 	 
	Section 6.1	Termination of Letter of Intent and Confidentiality Agreement	33
	 	 	 
	Section 6.2	Confidentiality	33
	 	 	 
	Section 6.3	Announcement	34
	 	 	 
	Section 6.4	Expenses	34
	 	 	 
	Section 6.5	Further Assurances	34
	 	 	 
	Section 6.6	Interim Covenants	34
	 	 	 
	Section 6.7	Access to Information	37
	 	 	 
	Section 6.8	Exclusivity	37
	 	 	 
	Section 6.9	Notification of Certain Matters	38
	 	 	 
	Section 6.10	Consents	38
	 	 	 
	Section 6.11	Risk Retention Facility	38
	 	 	 
	Section 6.12	Termination of Intercompany Obligations and Releases	38
	 	 	 
	Section 6.13	Director and Officer Insurance Tail Policy	39
	 	 	 
	Section 6.14	Tax Matters	39
	 	 	 
	Section 6.15	The Closing Loan Tapes	40

 

     iii

     

    

 

	ARTICLE VII SURVIVAL; POST-CLOSING OBLIGATIONS	40
	 	 	 
	Section 7.1	Expiration of Representations, Warranties and Covenants	40
	 	 	 
	Section 7.2	Result of Breach of Representation or Warranty; Indemnification	41
	 	 	 
	Section 7.3	Limitations	42
	 	 	 
	Section 7.4	Claims Notice	43
	 	 	 
	Section 7.5	Exclusive Remedy	44
	 	 	 
	Section 7.6	Effect of Investigation	45
	 	 	 
	Section 7.7	Tax Treatment	45
	 	 	 
	Section 7.8	Indemnity Payment	45
	 	 	 
	ARTICLE VIII CONDITIONS TO THE CLOSING	45
	 	 	 
	Section 8.1	Conditions to Obligations of Each Party	45
	 	 	 
	Section 8.2	Additional Conditions to the Obligations of Buyer	45
	 	 	 
	Section 8.3	Additional Conditions to the Obligations of Seller	48
	 	 	 
	ARTICLE IX TERMINATION OF AGREEMENT	48
	 	 	 
	Section 9.1	Termination	48
	 	 	 
	ARTICLE X MISCELLANEOUS	49
	 	 	 
	Section 10.1	Amendments; Waiver	49
	 	 	 
	Section 10.2	Entire Agreement	50
	 	 	 
	Section 10.3	Severability	50
	 	 	 
	Section 10.4	Notices	50
	 	 	 
	Section 10.5	Binding Effect; No Assignment	51
	 	 	 
	Section 10.6	Counterparts	51
	 	 	 
	Section 10.7	No Third Party Beneficiaries	51
	 	 	 
	Section 10.8	Specific Performance	52
	 	 	 
	Section 10.9	Governing Law	52
	 	 	 
	Section 10.10	Consent to Jurisdiction; Waiver of Jury Trial	52

 

     iv

     

    

 

	 	Schedule	 	Description
	 	 	 	 
	 	Schedule 1.1(a)	 	Net Working Capital
	 	 	 	 
	 	Schedule 1.1(b)	 	Liens
	 	 	 	 
	 	Schedule 1.1(c)	 	Required Consents
	 	 	 	 
	 	Schedule 1.1(d)	 	Risk Retention Interests
	 	 	 	 
	 	Schedule 2.2	 	Net Working Capital Statement
	 	 	 	 
	 	Schedule 4.1(a)	 	Organization, etc.
	 	 	 	 
	 	Schedule 4.3	 	Consents and Approvals
	 	 	 	 
	 	Schedule 4.4	 	No Conflicts
	 	 	 	 
	 	Schedule 4.5	 	Financial Statements
	 	 	 	 
	 	Schedule 4.6	 	Absence of Undisclosed Liabilities
	 	 	 	 
	 	Schedule 4.7	 	Absence of Certain Changes
	 	 	 	 
	 	Schedule 4.10	 	Company Contracts
	 	 	 	 
	 	Schedule 4.11	 	Legal Proceedings
	 	 	 	 
	 	Schedule 4.12	 	Affiliate Transactions
	 	 	 	 
	 	Schedule 4.13	 	Compliance with Law; Government Regulation
	 	 	 	 
	 	Schedule 4.14	 	Company Funds
	 	 	 	 
	 	Schedule 4.15	 	Assets Under Management
	 	 	 	 
	 	Schedule 4.16	 	Taxes
	 	 	 	 
	 	Schedule 4.17	 	Benefit Plans; Employees
	 	 	 	 
	 	Schedule 4.18	 	Intellectual Property and Information Technology
	 	 	 	 
	 	Schedule 4.19	 	Insurance
	 	 	 	 
	 	Schedule 6.6	 	Interim Covenants
	 	 	 	 
	 	Schedule 8.2(f)	 	Resignations
	 	 	 	 
	 	Exhibit	 	Description
	 	 	 	 
	 	Exhibit A	 	Releases

 

     v

     

    

 

PURCHASE AGREEMENT

 

This PURCHASE AGREEMENT,
dated as of June 30, 2017, is made by and between NEWSTAR FINANCIAL, INC., a Delaware Corporation (“Buyer”),
and FIFTH STREET HOLDINGS L.P., a Delaware limited partnership (“Seller”).

 

WITNESSETH:

 

WHEREAS, Seller owns 100%
of the limited liability company interests (the “Purchased Interests”) of Fifth Street CLO Management LLC, a
Delaware limited liability company (the “Company”); and

 

WHEREAS, Buyer desires to
purchase from Seller, and Seller desires to sell and transfer to Buyer, all of the Purchased Interests, on the terms and conditions
set forth herein.

 

NOW THEREFORE, in consideration
of the mutual covenants, representations, warranties and agreements contained herein, and of other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be bound hereby, the Parties hereby agree as follows:

 

ARTICLE
I

DEFINITIONS 

 

Section 1.1           Definitions.
As used in this Agreement, the following terms shall have the meanings set forth below:

 

“Accounting Expert”
has the meaning set forth in Section 2.2(b).

 

“Advisers Act”
means the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder.

 

“Affiliate”
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries, Controls, is
Controlled by, or is under common Control with, the first Person, provided that the Company Funds shall be deemed
not to be Affiliates of the Company or the Seller.

 

“Agreement”
means this Agreement, including the Disclosure Schedule and any Exhibits hereto, as such may be amended or restated from time to
time.

 

“Allocation Statement”
has the meaning set forth in Section 2.5.

 

“Ancillary Agreements”
means all agreements, documents, instruments and certificates (other than this Agreement) executed and delivered in connection
with the Transactions.

 

“Bankruptcy and
Equity Exception” has the meaning set forth in Section 3.2(a).

 

    	 	1	 

     

    

 

“Business”
means the business, activities and operations of the Company, including the management of the Company Funds, as currently conducted.

 

“Business Day”
means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required
by law to close.

 

“Buyer”
has the meaning set forth in the Preamble.

 

“Buyer Indemnitees”
has the meaning set forth in Section 7.2(a).

 

“Cap” means an amount equal
$1,600,000.

 

“Client”
means any Person to which the Company provides collateral management, investment management or investment advisory services, including
any sub-advisory services or similar services, including each Company Fund.

 

“Closing”
has the meaning set forth in Section 2.3.

 

“Closing Date”
has the meaning set forth in Section 2.3.

 

“Closing Loan Tapes”
has the meaning set forth in Section 6.15.

 

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

 

“Collateral Management
Agreement” means, as applicable, each of (i) that certain Collateral Management Agreement, dated as of February 19, 2015,
entered into between Fifth Street Senior Loan Fund I, LLC and Fifth Street Management LLC as amended by that certain amendment,
dated as of June 29, 2015, entered into between Fifth Street Senior Loan Fund I, LLC and Fifth Street Management LLC and as assigned
to the Company by Fifth Street Management LLC pursuant to the terms of that certain Assignment and Assumption Agreement, dated
as of September 28, 2015, entered into among Fifth Street Management LLC, the Company and Fifth Street Senior Loan Fund I, LLC
and (ii) that certain Collateral Management Agreement, dated as of September 29, 2015, entered into between Fifth Street SLF II,
Ltd. and the Company, in each case, as amended or supplemented from time to time.

 

“Company”
has the meaning set forth in the Recitals.

 

“Company Contract”
means any Contract to which the Company is a party or otherwise bound, including the Collateral Management Agreements.

 

“Company Fund”
means each of Fifth Street Senior Loan Fund I, LLC and Fifth Street SLF II, Ltd.

 

“Company Owned Securities”
has the meaning set forth in Section 4.14(c).

 

“Confidentiality
Agreement” means the confidentiality agreement, dated as of March 16, 2017, by and between Buyer and the Company, as
the same may be amended from time to time.

 

    	 	2	 

     

    

 

“Confidentiality
Representative” has the meaning set forth in Section 6.2.

 

“Consent”
means, as the context requires, any consent, approval, notice, authorization, waiver, permit, license, grant, agreement, exemption
or order of, or registration, declaration or filing with, any Person, including any Governmental Authority.

 

“Contract”
means any written agreement, contract, arrangement, understanding, obligation or commitment to which a Person is bound or to which
its assets or properties are subject, and any amendments and supplements thereto.

 

“Control”
or “Controlled” means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of a Person, whether through the ownership of voting securities, by contract, as trustee or executor,
or otherwise. For purposes of this definition, a general partner or managing member of a Person shall be deemed to Control such
Person.

 

“Credit Agreement”
means the Credit Agreement, dated as of September 28, 2015, by and among the Company and the Credit Parties.

 

“Credit Parties”
means Bleachers Finance 1 Limited and the other lenders from time to time party to the Credit Agreement, and Natixis, New York
Branch, as agent, under the Credit Agreement.

 

“Designated Manager”
shall have the meaning assigned to such term in the Amended and Restated Limited Liability Company Agreement of Fifth Street Senior
Loan Fund I, LLC, dated as of February 19, 2015.

 

“Disclosure Schedule”
means the disclosure schedule of even date herewith delivered by Seller to Buyer in connection with the execution and delivery
of this Agreement.

 

“Dispute Notice”
has the meaning set forth in Section 2.2(a).

 

“Disqualification
Event” has the meaning set forth in Section 4.13(p).

 

“Distribution Report”
in respect of each of the Indenture of Fifth Street Senior Loan Fund I, LLC and the Indenture of Fifth Street SLF II, Ltd. shall
have the meaning assigned to such term therein.

 

“Employee”
means (a) any employee of the Company, (b) any Person made available to the Company through a shared services agreement or similar
agreement, or (c) any Person who is an employee of Seller.

 

“Encumbrance”
means any lien, pledge, restriction, mortgage, security interest, claim, charge, easement or other encumbrance of any kind.

 

“Entity”
means a Person that is not a natural person.

 

“Equity Rights”
has the meaning set forth in Section 4.2(b).

 

    	 	3	 

     

    

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated thereunder.

 

“ERISA Affiliate”
has the meaning set forth in Section 4.17(a).

 

“Escrow Agent”
means the entity designated to serve as escrow agent under the Escrow Agreement.

 

“Escrow Agreement”
has the meaning set forth in Section 2.1(b)(iii).

 

“Escrow Amount”
means an amount equal to $1,600,000.

 

“Estimated Purchase
Price” has the meaning set forth in Section 2.1(b)(i).

 

“EU Risk Retention Rules” shall
have the meaning assigned to the term “Applicable Regulation” in the Indenture of Fifth Street SLF II, Ltd.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Fifth Street EIV
Side Letter” means the Letter Agreement, dated as of September 1, 2016, by and between the Company and Fifth Street EIV
II, LLC.

 

“Financial Statements”
means (a) the unaudited financial statements of the Company for the 12-month period ending December 31, 2016, including the balance
sheet as of such date and the related statements of income and changes in equity for such period, and (b) the unaudited balance
sheet of the Company, as of the Most Recent Balance Sheet Date, and the related statement of income for the three-month period
then ended.

 

“FIRPTA Certificate”
has the meaning set forth in Section 2.4(b).

 

“Fund Documentation”
means, with respect to each Company Fund, all Organizational Documentation, offering memoranda and subscription agreements in effect
as of the date hereof in respect of such Company Fund.

 

“Fundamental Representations”
has the meaning set forth in Section 7.1.

 

“GAAP”
means United States generally accepted accounting principles and practices as in effect from time to time and applied consistently
throughout the periods involved.

 

“Governmental Authority”
means any nation or government, any foreign or domestic federal, state, county, municipal or other political instrumentality or
subdivision thereof and any foreign or domestic Entity or body exercising executive, legislative, judicial, regulatory, administrative
or taxing functions of or pertaining to government, including any court and any Self-Regulatory Organization.

 

    	 	4	 

     

    

 

“Holdings Credit
Agreement” means the Credit Agreement, dated as of November 4, 2014, by and among Seller, the guarantors party thereto,
the lenders party thereto, Sumitomo Mitsui Banking Corporation, Morgan Stanley Senior Funding, Inc., Sumitomo Mitsui Banking Corporation
and Morgan Stanley Senior Funding, Inc., as amended by Amendment No. 1 to the Credit Agreement, dated as of February 29, 2016,
by and among Seller, the guarantors party thereto, the lenders party thereto and Sumitomo Mitsui Banking Corporation, as supplemented
by the Supplement to Amendment No. 1 to the Credit Agreement, dated as of May 11, 2017, by and among Seller, the guarantors party
thereto, the lenders party thereto and Sumitomo Mitsui Banking Corporation.

 

“Indebtedness”
means, with respect to a Person (a) any indebtedness for borrowed money, whether or not having recourse to the borrower, (b) any
other indebtedness of such Person which is evidenced by a note, bond, debenture or similar instrument, (c) all obligations of such
Person under any leases required to be capitalized under GAAP, (d) all obligations of such Person in respect of acceptances issued
or created for the account of such Person, (e) all Liabilities secured by any Encumbrance on any property owned by such Persons
even though such Person has not assumed or otherwise become liable for the payment thereof, (f) any reimbursement obligation with
respect to letters of credit (including standby letters of credit to the extent drawn upon), bankers’ acceptances or similar
facilities, (g) any obligation issued or assumed as the deferred purchase price of property or services, (h) all net obligations
of such Person under interest rate, commodity, foreign currency and financial markets swaps, options, futures, derivatives and
other hedging obligations, and (i) any direct and indirect guarantees in respect of the foregoing.

 

“Indemnifying Party”
has the meaning set forth in Section 7.4(a).

 

“Indemnitee”
has the meaning set forth in Section 7.4(a).

 

“Indenture”
means each of (i) that certain Indenture, dated as of February 19, 2015, entered into between Fifth Street Senior Loan Fund I,
LLC and Wells Fargo Bank, National Association as supplemented by that certain First Supplemental Indenture, dated as of June 26,
2015, between Fifth Street Senior Loan Fund I, LLC and Wells Fargo Bank, National Association and (ii) that certain Indenture,
dated as of September 29, 2015, entered into among Fifth Street SLF II, Ltd., Fifth Street SLF II, LLC and Wells Fargo Bank, National
Association, each as may be amended or supplemented from time to time.

 

“Intellectual Property”
means all trademarks, service marks, trade names, corporate names, and trade dress, logos, and slogans, together with all goodwill
symbolized by any of the foregoing, domain names, web sites, copyrights, copyrightable subject matter, proprietary models, processes,
formulas, software and databases, client lists and similar rights, patents, patent applications, inventions, processes, designs,
investment track records, formulae, models, methodologies, trade secrets, know-how, confidential information, computer software,
data and documentation, track record and any other similar intellectual property or intangible rights, tangible embodiments of
any of the foregoing (in any medium including electronic media), and licenses of any of the foregoing, and registrations and applications
to register or renew the registration of any of the foregoing with any Governmental Authority in any country.

 

“Investment Company
Act” means the Investment Company Act of 1940, as amended, and the rules and regulations promulgated thereunder.

 

    	 	5	 

     

    

 

“IRS”
means the United States Internal Revenue Service.

 

“Knowledge of the
Company” means the actual knowledge of Ivelin Dimitrov, Matthew Stewart, Kerry Acocella, Bernard Berman and Alexander
Frank, in each case after reasonable internal inquiry of the Company, Seller and their respective Affiliates.

 

“Law”
means all laws, Orders, statutes, codes, regulations, ordinances, orders, decrees, rules, or other requirements with similar effect
of any Governmental Authority.

 

“Letter of Intent”
means that certain Letter of Intent, dated as of April 21, 2017, by and between Buyer and the Company, as the same may be amended
from time to time.

 

“Liability”
or “Liabilities” means any claim, liability, commitment or obligation of any kind or nature whatsoever, whether
known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, and whether
due or to become due, or otherwise, regardless of when asserted.

 

“Loan Asset”
means, in respect of each of the Indenture of Fifth Street Senior Loan Fund I, LLC and the Indenture of Fifth Street SLF II, Ltd.,
the meaning assigned to the term Collateral Obligation therein.

 

“Losses”
has the meaning set forth in Section 7.2(a).

 

“made available”
means, with respect to documents or other materials, that such documents or other materials were provided to Buyer by Seller, either
through physical or electronic delivery or through the availability of such documents or other materials in a virtual data room.

 

“Market Values”
has the meaning assigned to such term in each of the Indentures.

 

“Material Adverse
Effect” means any change, effect, event, matter, occurrence or state of facts that (a) has or results in, or would reasonably
be expected to have or result in, a material adverse effect on the business, condition (financial or otherwise), assets, properties,
management or results of operations of the Company or (b) does, or would reasonably be expected to, materially impair or delay
Seller’s ability to promptly perform its obligations hereunder or under any Ancillary Agreement; provided, however,
a “Material Adverse Effect” shall not include any change, effect, event, matter, occurrence or state of facts to the
extent resulting from (i) a decline or worsening of the United States economy in general, (ii) any changes or developments in financial,
banking or securities markets (including any disruption thereof and any material decline in the price of any market index), (iii)
changes in GAAP after the date hereof, (iv) changes in any Laws after the date hereof , (vi) any failure by the Company to meet
any internal or external projections, budgets or forecasts (but not the underlying causes of such failure unless such underlying
causes would otherwise be excepted from this definition) (v) the public announcement of the Transactions, or (vi) the taking of
any action by the Company as required by this Agreement, including the completion of the Transactions contemplated hereby, actions
taken or not taken by Seller or the Company with Buyer’s consent or Seller and/or the Company’s efforts in fulfilling
the conditions to Closing set forth in Section 8.1 and 8.2, including obtaining any Required Consents; provided that, with
respect to a matter described in any of the foregoing clauses (i) through (iv), such matter shall only be excluded only to the
extent that such change, effect, event, matter, occurrence or state of facts does not have a disproportionate adverse effect on
the Company relative to other participants in any of the industries or markets in which the Company operates (or applicable segments
or portions of such industries or markets).

 

    	 	6	 

     

    

 

“Monthly Report”
in respect of each of the Indenture of Fifth Street Senior Loan Fund I, LLC and the Indenture of Fifth Street SLF II, Ltd., shall
have the meaning assigned to such term therein.

 

“Most Recent Balance
Sheet” means the balance sheet as of March 31, 2017 of the Company, as included in the Financial Statements.

 

“Natixis”
means Natixis Securities Americas LLC.

 

“Net Working Capital”
means (i) the Company’s current assets (calculated in accordance with GAAP) excluding any management fees receivable but
including (a) any interest receivable by the Company on the notes of the Company Funds, (b) the prorated portion of (1) the July
2017 distributions to the Company on the notes of the Company Funds and (2) the administrator fees payable to the Company, and
in the case of each of the foregoing (i)(a) and (i)(b), for the period ending on the Closing Date and only to the extent such amounts
are not paid to the Company prior to the Closing Date, minus (ii) the Company’s current liabilities (calculated in accordance
with GAAP), calculated in accordance with Schedule 1.1(a).

 

“Net Working Capital
Statement” has the meaning set forth in Section 2.2(a).

 

“Net Working Capital
Statement Dispute Period” has the meaning set forth in Section 2.2(a).

 

“OFAC”
has the meaning set forth in Section 4.13(j).

 

“Offering Materials”
has the meaning set forth in Section 4.14(l).

 

“Order”
means any order, injunction, judgment, decree, writ, stipulation, award or ruling of, or settlement with, any Governmental Authority.

 

“Organizational
Documents” means, with respect to any Person that is a corporation, its articles or certificate of incorporation or memorandum
and articles of association, as the case may be, and its bylaws and other constituent documents; with respect to any Person that
is a limited partnership, its certificate of limited partnership and its limited partnership or operating agreement and other constituent
documents; with respect to any Person that is a limited liability company, its certificate of formation and its limited liability
company or operating agreement and other constituent documents; with respect to any Person that is a trust or other Entity, its
indenture, declaration or agreement of trust and its other constituent documents; and with respect to any other Person, its comparable
organizational documents, in each case, as has been amended or restated and as is in effect as of immediately prior to the Closing.

 

“Parties”
means Buyer and Seller.

 

    	 	7	 

     

    

 

“Performance Amounts”
means any fees paid or allocations made for investment advisory or investment management services, including carried interest,
the amount of which is dependent on the investment performance of the Company Funds.

 

“Performance Composite”
has the meaning set forth in Section 4.14(m).

 

“Permits”
has the meaning set forth in Section 4.13(c).

 

“Permitted Encumbrances”
means (a) liens created under the express terms of any real property lease, except any lien arising as a result of any failure
to timely make any payment or failure to perform any other obligation or other default under such lease, (b) liens for Taxes that
are not yet due and payable or that are being contested in good faith by appropriate proceedings, and for which adequate reserves
have been established on the Most Recent Balance Sheet in accordance with GAAP, (c) mechanics, materialmen’s, landlords’,
carriers’, warehousemen’s, and other liens imposed by law incurred in the ordinary course of business consistent with
past practice for amounts not yet due and payable, (d) zoning restrictions, land use regulations, declarations, reservations, provisions,
covenants, conditions, waivers, restrictions on the occupancy or use of property and third party easements, rights of way, leases
or similar matters that are recorded in the county records where the effected property is located and do not prohibit the occupancy
or use of the property, (e) deposits or pledges to secure obligations under workers’ compensation, social security or similar
laws, or under unemployment insurance, (f) deposits or pledges to secure bids, tenders, contracts (other than contracts for the
payment of money), personal property leases (including liens securing rental payments under any lease arrangements that are secured
by the personal property being rented thereby), statutory obligations, surety and appeal bonds, performance bonds and other obligations
of like nature arising in the ordinary course of the business consistent with past practice and made, created or arising prior
to the Closing Date, (g) Uniform Commercial Code financing statements regarding operating leases; (h) liens disclosed on Schedule
1.1(b) and (i) such Encumbrances that are not, individually or in the aggregate, material to the business of the Company.

 

“Person”
means any natural person or any firm, partnership, limited partnership, limited liability partnership, association, corporation,
limited liability company, joint venture, trust, business trust, sole proprietorship, Governmental Authority or other Entity or
any division thereof.

 

“Plans”
has the meaning set forth in Section 4.17(a).

 

“Pre-Closing Tax
Period” has the meaning set forth in Section 6.14(b).

 

“Pre-Closing Tax
Returns” has the meaning set forth in Section 6.14(b).

 

“Previous Financial
Statements” means the unaudited financial statements of the Company for the 12-month periods ending December 31, 2015,
including the balance sheet as of such date and the related statements of income and changes in equity for such period.

 

    	 	8	 

     

    

 

“Proceeding”
means any judicial, administrative or arbitral action, cause of action, suit, claim, demand, citation, notice, summons, subpoena,
investigation, examination, audit, review, inquiry or proceeding of any nature, civil, criminal, regulatory or otherwise, in law
or in equity, by, on behalf of, before or involving any court, tribunal, arbitrator or other Governmental Authority.

 

“Purchased Interests”
has the meaning set forth in the Recitals.

 

“Purchase
Price” has the meaning set forth in Section 2.1(a).

 

“Records”
has the meaning set forth in Section 4.14(m).

 

“Records
Requirement” has the meaning set forth in Section 4.14(m).

 

“Related
Party” means (a) Seller, or any (direct or indirect) member, partner, shareholder, manager, director, officer
or Employee of Seller, any Affiliate of the Seller and/or the Company, (b) any spouse, former spouse, child, parent, parent of
a spouse, sibling or grandchild of any of the Persons listed in clause (a) above, (c) any Affiliate of any of the Persons listed
in clause (a) or (b) above, and (d) any trust or other estate in which any of the Persons listed in clause (a) or (b) or (c) above
has a substantial beneficial interest or as to which such Person serves as trustee or in a similar fiduciary capacity.

 

“Remaining Escrow
Amount” means an amount equal to $800,000.

 

“Required Consents”
means, collectively, (i) all of the Consents set forth on Schedule 1.1(c) and (ii) the consent from each of the applicable Credit
Parties to the transactions contemplated hereby.

 

“Retention Undertaking”
means that certain letter agreement, dated as of September 29, 2015, between the Company and, for purposes of obtaining the benefit
of the representations, warranties, covenants, undertakings and acknowledgements contained therein, Natixis Securities America
LLC, in its capacity as placement agent, Fifth Street SLF II, Ltd. and Wells Fargo Bank, National Association, as amended from
time to time in accordance with its terms.

 

“Risk Retention
Interests” means the notes issued by Fifth Street Senior Loan Fund I, LLC or Fifth Street SLF II, Ltd. owned by the Company,
which are as set forth in Schedule 1.1(d).

 

“SDN List”
has the meaning set forth in Section 4.13(j).

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Secured Notes”
shall have the meaning assigned to such term in the Indentures.

 

“Securities Act”
has the meaning set forth in Section 4.14(f).

 

    	 	9	 

     

    

 

“Self-Regulatory
Organization” means the Financial Industry Regulatory Authority, each national securities exchange in the United States,
each non-U.S. securities exchange, and each other commission, board, agency or body, whether United States or foreign, that is
charged with the supervision or regulation of brokers, dealers, commodity pool operators, commodity trading advisors, futures commission
merchants, securities underwriting or trading, stock exchanges, commodities exchanges, insurance companies or agents, investment
companies or investment advisers, or to the jurisdiction of which the Company or any Company Fund is subject.

 

“Seller”
has the meaning set forth in the Preamble.

 

“Seller Indemnitees”
has the meaning set forth in Section 7.2(b).

 

“Side Letters”
has the meaning set forth in Section 4.15(b).

 

“Straddle Period”
means any taxable period beginning before the Closing Date and ending after the Closing Date.

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership, joint venture, or other legal Entity
of which such Person (either alone or through or together with any other Subsidiary) owns, directly or indirectly, more than 50%
of the stock or other equity interests the holders of which are generally entitled to vote for the election of the board of directors
or other governing body of such corporation or other legal Entity.

 

“Tail Policy”
has the meaning set forth in Section 6.13.

 

“Targeted Net Working
Capital Amount” means $0.00.

 

“Tax”
means: (a) any federal, state, local, foreign and other taxes, levies, fees, imposts, assessments, duties and charges of whatever
kind imposed by any Taxing Authority (including any interest, penalties, or additions attributable thereto, imposed in connection
therewith, or imposed with respect thereto), including taxes imposed on, or measured by, net or gross income, alternative minimum,
accumulated earnings, personal holding company, franchise, doing business, capital stock, net worth, capital, profits, windfall
profits, gross receipts, business, securities transaction, value added, sales, use, excise, custom, transfer, registration, stamp,
premium, real property, personal property, escheat, abandoned or unclaimed property, ad valorem, intangibles, rent, occupancy,
license, occupational, employment, unemployment, social security, disability, workers’ compensation, payroll, withholding,
estimated and recording, whether computed on a separate, consolidated, unitary, combined or other basis; (b) any liability for
the payment of any amounts described in this definition as a result of being a member of an affiliated, consolidated, combined,
unitary or similar group, as a result of transferor or successor liability, or as a result of the operation of Law; or (c) any
liability for the payments of any amounts as a result of being a party to any Tax Sharing Agreement or as a result of any express
or implied obligation to indemnify any other Person with respect to the payment of any amounts of the type described in clause
(a) or (b) and, in each of cases (a), (b) and (c), whether disputed or not.

 

“Taxing Authority”
means the IRS or any other Governmental Authority having jurisdiction over the assessment, determination, collection or other imposition
of Taxes or any other authority exercising Tax regulatory authority.

 

    	 	10	 

     

    

 

“Tax Claim”
has the meaning set forth in Section 6.14(c).

 

“Tax Return”
means any return, report, declaration, form, claim for refund or information return or statement, including any schedule or related
or supporting information, filed or required to be filed with any Governmental Authority in connection with the determination,
assessment or collection of any Tax or the administration of any Laws, regulations or administrative requirements relating to any
Tax, including any attachment, amendment, or supplement thereto.

 

“Tax Sharing Agreement”
means any Tax allocation agreement, Tax indemnification agreement, Tax sharing agreement or similar Contract or arrangement, whether
or not written.

 

“Third Party Claim”
has the meaning set forth in Section 7.4(b).

 

“Threshold”
has the meaning set forth in Section 7.3(a).

 

“Transaction Expenses”
means all out-of-pocket expenses (including all fees and expenses of counsel, accountants, investment bankers, experts and consultants
to any Party and its Affiliates) incurred by a Party or on its behalf in connection with or related to the authorization, preparation,
negotiation, execution and performance of this Agreement, the Ancillary Agreements and the Transactions.

 

“Transactions”
means the transactions contemplated by this Agreement, including the execution, delivery and performance of each of the Ancillary
Agreements.

 

“Transfer Taxes”
means all transfer, documentary, intangible, sales, use, stamp, registration and other similar Taxes and fees (including any penalties
and interest) incurred in connection with, or resulting from, this Agreement and the transactions contemplated hereby.

 

“Treasury Regulations”
means the final and temporary U.S. federal income tax regulations promulgated under the Code, as the same may be amended hereafter
from time to time.

 

Section 1.2           Construction
and Interpretation. When a reference is made in this Agreement to Sections, Exhibits or Schedules, such reference shall be
to a Section of or Exhibit or Schedule to this Agreement unless otherwise indicated. The table of contents, headings and footers
contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this
Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement,
they shall be deemed to be followed by the words “without limitation”. Words in the singular form will be construed
to include the plural, and vice versa, unless the context requires otherwise. Pronouns of one gender shall include all genders.
Unless the defined term “Business Days” is used, references to “days” in this Agreement refer to calendar
days. If any period expires on a day which is not a Business Day or any event or condition is required by the terms of this Agreement
to occur or be fulfilled on a day which is not a Business Day, such period shall expire or such event or condition shall occur
or be fulfilled, as the case may be, on the next succeeding Business Day. The Parties have participated jointly in the negotiation
and drafting of this Agreement. In the event any ambiguity or question of intent or interpretation arises, this Agreement shall
be construed as if drafted jointly by all Parties, and no presumption or burden of proof shall arise favoring or disfavoring any
Party by virtue of the authorship of any provision of this Agreement.

 

    	 	11	 

     

    

 

ARTICLE
II

PURCHASE AND SALE

 

Section 2.1           Purchase
and Sale.

 

(a)          Subject
to the terms and conditions set forth in this Agreement, at the Closing, Seller shall sell, assign, transfer and convey to Buyer,
and Buyer shall purchase, acquire and accept from Seller, the Purchased Interests free and clear of all Encumbrances (other than
those under applicable federal or state securities Laws), in exchange for an aggregate amount (the “Purchase Price”)
equal to the sum of (i) $29,000,000, minus (ii) any Transaction Expenses of the Company that remain outstanding as of the
Closing, minus (iii) the amount of any amounts that remain outstanding under the Credit Agreement as of the Closing, plus
or minus, as applicable, (iv) the net amount by which Net Working Capital reflected on the Net Working Capital Statement differs
from the Targeted Net Working Capital (for the purpose of calculating the amounts in clause (iv), as adjusted for any adjustment
to the Purchase Price pursuant to clause (iii)), plus (v) any amounts of management or similar fees actually received by
the Company prior to the Closing Date in respect of the period of time beginning on April 1, 2017 and ending on the Closing Date.

 

(b)          Subject
to the terms and conditions herein, the Purchase Price will be estimated and paid as follows:

 

(i)          No
later than five (5) Business Days prior to the Closing Date, Seller shall provide to Buyer a detailed estimate of the Purchase
Price (the “Estimated Purchase Price”) based upon the most recent available information, including an estimate
of each of the elements detailed in Section 2.1(a). Buyer and Seller shall agree in good faith on the amount of the Estimated Purchase
Price prior to the Closing.

 

(ii)         On
the Closing Date, the Estimated Purchase Price minus the Escrow Amount shall be paid to Seller in accordance with Section 2.4(a).

 

(iii)        The
Escrow Amount shall be deposited by wire transfer of immediately available funds with the Escrow Agent, to be managed and paid
out by the Escrow Agent pursuant to the terms and conditions of an Escrow Agreement to be entered into among the Buyer, Seller
and the Escrow Agent in a form reasonably satisfactory to the parties (the “Escrow Agreement”). On the date
that is five (5) Business Days after the one (1) year anniversary of the Closing Date, the Escrow Amount shall be reduced to an
amount equal to the sum of (x) the Remaining Escrow Amount and (y) the amount of any claims made against the escrow pursuant to
Section 7.2(a), and any amount of the Escrow Amount in excess of such sum shall be released to Seller pursuant to the terms and
conditions of the Escrow Agreement. Any remaining portion of the Escrow Amount less any amounts claimed against the escrow pursuant
to Section 7.2(a) shall be released to Seller by the Escrow Agent pursuant to the terms and conditions of the Escrow Agreement
and otherwise on the date that is five (5) Business Days after the date that is eighteen (18) months following the Closing.

 

    	 	12	 

     

    

 

(iv)        Any
Transaction Expenses of the Company that remain outstanding as of the Closing that are deducted in the calculation of the Estimated
Purchase Price shall be paid by wire transfer of immediately available funds to such account designated by the Company in writing
at least three (3) Business Days prior to the Closing in order to satisfy such Transaction Expenses, in each case in accordance
with payoff letters and/or letters of direction delivered at Closing in a form reasonably satisfactory to Buyer. For the avoidance
of doubt, neither the Company nor the Buyer will directly or indirectly bear any portion of the Transaction Expenses of the Seller.

 

Section 2.2           Working
Capital Adjustment.

 

(a)          Buyer
shall prepare a statement of the Net Working Capital as of the Closing (the “Net Working Capital Statement”)
and deliver such statement to Seller not more than thirty (30) days following the Closing Date. The Net Working Capital Statement
shall be prepared using the same methodology, policies, inclusions, and exclusions as used to determine the Net Working Capital
as set forth on Schedule 2.2. Seller shall have fifteen (15) days after receipt of the Net Working Capital Statement (such
period, the “Net Working Capital Statement Dispute Period”) to dispute any or all amounts or elements of such
Net Working Capital Statement. If Seller determines to dispute the Net Working Capital Statement during such period, Seller shall
provide Buyer with a notice of such dispute (a “Dispute Notice”), setting forth in reasonable detail the amounts
included in the Net Working Capital Statement with which Seller disagrees, Seller’s alternative calculation, in reasonable
detail, of such amounts, and all other information applicable to such dispute, which notice shall be provided prior to the end
of the Net Working Capital Statement Dispute Period. If Seller does not deliver notice of any such dispute to Buyer prior to the
end of the Net Working Capital Statement Dispute Period, then the Net Working Capital Statement shall be deemed to be final and
binding upon Buyer and Seller in the form in which it was delivered to Seller.

 

    	 	13	 

     

    

 

(b)          If
Seller delivers to Buyer a Dispute Notice prior to the end of the Net Working Capital Statement Dispute Period, then Seller and
Buyer shall use commercially reasonable efforts to resolve the dispute and agree in writing upon the final content of the Net Working
Capital Statement within thirty (30) days following the delivery of the Dispute Notice. Items and amounts not objected to by Seller
in the Dispute Notice shall be deemed resolved. If Buyer and Seller are unable to resolve all of the items or amounts in dispute
within such thirty (30) day period, then Buyer and Seller shall submit the dispute for resolution to Ernst & Young (the “Accounting
Expert”). The Accounting Expert shall prepare a final Net Working Capital Statement, which statement shall assume the
correctness of all amounts not in dispute and Accounting Expert shall determine all amounts which remain in dispute. In resolving
any matters in dispute, the Accounting Expert may not assign a value to any item in dispute greater than the greatest value for
such item assigned by Buyer, on the one hand, or Seller, on the other hand, or less than the smallest value for such item assigned
by Buyer, on the one hand, or Seller, on the other hand. Except for manifest error on its face or fraud, all determinations of
Accounting Expert with respect to the Net Working Capital Statement shall be final, conclusive and binding on Buyer and Seller
and neither Buyer nor Seller shall have the right to appeal such determinations. Buyer and Seller shall bear their own expenses
in connection with the review and resolution by Accounting Expert. The fees and expenses of Accounting Expert incurred in connection
with the resolution of the dispute shall be allocated between Buyer and Seller by Accounting Expert in proportion to the extent
that either of Buyer or Seller did not prevail on items in dispute with respect to the Net Working Capital Statement as submitted
to Accounting Expert; provided, that so long as each Party complies with the procedures of this Section 2.2(b), such Party
shall not be responsible for the other Parties’ outside counsel or accounting fees.

 

(c)          Buyer
and Seller agree to cooperate fully and expeditiously with Accounting Expert in order to facilitate the receipt of the final determination
of Accounting Expert within thirty (30) days following submission of a dispute to Accounting Expert.

 

(d)          (i)
If the Net Working Capital at Closing, as ultimately determined pursuant to this Section 2.2, is greater than the Net Working Capital
included in the Estimated Purchase Price, Buyer shall, within thirty (30) days following such final determination, pay to Seller
amount equal to such excess to the account designated by Seller in writing to Buyer at least three (3) Business Days prior to the
expiry of such 30-day period, and (ii) if the Net Working Capital at Closing, as ultimately determined pursuant to this Section
2.2, is less than the Net Working Capital included in the Estimated Purchase Price, Seller shall pay, within thirty (30) days following
such final determination, to Buyer an amount equal to such shortfall to the account designated by Buyer in writing to Seller at
least three (3) Business Days prior to the expiry of such 30-day period.

 

(e)          Except
as otherwise required by applicable Law, the Parties agree to treat any payment made pursuant to this Section 2.2 as an adjustment
to the Purchase Price for all Tax purposes.

 

Section 2.3           Closing.
Subject to the terms and conditions of this Agreement, the closing of the sale of the Purchased Interests (the “Closing”)
shall take place at the offices of Seward & Kissel LLP on the third Business Day following the satisfaction or waiver of each
of the conditions set forth in Article VIII, or at such other time or place as the Parties may agree (the date the Closing takes
place, the “Closing Date”).

 

Section 2.4           Deliveries
at Closing. At the Closing:

 

(a)          Buyer
shall pay to Seller, by wire transfer of immediately available funds to the account designated by Seller in writing to Buyer at
least three (3) Business Days prior to the Closing, the Estimated Purchase Price less the Escrow Amount;

 

(b)          Seller
shall deliver to Buyer a duly executed certificate of non-foreign status in the form and manner that complies with Section 1445
of the Code and the Treasury Regulations promulgated thereunder (a “FIRPTA Certificate”);

 

    	 	14	 

     

    

 

(c)          Seller
shall deliver to Buyer the Required Consents;

 

(d)          Seller
shall deliver to Buyer evidence of the Tail Policy which will be in effect as of the Closing;

 

(e)          Seller
shall deliver to Buyer evidence reasonably satisfactory to Buyer of the full and complete discharge and release of all guarantees,
including under the Holdings Credit Agreement, given by the Company;

 

(f)          Seller
shall deliver to Buyer evidence reasonably satisfactory to Buyer of the termination and extinguishment of the Fifth Street EIV
Side Letter;

 

(g)          Each
Party shall deliver to each other Party, as applicable, each of the documents, items and certificates required to be delivered
by such Party pursuant to Article VIII of this Agreement;

 

(h)          Seller
shall deliver to Buyer evidence reasonably satisfactory to Buyer of the full and complete withdrawal by Seller as a member of the
Company; and

 

(i)          Each
Party shall deliver, or shall cause to be delivered, to each other Party, as applicable, all other previously undelivered documents
or statements required to be delivered by such Party to another Party at the Closing pursuant to this Agreement.

 

Section 2.5           Purchase
Price Allocation. Within sixty (60) days following the Closing, Buyer shall prepare and deliver to Seller an allocation statement
to allocate the Purchase Price among the assets of the Company for Tax purposes (the “Allocation Statement”).
Seller will have the opportunity to review the Allocation Statement provided by Buyer and provide written notice of objections
to Buyer within thirty (30) days after receiving Allocation Statement. If Seller fails to deliver a written notice of objection
within such thirty (30)-day period, Buyer’s Allocation Statement shall be final and binding and not subject to further dispute.
If Seller delivers a written notice of objection to Buyer in a timely manner, and Seller and Buyer do not resolve such objections
to their mutual satisfaction within thirty (30) days, either Seller or Buyer may elect to subject the Allocation Statement to
the Accounting Expert in accordance with the procedure described in, and the dispute shall be resolved in the same manner as disputes
are resolved pursuant to Section 2.2(b) of this Agreement. Upon such dispute being resolved, the decision of the Accounting
Expert shall be final and binding. Except as otherwise required pursuant to a final determination by a Taxing Authority, each
Party shall file all Tax Returns in a manner that is consistent with the Allocation Statement and refrain from taking any action
inconsistent therewith. Seller and Buyer shall promptly advise each other of any Tax audit or other Legal Proceeding related to
any allocation hereunder.

 

    	 	15	 

     

    

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES

OF SELLER 

 

Seller hereby represents
and warrants to Buyer as of the date hereof and as of the Closing as follows:

 

Section 3.1           Organization,
Etc. Seller is duly formed, validly existing and in good standing under the laws of the State of Delaware. Seller has made
available to Buyer true, correct, and complete copies of all of its Organizational Documents.

 

Section 3.2           Authority;
No Violations.

 

(a)          Seller
has full right, power, authority and legal capacity to execute and deliver this Agreement and each of the Ancillary Agreements
to which Seller is a party, and to perform Seller’s obligations hereunder and thereunder. This Agreement and each of the
Ancillary Agreements to which Seller is a party constitute, or upon execution will constitute (assuming due authorization, execution
and delivery by each of the other parties thereto), valid and legally binding obligations of Seller, enforceable against Seller
in accordance with their respective terms, except as limited by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or similar Laws affecting the enforcement of creditors’ rights or by general principles of equity, whether such
enforceability is considered in a court of law, a court of equity or otherwise (the “Bankruptcy and Equity Exception”).

 

(b)          Neither
the execution, delivery and performance by Seller of this Agreement or each of the Ancillary Agreements to which Seller is a party,
nor the consummation by Seller of the Transactions, or compliance by Seller with any of the terms or provisions hereof and thereof
or performance of its obligations hereunder and thereunder will, with or without the giving of notice, the termination of any grace
period or both: (i) violate any applicable Law or Order, (ii) assuming the Required Consents are obtained, result in a violation
or breach by Seller of, conflict with, result in a termination of, contravene or constitute or will constitute (with or without
due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation, payment or acceleration)
under any of the terms, conditions or provisions of any Contract or other instrument or obligation to which Seller is a party,
or by which Seller or any of its properties or assets may be bound, or (iii) result in the creation of any Encumbrance upon the
Purchased Interests, except, in the case of (ii) - (iii), for any violation, breach, conflict, default or right of termination,
cancellation, redemption, payment or acceleration that would not reasonably be expected to be material to the Seller. There is
no Proceeding pending or, to the knowledge of such Seller, threatened, against such Seller that, individually or in the aggregate,
would reasonably be expected to prevent or materially impair or delay the ability of Seller to perform on a timely basis his or
her obligations hereunder or under each of the Ancillary Agreements to which Seller is a party.

 

Section 3.3           Title.
Seller is the sole record and beneficial owner of the Purchased Interests, free and clear of any and all Encumbrances (other than
those existing under applicable federal or state securities Laws), and such Purchased Interests were issued in full compliance
with applicable securities Laws. Seller has good and marketable title to the Purchased Interests and has the power and authority
to sell, transfer, assign and deliver the Purchased Interests, and such delivery will convey to Buyer at the Closing good and
valid title to such Purchased Interests free and clear of any and all Encumbrances (other than those existing under applicable
federal or state securities Laws).

 

Section 3.4           Foreign
Person Status. Seller is not a “foreign person” within the meaning of Section 1445(f)(3) of the Code and the Treasury
Regulations thereunder.

 

    	 	16	 

     

    

 

Section 3.5           Compliance
with Law. Seller has at all times since December 31, 2013 complied and is in compliance with, in each case in all material
respects with respect to all applicable Laws related to its ownership and operation of the Company.

 

Section 3.6           Brokers
and Finders. Except for Natixis, no agent, broker, Person, financial advisor or other intermediary acting on behalf of such
Seller is, or will be, entitled to any broker’s commission, finder’s fees or similar payment from such Seller or the
Company or any of their Affiliates, in connection with the Transactions. Any such commission, fee or payment owed to Natixis shall
be solely the responsibility of Seller and not the Company.

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES

REGARDING THE COMPANY AND THE COMPANY FUNDS

 

Except as set forth in
the correspondingly numbered Disclosure Schedule (it being agreed that any matter disclosed in the Disclosure Schedule with respect
to any section of this Agreement shall be deemed to have been disclosed for purposes of each other Section or subsection of this
Agreement to the extent the applicability of such matter so referenced is reasonably apparent on the face of such included matter
to a reader unfamiliar with the business of the Company), Seller hereby represents and warrants to Buyer as of the date hereof
and as of the Closing as follows:

 

Section 4.1           Organization,
Etc. The Company is duly formed, validly existing and in good standing under the laws of the State of Delaware. The Company
has the requisite power and authority to carry on the Business and to own, lease and operate all of its properties and assets,
as currently conducted, owned, leased or operated. Schedule 4.1(a) sets forth a true, correct, and complete list of each jurisdiction
in which the Company is qualified to do business and such jurisdictions represent all jurisdictions in which the nature of the
Company’s business or the character or location of the properties and assets owned, leased or operated by it makes such
qualification necessary, except for such failures to be so qualified that have not had and would not reasonably be expected to
have a Material Adverse Effect. The Company has made available to Buyer true, correct, and complete copies of all of its Organizational
Documents.

 

Section 4.2           Capital
Structure.

 

(a)          The
Purchased Interests represent 100% of the issued and outstanding fully diluted limited liability company interests of the Company
and Seller is the sole record and beneficial owner of such interests. Other than the Purchased Interests, there are no issued or
outstanding equity interests, economic interests or voting interests in the Company. All of the Purchased Interests have been duly
authorized and validly issued, are fully paid and non-assessable, have been offered, sold and delivered by the Company in compliance
in all material respects with applicable securities and other applicable Laws and Contracts and have not been issued in violation
of any Equity Rights. Since inception of the Company, there have been no disputes regarding the ownership of the Company or the
right to receive distributions therefrom and to the Knowledge of the Company there are no circumstances likely to give rise to
any such dispute.

 

    	 	17	 

     

    

 

(b)          There
are no outstanding securities, options, warrants, calls, rights, conversion rights, preemptive rights, rights of first refusal,
redemption rights, repurchase rights, plans, “tag-along” or “drag-along” rights, stock appreciation, phantom
equity, profits interests or similar rights commitments, agreements, arrangements or undertakings (“Equity Rights”)
(i) obligating the Company to issue, deliver, redeem, purchase or sell, or cause to be issued, delivered, redeemed, purchased or
sold, any interests in the Company or any securities or obligations convertible or exchangeable into or exercisable for, any interests
in the Company, (ii) giving any Person a right to subscribe for or acquire any interests in the Company or (iii) obligating the
Company to issue, grant, adopt or enter into any Equity Right. The Company does not have outstanding Indebtedness that could entitle
or convey to any Person the right to vote, or that is convertible into or exercisable for interests in the Company. No Person other
than Seller has an ownership interest or the right to participate in the revenues, profits, goodwill or other assets of the Company.

 

(c)          The
Company has no Subsidiaries.

 

Section 4.3           Consents
and Approvals. Except as set forth on Schedule 4.3, the Company is not required to obtain any Consent in connection
with the Transactions other than those consents, waivers, approvals, filings, notifications and registrations, the failure of
which being obtained or made would not, individually or in the aggregate, reasonably be expected to be materially adverse to the
Company or the Transactions contemplated hereby.

 

Section 4.4           No
Conflicts. Except as set forth on Schedule 4.4, the consummation of the Transactions will not conflict with, result
in a termination of, contravene or constitute a default under, or be an event that with the giving of notice or passage of time
or both will become a default under, or give to any other Person any right of termination, payment, acceleration, vesting or cancellation
of or under, or accelerate the performance required by or maturity of, or result in the creation of any Encumbrance or loss of
any rights of the Company pursuant to any of the terms, conditions or provisions of or under (a) any applicable Law or Order,
(b) the Organizational Documents of the Company, or (c) any Contract, Plan or other instrument binding upon the Company or to
which the property or assets of the Company or any portion of the Business is subject, except, in the case of clauses (a) and
(c), for any violation, breach, conflict, default or right of termination, cancellation, redemption, payment or acceleration that
would not reasonably be expected to be material to the Company.

 

Section 4.5           Financial
Statements.

 

(a)          Schedule
4.5(a) sets forth true, correct, and complete copies of the Financial Statements and the Previous Financial Statements. Each
balance sheet included in the Financial Statements and the Previous Financial Statements presents fairly in all material respects
the financial position of the Company as of the date thereof. The other financial statements included in the Financial Statements
and the Previous Financial Statements present fairly in all material respects the results of the operations of the Company for
the periods therein set forth. The Financial Statements and the Previous Financial Statements have been prepared and presented
on a GAAP accrual basis consistently applied during the periods involved.

 

    	 	18	 

     

    

 

(b)          Except
as set forth in Schedule 4.5(b), the Company has no outstanding Indebtedness, nor has it engaged in any “off balance
sheet” or similar financing of a type which would not be required to be shown or reflected in the Financial Statements. As
of the Closing, except as arising under the Credit Agreement and the transactions contemplated thereby, the Company
will not have any outstanding Indebtedness, nor will it have any Liabilities in respect of any “off balance sheet”
or similar financing of a type which would not be required to be shown or reflected in the Financial Statements.

 

Section 4.6           Absence
of Undisclosed Liabilities.

 

(a)          The
Company is not subject to any Liability that would be required by GAAP to be disclosed on a balance sheet of the Company except
(i) as and to the extent specifically disclosed and reserved against in the Most Recent Balance Sheet or footnotes thereto, (ii)
obligations that were incurred after the date of the Most Recent Balance Sheet in the ordinary course of business or (iii) obligations
incurred in the ordinary course of business that, individually or in the aggregate, have not been and would not reasonably be expected
to be material to the Company. The Company is in compliance in all material respects with the terms of the Credit Agreement, including
all representations, warranties, covenants and other agreements set forth therein and all such representations, warranties, covenants
and other agreements are true and correct in all material respects.

 

(b)          As
of the Closing, to the Knowledge of the Company, the Company will not be subject to any Liabilities (to the extent a Liability
is contingent, only to the extent the occurrence thereof is reasonably foreseeable) except for those set forth on Schedule 4.6.

 

Section 4.7           Absence
of Certain Changes. Since December 31, 2016, except as set forth on Schedule 4.7, other than as expressly permitted
under this Agreement, in connection with the execution of investment strategies permitted by the investment guidelines of the
applicable Company Funds (such investment guidelines having been made available to Buyer), (a) the Company and, to the Knowledge
of the Company, each Company Fund has conducted its business in the ordinary course consistent with past practices of the Company
or such Company Fund, respectively, (b) there has not occurred any change, effect, event, occurrence, development that has, or
would reasonably be expected to have, a Material Adverse Effect on the Company, (c) no material change has occurred in the assets
and liabilities shown in the Most Recent Balance Sheet and (d) none of the events set forth in Section 6.6(b) of this Agreement
have occurred.

 

Section 4.8           Assets.

 

(a)          The
Company owns and has (and immediately after giving effect to the consummation of the Transactions, the Company will have)
good and valid title to, or otherwise has (and immediately after giving effect to the Transactions, the Company will have)
full or sufficient and legally enforceable rights to use all of the properties and assets (real, personal or mixed, tangible
or intangible) necessary for the conduct of, or otherwise material to, the Business, in each case free and clear of any
Encumbrance (other than Permitted Encumbrances , liens arising under the Credit Agreement and those existing under applicable
federal or state securities Laws). The assets of the Company are adequate for the uses to which they are being put, and are
sufficient for the continued conduct of the Company’s business after the Closing in substantially the same manner as
conducted prior to the Closing.

 

    	 	19	 

     

    

 

(b)          The
Company is the sole record and beneficial owner of the Risk Retention Interests, free and clear of any and all Encumbrances
other than Permitted Encumbrances, liens arising under the Credit Agreement and those existing under applicable federal or
state securities Laws). The Company has (and immediately after giving effect to the consummation of the Transactions, the
Company will have) good and valid title to the Risk Retention Interests free and clear of any and all Encumbrances (other
than Permitted Encumbrances, those existing under applicable federal or state securities Laws and liens arising under the
Credit Agreement).

 

Section 4.9           Real
Property. The Company does not own or lease any real property or any interest therein.

 

Section 4.10         Company
Contracts.

 

(a)          Schedule
4.10(a)(i) contains a true, correct and complete list of all Company Contracts (other than the Fund Documentation) in existence
on the date hereof. The Company has made available to Buyer true, correct, and complete copies of all written Company Contracts.
Except as set forth on Schedule 4.10(a)(i), the Company does not have, and is not a party to, any oral contracts. As of
the Closing Date, the Company shall not be party to, obligated under or otherwise have any Liabilities in respect of any Contracts
except for those set forth on Schedule 4.10(a)(ii). The Company is not obligated to pay any outstanding amounts with respect
to the Fifth Street EIV Side Letter and the Company does not have any Liabilities in respect of the Fifth Street EIV Side Letter.

 

(b)          Each
Company Contract is valid and binding on the Company and in full force and effect, and is enforceable against the Company and,
to the Knowledge of the Company, each other party thereto in accordance with its terms except as may be limited by the Bankruptcy
and Equity Exception. There are no existing material defaults of the Company under any Company Contract. Each Company Contract
has been performed by the Company in accordance with its terms and applicable Law in all material respects. The Company has not
received written notice from any other party of any default by the Company with respect to any Company Contract, or of such party’s
intent to cancel or terminate any Company Contract.

 

(c)          Schedule
4.10(c) contains a true, correct, and complete list of all banks or savings and loan associations, or commodities or
securities firms, or other financial institutions in which the Company has an account or safe deposit box, the numbers of
each such account or box, and the names of all Persons having power to borrow, discount debt obligations, cash or draw
checks, enter boxes, sell or buy securities, or otherwise act on behalf of the Company in any dealings with such banks or
savings and loan association, or commodities or securities firm.

 

    	 	20	 

     

    

 

Section 4.11         Legal
Proceedings. Except as set forth on Schedule 4.11, (i) there are no past, pending or, to the Knowledge of the Company,
threatened in writing Proceedings involving or concerning the Company and (ii) the Company has not received any written correspondence
from any subordinated noteholder of any Company Fund regarding or alleging a breach of contract, obligation or duty by the Company
or any complaint regarding any change in the nature of services provided by the Company. There is no Proceeding pending or, to
the Knowledge of the Company, threatened in writing that seeks to prohibit the enforceability or performance, of this Agreement
or the Transactions, and, to the Knowledge of the Company, there are no facts or circumstances reasonably likely to give rise
to the same.

 

Section 4.12         Affiliate
Transactions. Except as otherwise set forth on Schedule 4.12, and other than investment management agreements on customary
terms and the Organizational Documents of the Company, there is not any agreement between the Company, on the one hand, and any
Related Party on the other hand, including any agreement in which a Related Party (a) has borrowed money from or loaned money
to the Business, the Company or any Company Fund that is currently outstanding, (b) has any ownership interest in any of the properties
or assets of the Company (real, personal or mixed, tangible or intangible) or any Company Fund, or (c) is a party to any agreement
or is engaged in any ongoing transaction with the Business, the Company and/or any Company Fund.

 

Section 4.13         Compliance
with Law; Government Regulation.

 

(a)          Except
as otherwise set forth in Schedule 4.13(a), since the Company’s inception, the Company has in all material respects
complied, and is in all material respects in compliance with, all applicable Laws. Since the Company’s inception, the Company
has not received any written notice from (and, to the Knowledge of the Company, has not been threatened in writing by) any Governmental
Authority asserting any violation by the Company of any applicable Law that would reasonably be expected to have a Material Adverse
Effect. Without limiting the generality of the foregoing, neither the Company nor, to the Knowledge of the Company, any Company
Fund has received any correspondence or notices in writing (including a subpoena) from the SEC Division of Enforcement regarding
the management of the Company Funds and the activities related to such management and, to the Knowledge of the Company, is not
(nor are its activities) a subject in any pending or threatened action or investigation by the SEC or any other Governmental Authority.

 

(b)          The
Company is registered as an “investment adviser” under the Advisers Act and has been registered at all times required
by the Advisers Act. The Company has made available to Buyer prior to the date of this Agreement a true, correct, and complete
copy of the Form ADV (Part 1 and Part 2) of the Company in effect on the date of this Agreement. The Company is and at all times
required by applicable Law (other than the Advisers Act) has been registered, licensed or qualified as an investment advisor in
each jurisdiction where the conduct of its business required such registration, license or qualification except as set forth on
Schedule 4.13(b) or where the failure to be so registered, licensed or qualified would not reasonably be expected to be material
to the Company. Schedule 4.13(b) contains a true, correct, and complete list in all material respects of such current registrations,
licenses and qualifications.

 

    	 	21	 

     

    

 

(c)          The
Company holds, and is in material compliance with all requirements under, all licenses, registrations, consents, franchises, permits,
orders, warrants, confirmations, permissions, certificates, approvals and authorizations (collectively, “Permits”)
that are required in order to permit the Company to own or lease its properties and assets and to conduct the Business as presently
conducted under and pursuant to all applicable Laws, except those the failure to hold or comply with would not reasonably be expected
to be material to the Company. All such Permits, with respect to the Company or the applicable Company Fund, are listed on Schedule
4.13(c). All such Permits are in full force and effect and are not subject to any suspension, cancellation, modification or
revocation or any Proceedings related thereto, and, to the Knowledge of the Company, no such suspension, cancellation, modification
or revocation or Proceeding is threatened. To the Knowledge of the Company, the consummation of the Transactions will not cause
the revocation, modification or cancellation of, or violation under, any Permit.

 

(d)          Except
as otherwise set forth in Schedule 4.13(d), the Company is not, and has not been (i) a bank, trust company, broker-dealer,
commodity broker-dealer, commodity pool operator, commodity trading advisor, real estate broker, insurance company, insurance broker
or transfer agent within the meaning of any applicable Law, (ii) required to be registered, licensed or qualified as a bank, trust
company, broker-dealer, commodity broker-dealer, commodity pool operator, commodity trading advisor, real estate broker, insurance
company, insurance broker or transfer agent under any applicable Law or (iii) subject to any liability or disability by reason
of any failure to be so registered, licensed or qualified. The Company has not received any notice of any Proceeding concerning
any failure to obtain any bank, trust company, broker-dealer, commodity broker-dealer, commodity pool operator, commodity trading
advisor, real estate broker, insurance company, insurance broker or transfer agent registration, license or qualification.

 

(e)          Neither
the Company nor any “affiliated person” (as defined in the Advisers Act) of the Company is ineligible pursuant to Section
203 of the Advisers Act to serve as a registered investment adviser or “associated person” (as defined in the Advisers
Act) of a registered investment adviser, nor is there any Proceeding pending or, to the Knowledge of the Company, threatened by
any Governmental Authority which would result in the ineligibility of the Company or any “affiliated person” to serve
in any such capacities.

 

(f)           Except
as set forth on Schedule 4.13(f), none of the Company nor, to the Knowledge of the Company, any Company Fund or any manager, director,
officer or Employee of the Company, is, or has been, (i) subject to any cease and desist, censure or other disciplinary or similar
order issued by, (ii) a party to any consent agreement, memorandum of understanding or disciplinary agreement with, (iii) a party
to any commitment letter or similar undertaking to, (iv) subject to any order or directive by, or (v) a recipient of any supervisory
letter from, in each case, any Governmental Authority, and, to the Knowledge of the Company, none of them is threatened with the
imposition or receipt of any of the foregoing.

 

(g)          Except
as set forth on Schedule 4.13(g), no exemptive orders, “no-action” letters or similar exemptions or regulatory relief
have been obtained, nor are any requests pending therefor, by or with respect to the Company, or, to the Knowledge of the Company,
any Company Fund or any manager, director, officer or Employee of the Company in connection with the Business.

 

    	 	22	 

     

    

 

(h)          Except
as set forth on Schedule 4.13(h), to the extent required by applicable Law, the Company has, since the Company’s inception,
implemented one or more formal codes of ethics, insider trading policies, personal trading policies, compliance manual and other
policies required by applicable Law. Such codes of ethics and policies comply with applicable Law in all material respects. To
the Knowledge of the Company, since the Company’s inception there have been no violations of the Company’s code of
ethics, insider trading policies, personal trading policies, compliance manual and other policies required by applicable Law.

 

(i)          Since
the Company’s inception, the Company has complied with all applicable Laws regarding privacy of clients and other Persons
in all material respects and has established policies and procedures in this regard reasonably designed to ensure compliance with
applicable Law.

 

(j)          To
the extent required by Law or by contract, the Company and each Company Fund has adopted “know your customer” and anti-money
laundering programs and reporting procedures, and procedures for detecting and identifying money laundering, and in each case,
have complied in all material respects with the terms of such programs and procedures. Prior to the acceptance of any subscription
agreement from any investor in any Company Fund, the Company has confirmed that such investor is not identified on the U.S. Department
of Treasury Office of Foreign Control (“OFAC”) list of Specially Designated Nationals and Blocked Persons (the
“SDN List”) or otherwise subject to sanctions administered by OFAC or owned or controlled by or acting on behalf
of any Person listed on the SDN List. Neither the Company nor any of the Company Funds has been subject to any enforcement or supervisory
action by any Governmental Authority because such procedures were considered to be inadequate by such regulator.

 

(k)          Since
the Company’s inception, the Company and, to the Knowledge of the Company, none of the managers, directors, officers or Employees
of the Company: (i) has been indicted for or convicted of any felony or any crime involving fraud, misrepresentation or insider
trading, (ii) is subject to any outstanding Order barring, suspending or otherwise materially limiting the right of such Person
to engage in any activity conducted as part of the Business, (iii) is the subject of any on-going investigation by any Governmental
Authority materially affecting such Person’s ability to conduct any activity conducted as part of the Business, or (iv) been
denied any Permit materially affecting such Person’s ability to conduct any activity conducted as part of the Business.

 

(l)           The
Company has not, and, to the Knowledge of the Company, no manager, director, officer or Employee of the Company has, taken any
action which would cause it to be in violation of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder. There is not now, and there has never been, any employment by the Company of, or any beneficial ownership in the Company
by, any governmental or political official in any country in the world. Neither the Company nor, to the Knowledge of the Company,
any Employee, officer or director of the Company, has (i) made, offered to make or promised to make any payments of money or other
thing of value to any governmental or political official, (ii) been party to the establishment or maintenance of any unlawful or
unrecorded fund of monies or other assets or (iii) been party to the making of any false or fictitious entries in the books or
records of the Company.

 

    	 	23	 

     

    

 

(m)          To
the Knowledge of the Company, no intermediary, placement agent, distributor or solicitor has unlawfully marketed any of the services
of the Company or unlawfully marketed or sold any interest in any Company Fund, and as of the date hereof no claims have been asserted
in writing against the Company with respect to such marketing or sale.

 

(n)          At
all times:

 

(i)          The
Company maintained disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) sufficient to
ensure that information relating to the Company that is material to the Company would be made known to the principal executive
officer and principal financial officer of the Company by others within the Company.

 

(ii)         The
Company maintained internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) sufficient
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for
external purposes.

 

(iii)        There
were no significant deficiencies or material weaknesses in the design or operation of the Company’s internal control over
financial reporting which would have been reasonably likely to adversely affect the Company’s ability to record, process,
summarize, and report financial information, including financial information regarding the Company that is material to the Company.

 

(iv)        There
has been no fraud relating to the Company, whether or not material, involving management or other Employees who had a significant
role in the Company’s internal controls over financial reporting.

 

(o)          The
Company has at all times complied, and is in compliance, in all material respects with the Retention Undertaking.

 

(p)          No
“Bad Actor” disqualifying event described in Rule 506(d)(1)(i) to (viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or any Company Fund or, to the Knowledge of the Company, any officer, employee,
director, partner or member of the Company or any Company Fund, except for a Disqualification Event as to which Rule 506(d)(2)(ii-v)
or (d)(3) is applicable.

 

    	 	24	 

     

    

 

Section 4.14         
Company Funds.

 

(a)          Schedule
4.14(a) sets forth a true, correct and complete list of each Company Fund as of the date hereof, together with the jurisdiction
of formation of each Company Fund. Except as set forth on Schedule 4.14(a), there is no other investment fund or other investment
vehicle (including any corporation, general or limited partnership, limited liability company, account or trust and whether or
not dedicated to a single investor) (a) that is sponsored or Controlled by the Company, (b) for which the Company acts as collateral
manager, investment adviser, investment sub-adviser, general partner, managing member, manager, administrator or in any similar
capacity, or (c) from which the Company receives, directly or indirectly, management fees, Performance Amounts or any similar fees
or amounts. To the Knowledge of the Company, each Company Fund has been duly organized and is validly existing and in good standing
under the laws of the jurisdiction of its organization and has all requisite corporate, partnership, limited liability company,
or similar power and authority. To the Knowledge of the Company, each Company Fund has the requisite power and authority to carry
on its business and to own, lease and operate all of its properties and assets, as currently conducted, owned, leased or operated.
To the Knowledge of the Company, each Company Fund is duly qualified, licensed or registered to do business in each jurisdiction
where it is required to do so under applicable Law, except where the failure to be so qualified, licensed or registered would not
be material. Except as set forth on Schedule 4.14(a), to the Knowledge of the Company, no Company Fund is, or at any time
since its inception was, required to register as an investment company under the Investment Company Act.

 

(b)          The
Company has made available to Buyer true, correct and complete copies of the Fund Documentation of each Company Fund.

 

(c)          Schedule
4.14(c) sets forth all of the issued and outstanding notes of each of the Company Funds, together with a separate listing of
all of the securities in each Company Fund owned directly by the Company (such securities, the “Company Owned Securities”).
Except for 250 registered ordinary shares owned by Appleby Trust (Cayman) Ltd. and as set forth on Schedule 4.14(c), there
are no other debt or equity securities of any Company Fund. There are no issued or outstanding Equity Rights in any Company Fund.
To the Knowledge of the Company, all of the notes of the Company Funds have been duly authorized and validly issued, are fully
paid and non-assessable, have been offered, sold and delivered by each Company Fund in compliance in all material respects with
applicable securities and other applicable Laws and Contracts and have not been issued in violation of any Equity Rights. Since
the inception of each Company Fund, there have been no disputes regarding the ownership of the Company Owned Securities or the
right of the Company to receive distributions in respect thereof and there are no circumstances likely to give rise to any such
dispute.

 

(d)          Each
Collateral Management Agreement is in full force and effect. None of the Company or, to the Knowledge of the Company, any Company
Fund is in breach of any of its obligations under its applicable Collateral Management Agreement.

 

(e)          To
the Knowledge of the Company, each Company Fund has all material Permits required by applicable Law and has been operated in material
compliance with (i) all Organizational Documents and Contracts to which it is a party and (ii) its respective Indenture and all
applicable Law.

 

(f)          Except
as disclosed on Schedule 4.14(f), to the Knowledge of the Company, each Company Fund is in compliance with the requirements
of the private placement exemption in Section 4(a)(2) of the Securities Act of 1933, as amended (including all rules and regulations
promulgated thereunder, the “Securities Act”), the requirements of Rule 506 under the Securities Act, and all
applicable state laws and regulations in connection with its offering of securities. To the Knowledge of the Company, each of the
Company Funds is in compliance in all material respects with all applicable state laws and regulations in connection with its offers
and sales of securities. To the Knowledge of the Company, each of the Company Funds has made all filings required to be made with
each other jurisdiction in which it has offered and sold securities.

 

    	 	25	 

     

    

 

(g)          [Reserved].

 

(h)          [Reserved].

 

(i)          Neither
the Company nor any manager, director, officer or Employee of the Company has received any fees, commissions or financial benefits
(directly or indirectly) from or in respect of or in connection with any Company Fund, except in accordance with, and as disclosed
in, the relevant Collateral Management Agreement and Fund Documentation. Except as otherwise set forth on Schedule 4.14(i),
neither the Company nor, to the Knowledge of the Company, any Company Fund is party to any Contract under which it pays or receives
any (i) rebate or commission payable to a broker, solicitor, or placement agent, or (ii) other financial inducement to direct business
or otherwise

 

(j)          [Reserved].

 

(k)          Except
as set forth on Schedule 4.14(k), all obligations of the Company and, to the Knowledge of the Company, each Company Fund
owed to any clearing firm have been fulfilled, and neither the Company nor, to the Knowledge of the Company, any Company Fund has
received any notice, claim, or demand from any clearing firm with respect to any unpaid liabilities or unmet obligations.

 

(l)          All
information in the offering memoranda relating to the Company under the headings “The Collateral Manager”, “Risk
Factors – Certain Conflicts of Interest Relating to the Collateral Manager”, any other risk factors directly relating
to the Company or its conflicts of interest or similar headings containing information directly relating to the Company (each “Offering
Materials”) did not contain any untrue statement of a material fact, or omit to state a material fact necessary to make
the statements contained therein, in light of the circumstances in which they are made, not misleading. The Company has made available
to Buyer true, correct and complete copies of the final offering memoranda for each Company Fund.

 

(m)          The
Company maintains in all material respects the following records (the “Records”): all documentation necessary
to form the basis for, demonstrate, or recreate the calculation of the performance or rate of return of each of the Company Funds
and included by the Company or Company Funds in each performance composite presently maintained by the Company or Company Funds
(each, a “Performance Composite”), and any other accounts with the same or similar strategy to those in the
Performance Composites, as required by the Advisers Act and rules and regulations thereunder (collectively, the “Records
Requirements”). The Records are true, correct and complete in all material respects, and include all documents or records
that form the basis for, demonstrate, or recreate the calculation of the performance rate of return of all accounts in each Performance
Composite and any other accounts with the same or similar strategy to those in the Performance Composites, including records with
respect to performance that was produced by any Employee or officer of the Company or Company Fund at a prior firm, as required
by the Records Requirements.

 

(n)          [Reserved].

 

    	 	26	 

     

    

 

(o)          Except
as set forth on Schedule 4.14(o), there has been no Cause Event (each as defined in the applicable collateral management
agreement of the Company Fund) or event which, with the passage of time or giving of notice thereof, would cause any such Cause
Event under the applicable collateral management agreement. There has been no Event of Default (each as defined in the applicable
Indenture of the Company Fund) or event which, with the passage of time or giving of notice thereof, would cause any such Event
of Default under the applicable Indenture.

 

(p)          Except
as set forth on Schedule 4.14(p), to the Knowledge of the Seller, no Company Fund is required to obtain any Consent in connection
with the Transactions other than those consents, waivers, approvals, filings, notifications and registrations, the failure of which
being obtained or made would not, individually or in the aggregate, reasonably be expected to be materially adverse to the Company
Fund.

 

(q)          Except
as set forth on Schedule 4.14(q), to the Knowledge of the Company, the consummation of the Transactions will not conflict
with, result in a termination of, contravene or constitute a default under, or be an event that with the giving of notice or passage
of time or both will become a default under, or give to any other Person any right of termination, payment, acceleration, vesting
or cancellation of or under, or accelerate the performance required by or maturity of, or result in the creation of any Encumbrance
or loss of any rights of any Company Fund pursuant to any of the terms, conditions or provisions of or under (a) any applicable
Law or Order, (b) the Organizational Documents of any Company Fund, or (c) any Contract, Plan or other instrument binding upon
any Company Fund or to which the property or assets of any Company Fund is subject, except, in the case of clauses (a) and (c),
for any violation, breach, conflict, default or right of termination, cancellation, redemption, payment or acceleration that would
not reasonably be expected to be material to the Company or any Company Fund.

 

(r)          Based
solely upon information provided to the Company by the trustee of the applicable Company Fund, Schedule 4.14(r) contains
a true, correct, and complete list of all banks or savings and loan associations, or commodities or securities firms, or other
financial institutions in which a Company Fund has an account or safe deposit box, the numbers of each such account or box, and
the names of all Persons having power to borrow, discount debt obligations, cash or draw checks, enter boxes, sell or buy securities,
or otherwise act on behalf of any Company Fund in any dealings with such banks or savings and loan association, or commodities
or securities firm.

 

(s)          Except
as set forth on Schedule 4.14(t), to the Knowledge of the Company, there are no past, pending or, threatened in writing
Proceedings involving or concerning any Company Fund or written correspondence from any subordinated noteholder of any Company
Fund regarding or alleging a breach of contract, obligation or duty by any Company Fund or any complaint regarding any change in
the nature of services provided by the Company or any Company Fund.

 

(t)          The
Company has made available to Buyer copies of all written correspondence between any subordinated noteholder of any Company Fund,
on the one hand, and each Company Fund and/or the Company, on the other hand, since June 1, 2015.

 

    	 	27	 

     

    

 

(u)          Except
as otherwise set forth on Schedule 4.14(u), there is not any agreement between a Company Fund, on the one hand, and any
Related Party on the other hand.

 

(p)          There
has been no fraud relating to the Company Funds, whether or not material, involving management or other Employees who had a significant
role in any Company Fund’s internal controls over financial reporting.

 

Section 4.15         Assets
Under Management.

 

(a)          Schedule
4.15(a) sets forth for each Company Fund, as of June 23, 2017, the aggregate of the Market Values for the assets owned by each
Company Fund, which Market Values were prepared in accordance with GAAP, consistently applied, and the Organizational Documents
of the applicable Company Fund.

 

(b)          Schedule
4.15(b) sets forth a true, correct, and complete list of all material Contracts relating to or affecting each Company Fund
that provides for or that otherwise has the effect of establishing rights under, or altering or supplementing the terms of any
Indenture, Collateral Management Agreement or Fund Documentation of such Company Fund (the “Side Letters”),
reflecting all amendments, modifications and supplements thereto. True, correct, and complete copies of each Side Letter have been
made available to Buyer prior to the Closing Date. To the Knowledge of the Company, each of the Side Letters is a valid and binding
obligation of the parties thereto, except as enforcement may be limited by the Bankruptcy and Equity Exception. To the Knowledge
of the Company, no Company Fund or any other party thereto: (i) has terminated, canceled or substantially modified, or threatened
to terminate, cancel or substantially modify, any Side Letter (except for modifications disclosed in Schedule 4.15(b))
or (ii) is in default in any material respect under any Side Letter. To the Knowledge of the Company, no Company Fund has
received any written notice of any default under any Side Letter that remains outstanding or unresolved.

 

(c)          To
the Knowledge of the Company, all Contracts of each Company Fund are valid and binding on the applicable Company Fund and in full
force and effect, and are enforceable against the Company Fund and each other party thereto in accordance with its terms except
as may be limited by the Bankruptcy and Equity Exception. To the Knowledge of the Company, there are no existing material defaults
of a Company Fund or any other party thereto under any Contract of a Company Fund. To the Knowledge of the Company, all Contracts
of each Company Fund have been performed by the applicable Company Fund in accordance with their terms and applicable Law in all
material respects. The Company has not received written notice from any party of any default of any Company Fund with respect to
any Contract of a Company Fund, or of such party’s intent to cancel or terminate any Contract of a Company Fund.

 

(d)          Except
as disclosed on Schedule 4.15(d), no investor in any Company Fund has, to the Knowledge of the Company, as of the date of
this Agreement, provided written notice to the Company of its termination or reduction of its investment relationship with the
Company or any Company Fund.

 

    	 	28	 

     

    

 

(e)          No
portion of the assets of any client is subject to (or with respect to any Company Fund has, at any time from the date of organization
of such Company Fund, been subject to) Title I of ERISA, Section 4975 of the Code or any law, rule or regulation substantially
similar to Title I of ERISA or Section 4975 of the Code.

 

(f)          No
Company Fund has otherwise engaged in any transaction that is a non-exempt prohibited transaction under Section 406 of ERISA, Section
4975 of the Code or any applicable law, rule or regulation substantially similar to Section 406 of ERISA or Section 4975 of the
Code.

 

Section 4.16         Taxes.

 

(a)          Each
of the Company and the Company Funds has (i) duly and timely filed with the appropriate Taxing Authority all Tax Returns required
to be filed by it, and all such Tax Returns are true, correct and complete in all material respects and (ii) timely paid in full
all Taxes required to be paid by it or claimed to be due by any Taxing Authority.

 

(b)          There
are no Encumbrances for Taxes upon the assets or properties of the Company or of any Company Fund. There are no outstanding waivers
or comparable consents regarding the application of the statute of limitations with respect to any Taxes or Tax Returns of the
Company or of any Company Fund.

 

(c)          Neither
the Company nor any Company Fund is a party to, is bound by, or has any obligation under, any Tax Sharing Agreement.

 

(d)          All
Taxes of the Company and each Company Fund that were not due and payable as of the date of the Most Recent Balance Sheet have been
fully accrued on the Most Recent Balance Sheet in all material respects. Since the date of the Most Recent Balance Sheet, neither
the Company nor any Company Fund has incurred any liability for Taxes other than in the ordinary course of business consistent
in nature and amount with past practice.

 

(e)          The
Company and each Company Fund has made available to the Buyer true, correct and complete copies of the Tax Returns of the Company
and each Company Fund (including any amendments thereto) filed on or prior to the date hereof for each taxable year beginning on
or after January 1, 2014.

 

(f)          The
Company and each Company Fund has complied in all respects with (i) all applicable Laws relating to the payment and withholding
of Taxes and has, within the time and manner prescribed by Law, withheld and paid over to the proper Taxing Authority all amounts
required to be withheld and paid over under all applicable Laws and (ii) all Tax information reporting, collection and retention
provisions of applicable Laws, including maintenance of required records with respect thereto, in connection with amounts paid
or owing to any Employee, creditor, independent contractor or other third party for all periods for which the statute of limitations
has not expired.

 

(g)          Since
its formation, each of the Company and each Company Fund is or has been classified for U.S. federal income tax purposes as set
forth on Schedule 4.16(g). Neither the Company nor any Company Fund that is treated or has been classified as a partnership
for U.S. federal income tax purposes is or has been treated at any time since its formation as a publicly traded partnership within
the meaning of Section 7704 of the Code

 

    	 	29	 

     

    

 

(h)          Neither
the Company nor any Company Fund has participated in a listed transaction within the meaning of Treasury Regulations Section 1.6011-4(b)(2).

 

Section 4.17         Benefit
Plans; Employees.

 

(a)          The
Company does not have, and has not had, any “employee benefit plan” within the meaning of Section 3(3) of ERISA (whether
or not subject to ERISA) or any written or unwritten bonus, deferred compensation, incentive compensation, vacation, sick leave,
stock purchase, stock option, stock appreciation right or other equity-based incentive (including phantom equity), severance, termination,
change in control, retention, employment, consulting, hospitalization or other medical, life or insurance, disability, other welfare,
scholarship or tuition reimbursement, fringe benefit, supplemental unemployment benefits, profit-sharing, pension, or retirement
plan, program, agreement, payroll practice, commitment or arrangement, or any other Employee compensation or benefit plan, program,
agreement, payroll practice, commitment or arrangement, sponsored, maintained or contributed to by either the Company or by any
trade or business, whether or not incorporated, that together with the Company would be deemed a “single employer”
under Section 414 of the Code (an “ERISA Affiliate”) for the benefit of any current or former Employee or current
or former director of the Company or any ERISA Affiliate or with respect to which the Company has or could reasonably be expected
to have any liability (the “Plans”). A list of the current Employees of the Company as of the date of this Agreement
is set forth on Schedule 4.17.

 

(b)          As
of the Closing Date, the Company will not have any Employees nor will it have any Liabilities related to any Employee or any Plan,
including any obligations pursuant to any severance agreement, arrangement or amounts due to any Employee. Neither the Company
nor any ERISA Affiliate has ever maintained, sponsored, contributed to, or had any obligation to contribute to, nor otherwise has
any current or potential Liability under or with respect to, any plan subject to Title IV of ERISA, Section 302 of ERISA or Section
412 of the Code.

 

Section 4.18         Intellectual
Property and Information Technology. Schedule 4.18 sets forth a true, correct, and complete list of all of the
Company’s U.S. and foreign (i) issued patents and patent applications, (ii) trademark registrations and applications and
material unregistered trademarks, (iii) copyright registrations and applications and material unregistered copyrights, and (iii)
design registrations and applications and material unregistered designs. Immediately following the consummation of the Transactions,
the Company will be the sole and exclusive beneficial and record owner of all of the Intellectual Property registrations and applications
set forth in Schedule 4.18, and all such Intellectual Property is valid and enforceable. To the Knowledge of the Company,
the Business as currently conducted does not require or use any Intellectual Property not owned by or licensed pursuant to a valid
and enforceable license to, or with otherwise good title to, the Company. To the Knowledge of the Company, neither the Intellectual
Property owned by the Company nor the conduct of the Business as currently conducted infringes, misappropriates, or otherwise
violates any Person’s Intellectual Property rights, nor has any Person given notice to the Company to the contrary.

 

    	 	30	 

     

    

 

Section 4.19         Insurance.
Each insurance policy of the Company and each Company Fund is set forth on Schedule 4.19. True, correct and complete copies
of such insurance policies have been made available to Buyer. All such policies are in full force and effect, all premiums due
and payable thereunder have been paid, and no written notice of cancellation or termination has been received with respect to
any such policy and, to the Knowledge of the Company, there exists no event, occurrence, condition or act (including the Transactions)
that, with the giving of notice, the lapse of time or the happening of any other event or condition, would entitle any insurer
to terminate or cancel any such policies. The Company and the Company Funds, as applicable, have complied with the terms and provisions
of such policies and bonds in all material respects. There are no pending insurance claims for the Company and the Company Funds.

 

Section 4.20         [Reserved].

 

Section 4.21         Reporting.
Each report required to be delivered pursuant to the Indentures, including each Monthly Report and each Distribution Report, is
true, correct and complete in all material respects and prepared in accordance with the requirements of the related Indenture
in all material respects and fairly presents in all material respects the applicable Company Fund’s investment positions
and performance as of the applicable date. Seller has provided Buyer with access to (i) the Company’s online portal that
discloses historical Monthly Reports and Distribution Reports and (ii) the full loan tapes in respect of all of the Loan Assets
of each Company Fund as of the end of the trading day immediately prior to the date hereof, and such loan tapes are true, correct
and complete in all material respects and the same data used by the Company to prepare each such Monthly Report and Distribution
Report.

 

Section 4.22         Brokers
and Finders. Except for Natixis, no agent, broker, Person, financial advisor or other intermediary, in each case acting on
behalf of the Company is, or will be, entitled to any broker’s commission, finder’s fees or similar payment from any
of the Parties, or from any Affiliate of any of the Parties, in connection with the Transactions. Any such commission, fee or
payment owed to Natixis shall be solely the responsibility of Seller and not the Company.

 

Section 4.23         Disclaimer.
Except for the representations and warranties of Seller contained in Article III and Article IV or in any certificates delivered
at Closing, neither Seller nor the Company nor any of their representatives make any representation or warranty, express or implied,
at law or in equity, and any such other representation or warranty is hereby disclaimed.

 

ARTICLE
V

REPRESENTATIONS AND WARRANTIES OF BUYER

 

Buyer hereby represents and
warrants to Seller as follows:

 

Section 5.1           Organization.
Buyer is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Delaware.

 

    	 	31	 

     

    

 

Section 5.2           Authority;
No Violations.

 

(a)          Buyer
has full power and authority to execute and deliver this Agreement and to perform Buyer’s obligations hereunder, and the
execution, delivery and performance by Buyer of this Agreement has been duly authorized by all necessary corporate or other similar
action on the part of Buyer. This Agreement constitutes a valid and legally binding obligation of Buyer, enforceable against Buyer
in accordance with its terms, except as limited by the Bankruptcy and Equity Exception.

 

(b)          Neither
the execution, delivery and performance of this Agreement by Buyer, nor the consummation by Buyer of the Transactions, or compliance
by Buyer with any of the terms or provisions hereof or performance of its obligations hereunder will, with or without the giving
of notice, the termination of any grace period or both: (i) violate, conflict with, or result in a breach or default under any
provision of the Organizational Documents of Buyer; (ii) violate any applicable Law; (iii) require any Consent to be made or obtained
by Buyer; (iv) result in a violation or breach by Buyer of, conflict with, result in a termination of, contravene or constitute
or will constitute (with or without due notice or lapse of time or both) a default (or give rise to any right of termination, cancellation,
payment or acceleration) under any of the terms, conditions or provisions of any Contract or other instrument or obligation to
which Buyer is a party, or by which Buyer or any of its properties or assets may be bound; or (v) result in the creation of any
Encumbrance upon Buyer’s properties or assets, in each case of clauses (i) through (iv), as would not, individually or in
the aggregate, reasonably be expected to materially impair or delay Buyer’s ability to promptly perform its obligations hereunder
or under any of the Ancillary Agreements. There is no Proceeding pending or, to the knowledge of Buyer, threatened, against Buyer
that, individually or in the aggregate, would reasonably be expected to prevent or materially impair or delay the ability of Buyer
to perform its obligations hereunder on a timely basis.

 

Section 5.3           Purchase
for Own Account. The Purchased Interests are being acquired for investment for Buyer’s own account, not as a nominee
or agent, and not with a view to the public resale or distribution thereof in violation of federal or state securities Laws and
with no present intention of distributing or reselling any part thereof. Buyer has, or has access to, the financial resources
with which to meet its obligations under this Agreement.

 

Section 5.4           Investment
Experience. Buyer understands that the purchase of the Purchased Interests involves substantial risk. Buyer has experience
as an investor in securities of companies and acknowledges that it can bear the economic risk of its investment in the Purchased
Interests and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and
risks of this investment in the Purchased Interests and protecting its own interests in connection with such investment.

 

Section 5.5           Investor
Suitability. Buyer is an “accredited investor” as such term is defined in Rule 501 under the Securities Act.

 

Section 5.6           Acknowledgements.
Buyer understands and acknowledges that the offering and sale of the Purchased Interests pursuant to this Agreement will not be
registered under the Securities Act on the grounds that the offering and sale of securities contemplated by this Agreement are
exempt from registration pursuant to Section 4(a)(2) of the Securities Act and Regulation D (or Rule 701 promulgated under the
Securities Act, as applicable).

 

    	 	32	 

     

    

 

Section 5.7           Brokers
and Finders. Except for GreensLedge Capital Markets LLC, no agent, broker, Person, financial advisor or other intermediary,
in each case acting on behalf of the Buyer is, or will be, entitled to any broker’s commission, finder’s fees or similar
payment from any of the Parties, or from any Affiliate of any of the Parties, in connection with the Transactions. Any such commission,
fee or payment owed to GreensLedge Capital Markets LLC shall be solely the responsibility of Buyer.

 

Section 5.8           Disclaimer.
Except for the representations and warranties of Buyer contained in this Article V or in any certificates delivered at Closing,
neither Buyer nor any of its representatives makes any representation or warranty, express or implied, at law or in equity, and
any such other representation or warranty is hereby disclaimed.

 

ARTICLE
VI

COVENANTS

 

Section 6.1           Termination
of Letter of Intent and Confidentiality Agreement. The Parties agree that the Letter of Intent shall terminate upon execution
of this Agreement, and the Confidentiality Agreement shall terminate at the Closing.

 

Section 6.2           Confidentiality.
Until the fifth anniversary of the Closing, Seller shall hold and shall cause each of its Affiliates to hold, and each such Person
shall use its reasonable efforts to cause its respective members, managers, directors, officers, employees, accountants, counsel,
consultants, advisors and agents (the “Confidentiality Representatives”) to hold, in confidence, unless compelled
to disclose by judicial or administrative process, Order or by other requirements of Law, all non-public documents and information
concerning the Company and Company Funds, except (a) such information that is generally available to and known by the public through
no fault of Seller, any of its Affiliates or their respective Confidentiality Representatives; (b) such information that is lawfully
acquired by Seller, any of its Affiliates or their respective Confidentiality Representatives from and after the Closing from
sources which are not known by such recipient to be prohibited from disclosing such information by a legal, contractual or fiduciary
obligation; (c) such information that Seller can establish by reasonable evidence is independently developed by Seller or any
Affiliate thereof without reference to or reliance upon non-confidential information or (d) for purposes of enforcing Seller’s
and its Affiliates’ rights under this Agreement or otherwise in connection with any dispute relating thereto. If Seller
or any of its Affiliates or their respective Confidentiality Representatives are compelled to disclose any information by judicial
or administrative process or by other requirements of Law, Seller, to the extent permissible under applicable Law, shall promptly
notify Buyer in writing and shall disclose only that portion of such information which Seller is advised by its counsel in writing
is legally required to be disclosed, provided that Seller shall, if requested by Buyer and at Buyer’s
sole expense, use reasonable best efforts to obtain an appropriate protective order or other reasonable assurance that confidential
treatment will be accorded such information.

 

    	 	33	 

     

    

 

Section 6.3           Announcement.
Except as otherwise required pursuant to applicable Law, the Parties hereby agree, and agree to cause their respective Affiliates
and such Party’s and its Affiliates’ respective managers, directors, officers, Employees and agents, not to, issue
any press release or similar announcement announcing the Transactions without the prior written consent of the other Parties,
which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that with respect to
any notice which is required pursuant to applicable Law, the Party proposing to issue any press release or similar public announcement
or communication in compliance with any such requirement shall use commercially reasonable efforts to consult in good faith with
the other Parties before doing so (to the extent permissible under applicable Law); provided, further, that nothing
herein shall limit Seller and the Company and/or their representatives from making or transmitting any announcement regarding
the Transactions to their clients, investors and service providers, including for the purposes of obtaining any Consents.

 

Section 6.4           Expenses.
Each Party shall bear its own direct and indirect Transaction Expenses.

 

Section 6.5           Further
Assurances. Subject to the terms and conditions of this Agreement, each Party agrees to execute such documents and other papers
and use its reasonable efforts to perform or cause to be performed such further acts as may be reasonably required to carry out
the provisions contained in this Agreement and the Ancillary Agreements, including (a) preparing and filing as promptly as practicable
with any Governmental Authority or other third party all documentation to effect all necessary filings, notices, petitions, statements,
registrations, submissions of information, applications and other documents, (b) obtaining and maintaining all Consents required
to be obtained from any Governmental Authority or other Person that are necessary, proper or advisable to consummate the Transactions,
(c) cooperating and assisting in the prompt transitioning of the management of the Company Funds, and (d) providing to Wells Fargo
Bank, N.A. the supplementary information that the Company has agreed to provide to Wells Fargo Bank, N.A. in order for Wells Fargo
Bank, N.A. to adequately prepare its quarterly special report. Following the Closing, upon the reasonable request of any Party,
the other Party agrees to (x) promptly execute and deliver such further instruments of assignment, transfer, conveyance, endorsement,
direction or authorization and other documents as may be reasonably requested to effectuate the purposes of this Agreement and
the Ancillary Agreements, and (y) cooperating and assisting in the prompt transitioning of the management of the Funds. To the
extent that action or lack of action on the part of an Affiliate of a Party is necessary in order for such Party to fulfill any
of its obligations under this Agreement or any of the Ancillary Agreements, then each of the foregoing obligations shall be deemed
to include an undertaking on the part of such Party to cause such Affiliate to take, or prevent such Affiliate from taking, such
necessary action.

 

Section 6.6           Interim
Covenants. During the period between the date of this Agreement and the Closing Date, other than (i) as expressly contemplated
by this Agreement, or (ii) as consented to in writing by Buyer:

 

(a)          Seller
shall (i) cause the Company and, to the extent within the control of the Company under the related Collateral Management Agreement,
and the Company Funds to (A) be operated in the ordinary course consistent with past practice, (B) maintain and preserve intact
the current organization, business and assets of the Company and the Company Funds, (C) use commercially reasonable efforts to
maintain and preserve intact its current relationships with its Clients and other Persons with which the Company and the Company
Funds have business relationships, (D) comply in all material respects with all applicable Laws and Contracts (including the Organizational
Documents of the Company and the Company Funds), and (ii) not transfer, sell or assign, or permit to be subject to any Encumbrance
(other than a Permitted Encumbrance) any of the Purchased Interests;

 

    	 	34	 

     

    

 

(b)          without
limiting the generality of the foregoing, Seller shall not, and shall cause the Company not to:

 

(i)          amend
any Organizational Documents of the Company or otherwise change or modify the investment program, process or guidelines of any
Company Fund or fail to comply therewith, in each case in any material respect;

 

(ii)         purchase
or redeem or otherwise acquire any interests in the Company, or make any distribution to its members or with respect to their ownership
interests;

 

(iii)        acquire
any business or Person (or any interest therein), by merger or consolidation, purchase of substantial assets or equity interests
or otherwise;

 

(iv)        enter
into any limited liability company agreement, joint venture, partnership, strategic alliance, stockholders’ agreement, co-marketing,
co-promotion, joint development or similar arrangement;

 

(v)         pay,
discharge, settle or satisfy any claims, Liabilities or obligations in excess of $10,000 individually or $25,000 in the aggregate,
except (i) in the ordinary course of business consistent in nature and amount with past practice, (ii) as otherwise contemplated
by this Agreement, or (iii) other than payments of interest or principal to the Credit Parties, or payments of other obligations
of the Company, in each case under the Credit Agreement;

 

(vi)        sell,
transfer, assign, convey, lease, license, mortgage, pledge or otherwise subject to any Encumbrance (other than any Permitted Encumbrance)
any of their material properties or assets, tangible or intangible, except (i) in the ordinary course of business consistent in
nature and amount with past practice, or (ii) as otherwise contemplated by this Agreement;

 

(vii)       incur,
assume or guarantee (including by way of any agreement to “keep well” or of any similar arrangement) any Indebtedness
except in the ordinary course of business consistent in nature and amount with past practice (which Indebtedness, for the avoidance
of doubt, will be subject to satisfaction at or prior to the Closing, except as explicitly set forth in Schedule 6.6(b)(vii));

 

(viii)      change
any accounting principle, method or practice (including any principles, methods or practices relating to the estimation of reserves
or other Liabilities) in any material respect;

 

(ix)         make
or incur any capital expenditure or other financial commitment requiring payments in any fiscal year in excess of $10,000 in the
aggregate;

 

    	 	35	 

     

    

 

(x)          make,
change or revoke any Tax election or settle or compromise any Tax item; change any method of Tax accounting; prepare any Tax Returns
in a manner that is inconsistent with its past practice with respect to the treatment of items on such Tax Returns; file an amended
Tax Return or a claim for refund of Taxes with respect to its income, operations or property; or consent to any extension or waiver
of the statute of limitations period;

 

(xi)         conduct
billing and cash management customs and practices (including the collection of receivables and payment of payables) other than
in the ordinary course of business consistent with past practice;

 

(xii)        fail
to pay any creditors in accordance with their respective credit terms or (if no stated terms) within the time periods applicable
to such creditors in the ordinary course of business consistent with past practice;

 

(xiii)       make
or effect any loan or advance or other extension of credit to, or an equity investment in, any other Person, or

 

(xiv)      enter
into any Contract or letter of intent with respect to (whether or not binding), or otherwise commit or agree, whether or not in
writing, to do any of the foregoing;

 

(c)          without
limiting the generality of the foregoing, Seller shall not (unless consented to in writing by the Buyer (which consent shall not
be unreasonably withheld or delayed), and shall not permit the Company to cause any Company Fund to, acquire, sell or otherwise
dispose of any asset of such Company Fund if after giving effect to such acquisition, sale or disposition, each Coverage Test,
each Collateral Quality Test and each of the Concentration Limitations (as each such term is defined in the applicable Indenture)
will not be maintained or improved unless otherwise required by the applicable Indenture or any applicable Law. Seller shall use
commercially reasonable efforts to satisfy or cause to satisfy all of the conditions and obligations applicable to it set forth
in Sections 8.1 and 8.2 of this Agreement, provided that Seller shall not be required to incur any expenses (other than reasonable
attorney fees, postage and similar expenses) or Liabilities in connection with obtaining the Required Consents; and

 

(d)          without
limiting the generality of the foregoing, Seller shall, and shall cause the Company to:

 

(i)          duly
perform its duties, services and obligations under the Company Contracts and manage the assets of each Company Fund in compliance
with the related Indentures and in a manner consistent with the standard of care set forth in each of the Collateral Management
Agreements;

 

(ii)         in
respect of acquisitions, sales and other dispositions of assets relating to each Company Fund, comply with the terms, requirements
and limitations set forth in the applicable Indentures; and

 

    	 	36	 

     

    

 

(iii)        disclose
to Buyer all actions taken with respect to assets held by a Company Fund and any material investor and rating agency communications
and disclose to Buyer any action taken that does not maintain or improve any Coverage Test, Collateral Quality Test or Concentration
Limitation (as each such term is defined in the applicable Indenture) with respect to a Company Fund.

 

Section 6.7           Access
to Information.

 

(a)          From
the date hereof until the Closing Date, Seller shall cause the Company to afford the managers, directors, officers, Employees,
auditors, attorneys and other agents and advisors of Buyer reasonable access during normal business hours to the managers, directors,
officers, Employees, auditors, attorneys and other agents and advisors, of the Company and its books and records, and shall furnish
Buyer with such financial, operating and other data, agreements and information with respect to the Business, as Buyer, through
its managers, directors, officers, Employees, auditors, attorneys or agents and other advisors, may reasonably request.

 

(b)          From
the date hereof until the Closing Date, Seller shall provide (i) on a monthly basis promptly as they become available copies of
all regularly prepared monthly financial statements and reports of the Company and (ii) no less than five (5) Business Days prior
to use, copies of any presentation to be made by the Company to any investor or prospective investor in any Company Fund, any rating
agency or any investment analyst. Seller will give Buyer no less than five (5) Business Days prior written notice of any meeting
or other presentation to any rating agency or investment analyst prior to Closing, and upon request of Buyer, shall permit senior
personnel of Buyer to attend such meeting or presentation as an observer subject to the consent of the rating agency or investment
analyst.

 

Section 6.8           Exclusivity.
During the period from the date hereof continuing through the Closing, Seller shall not, and Seller shall cause the Company and
their respective Affiliates and representatives not to, directly or indirectly, encourage, initiate, solicit or engage in discussions
or negotiations with, or provide any information to, any Person, other than Buyer (and its Affiliates and representatives), concerning
any acquisition by such Person of any assets or any ownership interests in the Company or any issuance of ownership interests
of the Company or any merger, asset sale, recapitalization or similar transaction involving the Company or any Company Fund, or
replacement of the Company as the investment advisor, investment sub-advisor, general partner, managing member, manager or administrator
to any of the Company Funds. Seller shall notify Buyer as soon as practicable if any Person makes any written proposal, offer,
inquiry to, or contact with Seller, the Company or any Affiliate, as the case may be, with respect to the foregoing and shall
describe in reasonable detail the identity of any such Person and the substance and material terms of any such contact and the
material terms of any such proposal.

 

    	 	37	 

     

    

 

Section 6.9           Notification
of Certain Matters. Between the date hereof and the Closing Date:

 

(a)          Seller
shall give prompt notice to Buyer of (i) the occurrence or existence of any fact, circumstance or event that would reasonably be
expected to prevent or materially delay any condition precedent to any Party’s obligations from being satisfied, (ii) any
notice or other communication from any Governmental Authority with respect to the Transactions or the operation of the Company’s
business, or (iii) any notice or other communication from any Person alleging that the Consent of such Person is or may be required
or will not be provided in connection with the Transactions; and

 

(b)          Unless
prohibited by applicable Law, Seller shall make available to Buyer, or cause the Company to make available to Buyer, promptly after
the same become available, true, correct and complete copies of all inspection reports and correspondence and other documents relating
to any inquiry or investigation provided to the Company by any Governmental Authority or to a Governmental Authority by the Company
and advise Buyer promptly of any oral communications between the Company and a Governmental Authority not made in the ordinary
course of business and, to the extent legally permissible, shall allow Buyer to review and comment on any contemplated responses
to any Governmental Authority prior to the time such responses are delivered. For the avoidance of doubt, Seller shall have no
obligation to make available to Buyer any correspondence or other documents by or to any Governmental Authority that are not related
to the Business.

 

Section 6.10         
Consents. No later than five (5) Business Days after the date hereof, Seller shall cause the Company to send a notice in
writing (which shall be reasonably satisfactory in form and substance to Buyer) to each Company Fund and take such other actions
to comply with, or as may be reasonably necessary under, applicable Law, Organizational Documents of the Company Funds and under
the Company Contracts in respect of the proposed purchase of the Purchased Interests hereunder and to request that any Persons
whose Consent is necessary to consent in writing to the purchase and sale of the Purchased Interests and to effect the intent
and purpose of this Agreement. Seller shall, and shall cause the Company to, use their respective commercially reasonable efforts
to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable
Law to obtain such Consents hereunder.

 

Section 6.11         Risk
Retention Facility. Between the date hereof and the Closing, Seller shall cause the Company to notify the Credit Parties of
the Transactions and Seller shall, and shall cause the Company to, use their respective commercially reasonable efforts to take,
or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to obtain any consents
required from the Credit Parties to effectuate the Transactions, provided, that neither, Seller nor the Company shall be required
to incur any expenses (other than reasonable attorney fees, postage and similar expenses) or Liabilities in connection with obtaining
any such consents.

 

Section 6.12         Termination
of Intercompany Obligations and Releases. Between the date hereof and the Closing, Seller shall cause the Company to satisfy
in full all of the outstanding intercompany obligations of the Company and Seller shall provide to Buyer executed releases of
the issuers or holders of such intercompany obligations in form and substance reasonably satisfactory to Buyer of any claims all
such issuers or holders may have concerning any amounts due or payable by the Company.

 

    	 	38	 

     

    

 

Section 6.13         Director
and Officer Insurance Tail Policy. Prior to the Closing, the Company shall have obtained a tail D&O insurance policy (the
“Tail Policy”) with respect to claims arising out of or relating to events which occurred on or prior to the
Closing Date (including in connection with the transactions contemplated by this Agreement) with total coverage of at least $5,000,000
and other terms not less favorable than those of the existing insurance coverage for directors and officers of the Company. Such
policy shall be paid in full prior to Closing and provide coverage for a period of 6 years after the Closing.

 

Section 6.14         Tax
Matters.

 

(a)          Seller
shall timely pay all Transfer Taxes in connection with this Agreement and the transactions contemplated hereby, including any recording
charges.

 

(b)          After
the Closing, Seller shall prepare or cause to be prepared all Tax Returns required to be filed by, with respect to or that include
the Company with respect to taxable periods of the Company ending on or before the Closing Date, including the portion of any Straddle
Period ending on the Closing Date (such period, the “Pre-Closing Tax Period” and such Tax Returns, the “Pre-Closing
Tax Returns”), and such Pre-Closing Tax Returns shall be prepared consistent with past practices and this Agreement,
except as otherwise required by applicable Law. Seller shall file or cause to be filed all Pre-Closing Tax Returns that are required
to be filed and Seller shall pay, or cause to be paid, all such Taxes shown as due on such Tax Returns. The costs of preparing
such Tax Returns shall be borne by Seller.

 

(c)          If
a claim shall be made by any Governmental Authority regarding Taxes, which, if successful, might result in an indemnity payment
pursuant to Section 7.2, then Buyer shall give notice to Seller in writing of such claim (a “Tax Claim”); provided,
however, the failure to give such notice shall not affect the indemnification provided hereunder except to the extent the
indemnifying party has been materially prejudiced as a result of such failure.

 

(i)          With
respect to any Tax Claim relating to a tax period that ends on or prior to the Closing Date, Seller, solely at its own cost and
expense, may control all proceedings if Seller provides Buyer with notice of its election to control such claim within twenty (20)
days of Buyer notifying Seller of such Tax Claim; provided, however, that Seller must first consult, in good faith
with Buyer before taking any action with respect to the conduct of such Tax Claim. If Seller does not elect to control any such
Tax Claim within the time period set forth above, then Buyer shall be entitled to control all aspects of such claim. If the resolution
of any Tax Claim for any Pre-Closing Tax Return could reasonably be expected to have an adverse effect on the party that is not
in control of such claim, (A) the party in control of such claim shall keep the other party reasonably informed regarding the progress
and substantive aspects of such Tax Claim, (B) the other party shall be entitled to participate in any proceedings with respect
to such Tax Claim and (C) the party in control of such claim shall not compromise or settle any such Tax Claim without obtaining
the other party’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Notwithstanding
anything to the contrary in this Agreement, Buyer shall have the right to exclusively control the conduct of any audit or administrative
or judicial proceeding with respect to the Company for any taxable period ending after the Closing Date.

 

    	 	39	 

     

    

 

(ii)         Seller
and Buyer shall reasonably cooperate, and shall cause their respective Affiliates, officers, Employees, agents, auditors and other
representatives to reasonably cooperate, in preparing and filing all Tax Returns and in resolving all disputes and audits with
respect to all taxable periods relating to Taxes, including by maintaining and making available to each other all records necessary
in connection with Taxes and making Employees available on a mutually convenient basis to provide additional information or explanation
of any material provided hereunder or to testify at proceedings relating to such Tax Claim.

 

(d)          The
Parties agree that the purchase by Buyer of the Purchased Interests from Seller pursuant to this Agreement will be treated for
U.S. federal (and applicable state and local) income tax purposes as a sale of the assets of the Company by Seller to Buyer.

 

Section 6.15         The
Closing Loan Tapes. The Company shall provide Buyer with the full loan tapes in respect of all of the Loan Assets of each
Company Fund as of the end of the trading day immediately prior to the Closing Date, which are, in each case, true, correct and
complete in all material respects and prepared in accordance with the principles used to prepare each Monthly Report and Distribution
Report (the “Closing Loan Tapes”).

 

ARTICLE
VII

SURVIVAL; POST-CLOSING OBLIGATIONS

 

Section 7.1           Expiration
of Representations, Warranties and Covenants. Each representation, warranty, covenant and other agreement contained in this
Agreement shall survive the Closing, provided, however, that all of the representations and warranties of the Parties contained
in this Agreement shall terminate and expire, and shall cease to be of any force or effect, on the date that is twelve (12) months
following the Closing Date (except to the extent a claim for indemnification has been made prior to such time for any breach thereof,
in which event the representation or warranty and the associated rights of indemnification shall survive with respect to such
claim until such claim has been resolved); provided, that the representations and warranties contained in Section 3.1 (Organization,
Etc.), 3.2 (Authority; No Violations), Section 3.3 (Title), Section 3.6 (Brokers and Finders), Section 4.1 (Organization, Etc.),
Section 4.2 (Capital Structure), Section 4.8 (Assets), Section 4.14(a) (Company Funds), Section 4.14(c) (Company Funds), Section
4.16 (Taxes), Section 4.22 (Brokers and Finders), Section 5.1 (Organization), Section 5.2 (Authority; No Violations) and Section
5.7 (Brokers and Finders) (the “Fundamental Representations”), shall survive until December 20, 2019, except
to the extent a claim for indemnification has been made prior to such time for any breach thereof, in which event the representation
or warranty and the associated rights of indemnification shall survive with respect to such claim until such claim has been resolved.

 

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Section 7.2           Result
of Breach of Representation or Warranty; Indemnification.

 

(a)          Subject
to the other provisions of this Article VII, Seller shall indemnify, defend and hold harmless Buyer, and its members, partners,
shareholders, managers, directors, officers, Employees, agents, representatives, successors and permitted assigns (the “Buyer
Indemnitees”) from and against any and all Liabilities, claims, Taxes, losses, damages, actions, judgments, interest,
award, penalties, fines, costs and expenses (including reasonable costs of investigation and defense and the cost of pursuing any
insurance providers and all reasonable attorneys’ fees and disbursements), whether before, on or after the Closing Date (collectively,
“Losses”), of the Buyer Indemnitees to the extent resulting from or arising out of:

 

(i)          the
breach of any representation or warranty of Seller set forth in Article III or Article IV;

 

(ii)         the
breach of any covenant of Seller contained in this Agreement;

 

(iii)        any
Transaction Expenses of the Company or the Seller outstanding as of immediately following the Closing to the extent not deducted
in the determination of the Purchase Price;

 

(iv)        any
damages or Liabilities imposed on or with respect to, or incurred by or with respect to, the Buyer Indemnitees, the Company and/or
any of the Company Funds, arising out of or relating to the SEC examination of Fifth Street Management LLC and its Affiliates (including
the Company) that commenced on or about October 6, 2015, including any enforcement examinations or actions relating thereto or
resulting therefrom, which, for the avoidance of doubt, shall not include any damages or Liabilities related to operation of the
Business after the Closing Date; or

 

(v)         Liabilities
(including for any indemnification obligations, Proceedings or Taxes) imposed on or with respect to, or incurred by or with respect
to, any of the Company Funds or the Company with respect to any period ending on or before the Closing Date (or, for any period
beginning on or before and ending after the Closing Date, all such Liabilities and obligations to the extent allocable to the portion
of such period beginning on or before and ending on the Closing Date). With respect to Taxes, the amount of any Taxes based on
or measured by income, receipts or payroll of the Company for the Pre-Closing Tax Period shall be determined based on an interim
closing of the books as of the close of business on the Closing Date, and the amount of other Taxes of the Company for a Straddle
Period that relates to the Pre-Closing Tax Period shall be deemed to be the amount of such Tax for the entire taxable period multiplied
by a fraction the numerator of which is the number of days in the taxable period ending on the Closing Date and the denominator
of which is the number of days in such Straddle Period.

 

(vi)        Any
damages or Liabilities imposed on or with respect to, or incurred by or with respect to, the Buyer Indemnitees, the Company and/or
any of the Company Funds, arising out of or relating to any failure to comply with the Retention Undertaking during any period
ending on or before the Closing Date.

 

    	 	41	 

     

    

 

(b)          Subject
to the other provisions of this Article VII, Buyer shall indemnify, defend and hold harmless Seller and its respective Affiliates,
agents, representatives, successors and permitted assigns (the “Seller Indemnitees”) from and against any and
all Losses to the extent resulting from or arising out of any of:

 

(i)          the
breach, or any claim by a party other than Seller or the Company that if true would constitute a breach, of any representation
or warranty of Buyer set forth in this Agreement, or

 

(ii)         the
breach of any covenant of Buyer contained in this Agreement.

 

Section 7.3           Limitations.

 

(a)          Notwithstanding
anything contained herein to the contrary, Seller shall not be liable in respect of any indemnification obligation for Losses of
the Buyer Indemnitees under Section 7.2(a)(i) (other than in respect of (x) fraud or willful misconduct or (y) breach of any of
the Fundamental Representations of Seller) unless and until the aggregate cumulative amount of Losses for which indemnification
would otherwise be available but for this Section 7.3(a) exceeds $150,000 (the “Threshold”), in which case the
Buyer Indemnitees will be entitled to recover all Losses from the first dollar. Seller’s aggregate liability in respect of
any indemnification obligation for Losses (i) under Section 7.2(a)(i), other than in respect of (x) fraud or willful misconduct
or (y) any breach of the Fundamental Representations of Seller, shall not exceed the Cap, and (ii) otherwise under this Agreement,
shall not exceed the Purchase Price.

 

(b)          Notwithstanding
anything contained herein to the contrary, Buyer shall not be liable in respect of any indemnification obligation for Losses of
the Seller Indemnitees under Section 7.2(b)(i) (other than in respect of (x) fraud or willful misconduct or (y) breach of any of
the Fundamental Representations of Buyer) unless and until the aggregate cumulative amount of Losses for which indemnification
would otherwise be available but for this Section 7.3(b) exceeds the Threshold, in which case the Seller Indemnitees will be entitled
to recover all Losses from the first dollar. Buyer’s aggregate liability in respect of any indemnification obligation for
Losses (i) under Section 7.2(b)(i), other than in respect of (x) fraud or willful misconduct or (y) any breach of the Fundamental
Representations of Buyer, shall not exceed the Cap, and (ii) otherwise under this Agreement, shall not exceed the Purchase Price.

 

(c)          The
amount of any indemnification payable under this Article VII shall be reduced by an amount equal to the proceeds actually received
by an Indemnitee under any insurance policy, or from any third party in respect of such claim less all out-of-pocket costs and
expenses incurred by such Indemnitee in connection with obtaining such insurance proceeds or third-party recovery (including reasonable
attorneys’ fees, any deductible, any retention, any retroactive premium adjustment on the account of or arising from such
claim or Losses, and the present value of any increases in insurance premiums on the account of or arising from such claim or Losses
or the cost of cancellation of such insurance policy and the increased cost for any replacement policy).

 

    	 	42	 

     

    

 

Section 7.4           Claims
Notice.

 

(a)          (i)            Except
with respect to Third Party Claims covered by Section 7.4(b), any Buyer Indemnitee or Seller Indemnitee who is entitled to, and
wishes to, make a claim for indemnification for a Loss pursuant to Section 7.2 (an “Indemnitee”) shall give
written notice to each Person from whom such indemnification is being claimed (an “Indemnifying Party”) and,
if a Buyer Indemnitee is such Indemnitee, to the Escrow Agent in accordance with the Escrow Agreement, promptly, and in any event
no later than five (5) Business Days after it acquires knowledge of the fact, event or circumstances giving rise to the claim for
the Loss. The failure to make timely delivery of such written notice shall not affect the Indemnifying Party’s obligations
hereunder, except to the extent such Indemnifying Party is actually prejudiced by failure to give such notice. Together with such
written notice, the Indemnitee shall provide the Indemnifying Party with such information and documents as the Indemnitee has in
its possession regarding such claim and all pertinent information in its possession regarding the amount of the Loss that it asserts
it has sustained or incurred and any limitations set forth in this Article VII that apply to such Loss.

 

(ii)         The
Indemnifying Party shall have a period of thirty (30) days after receipt by the Indemnifying Party of such notice and such evidence
to agree to the payment of the Loss to the Indemnitee, subject to such limitations. If the Indemnifying Party does not agree to
the payment of the Loss within such thirty (30) day period, the Indemnifying Party shall simultaneously deliver a notice to the
Indemnified Party and, if a Seller is such Indemnifying Party, to the Escrow Agent in accordance with the Escrow Agreement, and
the Indemnifying Party shall be deemed not to have accepted the Loss and the parties shall negotiate in good faith to seek a resolution
of such dispute within fifteen (15) days thereafter. If the dispute is not resolved through such negotiations, then any dispute
(including as to whether a Loss exists) shall be resolved in accordance with Section 10.10. If the Indemnifying Party agrees to
the payment of the Loss (subject to any limitations set forth in this Article VII that apply to such Loss) within the thirty (30)-day
period described above, then it shall, within ten (10) Business Days after such agreement, pay to the Indemnitee the amount of
the Loss that is payable pursuant to, and subject to the limitations set forth in, this Article VII.

 

    	 	43	 

     

    

 

(b)          If
any claim or action at law or suit in equity is instituted by a third party against an Indemnitee (each, a “Third Party
Claim”) with respect to which such Indemnitee is entitled to, and wishes to, make a claim for indemnification for a Loss
under Section 7.2, then such Indemnitee shall promptly, and in any event no later than ten (10) Business Days after such Indemnitee
has knowledge of an assertion of liability from such third party, deliver to the Indemnifying Party a written notice describing,
to the extent practicable, such matter in reasonable detail, including the estimated amount of the Losses that have been or may
be sustained by the Indemnitee and any limitations in this Article VII that apply to such Loss. The failure to make timely delivery
of such written notice shall not affect the Indemnifying Party’s obligations hereunder, except to the extent such Indemnifying
Party is actually prejudiced by failure to give such timely notice. In any event, such delivery shall be accompanied by all information,
documents, and other materials in such Indemnitee’s possession related to such Third Party Claim. The Indemnitee shall not
make any admissions or acceptances with respect to such Third Party Claim without the consent of the Indemnifying Party. The Indemnifying
Party may, subject to the other provisions of this Section 7.4, settle, compromise or defend, at such Indemnifying Party’s
own expense and by such Indemnifying Party’s own counsel, any such matter involving the asserted liability of the Indemnitee
in respect of the Third Party Claim. If the Indemnifying Party shall elect to settle, compromise or defend such asserted liability,
then it shall, within thirty (30) days after such election (or sooner, if the nature of the asserted liability so requires), notify
the Indemnitee of its intention to do so and the Indemnitee shall cooperate to the fullest extent possible, at the request and
reasonable expense of the Indemnifying Party, in the compromise of, or defense against, such asserted liability; provided,
that no settlement or compromise of any Third Party Claim shall be made without the prior written consent of the Indemnitee, which
shall not be unreasonably withheld, conditioned or delayed except where such settlement or compromise involves only the payment
of money and the full release of any and all claims against the Indemnitee and only to the extent that such money is paid by the
Indemnifying Party. The Indemnifying Party shall not be released from any obligation to indemnify the Indemnitee hereunder with
respect to such asserted claim without the prior written consent of the Indemnitee, unless the Indemnifying Party shall deliver
to the Indemnitee a duly executed agreement settling or compromising such claim with no monetary liability to, or injunctive relief
against, or other obligation of or limitation on the Indemnitee. The Indemnifying Party shall have the right, except as provided
below in this Section 7.4, to conduct and control the defense of any Third Party Claim. Subject to the following sentence, all
costs and fees incurred with respect to any such claim shall be borne by the Indemnifying Party. The Indemnitee shall have the
right to participate in, but not control, at its own expense, the defense, compromise or settlement of any such Third Party Claim;
provided, however, that if there exists or is reasonably likely to exist a conflict of interest that would make it
inappropriate, in the judgment of legal counsel to the Indemnitee, for the same counsel to represent both the Indemnitee and the
Indemnifying Party, or if the Indemnitee may have available to it one or more defenses or counterclaims that are inconsistent with
one or more of the defenses or counterclaims that may be available to the Indemnifying Party, or if the Indemnifying Party fails
to diligently defend and prosecute such Third Party Claims, then the Indemnitee shall be entitled to retain its own counsel in
each jurisdiction for which the Indemnitee determines counsel is required, at the expense of the Indemnifying Party. If the Indemnifying
Party shall choose to defend any claim, then the Indemnitee shall make available to the Indemnifying Party any books, records or
other documents within its direct or indirect control that relate to the defense of such matter, and cooperate in all reasonable
ways with, and cause its Employees and advisors and other personnel available or otherwise render reasonable assistance to, the
Indemnifying Party and its agents.

 

(c)          With
respect to any Losses under Section 7.4(a) and (b), if the Indemnitee is a Buyer Indemnitee the payment of the Loss shall be paid
as follows: (i) first from the Escrow Amount (to the extent of amounts in the Escrow Amount) by the Escrow Agent as provided in
the Escrow Agreement and (ii) subject to Section 7.3(a)(i), if the funds in the Escrow Amount are inadequate, the Indemnifying
Party shall thereupon pay the Indemnitee for all Losses in excess of the Escrow Amount for which Seller is required to indemnify
Buyer Indemnitees hereunder, on demand, in cash.

 

Section 7.5           Exclusive
Remedy. Except as may be otherwise specifically provided elsewhere in this Agreement, other than in respect of the claims
resulting from fraud arising out of this Agreement or the right to seek specific performance for a breach of a covenant or agreement
to be performed by a Party hereto following the Closing, the provisions of this Article VII shall be the sole and exclusive remedy
of the Parties hereto with respect to any and all claims arising out of or in connection with a breach of any representation,
warranty, covenant or agreement made by Seller or Buyer in this Agreement.

 

    	 	44	 

     

    

 

Section 7.6           Effect
of Investigation. Each Indemnitee’s right to indemnification, payment, reimbursement or other remedy based upon any
representation, warranty, covenant or obligation of the Indemnifying Party will not be affected or deemed waived by reason of
any investigation conducted by or on behalf of the Indemnitee (including by any of its agents or representatives) at any time,
whether before or after the execution and delivery of this Agreement or the Closing Date, or by reason of the fact that the Indemnitee
or any of its agents or representatives knew or should have known, whether before or after the execution and delivery of this
Agreement or the Closing Date that any such representation, warranty, covenant or obligation is, was or might be inaccurate or
by reason of the Indemnitee’s waiver of any condition set forth in Article VIII.

 

Section 7.7           Tax
Treatment. Except as otherwise required by applicable Law, the Parties agree to treat any payment made pursuant to this Article
VII as an adjustment to the Purchase Price for all Tax purposes.

 

Section 7.8           Indemnity
Payment. Any payment required pursuant to this Article VII shall be made promptly (and in any event no later than ten (10)
Business Days) following (a) settlement of any claim in accordance with Section 7.4 or (b) entry by a court of competent jurisdiction
of a final and non-appealable judgment or order or judgment or order not timely appealed by wire transfer of immediately available
funds to such account designated by the Indemnitee in writing at least three (3) Business Days prior to the expiry of such 10-day
period.

 

ARTICLE
VIII

CONDITIONS TO THE CLOSING

 

Section 8.1           Conditions
to Obligations of Each Party. The respective obligations of Seller and Buyer to consummate the Transactions are subject to
the satisfaction (or waiver in writing by Seller and Buyer) as of the Closing of the following conditions:

 

(a)          At
the Closing, there shall be no (i) injunction, restraining order or decree of any nature of any Governmental Authority of competent
jurisdiction in effect that restrains or prohibits the acquisition of the Purchased Interests hereunder or the consummation of
the Transactions, or (ii) pending or threatened in writing Proceeding by any Governmental Authority of competent jurisdiction which
seeks to restrain or prohibit the acquisition of the Purchased Interests hereunder or the consummation of the Transactions.

 

(b)          At
the Closing, all Governmental Approvals, if any, required for the execution and delivery of this Agreement by Seller and Buyer,
and for the consummation of the Transactions at the Closing, shall have been obtained and be in full force and effect.

 

Section 8.2           Additional
Conditions to the Obligations of Buyer. The obligations of Buyer to consummate the Transactions are subject to the satisfaction
(or waiver in writing by Buyer) as of the Closing of each of the following additional conditions:

 

    	 	45	 

     

    

 

(a)          Each
of the representations and warranties of Seller contained in Articles III and IV of this Agreement (other than the Fundamental
Representations and any representations and warranties which are qualified by “materiality”, “Material Adverse
Effect” or a derivative thereof) shall be true and correct in all material respects as of the date hereof and as of the Closing
Date (except to the extent that any representation and warranty is made as of a specified date other than the Closing Date, in
which case such representation and warranty shall be true and correct in all material respects as of such specified date), and
each of the Fundamental Representations and each of the representations and warranties which are qualified by “materiality”,
“Material Adverse Effect” or a derivative thereof shall be true and correct in all respects as of the date hereof and
as of the Closing Date (except to the extent that any such Fundamental Representation or representation and warranty is made as
of a specified date other than the Closing Date, in which case such Fundamental Representation or other representation and warranty
shall be true and correct in all respects as of such specified date).

 

(b)          Seller
shall have performed in all material respects all obligations and agreements, and complied in all material respects with each of
the covenants, contained in this Agreement to be performed or complied with by Seller prior to or at the Closing Date.

 

(c)          The
Buyer shall have received a certificate from Seller, dated the Closing Date, to the effect that the conditions specified in Sections
8.2(a), (b), (e) and (k) have been fulfilled.

 

(d)          Seller
shall have obtained the Required Consents and the other Consents set forth on Schedule 4.3.

 

(e)          As
of the Closing Date (i) the aggregate of the Market Values for the assets owned by each Company Fund shall equal at least 95% of
the aggregate of the Market Values for the assets owned by such Company Fund as of the date of this Agreement as set forth on Schedule
4.15(a), which aggregate Market Values will be calculated in a manner consistent with the calculation of the Market Values
for the assets owned by each Company Fund set forth on Schedule 4.15(a) and (ii) there shall have been no downgrade or withdrawal
of ratings with respect to any of the Secured Notes nor shall any such downgrade or withdrawal be pending.

 

(f)          Seller
shall have delivered to Buyer resignations of the officers, managers, directors and trustees, as applicable, of the Company and
each Company Fund set forth on Schedule 8.2(f) in form and substance reasonably satisfactory to Buyer.

 

(g)          Seller
shall have delivered to Buyer evidence of the termination of the Employee Sharing Agreement, dated as of October 2, 2015, by and
between the Company and FSC CT LLC and the termination of all Employees in form and substance reasonably satisfactory to Buyer.

 

(h)          Since
the date hereof, there shall not have occurred and be continuing a Material Adverse Effect.

 

(i)          No
Governmental Authority has instituted or threatened to institute any Proceeding against the Company.

 

(j)          [reserved].

 

    	 	46	 

     

    

 

(k)          Seller
shall have delivered to Buyer evidence of the payment and termination of all of the Company’s intercompany obligations and
executed releases of the issuers or holders of such intercompany obligations in form and substance reasonably satisfactory to Buyer.

 

(l)          Seller
shall have delivered evidence reasonably satisfactory to Buyer that the Company shall have been made the Designated Manager.

 

(m)          Seller
shall have delivered to Buyer a copy of the Tail Policy, which will be in effect as of the Closing.

 

(n)          Seller
shall have delivered to Buyer evidence reasonably satisfactory to Buyer of the termination and extinguishment of the Fifth Street
EIV Side Letter.

 

(o)          Seller
shall have delivered to Buyer evidence of the full and complete discharge and release of all guarantees under the Holdings Credit
Agreement given by the Company.

 

(p)          Authority
in respect of all bank accounts of the Company shall have been transferred to Buyer in form and substance reasonably satisfactory
to Buyer.

 

(q)          Seller
shall have delivered to Buyer the Closing Loan Tapes.

 

(r)          To
the extent that the Credit Parties have not consented to the transactions contemplated hereby, the payment in full by the Company
of all amounts outstanding under the Credit Agreement (and corresponding termination of the Credit Agreement and all Encumbrances
and obligations thereunder).

 

(s)          The
Escrow Agreement shall have been executed and delivered by Seller and the Escrow Agent.

 

(t)          Seller
shall have delivered to Buyer evidence reasonably satisfactory to Buyer that Vector Capital and the Company have entered into a
legally binding agreement for the settlement of all equity trades between the Company Funds and Vector Capital.

 

(u)          Seller
shall have delivered to Buyer evidence that it has filed with the SEC a completed Form ADV-W of the Company fully withdrawing the
Company as a registered investment adviser (as defined in the Advisers Act).

 

(v)         Seller
shall have delivered to Buyer an executed release in the form attached hereto as Exhibit A effective as of the Closing from
the Seller and each of the following individuals: Kerry S. Acocella, Bernard D. Berman, Alexander C. Frank, Steven M. Noreika,
Leonard M. Tannenbaum and Ivelin M. Dimitrov.

 

(w)          Seller
shall have delivered to Buyer an acknowledgement from Ivelin M. Dimitrov to the Company in a form reasonably satisfactory to Buyer
that the Company is not counterparty to, and has no payment obligations to him in connection with the transactions contemplated
hereby under his Employment Offer Letter dated as of March 1, 2017.

 

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Section 8.3           Additional
Conditions to the Obligations of Seller. The obligation of Seller to consummate the Transactions is subject to the satisfaction
(or waiver in writing by Seller) as of the Closing of each of the following additional conditions:

 

(a)          Each
of the representations and warranties of Buyer contained in Article V (other than the Fundamental Representations made by
Buyer and any representations and warranties which are qualified as to “materiality” or a derivative thereof)
shall be true and correct in all material respects as of the date hereof and as of the Closing Date (except to the extent
that any representation and warranty is made as of a specified date other than the Closing Date, in which case such
representation and warranty shall be true and correct in all respects and complete in all material respects as of such
specified date), and the Fundamental Representations and representations and warranties which are qualified by
“materiality” or a derivative thereof shall be true and correct in all respects as of the date hereof and as of
the Closing Date (except to the extent that any such Fundamental Representation or representation and warranty is made as of
a specified date other than the Closing Date, in which case such Fundamental Representation or other representation and
warranty shall be true, correct, and complete as of such specified date).

 

(b)          
Buyer shall have performed in all material respects all obligations and agreements, and complied in all material respects with
each of the covenants, contained in this Agreement to be performed or complied with by Buyer prior to or at the Closing Date.

 

(c)          Seller
shall have received a certificate of Buyer, dated the Closing Date, executed on behalf of Buyer, to the effect that the conditions
specified in Sections 8.3(a) and 8.3(b) have been fulfilled.

 

(d)          Buyer
shall have paid the Estimated Purchase Price to Seller in accordance with Section 2.1.

 

(e)          Buyer
shall have duly executed the Escrow Agreement.

 

ARTICLE
IX

TERMINATION OF AGREEMENT

 

Section 9.1           Termination.

 

(a)          This
Agreement may be terminated on or prior to the Closing as follows:

 

(i)          by
written consent of each of Seller and Buyer;

 

(ii)         by
Buyer if there has been a material breach of any representation, warranty, covenant or agreement contained in this Agreement on
the part of Seller and such breach has not been cured within ten (10) Business Days after written notice to Seller (provided
that no cure period shall be required for a breach that by its nature cannot be cured), such that the conditions set forth
in Section 8.1 or Section 8.2 cannot be satisfied at or prior to the date set forth in Section 9.1(a)(v) below; provided
that the right to terminate this Agreement under this Section 9.1(a)(ii) shall not be available in the event Buyer is in material
breach of its representations, warranties, covenants or agreements under this Agreement at the time of such intended termination;

 

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(iii)        by
Seller if there has been a material breach of any representation, warranty, covenant or agreement contained in this Agreement on
the part of Buyer and such breach has not been cured within ten (10) Business Days after written notice to Buyer (provided
that no cure period shall be required for a breach that by its nature cannot be cured) such that the conditions set forth
in Section 8.1 or Section 8.3 cannot be satisfied at or prior to the date set forth in Section 9.1(a)(v) below; provided
that the right to terminate this Agreement under this Section 9.1(a)(iii) shall not be available in the event Seller is in material
breach of its representations, warranties, covenants or agreements under this Agreement at the time of such intended termination;

 

(iv)        at
the election of Seller, on the one hand, or Buyer, on the other hand, if consummation of the Transactions would violate any non-appealable
final judgment, order, writ or injunction of a Governmental Authority having competent jurisdiction; or

 

(v)         by
Buyer or Seller if the Closing has not occurred on or before July 20, 2017; provided that the right to terminate this Agreement
under this Section 9.1(a)(v) shall not be available to any such Party whose failure to perform any covenant or obligation hereunder
or other breach has caused or resulted in the failure of the Closing to occur on or before such date.

 

(b)          The
termination of this Agreement, pursuant to this Section 9.1, shall be effectuated by the delivery by the applicable Party or Parties
terminating this Agreement to each other Party of a written notice of such termination. If this Agreement so terminates, it shall
become null and void and have no further force or effect, and there shall be no liability on the part of any Party or their respective
managers, directors, officers, Affiliates or representatives following termination of this Agreement, except that (i) nothing in
this Agreement shall relieve any Party from liability to the extent that failure to satisfy the conditions of Article VIII results
from a breach of any covenant or agreement made by such Party and (ii) the provisions of Section 6.2, Section 6.3, and Article
X shall survive the termination of this Agreement.

 

ARTICLE
X

MISCELLANEOUS

 

Section 10.1         Amendments;
Waiver. This Agreement may not be amended, altered or modified except by written instrument executed by each of Seller and
Buyer. The failure by any Party hereto to enforce at any time any of the provisions of this Agreement shall in no way be construed
to be a waiver of any such provision nor in any way to affect the validity of this Agreement or any part hereof or the right of
such Party thereafter to enforce each and every such provision. No waiver of any breach of or non-compliance with this Agreement
shall be held to be a waiver of any other or subsequent breach or non-compliance. The observance of any provision of this Agreement
may be waived in writing by the Party that will lose the benefit of such provision as a result of such waiver.

 

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Section 10.2         Entire
Agreement. This Agreement and the Ancillary Agreements, constitute the entire understanding and agreement of the Parties relating
to the subject matter hereof and supersede all prior understandings or agreements, whether oral or written among the Parties with
respect to such subject matter, other than the Confidentiality Agreement.

 

Section 10.3         Severability.
Should any provision of this Agreement or the application thereof to any Person or circumstance be held invalid or unenforceable
to any extent: (a) such provision shall be ineffective to the extent, and only to the extent, of such unenforceability or
prohibition and shall be enforced to the greatest extent permitted by Law, (b) such unenforceability or prohibition in any
jurisdiction shall not invalidate or render unenforceable such provision as applied (i) to other Persons or circumstances
or (ii) in any other jurisdiction, and (c) such unenforceability or prohibition shall not affect or invalidate any other
provision of this Agreement. The Parties agree to use good faith efforts to replace such invalid or unenforceable provision of
this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other
purposes of such invalid or unenforceable provision. Any provision of this Agreement held invalid or unenforceable only in part
or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

Section 10.4         Notices.
All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given
or made (a) if personally delivered, when so delivered, (b) if mailed, two (2) Business Days after having been sent by first class,
registered or certified U.S. mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth
below, (c) if given by email, once such notice or other communication is transmitted to the email address specified below, provided
that (i) the sender receives no evidence reasonably indicating delivery was unsuccessful, (ii) such notice or other communication
is promptly thereafter mailed in accordance with the provisions of clause (b) above, and provided further, that if such notice
is sent after 5:00 p.m. local time at the location of the recipient, or is sent on a day other than a Business Day, such notice
or communication shall be deemed given as of 9:00 a.m. local time at such location on the next succeeding Business Day or (d)
if sent through a nationally-recognized overnight delivery service which guarantees next-day delivery, the Business Day following
its delivery to such service in time for next day-delivery:

 

If to Buyer:

 

NewStar Financial Inc.

500 Boylston Street

Boston, Massachusetts 02116

Attention: Robert K. Brown

Email: rbrown@newstarfin.com

 

With copies (which shall not constitute
notice) to:

 

Seward & Kissel LLP

One Battery Park Plaza

New York, New York 10004

Attention: Greg Cioffi

Craig A. Sklar

Email: cioffi@sewkis.com

sklar@sewkis.com

 

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If to Seller:

 

Fifth Street Holdings L.P.

777 West Putnam Avenue, 3rd Floor

Greenwich CT 06830

Email: len@fifthstreetfinance.com and bernie@fifthstreetfinance.com

 

With copies (which
shall not constitute notice) to:

 

Dechert LLP

1095 Avenue of the Americas

New York, New York 10036

Attention: Sean Solis and Tony Chan

Email: sean.solis@dechert.com and tony.chan@dechert.com

 

or such other address or email address as shall
be designated from time to time by written notice in accordance with this Section 10.4 by the Person entitled to such notice.

 

Section 10.5         Binding
Effect; No Assignment. This Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective
successors and permitted assigns. This Agreement shall not be assigned by any of the Parties without the prior written consent
of the other Parties and any purported assignment or other transfer without such consent shall be void and unenforceable.

 

Section 10.6         Counterparts.
This Agreement may be executed by facsimile or .pdf format scanned signatures and in any number of counterparts with the same
effect as if all signatory Parties had signed the same document. All counterparts shall be construed together, be deemed an original,
and shall constitute one and the same instrument.

 

Section 10.7         No
Third Party Beneficiaries. This Agreement shall not confer any rights or remedies upon any Person other than the Parties,
the Buyer Indemnitees (solely in their capacity as indemnified parties hereunder), the Seller Indemnitees (solely in their capacity
as indemnified parties hereunder), and their respective successors and permitted assigns.

 

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Section 10.8         Specific
Performance.

 

(a)          The
Parties hereby acknowledge and agree that the failure of any Party to perform its agreements and covenants hereunder, including
its failure to take all actions as are necessary on its part to the consummation of the Transactions, will cause irreparable injury
to the other Party, for which damages, even if available, will not be an adequate remedy and accordingly each Party hereto will
be entitled to an injunction or injunctions or specific performance at any time after, at or prior to the Closing to prevent such
breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof. Each Party agrees not
to assert, and hereby waives, in any action seeking specific performance or injunctive relief, the defense of adequacy of a remedy
at law. Each Party hereby consents to the issuance of injunctive relief by any court of competent jurisdiction as provided in Section
10.10 to compel performance of such Party’s obligations and to the granting by any court of the remedy of specific performance
of its obligations hereunder without proof of actual damages and without any requirement for the securing or posting of any bond.

 

(b)          For
the avoidance of doubt, the remedy set forth in Section 10.8(a) shall be available to Buyer or Seller at any time, whether before,
at or after Closing. Prior to Closing, in addition to the remedy set forth in Section 10.8(a), the Parties may pursue any other
remedy available to a party at law or equity. From and after the Closing, the Parties may only pursue the remedies permitted by
Section 7.5 (which remedies include, for the avoidance of doubt, the remedy described in Section 10.8(a)).

 

Section 10.9         Governing
Law. This Agreement, the legal relations among the Parties hereunder and the adjudication and the enforcement thereof, shall
in all respects be governed by, and interpreted and construed in accordance with, the Laws (excluding conflict of laws rules and
principles) of the State of New York applicable to agreements made and to be performed entirely within such State, including all
matters of construction, validity and performance.

 

Section 10.10       Consent
to Jurisdiction; Waiver of Jury Trial. Each of the Parties irrevocably submits to the exclusive jurisdiction of the United
States District Court for the Southern District of New York located in the borough of Manhattan in the City of New York, or if
such court does not have jurisdiction, the Supreme Court of the State of New York, New York County, for the purposes of any suit,
action or other Proceeding arising out of this Agreement or any transaction contemplated hereby. To the extent that service of
process by mail is permitted by applicable Law, each Party irrevocably consents to the service of process in any such suit, action
or other Proceeding in such courts by the mailing of such process by registered or certified mail, postage prepaid, at its address
for notices provided for herein. Nothing herein shall affect the right of any Person to serve process in any other manner permitted
by Law. Each of the Parties irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or
Proceeding arising out of this Agreement or the transactions contemplated hereby in (a) the United States District Court for the
Southern District of New York or (b) the Supreme Court of the State of New York, New York County, and hereby further irrevocably
and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or Proceeding brought
in any such court has been brought in an inconvenient forum. The Parties hereby irrevocably and unconditionally waive trial by
jury in any legal action or Proceeding relating to this Agreement or any other agreement entered into in connection therewith
and for any counterclaim with respect thereto.

 

[Remainder of page intentionally left blank.]

 

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IN WITNESS WHEREOF, the Parties
hereto have caused this Agreement to be executed as of the date first above written.

 

	 	NEWSTAR FINANCIAL, INC.
	 	 	 
	 	By:	/s/ Robert K. Brown
	 	 	Name: Robert K. Brown
	 	 	Title: Managing Director

 

	 	FIFTH STREET HOLDINGS, L.P.
	 	 	 
	 	By:	/s/ Ivelin M. Dimitrov
	 	 	Name: Ivelin M. Dimitrov
	 	 	Title: Head of Fifth Street CLO Management LLC

 

[Signature Page to Purchase Agreement]

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