Document:

Exhibit 10.2

 

SALE AND CONTRIBUTION AGREEMENT

 

between

 

OWL ROCK CAPITAL CORPORATION

 

as Seller

 

and

 

ORCC FINANCING II LLC

 

as Purchaser

 

Dated as of May 22, 2018

 

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TABLE OF CONTENTS

 

	
 
    	
Page
    
	
ARTICLE I   DEFINITIONS
    	
1
    
	
 
    	
SECTION 1.1 Definitions
    	
1
    
	
 
    	
SECTION 1.2 Other Terms
    	
3
    
	
 
    	
SECTION 1.3 Computation of   Time Periods
    	
3
    
	
 
    	
SECTION 1.4 Interpretation
    	
3
    
	
 
    	
SECTION 1.5 References
    	
4
    
	
ARTICLE II   CONVEYANCES OF TRANSFERRED ASSETS
    	
4
    
	
 
    	
SECTION 2.1 Conveyances
    	
4
    
	
 
    	
SECTION 2.2 Repurchase or   Substitution of Loan Assets
    	
6
    
	
 
    	
SECTION 2.3 Assignments
    	
7
    
	
 
    	
SECTION 2.4 Actions Pending   Completion of Conveyance
    	
7
    
	
 
    	
SECTION 2.5 Indemnification
    	
8
    
	
 
    	
SECTION 2.6 Assignment of   Rights and Indemnities
    	
9
    
	
ARTICLE III   CONSIDERATION AND PAYMENT; REPORTING
    	
9
    
	
 
    	
SECTION 3.1 Purchase Price,   Substitution Value and Repurchase Price
    	
9
    
	
 
    	
SECTION 3.2 Payment of   Purchase Price
    	
9
    
	
ARTICLE IV   REPRESENTATIONS AND WARRANTIES
    	
10
    
	
 
    	
SECTION 4.1 Seller’s   Representations and Warranties
    	
10
    
	
 
    	
SECTION 4.2 Reaffirmation of   Representations and Warranties by the Seller; Notice of Breach
    	
13
    
	
ARTICLE V   COVENANTS OF THE SELLER
    	
14
    
	
 
    	
SECTION 5.1 Covenants of the   Seller
    	
14
    
	
 
    	
SECTION 5.2 Covenant of the   Purchaser
    	
15
    
	
ARTICLE VI   CONDITIONS PRECEDENT
    	
15
    
	
 
    	
SECTION 6.1 Conditions   Precedent
    	
15
    
	
ARTICLE VII   MISCELLANEOUS PROVISIONS
    	
16
    
	
 
    	
SECTION 7.1 Amendments, Etc.
    	
16
    
	
 
    	
SECTION 7.2 Governing Law: Submission   to Jurisdiction; Waiver of Jury Trial
    	
16
    
	
 
    	
SECTION 7.3 Notices
    	
17
    
	
 
    	
SECTION 7.4 Severability of   Provisions
    	
18
    

 

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TABLE OF CONTENTS

(continued)

 

	
 
    	
 
    	
Page
    
	
 
    	
SECTION 7.5 Further Assurances
    	
18
    
	
 
    	
SECTION 7.6 No Waiver;   Cumulative Remedies
    	
18
    
	
 
    	
SECTION 7.7 Counterparts
    	
18
    
	
 
    	
SECTION 7.8 Non-Petition
    	
18
    
	
 
    	
SECTION 7.9 Transfer of   Seller’s Interest
    	
19
    
	
 
    	
SECTION 7.10 Binding Effect;   Third-Party Beneficiaries and Assignability
    	
19
    
	
 
    	
SECTION 7.11 Merger and   Integration
    	
19
    
	
 
    	
SECTION 7.12 Headings
    	
19
    

 

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This SALE AND CONTRIBUTION AGREEMENT, dated as of May 22, 2018 (as amended, supplemented or otherwise modified and in effect from time to time, this “Agreement”), between OWL ROCK CAPITAL CORPORATION, a Maryland corporation, as seller (in such capacity, the “Seller”) and ORCC FINANCING II LLC, a Delaware limited liability company, as purchaser (in such capacity, the “Purchaser”).

 

WITNESSETH:

 

WHEREAS, on and after the date hereof, the Seller may, from time to time on each Conveyance Date (as defined below), sell or contribute, transfer, and otherwise convey, to the Purchaser, without recourse except to the extent specifically provided herein, and the Purchaser may, from time to time on each Conveyance Date, purchase or accept a contribution of all right, title and interest of the Seller (whether now owned or hereafter acquired or arising, and wherever located) in and to the Loan Assets (as defined below) mutually agreed by the Seller and the Purchaser; and

 

WHEREAS, it is the Seller’s and the Purchaser’s intention that the conveyance of the Transferred Assets under each assignment agreement and this Agreement is a “true sale” or a “true contribution” for all purposes, such that, upon payment of the purchase price therefor or the making of a contribution, the Transferred Assets will constitute property of the Purchaser from and after the applicable transfer date;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed by and between the Purchaser and the Seller as follows:

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.1  Definitions.   As used in this Agreement, the following terms shall have the following meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined).  All capitalized terms used herein but not defined herein shall have the respective meanings specified in, or incorporated by reference into, the Credit Agreement, dated as of May 22, 2018 (as amended, supplemented or otherwise modified and in effect from time to time, the “Credit Agreement”), by and among the Purchaser, as borrower, the Lenders party thereto from time to time, Natixis, New York Branch, as administrative agent (in such capacity, the “Administrative Agent”), State Street Bank and Trust Company, as collateral agent (in such capacity, the “Collateral Agent”), collateral administrator and custodian (in such capacity, the “Custodian”), and Cortland Capital Market Services LLC, as document custodian (in such capacity, the “Document Custodian”).

 

“Agreement” has the meaning set forth in the preamble hereto.

 

“Convey” means to sell, transfer, assign, contribute, substitute or otherwise convey assets hereunder (each such Conveyance being herein called a “Conveyance”).

 

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“Conveyance Date” means the date of a Conveyance, as specified in the applicable Purchase Notice or Repurchase/Substitution Notice.

 

“Excluded Amounts” means (i) any amount that is attributable to the reimbursement of payment by or on behalf of the Seller of any Taxes, fee or other charge imposed by any Governmental Authority on any Loan Asset, (ii) any interest or fees (including origination, agency, structuring, management or other up-front fees) that are for the account of the Seller, (iii) any escrows relating to Taxes, insurance and other amounts in connection with Loan Assets which are held in an escrow account for the benefit of the obligor and the secured party pursuant to escrow arrangements under the related underlying instruments, (iv) to the extent paid using amounts other than proceeds of the Loan Assets and proceeds of Loans, as applicable, any amount paid in respect of reimbursement for expenses owed in respect of any Loan Asset pursuant to the related underlying instrument or (v) any amount paid to the Purchaser in error.

 

“Indorsement” has the meaning specified in Section 8-102(a)(11) of the UCC, and “Indorsed” has a corresponding meaning.

 

“Loan Asset” means each commercial loan identified on Schedule A hereto, and each commercial loan identified on any Purchase Notice.

 

“ORCC Credit Agreement” means that certain Senior Secured Revolving Credit Agreement, dated as of February 1, 2017, among Owl Rock Capital Corporation, as borrower, the lenders party thereto, and SunTrust Bank, as administrative agent, as amended, modified, supplemented, restated or replaced from time to time in accordance with the terms thereof.

 

“Proceeds” has the meaning set forth in Section 4.1(n).

 

“Purchase Notice” has the meaning set forth in Section 2.1(a).

 

“Purchase Price” has the meaning set forth in Section 3.1(a).

 

“Purchaser” has the meaning set forth in the preamble hereto.

 

“Repurchase” has the meaning set forth in Section 2.2(a).

 

“Repurchase Price” has the meaning set forth in Section 3.1 (c).

 

“Repurchase/Substitution Notice” has the meaning set forth in Section 2.2(b).

 

“Retained Interest” means, with respect to any Loan Asset, (a) all of the obligations, if any, of the agent(s) under the documentation evidencing such Loan Asset and (b) the applicable portion of the interests, rights and obligations under the documentation evidencing such Loan Asset that relate to such portion(s) of the indebtedness and interest in other obligations that are owned by another lender.

 

“Seller” has the meaning set forth in the preamble hereto.

 

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“Substitute Loan Asset” has the meaning set forth in Section 2.2(a).

 

“Substitution” has the meaning set forth in Section 2.2(a).

 

“Substitution Value” has the meaning set forth in Section 3.1(b).

 

“Transferred Asset” means each asset, including any Loan Asset and Substitute Loan Asset, Conveyed by the Seller to the Purchaser hereunder, including with respect to each such asset, all Related Property; provided that the foregoing will exclude the Retained Interest and the Excluded Amounts.

 

SECTION 1.2  Other Terms.  All accounting terms not specifically defined herein shall be construed in accordance with generally accepted accounting principles.  All terms used in Article 9 of the UCC, and not specifically defined herein, are used herein as defined in such Article 9.

 

SECTION 1.3  Computation of Time Periods.  Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each means “to but excluding.”

 

SECTION 1.4  Interpretation.  In this Agreement, unless a contrary intention appears:

 

(i)            reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by the Transaction Documents;

 

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

 

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

 

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

 

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

 

(vi)          reference to any agreement (including any Transaction Document or underlying instrument), document or instrument means such agreement, document or instrument as amended, modified, supplemented, replaced, restated, waived or extended and in effect from time to time in accordance with the terms thereof and, if applicable, the terms of the other Transaction Documents, and reference to any promissory note includes any promissory note that is an extension or renewal thereof or a substitute or replacement therefor;

 

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(vii)         reference to any requirement of law means such requirement of law as amended, modified, codified, replaced or reenacted, in whole or in part, and in effect from time to time, including rules and regulations promulgated thereunder and reference to any Section or other provision of any requirement of law means that provision of such requirement of law from time to time in effect and constituting the substantive amendment, modification, codification, replacement or reenactment of such Section or other provision; and

 

(viii)        references to “including” mean “including, without limitation”.

 

SECTION 1.5  References.

 

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

 

ARTICLE II

 

CONVEYANCES OF TRANSFERRED ASSETS

 

SECTION 2.1  Conveyances.

 

(a)           In the event the Purchaser agrees (in accordance with and subject to the requirements of the Credit Agreement) from time to time to acquire one or more Loan Assets and Related Property from the Seller and the Seller agrees to Convey such Loan Assets and Related Property to the Purchaser, the Purchaser shall deliver written notice thereof to the Administrative Agent substantially in the form set forth in Schedule B hereto (each, a “Purchase Notice”), designating the Conveyance Date and attaching a supplement to Schedule A identifying the Loan Assets proposed to be Conveyed and the Purchase Price with respect to such Conveyance.  On the terms and subject to the conditions set forth in this Agreement and the Credit Agreement, the Seller shall Convey to the Purchaser without recourse (except to the extent specifically provided herein), and the Purchaser shall accept such Conveyance, on the applicable Conveyance Date, all of the Seller’s right, title and interest (whether now owned or hereafter acquired or arising, and wherever located) in and to each Loan Asset then reported by the Seller on the Schedule A attached to the related Purchase Notice and the Related Property, together with all proceeds of the foregoing.  For the avoidance of doubt, Schedule A, when delivered in accordance with the terms hereof, shall automatically be deemed to update any previously delivered Schedule A without the need for action or consent on the part of any Person.

 

(b)         It is the express intent of the Seller and the Purchaser that each Conveyance of Transferred Assets by the Seller to the Purchaser pursuant to this Agreement be construed as an absolute sale and/or contribution of such Transferred Assets by the Seller to the Purchaser providing Purchaser with the full risks and benefits of ownership of the Transferred Assets.  Further, it is not the intention of the Seller and the Purchaser that any Conveyance be deemed a grant of a security interest in the Transferred Assets by the Seller to the Purchaser to secure a debt or other obligation of the Seller.  However, in the event that, notwithstanding the intent of the parties expressed herein, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then (i) this Agreement also shall

 

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be deemed to be, and hereby is, a security agreement within the meaning of the UCC and other applicable law and (ii) the Conveyances by the Seller provided for in this Agreement shall be deemed to be, and the Seller hereby grants to the Purchaser, a first priority security interest (subject only to Permitted Liens) in, to and under all of the Seller’s right, title and interest in, to and under, whether now owned or hereafter acquired, such Transferred Assets and all proceeds of the foregoing to secure an obligation of the Seller to pay over and transfer to the Purchaser any and all distributions received by the Seller (other than Excluded Amounts) in relation to the Transferred Assets from time to time, whether in cash or in kind, so that the Purchaser will receive all distributions under, proceeds of and benefits of ownership of the Transferred Assets and to secure all other obligations of the Seller hereunder.  If the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, the Purchaser and its assignees shall have, with respect to such Transferred Assets and other related rights, in addition to all the other rights and remedies available to the Purchaser and its assignees hereunder and under the underlying instruments, all the rights and remedies of a secured party under any applicable UCC.

 

(c)           The Seller and the Purchaser shall, to the extent consistent with this Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest in the Transferred Assets to secure a debt or other obligation, such security interest would be deemed to be a first priority perfected security interest in favor of the Purchaser under applicable law and will be maintained as such throughout the term of this Agreement.  The Seller represents and warrants that the Transferred Assets are being transferred with the intention of removing them from the Seller’s estate pursuant to Section 541 of the Bankruptcy Code.  The Purchaser assumes all risk relating to nonpayment or failure by the obligors to make any distributions owed by them under the Transferred Assets.  Except with respect to the representations, warranties and covenants expressly stated in this Agreement, the Seller assigns each Transferred Asset “as is,” and makes no covenants, representations or warranties regarding the Transferred Assets.

 

(d)           In connection with this Agreement, the Seller agrees to file (or cause to be filed) on or prior to the Closing Date, at its own expense, a financing statement or statements with respect to the Transferred Assets Conveyed by the Seller hereunder from time to time meeting the requirements of applicable state law in the jurisdiction of the Seller’s organization to perfect and protect the interests of the Purchaser created hereby under the UCC against all creditors of, and purchasers from, the Seller, and to deliver a file-stamped copy of such financing statements or other evidence of such filings to the Purchaser as soon as reasonably practicable after its receipt thereof and to keep such financing statements effective at all times during the term of this Agreement.

 

(e)           The Seller agrees that from time to time, at its expense, it will promptly execute and deliver all instruments and documents and take all actions as may be reasonably necessary or as the Purchaser may request, in order to perfect or protect the interest of the Purchaser in the Transferred Assets Conveyed hereunder or to enable the Purchaser to exercise or enforce any of its rights hereunder.  Without limiting the foregoing, the Seller will, in order to accurately reflect the Conveyances contemplated by this Agreement, execute and file such financing or continuation statements or amendments thereto or assignments thereof (as permitted pursuant hereto) or other documents or instruments as may be requested by the

 

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Purchaser and mark its records noting the Conveyance to the Purchaser of the Transferred Assets.  The Seller hereby authorizes the Purchaser to file and, to the fullest extent permitted by applicable law the Purchaser shall be permitted to sign (if necessary) and file, initial financing statements, continuation statements and amendments thereto and assignments thereof without further acts of the Seller; provided that the description of collateral contained in such financing statements shall be limited to only Transferred Assets.  Carbon, photographic or other reproduction of this Agreement or any financing statement shall be sufficient as a financing statement.

 

(f)            Each of the Seller and the Purchaser agree that prior to the time of Conveyance of any Loan Asset hereunder, the Purchaser has no rights to or claim of benefit from any Loan Asset (or any interest therein) owned by the Seller.

 

(g)           The Transferred Assets acquired, transferred to and assumed by the Purchaser from the Seller shall include the Seller’s entitlement to any surplus or responsibility for any deficiency that, in either case, arises under, out of, in connection with, or as a result of, the foreclosure upon or acceleration of any such Transferred Assets (other than Excluded Amounts).

 

SECTION 2.2  Repurchase or Substitution of Loan Assets.

 

(a)           The Seller may (in accordance with and subject to the requirements of the Credit Agreement) from time to time, in its sole discretion, either (i) repurchase a Loan Asset (each, a “Repurchase”) or (ii) substitute for such Loan Asset a Collateral Loan (each, a “Substitution” and such Collateral Loan, a “Substitute Loan Asset”), in each case in accordance with and subject to the requirements of Section 10.1(a)(vii) of the Credit Agreement.

 

(b)           In connection with the Repurchase or Substitution of a Loan Asset, the Purchaser shall deliver written notice thereof to the Administrative Agent substantially in the form set forth in Schedule C hereto (each, a “Repurchase/Substitution Notice”), designating the Conveyance Date and attaching a supplement to Schedule A identifying the Loan Assets and, as applicable, the Substitute Loan Assets to be Conveyed and the Repurchase Price or Substitution Value, as applicable, with respect to such Conveyance.  On the terms and subject to the conditions set forth in this Agreement and the Credit Agreement, the Purchaser shall Convey to the Seller without recourse (except to the extent specifically provided herein), and the Seller shall accept such Conveyance, on the applicable Conveyance Date, all of the Purchaser’s right, title and interest (whether now owned or hereafter acquired or arising, and wherever located) in and to each Loan Asset then reported by the Purchaser on the Schedule A attached to the related Repurchase/Substitution Notice, together with all Related Property and proceeds of the foregoing.  In the case of a Substitution, Seller shall then Convey to the Purchaser without recourse (except to the extent specifically provided herein), and the Purchaser shall accept such Conveyance, on the applicable Conveyance Date, all of the Seller’s right, title and interest (whether now owned or hereafter acquired or arising, and wherever located) in and to each Substitute Loan Asset then reported by the Purchaser on the Schedule A attached to the related Repurchase/Substitution Notice, together with all proceeds of the foregoing.  For the avoidance of doubt, Schedule A, when delivered in accordance with the terms hereof, shall automatically be

 

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deemed to update any previously delivered Schedule A without the need for action or consent on the part of any Person.

 

SECTION 2.3  Assignments.  The Seller and the Purchaser acknowledge and agree that, solely for administrative convenience, any transfer document or assignment agreement required to be executed and delivered in connection with the transfer of a Transferred Asset in accordance with the terms of the related underlying instruments may reflect that (i) the Seller (or any Affiliate or third party from whom the Seller or the applicable Affiliate may purchase Transferred Asset) is assigning such Transferred Asset directly to the Purchaser or (ii) the Purchaser is acquiring such Transferred Asset at the closing of such Transferred Asset.

 

SECTION 2.4  Actions Pending Completion of Conveyance.

 

(a)           Pending the receipt of any required consents to, and the effectiveness of, the sale of any Loan Assets from the Seller to the Purchaser on the date hereof in accordance with the applicable underlying instrument, the Seller hereby sells to the Purchaser a 100% participation in such Loan Asset and its related right, title and interest (each, a “Participation”). The Participations will not include any rights that are not permitted to be participated pursuant to the terms of the underlying instruments. Such sale of the Participations shall be without recourse to the Seller (including with regard to collectability), except as otherwise expressly provided in the representations and warranties set forth in Article IV, and shall constitute an absolute sale of each such Participation. Each of the Participations has the following characteristics:

 

(i)            the Participation represents an undivided participating interest in 100% of the underlying Loan Asset and its proceeds (including the Proceeds);

 

(ii)           the Seller does not provide any guaranty of payments to the holder of the Participation or other form of recourse (except as otherwise expressly provided in the representations and warranties set forth in Article IV) or credit support;

 

(iii)          the Participation represents a pass through of all of the payments made on the Loan Asset (including the Proceeds) and will last for the same length of time as such Loan Asset except that each Participation will terminate automatically upon the settlement of the assignment of the underlying right, title and interest; and

 

(iv)          the Seller holds title in such participated Loan Assets for the benefit of the Purchaser and shall exercise the same care in the administration of the participated Loan Assets as it would exercise for loans held for its own account.

 

(b)           Each party hereto shall use commercially reasonable efforts to, as soon as reasonably practicable after the Conveyance Date cause the Buyer to become a lender under the underlying instrument with respect to the Seller’s interest in each Transferred Asset and take such action as shall be mutually agreeable in connection therewith and in accordance with the terms and conditions of the underlying instrument and consistent with the terms of this Agreement.

 

(c)           Pending completion of the assignment of the Seller’s interest in each Transferred Asset in accordance with the applicable underlying instruments, the Seller shall

 

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comply with any written instructions provided to the Seller by or on behalf of the Purchaser with respect to voting rights to be exercised by holders of such Transferred Assets and shall refrain from taking any action with respect to the participated Loan Assets other than as instructed by the Purchaser, other than with respect to any voting rights that are not permitted to be participated pursuant to the terms of the applicable underlying instrument (and such restrictions, requirements or prohibitions are hereby incorporated by reference as if set forth herein).

 

SECTION 2.5  Indemnification.

 

(a)           The Seller hereby agrees to indemnify the Purchaser and its successors, transferees, and assigns (including each Secured Party) or any of such Person’s respective shareholders, officers, employees, agents or Affiliates (each of the foregoing Persons being individually called an “Indemnified Party”) against, and hold each Indemnified Party harmless from, any and all costs, losses, claims, damages, liabilities and related expenses (including the reasonable and documented out-of- pocket fees, charges and disbursements of any outside counsel for any Indemnitee) (all of the foregoing being collectively called “Indemnified Amounts”) incurred by any Indemnified Party or awarded against any Indemnified Party in favor of any Person (including the Seller) other than such Indemnified Party arising out of any material breach by the Seller of any of its obligations hereunder or arising as a result of the failure of any representation or warranty of the Seller herein to be true and correct in all material respects or, if qualified as to materiality or Material Adverse Effect, in all respects, on the date such representation or warranty was made; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such Indemnified Amounts (i) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnified Party or its reckless disregard of its duties hereunder or any Transaction Document, (ii) result from a claim brought by the Seller against an Indemnified Party for breach in bad faith of such Indemnified Party’s obligations hereunder or under any other Transaction Document, if the Seller has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction, (iii) include any punitive, indirect, consequential, special damages, lost profits or other similar damages or (iv) the uncollectability of any Loan Asset due to an Obligor’s failure to pay any amounts due under the applicable loan agreement in accordance with its terms.

 

(b)           If the Seller has made any payment pursuant to this Section 2.5 and the recipient thereof later collects any payments from others (including insurance companies) in respect of such amounts or is found in a final and nonappealable judgment by a court of competent jurisdiction not to be entitled to such indemnification, then the recipient agrees that it shall promptly repay to the Seller such amounts collected.

 

(c)           Any Indemnified Amounts shall be paid by the Seller to the Administrative Agent, for the benefit of the applicable Indemnified Party, within two (2) Business Days following receipt by the Seller of the Administrative Agent’s written demand therefor (and the Administrative Agent shall pay such amounts to the applicable Indemnified Party promptly after the receipt by the Administrative Agent of such amounts).

 

(d)           The obligations of the Seller under this Section 2.5 shall survive the resignation or removal of the Administrative Agent, the Lenders, the Collateral Agent, the

 

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Collateral Administrator, the Custodian or the Document Custodian, the invalidity or unenforceability of any term or provision of this Agreement or any other Transaction Document, any investigation made by or on behalf of the Administrative Agent, the Collateral Agent, any Lender, the Purchaser, the Collateral Administrator, the Custodian or the Document Custodian and the termination of this Agreement.

 

SECTION 2.6  Assignment of Rights and Indemnities.  The Seller acknowledges that, pursuant to the Credit Agreement, the Purchaser shall assign all of its right, title and interest in, to and under this Agreement, including its rights of indemnity granted hereunder, to the Collateral Agent, for the benefit of the Secured Parties. Upon such assignment, (a) the Collateral Agent, for the benefit of the Secured Parties, shall have all rights of the Purchaser hereunder and may in turn assign such rights, and (b) the obligations of the Seller under Section 2.5 and Section 2.6 shall inure to the Collateral Agent, for the benefit of the Secured Parties. The Seller agrees that, upon such assignment, the Collateral Agent, for the benefit of the Secured Parties, may enforce directly, without joinder of the Purchaser, the indemnities set forth in Section 2.5 and Section 2.6.

 

ARTICLE III

 

CONSIDERATION AND PAYMENT; REPORTING

 

SECTION 3.1  Purchase Price, Substitution Value and Repurchase Price.

 

(a)           The purchase price (the “Purchase Price”) for each Loan Asset Conveyed on each Conveyance Date shall be a dollar amount equal to the fair market value in accordance with the Credit Agreement (as agreed upon between the Seller and the Purchaser at the time of such Conveyance) of such Loan Asset Conveyed as of such date.

 

(b)           The substitution value (the “Substitution Value”) for each Substitute Loan Asset Conveyed from the Seller to the Purchaser on each Conveyance Date shall be a dollar amount equal to the fair market value in accordance with the Credit Agreement (as agreed upon between the Seller and the Purchaser at the time of such Conveyance) of such Substitute Loan Asset Conveyed as of such date.

 

(c)           The purchase price for each Repurchase (the “Repurchase Price”) shall be a dollar amount equal to the greater of the fair market value and the Purchase Price of such Loan Asset paid by the Purchaser, less all Principal Proceeds received in respect of such Loan Asset from the original Conveyance Date to the Repurchase Conveyance Date plus any such Principal Proceeds that the Purchaser shall have been required to repay to the Obligor with respect to such Loan Asset.

 

SECTION 3.2  Payment of Purchase Price.

 

(a)           The Purchase Price, along with any fees from origination of the applicable Loan Asset, for the Transferred Assets Conveyed from the Seller to the Purchaser shall be paid on the related Conveyance Date (a) by payment in cash in immediately available funds and/or (b)

 

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to the extent not paid in cash, as a capital contribution by the Seller to the Purchaser (a “Contribution”).  The applicable Purchase Notice shall specify the portions of the Purchase Price to be paid in cash and as a contribution.

 

(b)           The Repurchase Price for the Loan Assets Conveyed from the Purchaser to the Seller in a Repurchase shall be paid on the related Conveyance Date (a) by payment in cash in immediately available funds and/or (b) to the extent not paid in cash, in the form of a Substitution by the Seller to the Purchase of a Substitute Loan Asset with a Substitution Value greater than or equal to the portion of the Repurchase Price not paid in cash.  The applicable Repurchase/Substitution Notice shall specify the portions of the Repurchase Price to be paid in cash and as a Substitution.  To the extent that the Substitution Value of a Substitute Loan Asset exceeds the Repurchase Price of the related Loan Assets, the Purchaser shall pay a cash purchase price to the Seller equal to the amount of such excess unless the Seller elects in its sole discretion to designate such excess as a Contribution.

 

ARTICLE IV

 

REPRESENTATIONS AND WARRANTIES

 

SECTION 4.1  Seller’s Representations and Warranties.  The Seller represents and warrants to the Purchaser as of the Closing Date and as of each Conveyance Date:

 

(a)           Existence, Qualification and Power.  The Seller (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, (b) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Transaction Documents to which it is a party and to carry out the transactions contemplated thereby, and (c) is qualified to do business and in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and could not be reasonably expected to have, a Material Adverse Effect.

 

(b)           Authorization; No Contravention.  The execution, delivery and performance of the Seller and the consummation of the transactions contemplated by this Agreement do not and will not (a) violate (1) any provision of any law or any governmental rule or regulation applicable to it, (2) any of its Constituent Documents, (3) any order, judgment or decree of any court or other agency of government binding on it or its properties (except where the violation could not reasonably be expected to have a Material Adverse Effect) or (4) the ORCC Credit Agreement, including Section 6.03(e) thereof; (b) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any of its contractual obligation (except where the violation could not reasonably be expected to have a Material Adverse Effect); (c) result in or require the creation or imposition of any Lien upon any of its properties or assets (other than any Liens created under any of the Transaction Documents in favor of Collateral Agent for the benefit of the Secured Parties); or (d) require any approval of stockholders, members or partners or any approval or consent of any Person under any contractual obligation.

 

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(c)           Governmental Authorization; Other Consents.  The execution, delivery and performance by the Seller and the consummation of the transactions contemplated by this Agreement do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority, except for filings and recordings with respect to the Collateral to be made by the Seller as of the Closing Date.

 

(d)           No Adverse Proceeding; Title.  There is no litigation, proceeding or investigation pending or threatened against the Seller, before any Governmental Authority (i) asserting the invalidity of this Agreement or any other Transaction Document to which the Seller is a party, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or any other Transaction Document to which the Seller is a party or (iii) seeking any determination or ruling that would reasonably be expected to have a Material Adverse Effect.  The Seller is not (a) in violation of any applicable laws that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect or (b) subject to or in default with respect to any final judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect.

 

(e)           Good and Marketable Title.  The Seller owns and has good and marketable title to the Transferred Assets Conveyed to the Purchaser on the applicable Conveyance Date, which Transferred Assets were originated without any fraud or misrepresentation by the Seller or, to the best of the Seller’s knowledge, on the part of the applicable Obligor, and free and clear of any lien (other than the liens in favor of the Purchaser and the Secured Parties pursuant to the Transaction Documents and inchoate liens arising by operation of law, Permitted Liens or any lien that will be released prior to or contemporaneously with the applicable Conveyance) and there are no financing statements naming the Seller as debtor and covering the Transferred Assets other than any financing statements in favor of the Purchaser and the Secured Parties pursuant to the Transaction Documents, Permitted Liens or any lien that will be released prior to or contemporaneously with the applicable Conveyance.

 

(f)            Backup Security Interest.  In the event that, notwithstanding the intent of the parties, the Conveyances hereunder shall be characterized as loans and not as sales and/or contributions, then:

 

(i)            this Agreement creates a valid and continuing lien on the Seller’s right, title and interest in and to the Transferred Assets in favor of the Purchaser and the Administrative Agent, as assignee, for the benefit of the Secured Parties, which security interest is validly perfected under Article 9 of the UCC (to the extent such security interest may be perfected by filing a UCC financing statement under such article), and is enforceable as such against creditors of and purchasers from the Seller;

 

(ii)           the Transferred Assets are comprised of instruments, security entitlements, general intangibles, accounts, certificated securities, uncertificated securities, securities accounts, deposit accounts, supporting obligations, insurance,  investment property and proceeds (each as defined in the UCC) and such other categories

 

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of collateral under the UCC as to which the Seller has complied with its obligations as set forth herein;

 

(iii)          the Seller has received all consents and approvals required by the terms of any Loan Asset to the sale and granting of a security interest in the Loan Assets hereunder to the Purchaser and the Collateral Agent, as assignee on behalf of the Secured Parties; the Seller has taken all necessary steps to file or authorize the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in that portion of the Transferred Assets in which a security interest may be perfected by filing pursuant to Article 9 of the UCC as in effect in Maryland;

 

(iv)          none of the underlying promissory notes that constitute or evidence the Loan Assets has any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Purchaser and the Collateral Agent, as assignee on behalf of the Secured Parties;

 

(v)           with respect to a Transferred Asset that constitutes a “certificated security,” such certificated security has been delivered to the Document Custodian, or will be delivered to the Document Custodian, for the benefit of the Collateral Agent and, if in registered form, has been specially Indorsed to the Collateral Agent or in blank by an effective Indorsement or has been registered in the name of the Collateral Agent upon original issue or registration of transfer by the Seller of such certificated security, in each case, promptly upon receipt; provided that any file-stamped document, promissory note and certificates relating to any Loan Asset shall be delivered as soon as they are reasonably available; and in the case of an uncertificated security, by (A) causing the Collateral Agent to become the registered owner of such uncertificated security and (B) causing such registration to remain effective.

 

(g)           Fair Consideration; No Avoidance for Loan Asset Payments.  With respect to each Transferred Asset sold or contributed hereunder, the Seller sold or contributed such Transferred Asset to the Purchaser in exchange for payment, made in accordance with the provisions of this Agreement, in an amount which constitutes fair consideration and reasonably equivalent value.  Each such Conveyance referred to in the preceding sentence shall not have been made for or on account of an antecedent debt owed by the Seller to the Purchaser and, accordingly, no such sale is or may be voidable or subject to avoidance under the Bankruptcy Code and the rules and regulations thereunder.

 

(h)           Adequate Capitalization; No Insolvency.  As of such date it is, and after giving effect to any Conveyance it will be, solvent and it is not entering into this Agreement or any other Transaction Document or consummating any transaction contemplated hereby or thereby with any intent to hinder, delay or defraud any of its creditors.

 

(i)            True Sale or True Contribution.  Each Transferred Asset sold or contributed hereunder shall have been sold or contributed by the Seller to the Purchaser in a “true sale” or a “true contribution.”

 

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(j)                                    True and Complete Information.  No report, financial statement, certificate or other information (other than projections, forward-looking information, general economic data, industry information or information relating to third parties) furnished in writing by the Seller to the Purchaser in connection with the transactions contemplated hereby or delivered hereunder (in each case, as modified or supplemented by other information so furnished) contains as of their date any material misstatement of fact or omits to state any material fact necessary to make the statements therein, when taken as a whole in the light of the circumstances under which they were made, not misleading in any material respect, in each case as of the date so furnished (or, in the case of certificates, notices, reports, financial statements or similar information or records, the stated date thereof); provided that solely with respect to written or electronic information furnished by the Seller which was provided to the Seller from a third party, such information need only be true and correct in all material respects to the knowledge of the Seller.

 

(k)                                 Transferred Assets.  The information contained in Schedule A is true, correct and complete in all material respects as of each such Conveyance Date.

 

(l)                                     Price of Loan Assets.  The Purchase Price or Substitution Value, as applicable, for each Loan Asset Conveyed hereunder represents the fair market value of such Loan Asset as of the time of Conveyance hereunder, as may have changed from the time the applicable Loan Asset was originally acquired by the Seller.

 

(m)                             Notice to Agents and Obligors.  The Seller will direct any agent, administrative agent or obligor for any Loan Asset included in the Transferred Assets to remit all payments and collections with respect to such Loan Asset directly to the subaccounts of the Collections Account titled “Interest Collection Account” or “Principal Collection Account” as applicable.

 

(n)                                 Proceeds.  The Seller acknowledges that all Collections received by it or its Affiliates with respect to the Transferred Assets (other than Excluded Amounts) (the “Proceeds”) Conveyed to the Purchaser are held and shall be held in trust for the benefit of the Purchaser and its assignees until deposited into the Interest Collection Subaccount or the Principal Collection Subaccount.  The Seller shall promptly, but in no event later than two (2) Business Days, remit to the Purchaser or the Purchaser’s designee any payment or any other sums relating to, or otherwise payable on account of, the Transferred Assets (other than Excluded Amounts) that the Seller receives after the applicable Conveyance Date.

 

(o)                                 Collateral Loan.  As of the applicable Conveyance Date, each Loan Asset was a Collateral Loan; provided that no such representation is made (i) with respect to clauses (a)(ii), (a)(iv) or (u) of the definition of “Collateral Loan” or (ii) regarding the knowledge of any Person other than the Seller.

 

SECTION 4.2  Reaffirmation of Representations and Warranties by the Seller; Notice of Breach.  On the Closing Date and on each Conveyance Date, the Seller, by accepting the proceeds of the related Conveyance, shall be deemed to have certified that all representations and warranties described in Section 4.1 are true and correct in all material respects on and as of such day as though made on and as of such day (or if specifically referring to an earlier date, as

 

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of such earlier date).  The representations and warranties set forth in Section 4.1 shall survive (i) the Conveyance of the Transferred Assets to the Purchaser, (ii) the termination of the rights and obligations of the Purchaser and the Seller under this Agreement and (iii) the termination of the rights and obligations of the Purchaser under the Credit Agreement.  Upon discovery by an Responsible Officer of the Purchaser or the Seller of a breach of any of the foregoing representations and warranties in any material respect, the party discovering such breach shall give prompt written notice to the other and to the Administrative Agent.

 

ARTICLE V

 

COVENANTS OF THE SELLER

 

SECTION 5.1  Covenants of the Seller.  The Seller hereby covenants and agrees with the Purchaser that, from the date hereof until the termination of this Agreement, unless the Purchaser otherwise consents in writing:

 

(a)                                 Deposit of Collections.  The Seller shall transfer, or cause to be transferred, all Collections (if any) it receives in respect of the Loan Assets (other than Excluded Amounts) to the Interest Collection Subaccount or the Principal Collection Subaccount by the close of business on the second Business Day following the date such Collections are received by the Seller.

 

(b)                                 Books and Records.  The Seller shall maintain proper books of record and account of the transactions contemplated hereby, in which full, true and correct entries in conformity with GAAP consistently applied shall be made of all financial transactions contemplated hereunder.

 

(c)                                  Accounting of Purchases.  Other than for consolidated accounting purposes, the Seller will not account for or treat the transactions contemplated hereby in any manner other than as a sale or contribution of the Transferred Assets by the Seller to the Purchaser; provided that solely for federal income tax reporting purposes, the Purchaser is treated as a “disregarded entity” and, therefore, the Conveyance of Transferred Assets by the Seller to the Purchaser hereunder will not be recognized.

 

(d)                                 Liens.  The Seller shall not create, incur, assume or permit to exist any Lien on or with respect to any of its rights under any of the Transaction Documents or on or with respect to any of its rights in the Transferred Assets (other than the liens in favor of the Purchaser and the Secured Parties pursuant to the Transaction Documents, Permitted Liens and any lien that will be released prior to or contemporaneously with the applicable Conveyance).  For the avoidance of doubt, this Section 5.1(d) shall not apply to any property retained by the Seller and not Conveyed or purported to be Conveyed hereunder.

 

(e)                                  Change of Name.  Etc.  The Seller shall not change its name, or name under which it does business, in any manner that would make any financing statement or continuation statement filed by the Seller or Purchaser pursuant hereto (or by the Administrative Agent on behalf of the Seller or Purchaser) or change its jurisdiction of organization, unless the Seller shall have given the Purchaser at least 30 days prior written notice thereof, and shall

 

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promptly file appropriate amendments to all previously filed financing statements and continuation statements and, in the case of a change in jurisdiction, new financing statements.  The Seller shall do or cause to be done, all things necessary to preserve and keep in full force and effect its existence, its material rights and its material privileges, obligations, licenses and franchises for so long as any Participations remain outstanding pursuant to Section 2.4.

 

(f)                                   Sale Characterization.  The Seller shall not make statements or disclosures, or treat the transactions contemplated by this Agreement (other than for consolidated accounting purposes) in any manner other than as a true sale, contribution or absolute assignment of the title to and sole record and beneficial ownership interest of the Transferred Assets Conveyed or purported to be Conveyed hereunder; provided that the Seller may consolidate the Purchaser and/or its properties and other assets for accounting purposes in accordance with GAAP if any consolidated financial statements of the Seller contain footnotes that the Transferred Assets have been sold or contributed to the Purchaser.

 

(g)                                  Expenses.  The Seller shall pay its operating expenses and liabilities from its own assets.

 

(h)                                 Commingling.  The Seller shall not, and shall not permit any of its Affiliates to, deposit or permit the deposit of any funds that do not constitute Collections of any Loan Asset into the Interest Collection Subaccount or the Principal Collection Subaccount.

 

(i)                                     SPE Covenant.  The Seller shall not take any action that would cause a violation of Section 5.18 of the Credit Agreement by the Purchaser.

 

(j)                                    Delivery of Documents.  With respect to each Loan Asset Conveyed to the Purchaser hereunder, the Seller shall deliver to or at the direction of the Purchaser all documents that the Purchaser, as borrower, is required to deliver with respect to such Loan Asset pursuant to Section 3.2(a) of the Credit Agreement, as applicable, not later than the Purchaser is obligated to deliver such documents pursuant to such sections.

 

SECTION 5.2  Covenant of the Purchaser.  The Purchaser hereby covenants and agrees with the Seller that, from the date hereof until the termination of this Agreement, unless the Seller otherwise consents in writing, the Purchaser shall comply with Section 9(c) of the Purchaser’s Amended and Restated Limited Liability Company Agreement dated as of May 22, 2018.

 

ARTICLE VI

 

CONDITIONS PRECEDENT

 

SECTION 6.1  Conditions Precedent.  The obligations of the Purchaser to pay the Purchase Price for the Transferred Assets sold on the Closing Date and any other Conveyance Date shall be subject to the satisfaction of the following conditions:

 

(a)                                 All representations and warranties of the Seller contained in this Agreement shall be (I) to the extent already qualified with respect to “material” matters or “Material Adverse Effect,” shall be true and correct on and as of such date and (II) to the extent

 

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not already qualified with respect to “material” matters or “Material Adverse Effect”, shall be true and correct in all material respects on and as of such date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct (in all material respects or as so qualified, as applicable) as of such earlier date;

 

(b)                                 The Seller shall have performed in all material respects all other obligations required to be performed by it pursuant to the provisions of this Agreement, the underlying instruments and the other Transaction Documents to which it is a party as of such date; and

 

(c)                                  All organizational and legal proceedings, and all instruments in connection with the transactions contemplated by this Agreement and the other Transaction Documents shall be reasonably satisfactory in form and substance to the Purchaser, and the Purchaser shall have received from the Seller copies of all documents (including records of corporate proceedings) relevant to the transactions herein contemplated as the Purchaser may reasonably have requested.

 

ARTICLE VII

 

MISCELLANEOUS PROVISIONS

 

SECTION 7.1  Amendments, Etc.  This Agreement and the rights and obligations of the parties hereunder may not be amended, supplemented, waived or otherwise modified except in an instrument in writing signed by the Purchaser and the Seller and consented to by the Administrative Agent.  Any reconveyance executed in accordance with the provisions hereof shall not be considered an amendment or modification to this Agreement.

 

SECTION 7.2  Governing Law:  Submission to Jurisdiction; Waiver of Jury Trial.

 

(a)                                 THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER (INCLUDING ANY CLAIMS SOUNDING IN CONTRACT LAW OR TORT LAW ARISING OUT OF THE SUBJECT MATTER HEREOF AND ANY DETERMINATIONS WITH RESPECT TO POST-JUDGMENT INTEREST) SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES THEREOF THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK.

 

(b)                                 SUBJECT TO CLAUSE (E) OF THE FOLLOWING SENTENCE, ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN ANY FEDERAL COURT OF THE UNITED STATES OF AMERICA SITTING IN THE BOROUGH OF MANHATTAN OR, IF THAT COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION, IN ANY STATE COURT LOCATED IN THE CITY AND COUNTY OF NEW YORK.  BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (A) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE (SUBJECT TO

 

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CLAUSE (E) BELOW) JURISDICTION AND VENUE OF SUCH COURTS; (B) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (C) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 7.3; (D) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (C) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE CREDIT PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (E) AGREES THAT THE AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY CREDIT PARTY IN THE COURTS OF ANY OTHER JURISDICTION IN CONNECTION WITH THE EXERCISE OF ANY RIGHTS UNDER ANY TRANSACTION DOCUMENT OR AGAINST ANY COLLATERAL OR THE ENFORCEMENT OF ANY JUDGMENT, AND HEREBY SUBMITS TO THE JURISDICTION OF, AND CONSENTS TO VENUE IN, ANY SUCH COURT.

 

(c)                                  EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE PURCHASER/SELLER RELATIONSHIP THAT IS BEING ESTABLISHED.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.  EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 7.2 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOANS MADE HEREUNDER.  IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

 

SECTION 7.3  Notices.  All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including electronic communication) and shall be personally delivered or sent by certified or registered mail, return

 

17

 

receipt requested, by overnight delivery service, with all charges paid, by electronic mail (“e-mail”) or by hand delivery, to the intended party at the address of such party set forth below:

 

(a)                                 in the case of the Purchaser, as provided under the Credit Agreement;

 

(b)                                 in the case of the Seller, as provided under the Corporate Services Agreement.

 

(in each case, with a copy to the Administrative Agent at the address for notice provided under the Credit Agreement).

 

All such notices and correspondence shall be deemed given (a) if sent by certified or registered mail, three (3) Business Days after being postmarked, (b) if sent by overnight delivery service or by hand delivery, when received at the above stated addresses or when delivery is refused and (c) if sent by e-mail, when received.

 

SECTION 7.4  Severability of Provisions.  If any one or more of the covenants, agreements, provisions or terms of this Agreement shall for any reason whatsoever be held invalid, then such covenants, agreements, provisions, or terms shall be deemed severable from the remaining covenants, agreements, provisions, or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement.

 

SECTION 7.5  Further Assurances.  The Purchaser and the Seller each agree that at any time and from time to time, at its expense and upon reasonable request of the Administrative Agent, it shall promptly execute and deliver all further instruments and documents, and take all reasonable further action, that is necessary or desirable to perfect and protect the Conveyances and security interests granted or purported to be granted by this Agreement or to enable the Administrative Agent or any of the Secured Parties to exercise and enforce its rights and remedies under this Agreement with respect to any Transferred Assets.

 

SECTION 7.6  No Waiver; Cumulative Remedies.  No failure to exercise and no delay in exercising, on the part of the Purchaser, the Seller or the Administrative Agent, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided are cumulative and not exhaustive of any rights, remedies, powers and privilege provided by law.

 

SECTION 7.7  Counterparts.  This Agreement may be executed in two or more counterparts including telecopy transmission thereof (and by different parties on separate counterparts), each of which shall be an original, but all of which together shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page to this Agreement by facsimile or e-mail in portable document format (.pdf) shall be effective as delivery of a manually executed counterpart of this Agreement.

 

SECTION 7.8  Non-Petition.  The Seller covenants and agrees that, prior to the date that is one year and one day (or, if longer, any applicable preference period) after the payment in full of all Obligations (other than contingent reimbursement and indemnification

 

18

 

obligations which are unknown, unmatured and for which no claim has been made), no party hereto shall institute against, or join any other Person in instituting against, the Purchaser any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceedings under any federal, state or foreign bankruptcy or similar law.

 

SECTION 7.9  Transfer of Seller’s Interest.  With respect to each transfer of a Transferred Asset on any Conveyance Date, (i) the Purchaser shall, as to each Transferred Asset, be a party to the relevant underlying instruments and have the rights and obligations of a lender thereunder, and (ii) the Seller shall, to the extent provided in this Agreement, and the applicable underlying instruments, relinquish its rights and be released from its obligations, as to each Transferred Asset.  The obligors or agents on the Transferred Asset were or will be notified of the transfer of the Transferred Asset to the Purchaser to the extent required under the applicable underlying instruments.  The Document Custodian will have possession of the related underlying instrument (including the underlying promissory notes, if any).

 

SECTION 7.10  Binding Effect; Third-Party Beneficiaries and Assignability.  This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.  The Collateral Agent, for the benefit of the Secured Parties, and the Administrative Agent are each intended by the parties hereto to be an express third-party beneficiary of this Agreement.  Notwithstanding anything to the contrary contained herein, this Agreement may not be assigned by the Purchaser or the Seller without the prior written consent of the Administrative Agent.

 

SECTION 7.11 Merger and Integration.  Except as specifically stated otherwise herein, this Agreement and the other Transaction Documents set forth the entire understanding of the parties relating to the subject matter hereof, and all prior understandings, written or oral, are superseded by this Agreement and the other Transaction Documents.

 

SECTION 7.12  Headings.  The headings herein are for purposes of reference only and shall not otherwise affect the meaning or interpretation of any provision hereof.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

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IN WITNESS WHEREOF, the Purchaser and the Seller each have caused this Sale and Contribution Agreement to be duly executed by their respective officers as of the day and year first above written.

 

	
 
    	
OWL ROCK CAPITAL   CORPORATION,
    
	
 
    	
as Seller
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
ORCC FINANCING II LLC,
    
	
 
    	
as Purchaser
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

[Signature Page to Sale and Contribution Agreement]

 

 

Schedule A

 

SCHEDULE OF LOAN ASSETS

 

[see attached]

 

 

Schedule B

 

FORM OF PURCHASE NOTICE

 

[Date]

 

To:                             Natixis, New York Branch, as Administrative Agent

1251 Avenue of the Americas

New York, New York 10020

Attention: Evelyn Clarke

Telephone No.: (212) 891-5879

Email: scsgnotices@us.natixis.com

 

Re:                             Purchase Notice for Conveyance Date of [        ] (the “Conveyance Date”)

 

Ladies and Gentlemen:

 

This Purchase Notice is delivered to you pursuant to Section 2.1(a) of the Sale and Contribution Agreement, dated as of May 22, 2018 (together with all amendments, if any, from time to time made thereto, the “Sale Agreement”), between ORCC Financing II LLC, as purchaser (the “Purchaser”), and Owl Rock Capital Corporation, as seller (the “Seller”).  Unless otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in the Sale Agreement.

 

In accordance with Section 2.1(a) of the Sale Agreement, effective as of the Conveyance Date, the Seller hereby Conveys to the Purchaser [as a sale for cash for a Purchase Price of $    ] [and] [as a Contribution in the amount of $        ] on the above-referenced Conveyance Date pursuant to the terms and conditions of the Sale Agreement the Loan Assets listed on Schedule A hereto, together with all proceeds of the foregoing.

 

Please wire the cash portion of the Purchase Price to the Seller pursuant to the wiring instructions included in Attachment 1 of this letter.

 

The Seller certifies that the conditions described in Section 6.1 of the Sale Agreement have been satisfied with respect to such Conveyance.

 

The Seller agrees that if prior to the Conveyance Date any matter certified to herein by it will not be true and correct in all material respects at such time as if then made, it will promptly so notify the Purchaser and the Administrative Agent.  Except to the extent, if any, that prior to the Conveyance Date the Purchaser shall receive written notice to the contrary from the Seller, each matter certified to herein shall be deemed once again to be certified by the Seller as true and correct in all material respects at the Conveyance Date as if then made.

 

 

The Seller has caused this Purchase Notice to be executed and delivered, and the certification and warranties contained herein to be made, by its duly authorized officer as of the date first written above.

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
OWL ROCK CAPITAL CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
Accepted and Agreed
    	
 
    
	
 
    	
 
    
	
ORCC FINANCING II LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
					

 

 

Attachment 1

 

Wire Instructions

Bank:

ABA:

Name:

Number:

 

For further credit to account:

 

 

Schedule C

 

FORM OF REPURCHASE/SUBSTITUTION NOTICE

 

[Date]

 

To:                             Natixis, New York Branch, as Administrative Agent

1251 Avenue of the Americas

New York, New York 10020

Attention: Evelyn Clarke

Telephone No.: (212) 891-5879

Email: scsgnotices@us.natixis.com

 

Re:                             Repurchase/Substitution Notice for Conveyance Date of [    ] (the “Conveyance Date”)

 

Ladies and Gentlemen:

 

This Repurchase/Substitution Notice is delivered to you pursuant to Section 2.2(b) of the Sale and Contribution Agreement, dated as of May 22, 2018 (together with all amendments, if any, from time to time made thereto, the “Sale Agreement”), between ORCC Financing II LLC, as purchaser (the “Purchaser”), and Owl Rock Capital Corporation, as seller (the “Seller”).  Unless otherwise defined herein or the context otherwise requires, capitalized terms used herein have the meanings provided in the Sale Agreement.

 

[On the above-referenced Conveyance Date, in accordance with Section 2.2 of the Sale Agreement (and pursuant to the terms and conditions thereof), the Purchaser hereby  Conveys to the Seller as a Repurchase for cash, the Loan Asset(s) listed on Schedule A hereto, together with all proceeds of the foregoing, for a Repurchase Price of $      .]

 

[On the above-referenced Conveyance Date, in accordance with Section 2.2 of the Sale Agreement (and pursuant to the terms and conditions thereof), the Purchaser hereby Conveys to the Purchaser as a Substitution, the Loan Asset(s) listed on Schedule A hereto, together with all proceeds of the foregoing, for a Repurchase Price of $       to be paid according to the following:

 

1.              [the Substitute Loan Asset(s) listed on Schedule A hereto having a Substitution Value of $      ;] [and]

 

2.              [$       in immediately available funds] [and]

 

3.              [a Contribution of $      ].]

 

The Seller certifies that the conditions described in Section 6.1 of the Sale Agreement have been satisfied with respect to such Conveyance.

 

The Seller agrees that if prior to the Conveyance Date any matter certified to herein by it will not be true and correct in all material respects at such time as if then made, it

 

 

will promptly so notify the Purchaser and the Administrative Agent.  Except to the extent, if any, that prior to the Conveyance Date the Purchaser shall receive written notice to the contrary from the Seller, each matter certified to herein shall be deemed once again to be certified by the Seller as true and correct in all material respects at the Conveyance Date as if then made.

 

 

The Seller has caused this Repurchase/Substitution Notice to be executed and delivered, and the certification and warranties contained herein to be made, by its duly authorized officer as of the date first written above.

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
OWL ROCK CAPITAL   CORPORATION
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    
	
 
    	
 
    
	
Accepted and Agreed
    	
 
    
	
 
    	
 
    
	
ORCC FINANCING II LLC
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    
					

 

 

Attachment 1

 

Wire Instructions

Bank:

ABA:

Name:

Number:

 

For further credit to account:EXHIBIT 10.1

 

	
        SBC SECURITIES (USA) INC.

        

        HSBC BANK USA, NATIONAL ASSOCIATION

        

        452 Fifth Avenue

        

        New York, New York 10018

        

 

May 19, 2018

 

IHS Markit Ltd.

25 Ropemaker Street, 4th floor 

Ropemaker Place, London

United Kingdom EC2Y 9LY 

Attention: Todd S. Hyatt, Chief Financial Officer

 

IHS Markit Ltd.

New Term Facility Commitment Letter

 

Ladies and Gentlemen:

 

You have advised HSBC Securities (USA) Inc.
(“HSBC Securities”) and HSBC Bank USA, National Association (“HSBC Bank” and, together with
HSBC Securities, the “Commitment Parties”, “us” or “we”) that IHS Markit
Ltd., an exempted limited company incorporated in Bermuda (the “Company”, the “Borrower”
or “you”), intends to acquire (the “Acquisition”), directly or indirectly, the entity identified
to us by you as “Iredell”, a Delaware limited liability company (the “Target”). You have further
advised us that, in connection with the foregoing, you and the newly-formed entity referred to in the Transaction Description attached
hereto as Exhibit A (the “Transaction Description”) intend to consummate the other Transactions (as defined
in the Transaction Description) described in the Transaction Description, including the provision to you of the New Term Facility
(as defined in the Transaction Description), substantially simultaneously with which the Target will be a wholly-owned subsidiary
of the Company. Capitalized terms used but not defined herein are used with the meanings assigned to them in the Transaction Description,
the Summary of Principal Terms and Conditions attached hereto as Exhibit B (the “Term Sheet”) and Exhibit C
attached hereto; this commitment letter together with Exhibits A, B and C hereto, collectively, this “Commitment Letter”).

 

You have also advised us that either contemporaneously
with or after the syndication of the New Term Facility, you may be pursuing (a) an amendment to or a replacement of the Credit
Agreement dated as of July 12, 2016, among IHS Markit Group Holdings Limited (“MGHL”), IHS Global Inc., IHS
Global S.A. and IHS Global Canada Ltd., as revolving borrowers, MGHL, as term borrower, the Company, as guarantor, each lender
from time to time party thereto, and Bank of America, N.A., as administrative agent, swingline lender and issuing lender (the “Existing
Credit Agreement”), the terms of which amended or replacement facility (the “New Credit Facility”)
shall not increase the aggregate principal amount of term loans outstanding thereunder and shall not increase the revolving commitments
thereunder to an amount greater than $2.2 billion and may reflect terms customary for an investment grade borrower and/or (b) an
offering of senior unsecured notes (the “New Senior Notes”) to be issued by the Company. “Principal
Credit Facility” means the New Credit Facility; provided that prior to the effectiveness of the New Credit Facility,
“Principal Credit Facility” shall mean the Existing Credit Agreement.

 

     

     

    

		1.	Commitments

 

In connection with the foregoing, HSBC Bank
(in such capacity, the “Initial Lender”) is pleased to advise you of its commitment to provide 100% of the New
Term Facility upon the terms and conditions set forth in this Commitment Letter.

 

		2.	Titles and Roles

 

It is agreed that (i) HSBC Securities will
act as lead arranger and bookrunner for the New Term Facility (in such capacities, the “Lead Arranger”) and
(ii) HSBC Bank will act as administrative agent for the New Term Facility (in such capacity, the “Term Agent”).

 

It is further agreed that HSBC Securities
will have “left” placement in any marketing materials used in connection with the New Term Facility. You agree that
no other titles will be awarded and no compensation will be paid in order to obtain commitments for the New Term Facility unless
you and we shall so agree.

 

		3.	Syndication

 

We intend to syndicate the New Term Facility
to a group of lenders identified by us and reasonably acceptable to you (together with the Initial Lender, the “Term Lenders”).
The Lead Arranger intends to commence syndication efforts promptly, and you agree actively to assist the Lead Arranger in completing
a syndication satisfactory to the Lead Arranger and the Company. Such assistance shall include (A) your using commercially reasonable
efforts to ensure that the syndication efforts benefit from your existing banking relationships, (B) direct contact between your
senior management and advisors and, upon the request of the Lead Arranger and your use of commercially reasonable efforts in connection
therewith, senior management and advisors of the Target, and the proposed Term Lenders, (C) your assisting (and your using your
commercially reasonable efforts to cause the Target to assist) in the preparation of a customary lender presentation with respect
to the New Term Facility and other marketing materials reasonably requested by the Lead Arranger to be used in connection with
the syndication of the New Term Facility, subject in all respects to the limitations on your rights to request such information
concerning the Target and its subsidiaries as set forth in the Acquisition Agreement, (D) if deemed necessary by the Lead Arranger,
your hosting, with the Lead Arranger, of one or more conference calls with prospective Term Lenders at times to be mutually agreed,
(E) your ensuring that prior to the completion of a successful syndication of the New Term Facility that is reasonably satisfactory
to you and us, there is no competing offering, placement, arrangement or syndication of any debt securities or commercial bank
or other credit facilities (other than the New Credit Facility, the New Senior Notes and any other financing to which the Lead
Arranger has consented) by or on behalf of you and your subsidiaries if such offering, placement, arrangement or syndication would
materially impair the primary syndication of the New Term Facility (it being understood and agreed that deferred purchase price
obligations, ordinary course working capital facilities and ordinary course capital lease, purchase money and equipment financings
of the Company, the Target or their respective subsidiaries will not be deemed to materially impair the primary syndication of
the New Term Facility) and (F) your using your commercially reasonable efforts to maintain corporate credit and/or corporate family
ratings from each of Moody’s and S&P through the Closing Date.

 

The Lead Arranger will manage, in consultation
with you, all aspects of the syndication, including decisions as to the selection of institutions to be approached and when they
will be approached, when commitments will be accepted, which institutions will participate (subject to your consent rights set
forth in the prior paragraph and excluding Disqualified Institutions), the allocation of the commitments among the Term Lenders
and the amount and distribution of fees among the Term Lenders. Without

 

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limiting your obligations to assist with syndication
efforts as set forth above, and notwithstanding anything to the contrary herein or in the Fee Letter, the Commitment Parties acknowledge
and agree that neither the commencement nor the completion of the syndication of the New Term Facility nor any other provision
of this Section 3 shall constitute a condition precedent to the availability and funding of the New Term Facility on the Closing
Date.

 

		4.	Information

 

You hereby represent and warrant that (with
respect to any information relating to the Target and its subsidiaries, to your knowledge) (a) all written information, other than
the Projections (as defined below) and information of a general economic or industry specific nature (the “Information”),
that has been or will be made available to us by you or, at your direction, by any of your representatives in connection with the
transactions contemplated hereby, when taken as a whole, does not or will not, when furnished to us, contain any untrue statement
of a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially
misleading in light of the circumstances under which such statements are made (giving effect to all supplements thereto) and (b)
the financial projections and other forward-looking information concerning the Company, the Target and their respective subsidiaries
(the “Projections”) that have been or will be made available to us by you or any of your representatives in
connection with the transactions contemplated hereby have been or will be prepared in good faith based upon assumptions believed
by you to be reasonable at the time furnished to us (it being recognized by the Commitment Parties that such Projections are not
to be viewed as facts and that actual results during the period or periods covered by any such Projections may differ from the
projected results, and such differences may be material). You agree that if, at any time prior to the Closing Date, you become
aware that any of the representations in the preceding sentence would be incorrect if the same was remade, in any material respect,
then you will promptly supplement the Information and the Projections so that such representations when remade would be correct,
in all material respects, under those circumstances. You understand that in arranging and syndicating the New Term Facility we
may use and rely on the Information and Projections without independent verification thereof.

 

		5.	Fees

 

As consideration for the commitments and
agreements of the Commitment Parties hereunder, you agree to pay or cause to be paid the nonrefundable fees described in the Fee
Letter dated the date hereof and delivered herewith (the “Fee Letter”) on the terms and subject to the conditions
set forth therein.

 

		6.	Conditions

 

The Commitment Parties’ commitments
and agreements hereunder are subject only to the satisfaction of each of the conditions set forth in Exhibit C hereto under the
heading “Conditions Precedent to the Closing Date”, it being understood that there are no conditions (implied or otherwise)
to the commitments hereunder other than such conditions (and upon satisfaction or waiver of such conditions, the initial funding
under the New Term Facility shall occur). Notwithstanding anything in this Commitment Letter, the Fee Letter, the definitive documentation
with respect to the New Term Facility (the “Credit Documentation”) or any other letter agreement or other undertaking
concerning the financing of the Transactions to the contrary, (a) the only representations relating to you, your subsidiaries,
the Target, its subsidiaries and their businesses, the accuracy of which shall be a condition to the availability of the New Term
Facility on the Closing Date, shall be (i) the representations made by the Seller or the Target with respect to the Target and
its subsidiaries in the Acquisition Agreement as are material to the interests of the Term Lenders, but only to the extent that
the Company or any of its subsidiaries has the right (taking into account any applicable cure provisions) to terminate its obligations
under the

 

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Acquisition Agreement, or to decline to consummate
the Acquisition pursuant to the Acquisition Agreement, as a result of a breach of such representations in the Acquisition Agreement
(the “Acquisition Agreement Representations”) and (ii) the Specified Representations (as hereinafter defined)
and (b) the terms of the Credit Documentation shall be in a form such that they do not impair the availability or funding of the
New Term Facility on the Closing Date if the applicable conditions set forth in Exhibit C hereto under the heading “Conditions
Precedent to the Closing Date” are satisfied (or waived by the Commitment Parties). For purposes hereof, “Specified
Representations” means the representations and warranties in the Credit Documentation relating to the Borrower’s
and, if applicable, the Guarantors’ corporate status and existence; the Borrower’s and, if applicable, the Guarantors’
corporate power and authority to enter into the Credit Documentation; due authorization, execution, delivery by the Borrower and,
if applicable, the Guarantors and enforceability of the Credit Documentation; no conflicts of the Credit Documentation with the
Borrower’s and, if applicable, the Guarantors’ charter documents; solvency as of the Closing Date (after giving effect
to the Acquisition) of the Borrower and its subsidiaries, taken as a whole; Federal Reserve margin regulations; the use of proceeds
not violating OFAC, FCPA or the Patriot Act; and the Investment Company Act. This paragraph shall be referred to herein as the
“Limited Conditionality Provisions”.

 

		7.	Indemnification and Expenses

 

You agree (a) to indemnify and hold harmless
the Commitment Parties, their affiliates and their respective directors, officers, employees, advisors, agents and other representatives
(each, an “indemnified person”) from and against any and all losses, claims, damages and liabilities to which
any such indemnified person may become subject arising out of or in connection with this Commitment Letter, the Fee Letter, the
New Term Facility, the use of the proceeds thereof or any claim, litigation, investigation or proceeding (a “Proceeding”)
relating to any of the foregoing, regardless of whether any indemnified person is a party thereto, whether or not such Proceedings
are brought by you, your equity holders, affiliates, creditors or any other person, and to reimburse each indemnified person within
30 days after such indemnified person’s reasonable written request (together with backup documentation reasonably supporting
such reimbursement request) for any reasonable legal or other out-of-pocket expenses incurred in connection with investigating
or defending any of the foregoing (but limited, in the case of legal fees and expenses, to the reasonable and documented out-of-pocket
fees and expenses of one outside counsel to all indemnified persons, taken as a whole and, if reasonably necessary, a single local
counsel for all indemnified persons, take as a whole, in each relevant jurisdiction (and, in the case of an actual or perceived
conflict of interest, an additional outside counsel in each applicable jurisdiction to all such affected indemnified persons, taken
as a whole)), provided that the foregoing indemnity will not, as to any indemnified person, apply to losses, claims, damages,
liabilities or related expenses to the extent they are found by a final, nonappealable judgment of a court of competent jurisdiction
to arise from (x) the material breach of the obligations of such indemnified person under this Commitment Letter or the Credit
Documentation or the bad faith, the willful misconduct or gross negligence of such indemnified person or its controlled affiliates,
directors, officers or employees (collectively, the “Related Parties”) or (y) disputes solely among the indemnified
persons (other than any claims against any Commitment Party in its capacity as the administrative agent or Lead Arranger in respect
of the New Term Facility) and other than any claims arising out of any act or omission on the part of you and your affiliates and
(b) if the Effective Date occurs (other than with respect to the legal fees described below, which shall be reimbursed regardless
of whether the Effective Date occurs), to reimburse each Commitment Party and their affiliates promptly after reasonable written
demand (together with backup documentation reasonably supporting such reimbursement request) for all reasonable out-of-pocket expenses
(including due diligence expenses, syndication expenses, travel expenses, and, in the case of legal fees and expenses, limited
to the reasonable fees, charges and disbursements of one counsel for the Term Agent and the Lead Arranger, which shall be Simpson
Thacher & Bartlett LLP) incurred in connection with the New Term Facility and any related documentation (including this Commitment
Letter and the definitive financing

 

    4 

     

    

documentation) or the administration, amendment,
modification or waiver thereof. It is further agreed that each Commitment Party shall only have liability to you (as opposed to
any other person). No indemnified person shall be liable for any damages arising from the use by others of Information or other
materials obtained through electronic, telecommunications or other information transmission systems, except to the extent any such
damages are found by a final, nonappealable judgment of a court of competent jurisdiction to arise from the gross negligence or
willful misconduct of such indemnified person (or any of its Related Parties). None of the indemnified persons or you or any of
your affiliates or the respective directors, officers, employees, advisors, and agents of the foregoing shall be liable for any
indirect, special, punitive or consequential damages in connection with this Commitment Letter, the Fee Letter, the New Term Facility
or the transactions contemplated hereby, provided that nothing contained in this sentence shall limit your indemnity obligations
to the extent set forth in this Section 7.

 

		8.	Sharing of Information, Absence of Fiduciary Relationship, Affiliate Activities

 

You acknowledge that each Commitment Party
(or an affiliate) is a full service securities firm and such person may from time to time effect transactions, for its own or its
affiliates’ account or the account of customers, and hold positions in loans, securities or options on loans or securities
of you and your affiliates and of other companies that may be the subject of the transactions contemplated by this Commitment Letter.
In addition, each Commitment Party and its affiliates will not use confidential information obtained from you or your affiliates
or on your or their behalf by virtue of the transactions contemplated hereby in connection with the performance by such Commitment
Party and its affiliates of services for other companies or persons and the Commitment Party and its affiliates will not furnish
any such information to any of their other customers. You also acknowledge that the Commitment Parties and their respective affiliates
have no obligation to use in connection with the transactions contemplated hereby, or to furnish to you, confidential information
obtained from other companies or persons.

 

You further acknowledge and agree that (a)
no fiduciary, advisory or agency relationship between you and the Commitment Parties is intended to be or has been created in respect
of any of the transactions contemplated by this Commitment Letter, irrespective of whether the Commitment Parties have advised
or are advising you on other matters, (b) the Commitment Parties, on the one hand, and you, on the other hand, have an arm's length
business relationship that does not directly or indirectly give rise to, nor do you rely on, any fiduciary duty to you or your
affiliates on the part of the Commitment Parties, (c) you are capable of evaluating and understanding, and you understand and accept,
the terms, risks and conditions of the transactions contemplated by this Commitment Letter, (d) you have been advised that the
Commitment Parties are engaged in a broad range of transactions that may involve interests that differ from your interests and
that the Commitment Parties have no obligation to disclose such interests and transactions to you, (e) you have consulted your
own legal, accounting, regulatory and tax advisors to the extent you have deemed appropriate, (f) each Commitment Party has been,
is, and will be acting solely as a principal and, except as otherwise expressly agreed in writing by it and the relevant parties,
has not been, is not, and will not be acting as an advisor, agent or fiduciary for you, any of your affiliates or any other person
or entity and (g) none of the Commitment Parties has any obligation to you or your affiliates with respect to the transactions
contemplated hereby except those obligations expressly set forth herein or in any other express writing executed and delivered
by such Commitment Party and you or any such affiliate.

 

The Commitment Parties
may employ the services of their respective affiliates in providing certain services hereunder and, in connection with the provision
of such services, may exchange with such affiliates information concerning you and the other companies that may be the subject
of the transactions contemplated by this Commitment Letter, and, to the extent so employed, such affiliates shall be entitled to
the benefits afforded the Commitment Parties, as applicable, hereunder.

 

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		9.	Confidentiality

 

This Commitment Letter is delivered to you
on the understanding that neither this Commitment Letter nor the Fee Letter nor any of their terms or substance shall be disclosed
by you, directly or indirectly, to any other person except (a) you and your officers, directors, employees, affiliates, members,
partners, stockholders, attorneys, accountants, agents and advisors, in each case on a confidential and need-to-know basis, (b)
in any legal, judicial or administrative proceeding or as otherwise required by law or regulation or as requested by a governmental
authority (in which case you agree, to the extent permitted by law, to inform us promptly in advance thereof), (c) on a confidential
basis to the Target and the Seller, and to the Target’s and the Seller’s respective officers, directors, agents and
advisors who are directly involved in the consideration of the New Term Facility (provided, that any disclosure of the Fee
Letter or its terms or substance shall be redacted in a customary manner reasonably satisfactory to the Lead Arranger), (d) this
Commitment Letter and the existence and contents hereof (but not the Fee Letter or the contents thereof other than the existence
thereof and the contents thereof as part of projections, pro forma information and a generic disclosure of aggregate sources and
uses to the extent customary in marketing materials and other required filings) may be disclosed in any syndication or other marketing
material in connection with the New Term Facility, in any prospectus or other information memorandum or similar document relating
to the New Senior Notes or the New Credit Facility or in connection with any public filing requirement, and (e) after your acceptance
of this Commitment Letter, the Term Sheet may be disclosed to potential Term Lenders and to any rating agency in connection with
the New Term Facility. The provisions of this paragraph shall automatically terminate two years following the date of this Commitment
Letter.

 

The Commitment Parties shall use all nonpublic
information received by them in connection with the New Term Facility and the related transactions solely for the purposes of providing
the services that are the subject of this Commitment Letter and shall treat confidentially all such information; provided,
however, that nothing herein shall prevent any Commitment Party from disclosing any such information (a) to rating agencies
other than in connection with ratings with respect to the Company, (b) to any Term Lenders or participants or prospective Term
Lenders or participants, (c) in any legal, judicial, administrative proceeding or other compulsory process or as required by applicable
law or regulations (in which case such Commitment Party shall promptly notify you, in advance, to the extent permitted by law),
(d) upon the request or demand of any regulatory authority having jurisdiction over such Commitment Party or its affiliates, (e)
to the employees, legal counsel, independent auditors, professionals and other experts or agents of such Commitment Party (collectively,
“Representatives”) who are informed of the confidential nature of such information and are or have been advised
of their obligation to keep information of this type confidential, (f) to any of its respective affiliates (provided that
any such affiliate is advised of its obligation to retain such information as confidential, and such Commitment Party shall be
responsible for its affiliates’ compliance with this paragraph) solely in connection with the New Term Facility and any related
transactions, (g) to the extent any such information becomes publicly available other than by reason of disclosure by such Commitment
Party, its affiliates or Representatives in breach of this Commitment Letter or disclosure by any other person that such Commitment
Party, its affiliates or Representatives knows is in violation of a confidentiality agreement with the Company and (h) for purposes
of establishing a “due diligence” defense; provided that the disclosure of any such information to any Term
Lenders or prospective Term Lenders or participants or prospective participants referred to above shall be made subject to the
acknowledgment and acceptance by such Term Lender or prospective Term Lender or participant or prospective participant that such
information is being disseminated on a confidential basis in accordance with the standard syndication processes of such Commitment
Party or customary market standards for dissemination of such type of information. The provisions of this paragraph shall automatically
terminate two years following the date of this Commitment Letter.

 

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		10.	Miscellaneous

 

This Commitment Letter shall not be assignable
by you or any Commitment Party without the prior written consent of each Commitment Party or the Company, as applicable (and any
purported assignment without such consent shall be null and void). This Commitment Letter is intended to be solely for the benefit
of the parties hereto and the indemnified persons and is not intended to and does not confer any benefits upon, or create any rights
in favor of, any person other than the parties hereto and the indemnified persons to the extent expressly set forth herein. The
Commitment Parties reserve the right to employ the services of their affiliates in providing services contemplated hereby and to
allocate, in whole or in part, to their affiliates certain fees payable to the Commitment Parties in such manner as the Commitment
Parties and their affiliates may agree in their sole discretion. This Commitment Letter may not be amended or waived except by
an instrument in writing signed by you and each Commitment Party. This Commitment Letter may be executed in any number of counterparts,
each of which shall be an original, and all of which, when taken together, shall constitute one agreement. Delivery of an executed
signature page of this Commitment Letter by facsimile or electronic transmission (e.g., “pdf” or “tif”)
shall be effective as delivery of a manually executed counterpart hereof. This Commitment Letter and the Fee Letter are the only
agreements that have been entered into among us and you with respect to the New Term Facility and set forth the entire understanding
of the parties with respect thereto. This Commitment Letter and any claim or controversy arising hereunder or related hereto shall
be governed by, and construed and interpreted in accordance with, the laws of the State of New York. Notwithstanding anything herein
to the contrary and the governing law provisions of the Fee Letter, it is understood and agreed that (a) the interpretation of
the definition of “Material Adverse Effect” (and whether or not a “Material Adverse Effect” has occurred),
(b) the determination of the accuracy of any Acquisition Agreement Representation and whether as a result of any inaccuracy thereof
you or your applicable affiliate has the right to terminate your or their obligations under the Acquisition Agreement or decline
to consummate the Acquisition and (c) the determination of whether the Acquisition has been consummated in accordance with the
terms of the Acquisition Agreement and, in any case, claims or disputes arising out of any such interpretation or determination
or any aspect thereof, in each case, shall be governed by, and construed and interpreted in accordance with, the laws of the State
of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws thereof.

 

You and we hereby irrevocably and unconditionally
submit to the exclusive jurisdiction of any state or Federal court sitting in the Borough of Manhattan in the City of New York
over any suit, action or proceeding arising out of or relating to this Commitment Letter, the Fee Letter or the transactions contemplated
hereby or the performance of services hereunder or thereunder. You and we agree that service of any process, summons, notice or
document by registered mail addressed to you or us shall be effective service of process for any suit, action or proceeding brought
in any such court. You and we hereby irrevocably and unconditionally waive any objection to the laying of venue of any such suit,
action or proceeding brought in any such court and any claim that any such suit, action or proceeding has been brought in any inconvenient
forum. You and we hereby irrevocably agree to waive trial by jury in any suit, action, proceeding, claim or counterclaim brought
by or on behalf of any party related to or arising out of the Transactions, this Commitment Letter or the Fee Letter or the performance
of services hereunder or thereunder.

 

Each of the Commitment Parties hereby notifies
you that, pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law on October 26, 2001))
(the “PATRIOT Act”), it is required to obtain, verify and record information that identifies the Borrower, which
information includes names, addresses, tax identification numbers and other information that will allow such Lender to identify
the Borrower in accordance with the PATRIOT Act. This notice is given in accordance with the requirements of the PATRIOT Act and
is effective for the Commitment Parties and each Lender.

 

    7 

     

    

The indemnification, fee, expense, jurisdiction
and confidentiality provisions contained herein and in the Fee Letter shall remain in full force and effect regardless of whether
definitive financing documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter
or the commitments hereunder; provided that your obligations under this Commitment Letter (other than your obligations with
respect to (a) assistance to be provided in connection with the syndication thereof (including as to the provision of information
and representations with respect thereto) and (b) confidentiality) shall automatically terminate and be superseded by the provisions
of the Credit Documentation (to the extent covered thereby) upon the Effective Date and you shall automatically be released from
all liability in connection therewith at such time, in each case to the extent covered by the Credit Documentation. You may terminate
this Commitment Letter at any time upon the delivery of 10 business days’ prior written notice to the Commitment Parties
with respect to such termination at which date all obligations hereunder shall terminate, subject to the provisions of the preceding
sentence.

 

If the foregoing correctly sets forth our
agreement, please indicate your acceptance of the terms of this Commitment Letter and the Fee Letter by returning to us executed
counterparts of this Commitment Letter and the Fee Letter not later than 11:59 p.m., New York City time, on May 27, 2018. This
offer will automatically expire at such time if we have not received such executed counterparts in accordance with the preceding
sentence. In the event that the initial borrowing under the New Term Facility does not occur on or before the Expiration Date,
then this Commitment Letter and the commitments hereunder shall automatically terminate unless we shall, in our discretion, agree
to an extension. “Expiration Date” means the earliest of (i) the Outside Date (as defined in the Acquisition
Agreement on the date hereof), (ii) the closing of the Acquisition and (iii) the termination of the Acquisition Agreement in accordance
with the terms thereof prior to closing of the Acquisition.

 

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We are pleased to have been given the opportunity
to assist you in connection with this important financing.

 

	 	Very truly yours,
	 	 
	 	 
	 	HSBC SECURITIES (USA) INC.
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Jad Atallah	 
	 	 	Name:	Jad Atallah	 
	 	 	Title:	Managing Director	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

	 	HSBC BANK USA, NATIONAL ASSOCIATION
	 	 	 	 	 
	 	 	 	 	 
	 	By:	/s/ Jad Atallah	 
	 	 	Name:	Jad Atallah	 
	 	 	Title:	Managing Director	 

 

 

New Term Facility Commitment Letter
Signature Page

     

     

    

Accepted and agreed to as of the date first
written above:

 

	IHS MARKIT LTD.
	 
	By:	/s/ Todd Hyatt	 
	 	Name:	Todd S. Hyatt	 
	 	Title:	Chief Financial Officer	 

 

 

New Term Facility Commitment Letter
Signature Page

     

     

    

EXHIBIT
A

 

Transaction
Description

 

Capitalized
terms used but not otherwise defined in this Exhibit A, Exhibit B or Exhibit C shall have the meanings set forth in the Commitment
Letter and the other Exhibits to the Commitment Letter to which such Exhibit is attached (the “Commitment Letter”).

 

The
Company intends to acquire, through Merger Sub (as defined below), the Target. In connection with the foregoing, it is intended
that (the transactions referred to below, collectively, the “Transactions”):

 

		1.	The Company intends to establish Iredell Holdings LLC, a Delaware limited liability company
and a wholly-owned subsidiary of the Company (“Merger Sub”), in order to effectuate the Merger pursuant to and
as defined in the Acquisition Agreement and consummate the Acquisition.

 

		2.	In connection with the Acquisition, the Borrower intends to obtain a senior unsecured
364-day term loan facility described in Exhibit B to the Commitment Letter (the “New Term Facility”), in an
aggregate principal amount of $1.855 billion. 

 

		3.	The Company will apply the proceeds of the New Term Facility, together with cash on hand,
to (i) pay, directly or indirectly, the aggregate consideration in respect of all of the issued and outstanding limited liability
company interests of the Target in accordance with the terms of the Acquisition Agreement, (ii) to repay in full, directly or indirectly,
the indebtedness outstanding under the credit agreement of a subsidiary of the Target, dated as of August 6, 2014, with Bank of
America, N.A. as agent (the “Existing Target Credit Facility Refinancing”) and (iii) to redeem and/or satisfy
and discharge in full, directly or indirectly, the indebtedness outstanding under the indenture of two subsidiaries of the Target,
dated as of August 1, 2014, with Wilmington Trust, National Association as trustee, in respect of 7.250% Senior Notes due 2022
(such redemption and/or satisfaction and discharge, together with the Existing Target Credit Facility Refinancing, the “Refinancing”).

 

		4.	The Borrower will, directly or indirectly, pay the costs and expenses related to the
Acquisition and the other transactions referred to in this Exhibit A.

 

     

     

    

EXHIBIT B

 

IHS Markit Ltd.

$1.855 Billion Term Loan Facility

 

Summary of Principal Terms and Conditions

 

	Borrower:	IHS Markit Ltd., an exempted limited company incorporated in Bermuda (the “Borrower”).
	Guarantors:	Same as the subsidiary guarantors under the Principal Credit Facility (including if no guarantors under the Principal Credit Facility) (if applicable, the “Guarantors”).
	Lead Arranger and Bookrunner:	HSBC Securities (USA) Inc. (in such capacity, the “Lead Arranger”).
	Administrative Agent:	HSBC Bank USA, National Association (in such capacity, the “Term Agent”).
	Lenders:	A syndicate of banks, financial institutions and other entities arranged by the Lead Arranger and reasonably acceptable to the Borrower (collectively, the “Lenders”).
	Facility:	A 364-day senior unsecured term loan facility (the “New Term Facility”) in an aggregate principal amount of up to $1.855 billion (the loans thereunder, the “Term Loans”).
	Availability:	The Term Loans shall be made in a single drawing on the Closing Date (as defined below) and any undrawn commitments thereunder (the “Commitments”) shall be automatically terminated on the Closing Date (after giving effect to the funding, if any, of Term Loans on the Closing Date).   Repayments and prepayments of the Term Loans may not be reborrowed.
	Maturity and Amortization:	The New Term Facility shall terminate and all amounts outstanding thereunder shall be due and payable on the date that is 364 days after the Closing Date and shall require no scheduled amortization.
	Purpose: 	At the Closing Date, the proceeds of the New Term Facility shall be used to finance the Acquisition and the Refinancing and to pay related fees, costs and expenses.
	Interest Rates:	As set forth on Annex I.
	Mandatory Prepayments:	
        On or prior to the Closing Date, the aggregate
        commitments in respect of the New Term Facility under the Commitment Letter or under the Credit Documentation (as defined below),
        as applicable, shall be automatically and permanently reduced and, after the funding of the

        

     

     

    

	 	
        New Term Facility on the Closing Date,
        loans under the New Term Facility shall be prepaid, in each case, by the following amounts:

         

        (a) 100% of the net cash proceeds of all
        non-ordinary course asset sales or other dispositions of property by the Borrower and its subsidiaries (including insurance, casualty
        and condemnation proceeds) (other than net cash proceeds from all such non-ordinary course asset sales or other dispositions of
        property to the extent the aggregate amount of such net cash proceeds, together with the aggregate amount of net cash proceeds
        from all equity or equity-linked securities described in the corresponding parenthetical in paragraph (c) below, is less than $150
        million), subject to exceptions to be agreed, and subject to the right to reinvest 100% of such proceeds, if such proceeds are
        re-invested in the business of the Borrower and its subsidiaries or committed to be reinvested within 6 months of receipt;

         

        (b) 100% of the net cash proceeds received
        from any issuance or incurrence of debt for borrowed money (including the New Senior Notes), other than (i) any intercompany debt
        of the Borrower or any of its subsidiaries, (ii) any debt of the Borrower or any of its subsidiaries incurred under the Existing
        Credit Agreement or the New Credit Facility, (iii) any working capital facilities (including receivables securitization facilities)
        of the Borrower or any of its subsidiaries, (iv) any commercial paper issued in the ordinary course of business, (v) capital leases
        or other debt issued or incurred to finance the acquisition of fixed or capital assets and (vi) other debt for borrowed money to
        be agreed upon; and

         

        (c) 100% of the net cash proceeds received
        from equity or equity-linked securities (in a public offering or private placement) by the Borrower or any of its subsidiaries
        (other than net cash proceeds from all such equity or equity-linked securities to the extent the aggregate amount of such net cash
        proceeds, together with the aggregate amount of net cash proceeds from all non-ordinary course asset sales or other dispositions
        of property described in the corresponding parenthetical in paragraph (a) above, is less than $150 million), subject to exceptions
        and thresholds to be agreed upon including (i) equity interests or such other securities issued pursuant to employee stock plans
        or employee compensation plans or contributed to pension funds, (ii) equity interests or such other securities issued or transferred
        as consideration in connection with any acquisition, divestiture or joint venture arrangement and (iii) equity interests or such
        other securities issued to the Borrower or any of its subsidiaries.

         

        If any such event also triggers an obligation
        to prepay the loans under any other term loan facility of the Borrower, such loans and the Term Loans hereunder shall be prepaid
        on a pro rata basis.

        

	Optional Prepayments:	The Term Loans may be prepaid, in whole or in part without premium or penalty, in minimum amounts of not less than $1 million and integral multiples of $1 million in excess thereof, at the option of the Borrower 

     

     

    

	 	at any time upon one business day’s (or, in the case of a prepayment of Eurodollar Loans (as defined in Annex I hereto), three business days’) prior notice, subject to reimbursement of the Lenders’ redeployment costs in the case of a prepayment of Eurodollar Loans prior to the last day of the relevant interest period.
	Conditions Precedent to Effectiveness of the Credit Documentation:	The effectiveness of the Credit Documentation will be subject solely to (a) subject to the Limited Conditionality Provisions in all respects, the delivery to the Term Agent of executed counterparts of the Credit Documentation by the Borrower and, as applicable, the Guarantors and delivery to the Term Agent of customary opinions of counsel to the Borrower and corporate resolutions and customary closing certificates and (b) to the extent reasonably requested by the Commitment Parties at least 10 business days in advance of the date of such effectiveness (the “Effective Date”), delivery to the Term Agent of the documentation and other information that are required by regulatory authorities under applicable “know-your-customer” rules and regulations, including the Patriot Act, at least three business days prior to the Effective Date.
	Conditions Precedent to Closing:	Subject to the Limited Conditionality Provisions in all respects, the closing (and the funding) of the New Term Facility will be subject only to satisfaction of the conditions precedents set forth in Exhibit C of the Commitment Letter (the date upon which all such conditions precedent shall be satisfied and the funding of the New Term Facility shall occur, the “Closing Date”).
	Credit Documentation:	Subject to the Limited Conditionality Provisions in all respects, for purposes hereof, including the Commitment Letter and all attachments thereto, the term “substantially the same as the Principal Credit Facility” and words of similar import means substantially the same as the New Credit Agreement (or the Existing Credit Facility prior to the effectiveness of the New Credit Agreement) with modifications (a) as are necessary to reflect the terms specifically set forth in the Commitment Letter (including the exhibits thereto) (including the nature of the New Term Facility as a 364-day term loan facility) and the Fee Letter, (b) to reflect any changes in law or accounting standards since the date of the Existing Credit Agreement and (c) to reflect the operational or administrative requirements of the Term Agent; provided that if the effectiveness of the New Credit Facility occurs after the Effective Date, the Credit Documentation shall be deemed to be amended upon the effectiveness of the New Credit Facility to reflect the applicable terms of the New Credit Facility.  The Credit Documentation shall contain only the conditions precedent, representations and warranties, covenants and events of default described below.  The provisions of this paragraph are referred to as the “Documentation Principles”.
	Representations and Warranties:	Substantially the same as those in the Principal Credit Facility (modified as appropriate for the Transactions), subject to the Documentation Principles.

     

     

    

	Affirmative Covenants:	Substantially the same as those in the Principal Credit Facility (modified as appropriate for the Transactions), subject to the Documentation Principles.
	Financial Covenants:	Substantially the same as those in the Principal Credit Facility, subject to the Documentation Principles.
	Negative Covenants:	Substantially the same as those in the Principal Credit Facility, subject to the Documentation Principles.
	Events of Default:	Substantially the same as those in the Principal Credit Facility, subject to the Documentation Principles. 
	Voting:	Substantially the same as those in the Principal Credit Facility, subject to the Documentation Principles. 
	
        Assignments and
        Participations:

         
	
        The Lenders shall be permitted (subject to prohibitions on assignments
        or participations to Disqualified Institutions (as defined below), so long as the list of Disqualified Institutions is made available
        to each Lender at its request) to assign and sell participations in their Term Loans, subject, in the case of assignments (other
        than to another Term Lender or to an affiliate of a Term Lender), to the consent of the Term Agent and, if no payment or bankruptcy
        event of default (with respect to the Borrower) exists, the Borrower (which consent in each case shall not be unreasonably withheld).
        In the case of partial assignments (other than to another Term Lender or to an affiliate of a Term Lender), the minimum assignment
        amount shall be $10 million, and, after giving effect thereto, the assigning Lender shall have commitments and Loans aggregating
        at least $10 million in each case unless otherwise agreed by the Borrower and the Term Agent. Participants shall have the same
        benefits as the Lenders with respect to yield protection and increased cost provisions. Voting rights of a participant shall be
        limited to those matters with respect to which the affirmative vote of the Term Lender from which it purchased its participation
        would be required as described under “Voting” above. Pledges of Loans in accordance with applicable law shall be permitted
        without restriction. The Term Agent shall not be responsible for monitoring the Disqualified Institutions list and shall have no
        liability for non-compliance by any Lender.

         

        “Disqualified Institution” shall mean any
        person identified in writing to the Term Agent from time to time that is or becomes a competitor of the Borrower or any of its
        subsidiaries, including Affiliates thereof that are clearly identifiable as such solely by their names.

        

	Yield Protection:	Substantially the same as the Principal Credit Facility, subject to the Documentation Principles.
	Expenses and Indemnification:	Substantially the same as the Principal Credit Facility, subject to the Documentation Principles.

     

     

    

	Defaulting Lenders:	Substantially the same as the Principal Credit Facility, subject to the Documentation Principles.
	Governing Law and Forum:	State of New York.
	
        Counsel to the Term
        Agent:

        
	Simpson Thacher & Bartlett LLP.

     

     

    

Annex I

 

Interest

 

	Interest Rate Options:	 	The Borrower may elect that the Term Loans comprising each borrowing bear interest at a rate per annum equal to:
	 	 	 

(i) the ABR plus the Applicable Margin; or

 

(ii) the LIBO Rate plus the Applicable Margin.

 

As used herein:

 

“ABR” means the highest of (i)
the rate of interest publicly announced by the Term Agent as its prime rate in effect at its principal office in New York City
(the “Prime Rate”), (ii) the federal funds effective rate from time to time plus 0.50% and (iii) the
LIBO Rate on such day applicable for an interest period of one month plus 1.00%.

 

“Applicable Margin” means, (i)
with respect to the Loans bearing interest based upon the LIBO Rate (the “Eurodollar Loans”), the rates per
annum specified for “Eurodollar Loans” in the applicable pricing grid in the Principal Credit Facility and (ii) with
respect to Loan bearing interest based upon the ABR (“ABR Loans”), the rates per annum specified for “ABR
Loans” in the applicable pricing grid in the Principal Credit Facility; provided that in each case of clauses (i)
and (ii), such rates shall increase by (A) 0.25% from and after the 180th day following the Closing Date through the
269th day following the Closing Date and (B) an additional 0.50% (for an aggregate increase of 0.75%) from and after
the 270th day following the Closing Date.

 

“LIBO Rate” means the rate at
which eurodollar deposits in the London interbank market for one, two, three or six months or, if available to all applicable Lenders,
twelve months (as selected by the Borrower) are quoted on the Reuters screen page (or any successor or substitute page of such
page) (such rate not to be less than zero).

 

	Interest Payment Dates:	 	In the case of ABR Loans, quarterly in arrears. In the case of Eurodollar Loans, on the last day of each relevant interest period and, in the case of any interest period longer than three months, on each successive date three months after the first day of such interest period.

     

     

    

	Default Rate:	 	At any time when the Borrower is in default in the payment of any amount of principal due under the New Term Facility, such overdue amount shall bear interest at 2.00% above the rate otherwise applicable thereto. Overdue interest, fees and other amounts shall bear interest at 2.00% above the rate applicable to ABR Loans.
	 	 	 
	Rate and Fee Basis:	 	All per annum rates shall be calculated on the basis of a year of 360 days (or 365/366 days, in the case of ABR Loans the interest rate payable on which is then based on the Prime Rate) for actual days elapsed.
	 	 	 
	Rounding Convention:	 	Consistent with the Borrower’s existing interest rate swaps.

     

     

    

EXHIBIT C

 

Conditions Precedent
to the Closing Date

 

Capitalized terms used but not defined herein
have the meanings set forth in the Commitment Letter to which this Exhibit C is attached and in Exhibits A and B thereto.

 

		1.	The Agreement and Plan of Merger in respect of the Acquisition among the Borrower, Merger
Sub, the Target and the seller identified therein (the “Seller”) (the “Acquisition Agreement”)
shall not have been altered, amended or otherwise changed or supplemented or any provision waived or consented to in a manner that
is materially adverse to the Initial Lenders without the prior written consent of the Lead Arranger (such consent not to be unreasonably
withheld, delayed or conditioned); it being understood and agreed that (a) any decrease in the purchase price set forth in the
Acquisition Agreement as of the date hereof of not greater than 20% shall be deemed not to be materially adverse to the Commitment
Parties so long as such decrease is allocated to reduce the New Term Facility on a dollar-for-dollar basis and (b) any decrease
in the purchase price set forth in the Acquisition Agreement as of the date hereof of greater than 20% shall be deemed to be materially
adverse to the Commitment Parties.

 

		2.	The Acquisition shall have been, or shall concurrently with the funding of the New Term Facility be, consummated in accordance
with the terms of the Acquisition Agreement, as such terms may be altered, amended or otherwise changed, supplemented, waived or
consented to in accordance with the immediately preceding paragraph.

 

		3.	The Acquisition Agreement Representations shall be true and correct in all material respects to the extent provided in the
Limited Conditionality Provisions, and the Specified Representations shall be true and correct in all material respects.

 

		4.	The Commitment Parties shall have received (a) an audited consolidated balance sheet and related statements of income, stockholders’
equity and cash flows of the Borrower and its subsidiaries for the most recently completed fiscal year ended at least 90 days before
the Closing Date and (b) unaudited consolidated balance sheets and related statements of income, stockholders’ equity and
cash flows of the Borrower and its subsidiaries, for each subsequent fiscal quarter ended at least 45 days before the Closing Date;
provided that the filing of the required financial statements on form 10-K and form 10-Q by the Borrower will satisfy the
foregoing requirements.

 

		5.	All fees due to the Term Agent, the Lead Arranger and the Term Lenders shall have been paid, and all expenses to be paid or
reimbursed to the Term Agent and the Lead Arranger that have been invoiced at least three business days prior to the Closing Date
shall have been paid.

 

		6.	The Refinancing shall have been, or shall concurrently with the funding of the New Term Facility be, consummated.

 

		7.	The Lead Arranger shall have received a solvency certificate from the chief financial officer of the Borrower in the form attached
as Annex I hereto, certifying that the Borrower and its subsidiaries, on a consolidated basis after giving effect to the Transactions,
are solvent.

 

		8.	Since the date of the Acquisition Agreement, no Material Adverse Effect (as defined in the Acquisition Agreement dated as of
the date hereof) has occurred.

 

     

     

    

		9.	In no event shall the Closing Date occur prior to the earliest date that the Acquisition may close pursuant to Section 2.2
of the Acquisition Agreement as in effect on the date hereof.

 

     

     

    

ANNEX
I to EXHIBIT C

 

FORM OF

 

SOLVENCY CERTIFICATE

 

[         ], 20__

 

This Solvency Certificate is delivered pursuant
to Section [        ] of the Credit Agreement dated as of [        ], 20__, among [ ] (the “Credit Agreement”). Capitalized
terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

The undersigned hereby certifies, solely
in his capacity as [Chief Financial Officer][specify other officer with equivalent duties] of the Borrower and not in his
individual capacity, as follows:

 

1.       I
am the [Chief Financial Officer][specify other officer with equivalent duties] of the Borrower. I am familiar with the Transactions,
and have reviewed the Credit Agreement, financial statements referred to in Section [   ] of the Credit Agreement and such documents
and made such investigation as I have deemed relevant for the purposes of this Solvency Certificate.

 

2.       As
of the date hereof, immediately after giving effect to the consummation of the Transactions, the fair value of the assets of the
Borrower and its subsidiaries taken as a whole, at a fair valuation, will exceed their debts and liabilities, subordinated, contingent
or otherwise; (b) the present fair saleable value of the property of the Borrower and its subsidiaries taken as a whole will be
greater than the amount that will be required to pay the probable liability of their debts and other liabilities, subordinated,
contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Borrower and its subsidiaries
taken as a whole will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities
become absolute and matured; and (d) the Borrower and its subsidiaries taken as a whole do not have unreasonably small capital
with which to conduct the business in which they are engaged as such business is now conducted and is proposed to be conducted
following the Closing Date. As used in this definition, the term “fair value” means the amount at which the applicable
assets would change hands between a willing buyer and a willing seller within a reasonable time, each having reasonable knowledge
of the relevant facts, neither being under any compulsion to act, with equity to both and “present fair saleable value”
means the amount that may be realized if the applicable company’s aggregate assets are sold with reasonable promptness in
an arm’s length transaction under present conditions for the sale of a comparable business enterprises.

 

This Solvency Certificate is being delivered
by the undersigned officer only in his capacity as [Chief Financial Officer][specify other officer with equivalent duties]
of the Borrower and not individually and the undersigned shall have no personal liability to the Term Agent or the Term Lenders
with respect thereto.

 

[Remainder of Page Intentionally Left
Blank]

 

     

     

    

IN WITNESS WHEREOF, the undersigned has
executed this Solvency Certificate on the date first written above.

 

	 	[BORROWER]	 
	 	 	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	Chief Financial Officer

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