Document:

Exhibit 10.5

 

LMAC, Inc.

12300 Liberty Boulevard

Englewood, CO 80112

 

	LMAS LLC	November 6, 2020

12300 Liberty Boulevard

Englewood, CO 80112

 

RE:       Securities
Subscription Agreement

 

Ladies and Gentlemen:

LMAC, Inc., a Delaware corporation (the “Company”),
is pleased to accept the offer LMAS LLC, a Delaware limited liability company (the “Subscriber” or “you”),
has made to purchase 17,250,000 shares of the Company’s Series F common stock (the “Founder Shares”),
$0.0001 par value per share (the “Series F Common Stock”), up to 2,250,000 of which are subject to complete
or partial forfeiture by you if the underwriters of the Company’s initial public offering (“IPO”), if
any, do not fully exercise their over-allotment option (the “Over-allotment Option”). For the purposes of this
agreement (this “Agreement”), references to “Common Stock” are to, collectively, the Series
F Common Stock, the Company’s Series A common stock, $0.0001 par value per share (the “Series A Common Stock”),
the Company’s Series B common stock, $0.0001 par value per share (the “Series B Common Stock”), and the
Company’s Series C common stock, $0.0001 par value per share (the “Series C Common Stock”). Pursuant to
the Company’s certificate of incorporation, as amended to the date hereof (the “Charter”), (i) shares
of Series F Common Stock may convert into shares of Series B Common Stock on a one-for-one basis, subject to adjustment, upon the
terms and conditions set forth in the Charter and (ii) shares of Series B Common Stock may convert into shares of Series A
Common Stock on a one-for-one basis, upon the terms and conditions set forth in the Charter. Unless the context otherwise requires,
as used herein “Securities” shall refer to the Founder Shares and shall
be deemed to include any shares of Series B Common Stock issued upon conversion of the Founder Shares and any shares of Series
A Common Stock issued upon conversion of such shares of Series B Common Stock. The terms on which the Company is willing to sell
the Founder Shares to the Subscriber, and the Company and the Subscriber’s agreements regarding such Founder Shares, are
as follows:

 

1.            
Purchase of Founder Shares.

 

For the sum of $25,000 (the
 “Purchase Price”), which the Company acknowledges receiving in cash for offering costs, the Company hereby
sells and issues the Founder Shares to the Subscriber, and the Subscriber hereby purchases the Founder Shares from the
Company, subject to forfeiture, on the terms and subject to the conditions set forth in this Agreement. Concurrently with the
Subscriber’s execution of this Agreement, the Company shall effect delivery of the shares registered in the
Subscriber’s name in book-entry form.

 

     

     

    

 

2.             
Representations, Warranties and Agreements.

 

2.1          
Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Securities to the
Subscriber, the Subscriber hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1       
No Government Recommendation or Approval. The Subscriber understands that no federal or state agency has passed upon
or made any recommendation or endorsement of the offering of the Securities.

 

2.1.2       
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of
the transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the formation and governing
documents of the Subscriber, (ii) any agreement, indenture or instrument to which the Subscriber is a party, (iii) any law, statute,
rule or regulation to which the Subscriber is subject or (iv) any agreement, order, judgment or decree to which the Subscriber
is subject.

 

2.1.3       
Organization and Authority. The Subscriber is a Delaware limited liability company, validly existing and in good
standing under the laws of the State of Delaware and possesses all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement. Upon execution and delivery by you, this Agreement is a legal, valid and binding agreement of the
Subscriber, enforceable against the Subscriber in accordance with its terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights generally and
subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity).

 

2.1.4       
Experience, Financial Capability and Suitability. The Subscriber is: (i) sophisticated in financial matters and is
able to evaluate the risks and benefits of the investment in the Securities and (ii) able to bear the economic risk of its investment
in the Securities for an indefinite period of time because the Securities have not been registered under the Securities Act (as
defined below) and therefore cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration
is available. The Subscriber is capable of evaluating the merits and risks of its investment in the Company and has the capacity
to protect its own interests. The Subscriber must bear the economic risk of this investment until the Securities are sold pursuant
to: (i) an effective registration statement under the Securities Act or (ii) an exemption from registration available with respect
to such sale.

 

2.1.5        Access
to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the
opportunity to ask questions of and receive answers from representatives of the Company concerning an investment in the
Company, as well as the finances, operations, business and prospects of the Company, and the opportunity to obtain additional
information to verify the accuracy of all information so obtained. In determining whether to make this investment, the
Subscriber has relied solely on the Subscriber’s own knowledge and understanding of the Company and its business based
upon the Subscriber’s own due diligence investigation and the information furnished pursuant to this paragraph. The
Subscriber understands that no person has been authorized to give any information or to make any representations which were
not furnished pursuant to this Section 2 and the Subscriber has not relied on any other representations or information in
making its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

 

    2

     

    

 

2.1.6       
 Private Placement. The Subscriber represents that it is an “accredited investor”
as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”),
and acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption applicable to “accredited
investors” within the meaning of Section 501(a) of Regulation D under the Securities Act or similar exemptions under state
law.

 

2.1.7       
Investment Purposes. The Subscriber is purchasing the Securities solely for investment purposes, for the Subscriber’s
own account and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination
thereof that would result in a violation of the Securities Act. The Subscriber did not decide to enter into this Agreement as a
result of any general solicitation or general advertising within the meaning of Rule 502 of Regulation D under the Securities Act.

 

2.1.8       
Restrictions on Transfer; Shell Company. The Subscriber understands the Securities are being offered in a transaction
not involving a public offering within the meaning of the Securities Act. The Subscriber understands the Securities will be “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act and the Subscriber understands that the book-entries
representing the Securities will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer,
resell, pledge or otherwise transfer the Securities, such Securities may be offered, resold, pledged or otherwise transferred only
pursuant to: (i) registration under the Securities Act, or (ii) an available exemption from registration. The Subscriber agrees
that if any transfer of its Securities or any interest therein is proposed to be made, as a condition precedent to any such transfer,
the Subscriber may, at the Company’s Option, be required to deliver to the Company an opinion of counsel satisfactory to
the Company. Absent registration or an exemption, the Subscriber agrees not to resell the Securities; provided any such sale would
be subject to the Lock-Up (as defined in Section 5.2 of this Agreement). The Subscriber further acknowledges that because the Company
is a shell company, Rule 144 may not be available to the Subscriber for the resale of the Founder Shares until at least one year
following consummation of the initial business combination of the Company (which may not occur), despite technical compliance with
the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions.

 

2.1.9       
No Governmental Consents. No governmental, administrative or other third party consents or approvals are required,
necessary or appropriate on the part of the Subscriber in connection with the transactions contemplated by this Agreement.

 

    3

     

    

 

2.2          
Company’s Representations, Warranties and Agreements. To induce the Subscriber to purchase the Securities,
the Company hereby represents and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1       
Organization and Corporate Power. The Company is a Delaware corporation and is qualified to do business in every
jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial
condition, operating results or assets of the Company. The Company possesses all requisite corporate power and authority necessary
to carry out the transactions contemplated by this Agreement.

 

2.2.2       
 No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the
transactions contemplated hereby do not violate, conflict with or constitute a default under (i) the Charter or bylaws of the Company,
(ii) any agreement, indenture or instrument to which the Company is a party, (iii) any law, statute, rule or regulation to
which the Company is subject or (iv) any agreement, order, judgment or decree to which the Company is subject.

 

2.2.3       
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Securities
will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms
hereof, the Subscriber will have or receive good title to the Securities, free and clear of all liens, claims and encumbrances
of any kind, other than (a) transfer restrictions hereunder and under the other agreements to which the Securities may be subject,
(b) transfer restrictions under federal and state securities laws, and (c) liens, claims or encumbrances imposed due to the actions
of the Subscriber.

 

2.2.4       
No Adverse Actions. There are no actions, suits, investigations or proceedings pending, threatened against or affecting
the Company which: (i) seek to restrain, enjoin, prevent the consummation of or otherwise affect the transactions contemplated
by this Agreement or (ii) question the validity or legality of any transactions or seeks to recover damages or to obtain other
relief in connection with any transactions.

 

2.2.5       
Authorization. The shares of Series B Common Stock issuable upon conversion of the Founder Shares have been duly
authorized and reserved for issuance upon such conversion, and the shares of Series A Common Stock issuable upon conversion of
such shares of Series B Common Stock have been duly authorized and reserved for issuance upon such conversion.

 

3.             
Forfeiture of Founder Shares.

 

3.1           Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriters of the
IPO is not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of
Founder Shares) shall automatically forfeit at the time such Over-allotment Option expires (or earlier if the underwriters of
the IPO waive their ability to exercise such Over-allotment Option) any and all rights to such number of Founder Shares (up
to an aggregate of 2,250,000 Founder Shares and pro rata based upon the percentage of the Over-allotment Option exercised)
such that immediately following such forfeiture, the aggregate number of shares of Series F Common Stock will equal 20% of
the issued and outstanding Common Stock immediately following the IPO.

 

    4

     

    

 

3.2          
Termination of Rights as Stockholder. If any of the Founder Shares are forfeited in accordance with this Section
3, then after such time the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited
Founder Shares, and the Company shall take such action as is appropriate to cancel such forfeited Founder Shares.

 

3.3          
Book-Entry Adjustments. In the event an adjustment to any uncertificated securities held by the Subscriber is required
pursuant to this Section 3, it shall be made in book-entry form.

 

4.             
Waiver of Liquidation Distributions; Redemption Rights. In connection with the Founder Shares purchased pursuant
to this Agreement, the Subscriber hereby waives any and all right, title, interest or claim of any kind in or to any distributions
by the Company from the trust account which will be established for the benefit of the Company’s public stockholders and
into which substantially all of the proceeds of the IPO will be deposited (the “Trust Account”), in the event
of a liquidation of the Company upon the Company’s failure to timely complete an initial business combination. For purposes
of clarity, in the event the Subscriber purchases securities in the IPO or in the aftermarket, any shares of Series A Common Stock
so purchased shall be eligible to receive any liquidating distributions by the Company. However, in no event will the Subscriber
have the right to redeem any shares of Common Stock held by it into funds held in the Trust Account upon the successful completion
of an initial business combination.

 

5.            
Restrictions on Transfer.

 

5.1          
Securities Law Restrictions. In addition to any restrictions to be contained in that certain letter agreement (commonly
known as an “Insider Letter”) dated on or prior to the closing of the IPO by and among the Subscriber, the Company
and the other parties thereto, the Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or
any part of the Securities unless, prior thereto (a) a registration statement on the appropriate form under the Securities Act
and applicable state securities laws with respect to the Securities proposed to be transferred shall then be effective or (b) the
Company has received, if requested by the Company, an opinion from counsel reasonably satisfactory to the Company, that such registration
is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the
Securities and Exchange Commission thereunder and with all applicable state securities laws.

 

5.2           Lock-up.
The Subscriber acknowledges that the Securities will be subject to lock-up provisions (the “Lock-up”)
contained in the Insider Letter. Pursuant to the Insider Letter, the Subscriber will agree (subject to certain customary
exceptions) not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Securities until the
earlier to occur of: (a) one year after the completion of the Company’s initial business combination (b), if the last
sale price of the Series A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least
150 days after the Company’s initial business combination and (c) the date on which the Company consummates a
liquidation, merger, capital stock exchange, reorganization or other similar transaction after the Company’s initial
business combination that results in all of the Company’s stockholders having the right to exchange their shares of
Common Stock for cash, securities or other property.

 

    5

     

    

 

5.3           
Restrictive Legends. The book entries representing the Securities shall have legend notations substantially as follows:

 

“THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES
NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL
(IF THE COMPANY SO REQUESTS), IS AVAILABLE.” 

 

“THE SECURITIES REPRESENTED HEREBY
ARE SUBJECT TO A LOCKUP AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED DURING THE TERM OF THE LOCKUP.”

 

5.4          
Additional Shares or Substituted Securities. In the event of the declaration of a share dividend, the declaration
of an extraordinary dividend payable in a form other than Common Stock, a spin-off, a share split, an adjustment in conversion
ratio, a recapitalization or a similar transaction affecting the Company’s outstanding Common Stock without receipt of consideration,
any new, substituted or additional securities or other property which are by reason of such transaction distributed with respect
to any Securities subject to this Section 5 or into which such Securities thereby become convertible shall immediately be subject
to this Section 5 and Section 3. Appropriate adjustments to reflect the distribution of such securities or property shall be made
to the number and/or class of Securities subject to this Section 5 and Section 3.

 

5.5          
Registration Rights. The Subscriber acknowledges that the Founder Shares are being purchased pursuant to an exemption
from the registration requirements of the Securities Act and will become freely tradable only after certain conditions are met
or they are registered pursuant to a registration rights agreement to be entered into with the Company prior to the closing of
the IPO (the “Registration Rights Agreement”).

 

6.             
Other Agreements.

 

6.1          
Further Assurances. The Subscriber agrees to execute such further instruments and to take such further action as
may reasonably be necessary to carry out the intent of this Agreement.

 

6.2          
Notices. All notices, requests, claims, demands and other communications under this Agreement shall be in writing
and shall be deemed given (a) on the date of delivery if delivered personally or sent via e-mail or (b) on the first (1st) business
day following the date of dispatch if sent by a nationally recognized overnight courier (providing proof of delivery).

 

    6

     

    

 

6.3          
Entire Agreement. This Agreement, together with that certain Insider Letter to be entered into between the Subscriber
and the Company and the Registration Rights Agreement, each substantially in the form to be filed as an exhibit to the Registration
Statement, embodies the entire agreement and understanding between the Subscriber and the Company with respect to the subject
matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No
statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect,
or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

6.4          
Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written
agreement executed by all parties hereto.

 

6.5          
Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom
granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or
consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement,
whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which
it was given, and shall not constitute a continuing waiver or consent.

 

6.6          
Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto without the
prior written consent of the other party.

 

6.7          
Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding
on the parties hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing
in this Agreement shall be construed to create any rights or obligations except among the parties hereto, and no person or entity
shall be regarded as a third-party beneficiary of this Agreement.

 

6.8          
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance
with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state.

 

6.9          
Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion
thereof, contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed
limited to the extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect.
In the event that such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions
of this Agreement shall nevertheless remain in full force and effect.

 

6.10         No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy
under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power
or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto,
nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any
other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy
by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to
or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to
any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party
giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

    7

     

    

 

6.11         
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this
Agreement or in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution
and delivery hereof and any investigations made by or on behalf of the parties.

 

6.12         
No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other
financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such
a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from
any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming
to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such
claim.

 

6.13         
Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience
of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.14         
Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall
be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered
to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page
were an original thereof.

 

6.15          Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question
of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no
presumption or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision
of this Agreement. The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to
include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the
context otherwise requires. The words “this Agreement,” “herein,” “hereof,”
 “hereby,” “hereunder,” and words of similar import refer to this Agreement as a whole and not to any
particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and
covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty,
or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating
to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will
not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or
covenant.

 

    8

     

    

 

6.16         
Mutual Drafting. This Agreement is the joint product of the Subscriber and the Company and each provision hereof
has been subject to the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against
any party hereto.

 

7.            
Voting and Tender of Shares. The Subscriber agrees to vote the Founder Shares in favor of an initial business combination
that the Company negotiates and submits for approval to the Company’s stockholders and shall not seek redemption with respect
to any of the Founder Shares in connection with an initial business combination or any amendment to the Charter, as amended, prior
to an initial business combination. Additionally, the Subscriber agrees not to tender any Founder Shares in connection with a tender
offer presented to the Company’s stockholders in connection with an initial business combination negotiated by the Company.

 

8.             
Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s
fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in
this Agreement.

 

[Signature Page Follows]

 

    9

     

    

 

If the foregoing accurately sets forth our
understanding and agreement, please sign the enclosed copy of this Agreement and return it to us.

 

	 	Very truly yours,
	 	 
	 	LMAC, Inc.
	 	 
	 	By:   	/s/ Renee L. Wilm
	 	 	Name:   	Renee L. Wilm
	 	 	Title:	Chief Legal Officer

 

	LMAS LLC	 
	 	 
	By:   	/s/ Craig Troyer	 
	 	Name:   	Craig Troyer	 
	 	Title:	Senior Vice President and Assistant Secretary	 

 

[Signature Page for the Securities Subscription Agreement]Exhibit 10.1

 

Fourth Amended and Restated Confirmation
in respect of Repurchase Transaction

 

(Class A-1 Notes)

 

December 17, 2020

 

		To:	Murray Hill Funding, LLC

c/o CION Investment Corporation

Three Park Avenue, 36th Floor

New York, NY 10016

Attention: Keith Franz

 

		From:	UBS AG, London Branch

 

Dear Sirs,

 

The purpose of this Fourth Amended and
Restated Confirmation in respect of Repurchase Transaction (this “Confirmation”) is to set forth the terms and
conditions of the above-referenced repurchase transaction between Murray Hill Funding, LLC (“Counterparty” or
 “Seller”, as the context requires) and UBS AG, London Branch (“UBS” or “Buyer”,
as the context requires, and “Party” shall mean either Seller or Buyer), on the Trade Date specified below (the
 “Transaction”). This Confirmation evidences the Transaction (replacing the form of Confirmation required by
Annex II to the Agreement which shall not apply to the Transaction) and forms a binding agreement between Seller and Buyer as to
the terms of the Transaction.

 

This Confirmation supplements, forms part
of, and is subject to the TBMA/ISMA Global Master Repurchase Agreement (2000 version), dated as of May 15, 2017, between Seller
and Buyer, together with the Annex(es) thereto (as supplemented, amended or otherwise modified from time to time, the “Agreement”).

 

This Confirmation amends and restates in
its entirety, as of the Fourth Amendment Effective Date, the Third Amended and Restated Confirmation, dated November 12, 2020
(the “Prior Confirmation”), between UBS and Counterparty. From and after the Fourth Amendment Effective Date,
the Prior Confirmation shall be superseded by this Confirmation in its entirety and shall be of no further force or effect.

 

Buyer and Seller agree that this Confirmation
shall not be a “Protocol Covered Document” for purposes of the ISDA 2020 IBOR Fallbacks Protocol (the “Protocol”)
and any amendments otherwise made to agreements between Buyer and Seller as a result of their adherence to the Protocol shall not
be made to this Confirmation.

 

All provisions contained or incorporated
by reference in the Agreement shall govern this Confirmation except as expressly modified below. In the event of any inconsistency
between the provisions of the Agreement and this Confirmation, this Confirmation will prevail. In this Confirmation, defined words
and expressions shall have the same meaning as in the Agreement unless otherwise defined in this Confirmation, in which case terms
used in this Confirmation shall take precedence over terms used in the Agreement.

 

     

     

    

 

		1	General Terms

 

	Seller:	Murray Hill Funding, LLC.
	 	 
	Buyer:	UBS AG, London Branch.
	 	 
	Calculation Agent:	
        UBS AG, London Branch.

         

        The Calculation Agent shall perform all
        determinations and calculations hereunder in good faith and in a commercially reasonable manner. For the purpose of making any
        determination or calculation hereunder, the Calculation Agent may rely on any information or notice delivered by a third party.

	 	 
	Trade Date:	May 19, 2017.
	 	 
	First Amendment Effective Date:	December 1, 2017.
	 	 
	Second Amendment Effective Date:	May 19, 2020.
	 	 
	Third Amendment Effective Date	November 12, 2020
	 	 
	Fourth Amendment Effective Date	December 17, 2020
	 	 
	Purchase Date:	
        May 19, 2017 (the “First
        Purchase Date”);

         

        June 19, 2017 (the “Second
        Purchase Date”);

         

        December 15, 2017 (the “Third
        Purchase Date”); and

         

        March 15, 2018 (the “Fourth
        Purchase Date”).

	 	 
	Repurchase Date:	November 19, 2023, subject to adjustment in accordance with the Business Day Convention, as such date may be accelerated as provided herein and in the Agreement.
	 	 
	Purchased Securities:	
        Prior to the Second Amendment Effective
        Date, Seller transferred to Buyer Class A-1 Notes having a principal amount of USD 266,666,666 in exchange for the Purchase
        Price.

         

        Prior to the Fourth Amendment
Effective Date, Class A-1 Notes having a principal amount of USD 133,333,333 were redeemed by the Issuer and the Purchased
Securities were decreased by such amount.

        

 

    -2-

     

    

 

	 	On the Fourth Amendment Effective Date,
        Class A-1 Notes having a principal amount of USD 33,333,333 were redeemed by the Issuer and the Purchased Securities were
        decreased by such amount.
	 	 
	Purchase Price:	
        Prior to the Second Amendment Effective
        Date, USD 200,000,000. On the Second Amendment Effective Date, the Purchase Price was reduced by USD 100,000,000 such that, immediately
        after giving effect to such reduction, the Purchase Price shall be USD 100,000,000 (such amount being the “Maximum UBS
        Term Funded Amount” as such term is used in the Indenture).

         

        The Purchase Price, and accordingly the
        Maximum UBS Term Funded Amount, may at any time thereafter be reduced pursuant to the operation of the “Purchase Price Reduction”
        provisions herein.

	 	 
	Repurchase Price:	
        With respect to each Purchased Security,
        the Purchase Price for such Purchased Security as of the relevant Repurchase Date, as such amount may from time to time be reduced
        by a Voluntary Partial Prepayment pursuant to the operation of the “Purchase Price Reduction” provisions herein; in
        which case, for the avoidance of doubt, the Purchase Price will be reduced by the Prepayment Amount in respect of such Voluntary
        Partial Prepayment.

         

        For the avoidance of doubt, there shall
        be no Price Differential incorporated into the Repurchase Price and all references to Price Differential and Pricing Rate are hereby
        deleted from the Agreement. In lieu of Price Differential, Seller shall be obligated to pay the Transaction Fee Amounts to Buyer
        as set forth herein. For the avoidance of doubt, paragraphs 2(ii), 2(jj) and 2(pp) of the Agreement shall not apply to the Transaction.

	 	 
	Initial Fee:	On the Initial Fee Payment Date specified below, Seller shall pay to Buyer the Initial Fee Amount specified below. The Initial Fee shall be fully earned when paid and there shall be no rebate thereof, notwithstanding the failure to occur of any Purchase Date or the occurrence of any early Repurchase Date.
	 	 
	Initial Fee Payment Date:	The Trade Date.
	 	 
	Initial Fee Amount:	USD 1,250,000.

 

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	First Amendment Fee:	On the First Amendment Fee Payment Date specified below, Seller shall pay to Buyer the First Amendment Fee Amount specified below. The First Amendment Fee shall be fully earned when paid and there shall be no rebate thereof, notwithstanding the failure to occur of any Purchase Date or the occurrence of any early Repurchase Date.
	 	 
	First Amendment Fee Payment Date:	The First Amendment Effective Date.
	 	 
	First Amendment Fee Amount:	USD 750,000.
	 	 
	Termination of Transaction:	Subject to paragraphs 10 and 11 of the Agreement and Buyer’s rights with respect to a Regulatory Event and as otherwise set forth in this Confirmation, unless the parties otherwise agree, the Transaction shall not be terminable on demand by either Party.
	 	 
	Purchase Price Reduction:	
        (a)          At
        any time after the Second Amendment Effective Date, Seller may elect to prepay all or a portion of the Repurchase Price of the
        Purchased Securities upon at least five Business Days’ prior written notice to Buyer, any prepayment under this clause (a),
        a “Voluntary Prepayment,” any prepayment of all of the then-outstanding Repurchase Price under this clause (a),
        a “Voluntary Full Prepayment” and any prepayment of a portion of the then-outstanding Repurchase Price under
        this clause (a), a “Voluntary Partial Prepayment”); provided that:

         

        (i)     a
        Voluntary Partial Prepayment may only be elected if a portion of the Purchased   Securities have been redeemed by the Issuer for
        cash in the form of USD on or prior   to the related Prepayment Date (as defined below) and the portion of the Purchased   Securities
        to be repurchased shall be those which have been redeemed and in an   amount not in excess of the Current Redeemed Amount;

         

        (ii)    no
prepayment election may be made by Seller unless, immediately after giving    effect to the relevant Voluntary Prepayment, (A) no
Borrowing Base Deficiency    will occur or be continuing and (B) all of the Asset Eligibility Criteria, Borrowing    Base Asset
Criteria and Borrowing Base Portfolio Criteria will be satisfied; and

        

 

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	 	(iii)   unless
        Buyer consents in writing, no prepayment election may be made by Seller    unless Seller has elected to prepay on the related Prepayment
        Date a pro rata    portion of the repurchase price of the Class A-R Notes specified in Class A-R UBS    Repo Confirmation.
	 	 
	 	(b)          If a Mandatory Prepayment Event has occurred and is continuing with respect to the Purchased Securities, Buyer may upon at least three Business Days’ prior written notice to Seller require Seller to prepay the entire Repurchase Price of the Purchased Securities (such prepayment, a “Mandatory Prepayment”).
	 	 
	 	Each written notice delivered by Seller under clause (a) above or by Buyer under clause (b) above shall designate the date on which such prepayment is to be effective (each a “Prepayment Date”). For purposes of any Prepayment Date relating to a Voluntary Partial Prepayment, the “Prepayment Amount” shall be an amount equal to the product of (x) the Advance Percentage applicable to Cash (as specified in the Indenture) and (y) the Current Redeemed Amount, and in the case of a Voluntary Full Prepayment, the “Prepayment Amount” shall be an amount equal to the Repurchase Price.
	 	 
	 	Subject to the “Failure to Deliver Equivalent Securities” provisions below and the timing specified therein, on each Prepayment Date:
	 	 
	 	(A)         Buyer shall transfer to Seller or its agent Equivalent Securities, which, in the case of a Voluntary Partial Prepayment or a Voluntary Full Prepayment occurring after redemption in full of the Notes, shall be in the form of USD cash in an amount equal to the Current Redeemed Amount;
	 	 
	 	(B)         Seller shall pay the related Prepayment Amount to Buyer;
	 	 
	 	(C)         Seller shall pay the related Breakage Amount (if any) to Buyer; and

 

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	 	(D)         with respect to a Voluntary Partial Prepayment, for each Purchased Security that is the subject of such prepayment, the Repurchase Price for such Purchased Security immediately after giving effect to such prepayment shall be equal to (x) the Repurchase Price thereof immediately prior to such prepayment minus (y) the related Prepayment Amount for such Purchased Security.
	 	 
	 	For purposes of the foregoing, amounts payable by Buyer and Seller under (A), (B) and (C) above shall be netted.
	 	 
	Current Redeemed Amount:	With respect to any Prepayment Date relating to a Voluntary Partial Prepayment or a Voluntary Full Prepayment occurring after redemption in full of the Notes, an amount in USD determined by the Calculation Agent equal to the aggregate amount actually received by the holder of the Purchased Securities from the Issuer as a principal redemption payment in respect of the Purchased Securities on or prior to such Prepayment Date that has not previously been delivered by Buyer to Seller as Equivalent Securities.
	 	 
	Mandatory Prepayment Event:	It shall constitute a Mandatory Prepayment Event with respect to Seller if (after giving effect to all applicable notice requirements and grace periods) an Indenture Event of Default occurs.
	 	 
	Accelerated Termination Event:	
        Buyer may, at any time following the occurrence
        of a Regulatory Event, terminate the Transaction under this Confirmation by notifying Seller of an early Repurchase Date for the
        Transaction, which Repurchase Date shall not be earlier (unless so agreed by Buyer and Seller) than 10 calendar days after the
        date of such notice (or such lesser period as may be necessary for Buyer to comply with its obligations under applicable laws and
        regulations arising as a result of such Regulatory Event).

         

        Upon knowledge of any Regulatory Event
        that may occur, Buyer and Seller shall negotiate in good faith to enter into one or more financing transactions with substantially
        the same terms as the Transaction evidenced by this Confirmation.

	 	 
	Regulatory Event:	An event which shall occur if, at any time, (a) Buyer determines, in its good faith commercially reasonable discretion, that Buyer’s involvement in the transactions contemplated in this Confirmation and the Agreement violates any law, rule or regulation applicable to Buyer or (b) any applicable Governmental Authority informs Buyer that Buyer’s involvement in such transactions violates any law, rule or regulation applicable to Buyer.

 

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	Paragraph 6(h):	Paragraph 6(h) shall be amended by deleting the words “Subject to paragraph 10,” at the beginning thereof such that, for the avoidance of doubt, such paragraph applies with respect to all payment obligations arising out of the occurrence of an Accelerated Termination Event, a Voluntary Partial Prepayment, a Voluntary Full Prepayment or an early Repurchase Date (including, without limitation, payment obligations in respect of Income that have accrued on or prior to the relevant date).
	 	 
	Failure to Deliver Equivalent Securities:	In respect of this Transaction, this provision (Failure to Deliver Equivalent Securities) shall apply in relation to Buyer’s obligations with respect to the Class A-1 Notes in lieu of paragraph 10(h) of the Agreement and any reference in the Agreement to paragraph 10(h) in respect of Buyer’s obligations with respect to the Class A-1 Notes shall be deemed to be a reference to this provision (Failure to Deliver Equivalent Securities).
	 	 
	 	It is acknowledged by each of the Parties hereto that the Class A-1 Notes are unique assets, and that accordingly no asset other than the Purchased Securities will qualify as Equivalent Securities (other than in the case of a Voluntary Partial Prepayment or a Voluntary Full Prepayment occurring after redemption in full of the Notes, in which case Equivalent Securities shall be in the form of USD cash in an amount equal to the Current Redeemed Amount).
	 	 
	 	Notwithstanding anything to the contrary in paragraph 10 of the Agreement or otherwise in the Agreement or this Confirmation and without duplication of the Cure Period provisions below, if Buyer (the “Transferor”) fails to deliver to Seller (the “Transferee”) any Purchased Security (an “Unavailable Asset”) by the time (the “Due Date”) required under this Transaction or within such other period as may be agreed in writing by the Transferor and the Transferee (such failure, a “Transfer Failure”):
	 	 
	 	(a)          the Transferor, acting in good faith and a commercially reasonable manner, shall try for a period of 10 calendar days from the day following the Due Date in respect of the Unavailable Asset (the last day of such period, the “Transfer Cut-Off Date”) to obtain such Unavailable Asset (and, where the Transfer Failure is in respect of Buyer’s obligation to deliver the Purchased Securities on the scheduled Repurchase Date for this Transaction, this Transaction shall be deemed to continue until, and terminate upon, the Extended Termination Date);

 

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	 	(b)          if the Transferor obtains any Unavailable Asset on or prior to the Transfer Cut-Off Date, the Transferor shall promptly give notice to the Transferee of its ability to deliver such Unavailable Asset and shall transfer such Unavailable Asset to the Transferee on the third Business Day following the day on which the Transferor delivers such notice in settlement of the relevant Transfer Failure; and
	 	 
	 	(c)          if any Unavailable Asset is redeemed in full or in part by the Issuer prior to the Transfer Cut-Off Date, then either Party may give notice to the other Party of such redemption after becoming aware of the same, and the Transferor shall transfer a sum of money equivalent to the proceeds of such redemption to the Transferee no later than two Business Days following the day on which the Transferor delivers or receives such notice, in exchange for the payment by the Transferee of all or a ratable portion of any unpaid Repurchase Price (as applicable).
	 	 
	 	For the avoidance of doubt, in relation to this Transaction, the Parties’ other obligations under the Agreement shall continue, and if such Transfer Failure occurred in connection with the relevant Repurchase Date for this Transaction, the Transaction shall terminate on the day (the “Extended Termination Date”) which is, with respect to the last Unavailable Asset, the earliest to occur of:
	 	 
	 	(i)    the Business Day on which the Transferor transfers such last Unavailable Asset in  accordance with sub-paragraph (b) above; or
	 	 
	 	(ii)   the day on which the Transferor transfers proceeds of such redemption if such last   Unavailable Asset is redeemed in full in accordance with sub-paragraph (c) above.
	 	 
	 	If any such Transfer Failure continues to subsist after the Due Date for this Transaction, the Transaction Fee Amounts in respect of such Unavailable Assets shall cease to accrue on the Due Date for this Transaction and no further Transaction Fee Amounts shall be payable in respect of this Transaction, notwithstanding the continuance of the Parties’ obligations up to the Extended Termination Date under this provision.

 

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	Determination of Default Valuation Time:	
        Notwithstanding anything to the contrary
        contained in the Agreement, the “Default Valuation Time” means, in relation to an Event of Default, the close
        of business in the applicable market on the 40th dealing day after the day on which that Event of Default occurs or, where that
        Event of Default is the occurrence of an Act of Insolvency in respect of which under paragraph 10(a) no notice is required
        from the non-Defaulting Party in order for such event to constitute an Event of Default, the close of business on the 40th dealing
        day after the day on which the non-Defaulting Party first became aware of the occurrence of such Event of Default.

         

        For the avoidance of doubt, the amount
        payable pursuant to Paragraph 10(c) of the Agreement cannot be calculated until the Default Market Values of all of the Equivalent
        Securities and any Equivalent Margin Securities under each Transaction can be calculated. As such, the payment under paragraph
        10(c)(ii) will be delayed until the latest date on which the Default Market Value has been determined with respect to any
        such Equivalent Securities and any Equivalent Margin Securities.

         

        The parties acknowledge that (a) the
        Purchased Securities under this Transaction are expected to be illiquid and unique and that there may be no other commercially
        reasonable determinant of value with respect to such Purchased Securities other than the price at which willing buyers agree to
        purchase such Purchased Securities or the relevant Portfolio Assets, (b) if Buyer were forced to liquidate such Purchased
        Securities or the relevant Portfolio Assets on the date an Event of Default occurs (or shortly thereafter), such liquidation would
        likely result in a commercially unreasonable price, and (c) giving Buyer an extended period of time to liquidate such Purchased
        Securities or the relevant Portfolio Assets is more likely to produce a commercially reasonable result. For avoidance of doubt,
        Buyer may, at any time, use any commercially reasonable determinant of value (whether the price at which willing buyers agree to
        purchase such Purchased Securities or the relevant Portfolio Assets or otherwise).

 

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	Income:	Means any interest or dividend payment or any other payment or distribution (other than any principal payment or repayment, which, for the avoidance of doubt, includes any redemption payment)  paid with respect to any Purchased Securities and not otherwise received by Seller.  Buyer shall transfer to Seller an amount equal to (and in the same currency as) the amount of all Income paid or distributed on or in respect of the Purchased Securities within one Business Day after the date on which such Income is paid or distributed to holders of the Purchased Securities, and paragraph 5(i) of the Agreement shall be amended accordingly. For avoidance of doubt, (a) references to the amount of any Income paid shall be to an amount paid net of any withholding or deduction for or on account of taxes or duties and (b) Buyer shall not (except in connection with a termination of this Transaction resulting from an Event of Default) net or set-off against or otherwise apply the Income payment or payments to reduce the amount, if any, to be transferred to Buyer by Seller upon termination of this Transaction.
	 	 
	Clawback:	If (a) any distribution (whether as an Income payment or otherwise) on a Purchased Security, an Equivalent Security or, if the Equivalent Security is cash, such cash, is received by Buyer and subsequently paid by Buyer to Seller hereunder, and (b) Buyer is subsequently required to transfer all or a portion of such payment to the issuer of such Security (or trustee, paying agent or similar party) (the amount transferred, the “Clawback Amount”), then promptly after receiving notice of such Clawback Amount from Buyer, Seller shall transfer an amount equal to the Clawback Amount to Buyer. Buyer agrees to pay over to Seller within one Business Day after receipt any amounts subsequently recovered (but only to the extent such amounts are actually received by Buyer and Buyer is not otherwise obligated to pay such amounts to Seller pursuant to any other provision hereunder such that payment would result in duplicative payments by Buyer or any other party), and to make reasonable efforts to claim and collect such recoveries.  No interest shall be payable by Buyer or Seller in relation to Clawback Amounts or amounts recovered in respect thereof for the period prior to such amounts becoming payable under this provision. This provision shall survive the termination of the Transaction.
	 	 
	Cure Period:	Notwithstanding paragraph 10(a) of the Agreement as amended by any Annex, the failure of a Party (“X”) to make any payment or delivery referred to in such paragraph (other than a payment or delivery referred to in paragraph 10(a)(iv) of the Agreement) in respect of the Transaction will not give rise to the right of the other Party to deliver a Default Notice to X unless such failure is not remedied on or before the third Business Day after notice of such failure is given to X.

 

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	Events of Default:	In addition to the Events of Default set forth in the Agreement, if any of the following events occurs, it shall constitute an Event of Default with respect to the relevant Party specified below which shall be the Defaulting Party:
	 	 
	 	(a)           with respect to Seller, if Seller fails to pay (i) the Initial Fee Amount due on the Initial Fee Payment Date or (ii) the First Amendment Fee due on the First Amendment Fee Payment Date, and in either case Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 
	 	(b)           with respect to Seller, if Seller fails to pay any Transaction Fee Amount due on a Transaction Fee Payment Date, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 
	 	(c)           with respect to Seller, if Seller breaches any of the covenants set forth in the section “Certain Covenants of Seller” below (other than the CIC Financials Requirement) and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 
	 	(d)           with respect to Seller, if Seller breaches the CIC Financials Requirement and such failure is not cured within three Business Days following notice from Buyer to Seller of such failure, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 
	 	(e)           with respect to Seller, if Seller fails to pay the applicable Breakage Amount (if any) on any Prepayment Date or early Repurchase Date, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 
	 	(f)            with respect to Seller, Seller fails to pay any Clawback Amount in accordance with the “Clawback” provisions herein and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 
	 	(g)           with respect to Seller, if Seller’s Investment Manager ceases to be responsible for the asset management, loan servicing, special servicing or underwriting services of Seller and its subsidiaries, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;

 

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	 	(h)           with respect to Seller, notwithstanding anything to the contrary in the Agreement, if Seller fails to deliver Purchased Securities on any Purchase Date (including without limitation, as a result of a failure by the Issuer to issue the related Purchased Securities on or prior to such Purchase Date), and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 
	 	(i)            with respect to Seller, the occurrence of any of the events set forth in Section 10(b) of the Collateral Management Agreement, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 
	 	(j)            with respect to Seller, the occurrence of any breach by Seller, as Sole Member, of any of its obligations under the Equity Contribution Agreement, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 
	 	(k)           with respect to Seller, a Zero Value Portfolio Asset EoD (as defined in the “Zero Value Portfolio Asset EoD” provisions below) has occurred, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 
	 	(l)            with respect to Seller, the shareholder’s equity of CION Investment Corporation (“CIC”), determined in accordance with United States generally accepted accounting principles consistently applied, falls below USD 540,000,000, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party; 
	 	 
	 	(m)          Seller incurs any Indebtedness, or incurs any other liability (including, but not limited to, in respect of any option, swap, repurchase agreement, securities forward transaction or securities lending agreement), other than as contemplated by the terms hereof or any agreement or instrument contemplated hereby, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;

 

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	 	(n)           with respect to Seller, (i) Seller enters into a binding commitment to make a Voluntary Contribution/Sale under the Equity Contribution Agreement in the form of any Portfolio Asset pursuant to clause (b) of the “Timing and Manner of Transfer of Margin” provisions below (and for the avoidance of doubt, such Voluntary Contribution/Sale is to be made solely to satisfy Seller's obligation under “Margin Maintenance” provisions as a result of a Borrowing Base Deficiency), (ii) the settlement date for such Voluntary Contribution/Sale does not occur on or prior to the 20th calendar day following the date of such binding commitment, and (iii) Seller, in its capacity as Sole Member under the Equity Contribution Agreement, fails to make a Voluntary Contribution/Sale of Cash to the Issuer within one Business Day of the expiration of such 20 calendar day period in amount sufficient to eliminate such Borrowing Base Deficiency, and Buyer, as non-Defaulting Party, serves a Default Notice on Seller as Defaulting Party;
	 	 
	 	(o)           with respect to Seller, the occurrence of any of the following: (i) no investment management professional employed by Apollo helps to identify and provide information about potential investment opportunities and assists in monitoring and servicing such investments, (ii) no employee of Apollo serves on the board of directors (or its equivalent) of the Collateral Manager, (iii) no employee of Apollo retains board observation rights on the board of directors (or its equivalent) of CIC, or (iv) Apollo ceases to own and control legally and beneficially 50% or more of the economic interests in the Collateral Manager (each, an “Apollo Event”), unless Buyer has consented in writing to the occurrence of such Apollo Event within ten Business Days of the occurrence thereof; and
	 	 
	 	(p)           with respect to Seller, CIC shall fail to maintain an asset coverage ratio of at least 150% as determined under the Investment Company Act of 1940, as amended (the “1940 Act”), for purposes of “business development companies” (as defined in Section 2(a)(48) of the 1940 Act).
	 	 
	 	Each of the foregoing Events of Default shall be an “Exempt Event of Default” for purposes of the Agreement.

 

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	Breakage Amounts:	If (a) the Repurchase Date for this Transaction occurs prior to the scheduled Repurchase Date by reason of the occurrence of an Event of Default (where Seller is the Defaulting Party), a Mandatory Prepayment, a Voluntary Full Prepayment or an event described in paragraph 11(a) of the Agreement in respect of which Seller is the notifying party or (b) a Prepayment Date occurs in connection with a Voluntary Partial Prepayment, then, without limitation of any other payments or deliveries that become due as a result of such event but without duplication, on such Repurchase Date, Seller shall pay to Buyer an amount equal to the Breakage Amount for this Transaction or the applicable portion thereof.  For the avoidance of doubt, no Breakage Amount shall be payable by Seller in respect of any Repurchase Date occurring as a result of a Regulatory Event.
	 	 
	 	“Breakage Amount” shall mean, with respect to the Transaction evidenced hereby (or, in the case of a Voluntary Partial Prepayment the applicable portion thereof that is the subject of such Voluntary Partial Prepayment), the present value of the Spread portion of the Transaction Fee Amounts (discounted using a LIBOR discount curve constructed by the Calculation Agent) that would have been payable to Buyer under such Transaction (or the applicable portion thereof) from (and including) the early Repurchase Date or applicable Prepayment Date (as applicable) to (but excluding) the scheduled Repurchase Date, as determined by the Calculation Agent assuming, solely for purposes of determining such amount, that (i) the Spread is equal to the Relevant Rate, (ii) the Repurchase Price payable upon such termination were to remain outstanding until the originally scheduled Repurchase Date and (iii) Seller has transferred to Buyer Securities on each Purchase Date with an aggregate Purchase Price applicable to each Purchase Date as set out in the “Purchase Price” provisions above.
	 	 
	 	The “Relevant Rate” means 2.00%.

 

		2	Purchased Securities, Margining and Substitutions

 

	Marking to Market:	The Parties agree that, with respect to this Transaction, the provisions of paragraphs 4(a) to (h) (inclusive), 4(j) and 4(k) of the Agreement shall not apply and instead margin shall be provided separately in respect of this Transaction in accordance with the terms of this Confirmation.  For the avoidance of doubt, the provisions of paragraph 8(d) of the Agreement shall not apply to the Transaction.
	 	 
	Margin Maintenance:	If at any time a Borrowing Base Deficiency exists, Buyer may, by notice to Seller, require Seller to, and Seller shall, following such notice, in its capacity as Sole Member under the Equity Contribution Agreement, make (or enter into a binding commitment to make) Voluntary Contribution/Sales to the Issuer in accordance with and subject to the “Timing and Manner of Transfer of Margin” provisions of this Confirmation such that such Borrowing Base Deficiency is or will be eliminated in accordance with such provisions.

 

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	 	Seller acknowledges that failure to timely make such Voluntary Contribution/Sales may have ramifications under the Indenture, Collateral Management Agreement and Equity Contribution Agreement pursuant to the terms thereof.
	 	 
	Timing and Manner of Transfer of Margin:	If the Calculation Agent notifies Seller of a Borrowing Base Deficiency, and Buyer provides notice to Seller pursuant to the “Margin Maintenance” section hereof, Seller shall, within two Business Days of the date of such notice and in its capacity as Sole Member:
	 	 
	 	(a)           make a Voluntary Contribution/Sale to the Issuer under the Equity Contribution Agreement in the form of Cash; and/or
	 	 
	 	(b)           enter into a binding commitment to make a Voluntary Contribution/Sale under the Equity Contribution Agreement in the form of one or more Portfolio Assets that (i) satisfy the Asset Eligibility Criteria and Borrowing Base Asset Criteria and (ii) are not Zero Value Portfolio Assets, for settlement no more than 20 calendar days after the date on which such binding commitment is entered into, with an aggregate Advance Value sufficient to eliminate such Borrowing Base Deficiency.
	 	 
	Net Margin:	The definition of Net Margin in paragraph 2(ee) of the Agreement shall be deleted in its entirety and will no longer be relevant for purposes of the Agreement.
	 	 
	Market Value:	The definition of Market Value in paragraph 2(cc) of the Agreement, shall be deleted in its entirety and will no longer be relevant for purposes of the Agreement.
	 	 
	Transaction Exposure:	The definition of Transaction Exposure in paragraph 2(ww) of the Agreement shall be deleted in its entirety and will no longer be relevant for purposes of the Agreement.

 

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	Zero Value Portfolio Asset:	
         

        (a)          
        Any Portfolio Asset (i) which (A) has a yield-to-maturity greater than 12.0% (determined as of the Inclusion/Amendment Date)
        or (B) is a Senior Secured (Type III) Loan or (C) is a Senior Secured (Type IV) Loan (for the avoidance of doubt, the status for
        purposes of (B) and (C) is also determined as of the Inclusion/Amendment Date) and (ii) for which there does not
        exist a written agreement (which may be evidenced by an exchange of emails by duly authorized persons) between Buyer (acting in
        its sole discretion, the exercise of which discretion shall not be affected by any prior exercise thereof by or other actions or
        omissions of Buyer) and Seller, entered into prior to, and in respect of, the related Inclusion/Amendment Date, to the effect that
        such Portfolio Asset shall not be a “Zero-Value Portfolio Asset”; provided that any such Portfolio
        Asset may subsequently become a Zero-Value Portfolio Asset pursuant to (b), (c), (d) or (f) of this Section.

         

        (b)         
        Any Portfolio Asset that: (i) at any time after the Inclusion/Amendment Date on any date of determination by the Calculation
        Agent, has (A) become, as determined by the Calculation Agent, a Defaulted Obligation, or (B) ceased to comply with any of
        the Borrowing Base Asset Criteria (other than those criteria that, by their express terms, are tested only at the Inclusion/Amendment
        Date or have otherwise been waived by Calculation Agent) or the Asset Eligibility Criteria and (ii) if and for so long as such
        situation is continuing, has a Current Price less than 70%;

         

        (c)          
        Any Illiquid Loan that is deemed to be a Zero-Value Portfolio Asset as a result of Seller’s failure to comply with
        the requirements described in the “Third Party Valuations” provision below;

         

        (d)         
Any Portfolio Asset which together with any other Portfolio Assets, has resulted in a breach of any of the Borrowing Base
Portfolio Criteria; provided that (i) where a Borrowing Base Portfolio Criterion is expressed as a maximum, a Portfolio
Asset shall constitute a Zero Value Portfolio Asset as a result of a violation of the Borrowing Base Portfolio Criteria only with
respect to the portion of such Portfolio Asset that (together with the equivalent and equal portions of any other Portfolio Assets
which are members of the category subject to such maximum) causes the failure by the Issuer to satisfy any of the Borrowing Base
Portfolio Criteria, allocated across Portfolio Assets by Buyer (in the case where a Portfolio Asset violates or causes the violation
of more than one of the Borrowing Base Portfolio Criteria) and (ii) where a Borrowing Base Portfolio Criterion is expressed as
a minimum, a Portfolio Asset shall constitute a Zero Value Portfolio Asset as a result of a violation of the Borrowing Base Portfolio
Criteria only with respect to the portion of such Portfolio Asset that (together with the equivalent and equal portions of any
other Portfolio Assets that are not members of the category subject to such minimum) causes the failure by the Issuer to satisfy
any of the Borrowing Base Portfolio Criteria, allocated across Portfolio Assets by Buyer (in the case where a Portfolio Asset
violates or causes a violation of more than one of the Borrowing Base Portfolio Criteria); 

 

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        (e)           Any
        Portfolio Asset that does not at the time of Inclusion satisfy the conditions and requirements set forth in Sections 12.2(a) and
        12.3(b) of the Indenture and that has not since such time satisfied such conditions and requirements; and

         

        (f)            Any
        Portfolio Asset with respect to which Seller took, agreed or consented to any action under the Collateral Management Agreement,
        including, but not limited to, actions relating to voting rights in respect of any Portfolio Asset, without providing Buyer (acting
        in its capacity as Liquidation Agent or otherwise) with any prior or subsequent notice in relation thereto required by the Collateral
        Management Agreement within the timeframes set out therein.

	 	 
	Zero Value Portfolio Asset EoD:	
        With respect to any asset which would,
        as of its Inclusion Date, be a Zero Value Portfolio Asset due to failure to satisfy the Asset Eligibility Criteria, the Borrowing
        Base Asset Criteria or Borrowing Base Portfolio Criteria, it shall be a “Zero Value Portfolio Asset EoD” if
        the Portfolio Asset Trade Date for the Zero Value Portfolio Asset occurs prior to the later of:

         

        (a)            one
        Business Day after the date on which the Issuer notified UBS of the intended Inclusion of such asset; and

         

        (b)           one
        Business Day after the date on which Seller made any Voluntary Contribution/Sale to the Issuer based on a recalculation of the
        Borrowing Base as a result of the Inclusion of any such asset that would, on Inclusion, be a Zero Value Portfolio Asset.

 

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	Third Party Valuations:	
        Seller shall procure that the Initial Valuation
        Company or a Fallback Valuation Company provide the following to Buyer in respect of each Portfolio Asset that (x) was, as
        of the related Inclusion Date, an Illiquid Loan or (y) becomes, on any day following the Inclusion Date, an Illiquid Loan
        (the date on which such event occurs, the “Illiquid Event Date” for such Portfolio Asset):

         

        (a)            in
        the case of the initial valuation for such Illiquid Loan:

         

        (i)   with
        respect to each Illiquid Loan (other than any Illiquid Loan that is a Newly Issued Loan), an Asset Valuation Report on or before
        the Inclusion Date of such Illiquid Loan;

         

        (ii)  with
        respect to each Newly Issued Loan, an Asset Valuation Report within 20 calendar days of the last day of the Asset Valuation Report
        Period following the Asset Valuation Report Period in which such Inclusion Date occurs; and

         

        (iii) with
        respect to each Portfolio Asset acquired by the Issuer that becomes an Illiquid Loan after the related Inclusion Date, an Asset
        Valuation Report within 20 calendar days of the last day of the Asset Valuation Report Period following the Asset Valuation Report
        Period in which the relevant Illiquid Event Date occurs; and

         

        (b)           thereafter,
        for so long as such Portfolio Asset remains an Illiquid Loan as of the last day of the relevant Asset Valuation Report Period:

         

        (i)    if
        and for so long as no Performance Trigger has been triggered and is continuing for such Portfolio Asset, an Asset Refresh Valuation
        Report in respect of such Illiquid Loan within 20 calendar days of the last day of each Asset Valuation Report Period, provided
        that (A) no fewer than one Asset Valuation Report shall be provided in each continuous twelve calendar month period with respect
        to each such Portfolio Asset and (B) if the Calculation Agent determines in good faith that an event has occurred with respect
        to a Portfolio Asset or the related Portfolio Asset Obligor that may have resulted or is reasonably likely to result in a decline
        in the creditworthiness of such Portfolio Asset without such decline yet being reflected in the Performance Trigger metrics, the
        Calculation Agent shall be entitled to request an Asset Valuation Report in lieu of a Asset Refresh Valuation Report for up to
        three Portfolio Asset Obligors with respect to any Asset Valuation Report Period by notifying the Seller of their identities no
        less than three Business Days prior to the last day of such Asset Valuation Report Period for delivery within 20 calendar days
        of the last day of such Asset Valuation Report Period; and

         

        

        

        

 

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        (ii) 
if and for so long as any Performance Trigger has been triggered and is continuing for such Portfolio Asset, an Asset Valuation
Report within 20 calendar days of the last day of each Asset Valuation Report Period.

         

        (c)          
        If, on any date of determination by the Calculation Agent, Seller has failed to procure an Asset Valuation Report or Asset
        Refresh Valuation Report in respect of one or more Illiquid Loans in accordance with the requirements of clause (a) or (b) above,
        each such Illiquid Loan omitted from such Asset Valuation Report shall be deemed to be a Zero Value Portfolio Asset until such
        time as such Illiquid Loan is included in a subsequent Asset Valuation Report or Asset Refresh Valuation Report or (in either case)
        an equivalent report from the Initial Valuation Company or a Fallback Valuation Company delivered at any time after such date of
        determination (which equivalent report may be requested by Seller at any time).

         

        For purposes of the foregoing:

         

        (i)   
        “Asset Refresh Valuation Report” means with respect to any Portfolio Asset that is an Illiquid Loan,
        a valuation of such Portfolio Asset by the Initial Valuation Company or a Fallback Valuation Company where only updated technical
        spreads are used for purposes of such valuation.

         

        (ii)  
        “Asset Valuation Report” means with respect to any Portfolio Asset that is an Illiquid Loan, a valuation
        of such Portfolio Asset by the Initial Valuation Company or a Fallback Valuation Company where both updated core economic metrics
        and technical spreads are used for purposes of such valuation.

         

        (iii) 
        “Asset Valuation Report Period” means each calendar quarter ending on March 31, June 30, September 30
        and December 31.

         

        (iv) 
        “Newly Issued Loan” means any Portfolio Asset that is a Loan that was originally advanced less than three
        months prior to the Inclusion Date of such Loan.

         

        (v)  
        “Performance Trigger” means, with respect to any Illiquid Loan and any date of determination, a performance
        test which will be triggered if:

         

        (A)        
        the most recently reported Consolidated Leverage Ratio for such Illiquid Loan (or, if a substantially equivalent leverage-related
        economic metric is utilized in the related Underlying Instruments, such leverage-related economic metric as defined therein) increases
        by more than 0.5x from the Consolidated Leverage Ratio (or such equivalent leverage-related economic metric) as of the latest Inclusion/
        Amendment Date with respect to such Illiquid Loan;

         

 

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	 	(B)         the most recently reported Interest Coverage Ratio for such Illiquid Loan (or, if a substantially equivalent interest coverage-related economic metric is utilized in the related Underlying Instruments, such interest coverage-related economic metric as defined therein) is either (i) less than the product of (A) 0.9 multiplied by (B) the Interest Coverage Ratio (or such equivalent interest coverage-related economic metric) as of the latest Inclusion/ Amendment Date with respect to such Illiquid Loan or (ii) less than 1.20:1:00; or

                                                           

                                                          (C)         the
        most recently reported LTM EBITDA for such Illiquid Loan (or, if a substantially equivalent EBITDA-related economic metric is utilized
        in the related Underlying Instruments, such economic metric as defined therein) decreases by more than 10% of the LTM EBITDA (or
        such equivalent EBITDA-related economic metric) as of the latest Inclusion/ Amendment Date with respect to such Illiquid Loan.

	 	 
	Current Price and related Dispute Rights:	
        For purposes of the margin maintenance
        provisions herein, the Current Price of any Portfolio Asset on any date of determination (including as of the related Inclusion
        Date of such Portfolio Asset) shall be determined by the Calculation Agent in its capacity as Liquidation Agent in accordance with
        the definition thereof in the Indenture. The Calculation Agent shall, upon request by Seller, provide a written explanation of
        any determination of Current Price made by it (in its capacity as Liquidation Agent) including, where applicable, a description
        of the methodology and the basis for such determination in reasonable detail (provided that the Calculation Agent shall
        not be obligated to disclose such methods of determination that are proprietary).

         

        Provided that no Event of Default has occurred
        and is continuing with respect to Seller, if Seller in good faith has a commercially reasonable basis for disagreement with the
        Calculation Agent’s determination of the Current Price of any Portfolio Asset, then Seller may dispute such determination
        by giving notice of such dispute (a “Dispute Notice”) to Buyer and the Calculation Agent no later than (i) if
        Seller receives notice of the Calculation Agent’s determination of a Current Price in dispute at or prior to noon (New York
        time) on any Business Day, by the close of business on such Business Day and (ii) if Seller receives notice of the Calculation
        Agent’s determination of a Current Price in dispute after noon (New York time) on any Business Day, by noon (New York time)
        on the following Business Day. Any such Dispute Notice shall specify, in reasonable detail, the bid-side market price Seller believes
        should be attributed to any such Portfolio Asset, along with reasonable evidence supporting such value.

	 	 
	 	Promptly following delivery of a Dispute Notice in relation to any Portfolio Asset, the Calculation Agent and Seller shall negotiate in good faith to try to agree to the disputed Current Price.  If by 10:00 a.m. (New York time) on the Business Day following the day on which the Dispute Notice is delivered, the Calculation Agent and Seller are unable to agree, then:

 

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	 	(i)           Seller shall request that the Initial Valuation Company or one of the Fallback Valuation Companies (in either case, the “Alternate Valuation Company”), provide an Eligible Valuation to the Calculation Agent;
	 	 
	 	(A)         if (1) no such Eligible Valuation is received by the Calculation Agent from the Alternate Valuation Company by 2:00 p.m. (New York time) on the fifth Business Day following such request (a “Valuation Non-Delivery”) or (2) Buyer in good faith disagrees with the Alternate Valuation Company’s Eligible Valuation (a “Valuation Disagreement”) and Buyer notifies Seller and the Calculation Agent of such disagreement on the day such Eligible Valuation is received by Seller (the earlier of such fifth Business Day and the day of such notification, the “Notification Day”), then no later than 10:00 a.m. (New York time) on the Business Day next following the Notification Day, the Calculation Agent shall deliver a request (a “Back-Up Request”) to one of the Initial Valuation Company or Fallback Valuation Companies (in any case, which was not the Alternate Valuation Company) (in any case, a “Back-Up Valuation Company”) to provide an Eligible Valuation for such disputed Portfolio Asset; and
	 	 
	 	(B)          the Current Price in relation to such disputed Portfolio Asset shall be:
	 	 
	 	(1)          if the Alternate Valuation Company provides an Eligible Valuation and the Calculation Agent does not provide a Back-Up Request, the Resolved Current Price in relation to the Eligible Valuation provided by the Alternate Valuation Company;

 

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	 	(2)          if the Calculation Agent provides a Back-Up Request and the Back-Up Valuation Company provides an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m. (New York time) on the fifth Business Day following such request, the Resolved Current Price in relation to the Eligible Valuation provided by the Back-Up Valuation Company;
	 	 
	 	(3)          if the Calculation Agent provides a Back-Up Request as a result of a Valuation Non-Delivery and the Back-Up Valuation Company fails to provide an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m. (New York time) on the fifth Business Day following such request, the Current Price originally determined by the Calculation Agent; and
	 	 
	 	(4)          if the Calculation Agent provides a Back-Up Request as a result of a Valuation Disagreement and the Back-Up Valuation Company fails to provide an Eligible Valuation for such disputed Portfolio Asset by no later than 2:00 p.m. (New York time) on the fifth Business Day following such request, the Eligible Valuation provided by the Alternate Valuation Company.
	 	 
	 	If Seller has delivered a Dispute Notice, during the pendency of such dispute, the Parties shall be required to deliver or return (as applicable) margin based on the Calculation Agent’s determination in accordance with this Confirmation; provided that, following resolution of the dispute, the Parties shall be required to deliver or return (as applicable) margin based on the Current Price so determined.  For the avoidance of doubt, with respect to the dispute of the Current Price of any Portfolio Asset, upon the determination of such Current Price in accordance with the foregoing, the Calculation Agent shall recalculate the Borrowing Base using such Current Price for such Portfolio Asset and determine whether or not a Borrowing Base Deficiency exists.
	 	 
	 	“Eligible Valuation” shall mean, with respect to any disputed Portfolio Asset, a valuation (which may be quoted in a range of values) for the outstanding principal amount of such Portfolio Asset (expressed as a percentage of par) that would be received from the sale of such Portfolio Asset on the date such valuation is provided, exclusive of accrued interest and capitalized interest; and

 

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	 	“Resolved Current Price” shall be, with respect to any Eligible Valuation that is:
	 	 
	 	(I)          quoted as a range of values where the difference between the lowest and highest values in such range (each expressed as a percentage of par) is an amount greater than 5% of par, as determined by the Calculation Agent, the lowest value in such range;
	 	 
	 	(II)         quoted as a range of values where the difference between the lowest and highest values in such range (each expressed as a percentage of par) is an amount less than or equal to 5% of par, as determined by the Calculation Agent, the mid-point between the lowest and highest value in such range, as determined by the Calculation Agent; and
	 	 
	 	(III)        not quoted as a range of values, such Eligible Valuation.
	 	 
	Interest on Cash Margin:	Not applicable.
	 	 
	Substitutions:	No substitutions of Purchased Securities shall be permitted.

 

		3	Fees

 

	Transaction Fees:	On each Transaction Fee Payment Date, for each Purchased Security, Seller shall pay to Buyer an amount equal to the Transaction Fee Amount for such Purchased Security for the related Transaction Fee Period.
	 	 
	Transaction Fee Payment Dates:	For each Purchased Security, February 19, May 19, August 19, and November 19, commencing on August 19, 2017, and ending on (and including) the Repurchase Date for such Purchased Security, subject to adjustment in accordance with the Business Day Convention.
	 	 
	Transaction Fee Periods:	For each Purchased Security, each period from (and including) one Transaction Fee Payment Date for such Purchased Security to (but excluding) the next following Transaction Fee Payment Date for such Purchased Security; provided that (a) the initial Transaction Fee Period shall commence on (and include) the Purchase Date for such Purchased Security and (b) the final Transaction Fee Period shall end on (and exclude) the Repurchase Date for such Purchased Security.

 

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	Transaction Fee Amounts:	For each Purchased Security, the Transaction Fee Amount payable by Seller on a Transaction Fee Payment Date shall be equal to the aggregate amount obtained by application of the Transaction Fee Rate for the related Transaction Fee Period, on an actual/360 basis, on each day during the related Transaction Fee Period to the Repurchase Price outstanding for such Purchased Security.
	 	 
	Transaction Fee Rate:	For each Transaction Fee Period, a rate
        per annum equal to the sum of (a) LIBOR determined on the Reset Date for such Transaction Fee Period plus (b) the applicable
        Spread.
	 	 
	 	Where:
	 	 
	 	Notwithstanding paragraph 2(y) of
        the Agreement, “LIBOR”, for any Reset Date, means the London Interbank Offered Rate for the Relevant Period
        in respect of USD as quoted on the Bloomberg Screen BTMM Page (or such other page as may replace the Bloomberg Screen
        BTMM Page) under the heading “LIBOR-FIX-BBAM<GO>” (or any replacement heading) as of 11:00 a.m., London time,
        on the day (the “Determination Date”) that is two London banking days preceding such date. If a Benchmark Transition
        Event and its related Benchmark Replacement Date have not yet occurred, and such rate does not appear on the Bloomberg Screen BTMM
        Page (or any replacement page) under such heading (or any replacement heading), as of such time on a Determination Date, then
        the LIBOR rate for that Reset Date will be the U.S. Dollar LIBOR for a period of the applicable Relevant Period, as provided by
        the administrator of the U.S. Dollar LIBOR and published by an authorized distributor or by the administrator of U.S. Dollar LIBOR
        itself.

 

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	 	If a Benchmark Replacement Date has occurred,
        then Buyer and Seller shall, in each case acting in good faith and in a commercially reasonable manner, enter into negotiations
        (for a period of not more than ten (10) Business Days) with a view to agreeing on an appropriate replacement rate and any
        related Conforming Changes. Any such appropriate replacement rate shall give due consideration to any selection or recommendation
        of a replacement benchmark rate or the mechanism for determining such a rate by any relevant government body or relevant industry
        association and any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current
        Benchmark for repurchase agreements and reverse repurchase agreements at such time and any related benchmark replacement rate adjustment.
        If the parties agree on a replacement rate and Conforming Changes within such period, LIBOR shall be deemed to be such rate, with
        effect from and including the first Transaction Fee Payment Date immediately following the Benchmark Replacement Date (it being
        agreed that from and including the Transaction Fee Payment Date immediately prior to the Benchmark Replacement Date to but excluding
        the Transaction Fee Payment Date immediately following the Benchmark Replacement Date, LIBOR shall be the applicable rate to determine
        the Transaction Fee Rate for such Transaction Fee Period), and this Confirmation shall be deemed amended, with effect from and
        including the first Transaction Fee Payment Date immediately following the Benchmark Replacement Date, to incorporate such replacement
        rate and related Conforming Changes. If the parties are unable to agree on a replacement rate and related Conforming Changes within
        ten (10) Business Days, LIBOR shall be deemed to be, with effect from and including the first Transaction Fee Payment Date
        immediately following the Benchmark Replacement Date, the rate that the Calculation Agent determines is appropriate for transactions
        that are similar to those contemplated under this Confirmation with similarly situated counterparties giving due consideration
        to any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by any relevant
        government body or relevant industry association and any evolving or then-prevailing market convention for determining a benchmark
        rate as a replacement for the then-current Benchmark for repurchase agreements and reverse repurchase agreements at such time and
        any related benchmark replacement rate adjustment. In connection with the implementation of any replacement rate described in the
        preceding sentence, the Calculation Agent will have the right to make any Conforming Changes it deems necessary, and upon notice
        to Seller, this Confirmation shall be deemed amended to incorporate such replacement rate and Conforming Changes, with effect from
        and including the first Transaction Fee Payment Date immediately following the Benchmark Replacement Date. For any Transaction
        Fee Period that is less than the Relevant Period, LIBOR shall be determined through the use of straight line interpolation by reference
        to two rates based on LIBOR, one of which shall be determined as if the Relevant Period were the period of time for which rates
        are available next shorter than the length of the Transaction Fee Period and the other of which shall be determined as if the Relevant
        Period were the period of time for which rates are available next longer than the length of the Transaction Fee Period.

 

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	 	“Benchmark Replacement Date”
        means the earliest to occur of the following events with respect to LIBOR: (a) in the case of clause (a) or (b) of
        the definition of “Benchmark Transition Event,” the later of (i) the date of the public statement or publication
        of information referenced therein and (ii) the date on which the administrator of LIBOR permanently or indefinitely ceases
        to provide LIBOR for the tenor of the Relevant Period; and (b) in the case of clause (c) of the definition of “Benchmark
        Transition Event,” the date of the public statement or publication of information referenced therein.
	 	 
	 	“Benchmark Transition Event”
        means the occurrence of one or more of the following events with respect to LIBOR: (a) a public statement or publication of
        information by or on behalf of the administrator of LIBOR (or the published component used in the calculation thereof) announcing
        that such administrator has ceased or will cease to provide LIBOR for the tenor of the Relevant Period, permanently or indefinitely,
        provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide
        LIBOR for the tenor of the Relevant Period; (b) a public statement or publication of information by the regulatory supervisor
        for the administrator of LIBOR, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an
        insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority with jurisdiction over the administrator
        for LIBOR or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, which
        states that the administrator of LIBOR has ceased or will cease to provide LIBOR for the tenor of the Relevant Period permanently
        or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue
        to provide LIBOR for the tenor of the Relevant Period; or (c) a public statement or publication of information by the regulatory
        supervisor for the administrator of LIBOR announcing that LIBOR for the tenor of the Relevant Period is no longer representative.
	 	 
	 	“Conforming Changes”
        means, with respect to any replacement rate for LIBOR, any technical, administrative, operational or other changes such as a spread
        adjustment (which may be a positive or negative value or zero), to this Confirmation that may be appropriate to reflect the adoption
        and implementation of such replacement rate in a manner substantially consistent with market practice.

 

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        “Relevant Period” means
        three months.

         

        “Reset Date” with respect
        to any Transaction Fee Period, means the first day of such Transaction Fee Period.

         

        “Spread” means 3.90%
        to (but excluding) the Fourth Amendment Effective Date, and 3.375% thereafter.

         

        “U.S. Dollar LIBOR”
        means the U.S. Dollar wholesale funding rate known as U.S. Dollar LIBOR (London Interbank Offered Rate) provided by ICE Benchmark
        Administration Limited, as the administrator of the benchmark, (or a successor administrator).

 

		4	Miscellaneous

 

	Voting Rights:	Where any voting or consent rights fail to be exercised in relation to any Purchased Securities, Buyer shall be entitled to exercise such voting or consent rights in its sole discretion and shall not have any obligation to arrange for voting or consent rights to be exercised in accordance with the instructions of Seller.
	 	 
	Business Day:	Notwithstanding paragraph 2(e) of the Agreement, “Business Day” means any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in New York.
	 	 
	Business Day Convention:	The convention for adjusting any relevant date if it would otherwise fall on a day that is not a Business Day so that such date will be the first following day that is a Business Day.
	 	 
	Unpaid Amounts:	For the avoidance of doubt, on the final Repurchase Date (whether occurring prior to, on, or after, the scheduled Repurchase Date, and whether occurring as a result of an Event of Default, a Prepayment Date, or otherwise), if there are amounts that became payable by one Party to the other Party on or prior to such Repurchase Date and which remain unpaid as at such Repurchase Date, such amounts shall remain an outstanding obligation of such Party and shall be netted with and set off against the amounts otherwise payable by the Parties on such Repurchase Date.

 

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	Interest on Amounts Payable:	Any amount due from one party to the other following the occurrence of an Event of Default shall be paid together with (to the extent permitted under applicable law) interest thereon (both before and after judgment) in USD, from (and including) the date on which such amount was originally due to (but excluding) the date such amount is paid, at a rate per annum equal to the overnight Federal Funds (Effective) Rate for each day such amount remains outstanding (as reported in Federal Reserve Publication H.15-519) plus 1% per annum.  Such interest will accrue daily without compounding based on the actual number of days elapsed. The provisions of this paragraph shall supersede any conflicting provisions in paragraph 12 of the Agreement.
	 	 
	Tax Matters:	(i)           For
        (and only for) U.S. Federal income tax purposes, each Party agrees: (i) to treat the purchase hereunder of Purchased Securities
        consisting of Class A-1 Notes as if Buyer had made a loan to Seller secured by such Purchased Securities, (ii) to treat
        Seller as beneficial owner of such Purchased Securities, and (iii) not to take any inconsistent position on any related tax
        return.
	 	 
	 	(ii)          Notwithstanding
        anything else in the Agreement, if the defaulting Party exercises its right to assign rights to payment under Paragraph 16(b) of
        the Agreement following an Event of Default, if any withholding or other taxes are imposed on payments to any assignee, the payor’s
        obligation to gross-up any such payment in respect of such tax to such assignee shall be limited to the amount of any gross-up
        it would have been obligated to pay immediately before any such assignment occurred.
	 	 
	 	(iii)        The
        parties shall deliver to each other properly completed and signed applicable tax certifications (generally, in the case of U.S.
        Federal income tax, either an Internal Revenue Service (“IRS”) Form W-9 or Form W-8 (or applicable
        successor forms) with all required attachments), or any other certification acceptable to it to enable the paying party to determine
        their duties and liabilities with respect to any taxes or other charges that they may be required to pay, deduct or withhold from
        payments hereunder under any present or future law or regulation of the United States of America, any other jurisdiction or any
        political subdivision thereof or taxing authority therein or to comply with any reporting or other requirements under any such
        law or regulation.

 

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        (iv)         If
        either Party exercises its right to assign rights to payment under Paragraph 16(b) of the Agreement, prior to being entitled
        to receive any gross-up payments in respect of any taxes withheld, any assignee will be required to submit to the payor an executed,
        complete IRS Form W-8 or W-9 (as applicable) establishing any available exemption or reduction from any US withholding taxes
        that may be imposed on the payment assigned.

         

        (v)          Seller
        represents that, as of the Purchase Date, if it was the legal or beneficial owner of the Portfolio Assets, payments in respect
        of such assets would be made to it without any deduction or withholding for or on account of any taxes. Further, Seller agrees
        that it will notify Buyer as soon as practicable if, at any time prior to the Repurchase Date, any payments in respect of the Portfolio
        Assets would be made to it net of any deduction or withholding for or on account of any taxes if it was the legal or beneficial
        owner of the Portfolio Assets.

	 	 
	Certain Covenants of Seller:	
        (i)           Seller
        agrees that Seller will not permit any securities to be issued under the Indenture to any person or entity other than Seller and
        that Seller will not direct or permit the Issuer to issue any securities other than in conjunction with a Purchase Date (whether
        under this Transaction or any other transaction that is subject to the Agreement) or otherwise as required under the Indenture
        or other Transaction Documents.

         

        (ii)          Seller
        agrees that Seller will not sell, transfer or otherwise dispose of any securities issued under the Indenture (or any interest therein)
        other than pursuant to the Transaction evidenced by this Confirmation or pursuant to any other transaction that is subject to the
        Agreement.

        

 

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 		(iii)        Seller
agrees that if CIC ceases to be a business development company (within the meaning of the 1940 Act) and to file publicly-available
financials as required of a public business development company, Seller will provide, or cause to be provided, to Buyer quarterly
unaudited financial statements within 60 days of each quarter-end and annual audited financial statements within 120 days of the
year-end, prepared in accordance with generally accepted accounting principles (as in effect in the relevant jurisdiction) (such
covenant, the “CIC Financials Requirement”).
	 	 
	Notification of Events of Default:	Each Party shall notify the other Party as soon as reasonably practicable upon becoming aware of the occurrence of any Event of Default with respect to such notifying Party or event which with the giving of notice and/or lapse of time could become an Event of Default with respect to such notifying Party.
	 	 
	Representations and acknowledgements:	Unless agreed to the contrary expressly and in writing in this Confirmation and notwithstanding any communication that each Party (and/or its Affiliates) may have had with the other Party or any of its Affiliates, in respect of the Transaction subject to this Confirmation, each Party will be deemed to represent to the other Party on the Trade Date and each Purchase Date of the Transaction and on each date on which the Transaction is terminated (in whole or in part) that:
	 	 
	 	 	(i) 	it is entering into or terminating (in whole or in part) the Transaction for its own account;
	 	 	 
	 	 	(ii)	none of the other Party or any of its Affiliates or agents are acting as a fiduciary or financial adviser for it;
	 	 	 
	 	 	(iii)	it is a sophisticated investor that has made its own independent decisions to enter into the Transaction, as to whether the Transaction is appropriate or proper for it and as to any related investment, hedging and/or trading based upon its own judgment and upon advice from such legal, regulatory, tax, financial, accounting and other advisers as it has deemed necessary, and not upon any view expressed by the other Party or any of its Affiliates or agents;
	 	 	 

 

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	 	 	(iv)	it is not relying on any communication (written or oral) of the other Party or any Affiliate or agent thereof except those expressly set forth in the Agreement, except that nothing in the Agreement will limit or exclude any liability of a party for fraud;
	 	 	 
	 	 	(v)	it is capable of assessing the merits of and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the Transaction, and is also capable of assuming, and assumes, the risks of the Transaction;
	 	 	 
	 	 	(vi)	having made all necessary enquiries with relevant authorities, its entry into or termination (in whole or in part) of the Transaction will not contravene any applicable law, decree, regulation, regulatory guidance, regulatory request, regulatory briefing or order of any government or governmental body (including any court or tribunal); and
	 	 	 
	 	 	(vii)	to the extent required to do so, it has notified relevant authorities, in a manner acceptable to such authorities, of its entry into the Transaction.
	 	 	 
	 	Unless agreed to the contrary expressly and in writing in this Confirmation and notwithstanding any communication that each Party (and/or its Affiliates) may have had with the other Party, in respect of the Transaction subject to this Confirmation, each Party will be deemed to acknowledge on the date on which it enters into the Transaction that:
	 	 
	 	(a)	none of the other Party or its Affiliates provides investment, tax, accounting, legal or other advice in respect of the Transaction;
	 	 

 

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	 	(b)	it
has been given the opportunity to obtain information from the other Party concerning the terms and conditions of the Transaction
necessary in order for it to evaluate the merits and risks of the Transaction; provided that, notwithstanding the foregoing,
(i) it and its advisors are not relying on any communication (written or oral and including, without limitation, opinions
of third party advisors) of the other Party or its Affiliates as (A) legal, regulatory, tax, business, investments, financial,
accounting or other advice, (B) a recommendation to enter into the Transaction or (C) an assurance or guarantee as to
the expected results of the Transaction; it being understood that information and explanations related to the terms and conditions
of the Transaction are made incidental to the other Party’s business and shall not be considered (x) legal, regulatory,
tax, business, investments, financial, accounting or other advice, (y) a recommendation to enter into the Transaction or
(z) an assurance or guarantee as to the expected results of the Transaction and (ii) any such communication should not
be the basis on which such Party has entered into the Transaction, and should be independently confirmed by such Party and its
advisors prior to entering into the Transaction;

	 	 
	 	(c)	none of the Parties or any Affiliate thereof has any obligation to, and it will not, select securities or transfers of currency, with regard to the needs or interests of any person other than itself, and each Party and its Affiliates may accept deposits from, make loans or otherwise extend credit to, and generally engage in any kind of commercial or investment banking business with the issuer of any Purchased Security or its affiliates or any other person or entity having obligations relating to the Purchased Securities and may act with respect to such business in the same manner as if the Transaction did not exist, regardless of whether any such action may have an adverse effect on either Party’s position under the Transaction;
	 	 	 
	 	(d)	each Party and its Affiliates may, whether by virtue of the types of relationships described above or otherwise, at the date hereof or at times hereafter be in possession of information in relation to the issuer of the Class A-1 Notes which is or may be material in the context of the Transaction and which is or may not be known to the general public or to one or both of the Parties, and the Transaction does not create any obligation on the part of any of the Parties and their respective Affiliates to disclose to either Party any such relationship or information (whether or not confidential);
	 	 	 

 

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	 	(e)	neither Party makes any representations or warranties to the other in connection with, and shall have no responsibility with respect to, the accuracy of any statements, warranties or representations made in or in connection with the Purchased Securities, any information contained in any document filed by the Issuer with any exchange or with any governmental entity regulating the purchase and sale of securities, the solvency or financial condition of the Issuer, or the legality, validity, binding effect or enforceability of the obligations of the Issuer in respect of the Purchased Securities.  Each Party acknowledges that it has, independently and without reliance on the other and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into the Transaction and will continue to be responsible for making its own independent appraisal of the business, affairs and financial condition of the Issuer; and
	 	 	 
	 	(f)	the Transaction does not create either a direct or indirect obligation of the Issuer owing to Seller or a direct or indirect participation in any obligation of the Issuer owing to Buyer.  The Seller acknowledges that Seller shall not have any voting rights with respect to the Purchased Securities or any other rights under or with respect to the Purchased Securities, other than as expressly set forth herein.
	 	 	 
	 	Each Party acknowledges and agrees that (i) the Transaction to which this Confirmation relates is (x) a “securities contract”, as defined in Section 741 of the federal Bankruptcy Code, Title 11 of the United States Code, as amended (the “Bankruptcy Code”) and (y) a “repurchase agreement” as that term is defined in Section 101 of Title 11 of the Bankruptcy Code (except insofar as the type of Securities subject to the Transaction or the term of the Transaction would render such definition inapplicable) and (ii) the exercise by either Party of any right under the Agreement to cause the liquidation, termination or acceleration of the Transaction, because of a condition of the kind specified in Section 365(e)(1) of the Bankruptcy Code shall not be stayed, avoided, or otherwise limited by operation of any provision of the Bankruptcy Code or by order of a court or administrative agency in any proceeding under the Bankruptcy Code.
	 	 

 

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	Additional Seller Representations:	The following additional paragraph 9(A), subsections (i) and (ii) shall be inserted into the Agreement:
	 	 
	 	“9(A).	Additional Representations and Notice.
	 	 	 
	 	 	(i)	Seller Representations. Seller represents and warrants on and as of the date hereof and on and as of each date this Agreement or any Transaction remains outstanding:
	 	 	 	 
	 	 	 	(A)	No Prohibited Transactions. Seller represents and warrants that Seller is not an “employee benefit plan” subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), a “plan” within the meaning of Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or an entity whose underlying assets include “plan assets” by reason of any such employee benefit plan’s or plan’s investment in the Seller. Any subsequent permitted assignee of Seller will be deemed to have represented and warranted, that (i) no portion of the assets used by such assignee to either (x) acquire and hold the Class A-1 Notes or (y) enter into or assume the obligations under the Transaction evidenced hereby constitutes the assets of any employee benefit plan subject to Title I of ERISA, a “governmental plan” within the meaning of Section 3(32) of ERISA, or a “plan” within the meaning of Section 4975(e)(1) of the Code or (ii) both the purchase and holding of such Class A-1 Notes by such assignee and the assumption of the obligations under the Transaction evidenced hereby will constitute neither (x) a non-exempt “prohibited transaction” under (and as defined in) Section 406 of ERISA or Section 4975 of the Code nor (y) a similar violation under any applicable similar federal, state, local, non-U.S. or other law, rule or regulation.
	 	 	 	 	 
	 	 	 	(B)	 Notice Requirement. Seller agrees to notify Buyer immediately if any time it learns or discovers facts at variance with the foregoing representations and warranties.
	 	 

 

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	 	 	 	(C)	Seller has not incurred any Indebtedness, or any other liability (including, but not limited to, in respect of any option, swap, repurchase agreement, securities forward transaction or securities lending agreement) other than as contemplated by the terms of this Agreement or any agreement or instrument contemplated hereby.”
	 	 
	 	 	(ii)	Seller represents and warrants that its acquisition of the Class A-1 Notes complied with the terms of the Indenture and Class A-1 Notes.
	 	 
	 	 	(iii)	Seller represents and warrants that either (i) the Purchased Securities are not required to be retained by the Collateral Manager (or a “majority owned affiliate” of the Collateral Manager) pursuant to Section 15G of the Securities Exchange Act of 1934 and the rules promulgated thereunder (the “Risk Retention Rules”) or (ii) the Purchased Securities are required to be retained by the Collateral Manager (or a “majority owned affiliate” of the Collateral Manager) pursuant to the Risk Retention Rules and the entry by the Collateral Manager (or a “majority owned affiliate” of the Collateral Manager) into the transactions contemplated by the Collateral Management Agreement will not violate or conflict with the Risk Retention Rules.
	 	 
	Transfer; Assignment; Amendment:	Neither Buyer nor Seller will have the right to transfer, assign, amend, modify or supplement the Agreement or this Confirmation or any interest or obligation or right or benefit received in or under the Agreement or this Confirmation without the prior written consent of each party.
	 	 
	Disapplication and Modification of Provisions

of the Annex I:	(a)  The following provisions of Annex I to the Agreement shall not apply to the Transaction evidenced by this Confirmation: Parts 1(a), 1(b)(ii), 1(d), 1(f), 1(j), 1(m), 1(n), 2(b), 2(c), 2(i), 2(k), 2(r) and 2(s)(ii) of Annex I.
	 	 

 

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	Counterparts Clause:	This Confirmation may be signed or executed in any number of counterparts, and by each Party on separate counterparts. Each counterpart is an original but shall not be effective until each Party has executed and delivered at least one counterpart. All counterparts together shall constitute one and the same instrument. This has the same effect as if the signatures on the counterparts were on a single original of this Confirmation. Delivery of an executed counterpart signature page of this Confirmation by email (portable document format (“pdf”)) or facsimile copy shall be as effective as delivery of a manually executed counterpart of this Confirmation.
	 	 
	No effect, Inconsistency:	The terms set forth in this Confirmation for this trade shall apply only to the Transaction.
	 	 
	Buyer’s Bank Account Details:	[INTENTIONALLY LEFT BLANK]
	 	 
	Seller’s Bank Account Details:	As specified separately to Buyer from Seller.
	 	 
	Notices:	If to Seller:   Address: Murray Hill Funding, LLC

Three Park Avenue, 36th Floor

New York, NY 10016

Attention: Keith Franz

Telephone: 212 418 4710

Email: kfranz@cioninvestments.com

 If to Buyer:   

As specified in the Annex to the Agreement.
	 	 
	Limited Recourse:	Buyer acknowledges that it shall have recourse solely to the assets of Seller and that nothing contained in this Confirmation shall create any liability or obligation of any other person or entity. Buyer further agrees that: (i) Buyer shall have no recourse or claim against any stockholder, partner, member or other holder of any interest in or security of Seller, or against any controlling person of Seller or any of Seller’s officers, directors employees (collectively the “Related Persons”); (ii) Buyer shall have no claim against Seller or any Related Person for any failure to maintain capital except as expressly required in the Confirmation; and (iii) Buyer shall not seek the substantive consolidation of Seller with any other person or entity, including any of the Related Persons.
	 	 

 

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	Additional Defined Terms:	The following terms shall have the respective meanings specified below:
	 	 
	 	“ABL Loan” means any Loan secured by a first priority perfected security interest in or other lien on, and as to which the maximum aggregate principal amount thereof that may be outstanding under the related Underlying Instrument is limited by a formula computed (no less frequently than monthly) by reference to, one or more of accounts receivable, inventory, machinery, equipment and other fixed assets (other than real estate).
	 	 
	 	“Account” has the meaning given to such term in the Indenture.
	 	 
	 	“Advance Percentage” has the meaning given to such term in the Indenture.
	 	 
	 	“Advance Value” has the meaning given to such term in the Indenture.
	 	 
	 	“Affiliate” has the meaning given to such term in the Indenture.
	 	 
	 	“Aggregate Portfolio Par Value” means, on any date of determination, the Aggregate Principal Balance of (a) all Portfolio Assets plus (b) all Cash credited or required to be credited to the Principal Collection Subaccount and Eligible Investments acquired with such Cash.
	 	 
	 	“Aggregate Principal Balance” means, when used with respect to all or a portion of the Portfolio Assets or the Collateral, the sum of the Principal Balances of all or of such portion of the Portfolio Assets or Collateral, as applicable.
	 	 
	 	“Amendment Date” means, with respect to any Portfolio Asset, the effective date of any amendment or action described in Section 2(o) of the Collateral Management Agreement.
	 	 
	 	“Apollo” means Apollo Investment Management, L.P. (or any successor entity thereto engaged in substantially the same business as Apollo Investment Management, L.P.) or any subsidiary thereof engaged in the business of managing assets comparable to the Portfolio Assets that is either registered as an investment adviser under the Investment Advisers Act of 1940, as amended, or a "relying advisor" of Apollo Investment Management, L.P. for purposes of such act.
	 	 

 

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	 	“Asset Eligibility Criteria” has the meaning given to such term in the Indenture.

                                                 

                                                “Borrowing Base” has the meaning given to such term in the Indenture.

                                                 

                                                “Borrowing Base Asset Criteria” has the meaning given to such term in the Indenture.

                                                 

                                                “Borrowing Base Deficiency” has the meaning given to such term in the Indenture.

                                                 

                                                “Borrowing Base Portfolio Criteria” has the meaning given to such term in the Indenture.

	 	 
	 	“Cash” has the meaning given to such term in the Indenture.
	 	 
	 	“Class A-1 Notes” means the Class A-1 Notes issued under the Indenture.
	 	 
	 	“Class A-R Notes” means the Class A-R Notes issued under the Indenture.
	 	 
	 	“Class A-R UBS Repo Confirmation” has the meaning given to such term in the Indenture.
	 	 
	 	“Collateral” has the meaning given to such term in the Indenture.
	 	 
	 	 
	 	“Collateral Management Agreement” has the meaning given to such term in the Indenture.
	 	 
	 	“Collateral Manager” has the meaning given to such term in the Indenture.
	 	 
	 	“Consolidated Leverage Ratio” means, as of any date of determination with respect to any Portfolio Asset Obligor and a particular Portfolio Asset of such Portfolio Asset Obligor, the ratio of:
	 	 
	 	 	(a)	the Principal Balances of such Portfolio Asset and the outstanding principal amount of all other Indebtedness of such Portfolio Asset Obligor and its Subsidiaries that is of equal or higher seniority with such Portfolio Asset and is secured by a similar ranking lien or security interest in the same collateral as of such date of calculation that would be stated on a consolidated balance sheet (excluding any notes thereto); provided that, for purposes of this definition only, the amount of Indebtedness shall be determined only to the extent that it has been advanced such that any undrawn amount thereunder shall not constitute Indebtedness for purposes of this clause (a); to
	 	 

 

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	 	 	(b)	EBITDA of such Portfolio Asset Obligor for the four fiscal quarters (or last twelve months if available) for which financial reports are available for such Portfolio Asset Obligor.
	 	 
	 	“Cov-Lite Loan” means a Loan (a) which is a Non-Markit Loan and (b) with respect to which the Underlying Instrument does not include any financial covenants with which compliance is determined on an ongoing maintenance basis.
	 	 
	 	“Current Price” has the meaning given to such term in the Indenture.

                                                 

                                                “Defaulted Obligation” has the meaning given to such term in the Indenture.

	 	 
	 	“EBITDA” means with respect to any Portfolio Asset and any period, (a) the meaning of the term “Adjusted EBITDA”, the term “EBITDA” or any comparable definition in the related Underlying Instrument for such period and Portfolio Asset Obligor, as reported for such period pursuant to the related Underlying Instrument, and (b) in any case that the term “Adjusted EBITDA”, the term “EBITDA” or such comparable definition is not defined in such Underlying Instrument, the sum of (i) the consolidated net income for such period of the relevant Portfolio Asset Obligor on such Portfolio Asset, plus (ii) to the extent deducted in calculating such consolidated net income, the sum for such period of all income tax expense, interest expense, depreciation and amortization expense and all other non-cash charges, in the case of each of the foregoing clauses, as reported for such period pursuant to (and in accordance with the relevant definitions contained in) the related Underlying Instrument; provided that (x) the relevant Portfolio Asset Obligor referred to above in this definition shall be the Portfolio Asset Obligor for which consolidated financial statements are required to be delivered under the related Underlying Instrument (and, if there is more than one such Portfolio Asset Obligor, for the Portfolio Asset Obligor with the greatest consolidated aggregate indebtedness for borrowed money as of the last day of such period) and (y) if the Calculation Agent determines on a commercially reasonable basis that “Adjusted EBITDA” or “EBITDA” as reported for such period pursuant to the related Underlying Instrument is not computed in accordance with generally accepted financial practice for similar transactions, then “EBITDA” shall mean “Consolidated EBITDA” (determined on a consolidated basis based upon the Calculation Agent’s selection in good faith of a definition of “Consolidated EBITDA” that accords with generally accepted financial practice) in relation to the relevant Portfolio Asset Obligor and its consolidated subsidiaries for such period.

 

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	 	“Eligible Investments” has the meaning given to such term in the Indenture.
	 	 
	 	“Equity Contribution Agreement” has the meaning given to such term in the Indenture.
	 	 
	 	“Fallback Valuation Company” means any of Houlihan Lokey, Inc., Duff & Phelps Corporation or Valuation Research Corporation.
	 	 
	 	“Governmental Authority” means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).
	 	 
	 	“Illiquid Loan” means a Loan which is not a Liquid Loan.
	 	 
	 	“Inclusion” means a substitution or contribution of Portfolio Assets to the Issuer pursuant to the Equity Contribution Agreement or any other acquisition of Portfolio Assets by the Issuer.
	 	 
	 	“Inclusion Date” means (a) in the case of a substitution or contribution of Portfolio Assets to the Issuer pursuant to the Equity Contribution Agreement, the settlement date of substitution or contribution or (b) in the case of any other acquisition thereof by the Issuer, the Portfolio Asset Trade Date for the acquisition thereof by the Issuer.
	 	 
	 	“Indebtedness” has the meaning given to such term in the Indenture.

 

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	 	“Indenture” means the Second Amended and Restated Indenture, dated as of December 17, 2020 (which amended and restated the Amended and Restated Indenture, dated as of December 1, 2017, which amended and restated the Indenture, dated as of May 19, 2017), between the Issuer and U.S. Bank National Association, as trustee, as may be further amended, supplemented or otherwise modified from time to time.
	 	 
	 	“Indenture Event of Default” means an “Event of Default” (as defined in the Indenture) occurs with respect to the Issuer under the Indenture.
	 	 
	 	“Initial
        Valuation Company” means Lincoln International.

	 	 
	 	“Interest
Coverage Ratio” means with respect to any Portfolio Asset that is an Illiquid Loan and any date of determination, the
ratio of (a) LTM EBITDA of the relevant Portfolio Asset Obligor to (b) Interest Expense for such period.

	 	 
	 	
        “Interest
Expense” means with respect to any Portfolio Asset and any specified period, the sum, for the Portfolio Asset Obligor
and its subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP), of the following: (a) all
interest in respect of Indebtedness (including the interest component of any payments in respect of capital lease obligations)
accrued or capitalized during such period (whether or not actually paid during such period) plus (b) the net amount payable
(or minus the net amount receivable) under any hedging agreements relating to interest during such period (whether or not actually
paid or received during such period).

	 	 
	 	“Issuer” means Murray
        Hill Funding II, LLC.
	 	 
	 	“Issuer Order” has the
        meaning given to such term in the Indenture.
	 	 
	 	“Lien” has the meaning given to such term in the Indenture.
	 	 
	 	“Liquid Loan” means any Loan which is the subject of at least two bid quotations as reported on Markit (or any successor nationally recognized loan pricing service designated by Buyer).
	 	 
	 	“Liquidation Agent” has the meaning given to such term in the Indenture.
	 	 
	 	“Loan” has the meaning given to such term in the Indenture.

 

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	 	“LTM EBITDA” means with respect to a Portfolio Asset Obligor, the EBITDA of such Portfolio Asset Obligor for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available for such Portfolio Asset Obligor.
	 	 
	 	“Markit” means Markit Ltd. and any of its subsidiaries, or any successor thereto.
	 	 
	 	“Middle Market Illiquid Loan” means any obligation which (a) is an Illiquid Loan and (b) with respect to which the relevant Obligor’s EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available is less than $40,000,000.
	 	 
	 	
        “Non-Markit Loan” means
        any Loan for which prices are not reported on Markit (or any successor nationally recognized loan pricing service designated by
        Buyer).

        “Notes” has the meaning
        given to such term in the Indenture.

	 	 
	 	
        “Obligor” has
the meaning given to such term in the Indenture.

	 	 
	 	“Portfolio Asset” has
        the meaning given to such term in the Indenture.
	 	 
	 	“Portfolio Asset Obligor” has the meaning given to such term in the Indenture.
	 	 
	 	“Portfolio Asset Trade Date” means the date on which the Issuer enters into an agreement to purchase or sell a Portfolio Asset pursuant to an Issuer Order, as such term is defined in the Indenture, given by the Collateral Manager.
	 	 
	 	
        “Principal Balance”
        has the meaning given to such term in the Indenture.

        

	 	 
	 	“Principal Collection Subaccount”
        has the meaning given to such term in the Indenture.
	 	 
	 	“Priority Loan Leverage Ratio” means as of any date of determination with respect to any Portfolio Asset Obligor and a particular Portfolio Asset of such Portfolio Asset Obligor which is a Senior Secured Last Out Loan, the ratio of:

 

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	 	(a)	the outstanding principal amount of the Senior Secured First Out Loan relating to such Senior Secured
Last Out Loan, to
	 	 
	 	(b)	EBITDA for the four fiscal quarters (or last twelve months if available) for which financial reports
are available for such Portfolio Asset Obligor.
	 	 
	 	“Priority Revolving Loan” means, as of any date of determination with respect to any Portfolio Asset Obligor and a particular Portfolio Asset of such Portfolio Asset Obligor, the Indebtedness of such Portfolio Asset Obligor and its Subsidiaries in the form of a Revolver Loan that when it is drawn (x) ranks senior to such Portfolio Asset and (y) is secured by a senior ranking lien or security interest in a portion of the same collateral as of such date of calculation that would be stated on a consolidated balance sheet.
	 	 
	 	“Priority Revolving Loan Leverage Ratio” means, as of any date of determination with respect to any Portfolio Asset Obligor and a particular Portfolio Asset of such Portfolio Asset Obligor, the ratio of:
	 	 
	 	(a)	the outstanding principal amount of the Priority Revolving Loan(s) relating to such Portfolio
Asset determined on the assumption that the maximum aggregate amount that can be borrowed under such Priority Revolving Loan(s) has
already been fully advanced such that any undrawn amount thereunder shall constitute outstanding principal amount for purposes
of this definition; to
	 	 
	 	(b)	EBITDA of such Portfolio Asset Obligor for the four fiscal quarters (or last twelve months if available)
for which financial reports are available for such Portfolio Asset Obligor.
	 	 
	 	“Revolver Loan” has the meaning given to such term in the Indenture.
	 	 
	 	“S&P” has the meaning given to such term in the Indenture.
	 	 
	 	“Second Lien Liquid Loan” means any Loan that would meet the criteria for Second Lien Loan but for the fact that such Loan is a Liquid Loan.
	 	 
	 	“Second Lien Loan” means any Illiquid Loan that:

 

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	 	(a)	would be a Senior Secured Loan but for the fact that it is subordinated (in right of payment, liens
or otherwise) to a Senior Secured Loan of the Portfolio Asset Obligor(s) other than a Priority Revolving Loan; (ii) is
secured by a valid second-priority perfected security interest in or Lien on (second only to a security interest or Lien securing
a Senior Secured Loan) collateral consisting of all or substantially all the assets of the Portfolio Asset Obligor(s) (and
in any event substantially all its assets securing any other Indebtedness); and (iii) is not secured solely or primarily
by common stock or other equity interests; provided that the limitation set forth in this clause (iii) shall not apply with
respect to a Loan made to a parent entity that is secured solely or primarily by the stock of one or more of the subsidiaries
of such parent entity to the extent that (x) the granting by any such subsidiary of a Lien on its own property would violate
law or regulations applicable to such subsidiary (whether the obligation secured is such Loan or any other similar type of Indebtedness
owing to third parties) and (y) its own property is not subject to a Lien securing any Indebtedness (any Second Lien Loan
described in this clause (a), a “Traditional Second Lien Loan”); or
	 	 
	 	(b)	is a Senior Secured Last Out (Type II) Loan.
	 	 
	 	“Seller’s Investment Manager” means any of (i) CION Investment Management, LLC or its successors or Affiliates; (ii) Apollo Investment Management, L.P. or its successors or Affiliates or (iii) another investment manager selected by Seller and reasonably acceptable to Buyer.
	 	 
	 	“Senior Secured First Out Loan” has the meaning assigned to such term in the definition of “Senior Secured Last Out Loan” herein.
	 	 
	 	“Senior Secured (Large Cap) Loan” means any Senior Secured Loan that (a) has an applicable margin or other stated coupon less than (or equal to) 6.0%, including for such purposes any non-cash portion thereof but excluding for such purposes any portion thereof derived from the London interbank offered rate, base rate or other applicable fixed or floating reference rate, (b) has Portfolio Asset Obligor(s) with EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available greater than or equal to $50,000,000, (c) has a Consolidated Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 5.2x, (d) if there is a Priority Revolving Loan with respect to such Senior Secured Loan, has a Priority Revolving Loan Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 1.75x, (e) has a Current Price equal to or greater than 92.5%, and (f) is not a Senior Secured Liquid Loan.

 

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	 	“Senior Secured Last Out Loan” means any Loan that would be a Senior Secured Loan but for the fact that its terms provide that the payment of principal thereon, either prior to or after any default, event of default, financial covenant test failure or other event, is to occur after the payment of principal of any other term loan(s) (each such other term loan, a “Senior Secured First Out Loan”) under the same credit facility.
	 	 
	 	“Senior Secured Last Out (Type I) Loan” means any Senior Secured Last Out Loan for which (a) the Priority Loan Leverage Ratio with respect to such Senior Secured Last Out Loan and the related Portfolio Asset Obligor(s) is less than 1.25x and (b) the Consolidated Leverage Ratio with respect to such Senior Secured Last Out Loan and the related Portfolio Asset Obligor(s) is less than 4.5x.
	 	 
	 	“Senior Secured Last Out (Type II) Loan” means any Senior Secured Last Out Loan that is not a Senior Secured Last Out (Type I) Loan.
	 	 
	 	“Senior Secured Liquid Loan” means any Senior Secured Loan that is a Liquid Loan.
	 	 
	 	“Senior Secured Loan” means any Loan that (i) is not (and by its terms is not permitted to become) subordinated in right of payment, liens or otherwise to any other obligation of the Portfolio Asset Obligor(s) of such Loan, including any other obligation under the same credit facility, other than any Priority Revolving Loan, and (ii) is secured by a valid first priority perfected security interest in or Lien on collateral consisting of all or substantially all the assets of the Portfolio Asset Obligor(s), other than those assets securing any Priority Revolving Loan, as to which it is secured by a valid second priority perfected security interest in or Lien on collateral consisting of all the assets securing such Priority Revolving Loan.

 

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	 	“Senior Secured (Type I) Loan” means any Senior Secured Loan that (a) has an applicable margin or other stated coupon less than (or equal to) 9.0%, including for such purposes any non-cash portion thereof but excluding for such purposes any portion thereof derived from the London interbank offered rate, base rate or other applicable fixed or floating reference rate, (b) has Portfolio Asset Obligor(s) with EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available greater than or equal to $25,000,000, (c) has a Consolidated Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 5.2x, (d) if there is a Priority Revolving Loan with respect to such Senior Secured Loan, has a Priority Revolving Loan Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 1.75x, (e) is not a Senior Secured (Large Cap) Loan, (f) is not a Cov-Lite Loan and (g) is not a Senior Secured Liquid Loan.
	 	 
	 	“Senior Secured (Type I Cov-Lite) Loan” means any Senior Secured Loan (a) which would be a Senior Secured (Type I) Loan but for the fact that such Loan is a Cov-Lite Loan and (b) has a Consolidated Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is greater than or equal to 3.5x.
	 	 
	 	“Senior Secured (Type II) Loan” means any Senior Secured Loan that  (a) has an applicable margin or other stated coupon less than (or equal to) 9.0%, including for such purposes any non-cash portion thereof but excluding for such purposes any portion thereof derived from the London interbank offered rate, base rate or other applicable fixed or floating reference rate portion thereof, (b) has Portfolio Asset Obligor(s) with EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available less than $25,000,000 and equal to or greater than $10,000,000, (c) has a Consolidated Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 5.2x, (d) if there is a Priority Revolving Loan with respect to such Senior Secured Loan, has a Priority Revolving Loan Leverage Ratio with respect to such Senior Secured Loan and the related Portfolio Asset Obligor(s) which is less than or equal to 1.75x, (e) is not a Cov-Lite Loan and (f) is not a Senior Secured Liquid Loan.

 

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	 	“Senior Secured (Type III) Loan” means any Senior Secured Loan that (a) has Portfolio Asset Obligor(s) with EBITDA for the most recent four fiscal quarters (or last twelve months if available) for which financial reports are available of less than $10,000,000 and (b) is not a Senior Secured Liquid Loan.
	 	 
	 	
        “Senior Secured (Type IV) Loan”
        means (i) any Senior Secured Loan that would otherwise be a Senior Secured (Type I) Loan or Senior Secured (Type II) Loan
        but for the fact that such Loan does not meet the requirements set forth in clause (a), (c), (d) or, solely in the case of
        a Senior Secured Loan which would otherwise be a Senior Secured (Type II) Loan, (e) of the applicable definition or (ii) any
        Senior Secured Loan that would otherwise be a Senior Secured (Type I Cov-Lite) Loan but for the fact that such Loan does not meet
        the requirements set forth in clause (b) of the definition of Senior Secured (Type I Cov-Lite) Loan.

        

	 	 
	 	“Sole Member” has the
        meaning given to such term in the Indenture.
	 	 
	 	“Subsidiary” has the meaning given to such term in the Indenture.
	 	 
	 	“Transaction Documents” has the meaning given to such term in the Indenture.
	 	 
	 	“Traditional Second Lien Loan” has the meaning assigned to such term in the definition of “Second Lien Loan” herein.
	 	 
	 	
        “Underlying Instrument”
        has the meaning given to such term in the Indenture.

        

	 	 
	 	“Voluntary Contribution/Sale”
        has the meaning given to such term in the Equity Contribution Agreement.
	 	 
	Determination of Status of Certain Portfolio Assets:	For purposes hereof, whether any Portfolio Asset meets the criteria of any of the following definitions shall be determined by Buyer as of the latest of (a) the Inclusion Date for such Portfolio Asset and (b) the most recent Amendment Date for such Portfolio Asset (such latest date, the “Inclusion/ Amendment Date”):
	 	 
	 	(1)	ABL Loan;
	 	 
	 	(2)	Cov-Lite Loan;

 

    -47-

     

    

 

	 	(3)	Illiquid Loan;
	 	 
	 	(4)	Liquid Loan;
	 	 
	 	(5)	Middle Market Illiquid Loan;
	 	 
	 	(6)	Second Lien Loan;
	 	 
	 	(7)	Second Lien Liquid Loan;
	 	 
	 	(8)	Senior Secured First Out Loan;
	 	 
	 	(9)	Senior Secured (Large Cap) Loan;
	 	 
	 	(10)	Senior Secured Last Out Loan;
	 	 
	 	(11)	Senior Secured Last Out (Type I) Loan;
	 	 
	 	(12)	Senior Secured Last Out (Type II) Loan;
	 	 
	 	(13)	Senior Secured Liquid Loan;
	 	 
	 	(14)	Senior Secured Loan;
	 	 
	 	(15)	Senior Secured (Type I) Loan;
	 	 
	 	(16)	Senior Secured (Type I Cov-Lite) Loan
	 	 
	 	(17)	Senior Secured (Type II) Loan;
	 	 
	 	(18)	Senior Secured (Type III) Loan;
	 	 
	 	(19)	Senior Secured (Type IV) Loan; and
	 	 
	 	(20)	Traditional Second Lien Loan.

 

[signatures follow on the next page]

 

    -48-

     

    

 

By executing this Confirmation and returning
it to us, Seller confirms that the foregoing correctly sets out the terms of the agreement of the Parties.

 

Yours faithfully,

 

UBS AG, LONDON BRANCH,

 

In its individual capacity and as Calculation Agent

 

	By:	/s/ Simon Gray
	 

                                  

	 	Name: Simon Gray
	 	Title: Authorized Signatory

 

	By:	/s/ Owen Ticli	 
	 	Name: Owen Ticli
	 	Title: Authorized Signatory

 

Confirmed as of the date first above written:

 

MURRAY HILL FUNDING, LLC

 

	By:	/s/ Michael A. Reisner	
	 	Name: Michael A. Reisner
	 	Title: Co-Chief Executive Officer

 

Signature Page to Third Amended
and Restated Confirmation

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]