Document:

Exhibit 10.5

 

EXECUTION VERSION

 

 

CLASS A-1-L CREDIT AGREEMENT

 

dated as of August 26, 2020

 

among

 

GOLUB CAPITAL BDC CLO 4 LLC,

as Borrower,

 

VARIOUS FINANCIAL INSTITUTIONS AND OTHER
PERSONS,

as Lenders,

 

Deutsche
Bank Trust Company Americas,

as Loan Agent

 

and

 

Deutsche
Bank Trust Company Americas,

as Collateral Agent

 

 

    

     

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE I DEFINITIONS AND INTERPRETATION	1
	 	 	 
	Section 1.1	Defined Terms	1
	Section 1.2	Use of Defined Terms	1
	Section 1.3	Interpretation	1
	Section 1.4	Accounting Matters	2
	Section 1.5	Collateral Documents	2
	Section 1.6	Conflict between Credit Documents	2
	Section 1.7	Legal Representation of the Parties	2
	 	 	 
	ARTICLE II COMMITMENTS	2
	 	 	 
	Section 2.1	Commitments of Each Lender	2
	Section 2.2	Fees	3
	 	 	 
	ARTICLE III LOANS AND LENDER NOTES	3
	 	 	 
	Section 3.1	Borrowing Procedure	3
	Section 3.2	Lender Notes	3
	Section 3.3	Principal Payments	5
	Section 3.4	Interest	8
	Section 3.5	Method and Place of Payment	9
	Section 3.6	Subordination	9
	Section 3.7	Conversion	10
	 	 	 
	ARTICLE IV CONDITIONS TO CREDIT
    EXTENSIONS	10
	 	 	 
	Section 4.1	Loan Date	10
	 	 	 
	ARTICLE V REPRESENTATIONS, WARRANTIES,
    AND COVENANTS	10
	 	 	 
	Section 5.1	Payment of Principal and Interest	10
	Section 5.2	Maintenance of Office or Agency	11
	Section 5.3	Money for Loan Payments to be Held in Trust	11
	Section 5.4	Existence of Borrower	11
	Section 5.5	Protection of Assets	12
	Section 5.6	Opinions as to Assets	13
	Section 5.7	Performance of Obligations	13
	Section 5.8	Negative Covenants	13
	Section 5.9	Statement as to Compliance	15
	Section 5.10	Successor Substituted	15
	Section 5.11	No Other Business	15
	Section 5.12	Annual Rating Review	16
	Section 5.13	Calculation Agent	16
	Section 5.14	Certain Tax Matters	17
	Section 5.15	Representations Relating to Security Interests in the Assets	17
	 	 	 
	ARTICLE VI EVENTS OF DEFAULT	19
	 	 	 
	Section 6.1	Default and Events of Default	19
	Section 6.2	Acceleration	19
	Section 6.3	Remedies	19

 

    	 	-i	 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE VII THE AGENTS	20
	 	 	 
	Section 7.1	Appointment	20
	Section 7.2	Nature of Duties	20
	Section 7.3	Lack of Reliance on the Agents	20
	Section 7.4	Certain Rights of the Agents	21
	Section 7.5	Not Responsible for Recitals, Incurrence of Loans or Issuance of Notes	26
	Section 7.6	May Hold Loans or Notes	26
	Section 7.7	Holders of Lender Notes; Transferee of Assignment Agreement	27
	Section 7.8	Compensation and Reimbursement	27
	Section 7.9	Agents Required; Eligibility	29
	Section 7.10	Resignation and Removal of Agents; Appointment of Successor Agents	29
	Section 7.11	Acceptance of Appointment by Successor Agents	30
	Section 7.12	Merger, Conversion, Consolidation or Succession to Business of Agents	31
	Section 7.13	Representations and Warranties of the Bank	31
	Section 7.14	Withholding	31
	 	 	 
	ARTICLE VIII MISCELLANEOUS	32
	 	 	 
	Section 8.1	Payment of Expenses, etc.	32
	Section 8.2	Right of Setoff	32
	Section 8.3	Notices	32
	Section 8.4	Benefit of Agreement	34
	Section 8.5	No Waiver; Remedies Cumulative	35
	Section 8.6	Payments Pro Rata	35
	Section 8.7	Calculations; Computations	36
	Section 8.8	Governing Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial	36
	Section 8.9	Counterparts	37
	Section 8.10	Effectiveness	37
	Section 8.11	Headings Descriptive	37
	Section 8.12	Amendment or Waiver	37
	Section 8.13	Survival	38
	Section 8.14	Domicile of Loans	38
	Section 8.15	Confidentiality	39
	Section 8.16	Register	39
	Section 8.17	Marshalling; Recapture	40
	Section 8.18	Lender Representations, etc.; Non Recourse Obligations	40
	Section 8.19	No Petition	43
	Section 8.20	Acknowledgment	43

 

    	 	-ii	 

     

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 

	Section 8.21	Limitation on Suits	43
	Section 8.22	Unconditional Rights of Lenders to Receive Principal and Interest	43
	Section 8.23	Termination of Agreement	44
	Section 8.24	Lender Information	44
	Section 8.25	Lender Consent	44
	Section 8.26	PATRIOT Act	44

 

    	 	-iii	 

     

    

 

ANNEXES, EXHIBITS AND SCHEDULES

 

ANNEX I – Definitions

 

EXHIBIT A – Form of Lender Note

EXHIBIT B – Form of Assignment and Assumption
Agreement

EXHIBIT C – Form of Conversion Notice

EXHIBIT D – Confirmation of Registration

 

SCHEDULE 1 – Commitments and Percentages

SCHEDULE 2 – Lending Offices and Notice Data

SCHEDULE 3 – Payment Instructions for Lenders

SCHEDULE 4 – Collateral Agent Wiring Instructions

 

    	 	-iv	 

     

    

 

CLASS A-1-L CREDIT AGREEMENT

 

THIS CLASS A-1-L
CREDIT AGREEMENT (this “Agreement”), dated as of August 26, 2020, is entered into by and among GOLUB CAPITAL
BDC CLO 4 LLC, a limited liability company formed under the laws of the State of Delaware (the “Borrower”),
VARIOUS FINANCIAL INSTITUTIONS AND OTHER PERSONS which are, or may become, parties hereto as Lenders (the “Lenders”),
and Deutsche Bank Trust Company Americas, not in its individual capacity but as
Loan Agent (the “Loan Agent”) and as Collateral Agent (the “Collateral Agent”).

 

W I T N E S S E T H:

 

WHEREAS, the Borrower
is a limited liability company formed under the laws of the State of Delaware for the purpose of investing on a leveraged basis
and actively managing a diversified pool of Collateral Obligations (as such term and the other capitalized terms used in these
recitals are defined in Section 1.1 below);

 

WHEREAS, the Borrower
will be issuing Notes under the Indenture as Issuer, subject to the terms and conditions set forth therein, and will pledge as
security for the Secured Notes and the Loans all of the Assets, as set forth in the Indenture;

 

WHEREAS, the Borrower
desires to obtain Commitments from the Lenders, pursuant to which Loans shall be made, subject to the terms and conditions set
forth herein, in a maximum aggregate principal amount not to exceed at any time the Aggregate Commitment at such time; and

 

WHEREAS, the Lenders
are willing, on the terms and conditions hereinafter set forth, to extend such Commitments;

 

NOW, THEREFORE, the
parties hereto, intending to be legally bound hereby, agree as follows:

 

ARTICLE I

 

DEFINITIONS
AND INTERPRETATION

 

Section 1.1         Defined
Terms. As used in this Agreement, and unless the context requires a different meaning, capitalized terms used but not
defined herein shall have the respective meanings set forth in Annex I hereto (or, if not so defined, in the Indenture).

 

Section 1.2         Use
of Defined Terms. Unless otherwise defined or the context otherwise requires, terms for which meanings are provided
in this Agreement shall have such meanings when used in each Assignment Agreement, notice and other communication delivered from
time to time in connection with this Agreement or any other Credit Document.

 

Section 1.3         Interpretation.
In this Agreement, unless a clear contrary intention appears:

 

(a)        the
singular includes the plural and the plural the singular;

 

    

     

    

 

(b)       words
importing any gender include the other genders;

 

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

 

(d)       references
to agreements (including this Agreement and the Annex and Exhibits and Schedules hereto) and other contractual instruments include
all amendments, modifications and supplements thereto or any changes therein entered into in accordance with their respective
terms and not prohibited by the Indenture or this Agreement;

 

(e)        references
to Persons include their permitted successors and assigns but if applicable, only if such successors and assigns are permitted
by this Agreement, and reference to a Person in a particular capacity excludes such Person in any other capacity or individually;
and

 

(f)        the
term “including” means “including without limitation”.

 

Section 1.4         Accounting
Matters. For purposes of this Agreement, all accounting terms not otherwise defined herein shall have the meanings
assigned to them in conformity with GAAP.

 

Section 1.5         Collateral
Documents. References in this Agreement to the Indenture or any other Collateral Document, in a case where such
Collateral Document is or would be governed by the laws of any jurisdiction other than the State of New York, shall mean and be
a reference to a document having a purpose and effect under the laws of such other jurisdiction substantially similar to the purpose
and effect of the corresponding Collateral Document.

 

Section 1.6         Conflict
between Credit Documents. If there is any conflict between this Agreement and the Indenture or any other Credit
Document, this Agreement, the Indenture and such other Credit Document shall be interpreted and construed, if possible, so as
to avoid or minimize such conflict but, to the extent (and only to the extent) of such conflict, the Indenture shall prevail and
control and in any other case this Agreement shall prevail and control.

 

Section 1.7         Legal
Representation of the Parties. This Agreement was negotiated by the parties with the benefit of legal representation
and any rule of construction or interpretation otherwise requiring this Agreement or any other Credit Document to be construed
or interpreted against any party shall not apply to any construction or interpretation hereof or thereof.

 

ARTICLE II

 

COMMITMENTS

 

Section 2.1         Commitments
of Each Lender. (a) Subject to the terms and conditions of this Agreement, each Lender severally and for
itself alone agrees to make a Class A-1-L Loan to the Borrower in a principal amount equal to such Lender’s Percentage
of the Aggregate Commitment.

 

    	 	2	 

     

    

 

(b)       Each
Lender shall, on the Closing Date and subject to the terms and conditions hereof, severally, but not jointly, make a term loan
(a “Loan” and, collectively, the “Loans”) to the Borrower (the payment of which may be made
to the Collateral Agent on behalf of the Borrower) for deposit in the Custodial Account (pursuant to the wiring instructions on
Schedule 4 hereto) in a principal amount equal to such Lender’s Percentage of the Aggregate Commitment. The commitment
of each Lender to make Loans under this Section 2.1(b) is herein referred to as its “Commitment”
and, together with its Percentage of the Aggregate Commitment, is set forth in Schedule 1 hereto.

 

(c)        Each
Loan shall be denominated in Dollars. Subject to the terms hereof, the Borrower may from time to time prepay the Loans in accordance
with the Priority of Payments and in connection with an Optional Redemption; provided that the Borrower may not borrow
or re-borrow any Loans after prepayment or repayment thereof.

 

Section 2.2         Fees.
The Borrower shall pay fees to the Loan Agent and the Collateral Agent in the amount specified in the Agent Fee Letter, for all
services rendered by each hereunder (which compensation shall not be limited by any provision of law in regard to the compensation
of a collateral agent or loan agent, as applicable, of an express trust), subject to and in accordance with the Indenture, including
the Priority of Payments. Such fees shall constitute Administrative Expenses and shall be payable solely from available funds
in accordance with the Priority of Payments (or in such other manner in which Administrative Expenses are payable under the Indenture).

 

ARTICLE III

 

LOANS
AND LENDER NOTES

 

Section 3.1         Borrowing
Procedure. Borrowings of Loans shall be made in accordance with this Section 3.1.

 

(a)        Upon
receipt of confirmation from the Borrower (or its counsel on its behalf) that the conditions set forth in Section 4.1
have been satisfied, each Lender shall make available its pro rata share (based on such Lender’s Percentage)
of the Aggregate Commitments in the manner provided below. All such amounts shall be made available in Dollars, and in immediately
available funds to the Collateral Agent for deposit into the Ramp-Up Account pursuant to the Indenture.

 

(b)       Nothing
herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitments and other commitments hereunder or
to prejudice any rights which the Borrower may have against any Lender as a result of any default by such Lender hereunder.

 

Section 3.2         Lender
Notes. (a) On the Loan Date to the extent requested by any Lender, the Borrower shall (i) sign a Lender Note in
the name of such Lender in a maximum principal amount equal to such Lender’s Percentage of the Aggregate Commitments, which
such Lender Notes shall be dated the Loan Date and substantially in the form of Exhibit A (a “Lender Note”)
and (ii) deliver such Lender Note to such Lender (with a copy to the Loan Agent). If requested by any Lender, the Borrower
shall obtain a CUSIP or other loan identification number that is customary for the nature of the Loans made hereunder. To the
extent any Lender does not elect to receive a Lender Note, the Registrar shall, upon instruction of the Borrower, deliver to such
Lender a Confirmation of Registration in the form of Exhibit D hereto.

 

    	 	3	 

     

    

 

(b)       The
Borrower hereby irrevocably authorizes the Loan Agent to make (or cause to be made) appropriate notations on its internal records,
which notations shall evidence, inter alia, the date of, the Aggregate Outstanding Amount of, and the Interest Rate applicable
to, the Loans evidenced thereby. The notations on such internal records indicating the Aggregate Outstanding Amount of the Loans
made by such Lender shall be prima facie evidence (absent manifest error) of the principal amount thereof owing and unpaid,
but the failure to record any such amount, or any error therein, shall not limit or otherwise affect the obligations of the Borrower
hereunder or under any Lender Note to make payment of principal of or interest on such Loans when due. At any time (including
to replace any Lender Note that has been mutilated, defaced, destroyed, lost or stolen) when any Lender requests the delivery
of a new Lender Note to evidence any of its Loans, the Borrower shall promptly execute and deliver to such Lender the Lender Note
in the appropriate amount or amounts to evidence such Loans; provided, for the avoidance of doubt, that, other than in
the case of a substitute or replacement Lender Note to replace a Lender Note that has been mutilated, defaced, destroyed, lost
or stolen, only one Lender Note shall be issued to any Lender and the Loan Agent shall not deliver a new Lender Note to any requesting
Lender until such Lender surrenders the Lender Note currently held by such Lender; provided, further that, in the
case of a substitute or replacement Lender Note, the Borrower and the Loan Agent shall have received from such requesting Lender
(i) evidence to their reasonable satisfaction of the destruction, loss or theft of any Lender Note and (ii) there is
delivered to the Borrower, the Loan Agent, the Collateral Agent and the Transfer Agent such security or indemnity as may be required
by them to save each of them harmless, then, in the absence of notice to the Borrower, the Loan Agent, the Collateral Agent and/or
such Transfer Agent that such Lender Note has been acquired by a Protected Purchaser, the Borrower shall execute and, upon receipt
of such executed Lender Note, the Loan Agent shall deliver to the Lender, in lieu of any such mutilated, defaced, destroyed, lost
or stolen Lender Note, the new Lender Note, of like tenor (including the same date of issuance) and equal principal or face amount,
registered in the same manner, dated the date of its issuance, bearing interest from the date to which interest has been paid
on the mutilated, defaced, destroyed, lost or stolen Lender Note and bearing a number not contemporaneously outstanding; provided,
further that, in connection with the Stated Maturity or Redemption Date of the Loans, each Lender shall surrender the Lender
Notes to the Loan Agent for payment of the Redemption Price or final payment of principal of such Loans in accordance with the
Priority of Payments. Such surrender shall occur either at the address specified herein for the Loan Agent or, with respect to
any Redemption Date, in accordance with the redemption notice delivered pursuant to Section 9.4 of the Indenture.

 

If, after delivery
of such new Lender Note, a Protected Purchaser of the predecessor Lender Note presents for payment, transfer or exchange such
predecessor Lender Note, the Borrower, the Collateral Agent, the Loan Agent and such Transfer Agent shall be entitled to recover
such new Lender Note from the Person to whom it was delivered or any Person taking therefrom, and shall be entitled to recover
upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Borrower,
the Collateral Agent, the Loan Agent and such Transfer Agent in connection therewith.

 

In case any such mutilated,
defaced, destroyed, lost or stolen Lender Note has become due and payable, the Borrower in its discretion may, instead of issuing
a new Lender Note pay such Lender Note without requiring surrender thereof except that any mutilated or defaced Lender Note shall
be surrendered.

 

    	 	4	 

     

    

 

Upon the issuance
of any new Lender Note under this Section 3.2, the Borrower may require the payment by the Lender thereof of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including
the fees and expenses of the Collateral Agent and the Loan Agent) connected therewith.

 

All Lender Notes surrendered
for payment, registration of transfer, conversion, exchange or redemption, or mutilated, defaced or deemed lost or stolen, shall
be promptly canceled by the Loan Agent and may not be reissued or resold. No Lender Note may be surrendered (including any surrender
in connection with any abandonment, donation, gift, contribution or other event or circumstance) except for payment as provided
herein, or for registration of transfer, exchange, conversion or redemption, or for replacement in connection with any Lender
Note mutilated, defaced or deemed lost or stolen. Any such Lender Note shall, if surrendered to any Person other than the Loan
Agent, be delivered to the Loan Agent. All canceled Lender Notes held by the Loan Agent shall be destroyed or held by the Loan
Agent in accordance with its standard retention policy unless the Borrower shall direct by a Borrower Order received prior to
destruction that they be returned to it.

 

The provisions of
this Section 3.2 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect
to the replacement or payment of mutilated, defaced, destroyed, lost or stolen Lender Notes.

 

Section 3.3         Principal
Payments.

 

(a)        Repayments
and Prepayments. The Borrower shall make payments of unpaid principal of each Loan on each Payment Date after the Reinvestment
Period to the extent provided in the Priority of Payments. During the Reinvestment Period, the Loans must be repaid to the extent
payments are required (or allowed) pursuant to the Indenture and Section 3.3(c) or Section 3.3(d) herein,
and may be voluntarily repaid (in whole or in part) on any Payment Date or Business Date, as applicable, to the extent payments
are permitted pursuant to the Indenture or Section 3.3(e), Section 3.3(f) or Section 3.3(h) herein.
Any such payments of principal will be paid to the Loan Agent for payments to the Lenders in accordance with the Priority of Payments.

 

(b)       Application.
Each repayment and prepayment of a Loan shall be subject to the terms of the Indenture (including the subordination provisions
set forth in Section 13.1 thereof and the Priority of Payments set forth in Section 11.1(a) thereof) and the requirement
to pay Lenders on a pro rata basis as set forth in Section 8.6. Without limiting the generality of the foregoing,
the Loans shall comprise and be a part of the Class A-1 Debt and, as such, shall be subject to the terms and conditions of
the Indenture applicable to the Class A-1 Debt, and shall have the rights afforded in the Indenture to the Class A-1
Debt (to the extent of the component thereof consisting of the Loans).

 

(c)        Mandatory
Prepayment. If a Coverage Test is not met on any Determination Date on which such Coverage Test is applicable, the Borrower
shall apply available amounts in the Payment Account pursuant to the Priority of Payments on the related Payment Date to make
payments on the Secured Debt (including the Loans) as set forth in Section 9.1 of the Indenture (a “Mandatory Prepayment”).

 

    	 	5	 

     

    

 

(d)        Special
Prepayment. Principal payments on the Secured Debt (including the Loans) shall be made in part in accordance with the Priority
of Payments on any Payment Date (i) during the Reinvestment Period, if the Collateral Manager at its sole discretion notifies
the Trustee, the Collateral Agent and the Loan Agent in writing at least five Business Days prior to the applicable Special Prepayment
Date that it has been unable, for a period of at least 20 consecutive Business Days, to identify additional Collateral Obligations
that are deemed appropriate by the Collateral Manager in its sole discretion and which would satisfy the Investment Criteria in
sufficient amounts to permit the investment or reinvestment of all or a portion of the funds then in the Collection Account that
are to be invested in additional Collateral Obligations or (ii) after the Effective Date unless the Effective Date Condition
is satisfied, if the Collateral Manager notifies the Trustee, the Loan Agent and the Collateral Agent that a redemption is required
pursuant to Section 7.18 of the Indenture in order to obtain from S&P written confirmation of its initial rating
of the Loans (in each case, a “Special Prepayment”). On the first Payment Date (and all subsequent Payment
Dates) identified by the Collateral Manager for the Special Prepayment (in the case of a Special Prepayment described in clause
(i) above) or Payment Date (and all subsequent Payment Dates) following the Collection Period in which such notice is given
(in the case of a Special Prepayment described in clause (ii) above) (any such initial date a “Special Prepayment
Date”), the amount in the Collection Account representing as applicable either (1) Principal Proceeds which the
Collateral Manager has determined cannot be reinvested in additional Collateral Obligations or (2) Interest Proceeds and
Principal Proceeds available therefor in accordance with the Priority of Payments on each Payment Date until the Borrower obtains
confirmation from S&P of its initial rating of the Loans will be available to be applied in accordance with the Priority of
Payments. Notice of payments pursuant to this Section 3.3(d) shall be given by the Collateral Agent not less
than (x) in the case of a Special Prepayment described in clause (i) above, three Business Days prior to the applicable
Special Prepayment Date and (y) in the case of a Special Prepayment described in clause (ii) above, one Business Day
prior to the applicable Special Prepayment Date, in each case to each Holder of Secured Debt affected thereby at such Holder’s
facsimile number, email address or mailing address in the Register and to the Rating Agency. In the event of any Special Prepayment
Date, the Loan Agent shall notify the Lenders thereof in writing in accordance with the applicable provisions of the Indenture.

 

(e)        Optional
Prepayment. In connection with an Optional Redemption of the Secured Debt under Section 9.2 of the Indenture or a Tax
Redemption pursuant to Section 9.3 of the Indenture the Loans shall be prepaid in whole but not in part from Sale Proceeds
and/or Refinancing Proceeds, as applicable. In connection with a redemption of the Secured Debt under Section 9.4 of the
Indenture, the Loans shall be prepaid (each, an “Optional Prepayment”) by the Borrower, in whole on the same
Payment Date as such Optional Redemption or redemption following a Tax Event.

 

In connection with
any Optional Prepayment pursuant to this Section 3.3(e), upon notification from the Borrower, the Trustee or the Loan
Agent (as applicable) as required by the Indenture, the Loan Agent shall notify the Lenders thereof in writing within the same
time periods permitted for notice by the Trustee to the Holders of a Redemption Date under the Indenture.

 

    	 	6	 

     

    

 

(f)        Prepayment
in Connection with Clean-Up Call Redemption of Notes. In connection with a Clean-Up Call Redemption of the Notes under Section 9.9
of the Indenture, the Loans may be prepaid (each, a “Clean-Up Call Prepayment”) by the Borrower as and to the
extent set forth in such Section 9.9.

 

In connection with
any Clean-Up Call Prepayment pursuant to this Section 3.3(f), upon notification from the Borrower as required by the
Indenture, the Loan Agent shall notify the Lenders thereof in writing within the same time periods permitted for notice by the
Trustee to the Holders of a Redemption Date under the Indenture.

 

(g)        Re-Pricing.
The Loans and the Class A-1 Notes issued as a result of the Loans being converted into the Class A-1 Notes in accordance
with this Agreement and the Indenture will not be subject to Re-Pricing.

 

(h)       Borrower
Repayment of Loans. The Loans may be repaid by the Borrower in connection with a purchase by the Borrower of the Class A-1
Notes under Section 9.7 of the Indenture on the same Business Day as such purchase of the Class A-1 Notes by the Issuer
under the Indenture.

 

Such repayment by
the Borrower pursuant to this Section 3.3(h) may be made if the following conditions are satisfied: (i) (A) such
repayment shall be made pursuant to an offer made by the Borrower by notice to the Lenders, which notice shall set forth (x) the
repayment amount (as a percentage of par) at which such repayment will be effected, (y) the maximum amount of Principal Proceeds
that will be used to effect such repayment and the length of the period during which such offer will be open for acceptance, (B) each
such Lender shall have the right, but not the obligation, to accept such offer in accordance with its terms and (C) if the
aggregate outstanding principal amount of Lenders and Holders or beneficial owners of Class A-1 Notes who accept such offer
exceeds the amount of Principal Proceeds specified in such offer, a portion of the Debt of each accepting Lender, Holder and beneficial
owner shall be repaid or repurchased pro rata based on the respective principal amount held by each such Lender, Holder
or beneficial owner; (ii) each such repayment shall be effected only at prices discounted from par; (iii) each such
repayment shall occur during the Reinvestment Period and shall be effected with Principal Proceeds; (iv) each Coverage Test
is satisfied immediately prior to each such repayment and will be satisfied, maintained or improved after giving effect to such
repayment; (v) to the extent that Sale Proceeds are used to consummate any such repayment, either (I) each requirement
or test, as the case may be, of the Concentration Limitations and the Collateral Quality Tests (except the S&P CDO Monitor
Test) will be satisfied after giving effect to such repayment or (II) if any such requirement or test was not satisfied immediately
prior to such sale, such requirement or test will be maintained or improved after giving effect to such repayment; (vi) no
Event of Default shall have occurred and be continuing; (vii) each such repayment will otherwise be conducted in accordance
with applicable law; (viii) the Collateral Agent shall have received an Officer’s certificate of the Collateral Manager
to the effect that the conditions in the foregoing clauses (i) through (vii) have been satisfied; and (ix) notice
of each such repayment shall be provided to the Rating Agency.

 

    	 	7	 

     

    

 

In connection with
any such repayment, any Lender Note of a Lender subject to such repayment shall be surrendered to the Borrower for cancellation
in accordance with Section 3.2. Upon receipt of the Officer’s certificate described in preceding sub-clause
(viii) of this Section 3.3(h), the Loan Agent shall disburse any available amount on any Business Day pursuant
to Borrower instruction (or the Collateral Manager acting on its behalf), which instruction shall identify that such disbursement
is for the repayment of Loans pursuant to and in accordance with this Section 3.3(h). The Borrower reserves the right
to cancel any offer to repay the Loans prior to finalizing such offer.

 

Section 3.4         Interest.

 

(a)        Interest
on each Loan shall be payable in respect of each Loan, on each Payment Date and on any date of prepayment or repayment of such
Loan, commencing on the first Payment Date following the Loan Date in accordance with the terms of the Indenture (including the
subordination provisions set forth in Section 13.1 thereof and the Priority of Payments set forth in Section 11.1(a) thereof).
For each Loan, interest shall accrue during each Interest Accrual Period on the unpaid Aggregate Outstanding Amount of such Loan
on the first day of the applicable Interest Accrual Period (after giving effect to payments of principal thereon on such date).

 

(b)       Interest
due and payable shall be determined in accordance with Section 2.7 of the Indenture.

 

(c)        The
Borrower shall make all payments of interest to the Loan Agent for the account of each Lender in accordance with Section 3.5.

 

(d)       The
Lenders hereby consent to the Borrower’s appointment of the Collateral Administrator to serve as Calculation Agent under
the Indenture. All computations of interest due shall be made by the Calculation Agent in accordance with Section 8.7
hereof and Section 7.16 of the Indenture. The Borrower hereby agrees that for so long as any Loans remain Outstanding,
there will at all times be a Calculation Agent appointed under the Indenture to calculate LIBOR in respect of the Secured Debt.

 

(e)        In
no event shall the rate of interest applicable to any Loan exceed the maximum rate permitted by applicable law.

 

(f)        Upon
an assignment of Class A-1-L Loans pursuant to Section 8.4, unless otherwise directed by the assignor Class A-1-L
Lender, the assigned Class A-1-L Loans shall trade without accrued interest and the Loan Agent shall, in accordance with
the Priority of Payments on the Payment Date immediately succeeding the date of assignment, disburse to (x) the assignor
Class A-1-L Lender, the interest accrued on such assigned Class A-1-L Loan from and including the previous Payment Date
(or, in the case of the first Interest Accrual Period, the Closing Date) to but excluding such date of assignment and (y) the
assignee Class A-1-L Lender, the interest accrued on such assigned Class A-1-L Loan from and including such date of
assignment to but excluding such Payment Date.

    	 	8	 

     

    

 

Section 3.5         Method
and Place of Payment.  To the extent funds are available pursuant to the Priority of Payments, all payments by the
Borrower of principal and interest in respect of Loans hereunder and all fees and all other Loans hereunder shall be made in
accordance with Sections 2.7 and 11.1 of the Indenture. Except as otherwise specifically provided herein, all payments under
this Agreement shall be made to the Loan Agent for the ratable (based on their applicable Percentages) account of the Lenders
entitled thereto (which funds, if delivered to the Loan Agent, the Loan Agent shall promptly forward to such Lenders), on the
date when due and shall be made in immediately available funds to the account with the wire instructions specified in Schedule
3 (or in the Assignment Agreement, as applicable). For the avoidance of doubt, all payments by the Borrower of principal
and interest in respect of Loans, or any other amounts owed to a Lender hereunder, payable on a Payment Date shall be made to
the Lender of record as of the corresponding Record Date.

 

Section 3.6         Subordination.

 

(a)        Incorporation
of Subordination Provisions of the Indenture. All Loans incurred pursuant to this Agreement are subject to, and each Lender hereby
consents and agrees to, the subordination and remedy provisions set forth in Section 13.1 of the Indenture. Article 13
of the Indenture shall be binding upon each Lender as though such sections (and the corresponding defined terms) had been set
forth herein in their entirety.

 

(b)       Each
Lender hereby acknowledges and agrees that all of its Loans are subject to the terms and conditions of this Agreement and the
Indenture and shall be paid solely to the extent of available funds in accordance with the Priority of Payments. Each Lender hereby
agrees and acknowledges that its right to payment shall be subordinate and junior to any payments owed under Section 11.1(a)(i)(A) of
the Indenture and, any applicable payments owed under Section 11.1(a)(ii)(A) of the Indenture senior to payments with
respect to the Loans and any payments owed under Section 11.1(a)(iii)(A) of the Indenture (collectively, the “Senior
Items”) of the Indenture, as applicable. In the event that, notwithstanding the provisions of this Agreement and the
Indenture, any Lender shall have received any payment or distribution in respect of its Loans contrary to the provisions of the
Indenture or this Agreement, then, unless and until each Senior Item shall have been paid in full in Cash or, to the extent each
recipient of such Senior Item consents, such payment or distribution shall be received and held in trust for the benefit of, and
shall forthwith be paid over and delivered to, the Collateral Agent, which shall pay and deliver the same in respect of the Senior
Items in accordance with the Indenture; provided, however, that if any such payment or distribution is made other
than in Cash, it shall be held by the Collateral Agent as part of the Assets and subject in all respects to the provisions of
the Indenture. Each Lender agrees with all recipients of Senior Items that such Lender shall not demand, accept, or receive any
payment or distribution in respect of its Loans in violation of the provisions of the Indenture. Nothing in this Section 3.6(b) shall
affect the obligation of the Borrower to pay the Lenders hereunder.

 

(c)        Agents
Entitled to Assume Payment Not Prohibited in Absence of Notice. Each of the Agents shall not at any time be charged with knowledge
of the existence of any facts which would prohibit the making of any payment to or by the Agent unless and until a Responsible
Officer of the Agent has actual knowledge thereof or unless and until the Agent shall have received and accepted (in its role
as Agent) written notice thereof from the Borrower (in the form of an Officer’s Certificate reasonably satisfactory to the
Agent) or persons representing themselves to be other holders of Obligations and, prior to the receipt of any such written notice,
the Agent, subject to the provisions of this Agreement, shall be entitled in all respects conclusively to assume that no such
fact exists, and the Agent shall have no liability hereunder for any payment made, or action taken, by it without such knowledge
or notice.

 

    	 	9	 

     

    

 

Section 3.7         Conversion.
(a) Notwithstanding anything contained herein to the contrary, upon delivery from a Converting Lender to the Collateral Agent,
the Trustee, the Loan Agent, the Rating Agency and the Borrower of a notice substantially in the form of Exhibit C
hereto, a Converting Lender may elect any Payment Date (such Payment Date, a “Conversion Date”) upon which
all or a portion of the Aggregate Outstanding Amount of the Loans held by such Converting Lender shall be converted into Class A-1
Notes of an equal aggregate principal amount in accordance with Section 2.5(r) of the Indenture; provided that
(i) each Conversion Date shall be no earlier than the fifth Business Day following the date such notice is delivered (or
such earlier date as may be reasonably agreed to by the Lender, the Collateral Agent, the Loan Agent and the Trustee) and (ii) each
Conversion Date shall only occur on a Payment Date. On each Conversion Date, the Aggregate Outstanding Amount of the Class A-1
Notes shall be increased by the Aggregate Outstanding Amount of the Loans so converted. The Loans so converted will cease to be
outstanding and will be deemed to have been repaid in full for all purposes under the Indenture and under this Agreement. No Class A-1
Notes may be converted into Loans.

 

(b)       The
Lenders agree to provide reasonable assistance to the Trustee, the Collateral Agent and the Loan Agent in connection with such
conversion, including, but not limited to, providing applicable instructions to DTC.

 

(c)       Notwithstanding
anything herein to the contrary, each Lender may elect, in its sole discretion, to exercise the Conversion Option concurrently
with an assignment of all or a portion of its Loans (an “Assignment/Conversion”) such that the Effective Date
(as defined in the Assignment Agreement attached as Exhibit B hereto) of the assignment occurs on the related Conversion
Date and the assignee receives Class A-1 Notes in lieu of the portion of the Loans being assigned. Any assignment made in
connection with an Assignment/Conversion shall meet the requirements for an assignment set forth in Section 8.4. Any
Lender electing to make an Assignment/Conversion shall deliver to the Collateral Agent, the Trustee, the Loan Agent and the Borrower
at least five Business Days prior to the Conversion Date, (x) an executed Assignment Agreement, (y) a completed notice
substantially in the form of Exhibit C hereto and (z) the assignment fee required to be paid pursuant to Section 8.4(c) hereof.

 

ARTICLE IV

 

CONDITIONS
TO CREDIT EXTENSIONS

 

Section 4.1         Loan
Date. The obligations of the Lenders to make Loans on the Loan Date shall not become effective until the date on which all
conditions precedent set forth in the Indenture have been satisfied.

 

ARTICLE V

 

REPRESENTATIONS, WARRANTIES, AND
COVENANTS

 

Section 5.1         Payment
of Principal and Interest. The Borrower shall duly and punctually pay the principal of and interest on the Secured Debt, in
accordance with the terms of this Agreement and the Indenture pursuant to the Priority of Payments.

 

    	 	10	 

     

    

 

Amounts properly withheld
under the Code or other applicable law by any Person from a payment to any Lender shall be considered as having been paid by the
Borrower to such Lender for all purposes of this Agreement.

 

Section 5.2         Maintenance
of Office or Agency. The Borrower hereby appoints the Bank as the Loan Agent and appoint the Loan Agent as a
paying agent for payments on the Loans and the Loan Agent to maintain the register as set forth in Section 8.16. The
Borrower hereby appoints C T Corporation System, 28 Liberty Street, New York, NY 10005, as their agent upon whom process or demands
may be served in any action arising out of or based on this Agreement or the transactions contemplated hereby.

 

The Borrower may at
any time and from time to time vary or terminate the appointment of any such agent or appoint any additional agents for any or
all of such purposes; provided, however, that the Borrower will maintain in the Borough of Manhattan, The City of
New York, an office or agency where notices and demands to or upon the Borrower in respect of the Notes, the Loans and this Agreement
may be served. The Borrower shall give prompt written notice to the Trustee, the Collateral Agent, the Loan Agent, the Rating
Agency and the Lenders of the appointment or termination of any such agent and of the location and any change in the location
of any such office or agency.

 

If at any time the
Borrower shall fail to maintain any such required office or agency in the Borough of Manhattan, The City of New York or shall
fail to furnish the Trustee, the Collateral Agent or the Loan Agent with the address thereof, notices and demands may be served
on the Borrower by mailing a copy thereof by registered or certified mail or by overnight courier, postage prepaid, to the Borrower
at its address specified in Section 14.3 of the Indenture for notices.

 

Section 5.3          Money
for Loan Payments to be Held in Trust. All payments of amounts due and payable with respect to any Loans that
are to be made from amounts withdrawn by the Collateral Agent from the Payment Account shall be made on behalf of the Borrower
by the Collateral Agent with respect to payments on the Loans.

 

Section 5.4         Existence
of Borrower. (a) The Borrower shall, to the maximum extent permitted by applicable law, maintain in full
force and effect its existence and rights as a limited liability company organized under the laws of the State of Delaware, and
shall obtain and preserve its qualification to do business as a limited liability company in each jurisdiction in which such qualifications
are or shall be necessary to protect the validity and enforceability of this Agreement, the Indenture, the Notes or any of the
Assets; provided, however, that the Borrower shall be entitled to change its jurisdiction of formation from the
State of Delaware to any other jurisdiction reasonably selected by the Borrower so long as (i) the Borrower has received
a legal opinion (upon which the Trustee, the Collateral Agent and the Loan Agent may conclusively rely) to the effect that such
change is not disadvantageous in any material respect to the Holders or the Lenders, (ii) written notice of such change shall
have been given by the Borrower to the Trustee, the Collateral Agent, the Loan Agent (which shall provide such notice to the Lenders),
the Collateral Manager, each Lender and the Rating Agency and (iii) on or prior to the 15th Business Day following receipt
of such notice the Collateral Agent shall not have received written notice from a Majority of the Controlling Class objecting
to such change.

 

    	 	11	 

     

    

 

(b)       The
Borrower shall (i) ensure that all limited liability company or other formalities regarding its existence (including, if
required, holding regular meetings of its manager(s) and member(s), or other similar, meetings) are followed, (ii) maintain
its books and records separate from any other Person, (iii) maintain its accounts separate from those of any other Person,
(iv) not commingle any of its assets with those of another Person, (v) maintain an arm’s-length relationship with
its Affiliates, (vi) maintain separate financial statements from those of any other Person, (vii) pay its liabilities
out of its respective funds, (viii) hold itself out as a separate entity and (ix) take affirmative steps to correct
any misunderstanding regarding its separate identity. The Borrower shall not take any action, or conduct its affairs in a manner,
that is likely to result in its separate existence being ignored or in its assets and liabilities being substantively consolidated
with any other Person in a bankruptcy, reorganization or other insolvency proceeding. Without limiting the foregoing, (I) the
Borrower shall not have any subsidiaries; and (II) the Borrower shall not (A) except as contemplated by the Collateral
Management Agreement or its limited liability company agreement, engage in any transaction with any member that would constitute
a conflict of interest or (B) make distributions on the Subordinated Notes except in accordance with the terms of this Agreement,
the Indenture and the Priority of Payments.

 

Section 5.5         Protection
of Assets. The Borrower, or the Collateral Manager on behalf and at the expense of the Borrower will cause the
taking of such action by the Borrower (or by the Collateral Manager if within the Collateral Manager’s control under the
Collateral Management Agreement) as is reasonably necessary in order to perfect and maintain the perfection and priority of the
security interest of the Collateral Agent in the Assets; provided that the Collateral Manager shall be entitled to rely
on any Opinion of Counsel delivered pursuant to Section 7.6 of the Indenture and any Opinion of Counsel with respect to the
same subject matter delivered pursuant to Section 7.6 of the Indenture to determine what actions are reasonably necessary,
and shall be fully protected in so relying on such an Opinion of Counsel, unless the Collateral Manager has actual knowledge that
the procedures described in any such Opinion of Counsel are no longer adequate to maintain such perfection and priority. The Borrower
shall from time to time prepare or cause to be prepared, execute, deliver and file all such supplements and amendments hereto
and all such Financing Statements, continuation statements, instruments of further assurance and other instruments, and shall
take such other action as may be necessary or advisable or desirable to secure the rights and remedies of the Collateral Agent
for the benefit of the Holders of the Secured Debt hereunder and under the Indenture and to:

 

(a)        Grant
more effectively all or any portion of the Assets;

 

(b)       maintain,
preserve and perfect any Grant made or to be made by the Indenture including, without limitation, the first priority nature of
the lien or carry out more effectively the purposes hereof;

 

(c)        perfect,
publish notice of or protect the validity of any Grant made or to be made by the Indenture (including, without limitation, any
and all actions necessary or desirable as a result of changes in law or regulations);

 

(d)       enforce
any of the Assets or other instruments or property included in the Assets;

 

    	 	12	 

     

    

 

(e)        preserve
and defend title to the Assets and the rights therein of the Collateral Agent and the Secured Parties in the Assets against the
claims of all Persons and parties; or

 

(f)         pay
or cause to be paid any and all taxes levied or assessed upon all or any part of the Assets.

 

Section 5.6         Opinions
as to Assets. Within the six month period preceding
the fifth anniversary of the Closing Date (and every five years thereafter), the Borrower shall furnish to the Collateral Agent
and the Rating Agency an Opinion of Counsel stating that in the opinion of such counsel as of the date of such opinion under the
District of Columbia UCC, the UCC financing statement(s) filed in connection with the lien and security interests created
by the Indenture shall remain effective and that no further action (other than as specified in such opinion) shall be required
to maintain the continued effectiveness of such lien over the next five years.

 

Section 5.7         Performance
of Obligations. (a) The Borrower shall not take any action, and shall use its best efforts not to permit any action
to be taken by others, that would release any Person from any of such Person’s covenants or obligations under any instrument
included in the Assets, except in the case of enforcement action taken with respect to any Defaulted Obligation in accordance
with the provisions hereof and actions by the Collateral Manager under the Collateral Management Agreement and in conformity with
this Agreement and the Indenture or as otherwise required hereby.

 

(b)        The
Borrower may, with the prior written consent of a Majority of each Class of Secured Debt, in accordance with the Indenture
(except in the case of the nature of the services set forth in the Collateral Management Agreement, this Agreement and the Collateral
Administration Agreement, in which case no consent shall be required), contract with other Persons, including the Collateral Manager,
the Trustee, the Collateral Agent, the Loan Agent and the Collateral Administrator for the performance of actions and obligations
to be performed by the Borrower hereunder, under the Indenture and under the Collateral Management Agreement or the Collateral
Administration Agreement by such Persons. Notwithstanding any such arrangement, the Borrower shall remain primarily liable with
respect thereto. In the event of such contract, the performance of such actions and obligations by such Persons shall be deemed
to be performance of such actions and obligations by the Borrower; and the Borrower shall punctually perform, and use their best
efforts to cause the Collateral Manager, the Trustee, the Collateral Agent, the Loan Agent, the Collateral Administrator and such
other Person to perform, all of their obligations and agreements contained in the Collateral Management Agreement, this Agreement,
the Indenture, the Collateral Administration Agreement or any such other agreement.

 

Section 5.8         Negative
Covenants. (a) The Borrower will not, in each case from and after the Closing Date:

 

(i)            sell,
transfer, exchange or otherwise dispose of, or pledge, mortgage, hypothecate or otherwise encumber (or permit such to occur or
suffer such to exist), any part of the Assets, except as expressly permitted by the Indenture, this Agreement and the Collateral
Management Agreement;

    	 	13	 

     

    

 

(ii)           claim
any credit on, make any deduction from, or dispute the enforceability of payment of the principal or interest payable (or any
other amount) in respect of the Loans (other than amounts withheld or deducted in accordance with the Code or any applicable
laws of the State of Delaware or other applicable jurisdiction);

 

(iii)          (A) incur
or assume or guarantee any indebtedness, other than the Debt, this Agreement, the Indenture and the transactions contemplated
hereby and thereby or (B) (1) issue any additional class of Debt except in accordance with Sections 2.13 and 3.2
of the Indenture or (2) issue any additional limited liability company membership interests except in accordance with the
Borrower’s limited liability company agreement, other than in connection with a Refinancing;

 

(iv)          (A) permit
the validity or effectiveness of this Agreement, the Indenture or any Grant thereunder to be impaired, or permit the lien of the
Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants
or obligations with respect to this Agreement, the Loans, the Indenture or the Notes except as may be permitted hereby, thereby
or by the Collateral Management Agreement, (B) except as permitted by the Indenture, permit any lien, charge, adverse claim,
security interest, mortgage or other encumbrance (other than the lien of the Indenture) to be created on or extend to or otherwise
arise upon or burden any part of the Assets, any interest therein or the proceeds thereof, or (C) except as permitted by
the Indenture, take any action that would permit the lien of the Indenture not to constitute a valid first priority security interest
in the Assets;

 

(v)          amend
the Collateral Management Agreement except pursuant to the terms thereof and Article XV of the Indenture;

 

(vi)         dissolve
or liquidate in whole or in part, except as permitted hereunder or required by applicable law;

 

(vii)         pay
any distributions other than in accordance with the Priority of Payments;

 

(viii)        permit
the formation of any subsidiaries;

 

(ix)          conduct
business under any name other than its own;

 

(x)           have
any employees (other than its managers to the extent they are employees);

 

(xi)          sell,
transfer, exchange or otherwise dispose of Assets, or enter into an agreement or commitment to do so or enter into or engage in
any business with respect to any part of the Assets, except as expressly permitted by the Indenture, this Agreement and the Collateral
Management Agreement;

 

(xii)          fail
to maintain an Independent Manager under the Borrower’s limited liability company agreement;

 

    	 	14	 

     

    

 

(xiii)        amend
this Agreement except pursuant to the terms hereof and Article VIII of the Indenture; and

 

(xiv)        elect,
or take any other action, to be treated as an association taxable as a corporation for U.S. federal income tax purposes.

 

(b)       The
Borrower shall not be party to any agreements without including customary “non-petition” and “limited recourse”
provisions therein (and shall not amend or eliminate such provisions in any agreement to which it is party), except for any agreements
related to the purchase and sale of any Assets which contain customary (as determined by the Collateral Manager in its sole discretion)
purchase or sale terms or which are documented using customary (as determined by the Collateral Manager in its sole discretion)
loan trading documentation.

 

Section 5.9         Statement
as to Compliance. On or before December 31 in each calendar year commencing in 2021, or immediately if there
has been a Default under the Indenture and prior to the issuance of any Additional Debt pursuant to the Indenture, the Borrower
shall deliver to the Collateral Agent (to be forwarded by the Collateral Agent to the Collateral Manager, the Loan Agent (for
each Lender making a written request therefor) and the Rating Agency) an Officer’s certificate of the Borrower that,
having made reasonable inquiries of the Collateral Manager, and to the best of the knowledge, information and belief of the Borrower,
there did not exist, as at a date not more than five days prior to the date of the certificate, nor had there existed at any time
prior thereto since the date of the last certificate (if any), any Default under the Indenture or, if such Default did then exist
or had existed, specifying the same and the nature and status thereof, including actions undertaken to remedy the same, and that
the Borrower has complied with all of its obligations under this Agreement and the Indenture or, if such is not the case, specifying
those obligations with which it has not complied.

 

Section 5.10       Successor
Substituted. Upon any consolidation or merger, or transfer or conveyance of all or substantially all of the assets
of the Borrower in accordance with Section 7.10 of the Indenture in which the Merging Entity is not the surviving entity,
the Successor Entity shall succeed to, and be substituted for, and may exercise every right and power of, the Merging Entity under
the Indenture with the same effect as if such Person had been named as the Borrower herein, and the Successor Entity shall deliver
to the Loan Agent the Officer’s Certificate and Opinion of Counsel required by Section 7.10(d) of the Indenture.
In the event of any such consolidation, merger, transfer or conveyance, the Person named as the “Borrower” in this
Agreement or any successor which shall theretofore have become such in the manner prescribed in this Article VII of the Indenture
may be dissolved, wound up and liquidated at any time thereafter, and such Person thereafter shall be released from its liabilities
as obligor and maker on all the Loans and from its obligations under this Agreement and the other Transaction Documents to which
it is a party.

 

Section 5.11       No
Other Business. From and after the Closing Date, the Borrower shall not have any employees (other than its managers
to the extent they are employees) and shall not engage in any business or activity other than (i) issuing, incurring, paying
and redeeming or prepaying, as applicable, the Loans and the Notes, (ii) acquiring, holding, selling, exchanging, redeeming
and pledging, solely for its own account, Collateral Obligations and Eligible Investments and (iii) other activities incidental
thereto, including entering into the Transaction Documents to which it is a party.

 

    	 	15	 

     

    

 

 

Section 5.12         Annual
Rating Review. (a) So long as any of the Secured Debt of any Class remains Outstanding, on or before December 31
in each year commencing in 2021, the Borrower shall obtain and pay for an annual review of the rating of each such Class of
Secured Debt from the Rating Agency. The Borrower shall promptly notify the Trustee, the Collateral Agent, the Loan Agent and
the Collateral Manager in writing (and the Loan Agent shall promptly provide the Lenders with a copy of such notice) if at any
time the rating of any such Class of Secured Debt has been changed or withdrawn or the Borrower knows that any such rating
will be changed or withdrawn.

 

(b)          The
Borrower shall obtain and pay for an annual review of any Collateral Obligation which has an S&P Rating derived as set forth
in clause (iii)(b) of the definition of the term “S&P Rating”.

 

Section 5.13         Calculation
Agent. (a)  The Borrower hereby agrees that for so long as any Secured Debt remains Outstanding there will at
all times be an agent appointed (which does not control or is not controlled or under common control with the Borrower or its
Affiliates or the Collateral Manager or its Affiliates) to calculate LIBOR in respect of each Interest Accrual Period (or, in
the case of the first Interest Accrual Period commencing on the Closing Date, each portion thereof) in accordance with the terms
of Exhibit C of the Indenture (the “Calculation Agent”). The Borrower hereby appoints the Collateral Administrator
as Calculation Agent. The Calculation Agent may be removed by the Borrower or the Collateral Manager, on behalf of the Borrower
at any time. If the Calculation Agent is unable or unwilling to act as such or is removed by the Borrower or the Collateral Manager,
on behalf of the Borrower, in respect of any Interest Accrual Period, the Borrower or the Collateral Manager, on behalf of the
Borrower, will promptly appoint a replacement Calculation Agent which does not control or is not controlled by or under common
control with the Borrower or its Affiliates or the Collateral Manager or its Affiliates. The Calculation Agent may not resign
its duties or be removed without a successor having been duly appointed.

 

The Calculation Agent
shall be required to agree (and the Collateral Administrator as Calculation Agent agrees under the Collateral Administration Agreement) that,
as soon as possible after 11:00 a.m. London time on each Interest Determination Date, but in no event later than 11:00 a.m. New
York time on the London Banking Day immediately following each Interest Determination Date, the Calculation Agent will calculate
the Interest Rate applicable to each Class of Floating Rate Debt during the related Interest Accrual Period (or portion thereof)
and the Debt Interest Amount (in each case, rounded to the nearest cent, with half a cent being rounded upward) payable
on the related Payment Date in respect of such Class of Floating Rate Debt in respect of the related Interest Accrual Period.
At such time, the Calculation Agent will communicate such rates and amounts to the Borrower, the Trustee, the Collateral Agent,
the Loan Agent, each Paying Agent, the Collateral Manager, Euroclear and Clearstream. The Calculation Agent will also specify to
the Borrower the quotations upon which the foregoing rates and amounts are based, and in any event the Calculation Agent shall
notify the Borrower before 5:00 p.m. (New York time) on every Interest Determination Date if it has not determined
and is not in the process of determining any such Interest Rate or Debt Interest Amount together with its reasons therefor. The
Calculation Agent’s determination of the foregoing rates and amounts for any Interest Accrual Period (or portion thereof)
will (in the absence of manifest error) be final and binding upon all parties.

 

    	 	16	 

     

    

 

Section 5.14         Certain
Tax Matters. The Borrower, the Lenders, the Loan Agent and the Collateral Agent shall be required to comply with the
provisions of Section 7.17 of the Indenture with respect to Certain Tax Matters and the provisions of Section 7.17 of
the Indenture are hereby incorporated by reference mutatis mutandis.

 

Section 5.15         Representations
Relating to Security Interests in the Assets. (a) The Borrower hereby represents and warrants that, as of the
Closing Date (which representations and warranties shall survive the execution of this Agreement and be deemed to be repeated
on each date on which an Asset is Granted to the Collateral Agent under the Indenture), with respect to the Assets:

 

(i)            The
Borrower owns such Asset free and clear of any lien, claim or encumbrance of any Person, other than such as are created under,
or permitted by, the Indenture and any other Permitted Liens.

 

(ii)           Other
than the security interest Granted to the Collateral Agent pursuant to the Indenture, except as permitted by the Indenture, the
Borrower has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Assets. The Borrower
has not authorized the filing of and is not aware of any Financing Statements against the Borrower that include a description of
collateral covering the Assets other than any Financing Statement relating to the security interest granted to the Collateral Agent
under the Indenture or that has been terminated; the Borrower is not aware of any judgment, PBGC liens or Tax lien filings against
the Borrower.

 

(iii)          All
Assets constitute Cash, accounts (as defined in Section 9-102(a)(2) of the UCC), Instruments, general intangibles
(as defined in Section 9-102(a)(42) of the UCC), uncertificated securities (as defined in Section 8-102(a)(18) of the
UCC), Certificated Securities or security entitlements to financial assets resulting from the crediting of financial assets to
a “securities account” (as defined in Section 8-501(a) of the UCC).

 

(iv)          All
Accounts constitute “securities accounts” under Section 8-501(a) of the UCC.

 

The Indenture creates
a valid and continuing security interest (as defined in Section 1-201(37) of the UCC) in such Assets in favor of the Collateral
Agent, for the benefit and security of the Secured Parties, which security interest is prior to all other liens, claims and encumbrances
(except as permitted otherwise in the Indenture), and is enforceable as such against creditors of and purchasers from the Borrower.

 

    	 	17	 

     

    

 

(b)          The
Borrower hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution
of this Agreement and be deemed to be repeated on each date on which an Asset is Granted to the Collateral Agent under the Indenture),
with respect to Assets that constitute Instruments:

 

(i)            Either
(x) the Borrower has caused or shall have caused, within ten days after the Closing Date, the filing of all appropriate Financing
Statements in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest
in the Instruments granted to the Collateral Agent, for the benefit and security of the Secured Parties or (y) (A) all
original executed copies of each promissory note or mortgage note that constitutes or evidences the Instruments have been delivered
to the Collateral Agent or the Borrower has received written acknowledgement from a custodian that such custodian is holding the
mortgage notes or promissory notes that constitute evidence of the Instruments solely on behalf of the Collateral Agent and for
the benefit of the Secured Parties and (B) none of the Instruments that constitute or evidence the Assets has any marks or
notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Collateral Agent,
for the benefit of the Secured Parties.

 

 

(ii)            The
Borrower has received all consents and approvals required by the terms of the Assets to the pledge under the Indenture to the Collateral
Agent of its interest and rights in the Assets.

 

(c)          The
Borrower hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution
of the Indenture and be deemed to be repeated on each date on which an Asset is Granted to the Collateral Agent under the Indenture),
with respect to the Assets that constitute Security Entitlements:

 

(i)            All
of such Assets have been and will have been credited to one of the Accounts which are securities accounts within the meaning of
Section 8-501(a) of the UCC. The Custodian for each Account has agreed to treat all assets credited to such Accounts
as “financial assets” within the meaning of Section 8-102(a)(9) the UCC.

 

(ii)           The
Borrower has received all consents and approvals required by the terms of the Assets to the pledge under the Indenture to the Collateral
Agent of its interest and rights in the Assets.

 

(iii)           (x) the
Borrower has caused or shall have caused, within ten days after the Closing Date, the filing of all appropriate Financing Statements
in the proper office in the appropriate jurisdictions under applicable law in order to perfect the security interest granted to
the Collateral Agent, for the benefit and security of the Secured Parties under the Indenture and (y) (A) the Borrower
has delivered to the Collateral Agent a fully executed Securities Account Control Agreement pursuant to which the Custodian has
agreed to comply with all instructions originated by the Collateral Agent relating to the Accounts without further consent by the
Borrower or (B) the Borrower has taken all steps necessary to cause the Custodian to identify in its records the Collateral
Agent as the person having a security entitlement against the Custodian in each of the Accounts.

 

(iv)          The
Accounts are not in the name of any person other than the Borrower or the Collateral Agent. The Borrower has not consented to the
Custodian complying with the entitlement order (as defined in Section 8-102(a)(8) of the UCC) of any person other than
the Collateral Agent (and the Borrower prior to a notice of exclusive control being provided by the Collateral Agent).

 

    	 	18	 

     

    

 

(d)          The
Borrower hereby represents and warrants that, as of the Closing Date (which representations and warranties shall survive the execution
of this Agreement and be deemed to be repeated on each date on which an Asset is Granted to the Collateral Agent under the Indenture),
with respect to Assets that constitute general intangibles:

 

(i)            The
Borrower has caused or shall have caused, within ten days of the Closing Date, the filing of all appropriate Financing Statements
in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in
the Assets granted to the Collateral Agent, for the benefit and security of the Secured Parties.

 

(ii)           The
Borrower has received, or shall receive, all consents and approvals required by the terms of the Assets to the pledge under the
Indenture to the Collateral Agent of its interest and rights in the Assets.

 

ARTICLE VI

 

EVENTS
OF DEFAULT

 

Section 6.1           Default
and Events of Default. “Default” or “Event of Default,” wherever used herein,
means any Default or Event of Default, respectively, under the Indenture.

 

Section 6.2           Acceleration.
Upon the occurrence of an Event of Default and the acceleration of the Borrower’s obligations under the Indenture pursuant
to the terms of Section 5.2 of the Indenture, the unpaid principal amount of the Loans, together with the interest accrued
thereon and all other amounts payable by the Borrower hereunder in respect of the Loans, shall automatically become immediately
due and payable by the Borrower hereunder without any declaration or other act on the part of the Collateral Agent or any Lender,
subject to and in accordance with the applicable provisions of the Indenture; provided that upon the rescission or annulment
of an acceleration under the Indenture in accordance with the terms of Section 5.2 thereof, any such acceleration shall automatically
be rescinded and annulled for all purposes hereunder; provided, however that, no such action shall affect any subsequent
Default or Event of Default or impair any right consequent thereon.

 

Section 6.3           Remedies.
Remedies for an Event of Default are granted to the Collateral Agent for the benefit of the Secured Parties under the Indenture.
Each of the Lenders agrees and acknowledges that the remedies for an Event of Default hereunder are governed by, and subject to
the terms and conditions of, the Indenture.

 

    	 	19	 

     

    

 

ARTICLE VII

 

THE
AGENTS

 

Section 7.1           Appointment.
The Lenders hereby designate (i) the Bank to act as Collateral Agent as specified herein and in the Indenture and (ii) the
Bank to act as Loan Agent as specified herein and in the other Credit Documents. By becoming a party to this Agreement, each Lender
hereby irrevocably authorizes the Loan Agent and the Collateral Agent (together, the “Agents” and each, an
“Agent”) to take such action under the provisions of this Agreement, the other Credit Documents and any other
instruments and agreements referred to herein or therein and to exercise such powers and to perform such duties hereunder and
thereunder as are specifically delegated to or required of the Agents by the terms hereof and thereof and such other powers as
are reasonably incidental thereto. The Agents may perform any of their duties hereunder or under the other Credit Documents by
or through their respective officers, directors, agents, employees or affiliates. For the avoidance of doubt, the Collateral Agent
and Loan Agent hereby agree to forward or make available any notices that it receives to the appropriate parties so required by
the Indenture. The Loan Agent is authorized and directed to enter into this Agreement and perform and observe its obligations
under the Collateral Documents.

 

Section 7.2           Nature
of Duties. The Agents shall not have any duties or responsibilities except those expressly set forth in this Agreement
and the other Collateral Documents. None of the Agents or any of their respective officers, directors, employees or affiliates
shall be liable for any action taken or omitted by it or them hereunder or under any other Credit Document or in connection herewith
or therewith, unless caused by its or their gross negligence, willful misconduct or bad faith. The duties of the Agents shall
be mechanical and administrative in nature; the Agents shall not have by reason of this Agreement or any other Credit Document
a fiduciary relationship in respect of any Lender; and nothing in this Agreement or any other Credit Document, expressed or implied,
is intended to or shall be so construed as to impose upon the Agents any obligations in respect of this Agreement or any other
Credit Document except as expressly set forth herein or therein.

 

The Loan Agent shall
not have or be deemed to have any fiduciary relationship with the Trustee, any Holder, any Lender, the Collateral Manager or the
Borrower, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into the Collateral
Documents or otherwise exist against the Loan Agent. Without limiting the generality of the foregoing sentence, the use of the
term “agent” in this Agreement is not intended to connote any fiduciary or other implied (or express) obligations arising
under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to
create or reflect only an administrative relationship between independent contracting parties.

 

Section 7.3           Lack
of Reliance on the Agents. Independently and without reliance upon the Agents, each Lender, to the extent it deems
appropriate, has made and shall continue to make (i) its own independent investigation of the financial condition and affairs
of the Borrower in connection with the making and the continuance of the Loans and the taking or not taking of any action in connection
herewith and (ii) its own appraisal of the creditworthiness of the Borrower and, except as expressly provided in this Agreement
and the other Credit Documents, the Agents shall not have any duty or responsibility, either initially or on a continuing basis,
to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the
making of the Loans or at any time or times thereafter. The Agents shall not be responsible to any Lender for any recitals, statements,
information, representations or warranties herein or in any document, certificate or other writing delivered in connection herewith
or for the execution, effectiveness, genuineness, validity, enforceability, perfection, collectability, priority or sufficiency
of this Agreement or any other Credit Document or the financial condition of the Borrower or be required to make any inquiry concerning
either the performance or observance of any of the terms, provisions or conditions of this Agreement or any other Credit Document,
or the satisfaction of any of the conditions precedent set forth in Article IV or the financial condition of the Borrower
or the existence or possible existence of any Default.

 

    	 	20	 

     

    

 

Section 7.4          Certain
Rights of the Agents. (a) The Agents may conclusively rely and shall be fully protected in acting or refraining
from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order,
note or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties.
Without limiting the provisions hereof, the Agents shall be entitled to the rights, benefits, immunities, indemnities and protections
of the Trustee and the Collateral Agent as set forth in Article VI of the Indenture as if such rights, benefits, immunities,
indemnities and protections were fully set forth herein; provided that such rights, protections, immunities, indemnities
and benefits shall be in addition to any rights, protections and benefits afforded to the Agents under this Agreement; any request
or direction of the Borrower mentioned herein may be sufficiently evidenced by a Borrower Order.

 

(b)          Whenever
in the administration of this Agreement or the Indenture the Agents shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Agents (unless other evidence be herein specifically prescribed)
may, in the absence of bad faith on its part, request and rely upon an Officer’s Certificate or Borrower Order.

 

(c)          As
a condition to the taking or omitting of any action by it hereunder, the Agents may consult with counsel and the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted
by it hereunder in good faith and in reliance thereon.

 

(d)          The
Agents shall be under no obligation to exercise or to honor any of the rights or powers vested in it by this Agreement or to institute,
conduct or defend any litigation hereunder or in relation hereto at the request or direction of any Lenders pursuant to this Agreement
and the Indenture, unless such Lenders shall have offered to the Agents security or indemnity reasonably satisfactory to the Agents
against the costs, expenses (including reasonable attorney’s fees and expenses) and liabilities which might reasonably be
incurred by it in compliance with such request or direction. The Loan Agent shall in all cases be fully protected in acting, or
in refraining from acting, under this Agreement or any other Credit Document in accordance with a request or consent of the Majority
of the Lenders (or such other percentage of the Lenders expressly specified in this Agreement or such Credit Document with respect
to a particular matter) given in accordance with this Agreement or any other Credit Document and such request and any action taken
or failure to act pursuant thereto shall be binding upon all of the Lenders.

 

    	 	21	 

     

    

 

(e)          (i)            The
Loan Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, note or other documents, but the Loan Agent, in its discretion,
may, and upon the written direction of a Majority of the Lenders or of the Rating Agency shall (subject to the right hereunder
to be reasonably satisfactorily indemnified for associated expense and liability), make such further inquiry or investigation into
such facts or matters as it may see fit or as it shall be directed; provided, however, that if the payment within a reasonable
time to the Loan Agent of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation is,
in the reasonable opinion of the Loan Agent, not assured to the Loan Agent by the security afforded to it by the terms of this
Agreement or the Indenture, the Loan Agent may require indemnity reasonably satisfactory to it against such cost, expense or liability
as a condition to taking any such action. The reasonable expense of every such examination shall be paid by the Borrower and, the
Loan Agent shall be entitled, on reasonable prior notice to the Borrower and the Collateral Manager, to examine the books and records
relating to the Loans, the Notes and the Assets and the premises of such Person to determine compliance with this Agreement, personally
or by agent or attorney during such Person’s normal business hours and the Loan Agent shall incur no liability of any kind
by reason of such inquiry or investigation; provided that, the Loan Agent shall, and shall cause its agents, to hold in
confidence all such information, except (A) to the extent disclosure may be required by law or by any regulatory, administrative,
judicial or governmental authority or (B) to the extent that the Loan Agent, in its sole judgment, may determine that such
disclosure is consistent with its obligations hereunder; provided, further, that the Collateral Agent may disclose on a
confidential basis any such information to its agents, attorneys and auditors in connection with the performance of its responsibilities
hereunder.

 

(ii)            The
Agents shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, note or other paper or document, but each Agent, in its
discretion, may, and upon the written direction of a Majority of the Controlling Class or of the Rating Agency shall (subject
to its right hereunder to be reasonably satisfactorily indemnified for associated expense and liability), make such further inquiry
or investigation into such facts or matters as it may see fit or as it shall be directed; provided, however, that if the
payment within a reasonable time to the Agent of the costs, expenses or liabilities likely to be incurred by it in the making of
such investigation is, in the reasonable opinion of the Agent, not assured to the Agent by the security afforded to it by the terms
of the Indenture or this Agreement, the Agent may require indemnity reasonably satisfactory to it against such cost, expense or
liability as a condition to taking any such action. The reasonable expense of every such examination shall be paid by the Borrower,
and the Agent shall be entitled, on reasonable prior notice to the Borrower and the Collateral Manager, to examine the books and
records relating to the Loans, the Notes and the Assets, personally or by agent or attorney, during the Borrower’s or the
Collateral Manager’s normal business hours; provided that, the Agent shall, and shall cause its agents to, hold in
confidence all such information, except (A) to the extent disclosure may be required by law or by any regulatory, judicial,
administrative or governmental authority and (B) to the extent that the Agent, in its sole judgment, may determine that such
disclosure is consistent with its obligations hereunder; provided, further, that each Agent may disclose on a confidential
basis any such information to its agents, attorneys and auditors in connection with the performance of its responsibilities hereunder
or under the Indenture.

 

    	 	22	 

     

    

 

(f)          The
Agents may execute any of the rights, privileges or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys; provided that, neither of the Agents shall be responsible for any misconduct or negligence on the part
of any such agent or attorney appointed by it with due care.

 

 

(g)          Neither
of the Agents shall be liable for any action it takes, suffers or omits to take in good faith that it reasonably believes to be
authorized or within its rights or powers or within its discretion hereunder, other than acts or omissions constituting gross negligence,
willful misconduct or bad faith of the Agent’s duties hereunder.

 

(h)          The
permissive rights of the Agents to perform any discretionary act or refrain from taking actions enumerated in this Agreement or
the Indenture shall not be treated as a duty and the Agents shall not be answerable for other than their respective gross negligence,
willful misconduct or bad faith.

 

(i)          Nothing
herein shall be construed to impose an obligation on the part of the Agents to monitor, recalculate, evaluate or verify or independently
determine the accuracy of any report, certificate or information received from the Borrower or Collateral Manager (unless and except
to the extent otherwise expressly set forth herein) and all calculations made by the Agents in their respective roles hereunder
shall (in the absence of manifest error) be final and binding on all parties.

 

(j)          The
Agents shall not be responsible or liable for the actions or omissions of, or any inaccuracies in the records of, any non-Affiliated
custodian, transfer agent, paying agent or calculation agent (other than itself in such capacities), clearing agency, loan syndication,
administrative or similar agent, DTC, Euroclear or Clearstream, or for the acts or omissions of the Collateral Manager or the Borrower,
or any other Person (including compliance with Rule 17g-5) and without limiting the foregoing, the Agents shall not be under
any obligation to monitor, evaluate, or verify compliance by the Collateral Manager with the terms hereof or of the Indenture or
the Collateral Management Agreement, or to verify or Independently determine the accuracy of information received by the Agents
from the Collateral Manager (or from any selling institution, agent bank, trustee or similar source) with respect to the Assets.

 

(k)          The
Agents shall not be required to give any bond or surety, or provide any indemnity, in respect of the execution and performance
of this Agreement or the Indenture or the exercise of any of their respective powers granted hereunder or thereunder.

 

(l)          In
making or disposing of any investment permitted by this Agreement or the Indenture, each of the Agents is authorized to deal with
itself (in its individual capacity) or with any one or more of its Affiliates, in each case on an arm’s-length basis and
on standard market terms, whether it or such Affiliate is acting as a sub-agent of the Agent or for any third Person or dealing
as principal for its own account. If otherwise qualified, obligations of the Bank or any of its Affiliates shall qualify as Eligible
Investments under the Indenture.

 

(m)          In
the event that the Bank is also acting in the capacity of Paying Agent, Registrar, Transfer Agent, Calculation Agent, Securities
Intermediary, in any capacity hereunder or under the Indenture (other than Collateral Agent and Loan Agent), as applicable, or
as Collateral Administrator, the rights, protections, immunities and indemnities afforded to the Agents pursuant to this Article VII
hereof shall also be afforded to the Bank acting in such capacities; provided that such rights, immunities and indemnities
shall be in addition to any rights, immunities and indemnities provided herein, in the Indenture or the Collateral Administration
Agreement, or any other document to which the Bank in such capacity is a party, as applicable.

 

    	 	23	 

     

    

 

(n)          The
Agents shall not be responsible for delays or failures in performance resulting from acts beyond its control (such acts include
but are not limited to acts of God, strikes, lockouts, riots, acts of war and interruptions, losses or malfunctions of utilities,
computer (hardware or software) or communications services).

 

(o)          Notwithstanding
any term hereof to the contrary, the Agents shall be under no obligation to evaluate the sufficiency of the documents or instruments
delivered to them by or on behalf of the Borrower in connection with the Grant by the Borrower to the Collateral Agent of any item
constituting the Assets or otherwise, or in that regard to examine any Collateral Obligations, in order to determine compliance
with applicable requirements of or restrictions on transfer imposed by the documentation underlying such Collateral Obligations
nor to re-register or otherwise change the registration or form in which the Collateral Obligations are Delivered, transferred,
assigned or pledged by the Borrower to the Collateral Agent.

 

(p)          No
provision of this Agreement or any other Credit Document shall require either of the Agents to expend or risk its own funds or
otherwise incur any financial or other liability in the performance of any of its duties hereunder, or in the exercise of any of
its rights or powers contemplated hereunder, if it shall have reasonable grounds for ‎believing that repayment of such funds
or adequate indemnity satisfactory to it ‎against such risk or liability is not reasonably assured to it unless such risk or
‎liability relates to the performance of its ordinary incidental services (which, for the avoidance of doubt, shall not include
collection, liquidation or enforcement) including ‎mailing of notices under this Agreement.

 

(q)          To
the extent any defined term hereunder, or any calculation required to be made or determined by the Agents hereunder, is dependent
upon or defined by reference to GAAP, the Agents shall be entitled to request and receive (and rely upon) instruction from the
Borrower or the accountants identified in the Accountants’ Report (and in the absence of its receipt of timely instruction
therefrom, shall be entitled to obtain from an Independent accountant at the expense of the Borrower) as to the application of
GAAP in such connection, in any instance.

 

(r)          The
Agents or their Affiliates are permitted to provide services and to receive additional compensation that could be deemed to be
in the Agents’ economic self-interest for (i) serving as investment adviser, administrator, shareholder, servicing agent,
custodian or sub-custodian with respect to certain of the Eligible Investments, (ii) using Affiliates to effect transactions
in certain Eligible Investments and (iii) effecting transactions in certain Eligible Investments; if otherwise qualified,
obligations of the Bank or any of its Affiliates shall qualify as Eligible Investments hereunder.

 

(s)          None
of the Agents shall have any obligation to determine: (i) if a Collateral Obligation meets the criteria or eligibility restrictions
imposed by the Indenture or (ii) whether the conditions specified in the definition of “Delivered” have been complied
with.

 

    	 	24	 

     

    

 

(t)          The
Agents shall not be deemed to have notice or knowledge of any matter unless a Responsible Officer has actual knowledge thereof
or unless written notice thereof is received by a Responsible Officer at the Corporate Trust Office and such notice references
the Loans generally, the Borrower or this Agreement. Whenever reference is made in this Agreement to a Default or an Event of Default
such reference shall, insofar as determining any liability on the part of the Agents is concerned, be construed to refer only to
a Default or an Event of Default of which the applicable Agent is deemed to have knowledge in accordance with this paragraph.

 

(u)          Neither
Agent shall have any liability for the acts or omissions of the Collateral Manager, the Collateral Administrator or the Borrower,
any Paying Agent (other than such Agent) or any Authenticating Agent (other than such Agent) appointed under or pursuant to this
Agreement or the other Collateral Documents.

 

(v)          Neither
Agent is responsible or liable for the preparation, filing, continuation or correctness of financing statements or the validity
or perfection of any lien or security interest.

 

(w)          Notwithstanding
any term hereof to the contrary, neither Agent shall be under any obligation to evaluate the sufficiency of the documents or instruments
delivered to it by or on behalf of the Borrower in connection with the Grant by the Borrower to the Collateral Agent of any item
constituting the Collateral Obligations or otherwise, or in that regard to examine any Collateral Obligations, in order to determine
compliance with applicable requirements of and restrictions on transfer imposed by the documentation underlying such Collateral
Obligations nor to re-register or otherwise change the registration or form in which the Collateral Obligations are Delivered,
transferred, assigned or pledged by the Borrower to the Collateral Agent.

 

(x)          No
Agent shall be required to qualify in any jurisdiction in which it is not presently qualified to perform its obligations as Agent.

 

(y)          Notwithstanding
anything herein inconsistent or to the contrary, the Collateral Agent and the Loan Agent shall be entitled to all the same rights,
privileges, protections, immunities and indemnities in this Agreement as are afforded the Bank in the Indenture, all of which are
incorporated herein mutatis mutandis, in addition to any such rights, privileges, protections, immunities and indemnities
contained herein. Whether or not therein expressly so provided, every provision of this Agreement relating to the conduct or affecting
liability of or affording protection to either Agent shall be subject to the provisions of Section 7.1, 7.2
and 7.4 of this Agreement. Notwithstanding anything herein inconsistent or to the contrary, in the event the Bank is also
acting in the capacity of Paying Agent, Registrar, Transfer Agent, Custodian, Calculation Agent, Loan Agent or Collateral Agent,
the rights, protections, benefits, immunities and indemnities afforded to the Trustee pursuant to Article VI of the Indenture
shall also be afforded to the Bank acting in such capacities.

 

(z)          No
Agent shall be liable for any error of judgment made in good faith by an Agent, unless it shall be proven that such Agent was grossly
negligent in ascertaining the pertinent facts.

 

    	 	25	 

     

    

 

(aa)         The
Agents shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction
of the Borrower, the Lenders or the Collateral Manager.

 

(bb)         To
help fight the funding of terrorism and money laundering activities, the Agents ‎shall obtain, verify, and record information
that identifies individuals or entities that establish a ‎relationship or open an account with the Agents. The Agents shall
ask for the name, address, ‎tax identification number and other information that shall allow the Agents to identify the ‎individual
or entity who is establishing the relationship or opening the account. The Agents ‎may also ask for formation documents such
as articles of incorporation, an offering ‎memorandum or other identifying documents to be provided.

 

(cc)         The
Agents shall have no responsibility to the Borrower or the Secured Parties ‎under this Agreement or the Indenture to make any
inquiry or investigation as to, and shall have no obligation in ‎respect of, the terms of any engagement of Independent accountants
by the Borrower (or the ‎Collateral Manager on behalf of the Borrower).

 

(dd)         Notwithstanding
any term hereof (or any term of the UCC that might otherwise ‎be construed to be applicable to a “securities intermediary”
as defined in the UCC) to the ‎contrary, the Loan Agent shall not be under a duty or obligation in connection with the ‎acquisition
or Grant by the Borrower to the Collateral Agent of any item constituting the ‎Assets, or to evaluate the sufficiency of the
documents or instruments delivered to it by or on ‎behalf of the Borrower in connection with its Grant or otherwise, or in
that regard to examine ‎any Underlying Instrument, in each case, in order to determine compliance with applicable ‎requirements
of and restrictions on transfer in respect of such Assets.

 

(ee)         The
Loan Agent shall not have any obligation to determine if an Eligible Investment meets the criteria or eligibility restrictions
imposed by the Indenture.

 

(ff)         The
Loan Agent shall not be responsible for delays or failures in performance resulting from circumstances beyond its control (such
circumstances include but are not limited to acts of God, strikes, lockouts, riots, acts of war, loss or malfunctions of utilities,
computer (hardware or software) or communications services).

 

Section 7.5           Not
Responsible for Recitals, Incurrence of Loans or Issuance of Notes. The recitals contained herein, shall be taken
as the statements of the Borrower and the Agents assume no responsibility for their correctness. The Agents make no representation
as to the validity or sufficiency of this Agreement or the Indenture (except as may be made with respect to the validity of the
Agents obligations hereunder), the Assets, the Loans or the Notes. The Agents shall not be accountable for the use or application
by the Borrower of the Loans or the Notes or the proceeds thereof or any amounts paid to the Borrower pursuant to the provisions
hereof.

 

Section 7.6           May Hold
Loans or Notes. The Agents or any other agent of the Borrower, in its individual or any other capacity, may become
the owner or pledgee of a Loan or a Note and may otherwise deal with the Borrower or any of its Affiliates with the same rights
it would have if it were not an agent.

 

    	 	26	 

     

    

 

Section 7.7           Holders
of Lender Notes; Transferee of Assignment Agreement. (a) The Agents may deem and treat the person in whose name
such Loan is registered on the Register as described in Section 8.16 as the owner thereof for all purposes hereof
unless and until a written notice of the assignment, transfer or endorsement thereof, as the case may be, shall have been filed
with the Agents and the requirements set forth in Section 8.16 have been satisfied. Any request, authority or consent
of any Person who, at the time of making such request or giving such authority or consent, is the Holder of any Lender Note (or
the registered Holder of a Loan in the form of a Confirmation of Registration) shall be conclusive and binding on any subsequent
holder, transferee, assignee or indorsee, as the case may be, of such Lender Note (or Confirmation of Registration) or of any
Lender Note or Lender Notes (or Confirmation of Registration) or Class A-1 Notes issued in exchange therefor.

 

(b)          The
Agents may deem and treat the transferee of a properly executed and delivered Assignment Agreement pursuant to Section 8.4(b) whose
name is recorded in the Register as set forth in Section 8.16 as a Lender under this Agreement with all of the same
rights and obligations as a Holder of a Lender Note, whether or not such Lender requests a Lender Note pursuant to Section 3.2,
for all purposes hereof unless and until the Agents receive and accept a subsequent Assignment Agreement properly executed and
delivered pursuant to Section 8.4(b).

 

Section 7.8           Compensation
and Reimbursement. (a) The Borrower agrees:

 

(i)            to
pay each of the Loan Agent and the Collateral Agent on each Payment Date, in accordance with the Priority of Payments, reasonable
compensation for all services rendered by it hereunder as set forth in Section 2.2 hereof;

 

(ii)           except
as otherwise expressly provided herein and subject to the Priority of Payments, to reimburse each of the Agents (subject to any
written agreement between the Borrower and the applicable Agent) in a timely manner upon its request for all reasonable expenses,
disbursements and advances incurred or made by such Agent in accordance with any provision of this Agreement or other Transaction
Document (including securities transaction charges and the reasonable compensation and expenses and disbursements of its agents
and legal counsel and of any pricing service, accounting firm or investment banking firm employed by the Agents pursuant to this
Agreement or the Indenture, except any such expense, disbursement or advance as may be attributable to the applicable Agent’s
gross negligence, willful misconduct or bad faith); but with respect to securities transaction charges, only to the extent any
such charges have not been waived during a Collection Period due to the Agent’s receipt of a payment from a financial institution
with respect to certain Eligible Investments, as specified by the Collateral Manager; and

 

(iii)          to
indemnify each of the Agents and its respective officers, directors, employees, attorneys, advisors and agents for, and to hold
them harmless against, any loss, liability, claim, damage or expense (including reasonable counsel’s fees and expenses) of
any type or nature incurred without gross negligence, willful misconduct or bad faith on their part, arising out of or in connection
with the acceptance or administration of this Agreement and the Credit Documents or the performance of its duties hereunder or
thereunder and under any of the Transaction Documents, including the costs and expenses (including reasonable counsel’s fees
and expenses) of defending themselves against any claim or liability in connection with the administration, exercise or performance
of any of their powers or duties hereunder or any other document related hereto or the enforcement of the Borrower’s obligations
or its respective rights hereunder.

 

    	 	27	 

     

    

 

This Section 7.8
shall survive the termination of this Agreement or the removal or resignation of the applicable Agent.

 

(b)          The
Agents hereby agree not to cause the filing of a petition in bankruptcy against the Borrower for the non-payment to the Agents
of any amounts provided by this Agreement or the other Credit Documents, including this Section 7.8 hereof until at
least one year (or, if longer, the applicable preference period then in effect) plus one day after the payment in full of
all Debt. Nothing in this Section 7.8 hereof shall preclude, or be deemed to stop, the Agents (i) from taking
any action prior to the expiration of the aforementioned one year (or, if longer, the applicable preference period then in effect)
plus one day in (A) any case or Proceeding voluntarily filed or commenced by the Borrower or (B) any involuntary
insolvency Proceeding filed or commenced by a Person other than the applicable Agent, or (ii) from commencing against the
Borrower or any of its properties any legal action which is not a bankruptcy, reorganization, arrangement, insolvency, moratorium
or liquidation Proceeding. This Section 7.8(b) shall survive the termination of this Agreement or the removal
or resignation of the applicable Agent.

 

(c)          Each
of the Agents acknowledges that all payments payable to it under this Agreement shall be subject to the Priority of Payments in
the Indenture and payable as Administrative Expenses. If, on any date when any amount shall be payable to the Agents pursuant to
this Agreement, insufficient funds are available for the payment thereof, any portion of a fee or expense not so paid shall be
deferred and payable on such later date on which a fee or expense shall be payable and sufficient funds are available. Following
realization of the Assets and distribution of proceeds in the manner provided in the Priority of Payments in the Indenture, any
obligations of the Borrower and any claims of the Agents against the Borrower shall be extinguished and shall not thereafter revive.
This Section 7.8(c) shall survive the termination of this Agreement or the removal or resignation or the applicable
Agent.

 

(d)          Anything
in this Agreement to the contrary notwithstanding, in no event shall the Agents be liable for punitive, special, indirect or consequential
loss or damage of any kind whatsoever (including but not limited to lost profits) even if the Agents have been advised of the likelihood
of such damages and regardless of the form of action.

 

(e)          The
Borrower’s payment obligations to each of the Agents under this Section 7.8 shall be secured by the lien of the
Indenture, and shall survive the termination of this Agreement, and the resignation or removal of such Agent, as applicable. When
either Agent incurs expenses after the occurrence of a Default or an Event of Default under Section 5.1 of the Indenture,
the expenses are intended to constitute expenses of administration under Bankruptcy Law or any other applicable federal or state
bankruptcy, insolvency or similar law.

 

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Section 7.9           Agents
Required; Eligibility. There shall at all times be Agents hereunder which shall be organizations or entities organized
and doing business under the laws of the United States of America or of any state thereof, each having a combined capital and
surplus of at least $200,000,000 and meeting the eligibility criteria specified in Section 6.8 of the Indenture. If at any
time either Agent shall cease to be eligible in accordance with the provisions of this Section 7.9 hereof, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article VII.

 

Section 7.10         Resignation
and Removal of Agents; Appointment of Successor Agents. (a) No resignation or removal of either of the Agents
and no appointment of a successor agent with respect to the applicable Agent (the “Successor Agent”) pursuant
to this Article shall become effective until the acceptance of appointment by the Successor Agent under Section 7.11.
The indemnification in favor of the Agents in Section 7.8 hereof shall survive any resignation or removal of either
Agent and the termination of this Agreement (to the extent of any indemnified liabilities, costs, expenses and other amounts arising
or incurred prior to, or arising out of actions or omissions occurring prior to such termination, resignation or removal).

 

(b)          Subject
to and in accordance with Section 6.9 of the Indenture, the Loan Agent may resign at any time by giving not less than 30 days
written notice thereof to each of the Borrower, the Collateral Manager, each Lender and the Rating Agency. If the Loan Agent shall
resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of the Loan Agent for any reason, the
Borrower shall promptly appoint a Successor Agent by Borrower Order, one copy of which shall be delivered to each of the Agents,
the Successor Agent, each Lender and the Collateral Manager; provided that, such Successor Agent shall be appointed unless
a Majority of the Lenders has objected to such appointment within 30 days after notice thereof; in such event, or if the Borrower
shall fail to appoint a Successor Agent within 30 days after notice of such resignation, removal or incapability or the occurrence
of such vacancy, or at any time when an Event of Default shall have occurred and be continuing, a Successor Agent may be appointed
by Act of a Majority of the Lenders delivered to the Borrower and the Agents. The Successor Agent so appointed shall, forthwith
upon its acceptance of such appointment, become the Successor Agent and supersede any Successor Agent proposed by the Borrower.
If no Successor Agent shall have been appointed and an instrument of acceptance by a Successor Agent shall not have been delivered
to the Agents within 30 days after the giving of such notice of resignation, the resigning Agent, or any Lender, on behalf of itself
and all others similarly situated, may petition any court of competent jurisdiction for the appointment of a Successor Agent satisfying
the requirements of Section 7.9 hereof. The resignation or removal of the Collateral Agent and/or the appointment of
a successor Collateral Agent shall be governed by Section 6.9 of the Indenture.

 

(c)          The
Loan Agent may be removed at any time upon 30 days’ notice by Act of a Majority of the Lenders.

 

(d)          If
at any time:

 

(i)            the
Loan Agent shall cease to be eligible under Section 7.9 hereof and shall fail to resign after request therefor by the
Borrower or by a Majority of the Lenders; or

 

(ii)           the
Loan Agent shall become incapable of acting or shall be adjudged as bankrupt or insolvent or a receiver or liquidator of the Loan
Agent or of its property shall be appointed or any public officer shall take charge or control of the Loan Agent or of its property
or affairs for the purpose of rehabilitation, conservation or liquidation;

 

    	 	29	 

     

    

 

then, in any such case
(subject to Section 7.10(a) hereof), (A) the Borrower, by a Borrower Order, may remove the Loan Agent, or
(B) any Lender may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for
the removal of the Loan Agent and the appointment of a Successor Agent.

 

(e)          If
the Loan Agent shall be removed or become incapable of acting, or if a vacancy shall occur in the office of the Loan Agent for
any reason (other than resignation), the Borrower, by Borrower Order, shall promptly appoint a successor Loan Agent. If the Borrower
shall fail to appoint a successor Loan Agent within 30 days after such removal or incapability or the occurrence of such vacancy,
a successor Agent may be appointed by a Majority of the Lenders by written instrument delivered to the Borrower and the retiring
the Loan Agent. The successor Loan Agent so appointed shall, forthwith upon its acceptance of such appointment, become the successor
Loan Agent and supersede any successor Loan Agent proposed by the Borrower. If no successor Loan Agent shall have been so appointed
by the Borrower or a Majority of the Lenders and shall have accepted appointment in the manner hereinafter provided, subject to
Section 6.10 of the Indenture, any Lender or the Loan Agent may, on behalf of itself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Loan Agent.

 

(f)          The
Borrower shall give prompt notice of each resignation and each removal of the Loan Agent and each appointment of a Successor Agent
to the Trustee, the Collateral Agent, the Rating Agency and to each Lender. Such notice shall include the name of the Successor
Agent and the address of its Corporate Trust Office. If the Borrower fails to provide such notice within 10 days after acceptance
of appointment by the Successor Agent, the Successor Agent shall cause such notice to be given at the expense of the Borrower.

 

(g)          If
the Bank shall resign or be removed as Trustee, the Bank shall also resign or be removed as Loan Agent and Collateral Agent and
as any other capacity in which the Bank is then acting pursuant to this Agreement, the Indenture or any other Transaction Document.

 

Section 7.11         Acceptance
of Appointment by Successor Agents. Every Successor Agent appointed hereunder and qualified under Section 7.9
hereof shall execute, acknowledge and deliver to the Borrower and the retiring Agent an instrument accepting such appointment
and agreeing to be bound by this Agreement and, to the extent such Successor Agent shall be a party thereto, the Indenture and
the Securities Account Control Agreement. Upon delivery of the required instruments, the resignation or removal of the retiring
Agent shall become effective and such Successor Agent, without any further act, deed or conveyance, shall become vested with all
the rights, powers, trusts, duties and obligations of the retiring Agent; but, on request of the Borrower or a Majority of the
Lenders or the Successor Agent, such retiring Agent shall, upon payment of its charges then unpaid, execute and deliver an instrument
transferring to such Successor Agent all the rights, powers and trusts of the retiring Agent, and shall duly assign, transfer
and deliver to such Successor Agent all property held by such retiring Agent hereunder. Upon request of any such Successor Agent,
the Borrower shall execute any and all instruments for more fully and certainly vesting in and confirming to such Successor Agent
all such rights, powers and trusts.

 

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Section 7.12         Merger,
Conversion, Consolidation or Succession to Business of Agents. Any entity into which an Agent may be merged or converted
or with which it may be consolidated, or any entity resulting from any merger, conversion or consolidation to which such Agent
shall be a party, or any entity succeeding to all or substantially all of the corporate trust business of such Agent, shall be
the successor of such Agent hereunder; provided that such entity shall be otherwise qualified and eligible under this Article VII
hereof, without the execution or filing of any document or any further act on the part of any of the parties hereto.

 

Section 7.13         Representations
and Warranties of the Bank. The Bank hereby represents and warrants as follows:

 

(a)          Organization.
The Bank has been duly organized and is validly existing as a banking corporation formed under the laws of the State of New York
and has the power to conduct its business and affairs as a loan agent.

 

(b)          Authorization;
Binding Obligations. It has taken all necessary corporate action to authorize the execution, delivery and performance of this
Agreement and all of the documents required to be executed by it pursuant hereto. This Agreement has been duly authorized, executed
and delivered by the Bank and constitutes the legal, valid and binding obligation of it enforceable in accordance with its terms
subject, as to enforcement, (i) to the effect of bankruptcy, insolvency or similar laws affecting generally the enforcement
of creditors’ rights as such laws would apply in the event of any bankruptcy, receivership, insolvency or similar event applicable
to the Bank and (ii) to general equitable principles (whether enforcement is considered in a proceeding at law or in equity).

 

(c)          Eligibility.
It is eligible under Section 7.9 hereof to serve as Loan Agent hereunder.

 

(d)          No
Conflict. Neither the execution, delivery and performance of this Agreement, nor the consummation of the transactions contemplated
by this Agreement, (i) is prohibited by, or requires the Bank to obtain any consent, authorization, approval or registration
(which have not already been obtained) under, any law, statute, rule, regulation, judgment, order, writ, injunction or decree that
is binding upon the banking or trust powers of the Bank, or (ii) to its knowledge, will violate any provision of, result in
any default or acceleration of any obligations under, result in the creation or imposition of any lien pursuant to, or require
any consent under, any material agreement to which it is a party or by which it or any of its property is bound.

 

Section 7.14         Withholding.
If any amount is required to be deducted or withheld from any payment to any Lender, such amount shall reduce the amount otherwise
distributable to such Lender. The Loan Agent is hereby authorized to withhold or deduct from amounts otherwise distributable to
any Lender sufficient funds for the payment of any tax that is legally required to be withheld or deducted (but such authorization
shall not prevent the Loan Agent from contesting any such tax in appropriate Proceedings and legally withholding payment of such
tax, pending the outcome of such Proceedings). The amount of any withholding tax imposed with respect to any Lender shall be treated
as cash distributed to such Lender at the time it is deducted or withheld by the Borrower or the Loan Agent, as applicable, and
remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution,
the Loan Agent may in its sole discretion withhold such amounts in accordance with this Section 7.14. If any Lender
wishes to apply for a refund of any such withholding tax, the Loan Agent shall reasonably cooperate with such Lender in making
such claim so long as such Lender agrees to reimburse the Loan Agent for any out-of-pocket expenses incurred.

 

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ARTICLE VIII

 

MISCELLANEOUS

 

Section 8.1           Payment
of Expenses, etc. The Borrower agrees to pay all reasonable out of pocket costs and expenses (A) of the Loan Agent
and the Collateral Agent in connection with any amendment, waiver or consent of the Credit Documents and the documents and instruments
referred to therein and (B) of the Loan Agent and the Collateral Agent in connection with any Default or Event of Default
or with the enforcement of the Credit Documents and the documents and instruments referred to therein (including the reasonable
fees and disbursements of counsel for the Collateral Agent, counsel for the Loan Agent and one (1) counsel in total for all
Lenders, collectively). To the extent that the undertaking to indemnify, pay or hold harmless the Loan Agent or the Collateral
Agent set forth in Section 7.8 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 which is permissible
under applicable law, subject to the limitations and qualifications set forth in the Priority of Payments. Any payments made pursuant
to this Section 8.1 shall be made on the first Payment Date that funds are available for such payments as an Administrative
Expense in accordance with the Priority of Payments. This Section 8.1 shall survive the termination of this Agreement
or the removal or resignation of the applicable Agent.

 

Section 8.2           Right
of Setoff. Each Lender hereby waives any right of setoff that the Lender may have against the Borrower in respect of
any Obligation arising hereunder or under the Lender Notes.

 

Section 8.3           Notices.
(a) All notices and other communications provided for hereunder shall be in writing (including telecopier or electronic mail
(if an e-mail address for the relevant party is set forth in the Indenture)) and mailed or delivered, if to the Borrower, the
Collateral Manager, the Rating Agency, the Loan Agent, the Collateral Agent and/or any Lender, at its address specified in the
Indenture (or, in the case of any Lender, in Schedule 2 hereof), in the case of any Lender becoming party hereto after
the Closing Date, the related Assignment Agreement; or, at such other address as shall be designated by any party in a written
notice to the other parties hereto. Any such notice or communication shall be deemed to have been given or made as of: the date
so delivered, if delivered personally or by overnight courier; when receipt is acknowledged, if telecopied; if sent by electronic
mail (if an e-mail address for the relevant party is set forth in the Indenture or herein, as applicable), when received in the
electronic mail account thereof and three (3) calendar days after mailing if sent by registered or certified mail (except
that a notice of change of address shall not be deemed to have been given until actually received by the addressee).

 

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(b)          Without
in any way limiting the obligation of the Borrower to confirm in writing any telephonic notice permitted to be given hereunder,
the Collateral Agent and the Loan Agent may, prior to receipt of written confirmation, act without liability upon the basis of
such telephonic notice believed by the Collateral Agent and/or the Loan Agent in good faith to be from the Borrower and/or the
Collateral Manager (including an Officer thereof). In each such case, the Borrower hereby waives the right to dispute the Collateral
Agent’s and/or the Loan Agent’s record of the terms of such telephonic notice absent manifest error.

 

(c)          In
the event that any provision in this Agreement calls for any notice or document to be delivered simultaneously to the Trustee,
the Collateral Agent and the Loan Agent and any other person or entity, the Trustee’s, the Collateral Agent’s and the
Loan Agent’s receipt of such notice or document shall entitle the Trustee, the Collateral Agent and the Loan Agent to assume
that such notice was delivered to such other person or entity unless otherwise expressly specified herein or unless the Trustee,
Collateral Agent or Loan Agent is responsible for sending such notice or document pursuant to the Indenture or hereunder.

 

(d)          Notwithstanding
any provision to the contrary in this Agreement or in any agreement or document related hereto, any documents (including reports,
notices or supplemental indentures) required to be provided by the Trustee, the Loan Agent or the Collateral Agent to the Lenders
may be provided by providing notice of, and access to, the Collateral Agent’s website containing such document.

 

(e)          The
Bank (in each of its capacities) agrees to accept and act upon instructions or directions pursuant to this Agreement, the Indenture
or any other Transaction Document sent by unsecured email, facsimile transmission or other similar unsecured electronic methods;
provided that, any Person providing such instructions or directions shall provide to the Bank an incumbency certificate
listing authorized Officers designated to provide such instructions or directions, which incumbency certificate shall be amended
whenever a Person is added or deleted from the listing. If such Person elects to give the Bank email or facsimile instructions
(or instructions by a similar electronic method) and the Bank in its discretion elects to act upon such instructions, the Bank’s
reasonable understanding of such instructions shall be deemed controlling. The Bank shall not be liable for any losses, costs or
expenses arising directly or indirectly from the Bank’s reliance upon and compliance with such instructions notwithstanding
such instructions conflicting with or being inconsistent with a subsequent written instruction. Any Person providing such instructions
agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Bank,
including without limitation the risk of the Bank acting on unauthorized instructions accompanied by an ‎incumbency certificate,
and the risk of interception and misuse by third parties. Any Person ‎providing such instructions acknowledges and agrees that
there may be more secure methods of ‎transmitting such instructions than the method(s) selected by such Person and agrees
that the ‎security procedures (if any) to be followed in connection with such Person’s transmission of ‎such instructions
provide to it a commercially reasonable degree of protection in light of its ‎particular needs and circumstances.

 

    	 	33	 

     

    

 

Section 8.4          Benefit
of Agreement. (a) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties
hereto and the respective successors and assigns of the parties hereto to the extent permitted under this Section 8.4;
provided that, except as provided in Section 5.10 of this Agreement, the Borrower may not assign or transfer
any of its rights or obligations hereunder without the prior written consent of each Lender. Each Lender may at any time grant
participations in any of its rights hereunder to one or more commercial banks, insurance companies, funds or other financial institutions;
provided that in the case of any such participation, the participant shall not have any rights under this Agreement or
any of the other Credit Documents (the participant’s rights against such Lender in respect of such participation to be those
set forth in the agreement executed by such Lender in favor of the participant relating thereto) and all amounts payable by the
Borrower hereunder shall be determined as if such Lender had not sold such participation; and provided, further
that, no Lender shall transfer, grant or assign any participation under which the participant shall have rights to approve any
amendment to or waiver of this Agreement or any other Credit Documents except to the extent such amendment or waiver would (x) extend
the final scheduled maturity of any Loan or Lender Note in which such participant is participating or waive any Mandatory Prepayment
thereof, or reduce the rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of the
applicability of any post-default increase in interest rates), or reduce the principal amount thereof, or increase such participant’s
participating interest in any Lender Note over the amount thereof then in effect (it being understood that a waiver of any Default
or a Mandatory Prepayment, shall not constitute a change in the terms of any Lender Note), (y) release all or substantially
all of the Assets (in each case, except as expressly provided in the Credit Documents), or (z) consent to the assignment
or transfer by the Borrower of any of its rights and obligations under this Agreement (except as provided in Section 5.10
of this Agreement); and provided, further that, each participation shall be subject to the related participant
providing a representation and warranty to the Lender from which it is acquiring its participation that it is a Qualified Purchaser
and a Qualified Institutional Buyer and making representations substantially in the form set forth under Section 8.18(a)(i),
Section 8.18(a)(ii), Section 8.18(a)(iv) and Section 8.18(a)(v).

 

(b)          Any
Lender may assign all or a portion of its rights and obligations under this Agreement (including, such Lender’s Loans, Lender
Note and other Loans) to one or more commercial banks, insurance companies, funds or other financial institutions (including one
or more Lenders) that is a Qualified Institutional Buyer and a Qualified Purchaser and can make all of the other representations
set forth in Section 8.18. No assignment pursuant to the immediately preceding sentence to an institution other than
an Affiliate of such Lender or another Lender shall be in an aggregate amount less than (unless the entire outstanding Loan of
the assigning Lender is so assigned) $250,000. No consent of the Borrower or the Loan Agent shall be required for any assignment
by a Lender to another Lender. If any Lender so sells or assigns all or a part of its rights hereunder or under the Lender Notes,
any reference in this Agreement or the Lender Notes to such assigning Lender shall thereafter refer to such Lender and to the respective
assignee to the extent of their respective interests and the respective assignee shall have, to the extent of such assignment (unless
otherwise provided therein), the same rights and benefits as it would if it were such assigning Lender.

 

    	 	34	 

     

    

 

(c)          Each
assignment pursuant to Section 8.4(b) shall be effected by the assigning Lender and the assignee Lender executing
an Assignment Agreement (an “Assignment Agreement”), which Assignment Agreement shall be substantially in the
form of Exhibit B (appropriately completed); provided that, in each case, unless otherwise consented to by the
Borrower, the Assignment Agreement shall contain a representation and warranty by the assignee to the Loan Agent and the Borrower
that such assignee is an Approved Lender. In the event of (and at the time of) any such assignment, either the assigning Lender
or the assignee Lender shall pay to the Loan Agent a nonrefundable assignment fee of $3,500, and at the time of any assignment
pursuant to subclause (b) of this Section 8.4, (i) this Agreement shall be deemed to be amended to reflect
the Lender Note (or the Confirmation of Registration in lieu thereof) of the respective assignee (which shall result in a direct
reduction to the Lender Note of the assigning Lender) and of the other Lenders, and (ii) the Borrower shall issue new Lender
Notes (or Confirmation of Registration) to the respective assignee and/or to the assigning Lender, as applicable, in conformity
with the requirements of Sections 3.2 and 8.16. No transfer or assignment under subclause (b) of this Section 8.4
shall be effective until recorded by the Loan Agent on the Register pursuant to Section 8.16. To the extent of any
assignment pursuant to subclause (b) of this Section 8.4, the assigning Lender shall be relieved of its obligations
hereunder with respect to its assigned Lender Note (or Confirmation of Registration). Each Lender and the Borrower agree to execute
such documents (including amendments to this Agreement and the other Credit Documents) as shall be necessary to effect the foregoing.
Nothing in this Agreement shall prevent or prohibit any Lender from pledging its Lender Notes or Loans to a Federal Reserve Bank
in support of borrowings made by such Lender from such Federal Reserve Bank. The Loan Agent shall be permitted to request such
evidence reasonably satisfactory to it documenting the identity and/or signature of the assignor and the assignee, including a
medallion signature guarantee.

 

Section 8.5          No
Waiver; Remedies Cumulative. No failure or delay on the part of the Loan Agent, the Collateral Agent or any Lender
in exercising any right, power or privilege hereunder or under any other Credit Document and no course of dealing between the
Borrower and the Loan Agent, the Collateral Agent or any Lender shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, power or privilege hereunder or under any other Credit Document preclude any other or further exercise
thereof or the exercise of any other right, power or privilege hereunder or thereunder. The rights and remedies herein expressly
provided are cumulative and not exclusive of any rights or remedies which the Loan Agent, the Collateral Agent or any Lender would
otherwise have. No notice to or demand on the Borrower in any case shall entitle the Borrower or any other Person to any other
or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the Loan Agent, the Collateral
Agent or the Lenders to any other or further action in any circumstances without notice or demand.

 

Section 8.6          Payments
Pro Rata. (a) The Collateral Agent agrees that promptly after its receipt of each payment from or on behalf of
the Borrower in respect of any Loans hereunder and pursuant to the Indenture, it shall distribute such payment to the Lenders
(other than any Lender that has expressly waived its right to receive its pro rata share thereof) pro rata based
upon their respective Percentages, if any, of the Loans with respect to which such payment was received.

 

(b)          Each
of the Lenders agrees that, if it should receive any amount hereunder (whether by voluntary payment, by realization upon security,
by the exercise of the right of setoff or banker’s lien, by counterclaim or cross action, by the enforcement of any right
under the Credit Documents, or otherwise) which is applicable to the payment of the principal of, or interest on, the Loans or
fees, of a sum which with respect to the related sum or sums received by other Lenders is in a greater proportion than the total
of such Commitment then owed and due to such Lender bears to the total of such Commitment then owed and due to all of the Lenders
immediately prior to such receipt, then such Lender receiving such excess payment shall purchase for Cash without recourse or warranty
from the other Lenders an interest in the Loans to such other Lenders in such amount as shall result in a proportional participation
by all of the Lenders in such disproportionate sum received; provided that, if all or any portion of such excess amount
is thereafter recovered from such Lender, such purchase shall be rescinded and the purchase price restored to the extent of such
recovery, but without interest.

 

    	 	35	 

     

    

 

 

Section 8.7            Calculations;
Computations. All computations of interest hereunder shall be made on the actual number of days elapsed in the applicable
Interest Accrual Period divided by 360.

 

Section 8.8            Governing
Law; Submission to Jurisdiction; Venue; Waiver of Jury Trial. (a) THIS AGREEMENT AND THE LOANS AND ANY CLAIMS,
CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR ANY THE LOANS (EXCEPT, AS TO ANY OTHER CREDIT DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED
HEREBY AND THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

 

(b)           With
respect to any suit, action or proceedings relating to this Agreement or any matter between the parties arising under or in connection
with this Agreement (“Proceedings”), each party irrevocably: (i) submits to the non-exclusive jurisdiction
of the Supreme Court of the State of New York sitting in the Borough of Manhattan and the United States District Court for the
Southern District of New York, and any appellate court from any thereof; and (ii) waives any objection which it may have
at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been
brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does
not have any jurisdiction over such party. Nothing in this Agreement precludes any of the parties from bringing Proceedings in
any other jurisdiction, nor will the bringing of Proceedings in any one or more jurisdictions preclude the bringing of Proceedings
in any other jurisdiction.

 

(c)           EACH
OF THE PARTIES HERETO AND ANY LENDER BECOMING A PARTY HERETO (BY THEIR ACCEPTANCE OF THE DEBT) HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT, THE LOANS OR THE TRANSACTIONS CONTEMPLATED HEREBY. Each party hereby (i) certifies that no representative,
agent or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a Proceeding,
seek to enforce the foregoing waiver and (ii) acknowledges that it has been induced to enter into this Agreement by, among
other things, the mutual waivers and certifications in this paragraph.

 

(d)           Each
Party (other than the Borrower and the Agents) to this Agreement irrevocably consents to service of process in the manner provided
for notices in Section 8.3.

 

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Section 8.9            Counterparts.
This Agreement may be executed and delivered in counterparts (and by different parties hereto in different counterparts) (including
by facsimile transmission), each of which will be deemed an original, and all of which together constitute one and the same instrument.
Delivery of an executed counterpart of this Agreement by e-mail (PDF) or facsimile shall be effective as delivery of a manually
executed counterpart of this Agreement.

 

Section 8.10          Effectiveness.
This Agreement shall become effective on the Closing Date upon satisfaction of the conditions set forth in Section 4.1.

 

Section 8.11          Headings
Descriptive. The headings of the several sections and subsections of this Agreement are inserted for convenience only
and shall not in any way affect the meaning or construction of any provision of this Agreement.

 

Section 8.12          Amendment
or Waiver. (a) Except as set forth in clause (c) below, this Agreement may not be amended or waived other
than in accordance with Article VIII of the Indenture, which is hereby incorporated by reference mutatis mutandis.

 

(b)           Upon
the execution of any supplemental indenture under Article VIII of the Indenture, any provisions of this Agreement that are
incorporated by reference, mutatis mutandis, as if fully set forth herein shall be modified in accordance therewith, and
such supplemental Indenture shall form a part of this Agreement for all purposes; and every Lender theretofore and thereafter
authenticated and delivered hereunder shall be bound thereby.

 

(c)           (i)        Other
than any amendment or modification that could be effected under Article VIII of the Indenture without the consent of the
Class A-1-L Lenders, terms of this Agreement that are not related to provisions of the Indenture and that are terms uniquely
affecting the Lenders may not be changed, waived, discharged or terminated unless such change, waiver, discharge or termination
is in writing signed by the Borrower, the Agents and a Majority of the Lenders and is consented to by the Collateral Manager;
provided that, no such change, waiver, discharge or termination shall, without the consent of each Lender (with Loans being
directly affected thereby in the case of the following clause (A)), (A) extend any time fixed for the payment of any principal
of the Loans, or reduce the rate or extend the time of payment of interest (other than as a result of waiving the applicability
of any post-default increase in interest rates) or fees thereon, or reduce the principal amount thereof, or change the currency
of payment thereof or change any Lender’s Commitment, (B) release all or substantially all of the Assets (in each case,
except as expressly provided in the Credit Documents), (C) amend, modify or waive any provision of Section 8.6
or subclause (a) of this Section 8.12, (D) reduce the percentage specified in the definition of Majority
(it being understood that, with the consent of a Majority of the Lenders, additional extensions of credit pursuant to this Agreement
may be included in the determination of a Majority of the Lenders on substantially the same basis as the extensions of Commitments
are included on the Closing Date), (E) consent to the assignment or transfer by the Borrower of any of its rights and obligations
under this Agreement (except as permitted by Section 5.10), (F) waive any mandatory prepayment of Loans required
pursuant to Section 3.3(a) or (G) amend, modify or waive any provision of Section 8.19; provided,
further that, no such change, waiver, discharge or termination shall increase the Commitment of any Lender over the amount
thereof then in effect without the consent of such Lender (it being understood that waivers or modifications (otherwise permitted
hereunder) of conditions precedent, covenants, Defaults or Events of Default shall not constitute an increase of the Commitment
of any Lender, and that an increase in the available portion of any Commitment of any Lender shall not constitute an increase
in the Commitment of such Lender) or without the consent of the Agents amend, modify or waive any provision of Article VII
or Section 3.6 as the same applies to the Agents. Any such waiver and any such amendment, supplement or modification
shall apply equally to each of the Lenders and shall be binding upon the Borrower, the Lenders, the Loan Agent, the Collateral
Agent and all future holders of the Loans and the Lender Notes (or a Holder taking such interest in the form of a Confirmation
of Registration).

 

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(ii)            No
change, waiver, discharge or termination of this Agreement shall affect in any manner, amend, waive or modify the terms of the
Indenture;

 

(iii)           In
the case of any waiver, the Borrower, the Lenders, the Collateral Agent and the Loan Agent shall be restored to their former position
and rights hereunder and under the other Credit Documents, and any Default or Event of Default waived shall be deemed to be cured
and not continuing, to the extent so provided herein; but no such waiver shall extend to any subsequent or other Default or Event
of Default, or impair any right consequent thereon. In executing or accepting any change, waiver, discharge or termination of
this Agreement permitted by this Section 8.12, the Loan Agent and Collateral Agent shall be entitled to receive, and
(subject to Section 7.2 and 7.4 herein and the Indenture) shall be fully protected in relying upon, an Opinion
of Counsel stating that the execution of such change, waiver, discharge or termination is authorized or permitted by this Agreement
and that all conditions precedent thereto have been satisfied. The Collateral Agent and Loan Agent shall not be liable for any
reliance made in good faith upon such Opinion of Counsel; and

 

(iv)          Notwithstanding
anything herein to the contrary, Section 3.7 of this Agreement may be removed with the consent of 100% of the Lenders;
provided that no Class of Note shall have the right to object or be required to consent to the removal of Section 3.7;
provided further that upon the removal of Section 3.7 any provision of the Indenture related to Section 3.7,
including, without limitation, Section 2.5(r) of the Indenture, shall have no further force or effect for the purposes
of this Agreement.

 

(d)           Prior
to the effectiveness of any amendment to this Agreement pursuant to clause (c) above, S&P shall be given written notice
thereof.

 

(e)           Neither
the Collateral Agent nor the Loan Agent shall be obligated to enter into any amendment or supplement that, as reasonably determined
by it, adversely affects its duties, obligations, liabilities or protections under the Credit Documents.

 

Section 8.13          Survival.
All indemnities set forth herein, including in Section 7.8 and Section 8.1 and the provisions in Section 3.7(c) shall
survive the termination of this Agreement and the making and repayment of the Loans and the resignation and/or removal of the
Loan Agent and the Collateral Agent.

 

Section 8.14          Domicile
of Loans. Subject to the limitations of Section 8.4, each Lender may transfer and carry its Loans at, to
or for the account of any branch office, Subsidiary or Affiliate of such Lender.

 

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Section 8.15          Confidentiality.
Each Lender shall be required to comply with the provisions of the Indenture, including Section 14.15 of the Indenture, with
respect to Confidential Information and the provisions of Section 14.15 of the Indenture are incorporated by reference mutatis
mutandis; provided that, in no event shall any Lender or any Affiliate thereof be obligated or required to return any
materials furnished by the Borrower.

 

Section 8.16          Register.
(a) The Borrower hereby acknowledges that the Loan Agent will serve as the Borrower’s agent, solely for purposes of
this Section 8.16, to maintain a register (the “Register”) on which it shall record the names and
addresses of each Lender, the Loans (and transfers thereof) made by each such persons and each repayment in respect of the principal
amount of the Loans. Failure to make any such recordation, or any error in such recordation shall not affect the Borrower’s
obligations in respect of such Loans. With respect to any Lender, the transfer of the rights to the principal of, and interest
on, any Loan made by such Lender shall not be effective until such transfer is recorded on the Register maintained by the Loan
Agent with respect to ownership of such Loan as provided in this Section 8.16 and prior to such recordation all amounts
owing to the transferor with respect to such Loan shall remain owing to the transferor. The registration of assignment or transfer
of all or part of any Loan shall be recorded by the Loan Agent on the Register only upon the acceptance by the Loan Agent of a
properly executed and delivered Assignment Agreement pursuant to Section 8.4(b). Each Lender shall promptly provide
the Loan Agent any information reasonably requested by it for purposes of maintaining the Register. Coincident with the delivery
of such an Assignment Agreement to the Loan Agent for acceptance and registration of assignment or transfer of all or part of
a Loan, or as soon thereafter as practicable, the assigning or transferor Lender shall surrender its Lender Notes and thereupon
one or more new Lender Notes (or Confirmation of Registration) in the same aggregate principal amount shall, if requested by the
assigning or transferor Lender and/or new Lender, be issued to the assigning or transferor Lender and/or the new Lender, as applicable.

 

(b)           Each
Lender that sells a participation shall, acting solely for this purpose as an 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 Loans or other obligations under the Transaction Documents (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity
of any participant or any information relating to a participant’s interest in any Commitments, Loans, or its other obligations
under any Transaction Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment,
Loan, or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury regulations.
The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose
name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding
any notice to the contrary. For the avoidance of doubt, no Agent (in its capacity as Agent) shall have responsibility for maintaining
a Participant Register.

 

(c)           The
entries in the Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded
in the Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

 

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Section 8.17          Marshalling;
Recapture. None of the Collateral Agent, the Loan Agent nor any Lender shall be under any obligation to marshal any
assets in favor of the Borrower or any other party or against or in payment of any or all of the Loans. To the extent any Lender
receives any payment by or on behalf of the Borrower, which payment or any part thereof is subsequently invalidated, declared
to be fraudulent or preferential, set aside or required to be repaid to the Borrower or its estate, trustee, receiver, custodian
or any other party under any bankruptcy law, state or Federal law, common law or equitable cause, then to the extent of such payment
or repayment, the obligation or part thereof which has been paid, reduced or satisfied by the amount so repaid shall be reinstated
by the amount so repaid and shall be included within the liabilities of the Borrower to such Lender as of the date such initial
payment, reduction or satisfaction occurred.

 

Section 8.18          Lender
Representations, etc.; Non Recourse Obligations. (a) By executing this Agreement, whether on the date hereof
or pursuant to an assignment permitted hereunder, each Lender represents, warrants and covenants as follows:

 

(i)             In
connection with the Loans: (A) none of the Borrower, the Collateral Manager, the Trustee, the Collateral Administrator, the
Collateral Agent, the Loan Agent, the Initial Purchaser or any of their respective Affiliates is acting as a fiduciary or financial
or investment adviser for such Lender; (B) such Lender is not relying (for purposes of making any investment decision or
otherwise) upon any advice, counsel or representations (whether written or oral) of the Borrower, the Collateral Manager, the
Trustee, the Collateral Administrator, the Collateral Agent, the Loan Agent, the Initial Purchaser or any of their respective
Affiliates other than any statements herein, and such Lender has read and understands this Agreement and the final Offering Circular
(including the descriptions therein of the structure of the transaction in which the Loans are being offered and the risks to
the Lenders); (C) such Lender has consulted with its own legal, regulatory, tax, business, investment, financial and accounting
advisers to the extent it has deemed necessary and has made its own investment decisions (including decisions regarding the suitability
of any transaction pursuant to this Agreement and the Indenture) based upon its own judgment and upon any advice from such advisers
as it has deemed necessary and not upon any view expressed by the Borrower, the Collateral Manager, the Trustee, the Collateral
Administrator, the Collateral Agent, the Loan Agent, the Initial Purchaser or any of their respective Affiliates; (D) such
Lender is both (x) a Qualified Institutional Buyer that is not a broker-dealer which owns and invests on a discretionary
basis less than $25 million in securities of issuers that are not affiliated persons of the dealer and is not a plan referred
to in paragraph (a)(1)(d) or (a)(1)(e) of Rule 144A or a trust fund referred to in paragraph (a)(1)(f) of
Rule 144A that holds the assets of such a plan, if investment decisions with respect to the plan are made by beneficiaries
of the plan and (y) a Qualified Purchaser; (E) such Lender was not formed for the purpose of acquiring such Loans and
is acquiring its interest in such Loans for its own account; (F) such Lender will hold and transfer the minimum required
amount of the Loans; (G) such Lender is a sophisticated investor and is making the Loans with a full understanding of all
of the terms, conditions and risks thereof, and it is capable of assuming and willing to assume those risks; (H) such Lender
has had access to such financial and other information concerning the Borrower and the Loans as it has deemed necessary or appropriate
in order to make an informed decision with respect to making the Loans, including an opportunity to ask questions of and request
information from the Borrower and the Collateral Manager and (I) such Lender will provide notice of the relevant transfer
restrictions to subsequent transferees.

 

    40

     

    

 

(ii)            on
each day from the date on which such Lender acquires its interest in the Loans through and including the date on which such Lender
disposes of its interest in such Loans, either (x) it is neither a Plan nor any entity whose underlying assets include “plan
assets” by reason of such Plan’s investment in the entity, nor a governmental, church, non-U.S. or other plan which
is subject to any federal, state, local or non-U.S. law that is substantially similar to the provisions of Section 406 of
ERISA or Section 4975 of the Code or (y) its acquisition, holding and disposition of such Loans will not constitute
or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code (or, in the
case of a governmental, church, non-U.S. or other plan, a non-exempt violation of any substantially similar law). Any purported
transfer of a Loan, or any interest therein to a purchaser or transferee that does not comply with the requirements specified
in the applicable documents will be of no force and effect and shall be null and void ab initio;

 

(iii)           the
Lender has not assigned and will not assign any of its rights under this Agreement to anyone other than a person that is a Qualified
Institutional Buyer and a Qualified Purchaser and each party to whom it assigns any or all of its rights under this Agreement
represents and warrants to the Borrower on the date it becomes a party to this Agreement and each date upon which a Loan is made
hereunder after such date that it is a Qualified Institutional Buyer and a Qualified Purchaser and that it has not assigned or
will not assign any or all of its rights under this Agreement to anyone other than a person that is a Qualified Institutional
Buyer and a Qualified Purchaser;

 

(iv)           the
Lender agrees that if it no longer qualifies as a Qualified Institutional Buyer or a Qualified Purchaser, it shall notify the
Borrower thereof immediately in writing and, from such time, no further Loans shall be made to the Borrower by such Lender pursuant
to this Agreement;

 

(v)            Each
Lender (and each beneficial owner of a Loan) represents and agrees to treat the Loan as indebtedness for U.S. federal, state and
local income and franchise tax purposes, except as otherwise required by law;

 

(vi)           Each
Lender (and each beneficial owner of a Loan) understands that the failure to provide the Borrower, the Loan Agent, the Collateral
Agent and the Trustee (and any of their agents) with the properly completed and signed tax certifications (generally, in the case
of U.S. federal income tax, an Internal Revenue Service Form W-9 (or applicable successor form) in the case of a person that
is a United States Tax Person or the appropriate Internal Revenue Service Form W-8 (or applicable successor form) in the
case of a person that is not a United States Tax Person) may result in withholding from payments in respect of the Loan, including
U.S. federal withholding or back-up withholding;

 

    41

     

    

 

(vii)          Each
Lender (and each beneficial owner of a Loan) agrees to provide the Borrower, the Trustee, the Loan Agent, the Collateral Agent
and their respective agents with any information or documentation that is required under FATCA or that the Borrower, the Trustee,
the Loan Agent, the Collateral Agent or their respective agents deems appropriate to enable the Borrower, the Trustee, the Loan
Agent, the Collateral Agent or their respective agents to determine their duties and liabilities with respect to any taxes they
may be required to withhold pursuant to FATCA in respect of the Loan or the Lender. In addition, each Lender understands and acknowledges
that the Issuer has the right under this Agreement to withhold on any Lender that fails to comply with FATCA;

 

(viii)         Each
Lender (and each beneficial owner of a Loan) that is not a United States Tax Person represents that either (a) it is not
(i) a bank (or an entity affiliated with a bank) extending credit pursuant to a loan agreement entered into in the ordinary
course of its trade or business (within the meaning of Section 881(c)(3)(A) of the Code), (ii) a “10 percent
shareholder” with respect to the Borrower within the meaning of Section 871(h)(3) or Section 881(c)(3)(D) of
the Code, or (iii) a “controlled foreign corporation” that is related to the Borrower within the meaning of Section 881(c)(3)(C) of
the Code, (b) it is a person that is eligible for benefits under an income tax treaty with the United States that eliminates
U.S. federal income taxation of U.S. source interest not attributable to a permanent establishment in the United States, or (c) it
has provided an IRS Form W-8ECI representing that all payments received or to be received by it on the Loan or any interest
therein are effectively connected with the conduct of a trade or business in the United States;

 

(ix)           Each
Lender that is not a United States Tax Person represents and acknowledges that it is not and will not become a member of an “expanded
group” (within the meaning of the regulations issued under Section 385 of the Code) that includes a domestic corporation
(as determined for U.S. federal income tax purposes) if either (i) the Borrower is an entity disregarded as separate from
such domestic corporation for U.S. federal income tax purposes or (ii) the Borrower is a “controlled partnership”
(within the meaning of the regulations) with respect to such expanded group or an entity disregarded as separate from such controlled
partnership for U.S. federal income tax purposes; and

 

(x)            Each
Lender (and each beneficial owner of a Loan) will indemnify the Borrower, the Collateral Manager, the Loan Agent, the Collateral
Agent, the Trustee and their respective agents from any and all damages, cost and expenses (including any amount of taxes, fees,
interest, additions to tax, or penalties) resulting from the failure by such Lender (or such beneficial owner of a Loan) to comply
with its obligations under the Loan or this Agreement. The indemnification will continue with respect to any period during which
the Lender held a Loan (and any interest therein), notwithstanding the Lender ceasing to be a Lender.

 

Each Lender understands
that the Borrower, the Initial Purchaser, the Loan Agent, the Collateral Agent, the Collateral Administrator, the Trustee, the
Collateral Manager and their respective counsel will rely upon the accuracy and truth of the foregoing representations, and it
hereby consents to such reliance. Each Lender understands that by entering into the transactions contemplated hereby it is making
a loan under a commercial credit facility and that by making the foregoing representation, no Lender is characterizing the transactions
contemplated herein as the making of an investment in “securities” as defined in the Securities Act.

 

    42

     

    

 

(b)           The
Loan Agent, the Collateral Agent and each Lender covenants and agrees that the obligations of the Borrower under the Loans and
this Agreement are limited recourse obligations of the Borrower, payable solely from the Assets in accordance with the terms of
the Transaction Documents, and, following repayment and realization of the Assets, any claims of the Loan Agent or the Lenders
and obligations of the Borrower hereunder shall be extinguished and shall not thereafter revive, in accordance with Section 2.7
of the Indenture. No recourse shall be had for the payment of any amount owing in respect of the Loans against any member, shareholder,
owner, employee, officer, director, manager, authorized person, advisor, agent or incorporator or organizer of the Borrower or
Collateral Manager or their respective successors or assigns for any amounts payable under the Loans, this Agreement or the Indenture.
It is understood that the foregoing provisions of this Section 8.18(b) shall not (i) prevent recourse to
the Assets for the sums due or to become due under any security, instrument or agreement which is part of the Assets or (ii) constitute
a waiver, release or discharge of any indebtedness or obligation evidenced by the Loans until the Assets has been realized, whereupon
any outstanding indebtedness or obligation shall be extinguished and shall not thereafter revive. The provisions of this Section 8.18(b) shall
survive the termination of this Agreement.

 

Section 8.19          No
Petition. (a) The Collateral Agent, Loan Agent and each Lender or holder of an interest herein hereby covenants and agrees
that it shall not institute against, or join any other Person in instituting against, the Borrower until one year (or if longer,
the then applicable preference period) and one day after all Debt has been paid in full, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other similar proceedings under any federal or state bankruptcy or similar law.

 

(b)           This
Section 8.19 shall survive the termination of this Agreement and the payment of all amounts payable hereunder.

 

Section 8.20          Acknowledgment.
The Borrower hereby acknowledges that none of the parties hereto has any fiduciary relationship with or fiduciary duty to the
Borrower pursuant to the terms of this Agreement, and the relationship between the Collateral Agent, the Lenders and the Loan
Agent on the one hand, and the Borrower, on the other hand, in connection herewith is solely that of debtor and creditor.

 

Section 8.21          Limitation
on Suits. No Lender shall have any right to institute any Proceedings, judicial or otherwise, with respect to this Agreement
or the Indenture except as provided in Section 5.3 of the Indenture.

 

Section 8.22          Unconditional
Rights of Lenders to Receive Principal and Interest. Notwithstanding any other provision in this Agreement, the Lenders
shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on the Loans as
such principal and interest become due and payable in accordance with the Priority of Payments and Section 3.6, and,
subject to the provisions of Section 8.19 and Section 8.21, to institute proceedings for the enforcement
of any such payment, and such right shall not be impaired without the consent of such Lender.

 

    43

     

    

 

Section 8.23          Termination
of Agreement. Without prejudice to any provision of the Indenture, this Agreement and all rights and obligations hereunder,
other than those expressly specified as surviving the termination of the Agreement and the repayment of the Loans and those set
forth in Sections 4.1 of the Indenture with respect to the Lenders, the Loans or the Agents, shall terminate (i) at such
time that all of the Loans are repaid in full in accordance with the terms herein, (ii) upon conversion of all of the Loans
pursuant to Section 3.7 hereof or (iii) upon the final distribution of all proceeds of any liquidation of the
Collateral Obligations, Equity Securities and Eligible Investments effected pursuant to Article V of the Indenture.

 

Section 8.24          Lender
Information. (a) Notice to Lenders shall be provided as set forth in Section 14.4 of the Indenture.

 

(b)           Promptly
after the Loan Agent is notified in writing that the holders of any of the Loans are entitled to vote with respect to any matter,
the Loan Agent shall give written notice to the Lenders stating: (i) the issue to be voted upon, (ii) the date and time
by which holders of such Loans must cast their votes, and (iii) the date and time by which Lenders may instruct the Loan
Agent how to vote, which date and time shall not be later than 24 hours before the Lenders must vote.

 

Section 8.25          Lender
Consent. By its execution and making of Loans hereunder, each Lender shall be deemed to have consented to the terms
applicable to it in its capacity as a holder of the Loans and, upon any conversion, the Class A-1 Notes, and the execution
of the Indenture.

 

Section 8.26          PATRIOT
Act. In order to comply with the laws, rules, regulations and executive orders in effect from time to time ‎applicable
to banking institutions, including, without limitation, those relating to the funding of terrorist ‎activities and money laundering,
including Section 326 of the USA PATRIOT Act of the United States ‎‎(“Applicable Law”), the Agents
are required to obtain, verify, record and update certain ‎information relating to individuals and entities which maintain
a business relationship with the Agents. Accordingly, each of the parties agrees to provide to the Agents upon ‎request from
time to time such identifying information and documentation as may be available for such ‎party in order to enable the Agents
to comply with Applicable Law.‎

 

[Signature Pages Follow]

 

    44

     

    

 

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

 

	 	GOLUB CAPITAL BDC CLO 4 LLC, as 

Borrower
	 	 	 
	 	By: 	Golub Capital BDC, Inc., its Designated Manager
	 	 	 
	 	By: 	/s/ Ross A. Teune
	 		Name: 	Ross A. Teune                                
	 		Title: 	Chief Financial Officer
	 	 	 

 

Golub Capital
BDC CLO 4 LLC

Class A-1-L Credit Agreement

 

    

     

    

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity, but solely as Collateral Agent
	 	 	 
	 	By: 	/s/ Joel T. Furusho
	 		Name: 	Joel T. Furusho
	 		Title:	Director
	 	 	 
	 	By:	/s/ Vincent Pham
	 		Name: 	Vincent Pham
	 		Title:	Vice President
	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity, but solely as Loan Agent
	 	 	 
	 	By: 	/s/ Joel T. Furusho
	 		Name: 	Joel T. Furusho
	 		Title:	Director
	 	 	 
	 	By: 	/s/ Vincent Pham
	 		Name: 	Vincent Pham
	 		Title:	Vice President

 

Golub Capital
BDC CLO 4 LLC

Class A-1-L Credit Agreement

 

    

     

    

 

	 	AZB Funding 11 Limited, as Lender
	 	 	 
	 	By: 	/s/ Shinichi Takeda
	 		Name: 	Shinichi Takeda
	 		Title:	Authorized Signatory

 

Golub Capital
BDC CLO 4 LLC

Class A-1-L Credit Agreement

 

    

     

    

 

ANNEX I

 

DEFINITIONS

 

Any defined terms
used herein shall have the respective meanings set forth herein.

 

“Agent”
has the meaning assigned to such term in Section 7.1.

 

“Agent Fee
Letter” means the engagement letter between the Borrower (or the Collateral Manager on behalf of the Borrower) and the
Bank relating to the Debt and the transactions contemplated by the Indenture and this Agreement.

 

“Aggregate
Commitment” means (i) as of the Closing Date, $20,000,000 and (ii) upon an amendment of Schedule 1
to this Agreement pursuant to Section 2.1, such other amount as may be set forth on such Schedule 1 (as so
amended).

 

“Agreement”
has the meaning assigned to such term in the preamble.

 

“Approved
Lender” means a financial institution or other institutional lender that makes each of the representations set forth
in Section 8.18(a).

 

“Assignment
Agreement” has the meaning assigned to such term in Section 8.4(c).

 

“Assignment/Conversion”
has the meaning assigned to such term in Section 3.7(c).

 

“Bank”
means Deutsche Bank Trust Company Americas.

 

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

 

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

 

“Borrower”
has the meaning assigned to such term in the preamble.

 

“Borrower
Order” has the meaning assigned to “Issuer Order” in the Indenture; provided that, references therein
to “this Indenture” shall be read to mean “this Indenture or the Credit Agreement”.

 

“Borrowing”
means Loans made by all Lenders on the Loan Date in accordance with Section 3.1.

 

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

 

    Annex I-1

     

    

 

“Calculation
Agent” has the meaning assigned to such term in Section 5.13(a).

 

“Clean-Up
Call Prepayment” has the meaning assigned to such term in Section 3.3(f).

 

“Collateral
Agent” has the meaning assigned to such term in the preamble.

 

“Collateral
Documents” means the Indenture, the Securities Account Control Agreement and any other agreement, instrument or document
executed and delivered by or on behalf of the Borrower in connection with the foregoing or pursuant to which a Lien is granted
in accordance with the terms of the Indenture as security for any of the Loans.

 

“Collateral
Manager” means GC Advisors LLC, a Delaware limited liability company, in its capacity as Collateral Manager to the Borrower
under the Collateral Management Agreement, unless and until a successor Person manager shall have become the Collateral Manager
pursuant to the Collateral Management Agreement, and thereafter “Collateral Manager” shall mean such successor Person.

 

“Commitment”
has the meaning assigned to such term in Section 2.1.

 

“Confirmation
of Registration” means, with respect to an uncertificated interest in the Class A-1-L Loans, a confirmation of
registration, substantially in the form of Exhibit D, provided to the owner thereof promptly after the registration
thereof in the Register by the Registrar.

 

“Conversion
Date” has the meaning assigned to such term in Section 3.7(a).

 

“Conversion
Option” means the option of a Converting Lender to convert all or a portion of the Loans into an equivalent principal
amount of Class A-1 Notes pursuant to Section 3.7 hereof and Section 2.5(r) of the Indenture.

 

“Converting
Lender” means any Lender that holds a portion of the Aggregate Outstanding Amount of the Loans and has exercised a Conversion
Option hereunder.

 

“Credit Document”
means this Agreement, the Lender Notes, the Confirmation of Registration, the Collateral Documents and any other agreement, instrument
or document executed and delivered by or on behalf of the Borrower in connection with the foregoing.

 

“Custodian”
means the Bank, in its capacity as securities intermediary under the Indenture, and any successor thereto in such capacity.

 

“Default”
has the meaning assigned to such term in Section 6.1.

 

“Dollar”
or “$” means dollars in lawful currency of the United States of America.

 

“Event of
Default” has the meaning assigned to such term in Section 6.1.

 

“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in
the United States, that are applicable to the circumstances as of the date of determination, consistently applied.

 

    Annex I-2

     

    

 

“Indenture”
means that certain Indenture dated as of August 26, 2020 among the Borrower and the Bank, as Trustee and Collateral Agent.

 

“Lender”
means any of the creditors that are parties to this Agreement, including each initial Lender and each Person which becomes an
assignee pursuant to Section 8.4(b).

 

“Lender Note”
has the meaning assigned to such term in Section 3.2.

 

“Lien”
means, with respect to any asset, any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory
or other), charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever
(including any conditional sale, sale subject to a repurchase obligation or other title retention agreement relating to such asset,
and any financing lease having substantially the same economic effect as any of the foregoing).

 

“Loan”
has the meaning assigned to such term in Section 2.1.

 

“Loan Agent”
has the meaning assigned to such term in the preamble.

 

“Loan Date”
means the Closing Date.

 

“Majority
of the Lenders” means Lenders holding more than 50% of the Aggregate Commitment.

 

“Mandatory
Prepayment” has the meaning assigned to such term in Section 3.3(c).

 

“Officer’s
Certificate” means a certificate signed on behalf of the Borrower or the Collateral Manager by one or more officers
thereof.

 

“Optional
Prepayment” has the meaning assigned to such term in Section 3.3(e).

 

“Percentage”
of any Lender means, at any time: (a) with respect to the aggregate amount of Commitments of all Lenders to make Loans at
such time, the percentage which such Lender’s Commitment to make Loans, if any, is of the aggregate amount of Commitments
of all Lenders to make Loans at such time; and (b) with respect to the aggregate amount of Loans which are outstanding at
such time, the percentage which the aggregate principal amount of such Lender’s Loans is of the total principal amount of
Loans at such time; in each case as shown on Schedule 1 to this Agreement (or, in the case of any Lender which becomes
a Lender pursuant to any Assignment Agreement, as provided in such Assignment Agreement) and in all cases as changed from time
to time as a consequence of Assignment Agreements pursuant to Section 8.6(b) and as reflected in the books and
records of the Loan Agent at such time.

 

“Person”
means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity or
organization, including a government or political subdivision or any agency or instrumentality thereof.

 

    Annex I-3

     

    

 

“Plan”
means any “employee benefit plan” (as defined in Section 3(3) of ERISA) which is subject to Title I of ERISA,
including an entity such as a collective investment fund and separate account whose underlying assets include the assets of such
plans, as well as any plan that is not subject to ERISA but which is subject to Section 4975 of the Internal Revenue Code.

 

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

 

“Register”
has the meaning assigned to such term in Section 8.16.

 

“Responsible
Officer” means, when used with respect to the Collateral Agent or the Loan Agent, any officer within the corporate trust
office (or any successor group of the Collateral Agent or the Loan Agent, as the case may be) including any officer to whom any
corporate trust matter or other matter related to this transaction is referred at the corporate trust office because of such person’s
knowledge of and familiarity with the particular subject and, in each case, having direct responsibility for the administration
of this transaction.

 

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

 

“Securities
Account Control Agreement” means the Securities Account Control Agreement, dated as of the Closing Date, among the Borrower,
the Collateral Agent and the Custodian.

 

“Senior Item”
shall have the meaning assigned in Section 3.6(b) (Subordination) herein.

 

“Subsidiary”
means at any time, with respect to any Person (the “parent”), any corporation, association, partnership, limited
liability company or other business entity (a) of which securities or other ownership interests representing more than 50%
of the ordinary voting power to elect the board of directors, general partner, or comparable body of such corporation, association,
partnership or other business entity or, in the case of a partnership, ownership interests representing more than 50% of the interests
of such partnership (irrespective of whether at the time securities or other ownership interests of any other class or classes
of such corporation, association, partnership or other business entity shall or might have voting power solely upon the occurrence
of any contingency) are, at such time owned directly or indirectly by the parent, by one or more Subsidiaries of the parent or
by the parent and one or more Subsidiaries of the parent and (b) which is also required at such time under GAAP to be consolidated
with the parent.

 

“Transaction
Documents” means this Agreement, the other Credit Documents, the Indenture, the Collateral Management Agreement, the
Collateral Administration Agreement, the Securities Account Control Agreement, the Subordinated Note Purchase Agreements, the
Purchase Agreement and the Master Loan Sale Agreements.

 

“Trustee”
means the Bank, as Trustee under the Indenture, and any successor thereto in such capacity.

 

“United States”
or “U.S.” means the United States of America, its 50 States, the District of Columbia and the Commonwealth
of Puerto Rico.

  

“United States
Person” has the meaning specified in Regulation S.

 

    Annex I-4

     

    

 

 

EXHIBIT A

 

	$[______________]	New
York, New York
	 	[_______ ___, ______]

 

FOR VALUE RECEIVED,
Golub Capital BDC CLO 4 LLC (the “Borrower”), hereby promises to pay to [_______] or its registered assigns
(the “Lender”), in lawful money of the United States of America in immediately available funds, at the Payment
Office initially located at c/o [_______], on each Payment Date, in accordance with the Priority of Payments set forth in the Indenture
(as defined below) the principal sum of [_______] DOLLARS ($[_______]) or, if less, the unpaid principal amount of all Loans made
by the Lender pursuant to the Agreement (as defined below), payable at such times and in such amounts as are specified in the Agreement.
Terms used but not defined herein shall have their respective meaning set forth in the Agreement and the Indenture, dated as of
August 26, 2020 among the Borrower and Deutsche Bank Trust Company Americas, as trustee and collateral agent (as supplemented,
amended or otherwise modified from time to time, the “Indenture”), as applicable.

 

The Borrower also promises
to pay interest on the unpaid principal amount of each Class A-1-L Loan made by the Lender in like money at said office from
the date hereof until paid at the rates and at the times provided in Article III of the Agreement.

 

This Lender Note is
one of the Lender Notes referred to in the Credit Agreement, dated as of August 26, 2020, among the Borrower, the lenders
from time to time party thereto (including the Lender) and Deutsche Bank Trust Company Americas, as loan agent and collateral agent
(as amended, restated, modified and/or supplemented from time to time, the “Agreement”) and is entitled to the
benefits thereof and of the other Credit Documents. This Lender Note is secured by the Indenture. As provided in the Agreement,
this Lender Note is subject to voluntary prepayment and mandatory repayment prior to the final Payment Date, in accordance with
the Priority of Payments as provided in Section 3.3 of the Agreement and Article XI of the Indenture.

 

In case an Event of
Default (as defined in the Agreement) shall occur and be continuing, the principal of and accrued interest on this Lender Note
may be declared to be due and payable in the manner and with the effect provided in the Agreement and the Indenture.

 

The Borrower hereby
waives presentment, demand, protest or notice of any kind in connection with this Lender Note.

 

This Lender Note is
subject to Section 8.18 and Section 8.19 of the Agreement.

 

THIS LENDER NOTE SHALL
BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAW OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES).

 

EACH PARTY TO THIS
AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY PROCEEDING.

 

    	 	Ex. A-1	 

     

    

 

	 	GOLUB
    CAPITAL BDC CLO 4 LLC
	 	 
	 	 
	 	By: 	Golub Capital BDC, Inc., its Designated Manager
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Ex. A-2	 

     

    

 

EXHIBIT B

 

Form of Assignment Agreement

 

ASSIGNMENT AND ASSUMPTION

 

This Assignment and
Assumption (this “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between [Insert name of Assignee] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (the
“Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and
Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part
of this Assignment and Assumption as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective
Date inserted by the Loan Agent as contemplated below (i) all of the Assignor’s rights and obligations as a Lender under
the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and
percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities
identified below and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action
and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or
in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions
governed thereby or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort
claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold
and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above
being referred to herein collectively as, the “Assigned Interest”). Such sale and assignment is without recourse
to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the
Assignor.

 

		1.	Assignor: __________________________

 

		2.	Assignee: __________________________

 

			Address:	 

 

			Contact Information:	 

 

			Wire Instructions:	 

 

		3.	Borrower: Golub Capital
BDC CLO 4 LLC

 

		4.	Loan Agent: Deutsche Bank
Trust Company Americas, as the Loan Agent under the Credit Agreement

 

    	 	Ex. B-1	 

     

    

 

5.            Credit
Agreement: The Credit Agreement, dated as of August 26, 2020, among Golub Capital BDC CLO 4 LLC, as Borrower, the Lenders
from time to time party thereto and Deutsche Bank Trust Company Americas, as Loan Agent and Collateral Agent

 

6.            Assigned
Interest:

 

	Facility Assigned	 	Aggregate Amount of

 Commitment for all

 Lenders	 	 	Amount of

Commitment

Assigned	 	 	Percentage Assigned

 of Commitment1	 
	Class A-1-L Loans	 	$	 	 	 	$	 	 	 	 	 	%

 

Effective Date: _____________,
20____ (the “Effective Date”)2

 

[Insert if being delivered in connection
with an Assignment/Conversion: This Assignment and Assumption is being entered into in connection with an Assignment/Conversion.]

 

The terms set forth
in this Assignment and Assumption are hereby agreed to:

 

	 	ASSIGNOR
	 	 
	 	 
	 	[NAME
    OF ASSIGNOR]
	 	 
	 	 
	 	By:	 
	 	 	Title: 	Authorized Signatory
	 	 
	 	 
	 	ASSIGNEE
	 	 
	 	 
	 	[NAME
    OF ASSIGNEE]
	 	 
	 	 
	 	By:	 
	 	 	Title:

 

 

1 Set forth, to at least 9
decimals, as a percentage of the Commitment of all Lenders thereunder.

 

2 If delivered in connection with an Assignment/Conversion,
the Effective Date must be the same date as the related Conversion Date.

 

    	 	Ex. B-2	 

     

    

 

	Consented
    to:	 
	 	 
	Golub
    Capital BDC CLO 4, LLC	 
	as
    Borrower	 
	 	 
	By:
    Golub Capital BDC, Inc.	 
	its
    Designated Manager	 
	 	 
	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. B-3	 

     

    

 

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

 

CREDIT AGREEMENT

 

STANDARD TERMS AND CONDITIONS FOR

 

ASSIGNMENT AND ASSUMPTION

 

1.            Representations
and Warranties.

 

1.1.            Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority,
and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated
hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or
in connection with the Credit Agreement or any other Credit Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Credit Documents or any collateral thereunder, (iii) the financial condition of the
Borrower, any of its subsidiaries or Affiliates or any other Person obligated in respect of any Credit Document or (iv) the
performance or observance by the Borrower, any of its respective subsidiaries or Affiliates or any other Person of any of their
respective obligations under any Credit Document.

 

1.2.            Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary,
to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender
under the Credit Agreement and, if the Assignment and Assumption is being delivered in connection with an Assignment/Conversion,
a Noteholder under the Indenture, (ii) it meets all requirements of an Approved Lender under the Credit Agreement (subject
to receipt of such consents as may be required under the Credit Agreement) and, if the Assignment and Assumption is being delivered
in connection with an Assignment/Conversion, a Noteholder under the Indenture, (iii) from and after the Effective Date, it
shall be bound by the provisions of the Credit Agreement as a Lender or, if the Assignment and Assumption is being delivered in
connection with an Assignment/Conversion, the Indenture as a Noteholder thereunder and, to the extent of the Assigned Interest,
shall have the obligations of a Lender or Noteholder thereunder, and (iv) it has received a copy of the Credit Agreement,
the Indenture and such other documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis
and decision independently and without reliance on the Loan Agent or any other Lender; and (b) agrees that (i) it will,
independently and without reliance on the Loan Agent, the Assignor or any other Lender, and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit
Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit
Documents are required to be performed by it as a Lender or, if this Assignment and Assumption is being delivered in connection
with an Assignment/Conversion, a Noteholder.

 

    	 	Ex. B-4	 

     

    

 

2.               Payments.
From and after the Effective Date, the Borrower shall make all payments in respect of the Assigned Interest (including payments
of principal, interest, fees and other amounts) to the Loan Agent for the benefit of (x) the Assignor for amounts which have
accrued to but excluding the Effective Date and to (y) the Assignee for amounts which have accrued from and after the Effective
Date.

 

3.               General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption
by telecopy or electronic mail shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption.
This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York.

 

4.               Waiver
of Jury Trial. EACH PARTY TO THIS AGREEMENT HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT
IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING.

 

    	 	Ex. B-5	 

     

    

 

EXHIBIT C

 

Notice of Conversion

 

Deutsche Bank Trust Company Americas, as Loan Agent, Collateral
Agent and Trustee

Trust & Agency Services

60 Wall Street, 24th Floor

Mail Stop: NYC60-2410

New York, New York 10005

Attn: Bank Loan Services

Contact: Melissa Sadler / Tamara Upson / Leonora Golja

Email: melissa.sadler@db.com / tamara.upson@db.com / Leonora.golja@db.com
/agency.gls@db.com

Fax: (904) 425-9523

 

Golub Capital BDC CLO 4 LLC

c/o Golub Capital BDC, Inc.

200 Park Avenue, 25th Floor

New York, New York 10166

 

Reference is hereby
made to the Credit Agreement dated as of August 26, 2020, among Golub Capital BDC CLO 4 LLC, as borrower, various financial
institutions and other persons which are, or may become, parties thereto as Lenders (the “Lenders”), Deutsche Bank
Trust Company Americas, as Loan Agent and Collateral Agent (the “Credit Agreement”), as the same may be supplemented
or amended from time to time in accordance with its terms. Capitalized terms used but not defined herein shall have the meanings
given them in the Credit Agreement.

 

Pursuant to Section 3.7
of the Credit Agreement, the undersigned hereby provides notice to the Collateral Agent, the Trustee, the Loan Agent and the Borrower
that it is exercising the Conversion Option. The undersigned hereby certifies that it holds Aggregate Outstanding Amount of the
Loans in the amount of U.S.$[_______] and requests that U.S.$[_______] of the Loans be converted into Class A-1 Notes on [_______].3,4

 

[Pursuant to Section 3.7(c) of
the Credit Agreement, the undersigned hereby provides notice to the Collateral Agent, the Trustee, the Loan Agent and the Borrower
that they are exercising the Conversion Option in connection with an Assignment/Conversion and that they are also concurrently
herewith delivering to the Collateral Agent, the Trustee, the Loan Agent and the Borrower an executed copy of an Assignment Agreement.
[Insert name of Assignor] hereby certifies that it holds [Aggregate Outstanding Amount] of the Loans in the amount of U.S.$[__________],
is assigning U.S.$[________] of the Loans to [Insert name of Assignee] (the “Assignee”) and requests that the
Aggregate Outstanding Amount of the Loans being assigned be converted into Class A-1 Notes and delivered to the Assignee as
Class A-1 Notes on [_______].]5,6

 

 

3 No earlier than five Business
Days after the delivery of the notice (or such earlier date as may be reasonably agreed to by the Lender, the Collateral Agent,
the Loan Agent and the Trustee); provided that the Conversion Date shall only occur on a Payment Date.

 

4 Insert for Conversion Option
exercise only.

 

    	 	Ex. C-1	 

     

    

 

The undersigned agrees
to provide reasonable assistance to the Trustee, the Collateral Agent and the Loan Agent in connection with such [conversion][Assignment/Conversion],
including, but not limited to, providing instructions to DTC.

 

[Lender][Assignee]
DTC Participant No.: _________________________

 

Name of Custodian:
_________________________

 

Contact Name: _____________________________

 

Telephone No.: ____________________________

 

E mail Address: ___________________________

 

In order to coordinate
the DWAC with Transfer Agent Please contact:

 

Deutsche Bank Trust Company Americas

Trust & Agency Services

60 Wall Street, 24th Floor

Mail Stop: NYC60-2410

New York, New York 10005

Attn: Bank Loan Services

Contact: Melissa Sadler / Tamara Upson
/ Leonora Golja

Email: melissa.sadler@db.com
/ tamara.upson@db.com / Leonora.golja@db.com /agency.gls@db.com

Fax: (904) 425-9523

 

 

5 No earlier than five Business
Days after the delivery of the notice (or such earlier date as may be reasonably agreed to by the Lender, the Collateral Agent,
the Loan Agent and the Trustee); provided that the Conversion Date shall only occur on a Payment Date.

 

6 Insert for Assignment/Conversion.

 

    	 	Ex. C-2	 

     

    

 

	 	[NAME
    OF LENDER]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	[NAME
    OF ASSIGNEE]
	 	 
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	Ex. C-3	 

     

    

 

EXHIBIT D

 

CONFIRMATION
OF REGISTRATION

 

GOLUB CAPITAL BDC CLO 4 LLC,

as Borrower,

 

[DATE]

 

		Re:	Class A-1-L Credit Agreement, dated as of August 26, 2020 (the “Credit Agreement”),
among Golub Capital BDC CLO 4 LLC, as borrower (the “Borrower”), various financial institutions and other person
which are, or may become, parties thereto as Lenders, and Deutsche Bank Trust Company Americas, as Loan Agent and Collateral Agent
(the “Loan Agent” or “Collateral Agent”, as applicable). Capitalized terms not otherwise
defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

The Registrar hereby confirms that it has
registered the principal amount of the Class A-1-L Loan in the name specified below, in the Register. This Confirmation of
Registration is provided for informational purposes only; ownership of such Class A-1-L Loan shall be determined conclusively
by the Register. To the extent of any conflict between this Confirmation of Registration and the Register, the Register shall control.
This is not a security certificate.

 

	Amount of Class A-1-L Loan:	U.S.$[              ]
	 	 
	Registered Name of Lender:	[                                                                                    ]
	 	 
	Address of Lender:	[                          ]
	 	[                          ]
	 	[                          ]
	 	[                          ]
	 	 
	Wire Instructions of Lender:	[                          ]

 

	Transaction Date	Transaction

Description	Class A-1-L Loan

Amount	 
	 	 	 	 

 

    	 	Ex. D-1	 

     

    

 

	 	Deutsche
    Bank Trust Company Americas,
	 	as
    Registrar
	 	 
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	Ex. D-2	 

     

    

 

SCHEDULE 1

 

Commitments and Percentages

 

	Lender	 	Commitment Percentage	 	 	Commitment Amount	 
	AZB Funding 11 Limited	 	 	100	%	 	$	20,000,000.00	 
	Total:	 	 	 	 	 	$	20,000,000.00	 

 

    Sch. 1-1

     

    

 

SCHEDULE 2

 

Lending Offices and Notice Data

 

Collateral Agent and Loan Agent

 

Deutsche Bank Trust Company Americas

Trust & Agency Services

60 Wall Street, 24th Floor

Mail Stop: NYC60-2410

New York, New York 10005

Attn: Bank Loan Services

Contact: Melissa Sadler / Tamara Upson
/ Leonora Golja

Email: melissa.sadler@db.com
/ tamara.upson@db.com / Leonora.golja@db.com /agency.gls@db.com

Fax: (904) 425-9523

 

Borrower

 

Golub
Capital BDC CLO 4 LLC

c/o Golub Capital
BDC, Inc.

200 Park Avenue, 25th
Floor

New York, New York
10166

 

Collateral Manager

 

GC Advisors LLC

200 Park Avenue, 25th
Floor

New York, New York
10166

 

Rating Agency

 

S&P Global Ratings

CDO_Surveillance@spglobal.com

 

    	 	Sch. 2-1	 

     

    

 

SCHEDULE 3

 

Payment Instructions for Lenders

 

	Notice Information

Payment Information	Initial Principal 

Amount (U.S.$)	LOANX ID
	
        AZB Funding 11 Limited

         

        Primary Operational Contact:

        Taylor Potts

        190 S. LaSalle Street, 8th Floor

        Chicago, IL 60603

        Phone: (312) 332-7830

        Email: taylor.potts@usbank.com

         

        Corporate Banking Service Division

        Phone: 81-3-6752-1147

        Email: afadmin@aozorabank.co.jp

         

        Credit Contact:

        Aozora Bank, Ltd

        6-1-1, Kojmachi, Chiyoda-ku

        Tokyo, Japan 102-8660

        Phone: 81-3-6752-1147

        Fax: 81-3-6752-1422

        Email: afadmin@aozorbank.co.jp

         icad@aozorabank.co.jp

         

        Payment Instructions:

        Bank Name:  

        ABA #: 

        Acct. Name: 

        Acct. #: 

        FFC:

        Reference: 

         
	$20,000,000.00	N/A

 

    	 	Sch. 3-1	 

     

    

 

SCHEDULE 4

 

Collateral Agent Wiring Instructions

 

Deutsche Bank Trust Company Americas, as Collateral Agent

 

FED WIRING INSTRUCTIONS (CASH)

 

Deutsche Bank Trust Company Americas

ABA: 

SWIFT: 

Account Number: 

Account Name: 

Ref:

 

    	 	Sch. 4-1Exhibit

   Exhibit 10.44

Supplemental Agreement
(Contract No.: Jin Chu Yin Yu Zu Bao Zi (2018) No. 004 BC)

This Supplemental Agreement (hereinafter referred to as the “Supplemental Agreement”) is entered into by and among the following parties on June 28, 2020.  

Applicant: Chongqing Yinhai Financial Leasing Co., Ltd. (hereinafter referred to as the “Applicant”)
Legal Representative: Pang Xianwei
Registered Office: No. 62, Xingguang Avenue, Beibu New Area, Chongqing
Postal Code: 401121

Opening Bank of Basic Account: Chongqing High-tech Development Park Sub-Branch of Agricultural Bank of China

Factor: The Export-Import Bank of China (hereinafter referred to as the “Factor”)
Legal Representative: Hu Xiaolian
Registered Office: No. 30, Fuxingmennei Street, Xicheng District, Beijing
Postal Code: 100031

ýGuarantor [/] (hereinafter referred to as the “Guarantor”)
Legal Representative:   /  
Registered Office:   /  
Postal Code:   /  
Telephone:   /  
Fax:   /  

þMortgagor: Chongqing Yinhai Financial Leasing Co., Ltd. (hereinafter referred to as the “Mortgagor”)
Legal Representative: Pang Xianwei
Registered Office: No. 62, Xingguang Avenue, Beibu New Area, Chongqing
Postal Code: 401121

þPledgor: Chongqing Yinhai Financial Leasing Co., Ltd. (hereinafter referred to as the “Pledgor”)
Legal Representative: Pang Xianwei
Registered Office: No. 62, Xingguang Avenue, Beibu New Area, Chongqing
Postal Code: 401121

þMortgagor: Chongqing Alpha and Omega Semiconductor Technology Co., Ltd. (hereinafter referred to as “Mortgagor 2”)
Legal Representative: MIKE FUSHING CHANG
Registered Office: No. 288, Yuefu Avenue, Beibei District, Chongqing
Postal Code: 400700
Telephone: 023-66468000
Fax:   /  

Whereas,
(1) The Applicant and the Factor signed the Rent Factoring Contract Jin Chu Yin Yu Zu Bao Zi (2018) No. 004 on May 14, 2018 (hereinafter referred to as the “Rent Factoring Contract”), under which the Factor agreed to provide the service of rent factoring to the Applicant as per the terms and conditions stipulated in the Rent Factoring Contract.

ý(2) The Factor and the Guarantor signed the Guarantee Contract (hereinafter referred to as the “Guarantee Contract”), under which the Guarantor agreed to provide joint-and-several-liability guarantee for repayment of the debts under the Rent Factoring Contract.

þ(3) The Factor and the Mortgagor signed the Machine and Equipment Mortgage Contract Jin Chu Yin Yu Zu Bao Zi (2018) No. 004 DY01 on May 14, 2018 (hereinafter referred to as the “Mortgage Contract”), under which the Mortgagor agreed to provide mortgage in favor of the Factor for repayment of the debts under the Rent Factoring Contract.

þ(4) The Factor and the Pledgor signed the Cash Collateral Pledge Contract Jin Chu Yin Yu Zu Bao Zi 2018 No. 004 ZY01 on May 14, 2018 (hereinafter referred to as the “Pledge Contract”), under which the Pledgor agreed to provide pledge in favor of the Factor for repayment of the debts under the Rent Factoring Contract.

þ(5) The Factor and the Mortgagor 2 signed the Real Estate Mortgage Contract Jin Chu Yin Yu Zu Bao Zi (2018) No. 004 DY03 on April 10, 2019 (hereinafter referred to as the “Real Estate Mortgage Contract”), under which the Mortgagor 2 agreed to provide mortgage in favor of the Factor for repayment of the debts under the Rent Factoring Contract.

ý(6)   /  

(7) As required by the People’s Bank of China, in order to convert the pricing benchmark of rent factoring business of floating interest rates in stock to loan prime rate (LPR), the Factor and the Applicant intend to amend the provisions of the Rent Factoring Contract on interest rates.

The Factor, the Applicant, ý the Guarantor, þ the Mortgagor, þ the Pledgor, and þ the Mortgagor 2 are hereinafter collectively referred to as the “Parties”, and individually as a “Party”.

The Parties, through consultation, hereby agree to enter into the following Supplemental Agreement as the supplement and amendment to the Rent Factoring Contract, ý the Guarantee Contract, þ the Mortgage Contract, þ the Pledge Contract and þ the Real Estate Contract:

Article 1 All definitions and terms in the Supplemental Agreement shall have the same meanings with those defined in the Rent Factoring Contract, ý the Guarantee Contract, þ the Mortgage Contract, þ the Pledge Contract and þ the Real Estate Mortgage Contract unless otherwise stipulated in the Supplemental Agreement.

Article 2 As of the signing date of the Agreement (hereinafter referred to as the “Interest Rate Conversion Day”), the Financing Rate in the Rent Factoring Contract shall be determined by the following provisions:

þ For financing by RMB rent factoring, the Financing Rate shall be determined by LPR at ý 1 year þ over 5 years þ plus ý minus 0.8125%. The Financing Rate shall be determined on a ý monthly þ quarterly ý semiannually ý annually basis. The Financing Rate floating day shall be calculated from þ Interest Rate Conversion Day ý value date. The value of the LPR shall be the LPR applicable to the working day before the Interest Rate Conversion Day, commencing on the same day of the next period. Once the floating rate is determined, it shall not be changed during the floating period. After expiry of the floating period, the rate for the next floating period shall be determined by the corresponding LPR.
ý For financing by RMB rent factoring, the fixed annual interest rate of     percent (   %) is applied, which equals to the LPR applicable in the working day before ý Interest Rate Conversion Day ý value date ý           for ý 1 year þ over 5 years ý plus ý minus    %. 

þ Article 3 To avoid any doubt, before the Interest Rate Conversion Day, the Financing Rate of the financing by RMB rent factoring shall still be determined by the previous interest rate in the Rent Factoring Contract before the amendment in the Supplemental Agreement and interests on the financing shall be calculated and collected from the Applicant.

Article 4 The Supplemental Agreement, as the amendment and supplement to the Rent Factoring Contract, is an integral part of the Rent Factoring Contract. Terms in the Supplemental Agreement shall not affect the force of other terms in the Rent Factoring Contract except those amended and supplemented in the Supplemental Agreement.

ý The Guarantor, þ the Mortgagor, þ the Pledgor, and þ the Mortgagor 2 hereby confirm that: (1) the guarantee scope, security scope, and debts secured under ý the Guarantee Contract, þ the Mortgage Contract, þ the Pledge Contract and þ the Real Estate Mortgage Contract include the debts of the Applicant under the Rent Factoring Contract as amended by the Supplemental Agreement; (2) the security measures created in ý the Guarantee Contract, þ the Mortgage Contract, þ the 

Pledge Contract and þ the Real Estate Mortgage Contract are all legal and effective; and (3) their obligations under ý the Guarantee Contract, þ the Mortgage Contract, þ the Pledge Contract and þ the Real Estate Mortgage Contract remain legally binding on them.

Article 5 After the Supplemental Agreement takes effect, no Party shall unilaterally modify, suspend or terminate the same. Any modification or supplement to the Supplemental Agreement shall be made through consultation among the Parties in the form of written supplemental agreements, and shall only be valid with signature of the legal representatives or authorized signatories and the official seal of the Parties.

Article 6 The Supplemental Agreement is governed by the same law and applies the same dispute resolution method as the Rent Factoring Contract.

Article 7 The Parties all confirm that signing and performance of the Supplemental Agreement are the true expression of their intentions, and they have lawfully completed all internal procedures and obtained all company authorizations necessary for signing of the Supplemental Agreement.

Article 8 The Supplemental Agreement comes into effect when it is signed by the legal representatives or authorized signatories of the Parties and sealed with their official seals. The original of the Supplemental Agreement is made in triplicate with each Party holding one copy.

(Remainder of Page Intentionally Left Blank)

Signature Page

Applicant (Seal): Chongqing Yinhai Financial Leasing Co., Ltd.
Legal Representative (or Authorized Signatory) (Signature): /s/Pang Xianwei

Factor (Seal): The Export-Import Bank of China
Legal Representative (or Authorized Signatory) (Signature): /s/Yang Dongzhi

ýGuarantor (Seal):                        
Legal Representative (or Authorized Signatory) (Signature):                        

oMortgagor (Seal): Chongqing Yinhai Financial Leasing Co., Ltd.
Legal Representative (or Authorized Signatory) (Signature): /s/Pang Xianwei

oPledgor (Seal): Chongqing Yinhai Financial Leasing Co., Ltd.
Legal Representative (or Authorized Signatory) (Signature): /s/Pang Xianwei

oMortgagor 2 (Seal): Chongqing Alpha and Omega Semiconductor Technology Co., Ltd.
Legal Representative (or Authorized Signatory) (Signature): /s/Mike FuShing Chang

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